Monthly Archives: Feb 2020

Product Updates Real Estate Reserve Bank of India (RBI) Smart Residential Living

What is Statutory Liquidity Ratio (SLR) and Its Objectives?

Reserve Bank of India (RBI)

RBI Monetary Policy 2020 – Updated Statutory Liquidity Ratio (SLR) Rates

Statutory Liquidity Ratio (SLR) is the govt term for the reserve demand that commercial banks are required to maintain in the form of cash, gold reserves, Reserve Bank of India (RBI) approved securities before giving credit to the customers. It is directed under Section 24 of the Banking Regulation Act, 1949. The SLR is determined by the RBI. It is usually used to control inflation and fuel growth, by increasing and decreasing the money supply. It controls the credit growth in India. The maximum limit of SLR is 40% and the minimum limit of SLR is 0 In India, the RBI always decides the percentage of SLR. If the bank fails to control the required level of the statutory liquidity ratio, then it becomes responsible to pay penalty to Reserve Bank of India (RBI). The current SLR rate in India is 18.25%.

When the SLR is high, banks have less money for commercial operations and hence less money to lend out. When this happens, home loan interest rates often rise. When the SLR is low, similarly, home loan interest rates are likely to fall.

How to calculate the Statutory Liquidity Ratio (SLR)?

SLR Rate = (liquid assets / (demand + time liabilities)) × 100%

What are the components of the Statutory Liquidity Ratio?

There are three major components of SLR:

Liquid Assets

These are assets one can easily convert into cash – gold, govt-approved securities, cash reserves, treasury bills, and government bonds.

Net Demand Liabilities

It is like your Current and Saving Bank accounts from which you can withdraw your money at any time.

Time Liabilities

It is like your Fixed Deposit Bank Accounts where you cannot immediately withdraw your money but have to wait for a certain period.

Where does SLR use?

The SLR is set for a number of purposes. A few uses of SLR are:

  • Controlling the expansion of bank credit by changing the level of SLR, the RBI can increase or decrease bank credit expansion.
  • Assuring the safety of commercial banks.
  • By decreasing the level of SLR, the RBI can increase liquidity with the commercial banks. As a result, it increases investment. This is done to fuel growth and demand.
  • Forcing the commercial banks to invest in government securities like government bonds.

What are the objectives of SLR?

Main objectives of SLR are :

  • To control the money supply in the economy.
  • Through SLR, the Central Bank forces the commercial banks to invest in government securities.
  • To support the RBI to assure the safety of a commercial bank.
  • To control the expansion of Bank Credits. RBI can increase or decrease bank credit expansion by changing the SLR rates.

Impact of SLR on the Investor

The Statutory Liquidity Ratio works as one of the reference rates when RBI has to decide the base rate. The base rate is nothing but the minimum lending rate. No bank can grant funds below this rate. This rate is fixed to assure clarity with respect to borrowing and lending in the credit market.

When RBI requires a reserve requirement, it assures that a specific portion of the deposits are safe and are always ready for customers to obtain.

What is Bank Rate, Repo Rate, Reserve Ratio, CRR, SLR?

Reserve Ratio:

Banks keep aside a certain percentage of cash reserves or RBI approved assets. There are two types of reserve ratios: 1) Cash Reserve Ratio and 2) Statutory Liquidity Ratio.

Cash Reserve Ratio (CRR):

It is the ratio of cash legitimate by RBI to be maintained by commercial banks upon its total deposits.

Statutory Liquidity Ratio (SLR):

It is the reserve needed to be managed by commercial banks in the form of liquid cash, gold reserves, and RBI approved securities before approving any credit to the customer.

Repo Rate:

It is the rate charged by RBI for repurchasing the government securities sold by domestic banks.

Bank Rate:

It is the rate at which RBI gives loans and advances to domestic banks.

What is the difference between the repo rate and reverse repo rate?

Repo rate is the rate at which banks borrow money from RBI. Whereas, the reverse repo rate is the rate of interest at which RBI borrows money from commercial banks.

What is the current repo rate?

The current repo rate in India is 5.15%, effective from 06th Feb 20.

How does the repo rate work?

RBI buys government securities from commercial banks at a discounted price. The rate at which it is discounted is the repo rate. After the granted tenure, the respective commercial bank repurchase those government securities from RBI.

How does the repo rate affect the economy?

The change of repo rate is intended to affect the movement of money in the economy. An increase in repo rate decreases the flow of money in the economy, while the decrease in repo rate increases the flow of money in the economy.

What is Reserve Repo Rate?

The rate at which RBI provides interest to banks for depositing funds is called the reserve repo rate. The reserve repo rate at which the RBI borrows money from the banks, instead of lending money to them. The current reverse repo rate is 4.90%.

RBI Monetary Policy Rate

The key indicators of RBI Monetary Policy along with their current rates in the table given below:

CRR

SLR

Repo Rate

Reserve Repo Rate

Marginal Standing Facility rate

Bank Rate

4%

18.25%

5.15%

4.90%

5.40%

5.40%

Lending / Deposit  Rates:

Base Rate

MCLR

Saving Deposit Rate

Term Deposit Rate > 1 year

8.45% – 9.40%

7.50% – 7.95%

3.25% – 3.50%

6.00% – 6.40%

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Affordable Housing Bangalore Development Authority (BDA) Buying property Real Estate Smart Residential Living

Areas in North Bangalore Under BDA Jurisdiction

Bangalore Development Authority

BDA Notified Areas in North Bangalore

Bangalore Development Authority (BDA) came into existence with an Act by the Govt of Karnataka in 1976, since it is trying hard to help the applicants who wish to have a plot of land in the Silicon Valley of India (Bangalore). BDA is the principal planning authority of Bangalore. It works under the Karnataka Town and Country Planning Act of 1961 (KTCPA). Its functions as a regulatory body required “to prepare in the prescribed manner a Comprehensive Development Plan” (CDP) for the Bangalore metropolitan region. It also manages planning and development of infrastructure, provision of development-related sites and services, the housing needs of underprivileged citizens in Bangalore and is currently the city’s largest land developer.

BDA has included 544 villages under BDA jurisdiction. The following villages are under the Planning Authority – BDA. All properties and sites which come under the following villages must have BDA approval. The layout plan approval is always given only for the whole layout. If any layout under BDA jurisdiction doesn’t have BDA layout plan approval, they are considered as illegal or unauthorized layout. If any layout doesn’t have BDA layout plan approval, they are called as unauthorized or illegal layout.

All District Commissioner (DC) converted lands must obtain layout plan approval from the BDA. Only the original Gramathana sites are excluded since they will likely be regularized in the proposed Akrama-Sakrama Scheme.

The  District Commissioner (DC) conversion order comes with certain conditions. And if the conditions are violated, the  District Commissioner (DC) order automatically canceled without any notice being issued to the layout developer.

Check Out List of Villages Under BDA Jurisdiction

S/No

Town & Village Name

S/No

Town & Village Name

S/No

Town & Village Name

1

Bangalore City

21

Ganakallu

41

Gavi Pura Dasarahalli

2

Deevatige  Ramanahalli

22

Kaval Byrasandra

42

Kethamaranahalli

3

Kengeri

23

Mathikere

43

Yeshwanthpura

4

Patanagere

24

Hebbal

44

Shivanahalli

5

Nayandanahalli

25

Chola Naikanahalli

45

Agrahara Dasarahalli

6

Pantharapalya

26

Biswanath Nagenahalli

46

Taneeranahalli

7

Valgerahalli

27

Sampura

47

Jarak Bande Kaval

8

Halage Vaderehalli

28

Kalgondanahalli

48

Peenya

9

Nagadevanahalli

29

Nagasettyhalli

49

Laggere

10

Mylasandra

30

Geddalahalli

50

Jalahalli

11

Kenchenahalli

31

Lotte Gollahalli

51

Dasarahalli

12

Jedahalli

32

Purnapura

52

Chokkasandra

13

Tata’s Institute

33

Bhupasandra

53

Sane Guruvanahalli

14

Dyavesandra

34

Mattajehalli

54

Mallathahalli

15

Gangenahalli

35

Hennur

55

Kamagondanahalli

16

Devara Jeevanahalli

36

Chikka Marenahalli

56

Chioksandra

17

Lingarajpura

37

Byatagutte Palya

57

Bagalakunte

18

Byatarayanapura

38

Kacharakanahalli

58

Lakshmipuram

19

Kempapura Jodi

39

Nagawara

59

Abbigere

20

Guddadahalli

40

Karithimmanahalli

60

Hedarahalli

S/No

Town & Village Name

S/No

Town & Village Name

S/No

Town & Village Name

61

Mallgau

81

Ramachandra Pura

101

Jakkur Plantation

62

Settyhalli

82

Yelahanka

102

Shivanahalli

63

Giddada Konenahalli

83

Koti Hosahalli

103

Yeshodanagar

64

Mykal Chinnenahalli

84

Byatarayanapura

104

Amruta Halli

65

Mallasandra

85

Kempapura

105

Koramangala

66

Nagasandra

86

Kodegehalli Plantation

106

Audugodi

67

Srigandada Kaval

87

Dodda Bommasandra

107

Madivala

68

Hegganahalli

88

Chikka Betta Halli

108

Tavarekere

69

Sajjepalya

89

Jakkur

109

Lakkasandra

70

Nagarabhavi

90

Sampige Halli

110

Roopena Agrahara

71

Soma Settyhalli

91

Venkatesapura

111

Bommanahalli

72

Nala Kaderenahalli

92

Srirampura

112

Honge Sandra

73

Guddadahalli

93

Narasimbapura

113

Ejipura

74

Kurubarehalli

94

Singapura

114

Srinivagalukere

75

Gollarapalya

95

Puttenahalli

115

Chandrasekharapura

76

Thimmanahalli

96

Mandala Kunte

116

Jakkasandra

77

Erannapalya

97

Chikka Bommasandra

117

Devara Chikkanahalli

78

Begger Colony

98

Allalasandra

118

Bilakahalli

79

Papa Reddy Palya

99

Thinnulu Plantation

119

Kodi Chikkanahalli

80

Setty Halli Palya

100

Jaraka Bande Kaval

120

Yelakunte

S/No

Town & Village Name

S/No

Town & Village Name

S/No

Town & Village Name

121

Shigasandra

141

Puttanahalli

161

Thippasandra M. Kaval

122

Konana Kunte

142

Yelachenahalli

162

Byappanahalli M. Kaval

123

Nainappanapalya

143

Kothnur

163

Binnamangala M. Kaval

124

Parappana Agrahara

144

Arahalli

164

Binaganahalli

125

Agara

145

Channasandra

165

Srinivasapura

126

Ibbalur

146

Itamadu

166

Krishnarahapura

127

Chinnrayappana Palya

147

Chunda Ghatta

167

B. Narayanapura

128

Yediyur

148

Sarakki Agrahara

168

Dodnakundi

129

Yediyur Nagasandra

149

Hosakerehalli

169

Vijanapura

130

Karisandra

150

Kathriguppe

170

Vibutipura

131

Dasarahalli

151

Jaraganahalli

171

Byrasandra

132

Avalahalli

152

Dodda Kalasandra

172

Manadevapura

133

Gerahalli

153

Ragavana Palya

173

Hoodi

134

Byrasandra

154

Tippasandra

174

Kasavana Halli

135

Marenahalli

155

Thayappanahalli

175

Sonna Thammana Halli

136

Kaderahalli

156

Chikkalasandra

176

Kaudenahalli

137

Uttarahalli

157

Vajrahalli

177

Horamavu

138

Vaddarapalya

158

Alahalli

178

Geddalahalli

139

Gavi Naikanahalli

159

Thippasandra

179

Sannappana Halli

140

Vasantapura

160

Byappanahalli

180

Channappana Halli

S/No

Town & Village Name

S/No

Town & Village Name

S/No

Town & Village Name

181

Banasavadi

201

Dodda Kanahalli

221

Byalakere

182

Chalakere

202

Chikkene Halli

222

Bilijaji

183

Rachena Halli

203

Devaru Beesana Halli

223

Gini Agrahara

184

Tanisandra

204

Marutha Halli

224

Huruli Chikkanahalli

185

Dasara Halli

205

Munne Kollala

225

Itogalapura

186

Kaggadasapura

206

Panathur

226

Kumbaranahalli

187

Dyavasandra

207

Yemalur

227

Kempapura

188

Kundala Halli

208

Bellandur

228

Kasaghattapura

189

Byrathi Kane

209

Ambilipur

229

Kodige Thirumalapura

190

Kothnur Narayanpura

210

Thubara Halli

230

Kondashetty Halli

191

Sadaramangala

211

Junsandra

231

Krishnarajapura

192

Horamavu Agara

212

Bellundur

232

kalthammanahalli

193

Basavanapura

213

Koda Basana Halli

233

Kalanahalli

194

H.A.L. Colony

214

Karyammana Agrahara

234

Lingarajasagara

195

Kodi Halli

215

Kaikondana Halli

235

Lingarajapura

196

Konena Agrahara

216

Bodanahalli

236

Linganahalli

197

Challaghatta

217

Haralur

237

Madiganahalli

198

Belur

218

Kesavana Halli

238

Mavalipura

199

Belur Nagasandra

219

Ivalakondapura

239

Mylappanahalli

200

Kempapura

220

Adiganahalli

240

Mutkadahalli

S/No

Town & Village Name

S/No

Town & Village Name

S/No

Town & Village Name

241

Madappanahalli

261

Krishnasagar

281

Ganigarahalli

242

Rajankunte

262

Kenchanahalli

282

Handra Halli

243

Soladevanahalli

263

Kogilu

283

Harohalli

244

Sasuveghatta

264

Lakshmisagar

284

Hasahalli-Gollarapalya

245

Seekote

265

Med-Agrahara

285

Hullalu

246

Tarabanahalli

266

Muddanahalli

286

Karivobanahalli

247

Thammarasanahalli

267

Manchahalli

287

Kannalli

248

Attur

268

Nagadasanahalli

288

Kodadihalli

249

Ananthapura

269

Ramagondanahalli

289

Lingadherenalli

250

Agrahara

270

Srinivasapura

290

Mauvgana Halli

251

Avalahalli

271

Shinganaikanahalli-Amanikere

291

Siddahalli

252

Bellahalli

272

Shinganaikanahalli

292

Seegeehalli

253

Chokkanahalli

273

Thirumalanahalli

293

Thirumalapura

254

Doddabettahalli

274

Venkatala

294

Basavanapura. K

255

Govidapura

275

Vaderapura

295

Belatena Agrahara

256

Gantaganahalli

276

Vasudevapura

296

Bettedasanapura

257

Honnenahalli

277

Vaderahalli

297

Begur

258

Harohalli

278

Veerasagara

298

Basavanapura

259

Jarakabandekaval

279

Chikkabanavara

299

Chandrashekarapura

260

Jarakabandekaval (SP)

280

Dodabidarekallu

300

Chik Tagur

S/No

Town & Village Name

S/No

Town & Village Name

S/No

Town & Village Name

301

Doddanagamangala

321

Chikkanayakanahalli

341

Devagere

302

Doddathogur

322

Gunjur

342

Doddabele

303

Hommadevanahalli

323

Hadosiddapura

343

Gollahalli

304

Kammanahalli

324

Halanayakanahalli

344

Gudimavu

305

Kalena Agrahara

325

Kodathi

345

Gangasandra

306

Konappana Agrahara

326

Kanekandaiah

346

Hemmigepura

307

Mylasandra

327

Kachamaranahalli

347

Kenchanapura

308

Naganathapura

328

Mullur

348

Kamaghata

309

Vittasandra

329

Ramagondanahalli

349

Kongatta-Krishna Sagara

310

Yelenahalli

330

Sorahunase

350

Bheemanakuppe

311

Hagadur

331

Sulikunte

351

Kumbalagodu

312

Kodigenahalli

332

Siddapura

352

Kanamibike

313

Nallur Halli

333

Valepura

353

Kumbalgodu-Gollahalli

314

Ramagondahalli-Narayanapura

334

Varthur

354

Kambipura

315

Nagonda Halli

335

Agara

355

Lingaderanahalli

316

Seegehalli

336

Bheemanakuppe Ramasagara

356

Marugondanahalli

317

Whitefield

337

Badhamanavartha Kaval

357

M. Krishna Sagara

318

Pattandur

338

Chudenapura

358

Maragondanahalli-KR

319

Balikere

339

Challaghatta

359

Ramasandra

320

Chikkabellandur

340

Chinkkurchi

360

Ramohalli

S/No

Town & Village Name

S/No

Town & Village Name

S/No

Town & Village Name

361

Rajanemadavu

381

Channenahalli 127

401

Heggandevarapura

362

Somanahalli

382

Kolur Nanjundapuram

402

Horokathanahalli

363

Sulekere

383

Kolur Gururayanapura

403

Jorinagasandra

364

Sampura

384

Kolur

404

Kachohalli

365

Tagachaguppe

385

Kethohalli

405

Kaderenahalli

366

Turahalu

386

Kethohalli Rampura

406

Kuduregere

367

Varahasandra

387

Kethohalli Narasimhapura

407

Lakkahillo

368

Venkatapura

388

Kesha Giripura

408

Laxmipura

369

Vasana Banahalli

389

Yelachaguppe

409

Machohalli

370

Anjanapura

390

Yelachaguppe Rampura

410

Madavara

371

Gollahalli

391

Alur-167

411

Madanayakanahalli

372

Gottigere

392

Adakamaranahalli

412

Makali

373

Kemlathhalli

393

Bail Koranahalli

413

Muniyanapalya

374

Mallasandra

394

Nayandahalli-124

414

Narasipura

375

Pillaganahalli

395

Chikkabidarakallu

415

Narayanappanapalya

376

Talaghattapura

396

Dombarhalli

416

Srikantapura K

377

Uttarahalli-Manavarth Kaval

397

Dasanapura-260

417

Srikantapura

378

Chikkalur-Rampura

398

Goripalya

418

Siddana Hosahalli

379

Chikkalur-Venkatapur

399

Gangondanahalli

419

Total Guddadahalli

380

Chikkalur

400

Hanumanthanagara

420

Thammenahalli

Layouts Developed by BDA in Bangalore

  1. Koramangala

  2. Anjanapura

  3. Banashankari

  4. Domlur

  5. Sadashivanagar

  6. HBR Layout

  7. HSR Layout

  8. Vishweshwaraiah Layout

  9. Nagarbhavi Layout

  10. Banashankari 6th stage

  11. Nadaprabhu Kempe Gowda Layout

  12. Jayanagar

  13. J P Nagar

  14. Kumaraswamy Layout

  15. Indiranagar

  16. Kasturi Nagar

  17. RMV Extension

  18. HRBR Layout

  19. BTM Layout

  20. Arkavathy Layout

  21. Banashankari 5th stage

  22. West of Chord Road Layout

  23. Aecs layout A, B, and C blocks, Kudlu gate

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Affordable Housing BDA Housing Scheme 2020 Buying property Real Estate Smart Residential Living

How to Apply for BDA sites 2020

Bangalore Development Authority (BDA)

Having a residential plot in the Silicon Valley of India is everyone’s dream. To make your dream come true, the Bangalore Development Authority (BDA) announces sites of different sizes at different locations of Bangalore. The development authority has taken up construction of flats at affordable prices. The flat will be allotted as per the BDA (allotment of sites) Rules 1984. There are 544 villages that are under the jurisdiction of the Bangalore Development Authority. BDA has the power to approve the layout plan in these villages. All District Commissioner (DC) converted lands must obtain layout plan approval from the BDA. The layout plan approval is always given for the whole layout only. The District Commissioner (DC) order comes with conditions. If the conditions are violated, the DC order stands automatically canceled without any notice being issued to the layout developer or the association.

Bangalore Development Authority

Bangalore Development Authority came into existence with an Act by the Govt of Karnataka in 1976, since it is striving hard to help the aspirants who wish to have a plot of land in the Silicon Valley of India. All properties and sites which come under the BDA jurisdiction must have BDA approval. Only the original Gramathana sites are excluded since they will likely be regularized in the proposed Akrama-Sakrama Scheme. If any layout under BDA jurisdiction doesn’t have BDA layout plan approval, they are considered as illegal or unauthorized layout.

Who can apply for the BDA layout in Bangalore?

Candidates who fulfill the below-mentioned requirements are only eligible to apply for the BDA. sites:

  • The flat will be allotted on first come first serve basis. Specially abled applicants will be given a 5% rebate in the allotment rate notified or Rs 1 lakh whichever is less.

  • Candidates must attain the age of 18 years while applying.

  • Candidate must be a domicile of Karnataka for a minimum of 15 years.

  • Candidates should not have the plots either in their names or in any of their relative’s names allotted through CITB or BDA or KHB or any House Building Co-operative Societies or Metropolitan Authorities or by any other agencies.

  • The applicant who has already been allotted a site/house at a subsidized rate in any part of Karnataka will not be eligible for allotment of flats under this scheme.

How to apply for BDA sites in Bangalore?

Candidates who fulfill the above-mentioned conditions are applicable to apply as per the terms mentioned below:

  • Candidates who wish to apply required to pay the registration fee as mentioned below in case if they have not registered for BDA sites before this attempt.
  • 6×9 dimension sites Economic Weaker Section reserved sites, registration fee Rs 500
  • 6×9 dimension sites under General Category, registration fee Rs 1,000
  • 9×12 dimension sites for all category of candidates, registration fee Rs 2,000
  • 12×18 dimension sites for all category of candidates, registration fee Rs 4,000
  • 15×24 dimension sites for all category of candidates, registration fee Rs 5,000

Note: For sites reserved for Economical Weaker Section (EWS) where candidate’s annual income from all sources should not exceed Rs,1,00,000/annum only such candidates are eligible to apply for such category sites. Documents concerning income sources should be attached and original documents should be presented at the time of allotment.

Where to obtain and submit application form for BDA sites?

Below are the lists of nationalized and private banks that are authorized to issue applications and receive the filled-in application forms:

  • Axis Bank
  • Punjab & Sind Bank
  • ICICI Bank
  • Canara Bank
  • Corporation Bank
  • State Bank of Mysore

What is the procedure to apply for the BDA sites?

Candidates who wish to apply for the sites through the Bangalore Development Authority required to follow the below-mentioned procedure:

  1. Obtain a blank application form after making the necessary application fee payment from the designated branches of the banks.
  2. Candidates who are residing outside Bangalore wish to apply required to get the application form at the nearest designated bank branch and submit the filled-in application form at the same branch.
  3. Fill in the application form and submit the filled-in application form at the same branch, change in availing application and submission in the banks not allowed.
  4. Filled in application form and ID must be submitted at the same branch of the bank where the blank application obtained.
  5. All payments should be made in the form of a Demand Draft or Cheque or Pay Order drawn in the favor of Bangalore Development Authority payable at Bangalore.
  6. Initial deposit and registration fee paid does not carry any interest, it will be adjusted against the payment towards the site in case of successful candidates.
  7. The BDA will announce a ‘Provisional list’ of successful applicants after receiving the applications.
  8. BDA will announce the ‘Final List of Allottees’ once this process is completed. Within 60 days, the successful allottees will have to pay the remaining dues as per the BDA rules.
  9. Bangalore Development Authority holds the power of allotments and cancellation of site or registration.
  10. Officers of government establishments under All India Service Liability are also eligible to apply if they hold domiciles of Karnataka for the last 2 years as on application date.

Allotment Procedure

Successful applicants will have the option of choosing the flats of their choice

Is there a reservation in the allotment process?

Yes, reservation in allotment as per BDA (allotment of the site) Rules, 1984, Sub-Rule (11) which is as follows:

Reservation Categories

%

Category 1

2%

Scheduled Tribes (ST)

3%

Scheduled Castes (SC)

15%

Backward Class (Category 2A/Category 2B)

10%

Members of the Armed Forces, Ex-servicemen, and members of the families of deceased servicemen

5%

State Govt employees and employees of the Public Sector Undertakings controlled by the State Govt

10%

Employees of the Central Govt & Public Sector Undertakings and Statutory Bodies controlled by the Central Govt

2%

Specially abled

1%

General Public

50%

Persons who have outstanding achievements in the field of Arts, Science or Sports

2%

Registration and Application Fees

Types of Fee

SC/ST

Others

Application Fee

Rs 200

Rs 400

Registration Fee

Rs 100

Rs 200

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Buying property Real Estate Smart Residential Living Tips

NRI Property Buying Checklist

Non-resident Indian

NRI Property Investment is the most discussed but least known topic. The reason being, it is considered to be too difficult. The rules and regulations ruling NRI Property Investment are different. There are two principal reasons for NRI Property Investment – 1) NRI’s would like to settle in India after retirement, and 2) they feel secure and safe to invest their hard-earned money in India compared to their home country.

What documents an NRI should check while buying a property in India?

The basic list of property documents that an NRI needed during property buying in India are:

  1. Title Deed (in the name of the seller)
  2. Sanctioned Building Plan
  3. Commencement Certificate
  4. Occupancy Certificate
  5. Tax Paid Receipts
  6. Encumbrance Certificate
  7. Khata/Mutation Documents

What documents NRIs must have to buy property in India?

Below is the list of documents an NRI needed during property buying in India:

  1. PIO/OCI Card

NRI requires an Indian passport to invest in property in India. He/she would need a PIO card if he/she is an individual, who is not a citizen of Pakistan, Nepal, Sri Lanka, Bangladesh, China, Afghanistan, Iran, and Bhutan but had owned the Indian passport.

He/she would require a PIO card if he/she is a foreign citizen whose father or grandfather was a citizen of India. In simple, if he/she holds the passport of a foreign country, he/she requires a PIO card.

  1. PAN Card

NRIs need a PAN card because they will be required to file income tax returns if they have rented out the property. Besides, if the property is sold later, the capital gains resulting from the sales would be subject to capital gains tax. Capital gains would be included in the total income while it is being taxed.

  1. Registered Power of Attorney

If you are an NRI and don’t visit India frequently, you would find it much easier to get the execution of the sale, registration, possession, and other processes done, if you give a special power of attorney to someone in the city in which you are buying a property.

  1. Proof of Address

If you an NRI you need to submit the address proof of your current residence attested by the Indian Embassy in your country of residence).

Property registration formalities for NRI

As per current property registration rules, the title deed requires to have the photograph, thumb impression, and signature of the buyer. In the absence of the buyer at the time of registration, a Registered Power of Attorney can be assigned to your relative to sign the document on your behalf. This needs to be completed before the registration date.

What are the documents required for registering a property for an NRI?

Documents required at the time of registration:

  1. PAN Card
  2. OCI/PIO Card
  3. Passport
  4. Passport Size Photograph
  5. Address Proof

What are the documents NRIs need while applying for a home loan?

If you are a salaried NRI and wants to apply for a home loan, you would need the following sets of documents:

  • Two passport size photographs
  • Address proof of the applicant and co-applicant (attested by the Indian Embassy in your country of residence)
  • Address proof (utility bills or driving license would count as address proof).
  • Past 6-months bank statement of your NRE/NRO account in India
  • Past 6-months bank statement of your account held in the country in which you work or your salary is credited
  • Salary slip of your employer
  • Loan sanction letter copies received in India and abroad
  • Self-declared residential status
  • Power of Attorney (to be executed in the format given by the bank and attested from Indian embassy)

Is TAN No required for the purchase of property from NRI?

TAN No. is not required if the property is purchased from a resident Indian. It is needed in case the property is purchased from a Non-resident Indian.

Can an NRI buy property in India without a PAN card?

PAN Card is not required for an NRI as they are non-residential Indians with Indian passports; particularly if they do not intend to invest money into any business in India. However, it is mandated by the government to own a PAN Card if:

  • An NRI is interested to invest in mutual funds in India.
  • The NRI wants to transfer the funds received from the property transactions in India to their NRE or NRO accounts.
  • They have a source of income in India that is taxable. For example; rented property

Does NRI need OCI to sell property in India?

Yes, they can but they have to pay the tax to the govt on the realize profit or gains. The Indian Govt. has provided general permission for NRI/PIO/OCI to buy a property and they do not have to pay any taxes even while buying a property in India. However, taxes have to be paid if they are selling the same property.

What is the tax rate for NRI in India?

An NRI who sells a residential property and earns capital gains are subject to pay tax, it’s the same as resident Indians. But for NRIs Long-term capital gains are subject to a TDS of 20% whereas the short-term capital gains are subject to a TDS of 30%.

Can an NRI buy any residential and commercial property in India?

Yes, an NRI can buy any commercial or residential property in India and there are no restrictions in buying the number of properties except any agricultural land, farmhouse, and plantation property. They can get the ownership of these properties only if they have been gifted or inherited from ancestors.

NRI doesn’t require any special permission to buy any residential or commercial property in India, except these two conditions:

  1. When an NRI buys any commercial or residential property in India, he/she can’t make the payment in any foreign currency. An NRI has to use the normal banking channels, or any non-resident account such as Non-resident Rupee Account (NRE) or Non-resident Ordinary Account (NRO) to make the payment that comes under Foreign Exchange Management Act (FEMA) and RBI regulations.
  2. NRIs have an option to give Power of Attorney (POA) to their friends or relatives to complete the buying process in India. The POA can be general or specific about the rights a representative of NRI can use.

The RBI’s regulations are fairly easy as well and you don’t have to take any prior permission from the authorities. The laws for any such property transaction fall under the Foreign Exchange Management Act (FEMA).

NRIs can make payment for the buying of immovable property (other than agricultural land/plantation property/farm house) out of funds received in India through normal banking channels. NRI who has bought residential/commercial property under general permission is not required to file any documents with the Reserve Bank.

An NRI can buy the property, either as a single owner or jointly with any other NRI. They must be a resident of India, otherwise, he or she is not allowed to invest in a property in India, irrespective of the second holder’s contribution.

Also, NRI may transfer any immovable property in India to a person resident in India.

What are the major complaints of an NRI during property buying?

There are some complaints from NRI regarding the behavior of the builder and other professionals. Overcharging is very common. Even the professionals doubled their fees in the case of an NRI client. Through these cheap tactics, we create a negative image of our country. In a few cases, NRI clients have left the idea of property buying after identifying the price difference.

Short Abbreviation:

  • PIO-  Person Of India Origin
  • OCI- Overseas Citizen Of India
  • POA- Power of Attorney
  • FEMA- Foreign Exchange Management Act
  • NRE- Non-resident Rupee Account
  • NRO- Non-resident Ordinary Account
  • PAN- Permanent Account Number
  • RBI- Reserve Bank of India

#NRI #investment #india #propertybuying #tips #realestate

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Coronavirus in India: Tips to keep your house safe from Coronavirus

Coronavirus in India

About Coronaviruses

As the new Wuhan coronavirus has spread not solely over mainland China but also worldwide, panic amongst people is rising day-by-day. Inside China, there is a growing sense of helplessness, because the government is forced to take severe steps to prevent the virus, including some travel restrictions in Beijing. Death toll in China nears 1,500, confirmed cases cross 65,000. Meantime, the World Health Organization (WHO) has warned that confirmed cases of coronavirus are spread among people who have never moved to China. The first possible case of this virus in Ontario was identified on 25th January 2020 and has evidence of limited human-to-human transmission.

What are Coronaviruses?

Coronaviruses are a large family of viruses that can cause illnesses varying from the common cold to serious respiratory infections like bronchitis, pneumonia or serious acute respiratory syndrome (SARS). Some causes illness in humans and others cause illness in animals, such as bats, camels, and civets.

  • Coronaviruses are spread mainly from person to person through close contact, for example, in a household, workplace or health care center.
  • Some human coronaviruses spread easily between people, whereas others don’t.

Your risk of critical illness is also higher if you’ve got a weakened immune system. This might be the case for:

  • Older people
  • People with chronic illness (for example, diabetes, cancer, heart, renal or chronic lung disease)

Advice if your child has a fever and cough

If your child gets a fever and cough, this is what you should do:

1) Call your doctor’s office for advice specific to your child and your community.
2) If your doctor does not think your child needs to be checked, you can help them feel better by

  • being sure they stay hydrated. Make sure they are drinking regularly. Popsicles are a good way to get fluids in and can relieve a painful throat.
  • using acetaminophen or ibuprofen for fever. Check with your doctor’s office about the right dose for your child.
  • using a humidifier to help with congestion.
  • restricting the use of over-the-counter cold medicines in children under the age of 6. They don’t help much (even with kids over 6) and can have side effects. In children over a year, honey can relieve a cough. Use saltwater drops for stuffy noses.

Watch for warning signs of problems, and seek medical attention if they occur:

3) any difficulty breathing (rapid or heavy breathing, sucking in around the neck or ribs, looking pale or bluish)
harsh cough that won’t stop
4) high fever that won’t come down with acetaminophen or ibuprofen
5) extreme sleepiness
6) irritability or pain that you cannot soothe
7) refusal to take fluids, or any signs of dehydration (dry mouth, no tears when crying, not urinating at least every six hours).

Tips to deal with the coronavirus in India

Travelers who have returned from mainland China should:

  • Contact the local public health unit within 24 hours of arriving in India
  • Stay at home and avoid close contact with others, including those in your home, for a total of 14 days from the date you left China
  • Monitor themselves for symptoms of the 2019 novel coronavirus for 14 days after leaving mainland China

What should one do if he/she comes into contact with a person with coronavirus in India?

If you have been identified as a contact of a person with proved coronavirus infection in India, the local public health unit will contact you with advice within 24 hours of arriving in India. This advice will include that you need to isolate yourself at home for 14 days after contact with the infected person, and to monitor your health and report any symptoms.

What are the symptoms and treatments from the 2019 novel coronavirus?

Symptoms range from mild – like the flu and other common respiratory infections – to severe, and can include:

  • fever
  • cough
  • difficulty in breathing

Complications from the 2019 novel coronavirus can include serious conditions, like pneumonia or kidney failure, and in some cases, death.

There are no specific treatments for coronaviruses, and there is no vaccine that protects against coronaviruses. Most people with common human coronavirus illnesses will recover on their own. You should:

  • drink plenty of fluids
  • get rest and sleep as much as possible
  • try a humidifier or a hot shower to help with a sore throat or cough

If you need immediate medical attention you should call 911 and mention your travel history and symptoms.

How to protect yourself from the 2019 novel coronavirus?

There is no vaccine available to protect against the 2019 novel coronavirus. One should follow everyday actions that can help prevent the spread of germs that cause respiratory illnesses.

Take these everyday steps to reduce exposure to the virus and protect your health:

  • Wash your hands often with soap and water
  • Sneeze and cough into your sleeve
  • Avoid touching your eyes, nose or mouth
  • Avoid contact with people who are sick
  • Stay home if you are sick

If you are traveling to an area known to have cases of coronavirus, be sure to avoid:

  • high-risk areas such as farms, live animal markets, and areas where animals may be slaughtered
  • contact with animals (alive or dead), including pigs, chickens, ducks, and wild birds
  • surfaces with animal droppings or secretions on them

What is the scientific name of Coronavirus and its sources of origin?

The scientific name of coronavirus is “2019 novel coronavirus” (2019-nCov). It is a respiratory infection that originated in Wuhan, China.

Which are the current affected areas?

Mainland China is identified as the major affected areas and the travelers who have returned from Hubei province, including Wuhan City.

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Coronavirus in India

A total of 1,999 people, who have a travel history from China and other affected countries, are under observation in Kerala, of whom 75 are in isolation wards of various hospitals. The remaining 1,924 are under home quarantine and have been asked to not go out in public until the end of the 28-day incubation period.

On 14th Feb, almost two weeks after the evacuation, the government reported that all Indian evacuees from Wuhan – 645 of them have tested negative for 2019-nCoV. Over 11,500 individuals are presently under community surveillance in 34 states/union territories and contact tracing is going on. As of now, 1,632 samples from suspected patients have been tested from across the country of which three samples have tested positive; all from the state of Kerala. Interestingly, reports indicate that all three patients are medical students undergoing training in Wuhan.

The latest data indicate that about 82% of cases are mild, 18% cases are severe, of which 3% require intensive care; and that the fatalities are mostly old patients and those with pre-existing conditions. Many medical personnel is getting affected as well.

What is the Indian government doing?

A new travel advisory has been issued directing everyone to avoid traveling to China, saying planned visitors from China might apply for a fresh Indian visa. Apart from that, if anyone with a history of travel to China since January 15th, 2020, could be quarantined.

Are Indian airlines still flying to China?

All Indian airlines have suspended flights to China. Air India, IndiGo, and other Indian airlines have suspended flights to China over the coronavirus risks.

Where are the screening wards in India located for Coronavirus?

Screening wards in India city-wise:

City

Screening Wards

Delhi

Manesar Camp, Ram Manohar Lohia, AIIMS, and Safdarjung hospital.

Mumbai

Kasturba hospital and Pune’s Naidu hospital

Karnataka

Government Wenlock Hospital, Mangaluru International Airport

Manipur

5-centers have been opened in different border towns of the state and at the Imphal International Airport to screen people for coronavirus.

Mizoram

India-Myanmar border is being tested at Zokhawthar.

Updates on 2019 novel coronavirus in India

  •  The patient who first examined positive for coronavirus is now hospitalized in Thrissur Medical College and her condition is stable.
  • The 2nd case of coronavirus in the country was reported from Kerala and the patient is being monitored in an isolation ward at Alappuzha Medical College.
  • The 3rd case of coronavirus was seen in Kerala and the patient has been kept under isolation at the Kanhangad in Kasaragod district and his condition is also stable.
  • Dr. Harsh Vardhan, Union Health Minister said that the center is taking complete preventive steps regarding the coronavirus outbreak.
  • To date, India has screened 1,118 flights so far.
  • DGCA has exempted flight crews from Breath Analyser (BA) tests for 15 days at Kerala’s Calicut, Kannur, Trivandrum and Cochin airports following the novel coronavirus outbreak.
  • 3,252 people under observation in Kerala for Coronavirus.
  • Over 1.9 lakh passengers screened for Coronavirus at airports, 9,452 persons under surveillance, as per the Health Ministry.

Where did the new coronavirus (2019-nCov) come from?

As per the local people, the virus (2019-nCov) first appeared in Wuhan, China in people who had visited a local seafood and animal market (called the Huanan seafood market).

How does the coronavirus spread between people?

Centers for Disease Control and Prevention (CDC) states that human coronaviruses are most commonly spread from one infected person to another via:

  • The air (sneeze or from viral particles from a cough)
  • Close personal contact (shaking hands or touching)
  • An object or surface with viral particles on it (then the touching nose, eyes, and your mouth before washing your hands)
  • And rarely from defecation contamination.

Is the virus being spread from one person to another?

The novel coronavirus (n-CoV) can be spread from one person to another most likely by coughing or contact with respiratory issues of people infected with the virus.

 There have been a small number of cases of transmission from person to person taking place outside of mainland China.

How is the coronavirus diagnosed?

Infection with 2019-nCoV is diagnosed by detecting confirmation of the virus in respiratory samples such as fluid from the lungs or swabs from the throat. An infected person can immediately ask for the local public health unit.

Who is at risk?

People who have visited mainland China (excluding Hong Kong, Macau, or Taiwan), or who have had contact with an infected person, in the past 14 days may be at risk of catching the disease.

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Which countries are infected from Coronavirus?

Here’s the list of Coronavirus cases country-wise:

Country Name

Coronavirus Cases

Mainland China

37,232

Thailand

32

Japan

25 (+70 on a cruise ship off the coast)

Singapore

40

Hong Kong

29

South Korea

25

Taiwan

18

Australia

15

Malaysia

16

Germany

14

Vietnam

13

Macau

10

The U.S.

12

France

11

UAE

7

Canada

7

Italy

3

Russia

2

UK

3

Philippines

3

Cambodia

1

India

3

Belgium

1

Finland

1

Nepal

1

Spain

1

Srilanka

1

Sweden

1

Data source: livescience.com

What is being done globally to stop the spread of the coronavirus?

  •  The Chinese government put Wuhan and many other nearby cities on “lockdown,” meaning people are not allowed in or out of the area.
  •  The governments of both Taiwan and Hong Kong have said they would not allow in anyone from the Hubei Province (where Wuhan is located).
  •  Major airports in the U.S. are conducting screenings to try to check for symptoms of the virus.
  •  The Chinese government has banned the sale of wildlife in markets, restaurants and online.
  •  Also, U.S. citizens, permanent residents and immediate families who have visited China’s Hubei province will undergo a mandatory two-week quarantine. And “foreign nationals” who have traveled to China in the past 14 days won’t be allowed in the U.S.
  •  If Americans visited any other part of China, they will be screened at airports and asked for self-quarantine for 14 days.
  •  Australia is also barring entry to non-citizens who have recently visited China.
  •  Flights carrying passengers from China will be rerouted to one of 11 U.S. airports.

How can people protect themselves and others from Coronavirus?

According to the Centers for Disease Control and Prevention (CDC), the best way to prevent infection with 2019-nCoV is to avoid being exposed to the virus. In general, the CDC recommends the following to prevent the spread of respiratory viruses:

  • People who traveled to China and became sick with fever, difficulty in breathing or cough within the following 2-weeks should ask for medical care instantly and call first to inform the medical staff about their recent travel.
  • Avoid close contact with people who are sick
  • Stay at home when you are sick
  • Clean and sanitize frequently touched objects and surfaces.
  • Wash your hands often with soap and water for at least 20 seconds
  • If traveling to China, you should avoid contact with sick people, avoid dead or alive animals, animal markets or products that come from animals such as uncooked meat.
  • Avoid touching your nose, eyes, and mouth with unwashed hands

What scientists are doing across the US?

Scientists are trying to invent a vaccine for the new virus across the US. The National Institute of Health (NIH) is working on it, but it will take at least a few months before clinical experiments start and more than a year until a vaccine might actually be available in the market.

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What if one doesn’t have medicare or healthcare facilities?

To help the NSW response to coronavirus, people will not be charged out of pocket expenses who are not eligible for medicare and presenting to NSW Health facilities for coronavirus assessment.

Most people that are not eligible for medicare will have health or travel insurance. For those that do not have sufficient insurance coverage, NSW Health will cover these costs.

These arrangements have been put in place to ensure payment issues are not a difficulty for people from overseas with respiratory symptoms demanding immediate medical help.

Is there any specific treatment or a vaccine?

Currently, there are no specific treatments and available vaccines that protect against coronaviruses. Early diagnosis and general supportive care are necessary.

Indian coronavirus cases on Diamond Princess cruise ship

The latest coronavirus cases in India are reported from the Diamond Princess cruise ship quarantined off the coast of Yokohama in Japan. Three crew members from India have tested positive for the virus on the ship as of 15 February. A total of 138 passengers and crew members from India are reportedly on board the ship.

What arrangements are in place for checking people at airports?

The Indian Government has put in place protective measures at all international airports for passengers coming from China.

CV_03

Global Updates on 2019 novel coronavirus

  • According to the Johns Hopkins virus dashboard, approximately 42,000 individuals globally (primarily in mainland China) have been confirmed to have the new coronavirus.
  • 1,000 deaths linked to the virus.
  • More than 800 Americans have been evacuated from Wuhan on four flights.
  • Wuhan officials plan to round up those suspected of being infected into mass quarantine camps.
  • There have been two deaths, one in the Philippines and the other in Hong Kong.
  • A 60-year-old U.S. citizen in Wuhan has died after being infected with the coronavirus.
  • As per the Times report, around 3,700 people are being quarantined on the Diamond Princess cruise ship off Japan due to the coronavirus, with 70 individuals testing positive so far.
  • The 34-year-old Chinese doctor who was silenced by police for warning about the coronavirus outbreak has died after contracting that virus.
  • A phase 1 trial of a new vaccine against 2019-nCoV by Dr. Anthony Fauci, is on track to begin in 2.5 months.
  • Fauci stated that there have been “no glitches so far” in the steps to prepare the vaccine which involves initial studies in lab dishes and animals.
  • According to U.S. Secretary of State Mike Pompeo, the U.S. is ready to spend up to $100 million to support China and other countries in fighting the virus.
  • U.S. citizens, permanent residents, and immediate family who have visited China’s Hubei province will now undergo a mandatory 2-week quarantine.
  • The total number of deaths in China now at 1,367  out of 59805 confirmed cases until 13th Feb.
  • With 44 new cases, the total number of affected on quarantined Japan cruise ship now stands at 218
  • China’s capital Beijing imposes a 14-day quarantine on arrivals
  • Golf-Kuala Lumpur and Shenzhen events postponed due to coronavirus outbreak
  • WHO says joint China mission to start coronavirus investigations this weekend
  • Top Australian Universities say Chinese students could quit Australia
  • According to ministry communication, 2148 flights and 232613 passengers from China have been screened so far.
  • Outside China, the biggest group of Coronavirus infections is aboard the Diamond Princess cruise ship off Japan’s Yokohama, where an additional 99 cases were reported on Monday, making the total to 454 diagnosed.
  • China may postpone the annual parliament session over the virus

    Coronavirus Updates India

  • The Indian national in UAE affected by the virus is now stable
  • Three Indian crew members on an isolated cruise ship in Japan test positive for coronavirus
  • Indian Embassy in Japan said it is touch with authorities for their welfare and early disembarkation
  • 2 of the 3 Indians infected with the virus in Kerala test negative
  • 83 under home quarantine in Odisha
  • Indian aviation regulator adds passengers of four countries to be screened for Coronavirus
  • Coronavirus has dented Goa’s tourism prospects
  • India has screened 1,118 flights so far
  • 3252 people under observation in Kerala for Coronavirus
  • Over 1.9 lakh passengers screened for Coronavirus at airports, 9,452 persons under surveillance
  • Existing visas, including already issued eVisa, no longer valid for any foreign national traveling from China.
  • A 28-year-old man from UP’s Utraula has been kept in isolation ward. The man is a medical student in China and had returned to India 15 days ago.
  • To date, 2,455 people have been placed under the monitoring of which 2,431 are under home quarantine and 24 in assigned facilities.
  • So far, 381 samples of suspect cases have been sent to NIV for testing, of which results of 354 were negative.
  • 17 people from Delhi who returned from abroad before coronavirus screening showed symptoms, hospitalized.
  •  Embassy of India in Japan said that all 4 COVID-19 positive Indian nationals as on 17th Feb 2020 receiving medical attention onshore are reacting well to the treatment. We are in regular touch with Indians onboard Diamond Princess Ship.
  • PM Modi writes to Manu Joseph, nursing officer, Safdarjung Hospital, extending his heartiest congratulations to members of the medical team who helped in the evacuation of Indian citizens from Wuhan.
  • India to send a consignment of medical supplies to China later this week to fight coronavirus.#India #China #kerala #coronavirus #wuhan #diamondprincess #safetytips #health #who #coronavirusupdatesImage & Data source: Ontario, Livescience.com, World Health Organisation
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