Author Archives: Prahalad Singh

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What Real Estate Sector Expecting from Union Budget 2019

Jul 2,2019 / By / No Comment
Budget 2019

What Real Estate Sector Expecting from Union Budget 2019

After the Interim Budget of February 2019, people are expecting a number of announcements from the Union Budget 2019 that is going to be held on 5th July 2019 by Finance Minister Nirmala Sitharaman. A common man always hopes that the Union Budget will have announcements that will impact their lives positively by improving their income and helping them to get jobs. In a similar fashion, the real estate sector too hopes that the upcoming budget will ease their major problems and encourage industry growth.

Below are the few major expectations of the industry:

Indian real estate industry, which is facing the pressure of liquidity crisis and slip in homebuyer’s confidence, expecting that the Narendra Modi-led NDA government will continue to come up with reforms and at the same time address the demands of real estate sector to reduce their difficulties.

To a great extent, Indian Real estate Developers failed to see much of the promised during the entire tenure of Narendra Modi-led NDA government that lasted from 2014 to 2019. All the reformatory changes initiated by the government earlier were for long-term benefits for the realty sector these include RERA, GST, the insolvency code, Benami Property Act, etc.

Real estate developers want the Modi government’s attention in deduction on the principal repayment of housing loans, REIT, affordable housing and most importantly liquidity crisis.

The Central Bank and government have taken significant steps to ease the pressure in the real estate sector by executing 3-successive repo rate cuts and justifying the Goods and Service Tax (GST) regime.

Many are expecting that the government will announce more gifts for first-time homebuyers and address policies to support affordable housing. The Credit Linked Subsidy Scheme (CLSS), which has a deadline of 31st March 2020, may get a further extension, and the tax benefits on home loans may be increased for the first time home buyers.

Apart from that, many home buyers are also expecting a piece of news for the addition of stamp duty into goods and services tax ambit. If this addition happens, lead to more savings for the homebuyers who currently need to pay two taxes individually, as a result, it increases their expenses.

The real estate sector is also expecting more relaxation in the GST rates. People have recommended to cut the corporate tax and increase the SEZ program. There is worry that if the tax incentive for SEZs is removed or switched, it could seriously knock the job creation capacity of the sector.

It further expecting the government to make easier ECB (External Commercial Borrowing) rules to assure a constant inflow of capital from foreign investors. Furthermore, the introduction of housing bonds, giving special status to HFCs (housing finance companies), according to that the banking sector will further help in providing the much-needed incentive to the housing sector across all businesses.

At the present time, there are limitations on tax benefits, if the seller of a residential property makes the sales returns for buying a commercial property. Real estate analysts are expecting that the government will take the action in this regard to allow the use of sale gains of residential property to purchase commercial property.

The Finance Minister Nirmala Sitharaman should also concentrate on an integrated plan for infrastructure and housing development, in the external or peripheral locations and tier-2 and tier-3 cities. Boosting infrastructure sector will not only benefit the real estate sector but also it will help other industries and will create large scale employment that will be a major boost for the Indian economy.

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blog Property tax Real Estate Real Estate News Smart Residential Living

Chandigarh: property tax exemption for widows, disabled, and defence personnel

Jul 2,2019 / By / No Comment
Property-Tax-1

Chandigarh: Property Tax Exemption For Widows, Disabled, And Defence Personnel

Property tax from both commercial as well as residential properties is one of the major sources of revenue for Chandigarh Municipal Corporation. Last financial year, the civic body has collected around Rs.50 crore from property tax and expected Rs.52 crore for the current financial year.

The Union Territory administration has recently issued a notification and exempted widows, disabled, and defence personnel from paying property tax to the Chandigarh Municipal Corporation.

Last year in August, the civic body had passed a plan for 100% residential property tax exemption to defence personnel. This year, the Chandigarh Municipal Corporation also exempted defence personnel owing plots measuring less than 300 sq yards but more than 300 sq yards will have to pay only 50%.

The notification was issued on June 26 asserted that no tax shall be leviable on residential lands and buildings up to 300 sq yards owned and self-occupied (no portion is let out) by the widows and disabled persons.

The notification further asserted that no tax shall be leviable on residential lands and buildings up to 300 sq yards owned and self-occupied (no portion is let out) by persons who have served, or are serving, in any rank whether as a soldier or non-soldier in the naval, army or air force of the Union of India, for 300 sq yards, free and wholly exempted. For more than 300 sq yards, only 50% shall be charged.

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blog Real Estate Real Estate News Smart Residential Living

NHB’s revised policy will encourage the housing sector: Crisil

Jun 28,2019 / By / No Comment
NHB

NHB’s revised policy will encourage the housing sector: Crisil

As per credit rating agency Crisil, the National Housing Bank’s (NHB) revised guidelines for Housing Finance Companies (HFCs) focusing attention on tighter capital will fundamentally strengthen the sector and increase investor confidence at a time of liquidity requirement among non-banks.

Crisil found that 25 companies considering 90% of the industry’s assets are already adhering with the rules by having their core tier-1 capital at 4% points higher.

It further added that a substantial balance sheet and raised capital level will make HFCs better place to sense asset-side risk in the course of time.

In its revised guidelines, the National Housing Bank (NHB) asked Housing Finance Companies (HFCs) to raise the core capital adequacy to 10% from 6% and asked them to raise the overall capital adequacy to 15% from the present requirement of 12% earlier.

The maximum leverage that HFCs can enforce has been decreased to 12 times over a period of 3 years and the overhead deposits that HFCs can put in circulation have been reduced to three times of net owned funds from five times.

According to Crisil, the new measures are not expected to hold down too many players as the mortgage growth expectations also softened.

HFCs have risen at an average of 20% over the past 3 years, even though the drop in growth in the second half of the financial year 2019. Yet if this growth were to be managed over the next couple of years, actual net worth and the internal hike should be sufficient for the majority of players.

Image Sources: Google

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Kolkata Civic Body Has Decided to Demolish Highly Unsafe Buildings

Jun 24,2019 / By / No Comment
Kolkata_municipal

Kolkata Civic Body Has Decided to Demolish Highly Unsafe Buildings

Kolkata Municipal Corporation has decided to demolish highly unsafe buildings across the city which has become unsafe in the monsoon. The decision has been taken by Mayor Firhad Hakim at the civic body’s monthly meetings last Saturday. The issue came into highlight when a Congress councillor, Prakash Upadhyay asked to know about the future of unsafe buildings across the city.

The mayor admitted that it was becoming very difficult for the Kolkata Municipal Corporation (KMC) buildings department official to protect various old structured buildings which have become old and caught major cracks.

The mayor assured that the civic body (KMC) would take care of the rights of the tenants and assure that no tenants are removed. He further said that authority doesn’t want people to lose their lives following the collapse of unsafe buildings in the past – especially in the monsoon season.

In most cases, it is seen that tenants have to lose their lives every time an unsafe building collapse. The residents maintain to stay in the old and dilapidated buildings and rarely depart in fear of losing the property.

Hakim ordered the buildings department officials of Kolkata Municipal Corporation to recognize very weak and unsafe buildings and demolish those at first to save the lives of the occupants.

After identifying and demolishing an old and dilapidated building, the civic body will set up temporary or alternative homes for the tenants at the site. Apart from that, the Kolkata Municipal Corporation’s assessment department will register the names of each and every tenant to protect their concern. Subsequently, the buildings department officials will also be ordered not to approve plans of any buildings or structures on the same land without proper rehabilitation of the tenants. By doing this, KMC wants to assure the tenants that nobody will lose their house after demolishing of the dilapidated building.

As per Kolkata Municipal Corporation buildings department’s senior official admitted that more than 100 buildings across the city were in an unsafe condition and needed to be demolished as soon as possible.

Image Sources: Google

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MahaRERA: Public Authority Selling Land to Developers Can’t be a Co-Promoter

Jun 20,2019 / By / No Comment
rera

Builders register a complaint against CIDCO with MahaRERA

MahaRERA in one of its significant decision has ordered that a public body which sells land to Developers/Builders cannot be made promoter accompanying the builder in the housing project. Builders from Navi Mumbai, who are members of CREDAI-MCHI (Raigad) had registered a grievance with MahaRERA, asking that the City and Industrial Development Corporation (CIDCO) formed a co-promoter of their projects.

They alleged that CIDCO delays its commitments after selling the plots and, as a result, their project gets obstructed and they are caught responsible for the delay. They said that CIDCO must be assigned promoter under RERA because it is a public authority and MCHI members are allottees of plots held by CIDCO.

MahaRERA chairperson Gautam Chatterjee ordered that the sale transaction made by CIDCO are the sale of immovable property where permits for development is yet to be furnished by the concerned authority. “Such a transaction doesn’t come under the limit of real estate project”.

CREDAI-MCHI has complained that CIDCO has been marketing plots without registration with MahaRERA. It further added that CIDCO has not acknowledged the provisions of RERA in its agreements and dealing with the highest bidder and is violating the terms of RERA.

The complaint said that CIDCO is needed to register the scheme as a project with RERA before its advertising, marketing and inviting bids for the plots. Moreover, CIDCO is responsible for several obligations to be executed pre-and post-tender like the eviction of encroachments and encumbrances, the limits of the plot, providing water and drainage connections.

The builders, who intend to register a petition against Chatterjee’s order, said that CIDCO frequently delays carrying out these tasks. Hence, they face flak from flat buyers, who drag them before the housing authority for project delays.

As per the builders, CIDCO comes under the limits of the promoter under RERA and its exercises of requesting bids for plots and allocation of the same for the lease of 60 years fall under the terms of RERA.

 

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