Tag Archives: Bengaluru

To construct a housing project worth Rs 1,700 crore, Mahindra Lifespace purchases a 9.4-acre plot of land in Bengaluru

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According to the report, the land’s potential gross development value is Rs 1,700 crore, with 1.2 million (12 lakh) square feet of FSI, mainly consisting of mid-premium residential projects. 

Mahindra Lifespace Developers Ltd., a real estate company, announced on Tuesday that it had purchased 9.4 acres of land in Bengaluru to build a housing complex that would bring in an estimated Rs. 1,700 crore. 

The Mahindra Group, a business conglomerate, announced via a regulatory filing that it has acquired 9.4 acres of land in Whitefield, Bengaluru. It also stated that the land would primarily consist of mid-premium residential apartments with a gross development value of approximately Rs 1,700 crore and approximately 1.2 million (12 lakh) square feet of FSI potential. 

Bengaluru is still a target for Mahindra Lifespace Developers, and we are eager to increase our presence there, according to Managing Director and CEO Amit Kumar Sinha. It is consistent with our plan to strengthen our position in India’s growing cities, especially in the areas that are important to us. In response to the dynamic demands of Bengaluru’s home buyers — who have demonstrated an eagerness to recognize and purchase high-quality projects– he stated that the company remains to deliver top-notch projects.  

Mahindra Lifespaces anticipates starting the project’s first phase in the next 12 months. The company’s development portfolio includes seven Indian cities and 35.06 million square feet is finished, ongoing, and upcoming residential projects. Additionally, it manages and develops more than 5,000 acres of current and future projects at its four integrated developments and industrial clusters.  

What is making Kanakpura Road a sought-after residential area?

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Bengaluru’s most sought-after real estate area is Kanakapura Road, hidden in the quiet suburban charm. This growing neighborhood, which attracts investors and homeowners due to its convenient location, offers a modern urban lifestyle in a tranquil setting. Kanakapura Road is a testament to Bengaluru’s dynamic real estate market, ready to draw in buyers looking for convenience, affordability, and peaceful surroundings. Its varied housing options, quick market appreciation, and dedication to maintaining its nature also contribute to this. 

Advantages of Location

The advantageous location of Kanakapura Road provides its residents with many advantages. Its outstanding connectivity, which offers simple access to significant thoroughfares like Hosur Road via NICE Road and the Outer Ring Road, is among its most notable attributes. The city’s inhabitants are used to traveling to neighboring cities like Mysore and around it.  

There are plenty of choices when it comes to transportation. There is an extensive network of autorickshaws, buses, metros, and app-based taxi services accessible. Moreover, the neighborhood’s proximity to Banashankari Bus Terminus is noteworthy and contributes to the ease of commuting for its residents within the city. Whether you are a professional, a family man, or an adventurer, Kanakapura Road offers a comprehensive solution by fusing modern conveniences with metro connectivity to keep you ready for the future. 

Infrastructure developments 

The infrastructure surrounding Kanakapura Road has undergone a dramatic change. Significant modernization of the road network has improved living standards and made commutes more comfortable. The attractive metro (Green Line) line, which promotes intra-city connectivity and unleashes additional potential for this region, is noteworthy. Kanakapura Road is becoming a lively and well-connected community due to the convergence of better infrastructure and increased connectivity, providing an enticing mix of contemporary convenience and exciting investment opportunities. 

Adaptable residential environment 

Homebuyers and developers alike are taking notice of Kanakapura Road as it has become a highly sought-after residential hub. Its advantageous position in IT parks, medical centers, and entertainment hotspots has improved its standing in the real estate market. Prospective homeowners can choose from options that fit their needs and budgets. 

You can look at housing options in this area, from luxurious gated communities to reasonably priced apartments. It is the best option for anyone looking for a home in popular communities like Banashankari, JP Nagar, Jayanagar, Basavanagudi, Konanakunte, Tlaghattapura, Kumaraswamy Layout, ISRO Layout, Uttarahalli, Padmanabhanagar, Bannerghatta Road, and RR Nagar because the price range varies to suit a variety of budgets. Whether you want to upgrade or buy a home for the first time, Kanakapura has a residential option that meets your needs. 

Peaceful balance between ease and quiet 

Kanakapura Road is the ideal location for individuals seeking a harmonious lifestyle because it skillfully combines the comforts of city living with a tranquil setting. There are plenty of options for entertainment nearby, including cinemas, busy shopping centers, and delicious restaurants. Due to the area’s advantageous location, residents have easy access to top-notch healthcare and education options. Notable educational institutions in the area include Sri Kumaran Public School-ICSE, Jnana Sweekar Public School, and The Valley School. Prominent healthcare facilities are also located nearby on Bannerghatta Road and Jayanagar. Furthermore, IT workers benefit notably from the location’s closeness to bustling IT parks and tech corridors like Global City Tech Park, which allows them to shorten commutes and achieve a better work-life balance. For individuals in Bengaluru looking for the ideal blend of city conveniences and peaceful living, Kanakapura Road is a great option. 

Investment Quality 

Kanakapura Road is a bright spot for investors. Property values in this area have been steadily rising due to the area’s advantageous location and the rising demand for housing. With continuous infrastructure improvements, the future appears more promising due to real estate prices staying up and, as a result, offering a superior return on investment. 

Kankapura Road is a tempting option for people looking for a second home because it provides a calm atmosphere and lots of green space. Gated communities and opulent apartments enhance the appeal by offering a first-rate lifestyle that pleases discriminating purchasers.  

Potentials 

As Bengaluru develops and grows, Kanakapura Road has a lot of promise for the future. The general quality of living will rise with the construction of parks and recreational spaces, adding to the neighborhood’s aesthetics. Kanakapura Road’s residential real estate is in high demand due to Bengaluru’s growing business and startup scene, making it an excellent investment option. The region is a great place to invest because it provides a prosperous present and a promising future.  

Conclusion 

A vibrant community that perfectly captures the spirit of contemporary urban living exists along Kanakapura Road. Convenience and peace of mind coexist here thanks to its advantageous location, excellent connectivity, and thriving infrastructure developments. Kanakapura Road is a great place to live, whether you are a savvy investor searching for deals or a potential homeowner looking for a cozy home. Bengaluru’s growth indicates that this region has a promising future and is a great investment opportunity. By purchasing real estate on Kanakapura Road, you are also investing in a way of life that blends the finest living standards with a tranquil setting. 

Things you should know about GST in Real Estate

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Centre's FY22 GST compensation amount should be higher than projected Rs 1.58 lakh crore: Opp-ruled states - The Economic Times

OVERVIEW OF GST: 

In 2000, the late Atal Bihari Vajpayee, the then prime minister of India, initiate a committee to draft new indirect tax law and i.e. GST which stands for Goods and Services Tax. It was launched to replace multiple indirect taxes in India. Such as excise duty, value-added tax (VAT), services tax, purchase tax, octroi, entry tax, luxury tax, and so on. Here, propertywala brings every fact and figure that you should know about GST in real estate.

DEFINITION:

The Goods and Service Tax Act was driven in Parliament on 29th March 2017 but it came into effect on 1st July 2017. It is the only tax that applies all over India and imposes on the supply of certain goods and services. However, GST does not replace customs duty, which is still required on imported goods and services. Different categories of products and services attract different tax rates under GST.

Now, we will go ahead with the GST regime which is given by our Honorable Prime Minister Shri Narendra Modi, In his words, the Goods and Services Tax (GST) is “a path-breaking legislation for New India”. Then, GST is not just a tax reform but a milestone in realizing Sardar Vallabhbhai Patel’s dream of building ‘Ek Bharat – Shrestha Bharat’.


GST APPLICABILITY IN REAL ESTATE:

APPLICABLE –
1. It is applicable to under-constructed flats only.
2. It is because the GST does not cover the real estate sector under its range. Therefore, the tax rate applicable on a property is charged under ‘work contracts.

 
NOT APPLICABLE –
1. GST does not apply to ready-to-move-in flats, plots, and lands.
2. Upon completion and receiving the occupancy certificate i.e.(OC), the property is categorized as ready to move in. That is why a developer cannot charge GST on selling ready-to-move-in homes.

GST RATE ON REAL ESTATE 2022:

Everyone has a dream of a house. Well! It is fine if you are planning to buy a property. Because buying the right property is one of the biggest achievements in life. So, home buyers in India have to pay GST on the purchase of under-construction properties such as flats, apartments, and bungalows. Before hurrying on to the process, the foremost thing you must ask yourself is, “what is the GST rate on real estate?”

PROPERTY  TYPEGST RATE FROM APRIL 2019
Affordable housing1% without ITC (Input Tax Credit)
Non-affordable housing5% without ITC
According to the table, if the property is affordable,  the GST rate from April  2019 is only 1% without ITC. Also, for non-affordable housing, the GST rate is 5% without ITC.

WHAT IS ITC?

Input Tax Credit refers to the tax already paid by a person on any purchase of goods and/or services that are used or may use for business. Therefore, it is available as a deduction from tax payable.

AFFORDABLE HOUSING AS PER GST:

According to government norms, housing units worth up to Rs 45 lakhs are referred to as affordable housing in metro cities in which carpet area measures up to 60 sq. meters. The Delhi-National Capital Region, Bengaluru, Chennai, Hyderabad, the Mumbai-Kolkata are categorized as metropolitan regions. A housing unit in non-metro cities barring to be an affordable house, if it costs up to Rs 45 lakhs and has a carpet area of up to 90 square meters as mentioned in the given table.

CITIESPRICECarpet AREA (SQ/M)
METROSup to  Rs. 45 lakhs60 sq./m
NON- METROSbelow Rs.4590 sq./m

SOME FACTS TO BE NOTED WHEN CONSIDERING GST IN REAL ESTATE:

  1. It does not subsume the stamp duty and registration charges, which you still have to pay.
  2. Seller increases the cost of ready-to-move-in properties to factor in the GST cost. So, overall the under-constructed properties are still cheaper than ready-to-move-in properties. 

That’s all you need to know about GST when it comes to real estate.

Stamp duty reduced by 2% on flats priced below Rs 45 lakh

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On Monday the State Legislative Assembly approved an amendment to the Revenue Stamps Act of 1957 that significantly reduced the stamp duty on apartments valued from Rs 35 to 45 lakhs to 3%. However, the 2% discount only applies to the first registration, in other words to the first sale.

R. Ashoka, Revenue Minister said hundreds of thousands of apartments in Bangalore and other cities remained unsold due to the problem caused by the Covid-19 pandemic. Reducing the stamp duty will help both the real estate sector, which is struggling with large holdings, and families from low-income groups.

The bill anticipates the statement from B.S. Yediyurappa when the budget was presented as chief minister in March this year.

Last December, the government amended the law to introduce a 3% exemption on apartments valued between Rs 20 lakhs and 35 lakhs. In its budget last year, Yediyurappa significantly reduced stamp duty on new apartments at prices below Rs 20 lakhs to 2%.

M.B. Patil, a Senior member from Congress, requested the government to make more concessions on Maharashtra lines, lowering stamp duties regardless of price.

Members of Congress DK Shivakumar and Ramesh Kumar and member of JD (S) SR Mahesh called on the government to help people build houses within this budget on their plots of land.

Also read:-

Property E-registration begins from October 2, Maharashtra revenue minister

Karnataka government’s to cut guidance value, can boost property market!

Karnataka government’s to cut guidance value, can boost property market!

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Last week Finance Minister R. Ashoka said, that the government is considering revising the guidance value by December. Any reduction will be made in overall Karnataka, with the exception of industrial areas and areas along the highways.

Discussions in the state government about the decline in the guidance values ​​have encouraged developers and potential home buyers. This will spur the real estate sector showing signs of improvement after the second wave of Covid-19.

A lower guidance value is expected to boost the number of property registrations, which in turn will increase government revenue. About 2.1 lakh documents were registered in August, which generated revenue of Rs 1,142 crore, up from Rs 969 crore (1.7 lakh documents) in 2020 and Rs 911 crore in 2019.

What is Guidance Value?

Guidance value is the property’s minimum sale price. The government creates this depending on the area and the type of building. Downward revisions will lead to lower property prices. According to the rules, the government must review the costs every year. In January 2019, the government announced an increment in the range of 5 to 24 percent.

Demands to lower the rates

K.P. Mohanraj, Inspector General of Registration and Commissioner of Stamps, said, the guidance value could not be revised in 2020 due to the pandemic. Since the government wants to accept this year, we started the process. Demands for lower rates have long been heard, which in some areas is very high and leads to overpricing of real estate. For example, the guidance value of a property on MG Road is over Rs 1.9 lakh per square metre. On Lavelle Road it is about Rs 2 lakhs per square metre. Some real estate representatives said that due to the recession associated with Covid, some properties were undervalued and sold.

Government should also provide exemption in stamp duty

MS Shankar, the general secretary of the Forum for People’s Collective Efforts, said a decrease in the guidance value will have an impact on the property tax. The news added to the positive sentiment, especially in the wake of the recent property tax euro caused by BBMP’s erroneous zoning. The government should also consider reducing the stamp duty on property registrations across all price ranges.

Suresh Hari, chairman of CREDAI-Bangalore, said, while we welcome the government’s plans to lower the guidance value, we hope the government also takes into account the underlying realities before concluding the final rates. He added that real estate sales have reached 30 percent from the level before covid.

Also read:-

MahaRERA launches help desk to resolve general queries of homebuyers

Important tips before you consider a Duplex house for sale in Bangalore!

Top 6 localities to Buy Flat in Bangalore!

Bengaluru Transit Infra Project- A Boost to Real Estate in 24 Locations!

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According to a report by Bengaluru Urban Infrastructure, “the upcoming Bengaluru Transit Infra Projects will benefit the real estate development in various metro cities”. According to a study by Knight Frank. These Infra Projects are being implemented under different models costing more than $10 billion. 24 specific locations have been identified which would be benefited from these Transit Infra Projects. More than 120 kilometers and 200 kilometers of metro and road projects are under the phase of construction in Bengaluru. 

Basically, Transit Infra Projects are designed to improve the connectivity between residential and metropolitan areas. It improves the opportunity for employment, healthcare, and education. Metros, Highways, Bridges, etc. are some examples. 

Benefits of Bengaluru Transit Infra Projects

It is expected that these Bengaluru Transit Infra Projects will boost the large-scale real estate development across 24 most important locations in Bengaluru city. These projects would be beneficial for commercial sectors. Specially for those office hubs which are located in isolated locations and require connectivity primarily Public Transport facilities. It is estimated, between 2021-2025 the projects like Bengaluru metro phase 2, extensions gets completed. Other major road projects like peripheral ring road, suburban rail network, and satellite town ring road are likely to be completed after 2025. 

Whitefield, Bellandur to Marathahalli Beli, Mahadevapura To KR Puram Belt. Electronic City Phase-1, and Electronic Phase-2 are some markets that will likely to be impacted by transit-orient infrastructure projects. 

Rajani Sinha, National Director and Chief Economist- Research Knight Frank India has quoted that- Development of Bengaluru transit infra projects will not only improve connectivity. It also reduce the traveling time to major Office hubs and employment locations. These huge upcoming infra projects would also boost the real estate market.

Also Read:- Locations to buy House in Bangalore

‘Integrated Township of the Year Award’ received by the DLF Garden City Lucknow.

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Garden city is DLF’s first residential project, in the city of Nawabs – Lucknow. With almost 40 per cent of the area as open spaces and plot sizes starting from 250 sq. yards and above, the township conforms to very high standards of low density population norms. The facilities at Garden city match the international living standards and give the people of Lucknow their first real taste of an exquisite lifestyle. It boasts of meticulous town planning, eco-friendly infrastructure, wide open roads, its own smart sewage disposal plant, underground cabling and massive green belts running across the township.

Garden city has bagged the “Integrated Township of the Year – North India” award at the Realty plus Excellence Awards 2012, instituted by real estate monthly magazine Realty Plus. Cheered by a galaxy of realty stars, luminaries and other stakeholders present from all over the country at a glittering award ceremony held in national capital at The Metropolitan Hotel, Bangla Sahib road, Garden city, Lucknow was chosen for setting new benchmarks for excellence in the Indian Real Estate industry in 2012′, their immaculate town planning and their outstanding contributions and efforts towards bringing about massive and positive changes in the real estate skyline of this region.

This is the fourth award in the last two years conferred upon DLF India:

* Marketer of the Year For Hyde Park Estate at DLF New Chandigarh – Estate World Awards in Association with KPMG & Bloomberg-2011

* Developer of the year – North India – Estate World Awards in association with KPMG & Bloomberg-2011

* Integrated Township of the Year For DLF Valley, Panchkula – Realty Plus Excellence Awards-2010,

Receiving the award, Ananta Singh Raghuvanshi, director sales and marketing at DLF India Ltd said, “It is extremely encouraging to enter new markets and recreate the success and magic of the past. As a group we are extremely excited and committed to our developments in Lucknow, New Chandigarh, Hyderabad, Chennai, Bengaluru, etc. For each market, we are trying our best to think globally and act locally.”

Bengaluru has Impact Of IT, ITES on Real Estate.

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Advantages like available skilled workforce, a high quality of living and better career prospects are at Bengaluru but factors like the cost of real estate and ready access to international destinations also matters a lot.

Services such as call centers, transcription, data processing, online education, etc are included in ITES which has made a huge impact on international workflow into India, mainly because of low communication costs and the financial sense behind outsourcing non-core activities. It is an obvious advantage for any modern city to have a significant presence of this industry, which creates white-collar, high-profile jobs and has remarkable effects on its real estate market.

Commercial developments in the city have been done by the private sector and the Bangalore Development Authority (BDA), which controls the growth process of the city.

The city’s commercial market has three spatial limits – central business district (CBD), suburban and peripheral. Bengaluru has no true concept of a CBD which resulted in business growth from MG Road to other main roads such as Residency Road, Richmond Road and Brigade Road, Infantry Road and Cunningham Road.

Some of the prominent streets in prime off-CBD areas in Bengaluru are Commercial Street, Infantry Road, Cunningham Road, Richmond Road, Residency Road, Millers Road, St Mark’s Road, Vittal Mallya Road and Lavelle Road. The advantages they offer are reduced congestion, the availability of space and proximity to the City Centre.

Bengaluru suburbs are classified as areas near to Airport Road, Koramangala, Indira Nagar and Jaya Nagar. The peripheral areas consist of Bellary Road, Whitefield and Bannerghatta Road.

Indian Real Estate Exhibition in Hong Kong

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Sumansa Exhibitions, a Dubai-based company, is organizing the Indian Property Show in Hong Kong on Saturday and Sunday. Here, Investors and homebuyers can get good information and knowledge about the real estate from experienced Indian builders.

Indian real estate industry is growing day-by-day in both commercial as well as residential sectors. At present, buying property in India will be an excellent investment.

This two day exhibition will give a proper overview of the real estate sector which will be helpful to those who want to own or invest in Indian real estate. In this exhibition around 300 projects will be exhibited by over 70 developers.

In this exhibition the coming projects and infrastructural development in Mumbai, Pune, Jaipur and Bengaluru will also be available.

Approvals for Home loan for properties purchased at the exhibition will be given there itself. So now, having a own home in India will no longer be a dream for the Indians living abroad.

The details about this exhibition are given below:

Indian Property Show Hong Kong

Date March 3 and 4

Time 11am-9pm

Venue Hong Kong Convention and Exhibition Centre, Wan Chai

Website www.indianpropertyshow.com