Tag Archives: Gujarat

Process of Property Registration

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We’ll discuss some of the main points on the entire process of registration of a property in India. Although this process is quite complex, it may require a lot of time and effort by the registry office to complete. So let’s start the process of registering a property in India with propertywala.

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STEPS OF PROPERTY REGISTRATION IN INDIA:

  1. The first step is to choose the property and look for all the details in the property. Negotiate with the seller. Pay 10% booking amount. Then we have an agreement to sell.
  2. Buyers should check that there are no liens or other encumbrances on the property before they make an offer.
  3. Calculate Stamp Duty. Stamp Duty is the tax levied on the transfer of real property in the state. Stamp duty rates vary from state to state. It’s calculated either on the circle rate or on the market rate, whichever is higher. It’s generally 3-10% of the property value and 1% is the registration charge.
  4. There are three methods for paying stamp duty, as follows:
    1. Method 1 – Non-Judicial stamp paper (picture). If stamp duty is Rs. 1 lakh, buy papers worth Rs 1 lakh, where sale deed will be printed on an official stamp paper.
    2. Method 2 – Franking method – Print the sale deed on plain paper. Pay stamp duty in the cheque, cash, online, or DD draft. Then the bank attests to the sale deed.
    3. Method 3 – E-Stamping (picture) – it will mention all details – generated online – Go to Stock holding corporation of India – www.shcilestamp.com. Payment will be made only at authorized centers. Collect e-stamp then.

HOW TO CALCULATE STAMP DUTY:

Now, buyers should also be aware of the Stamp duty calculation. They should also know that this tax is payable when they register their property.

For example, if the actual value is Rs. 40 lakhs and the circle rate is Rs. 50 lakhs, then you have to pay stamp duty at the highest rate out of the two. Hence, in this example, because the circle rate is greater than the actual rate then you have to pay a stamp duty of Rs. 50 lakhs.

And in another case, let’s assume that you bought a property in India with a market value of Rs 90 lakhs and the circle rate was Rs 80 lakhs. In this case, you would have to pay a stamp duty of Rs 90 lakhs. Therefore, you can calculate your stamp duty. In addition, you can also estimate stamp duty online because it varies differently and is higher in large cities and towns than in small towns or cities.

5. The next thing is a draft and print sale deed or conveyance deed, or gift deed. It mentions all details like name, address, age of both the buyer and seller, etc. It provides details about payment, including through cheque, cash, or any other method. After that, you have to print the sale deed on stamp paper and then sign each page of the sale deed. Two witnesses also have to sign the last page of the sale deed.

6. After drafting and printing the sale deed, you must register it at the sub-registrar office. The office should be located in a fixed zone of your property’s locality. To schedule an appointment online or to obtain a token number, contact the sub-registrar office by phone or in writing. Both buyer and seller should attend the registration; witnesses should be present as well. If either of them cannot attend, they must appoint someone to act on their behalf with power of attorney. All parties should bring documents such as an Aadhaar card and an identity document. Three photographs will be attached to the sale deed, and both buyers and sellers will be asked to sign their names in the presence of a sub-registrar. Fingerprints will also be taken for security purposes.

7. After that, you have to collect the registered sale deed. The deed can be collected within 15-20 days. If you took a bank loan, the bank will collect the original deed.

8. Now that the registration process is over and the property transfer is complete, you need to change the name in the land records. This process is called a mutation. If your property is located in a rural area or outside municipal limits, you will have to change the name in land records. The mutation has different names in different states. For example Jamabandi in Haryana, Punjab, and Rajasthan; Khatauni in Uttar Pradesh; 7/12 in Gujarat and Maharashtra; and Khatian in Orissa, West Bengal, and Bihar. After you register your property, the whole process of registration of your property is completed.

Gujarat government offers property tax waiver for restaurants, hotels, resorts & water parks for FY21-22

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The move brings tremendous relief to the hotel industry, which is recovering from a severe income crisis following the pandemic. The property tax exemption is welcome after the industry has experienced a downturn with the first and second wave of Covid-19 cases. This step will definitely boost the hospitality sector and a good step by the state government.

On Monday the state government announced full exemption from property tax for hotels, restaurants, resorts and water parks in the fiscal year 2021-22.

The state also announced the revocation of flat electricity bills. So the hotel owners, restaurateurs, resort and water park owners only have to pay for the electricity they use.

It will ease financial burden on hoteliers

Jay Sudhakaran, general manager, Novotel Ahmedabad said, the industry felt neglected due to staff restrictions in companies and hotels that are not considered frontline workers. The news is a welcome change and would help many businesses who are struggling with COVID situation.

The Hotels and Restaurants Association (HRA) and the Gujarat Food Entrepreneurs Alliance (FEA) in Ahmedabad have issued statements and representations to the state government in this regard. On Monday afternoon, a meeting held between HRA representatives and Chief Minister Vijay Rupani, after which the decision was announced.

Narendra Somani, president, HRA, Gujarat said, rising rents, rising operating costs and lack of revenue due to the restrictions have severely impacted the restaurant and hotel businessess. The decision to abolish fixed electricity costs and property taxes will reduce the financial burden on hoteliers.

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Realty Investment in the Last Fiscal, Gujarat Tops

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According to a report by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), Gujarat received the largest realty investment in the last fiscal year.

AHMADABAD: Gujarat is one of the most sought after locations for realty investment. The report of the Associated Chambers of Commerce and Industry of India proves this. Continue reading →

Gujarat Buyers Linning up Eagerly to Take 5-6 BHK Flats.

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AHMEDABAD: The great Gujarati joint family is urging topend realty. Amid buzz of stagnancy in city’s property market, super luxury apartments are selling like hot cakes. Realtors may struggle to sell 2 and 3 BHK homes, but buyers, mostly large joint families, are lining up to book 5 and 6BHK flats. In large flats of 5-6BHK flats, old people of the families feel more comfortable rather in bunglows. Take the case of ISCON group, which recently launched a residential scheme along SP Ring Road. While the entry-level three BHK flats generated least inquiries, all the top-end 5 BHK units were booked within days. “Those who could not get five BHK are going for 4 BHK units,” according to a survey. Looking at the response, Kotak now plans to convert 1 tower originally planned for entry-level flats into premium flats. Experts say the trend is inspiring as demand has been coming from local buyers besides NRIs and investors, who find Ahmedabad cheaper than other large Indian cities.

“Moreover these flats offer security along with luxury. Further, people who have stayed in 3-4 BHK and looking to upgrade are driving the demand for premium flats. So, no wonder 5-6 BHK apartments are being booked up like hot cakes,” says regional director (Gujarat) of real estate consultants. “A city based Businessman says that they sold off their bungalow and opted for a 5 bedroom flat because of security. He stays in that flat with his two sons. Ashish Shah of Shree Balaji Group got enormous response for the 5,100 sqft top-end flats as compared to other categories. Now, Shah plans to hold the remaining 6 BHK apartments till completion of project. “Demand for upmarket flats would remain high. Realtor Mukesh Goyal, who launched 4BHK scheme, for about INR 2 crore per unit at current market rates, in Prahaladnagar around a year ago has already sold 80 per cents flats.

 

Income Tax Department Procured Real Estate worth Rs 2,500 crore in a Fiscal

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NEW DELHI: The Income Tax Department became one of the largest purchasers of real estate properties last year as it embarked on a mega expansion fling to spread its establishment for enhancing taxpayer services in the country.

The department, which has recently started a special drive to check frequency of black money in the country’s real estate sector, has acquired high-worth properties worth about 2,500 crore in more than 20 cities in the last year alone.

The largest possession by the department has been at the cost of more than 2,000 crore for the purchase of office space in the civic centre near the national capital’s marketing hub, Connaught Place. The civic centre is the tallest building in Delhi. The department has likewise purchased 56 staff quarters worth more than 89 crore at the pricey Bandra-Kurla complex in Mumbai.

“All the purchases have been done in order to inflate taxpayer facilities and to provide better living and working facilities for the department staff. No doubt the department’s purchasing power has been the largest in the last financial year.”  The department, with these possessions in the real estate sector has probably become the largest government department to acquire and create real estate in the country, the Income Tax commissioner said.

The shopping bucket of the department, has other high-profile acquires and possessions like creation of a training centre and hostel facilities for new comers of the Indian Revenue Service (IRS) at their alma mater – National Academy of Direct
Taxes (NADT) in Nagpur at the cost of Rupees100 crore.

In Chandigarh, the I-T department has purchased 5,000 acres of land for office space at the cost of more than Rupees 33 crore, a centralized air conditioned I-T office at Udaipur at the cost of more than Rupees 16 crore, acquisition of land for creation of office building for the department in Mumbai at about Rupees 23 crore and land measuring more than 9,500 sq m at Jamnagar, Gujarat for office building at  Rupees 8 crore.

Another set includes office building at Siliguri for 5.5 crore and a separate creation of 49 residential sectors and guest houses at Siliguri in excess of 10 crore. One more big acquirement by the department has been made at Muzzafarpur in Bihar for building staff quarters at the cost of more than 21 crore.

The department has also been sustained by the success of direct taxes (income tax) collection which was about 4.50 lakh crore in the financial year 2010-11. Despite the department paying 72,000 crore in refunds, the stout direct tax collection is the highest in any financial year.

Truth Behind Declining Realty

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Pranab Mukherjee

FINANCE MINISTER MR.PRANAB MUKHERJEE


Few days after the budget is announced the Realty Industry started showing discontent in concern with the service tax policy announced by the union finance minister, Pranab Mukherjee. The Confederation of Real Estate Developers’ Association of India (CREDAI) with the Surat Builders association wrote a letter dated March 5 to the finance minister, Pranab Mukherjee asking to withdraw service tax imposed on sales and renting of commercial and residential spaces.

In the letter to the Centre, the association has also said that a inclusive action plan for urban housing is necessary as there is a shortage of 27 million houses in the country presently.
President of Surat Builders’ Association and the vice-president of Gujarat chapter of CREDAI Tarun Rawal said that if we look at the population explosion in the city the figure has gone up to 46 lacs very fast but there is a shortage of about 5 lacs shelters in the city itself. He added that the need for sustainable housing in most of the big cities is huge and to fulfill that we must have a central policy and plan to guide it.

The association compels the Union finance minister to look into the matter of service tax imposed on housing sector as the sector is crucial for growth to create affordable housing. Slum re-development and integrated township incentives are also required. “Only if this is provided the sector will be able to fulfill the need of a growing nation,” said Rawal.

It is argued by real estate developers that the imposition of service tax will eventually make buying houses more difficult for the middle and lower classes. Similarly, service tax on rented property will adversely affect sectors like IT sector since they are already showing declining trend when the US restrictions have affected them.

What the finance minister decides is what should be looked for now.

Shivalik Group Announces Emerging Business In Real Estate Projects

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“Shivalik Group is a Real Estate and Leading Builders in Gujarat. This ISO: 9001 Group is an esteemed company that has accomplished many prominent infrastructures as well as real estate projects. The organization has a vision to go global imagined through its current expansion, in different cities of Gujarat and India, starting from Rajkot”.

Presently, the organization consists a group of 25 companies, with aggressive marketing and efficient operation…the group has forayed in the first five prominent positions among the real estate developers in the city.

The chairman, Mr. Satish N. Shah who has a vision to diversify from stock broking despite having exceptionally booming business has ventured to enter into realities and has established commanding position in the commercial capital of state of Gujarat. He is the group chairman and basically endeavors towards laying strict norms of policies and also periodically reviewing to the needs of the time.

The company severely believes in making and nuturing relationships. It solidly believes that relationship cannot be established on emptiness. It is the quality which has brought the group to such an esteemed level.

The organozation follows stringent rules for quality assurance… Never to compromise on quality irrespective of market conditions is a theme of the success…is the motto of the company. The company has been certified and has obtained ISO 2001 Certificate from Bureau Veritas.

Out of this, the group has Dynamic team of Chartered Accountants & Company Secretaries who look after all the Legal, Financial & Company matters.

Shivalik Plaza, one of the landmark projects has been nominated in the category of best commercial building for the year 2006 by G.I.H.E.D