Driving sustainability: The real estate sector is taking measures to address environmental concerns

Posted on June 5, 2024 by supriya

The sustainability of India’s real estate sector, particularly in cities like Mumbai, Bengaluru, and Delhi NCR, is a growing cause for concern and scrutiny, especially issues like water scarcity and environmental degradation. Bengaluru’s water crisis is a stark reminder of the consequences of rapid urbanization and ineffective water management practices, prompting a rethinking of development strategies in other major cities.

In Delhi NCR, a major real estate hub, there are concerns about the sustainability of development practices and their potential impact on water resources. However, leading developments are making noteworthy efforts to address these concerns and transition to more sustainable construction and operation models.

One example is DLF, India’s largest publicly traded real estate developer, which has been at the forefront of sustainable construction initiatives. DLF has been able to recycle millions of liters of water per day by implementing zero-discharge water systems and sewage treatment plants, putting less strain on local water sources. Furthermore, DLF’s inclusion in prestigious sustainability indices such as the Dow Jones Sustainability Index demonstrates its commitment to environmentally responsible development.

DLF is a pioneer in sustainable real estate development in India, as evidenced by our notable achievements. DLF, the only Indian real estate company to appear in the Dow Jones Sustainability Index for the past three years, demonstrated its commitment to environmental, social, and governance excellence. DLF’s flagship projects demonstrate its commitment to sustainability. Camellias, India’s first LEED Platinum-certified residential building, establishes the standard for environmentally conscious living. In addition, The Crest is the world’s largest LEED Platinum-certified residential building, demonstrating our commitment to sustainable construction. DLF has also achieved several firsts, including India’s first residential building certified as LEED Platinum by USGBC.

Aakash Ohri, Jt Managing Director & Chief Business Officer, DLF, shared insights, saying, “Sustainability is deeply embedded in our operations.” Our sewage treatment plants recycle over 14 million liters daily, benefiting horticulture, secondary water usage, and lake replenishment while reducing reliance on groundwater. We prioritize greenery preservation by transplanting mature trees, ensuring that Gurgaon’s green landscape remains intact despite infrastructure development. We strive to set the industry standard for sustainability through innovative practices, community engagement, and responsible development, ensuring that our projects not only meet current needs. Our strategy emphasizes energy efficiency and sustainability throughout the design and management processes. DLF continues to lead the way in sustainable real estate, shaping a greener, more resilient future for future generations.

On the other hand, Bharti Real Estate is attempting to create a green supply chain by implementing a sustainable procurement policy and involving suppliers. The company is also adapting recommendations from the Taskforce on Climate-related Financial Disclosures (TCFD) and assessing its Physical and transition climate risks.

“Improving sustainability in the real estate industry is critical. The industry has a significant role in increasing energy efficiency, lowering carbon emissions, and conserving natural resources. At Bahrti Real Estate, we have a set of clear and measurable objectives for our ESG Journey and developed a detailed plan to achieve them. We actively contribute to a greener future through responsible practices and innovative solutions. Our structures are designed and developed using sustainable materials, topsoil conservation techniques, energy efficiency maximization, water conservation techniques, waste management practices, and strict air quality monitoring, thus greatly reducing our environmental impact. As we work to bring our Worldmark portfolio assets online and operational, we plan to generate electricity from renewable sources by installing solar panels on the rooftops of our upcoming assets and entering into Power Purchase Agreements with the country’s leading renewable energy companies. We endeavor to ensure that we adopt green energy practices, minimize carbon emissions, and remain aligned with India’s goal of achieving Net Zero. Ravinder Arora, Director and Chief Operating Officer, Bharti Real Estate

Similarly, Signature Global India Limited has made significant strides toward promoting sustainability in the real estate industry. Signature Global has demonstrated a proactive approach to environmental issues by achieving IGBC Gold Ratings on multiple projects and collaborating with organizations such as the Council on Energy, Environment, and Water (CEEW). The collaboration with CEEW on the ‘Cleaner Air and Better Health’ project exemplifies a concerted effort to reduce air pollution from construction activities, highlighting the company’s commitment to sustainable development.

Lalit Aggarwal, Co-Founder and Vice Chairman of Signature Global (India) Ltd., stated, “Signature Global has always taken a proactive approach to ESG.” Most of our projects are either EDGE-certified or IGBC gold-rated, demonstrating our dedication to the environment. We save approximately 52% of our water usage by implementing various optimum water use practices. These features include low-flow faucets and toilets, rainwater collection systems, and wastewater treatment and reuse facilities. The use of these techniques not only reduces our impact on local water resources but also increases the resilience of urban water systems. Signature Global recognizes the importance of sustainable practices in ensuring the long-term survival of our cities, and we are committed to continuing our efforts to conserve natural resources such as water, the elixir of life.

The initiatives not only conserve water and reduce environmental impact but also highlight the financial benefits of sustainable practices, such as energy efficiency and cost savings for homeowners. Furthermore, the emphasis on worker self-regulation and behavioral changes demonstrates a comprehensive approach to addressing environmental challenges in the construction industry.

While challenges persist, proactive measures taken by developers such as DLF and Signature Global are encouraging steps toward ensuring the long-term viability of India’s real estate sector, particularly in Delhi NCR. Continued collaboration among industry stakeholders, government officials, and environmental experts is critical to advancing these efforts and protecting urban communities’ environmental and social well-being.

Things you should know about GST in Real Estate

Posted on January 16, 2023 by deepshikha

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 TYPE	GST RATE FROM APRIL 2019
Affordable housing	1% without ITC (Input Tax Credit)
Non-affordable housing	5% 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.

CITIES	PRICE	Carpet AREA (SQ/M)
METROS	up to Rs. 45 lakhs	60 sq./m
NON- METROS	below Rs.45	90 sq./m

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

It does not subsume the stamp duty and registration charges, which you still have to pay.
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 and registration charges in India?

Posted on December 30, 2022 by deepshikha

Suppose a buyer and seller get into a sale and purchase of the property. For the sale deed, they must register it in India and pay stamp duty and registration charges.

What is Stamp Duty Refund Process when the Sales Deed is canceled? - Kotak Bank

Who collects Stamp duty and registration charges in India?

As per the Indian Stamp Act 1899 the state government collects Stamp Duty and not the central government. It is different in different states. The state government uses it for building the state’s infrastructure.
Stamp Duty varies with the type of housing and the state in which it is located, and it also varies with the gender of the buyer, and senior citizens get a rebate on registration charges.

Benefits of Stamp duty

Registering a stamp duty makes the sale deed a proper legal document and makes it possible to submit the deed to the court as evidence. In case the document is lost, a duplicate copy can be produced. The buyer has to pay stamp duty at the time of registration.
The buyer generally pays Stamp Duty

Stamp duty in Real Estate?

Stamp duty in Real estate is on Sale deed, Partition Deed, and Lease Deed. If a lease deed is more than 12 months, it must be registered and pay stamp duty, otherwise, generally, lease deeds are for 11 months. Therefore, which means the document of the property is verified by a notary declaring the authenticity of both parties signing the documents.

Delhi Stamp duty

Delhi Stamp Duty charge has been going on since the year 1908, which is a retardation charge.
Like in Delhi, stamp duty is 6% if a property is registered in a Male’s name, 4% if in a female’s name, and 5% if in joint name. This is in case the property value is less than 10 lakh rupees. But if it is more than 10 lakhs rupees, both males and females pay equal stamp duty.
The Registration charge is 1% of the property value.

Owner	Stamp Duty
Male	6%
Female	4%
Joint (Male& Female)	5%

How to pay Stamp duty?

The 3 methods to pay a stamp duty are as follows:

Method 1 –

Non-Judicial stamp paper. If stamp duty is 1 lakh, buy papers worth Rs 1 lakh. You will print the sale deed on stamp paper.

Method 2 –

Franking method – Print the sale deed on plain paper. Pay stamp duty in a cheque, cash, online, or dd draft. Then bank attests to the sale deed.

Method 3 –

E-Stamping – it will mention all details – generated online – Go to Stock holding corporation of India – www.shcilestamp.com. This will be paid at authorized centers. Collect e-stamp then.

Carpet, built-up, and Super built-up areas

Posted on December 28, 2022 by deepshikha

When you go to buy a property, you may hear the term carpet area, built-up area, super built-up areas, and so on. This can be confusing for many buyers. Propertywala has put together this handy guide with definitions of these terms.

Towers At Greenville Apartments - Tower Block, HD Png Download - 1169x775(#5840675) - PngFind

CARPET AREA

A carpet area in simple words is the area where we can lay our carpet. It is an area in between external walls; it includes rooms, a kitchen, a toilet, a bathroom, and a staircase within the unit. The carpet area excludes balconies, service shafts and common areas. There have been some changes in the carpet area after RERA (REAL ESTATE REGULATIONS AND DEVELOPMENT ACT) came into effect in 2016. The internal walls of a building were not included under the carpet area in earlier versions of RERA, but they are now.

Next, it is important for buyers to determine the carpet area in an approved layout before making a purchase. This can help you understand how much carpeting will be included in your new home. So, before buying a property, ask your builder about the approved layout. And next is to compare two properties based on carpet area only for a clear understanding of the rate.

FORMULA TO CALCULATE THE CARPET AREA

The total area of the inner wall and floor is the carpet area.

BUILD-UP AREA

The built-up area refers to the entire area covered by carpet plus inside weight-bearing walls and outside walls if any. The term included areas that refer to external walls, attached balconies, verandahs, a service shaft area, and a servant room. Excluded areas are terraces, and common areas like lifts and stairs, etc. The walls of adjoining apartments will be factored into the building of your apartment at 50% of its build-up area. Built up area generally is approx. 10% higher than the carpet area.

FORMULA TO CALCULATE THE BUILD-UP AREA

The built-up area of a building is the total floor space, including carpeting, walls and balconies.

SUPER BUILD-UP AREA

When you purchase a property, you will hear about the term “super built-up area”. It means the build-up area of a flat and pro rata common area. For example, the total common space is 8000 sq feet among 8 flats in a complex, so the pro rata common area of a single apartment will be 1000 sq feet. Therefore, the common area includes built-up space like a lobby, lift shafts, staircases, pipe ducts, air ducts, and other covered common facilities. And the area which is not included in the common area is the roof terrace and open areas like parks and play areas as well as driveways. The approximately super built-up area is 25% higher as compared to the carpet area. Generally, it varies from 20% to 40% of the carpet area.

FORMULA TO CALCULATE THE SUPER BUILD-UP AREA

To convert the super built-up area into carpet area, calculate the loading factor, and subtract that from the Super built-up area.

LOADING FACTOR

The difference between the super built-up area and the carpeted area is referred to as the loading factor.

Therefore; Carpet area * (1- loading factor) = Super Built-up area

CALCULATION EXAMPLE OF SUPER BUILD-UP AREA

Let’s assume, the super built-up area of an apartment is 1,200 sq. ft. and the carpet area is 1,000 sq. ft.

1,000 X (1-loading factor) = 1,200

1- loading factor = 1,200/1,000

1- loading factor = 1.2

Loading factor = 1.2 – 1

So, the answer is 0.2 or 20%. As a standard, It is always in percentage.

IMPORTANT FACT TO KNOW BEFORE PURCHASING A PROPERTY

For your information, section 61 of the Real Estate Regulatory Authority Act (RERA) stipulates that promoters can be fined up to 5% of the total cost of the real estate project for giving false information or selling on the super area. It should be sold in the carpet area.

THE FUTURE OF INDIAN REAL ESTATE BY 2040

Posted on November 30, 2022 by deepshikha

Why Real Estate Investment in India is the Most Profitable Option?

A short look at the Real Estate Industry:

The word “Real” is the Latin root rex, which means “royal”. Earlier, kings used to own all the land in their kingdoms. Therefore, the most globally acknowledged sector all over the world is the real sector. If we know real estate in terms of business, it means the game of producing, buying, and selling property. According to the economic sector, the construction of industry ranks third among the 14 major sectors. The future of Indian real estate by 2040, the market will grow to Rs. 65,000 crores (US$ 9.30 billion) from Rs. 12,000 crores (US$ 1.72 billion) in 2019.

After the agriculture sector, the real estate sector is the second-highest employment generator in India. Also, this sector will sustain non-resident Indian (NRI) investment for the short and the long term. Bengaluru is the top city and is the most recommended property investment destination for NRIs, followed by Ahmedabad, Pune, Chennai, Goa, Delhi, and Dehradun. PropertyWala.com evaluates the future of Indian real estate by 2040.

The Market size of the future of the Indian Real Estate Industry by 2040:

This sector is about to reach US$ 1 trillion in market size by 2030, up from US$ 200 billion in 2021 in India. It contributes 13% to the country’s GDP (Gross Domestic Product) by 2025. India’s growing infrastructure is much needed to grow as retail, hospitality, and commercial real estate are also growing significantly. Within a year, India’s real estate sector saw over 1,700 acres of land deals in the top 7 cities. In the commercial real estate sector, foreign investment was at US$ 10.3 billion from 2017-21.

Indian firms are estimated to boost >Rs.3.5 trillion (US$ 48 billion), according to the report of ICRA (Investment Information and Credit Rating Agency of India Limited). It is through infrastructure and real estate investment trusts in 2022. The Savills India report said that the real estate demand for data centers is to increase by 15-18 MSF in the year 2025 whereas in 2021 around 40 MSF has been delivered in India. Now, it assumes that the country will have a 40% market share within 2-3 years whereas India is looking to deliver 46 MSF in 2022.

Conclusion:

In India, a total of 55,907 new housing units were sold in the 8 micro markets between July 2021-September 2021, which means there is 59% growth year over year, whereas, in the third quarter of July-September 2021, new housing supply stood at ~65,211 units, an increase by 228% YoY across the top 8 cities when its compared with ~19,865 units which launched in the third quarter of 2020. The commercial space is to record increasing investments in 2021-22 when it comes to commercial space in Gurugram.

According to the Economic Times Housing Finance Summit report:

Almost, 3 houses are raised per 1,000 people per year as compared to the construction rate of 5 houses per 1,000 people. The current shortage of housing in urban areas is said to be ~10 million units. Hence, 25 million units of housing are vital by 2030. This is to meet the growth in the country’s urban population.

Pune to set out new rules

Posted on April 14, 2017 by drishti

The district consumer court has set out a new rule that an occupancy certificate will be issued by the municipal corporation in favour of an interested flat buyer, which will be sufficient to say that construction activity is successfully completed as per the sanctioned plan.
The court also ruled that a flat resident cannot seek his case to be treated as a “representative complaint” without first complying with the necessary requirements of such a plaint. Section 12 (1) (c) of the Consumer Protection Act needs a complete publication of a notice at the time of filing of the respective complaint about the complaint to be treated as a representative case.
A bench of O G Patil , V P Utpat, and Kshitija Kulkarni on Wednesday rejected the complaint by Kondhwa Khurd resident Anand Ranjalkar, who alleged that the builder of their housing scheme delivered him a 1bhk flat in Pune, which was of lesser area than it was originally agreed for, He also claimed that the builder had failed to secure a completion certificate. He also referred to common reliefs relating to the developer’s “failure” to form a society and execute a proper conveyance programme.
In July 2007, Ranjalkar had openly purchased a property in Pune under ‘Kumar Prithvi’ scheme, developed by Sukumar Township Development Private Limited in Bhavani Peth, Pune for Rs 28.7 lakh. The construction firm, as said and confirmed, delivered property to him on March 3, 2009.
In July 2011, after two years of getting possession, Ranjalkar filed a consumer complaint alleging the super built area of the flat was 39.87 sqft lesser than the area that was committed to him in the agreement. He said that he made the measurements done by an architect.
Lawyer Sunita Kinkar, representing the firm that supplied the possession, argued that Ranjalkar was bound by the agreement, to refer any further dispute to an arbitrator and that he did not comply with the norms for converting his complaint into a representative case for seeking common reliefs.
The bench, therefore, rejected Ranjalkar’s application, filed counter-arguments, for publishing a notice of a representative complaint first and held that the matter will then be treated as an individual complaint. “The complainant, in his individual capacity, cannot seek his justice as regards formation of society and execution of conveyance deed, etc. The after effects of the complainant will remain only as regards shortfall in area and completion certificate,” it held.

A good news for Bangalore real estate

Posted on April 9, 2017 by drishti

Stop worrying more about investing in a building or a land or any property in Bangalore specially those which are close to lakebeds.
The properties owned by builders near these lakebeds were told not to construct their builders as the National Green Tribunal, in an passed order on May 2016 clearly increased the buffer zone of the lakebeds from 30 metres to 75 metres and announced that no construction will be done around the 75 metres zone of the lakebeds. However, now the BBMP has given out a sigh of happiness. They have clarified that those projects which recieved their contrsution approval before May 2016 can resume their construction. These will be only applicable to those who got licened before the NGT order arrived.

BBmp recently issued a circular on 30th March 2017 which came out with the green signal for the buiilders. Commissioner N Manjunath Prasad ordered that the NGT directive will be now not be applicable for site and properties which already secured their plan before the Green Court came out with their new orders and restrictions. This implementation sent to all eight zonal heads has brought out a relief to the real estate sector and is expected to grow the market as well with the increased rates in such locations.

Now the builders are excited and are offering new deals in their flats in Bangalore lakebeds. These areas are now more costlier than ever. The serenity of the lakebeds of Bangalore has always been an ideal place for all the segments of the society and is much desired specially by old people who plan on living their old age in a wonderful environment as same.
Not only flats, but some builders are now planning on moving to lake house projects. They are now applying for permissions for their beautiful projects from the NGT and are expecting great revenues for the real estate market.

Gudi Padwa, a positive occasion for Pune’s low Real estate

Posted on March 31, 2017 by drishti

With India’s economy finally growing its pace, Pune’s real estate market is now slowly witnessing a move in the forward direction in regard to the residential sector with a high rise in new residential launches. As prices are now stable and cheap after the announcement of the new set of rules in the Union Budget 2017, experts say that the auspicious occasion of Gudi Padwa will set a right tone in the minds of buyers to set their pace in investing new property in Pune.
With the storm of demonetisation slowly calming and settling down, Pune real estate is again starting to gather its momentum now. Gudi Padwa, according to experts is expected to give the sector a high increase in demands as residents of Maharashtra prefer home investments on the day. After slowly following this upward movement, Pune’s real estate market is expecting the past inquiries to be smoothly translated into sales. It has been noted that Pune has a huge unsold inventory of its real estate has slowed down since the past one and half years. Even those who cannot afford flats are inquiring for cheap 1bhk Flats in Pune in a relief of low-interest rates from banks and affordable schemes carried forward to them.
After the wonderful festive period, the real estate saw an exhausted inquiry inventory and a piled up sales record. This was due to the belief of auspicious occasion and the pocket-friendly schemes as after demonetization, real estate was one of the major sectors among many to be harmed by the cash crunch. Nevertheless, now as the cash flow in the bank is back to normal, the pace of remonetization has grown up faster than it was actually expected. Again, realty market in India has witnessed some big reforms like Benami Transactions Bill, RERA, or GST which are directly aimed at giving the sector of residential spaces transparency and more credibility.
It has been clearly seen in the country that a big investment like gold or property is considered more sentimentally than economically. Therefore the festive occasion added on to the sentiments and increased the sale to next level. Gudi Padwa, which marks a New Year in Maharashtra saw a huge increase in the sales as well as the new launched by reputed builders and developers of the state. Many people book their new homes or host housewarming parties in this occasion. Thus, Maharashtra real estate defines it as its level best on this day.

Ghaziabad Growing its Infrastructure

Posted on March 12, 2017 by drishti

Ghaziabad is popular for serving to the mid-segment and affordable housing segments. The very known housing clusters such as Kaushambi, Vaishali and Indirapuram are now a major part of Ghaziabad property in terms of increasing the real estate. Apart from this, the new upcoming residential locations include Raj Nagar Extension, and other areas along NH-24 which are beyond Indirapuram, and incorporates Crossing Republic Township.
The only thing bothering the developed locations is the lack of space for further high-level development. These places majorly include Kaushambi and Vaishali. The 1BHK Flats in Ghaziabad are now available to meet all the residents and is expected to have a healthy capital appreciation. The recent projects mostly kept its focus on upper-mid and premium segments offering them new upgradations which were beyond anybody’s expectations. The affordable residential clusters which are mostly 1BHK Flats and located in Raj Nagar, Shahibabad are in the average price range of INR 2,200-3,500 per sq ft. The upper end of the range is commanded by projects which are fully completed or nearly ending its construction in Crossings Republic, whereas the newly passed projects in NH-24 are in the lower price band of INR 2,200-2,600 per sq ft. The Raj Nagar Extension corridor on NH-58 is has a price range in between INR 2,600-3,000 per sq ft range.

Greater Noida real estate to work more on affordable housing

Posted on March 2, 2017 by drishti

The Real Estate’s new Union bill spells happiness for Greater Noida homebuyers, as the recently rectified budget will give more powers to those who want to buy plots in Greater Noida and will also keep in mind the concerns of the builders to a major extent. The Real Estate Regulatory Bill directly aims at bringing transparency in the real estate sector. However, the announcements were being planned from a long time but the finance minister made the right time to announce all of it with the Union Budget of 2017. However, after demonetisation, this area has more supply for residential units and less investors but after the affordable housing schemes it is turning out to be the opposite. Most of the housing units sold in Greater Noida now have a lot of takers but have less supply. Therefore, after taking some major steps a mega plan has finally been sorted out to cater affordable housing for all till 2022.
The budget is expected to establish state level regulatory authorities RERAs with whom developers have to register projects above a certain size. If this will not be carried out, the builders will have to pay major fines. The developers will now state all facts like possession dates, construction quality facts public on their websites so as to give clearer picture. The developers will have to focus more and more on the affordable housing. They will now be providing 3bhk flats in the price of 2bhk.
All these new rules are expected to set transparency in greater Noida properties. The Big Impact is that this will prompt homebuyers to purchase property without the fear of being cheated. This will bring in more creditability to investors and the belief to invest in the real estate sector. This will also give a clear legal recourse in case of any dispute or delay in the construction.
This has helped people who were interested in buying in Greater Noida as with this law the problems of the dust made by demonetisation will settle down and more over the development which tends to cater the needs which was stalled for a long time is finally getting its breath back. This is helping the Greater Noida real estate sector to become more transparent and the work has finally resumed and the building which were left unreconstructed the last quarter, are now coming to an end to supply its consumers their dream home.

Guwahati Witnessing Real Estate Boom Now

Posted on May 13, 2013 by designer

Real estate sector across the country is booming and so is now in Guwahati. The city known as the gateway to Northeast Region is now witnessing the boom of real estate.

Though the real estate has been booming in the country for a long while, it was not seen in any of the Northeast States like Assam. Now, the situation is changing. Many of the Northeast cities like Guwahati have become hot spot for realty. Continue reading →

RBI Slightly Cut Rates, Developers Seek More

Posted on May 4, 2013 by designer

RBI decided to cut the key policy rates by 0.25%. Welcoming the rate cut, realtors said that this will boost the sector.

Finally the Reserve Bank of India cut the key policy rates. While welcoming the decision of RBI, realtors said that it would boost the sector. RBI cut the repo rate (the rate at which banks borrow from the RBI) by a mere 0.25%.

RBI slightly cut the key rates.

Commenting on the rate cut, realtors said that the interest would have gone down if the reduction rate was further lowered. A further reduction would necessarily boost the home sales. Home loans will be lowered. This will boost the sentiments of the buyers.

Along with the buyers, the builders also will benefit from further rate cuts. If the repo rates are further revised, it will bring the EMIs down.

Speaking on the issue, former CREDAI chief Lalit Kumar Jain said that the common house buyers will benefit from the reduction of repo rate.

The Central Bank of India today cut the repo rate, short-term lending rate, by a mere 0.25%. After the reduction now the repo rate stands at 7.25.

Developers seek more rate cuts from RBI.

The RBI decision was met with mixed response. DLF, one the largest developers in India, said that the rate cut will hardly have any impact on the realty sector. The realty major said that the reduction is too small to leave an impact on the sector.

Rajeev Talwar, Executive Director of DLF Group, demanded further reduction. He opined that only a further reduction will boost both economy as well as realty. Mr. Talwar stated that the rate cut is very so small that it is insufficient to boost either economy or realty.

Sachin Sandhir of RICS (Royal Institution of Chartered Surveyors) also expressed a similar view. He too said only further rate cuts can boost realty sector.

Assotech MD Sanjeev Srivastva said that the move will boost the sector. He hopes that the rate cut by RBI will be passed on to the customers by the financial institutions.

Water Shortage Affects Realty Construction

Posted on May 1, 2013 by designer

Water is necessary for realty construction. The water shortage thus affects it adversely.

As the summer is approaching, water shortage has become one of the main keywords in the headlines. We know that people are affected. Are the people alone affected? No, many industries are also affected with it. Continue reading →

SEZ Policies to Boost Real Estate and IT

Posted on April 22, 2013 by designer

The new SEZ policies will have a greater impact on real estate and IT sector. Experts opine that these new SEZ policies are sure to boost commercial realty.

HYDERABAD: Recently the government has initiated some new SEZ policies. The government, by taking away the minimum land requirement of 10 hectares of land for developing IT and ITES SEZ, has taken a landmark decision which will boost both realty and IT sectors. The new SEZ policies will be enforced in top seven cities with immediate effect. Continue reading →

Rajasthan Royals Renews Supertech’s Contract for IPL 2013

Posted on April 1, 2013 by designer

Rajasthan Royals has renewed its contract with Supertech. With this renewal of contract, 2013 will be the third consecutive year of presence for Supertech in the IPL.

Rajasthan Royals to retain its contract with Supertech.

JAIPUR: Supertech will be present in the Pepsi Indian Premier League 2013 with their partnership with Rajasthan Royals. The team has been in association with the real estate developer since 2011.

IPL 2013 will be the third year for the real estate players. Commenting on the contract-extension Supertech Limited’s Director Mohit Arora said that Rajasthan Royals is consistent in its performance in the previous years. “The team,” he added, “has earned a huge fan now.”

While the real estate developer aims to attain further popularity and glamour to the team, the team is seeking a good and reliable financial support.

Rajasthan Royals’ CEO Raghu Iyer said that the team is really happy to extend its relationship with Supertech. He added that the team has benefitted highly from their partnership with the real estate major. Continue reading →

Budget 2013 proposes 1% TDS on Rs.50 lakh Apts, by June

Posted on March 14, 2013 by designer

The proposed 1% TDS will come into force from June this year. This proposal included in the Budget 2013, is expected to affect the sales of luxury housing units.

1% TDS on luxury houses t by June this year, proposes budget 2013.

1% TDS on luxury houses , proposed by budget 2013, will come into force by June

As proposed in the Budget 2013, those who wish to buy homes or apartments over Rs.50 lakh will have to pay an additional 1% TDS to the government. This will make the apartments costlier.

Those who have booked for flats above the price range fixed by the Budget 2013-14, it will be harder as they will have to deduct an amount as TDS from their payment to the builder. Further they will have to pay the tax and file the returns.

According to the reports of top property research firms, around 5 lakh housing units are believed to be delivered this year. As many homes as the number of people; about the same number of people have ordered for flats. All these people will be affected by the new policy. Continue reading →

Reforms in realty sector, untouched by budget 2013

Posted on March 13, 2013 by designer

Budget 2013 has failed miserably to bring in any reforms in the realty sector. Many reforms like real estate regulatory bill and so on, were expected by the experts.

All expected reforms also stood away from realty sector.

The budget 2013 was expected to boost realty sector in many ways. Many reforms like real estate regulatory bill, infrastructure status at least to the affordable housing sector, etc. were the main reforms which realty sector expected from the budget 2013.

Leading realty players to greater despair and mischief, none of these reforms were included in the budget.

The main focus was on the lower and middle income segment people and affordable housing segments. On the other side the budget did not forget to levy heavy burden on the shoulders of the top earners.

The affordable housing segment may be boosted as the budget includes some sort of boosts to the sector. However the budget is expected to affect the luxury housing segment inversely. After the budget, the prices for luxury houses are expected to rise sharply. Continue reading →

Budget 2013-14 Proposes Rs.1L Deduction to First-Home Buyers

Posted on March 1, 2013 by designer

With the Rs.1 lakh deduction on interest rates on home loans up to Rs.25 lakh, the first time home buyers alone may benefit from the Budget 2013-14 which was presented in the parliament on Feb 28.

Budget 2013-14 will help the first time home buyers

The much awaited Budget 2013-14 was presented in the parliament by the finance minister on Feb 28. This year the budget did not have many sops to the real estate sector as a whole.

However real estate sector will benefit from the budget as it includes deduction of interest in the home loans by the first-home buyers. Those who plan to buy home for the first time can gain tax exemption and deduction in the interest rates up to Rs.1 lakh.

This will have more effect on the middle income class and so the buyers of this class will have a reason to be happier. Continue reading →

Budget 2013: What it offers to Indian Realty?

Posted on February 28, 2013 by designer

Budget 2013 was expected to be a real estate friendly budget due to many reasons. Crushing the hopes of builders and realty players the Budget 2013 remain tepid to the sector.

Budget 2013 holds nothing special to the realty sector

The first time home buyers will be benefitting from this budget as the Budget 2013 has proposed Rs.1 lakh additional deduction to them. As per the proposal of the budget the home buyers will be given Rs.1 Lakh deduction for the loans up to Rs.25 lakh and Rs.1.5 lakh for the loans above Rs.25 lakh.

By raising the tax deduction limit by Rs.1 lakh, finance minister P Chidambaram aims to promote the housing sector.

Anuj Puri, Chairman Jones Lang LaSalle India, said that the Budget 2013 is not realistic as it was expected to be. In the opinion of Mr. Puri though the Budget 2013 as an overall level is a moderate one it was not so useful to the real estate sector.

Continue reading →

Green Norms to Be Eased For Real Estate Construction

Posted on February 26, 2013 by designer

In a step to boost the real estate construction, the environment ministry now plans to ease green norms. Once the green norms are eased more high-rise buildings can be constructed.

Easing of Green Norms: a green signal for high-rise apartments.

The people may see builders developing more high-rise buildings on the side of smaller roads and streets in the cities. Yes, this will be possible if the environment ministry eases the green norms for the construction sector.

By laying down the rules which limited the height of a building, the environment ministry had made it tougher for the real estate developers to create taller or multi-story buildings in cities. The height of the buildings was determined by its closeness to the nearest fire station and many other things similar to this.

Right now a 60-metered building will be given the clearance certificate only if the building is on a 30 m or above wide road and have a fire station within two kilometers distance. Continue reading →

Budget 2013 to Give Hopes to Home Buyers

Posted on February 15, 2013 by designer

Budget 2013 is expected to offer some hopes to the home buyers as finance minister has signaled some special provisions for the affordable housing segment.

Budget 2013 likely to boost affordable housing.

Budget 2013 is expected to be a real estate- friendly budget as there will be some special provisions to boost the housing segment in the country. Union finance minister P Chidambaram has already hinted that the government has plans to confer infrastructure status at least to the affordable housing segment.

Demands of the realtors are many and may have an end for any of them. They seek tax exemptions, lower interest rates for their loans, lowering the cost of finance for construction sector, and so many others. Some of them demand Single –window clearance for speedy approvals.

Besides all the above said demands, realty players have recently asked for infrastructure status to the entire real estate sector as it would enable them to attain some tax benefits. Continue reading →

Real Estate Sector Wants FM To Lower Costs Of Finance

Posted on February 11, 2013 by designer

Real estate players of India hope that Finance Minister’s upcoming budget will bring down the costs of finance for the construction sector. Finance minister is likely to announce new Budget which is expected to boost the real estate sector on February 28.

Real estate sector wants Financial Minister to lower the financial costs.

Real estate developers expect that the new budget which the Finance minister of India will announce on February 28 will contain provisions to boost the real estate sector. Builders and other realty players expect the cost of finance for the construction will be brought down by the new budget. They demanded that it will be enabling them to provide housing units at lower costs.

Real estate developers are also hopeful of faster clearance for their projects. Many at a time, the delay takes place due to the longer time taken for gaining the clearance. The delay in gaining clearances leads to delayed deliveries. Further the cost also gets accelerated in meantime, developers claimed. All these affect home buyers onto whose shoulders the additional cost is loaded. Continue reading →

Indian Realty Sees Private Equity Firms’ Faded Zeal

Posted on February 1, 2013 by designer

Private equity firms show low interest to invest in Indian Realty and infrastructure. India witnessed a deep fall in the Private equity investment in the last year.

Indian Realty loses its attracting charm.

According to a report by Grant Thornton, a leading global accounting firm, the Private equity firms have lost their interest in the Indian Realty and infrastructure. As per the Grant Thornton report $ 7.4 billion was invested in India by the private equity firms in 2012. Private equity investment of 2012 is comparatively very lower to the same of the previous year in which $8.8 billion was invested, the report adds. Continue reading →

Real Estate Sector To Be Boosted By Government Policies

Posted on January 8, 2013 by designer

Real estate experts feel that the year 2013 will be a good year for real estate sector. They all point out that the new policies implemented will be in favor of real estate sector.

real estate will reach new heights with govt policies

Real estate sector will be able to reach new heights only if the newly announced policies are properly implemented.

With the newly implemented government policies, real estate sector is on the verge to thrive in the current year. If the 2012- end was noted for the initiation of many policies in favor of real estate sector, then the new year is expected for implementation of these policies.

Nahar Group’s Chairman and MD Sukhraj Nahar said that the real estate is undergoing through a transformation. He opined that the real estate has become more transparent in 2012 due to the fact that each participant has contributed to bring it out. Continue reading →

Real Estate Sector to Get a Boost from Finance Ministry

Posted on December 10, 2012 by designer

Real estate sector is about to gain a small boost from the Finance Ministry. Finance Ministry plans to support the real estate sector by helping the real estate builders to secure bank loans.

Residential Sector Thrives Again

Real estate sector will be boosted as the Finance Ministry plans to offer bank loans to the builders who have stalled projects at hand. The decision is expected to be made within a couple of weeks.

Latest RBI data show that the bank credit to the residential sector has grown by mere 12.1 % on year on year basis. This, in fact, is lower than the 15.9 % aggregate growth rate of bank credit. Continue reading →