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 A great relief to home buyers, real estate will bear lesser tax load under the new indirect tax regime, Goods and Service Tax (GST), coming into effect from July 1. Construction of flats, complexes and buildings will have a lower incidence of GST as compared to a plethora of central and state indirect taxes, suffered by them under the existing regime. Thus, buyers will get rid of making higher payments for their already booked properties even after July 1. Central Board of Excise and Customs (CBEC) as well as the states had received several complaints regarding people, who already have booked flats and made part payments, being asked to make the entire payment before 1 July 2017 or to face higher tax incidence for payment made after that, in view of the work contract service tax rate under the GST at 12 per cent for under construction buildings. CBEC however, in an official communication said that this was against the GST law and clarified that central excise duty is payable

GURUGRAM: After much delay, the railway overbridge at  Basai  on  Dwarka expressway  was inaugurated by chief minister  Manohar Lal Khattar  on Saturday. The RoB which is located at the junction of Sector 100 and 37-D at Basai village will fill a crucial connectivity gap on the 18-km-long  Dwarka  Expressway. The construction work on RoB was completed by the end of May and a few days back it was open to  traffic  for trial. "We feel proud to announce the completion of Basai RoB, one of the landmark infrastructure projects of Dwarka Expressway. This will connect several new sectors on either side of the road and improve connectivity between Gurgaon and the international airport, after completion of e-way," said PWD minister of  Haryana  Rao Narbir Singh, adding that RoB will save the travel time for commuters. Huda  administrator Yashpal Yadav said, "Now only 1.4 km stretch of Northern Peripheral Road is to be completed, out of 18 kms. We w

When it comes to a property investment, home owners are generally particular about auspicious days and performing a griha pravesh, before moving in. We examine the significance of this ceremony and the points to consider Indians are generally particular about shubh muhurats, when it comes to buying a property or shifting to a new house. They believe that performing a griha pravesh ceremony on an auspicious day, will bring them good fortune. A griha pravesh ceremony is performed, when one enters a new home for the first time. “It is important, not just for the owner but also for the entire family,” says Mumbai-based Jayshree Dhamani, a Vastu Shastra and astrology expert. According to Vastu, a house is made up of five elements – the sun, earth, water, fire and wind and the  proper alignment of these elements  in a house, brings happiness, good health and prosperity. “It is believed that entering a home during an auspicious time, makes life easy and there will be minimum

With the GST Bill being passed in the Lok Sabha on March 29, 2017, it seems certain that it will meet its July 1, 2017 deadline for implementation. We analyse how the latest version of the Bill will impact the real estate sector With 4 crucial bills on GST being passed in the Lok Sabha on March 29, 2017, it’s now a certainty that the GST would be implemented from July 1, 2017. The GST is being touted as the game changer as it would replace several taxes, cesses and surcharges at one go. The realty market is expecting to benefit from the GST rollout, in a major way. Incidentally, the real estate sector will come under the GST ambit within one year of its roll-out Anshuman Magazine, chairman, India and South East Asia, CBRE  explained that “With the passage of India’s biggest tax reform in decades, we will become a unified market, with one tax for all goods and Services. Once implemented, GST will significantly ease the ambiguity around our taxation system, promote ease of do

While an investment in a commercial property may offer greater liquidity, the funds required to make the investment will invariably be far higher than those required in a residential property A person, who is buying a property, has to analyse numerous factors before making the investment. Moreover, these factors will also vary, depending upon whether the investment is made in a commercial property or a residential one. While first-time investors prefer to opt for residential properties, the commercial segment tends to attract investors who have a greater understanding of the realty market. In terms of the fundamental differences, commercial spaces offer greater liquidity in the investment, as compared to residential properties. However, the funds required to invest in a commercial property, are relatively higher than those required for a residential space. A good deal There are many elements that one needs to consider, while making an investment in a commercial unit duri

While running a business from a home may help a firm to save on costs, those who plan to expand their business in the future, should weigh their options before making this choice For many start-ups and small businesses, other than the operational cost, the real estate cost proves to be a major impediment in the intended growth. Thus, a number of small businesses are often run from residential areas. Consultants, advocates, doctors, etc., run their work from their homes. While converting a house premise into an office can help one to save on real estate cost, there are other permissions and expenses that one incurs while doing so. What does ‘commercial’ mean? Legally, consultants, advocates and doctors can run their business from their house. In a case filed under the Karnataka Shops and Commercial Establishments Act, 1961, the court had clarified that home offices run by chartered accountants, lawyers and doctors, will not be considered as a commercial activity as the

A borrower who wishes to transfer his/her home loan, should keep a watch on the interest rates that one is paying, as well as periodical offers made by banks, from time to time A borrower can shift the home loan to any other lender, who is willing to offer better interest rates. At times, a home loan applicant may also want to increase the loan’s tenure, due to various reasons. A customer may also want to transfer the loan, if s/he wants a top-up loan on the existing loan and the present lender is not willing to offer the same. What is the process for transferring a home loan? To transfer a home loan, the existing lender needs to be paid first, before it releases the original documents of the property. However, the new lender will not issue a cheque, unless it receives the original property documents. So, how does one resolve this catch-22 situation? A borrower can request his/her existing lender, to issue a letter to the prospective lender. This letter should mention the l

We examine the risks and advantages, associated with investing in phase 2, phase 3 or phase 4 of a project A well-known developer in Gurgaon, who launched a township project in early 2008, announced the second phase of the project in the same township, in the beginning of 2016. As the project was from a reputed developer, it caught the frenzy of investors and prospective buyers, even though the second phase was delayed, owing to the uncertain economic scenario. Impact of the 2008 global financial crisis “There are various projects, which now offer properties in their recent launches, under phase 2, 3 or 4. However, not all of these may be good investment options,” says Atul Dhir, a Delhi-based property consultant. The global financial crisis of 2008, impacted the pace of launches and sales in the Indian real estate market, which witnessed a downward movement, thereafter. Several projects were either stalled or put on hold. While there was some recovery in 2014, paucity

Upon the death of an owner, will the rights in the property be transferred to a nominee or the successor to the property? We examine what the current legal standing on the issue is, after a landmark judgement from the Bombay High Court A legal question that has been put to test time and again before various courts, is whether the rights of nominees prevail over those of successors, in respect of various subjects of nomination, such as financial instruments, shares in a cooperative society, etc. A division bench (two-judge bench) of the Bombay High Court , comprising of Justice Oak and Justice Sayed, recently upheld the rights of successors over nominees. The court stated that the nominees are appointed, to ensure that the subject matter of the nomination is protected, until the legal heirs or legal representatives of the deceased take appropriate steps, such as obtaining probate of the will of the deceased or letters of administration of the estate of the deceased, to claim

The long term growth of the real estate market, depends a lot on how the home buyers are empowered to take decisions and given a platform to fight for their rights. Legal recourse is normally the last option for any home buyer, when something goes wrong. Nevertheless, there are several measures that buyers can take, to empower themselves. Home buyers also need to be proactive in their decision making, by using various new-age analytical tools available in the market. “Customers, today, are already taking informed decisions and making comparisons over digital and mobile platforms,” says Sumit Jain, national director – residential services, at Colliers International. Marketing that focuses on enhancing customers’ experience, is likely to become a key enabler and make easier for customers to evaluate purchases, adds Jain. Proactive steps required Home buyers should make regular visits to the project site, to verify that the construction is progressing as per schedule. “The

With numerous policy changes being announced in 2016, will the property market become more buyer friendly? We look at what home buyers expect in 2017 and whether developers can address these concerns, without any extra burden A majority of home buyers (as many as 82%), believe that the wide trust deficit between the builders and the buyers, can be bridged to a considerable extent, if the developers genuinely come forward for a dialogue to understand the home buyers’ point of view, according to a survey by real estate think-tank group, Track2Realty. More than seven out of 10 (72%), maintain that the buyer must have access to communicate with the builder throughout the project’s lifecycle. Nearly as many (68%) feel this will address conflicts, even if there are changes in the layout of the project. More than half of the home buyers feel that if the developer starts collaborating with the buyers, then, the buyers will also understand his point of view, in case of any delay, poli

World Trade Center, which is headquartered at New York, US, has a wide network of offices, spanning 90 countries across the globe with the core objective of promoting trade and investment opportunities. Apart from promoting business, the other striking feature of this organisation is it’s trade centres. Every World Trade Center Association’s project is an iconic structure, reflecting international standards of construction. WTCA, at present, is working towards strengthening its base in Asia-Pacific with a keen eye on India. It’s rising interest in Indian market is visible in the number of projects that the association is planning to launch and has even launched in the country. Did you know that the first ever WTC in India was launched back in 1970 in Mumbai. Now, the association has tied up with Viridian Group to promote and develop the projects in the country. PropGuide lists the major WTC projects in India which were launched in the country recently. WTC Noida Stra

Homes tend to reflect our times, with a blend of traditional aspects, modern design and new-age technology. Here’s a look at some of the home décor trends that are likely to dominate the new year Natural home décor materials will be in demand in 2017 Materials such as stone, colourful granite and terracotta, are making a comeback in the interior designing space. These materials are ideal for minimalistic and contemporary forms of design and can be modified to suit one’s needs, shares architect Ricky Doshi, founder of ARD Studio. “The durability of these materials, has helped them to make a comeback. For example, crushed pieces of stone, can be moulded together to form any desired shape, while maintaining its traditional properties. Such modifications, also helps give designs a more rustic look. We have seen such décor in restaurants and lounges, in 2016, where a combination of natural materials like stone, brick, bamboo and jute have been used, to create an aesthetic loo

The next year various states will finalise and set up regulator for the sector and developers are expected to focus more on deliveries than new launches to reduce inventory levels. BENGALURU | MUMBAI  : The year 2016 was an inflection point for the real estate sector and with Real Estate Regulatory Act (RERA) becoming a reality, rising consumer activism and highvalue currency demonetisation that hit cash transaction oriented sector hard is easily a watershed year. All of these factors have contributed in laying foundation to take realty , which laying foundation to take realty, which has so far remained saddled with unethical practices, towards much-needed transparency and providing comfort and legal cushion to homebuyers . The next year various states will finalise and set up regulator for the sector and developers are expected to focus more on deliveries than new launches to reduce inventory levels. Home buyers will benefit immensely with affordability set to increase and h