Rates of Ready Reckoner or Circle Rate

What do you mean by Ready Reckoner rates?

In order to avoid deception of stamp duty within devaluation for arrangements and agreements, and to minimize collisions on the amount of stamp duty, all state governments issue area wise prices of properties on an annual basis, as ready reckoner rates is recognized.

Importance of Ready Reckoner/Circle rates?

Ready Reckoner (RR) rate, as accounted for in Mumbai, is also recognized as a circle rate in Delhi. This fee is an estimate of government property values ​​in many places. The rate varies in each state, city and many areas in those cities. Officers define the cost of real estate in a suitable area based on various circumstances. Based on these circumstances, a benchmark is established below which no property transaction can take place in that appropriate locality. This benchmark is identified as the ready reckoner / circle rate. This is the must charge on which the government will impose stamp duty and registration fee.

RR rates are generally lower than modern market rates for properties in a certain area. The rate assessment is organized and updated to bring it closer to market fees. As real estate deals take place in the individual sector and the price does not usually appear, state governments need a benchmark to assure that they do not miss an essential reference to resources.

Is Ready Reckoner rate affect real estate transactions?

While RR rates specify the minimum price at which assets can be sold in an area, there is no ceiling under which assets cannot be sold. This indicates a significant variation between RR and market rates. Most of the maximum assets in India are in a select area in a suitable position based on market rate. Stamp duty and registration fees, to be paid by the home buyer, are measured at the foundation of this market rate.

Consequently, the huge variation within the RR rate and market rate leads to a lack of resources for the government. In exceptional circumstances where the RR rate is more important, the stamp rate and registration fee will be estimated at the RR rate.

On the other hand, higher RR rates prevent home buyers from registering their homes. By systematically reviewing RR rates and producing them close to market prices in each locality, state. The government can increase transparency in real estate transactions and also assure that they do not incur losses on revenue.

The important of Ready Reckoner rates for home buyers

The RR rate of properties in a suitable area is a bottomless implication of the importance of money that an essential home buyer must exclude. The market rates of homes in an area are almost huge and property prices tend to increase directly when there is a demand for improvement in the RR rate. It is also beneficial for buyers to purchase a property in an area where the difference between RR and market rates is comparatively smaller, especially if the purchase is being financed by a home loan.

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Article 370 and 35A removed: result of abolition of article 35A on real estate market of Jammu and Kashmir

On 5^th August 2019, in a historic move, the Prime Minister Narendra Modi led NDA government announced its decision to withdraw Article 370 and Article 35A from the Indian Constitution, which has given special status to Jammu & Kashmir. Following the announcement by Home Minister Amit Shah, the state is now separated into two union territories. Now Jammu & Kashmir is a Union Territory with the legislature while Ladakh is a Union Territory without legislature.

What is Article 370?

Article 370 of Indian Constitution is a ‘Temporary Provision’ which gives special autonomous status to Jammu and Kashmir. Under Part XXI is the constitution of India, which deals with “Temporary, Transactional and SpecialProvisions”, due to this the State of Jammu and Kashmir has been allow the special status under Article 370. All the provisions of the constitution that apply to other states are not applicable to Jammu and Kashmir.

Article 35A gave Jammu & Kashmir government the right to decide who qualifies as a permanent resident of the state and only these individuals were allowed to acquire or own land, can settle and seek government jobs in Jammu & Kashmir region. It clearly means that Non-Kashmiri`s and the rest of the country did not have the right to invest or buy a property or even settle down in the state. However, withdrawing Article 35A would most likely open the door for real estate investments in Jammu & Kashmir from across the country.

What will happen to Jammu & Kashmir and Ladakh now?

After Kashmir’s special status is gone, people from anywhere in India be able to buy a property and permanently settle in the state.

Yes, Jammu & Kashmir will be like any other Indian state or union territory now where anyone can buy or invest in property. But results of the move may take 6 months to a year to dry up and for people to decide is Jammu & Kashmir is a safe address to invest capital. The best time to invest in Jammu & Kashmir would be after the authorities make clear their policies and rules, regarding buying and selling of properties.

We all know very well that Jammu & Kashmir depends massively on the tourism sector. In October 2019, the investor’s summit being planned in Jammu and Kashmir, It may create opportunities in the fields of healthcare, pharmaceuticals, hospital, and agro-processing. Some experts believe that a change in the administration  could support the economy and property market in Jammu & Kashmir. Guesswork often heads to fake price rise and this has already been seen in some parts.

It is too early predict the actual result of abolishing Article 35A on Kashmir’s real estate market. This is highly stressful area and it will take a long time for all uncertainties to be resolved. The fact is that the entire region of Jammu and Kashmir has been an area of controversy for decades. As a result, it would interested in either party investing in waiting mode. A lot will depend on how the political situational there is known.

There are enough people in the state who have been very careful about investing in real estate as the militancy and political situation is not very useful for the citizens of Jammu and Kashmir. I think would be residents of the state who would prefer to take advantage of outsiders first and probably not be afraid to invest immediately.

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Built a civic body to demolish illegal expansion of about 30 houses in INDORE

Indore: A number of residential and commercial properties on the border between Hukumchand Ghantaghar Square and (Dakshin) South Tukoganj reflect the status of change in a week with Indore Municipal Corporation (IMC). More than 30 residents have been aired by the IMC with warnings to end road attacks due to frequent traffic jams and overcrowding.

IMC officials said that residents of the area have committed further construction violations on the road and pavement.

“The correct width of the road was close to 30 feet, but due to this 800 meter invasion, it has gone down to 20 feet. The behavior of vehicles on the roadside continues for the grief of the passengers. There is number of parking area and residents will park their transportation in front of their homes,” he said.

IMC's Zonal Administrator Nagenrda Singh Bhadoria said that the information has already been subscribed to all the residents of the area. “The replacement drive will be administered under the circumstances and further construction will be removed from the road. The progress of 30 about additional construction will be captured in the initial phase and realized in the next state of vogue,” he replied.

Administrators, however, could not verify the date of progress and said that they are in consultation with the district administration and police soon.

IMC officials are also examining this road as an alternate route for busy MG Road commuters, which improves traffic pressure at peak hours. "Removing the violations from this road will apply an alternative method for the drivers of MG Road," he said.

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Air quality still poor, but likely rain offers hope of respite

Air pollution has reached alarming levels in various cities across India, we pay attention to what home owners can do, to keep indoor air fresh and free of pollutants. SuGanta Realty Services llp offers you different number of services to avoid barriers. There is a big mess. According to the World Health Organization (WHO), six of the world's top 10 polluted cities in India have an Air Quality Index (AQI) in the Organization Critical 'or' Critical Plus' section, varying conditions in a year. Indoor air pollution occurs when bits and fumes pollute the air of indoor areas. 

“Elements like animal dander, dust worms and bacteria can put you at risk of asthma, throat inflammation, flu and viruses. External pollution can also catch an effect indoors and load it with toxic fumes and contaminants. Therefore, they have started accumulating air-purifying plants in their homes to fight indoor pollutants.

Plants Influenced due to Air Quality

Research has fueled a discussion on the effect of plants on indoor air quality. An analysis declared that ants plants are fantastic but they do not actually clear indoor air enough to cause an effect on the condition of your home or office environment`. However, suggests that plants may be more economical options than technology, purifying the air for a number, roadways, power plants, industrial sites, commercial boilers And oil and gas drilling sites.

Inadequately protected floors, walls and furniture can catch pollutants such as dirt particles, smoke and rain. “It has been announced that indoor air may be more contaminated than outdoor air, as this air is confined indoors. Air pollutants in indoor air contain bacteria, allergens, pollen and other harmful bits that can cause serious health issues”.

Should conduct a home inspection for a possible indoor asthma trigger. SuGanta Realty Services llp recommends various ways in which one can deal with indoor pollution:-

• Chemical odors and fragrances work to improve indoor air pollution and may indicate shortness of breath like asthma.
• Deal with any authorization of mildew odor and assure that it is kept outdoors, to improve indoor air quality.
• Keep the house dust free to trade with pollution.
• Adopting a mask or hiding the face can be effective when performing activities such as dusting or cooking.

An air purifier can be effective in getting rid of harmful bits and developing air quality. A common misconception is that air purifiers and humidifiers aid similar solidity and can be used mutually. “While air purifiers clean indoor air by eliminating dust, allergens and fumes, humidifiers primarily increase the level of humidity in the air. Some homeowners use both for enhanced welfare.

One of the many important features to consider how to choose the right air filter is the filtration method of the air purifier. The pollutants, which cannot be seen with our naked eyes, can cause respiratory problems when inhaled, suggesting Mario Pollutant, Managing Director, Lingel Windows, and Air Purifier. Choice of air purifiers that separate PM 2.5 air pollutants. Filters with UV rays also adjust to remove airborne pathogens, thus, increasing the position of the air we breathe.

In addition, consider room size and CADR (Clean Air Delivery Rate), an international model for measuring the effectiveness of air purifiers. Disinfected UV lamps, air quality pointers and air purifiers with removed controls are some of the hallmarks that anyone can test. Over time, filters accumulate pollutants and drive to lose efficiency. Therefore, depending on the level of pollution in the entire area of ​​use, it is desirable to reduce the filter every four to five months and formerly every two to four years.

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Greater Noida Authority refunded excess money to over 5,500 buyers

Thousands of home buyers who bought a house or plot from the GreaterNoida Industrial Development Authority (GNIDA) are likely to get returns. GNIDA has decided to return the additional money taken from 5,520 home buyers a decade ago. During the internal audit process, it was found that the buyers had deposited additional money to the authority.

These buyers invested in housing schemes or plots launched nearly a decade ago in Greater Noida of Sector-2 and 3, MU-01, XU-01, 02, 03, Omicron-01, 02, 03 and 01 A.

GNIDA has experienced tremendous growth and the authorities have started acquiring land between 2007 and 2008. But an objection from the farmers on the additional compensation postponed the land acquisition process in 2011. More than 450 appeals were filed in the Allahabad High Court, and it gave 64.70% additional compensation. For troubled farmers.

After opposing the low compensation amount paid to them in return for the land acquired by the farmers, GNIDA started demanding additional money. As a result, home buyers, plot owners as well as developers had approached the High Court against GNIDA's decision to charge additional fees.

On 18 September 2019, the High Court noted that GNIDA was unable to describe how it was determining the additional compensation to be asked of the allottees. The High Court empowered to reschedule the compensation of the farmer.

Following the High Court order, GNIDA has issued a notice on 30 September 2019 stating that the charge rates of allottees of plot and built-up area have come down from 1,465 / sq m to 1,287 / sqm. A list of 5,520 buyers who paid an additional amount to the authority. The refund amount to such home buyers ranges from Rs 25 to Rs 1.29 lakh.

According to GNIDA CEO Narendra Bhushan, it was observed that there were some errors in calculation of compensation amount, and these allottees were charged an additional 15% on average. After completing the due process, it will be returned to the bank accounts of the beneficiaries. 

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Tamil Nadu government has extended the deadline for registration under the Tenancy Act until February 2020

On 31 October 2019, a directive was announced stating that the government on the idea of ​​representation would amend the Tamil Nadu Regulation of Rights and Responsibility of Landlords and Tenants Act, 2017 to extend the registration deadline for tenancy agreements has decided. Additional period of one year.

Approximately 40 days after the deadline for filing agreements under the Tenancy Act expires. The Tamil Nadu government has provided greater ease to citizens by extending the deadline to register the rent agreement under the Tenancy Act by the third week of February 2020.

Earlier, the TN government extended the registration deadline till September 22 under the Tenancy Act.

The Tamil Nadu Regulations of Rights and Responsibilities of Landlords and Tenants Act, 2017 came into force on 22 February 2019 due to the notified rules of the government.

As of 18 May 2019, Chennai districts have seen only 200 odd registrations under the Tenancy Act. In the inadequacy of registration under the Tenancy Act, tenants and owners will not have a legal forum to settle a dispute arising out of leased properties.

The Tenancy Act has replaced the Tamil Nadu Buildings (Lease and Rent Control) Act, 1960, commonly known as the Rent Control Act. Matters related to disputes between occupants and landlords can be resolved only through the rent authorities established in each district.

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Jaipur civic body to levy tax on business units of less than 100 square yards

The Jaipur Municipal Corporation (JMC) is plotting to levy a tax on all commercial properties in the city, irrespective of their dimensions. The proposal related to this also includes structures of less than 100 square yards.
 

In a modern prediction, the Jaipur Municipal Corporation (JMC) is considering the objective of taxing all commercial properties, irrespective of their dimensions. The authority has earlier made a proposal in this regard to the state, which has petitioned the tax department to include commercial structures of less than 100 square yards. If allowed, the proposal would include homes that are practicing the assumptions of paying for the idea of ​​guests, hostels, and even a guest house.

According to JMC Deputy Commissioner Revenue, Bhardwaj, the formation of the assets already described will eventually adjust to improve the administration's resources.

Furthermore, contrary to the current situation, the marketing of items of worship would also be included on the basis of the scope of taxation, except for commercial properties built on the collection of pilgrims.

The choice is seen as an affirmative action, notably the separation of the municipal corporation into two divisions which is Greater Jaipur and Jaipur Heritage Municipal Corporation. To evaluate, the bulk of most commercial properties in Jaipur are less than 100 square yards. Therefore, tax acquisition is a challenging plan for the authority.

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DDA (Delhi Development Authority) housing scheme over 50,000 applications

DDA Housing Scheme 2019 which was launched in March 2019 and the last date for application extended till June, 2019. The Delhi Development Authority (DDA) is expecting that more than 50,000 applicants have applied for their housing scheme 2019.

According to DDA Vice President Tarun Kapoor, since people have applied for the scheme through various banks, it was difficult to compile the data on the same day. But as per the application money collected by these banks till last week, they have received more than 50,000 applications. Therefore, there are no plans to extend the DDA Housing Scheme deadline for this scheme. It is expected that by the evening the final figure will be out and it may take about 2-3 days to compile the amount collected.

Around 1,800 DDA flats in Vasant Kunj and Narela are being offered under the DDA Housing Scheme 2019. Of the 1,800 flats, there are 450 for High-Income Group (HIG), 1,550 for Middle-Income Group (MIG), and 8,300 for short. Low Income Group (LIG) Flat in addition, 7,700 flats were offered under the Economically Weaker Section (EWS) category. Most applications for flats in Vasant Kunj are likely to come up.

At the same time, DDA has offered 2,000 flats under the old scheme, which have been fully booked, while around 1,000 flats are still available under the old scheme. These old inventions are still available and interested stakeholders can book them online. This offer is on a first come, first served basis and the online portal will remain open till the inventory ends.

In 2014, DDA received 1 million applications for 25,000 DDA flats in the low income category in Narela and Rohini. But due to lack of infrastructure, poor connectivity to housing complexes and the extremely small size of LIG flats, around 13,000 flats were returned.

Check the registration fee for each category of flats available under DDA Housing Scheme 2019:-

·        Janta Flat- Rs 10,000

·     1BHK- Rs 15,000

·     EWS- Rs 25,000

·     LIG- Rs 1 lakh          

·     MIG/HIG- Rs 2 lakh

Applicants who can apply for DDA Housing Scheme 2019. The eligibility for this is as follows:-

• Applicant should be a citizen of India.
• The applicant age should not less than 18 years.
• The applicant should not have full or partial ownership of any residential house or plot in New Delhi, Delhi or Delhi Cantonment on leasehold / freehold basis, either in his / her own name or that of his / her wife / husband / minor /name dependent children.
• However, if the applicant's share in the land under a jointly owned plot or residential house is less than 66.9 square meters, he can apply under any scheme.
• A person who has already been allotted a house / flat constructed by DDA or any other land / own agency, even if it is less than 66.9 square meters, will not be eligible for allotment under any scheme of DDA.

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To register under RERA project has OC (Occupancy Certificate) but no CC (Completion Certificate)

All residential projects and estate agents will also have to be registered with the regulatory authorities by 31 July. Each state and union territory will have its own regulatory authority which will implement rules and regulations as per the Act. The real estate sector got its regulatory RERA from May 1, 2017 and became functional across the country. But in fact, not all state governments have actually notified the rules in their state and many have weakened certain provisions of the law. 

A total of 14 states and union territories have notified the rules so far, while another 14 are in the advanced stage of notifying it. States have given a further 3 month grace period from May 1, 2017, to notify their respective RERA regulations and form a regulator.

But still, there are a lot of ideas on its applicability and scope. One such aspect is the absence of compulsory business certificates and completion certificates.

As per RERA rules, all ongoing, as well as under construction projects which have not yet received completion certificates, will have to register with their respective regulatory authorities by 31 July 2017. All projects will come with a minimum plots size of 500 sq meter or under the limit of 8 apartments act. The Act completes projects within the scope of the Act.

Now a question comes in our mind that what if a project has not got the Occupation Certificate but the Completion Certificate?

All such projects which are ongoing and under construction, for which the completion certificate has not been issued, the builder / developer shall make an application to the authorities within 31 July from the date of commencement of this Act.

All units are required to obtain a completion certificate before 31 July, even if the housing society is 100% occupied and all units are sold. The completion certificate is a legal document proving that the construction and safety of the new building has been completed in accordance with the rules and regulations.

In section 3 (1) of the RERA Act, which explicitly states that no developer should sell their units after May without obtaining RERA registration, a project completion certificate may be material completion but a project of society The Housing Welfare Association does not meet until the formation and operation is handed over to the society as per RERA. 

Therefore, now buyers in such projects have a much clearer picture of when they can expect possession, and what their legal recourse will be if the developer fails to deliver the project on time. This also applies to the facilities and facilities mentioned in the sale deed, from which there can be no deviation unless all buyers of the project agrees to such changes.

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2 lakh or more affordable housing by central government

On 9 April, the Minister of Urban Development and Housing in Ahmedabad M.Venkaiah Naidu has launched around 2.03 lakhs affordable houses at a function organized by CREDAI (Confederation of Real Estate Developers Association of India).

The hard work put in by the Union Government has started showing results in the construction sector. The maximum dwelling unit size will be a carpet area of ​​643 square feet which is equivalent to approximately 900 square feet of built up area.

Getamber Anand, president of CREDAI, and CMD of NCR-based ATS Infrastructure, also said that the association has decided to play a major role in engaging its members for affordable housing projects. He also mentioned that CREDAI intends to work as a nodal agency to avail the benefits announced by the Central Government under the Pradhan Mantri Awas Yojana (PMAY).

Jaxay Shah, MD, Ahmedabad-based Savy Infrastructure, who was appointed as the chairman of CREDAI at the investment function on 9 April, said that with several measures announced by the central and state governments, affordable housing will be the main area in the coming times. “The condition of affordable housing infrastructure would help the developer to get a construction loan at very affordable rates” said by Shah.

A budget of Rs 70,000 crore has been allocated for 375+ new affordable housing projects. Such projects are spread across India, with the development of a total of 60 million sq ft of land and construction of 20.80 crore sq ft, for the construction of a total of 23,000,000+ houses.

On this occasion Jaxay Shah also mentioned that India has registered a shortage of 20 million houses and is an attempt to overcome the housing shortage by placing consumers at the center of all our efforts. "Our 375+ affordable housing projects will fulfill the dreams of millions of Indians who own a house."

On top of that, expanding the 80IB benefit that would make the profits earned by an affordable housing project tax-free would make the cost of affordable housing units very reasonable. The prices of an affordable housing unit will decrease from Rs 12 lakh to Rs 35 lakh depending on location and cities.

A senior official in the ministry said that developers are the second most important stakeholder in the housing sector after the buyer, with the government deciding to rope them in to distribute various benefits to the end users.

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Demonetization Move on Real Estate Industry...!

8^th November 2019 has been a historic day for both India and the United States, with many successful events. America saw the remarkable victory of Donald Trump. To curb black money, Narendra Modi (Prime Minister) announced the sudden withdrawal of 500 and 1000 rupee notes.

Encouraged by these developments, the sensex opened lower, during demonetization gold jumped by Rs 900 to a three-year high of Rs 31,750 per ten grams.

Soon after the decision to discontinue 500 and 1000 rupee notes, the common man (Aam Aadmi) went helter-skelter. In no time, the Internet was filled with advice on where you could use your leftover notes and how to make the most of it. Some restaurants and gyms in Delhi were quick to come up with attractive plans and proposals.

So, what are the motives behind this so-called strategic move? Well, it seems that the Income Tax Department has not been very successful in recovering black money, despite adopting the approach of “carrot and stick” to expose black money.

After the benami transaction bill, RERA, and GST, it is another step by the central government for increased transparency and accountability in the sector. This demonstrative decision is also likely to bring more professionalism to the field as only reliable developers who take check payments will succeed.

With this, the confidence of global investors who have seen large investments in Indian markets is also likely to be shot in the arm. About one-third of India's real estate economy is powered by black money. Therefore, the move is likely to enter black money with immediate effect and will help curb unaccounted money in the region.

Now talking about its impact, the move is likely to have a positive impact in the long run. However, in the short term, it will cause disruption. This step can prove to be a boon for the gold market and e-wallet. However, if we take a look at the stock market data this morning, most of the divesting stocks were from the leading real estate companies.

Surgical strikes on black money will reduce inflation, which will benefit real buyers. The move will bring more transparency in the country's financial system, allowing India's GDP to flow through the digital pipe, thereby improving the digital economy. This decision is positive for end-users who want to buy their dream homes. With the implementation of the Real Estate Regulatory Act (RERA), this sector is going to be purified soon and will also boost the image of India globally.

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Pune: 40% of new supply is in the affordable segment

Pune recorded the highest price appreciation among the sixteen cities tracked by National Housing Bank's Residex. It also mentions that Pune's unsold inventory is 13 months, which is much lower than other cities.

Developers in Pune are responding to a clear call from Housing for All by 2022.

Commenting on this, Arvind Jain, managing director of Pride Group, says, "Pune's outstanding performance comes as no surprise, and it is unwavering belief that it was showcasing users and investors in Maharashtra's most dynamic economic power house is."

The city of Peshwas has come a long way in its real estate journey in the last five to seven years. From information technology to manufacturing to hospitality sector, Pune has all the right economic factors. In addition, its involvement in the program of 100 smart cities has reduced its arms.

Affordable Growth in Segments

                          

So, has Pune climbed the realty ladder? By the way, the confluence of economic drivers combined with affordable (read realistic) property values ​​has worked in Pune's favor. According to research by SuGanta Realty Services llp, the share of affordable projects was 42 percent in 2014, which increased to 49 percent in 2015. While other cities declined in the same period, Pune developed as a showstopper in the supply of affordable units.

Continuing the trend, Pune also recorded a healthy supply of affordable projects. According to the data, about 40 percent of the new supply was in the affordable category, followed by luxury and mid-segments with 36 and 24 percent respectively. Wakad, Talegaon, Chikhali. Moshi and Undri were the maximum five micro-markets, with a maximum number of inexpensive units.

“Affordable housing is in perennial demand in Pune. Although the premium and ultra-luxury housing categories are seeing stability rather than real growth, the affordable homes segment shows healthy demand and strength,” explains Kishor Pate, CMD, Amit Enterprises Housing Limited.

1 BHKs: Solution to Affordable Housing?

Another noted trend is that like other cities, there were significant launches of compact homes in Pune with about 28 per cent of the 1 BHK units in the projects. This clearly indicates that the city offers a plethora of options for both end-users as well as investors.

Recently, Maple Group announced the launch of 10,000 smart 1 BHK homes ranging from 281-302 sq ft. In Pune it will be built over a period of three years starting May 1, 2016 and spread across ten locations in Pune.

With the unique convergence of economic drivers, Pune is most likely to outperform and surpass other cities in times to come.

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Government approved construction of more than 1.4 lakh houses under Pradhan Mantri Awas Yojana (Urban)

The Center on July approved construction of about 1.4 lakh houses under the Pradhan Mantri Awas Yojana. Permission was granted to construct around 1,40,134 more affordable houses for the benefit of the urban poor, taking the cumulative number of houses to be built under PMAY (U) to more than 85 lakhs.

The Union Housing and Urban Affairs Ministry said in a statement that the approval was given at the 45th meeting of the Central Clearance and Monitoring Committee (CCMC) headed by HAA Secretary Durga Shanker Mishra.

Under the sanctioned houses, Uttar Pradesh was sanctioned 54,277 houses, while West Bengal got approval to construct 26,585 houses, followed by Gujarat (26,183), Assam (9,328), Maharashtra (8,499), Chhattisgarh (6,507), Rajasthan. (4,947) joined. ) And Haryana (3,808) under PMAY (U)

The statement further said that a total of 492 projects would cost Rs 6,642 crore, out of which the Center approved financial assistance of Rs 2,102 crore.

Additional Information about Pradhan Mantri Awas Yojana:

Pradhan Mantri Awas Yojana (PMAY) has been introduced by Prime Minister Narendra Modi on 1 June 2015. PMAY scheme is an ambitious project of PM Narendra Modi. It is provided by the Government of India which intends to provide affordable housing to the urban poor. It aims to provide housing for all by 2022, by which time the nation has completed 75 years of its independence.

Under the scheme, affordable houses will be built in selected cities and towns using environmentally friendly construction techniques to privilege the urban poor population. Further, under the Credit Linked Subsidy Scheme (CLSS), beneficiaries under the PM Awas Yojana are fit for interest subsidy if they take a loan to buy or build a house.

Beneficiaries under the Pradhan Mantri Awas Yojana?

A beneficiary family would include a husband, wife, unmarried son and / or unmarried daughters. The beneficiary family should not keep a pucca house in any part of India in his / her name or in the name of any member of his family.

Identify and Select Beneficiaries under PMAY?

The Pradhan Mantri Awas Yojana (U) scheme mainly caters to the housing demands of the urban poor. The scheme provides housing facilities for people living in limited areas of slums, inefficient infrastructure, poor sanitation and drinking facilities.

The beneficiaries of PMAY (U)?

Mainly consist of Middle Income Group (MIG), Low-Income Group (LIG) and Economically Weaker Section (EWS). While the annual income of EWS category Beneficiaries is more than Rs.3 lakhs, the annual income of LIG and MIG beneficiaries is Rs. Can be between 3-6 lakhs and Rs.6-18 lakhs. While the beneficiaries of the EWS category are eligible for full support under the scheme, the beneficiaries of the LIG and LIG categories are only eligible for the Credit Linked Subsidy Scheme (CLSS) under PMAY.

To be identified as an LIG or EWS beneficiary under the scheme, the applicant is asked to submit an affidavit as income proof to the authority.

The term commercial real estate called investment/income property refers to the buildings or land that is intended to make a profit, either from capital gain or rental income on SuGanta Realty Services llp The commercial real estate in India can be categorized in the industrial property, office buildings, hotels, medical centers, malls, shopping centers, retail stores, farm land, warehouses, multifamily housing buildings & garages. In India, buying power of people has improved due to the growing economic situation of India & which is the best cause of rising demand in property investment. One more cause for increasing in the property-investment-demand is that in the great India, it is regarded as the finest investment since it promises high returns & huge profits.  

Builders can get 10 years tax exemption on rental profit tax on rental housing

According to the Income Tax Act in India, income from property is considered taxable. This tax is levied on income derived from a commercial, residential or industrial property. If income is received from a property, the owner of the property is required to pay tax on the actual income as well as the rental tax received from the property. Deemed rentals are analyzed by estimating the potential income that a property can achieve keeping in mind the parameters and dynamics of the market.

Rental Houses Tax on Property Income

Income from self-occupied property is deemed to be income from rented property and vacant property i.e other than self-occupied house, is taxable under the section "Income from property". The taxpayer is required to pay tax on the "annual taxable value" of the property, which is calculated after adjusting the deduction under section 24 from the Net Annual Value (NAV) of the property.

Tax waiver of 10-years

In lieu of the decline and slowdown in investment in the real estate sector, the Finance Ministry is open to considering a 10-year tax waiver for real estate developers on the gains from rental housing. This can be detrimental to supporting revived investments and subsequently promoting a slowing economy.

Pleading by Real Estate Industry

To address this issue, real estate developers have been directed by the ministry to make suggestions to address the challenges faced by the industry. In addition, developers have been asked to present a rental business model where deductions are reimbursed and exempted from taxes for a period of 10 years. The real estate industry has long been demanding that the government take steps to rectify liquidity shortages due to lack of funds from banks and NBFCs.

Current GST Waivers

Earlier in 2019, the GST Council dropped GST on sluggish housing to 1% on affordable housing and GST on 8% (without input tax credit) on under-construction houses to boost sluggish demand. In real estate. In addition, for ongoing residential projects, builders have the option to choose between the old GST and the new GST to facilitate input tax credit issues.

Unless otherwise expressly specified in writing, SuGanta (hereinafter referred to as “the Company”), herein trading under the name of “SuGanta Realty Services llp”, any offer made by the Company to a particular client or to the world at large, any services offered and provided, any content provided by the Company either on its website, www.SuGanta.com, hereinafter referred to as “the Website” or elsewhere, whether paid for or free of charge, and any resulting contractual relationships between the Company and anyone who issues instructions as stipulated shall be governed by the following terms and conditions.

Maharashtra government announces new redevelopment policy for rented building in Mumbai

The Maharashtra government has made public a new development policy for tenant-occupied shabby building in the suburban area and non-closed tenant-occupied buildings in the island city. Yes, this step came due to the recent demolition of the Ghatkopar building, which killed 50 people.  

This new policy, the notification of which has now been published by the Government of Maharashtra, is going to benefit ten-storey buildings and non-winding ten-storey buildings in the island city.

According to the Brihanmumbai Municipal Corporation, there are over 600 dilapidated buildings in Mumbai, which have been declared as dangerous structures. Almost every part of the country has such dangerous structures or buildings. The residents, especially those belonging to the ten buildings, live as landlords or owners of flats in these shabby buildings and do not undertake redevelopment work due to lack of any motivation.

The current policy is only for old closed buildings in the island city, where private builders receive additional construction benefits for redeveloping such properties and re-housing tenants in a new building. But they are properties that give tenants access to the housing authority, MHADA, which includes cooperative housing societies that were not previously covered under this policy.

Some of the salient features of this policy are:

1) Those who occupied this place before 13 June 1949 are covered under this policy.

2) Developers will get 50 percent incentive floor space index (FSI) for redevelopment of the building.

3) Redevelopment of old buildings requires 70% tenant consent.

4) A fund should be created by the landlord who will take care of the maintenance of the building for a period of 10 years.

5) Landlords should start the construction of the building within one year from the date of demolition and complete it within a period of five years.

6) Each tenant will be given a carpeted area in the old building with a minimum area of ​​300 square feet and a maximum area of ​​753 square feet.

7) Landlords must provide alternative accommodation for tenants for the time of redevelopment.

It is hoped that this new redevelopment policy will benefit thousands of people living in ten-ten buildings. The developer community has also welcomed the move. However, such an initiative alone cannot help solve the problem of old buildings in the city.

The state government may soon issue detailed guidelines for regulating tenants' eligibility and for better implementation of the policy.

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NDMC: Linked to more than 400 properties of property tax evaders

NDMC has attached more than 400 properties from property tax thieves with effect from 1 April 2019. It attached 125 properties in 12 days which included Rs 1090.55 lakhs. It has opened its property tax offices on all Saturdays except gazetted holidays.

New Delhi Municipal Corporation (NDMC) has attached more than 400 properties to property tax evaders from 27 April to 1 April 2019. The NDMC said these assets comprise a total of Rs 2775.42 lakh.

However, out of 416, 82 properties have been de-attached, as NDMC realized Rs 367.60 lakh from these assets.

According to the civic body,

The North Delhi Municipal Corporation attached 125 properties in 12 days, including an amount of Rs 1090.55 lakh, while 28 properties were issued an amount of Rs 262.04 lakh.

In April 2018, the North Delhi Municipal Corporation attached 648 bank accounts and 670 properties for non-payment of property tax from 1 April to 31 October 2018.

For NMCD, property tax is an important source of funds. It is the responsibility of the owner / owner of the property to self-assess the property tax of his property and submit it to the Municipal Corporation within the due date. But many property owners / occupiers are not doing this, so NDMC has to keep their property or bank account in one place. As per the rules, a property tax defaulter has to pay penalty and interest along with the due tax.

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Our team of experts offers a route to sellers to use all the options to reach to the maximum number of buyers. On the other hand, we give entire information about the property to the buyers and thus, allow them to make a good decision.

Haryana RERA calls for residents to create pool in fund to end project

In its first order, the Real Estate Regulatory Authority (RERA) of Panchkula Bench, Haryana, raised funds for a group of residents to complete the project and complete the remaining construction work and relocate to their dream home. Have said.

This is a major relief for home buyers, who were expecting the completion of their flat by 2011, but could not get it because the builder failed to meet the deadline specified to Project Within. According to them, they are ready to pay 15-20% extra, but at least they will get their flats.

The Panchkula Bench of Haryana RERA has suggested them to form an association and be ready to pay extra money if needed. More than 100 residents of Piyush Heights Society of Faridabad have agreed to pool Rs 8 crore to complete the project.

The Society has 16 residential towers and the builder gave possession for only 14 towers. The remaining 2-towers were left unfinished and the buyer had to relocate to RERA as the builder could not give possession on time.

By order of RERA, the builder of Piyush Heights failed to appear in the court hearing despite public notice and in the 6th hearing, a builder spokesperson asked for he postponement. RERA adjourned the respondents. Some of the unsold flats will be sold by the district authority to recover costs.   

Now buying and renting comes with the freedom of ease and comfort with SuGanta Realty Services llp. You can even refine your search results based on price, number of rooms, area size, locality and other relevant property amenities. We help to find, book rental homes of choice across Indian cities. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome to you for feedback and accommodation requests. In case you cannot find a property you are looking for, please post a requirement we’ll definitely send you email notification with properties matching your requirements.