Showing posts with label Indian Real Estate Updates. Show all posts
Showing posts with label Indian Real Estate Updates. Show all posts

Friday, April 24, 2020

How to protected our society from corona virus (COVID-19)


What is a corona virus or COVID-19? 


Corona virus is a new virus, an unknown disease until its outbreak began in Wuhan, China in December 2019. Corona virus (COVID-19) is 7actually a major virus in which disease can occur to animals or humans, these viruses will spread from person to person. COVID-19 is mainly done through manufactured drops, while the inflamed person coughs, sneezes and speaks. Those droplets are too heavy to hang in the air, they quickly fall to surfaces and floors. Many systemic diseases in humans result from cold and respiratory infections in more extreme cases, including Middle East Respiratory Syndrome (MMERS) and Serious Acute Respiratory Syndrome.

COVID-19 or Corona virus symptoms are:


The first and most frequent symptoms are fever, fatigue, and dry cough. In most cases pain and aches, runny nose, difficulty breathing, nasal congestion, sore throat and others will be infected, but no changes or symptoms develop and do not feel as if they are ill. People who have reached the age of 60 and who have underlying medical issues such as heart problems, diabetes, and high BP are more likely to develop COVID-19 with severe illness.

Are we at risk of COVID-19:


Most people are at risk of catching COVID-19, with diseases spreading too many new places around the world. Governments and health authorities are taking various actions to reduce the spread of COVID-19. Disease Control and Prevention "show evidence that the virus is mostly spread by large, often noticeable drops when someone coughs or sneezes." It recommends protecting ourselves from washing our hands, covering our sneezing and coughing, while maintaining social security. "This shows that all types of buildings are very effective in spreading the disease." With more reported cases of corona virus in India and around the world, it is understandable that people in residential apartment buildings are concerned about protecting themselves from COVID-19. To keep tenants and workers more secure, residential societies should take measures to reduce the spread risk. However, the situation is unpredictable.

Security measures to keep our society safe:


There are some precautions we can take to reduce the risk of spreading COVID-19 among us.
Washing our hands repeatedly and before entering our home, with alcohol-based hand sanitizers or with soap kills viruses that may be on our hands. In your apartment, regularly clean high transport places in normal locations and they should be repeated several times a day. Apartment management and owners are also instructed on places to clean parking lots, elevators, lobbies and corridors, front desks, common restrooms, children's playrooms, lifts, door handles, swimming pools, gyms, health clubs, and delivery areas needed. Items must be picked up and not brought to the apartment in the lobby.

We have to maintain a distance of at least 3 feet from one person to another when a person coughs or sneezes. This helps us avoid spraying small liquid droplets from our mouth and nose which will contain a virus. If we stay too close, we can also breathe in droplets while sneezing, including the COVID-19 virus when a person who coughs or sneezes has the disease.

Avoid often going out for medical necessities such as supermarkets, congested areas, food markets and shopping malls for our daily needs, try using open shops near your society.

Avoid using lifts, COVID-19 virus can remain on copper for 4 hours, surface, doors and plastics for 24 hours and on steel it will remain for 72hours. The best example that has been used in some residential apartments:

In some residential properties in China, toothpicks have already been added to elevators so that people can work with them. Ear buds may be another option.

Some nets were also instructed on how to use ball styling to press the raise button. After pressing the key, the pen will be covered with its cap.

Meanwhile, AI-powered lifts have been spotted online to allow people to send voice commands instead of push lift keys by a Beijing-based company that is developing an artificial intelligence-enabled lift. Wear a mask when suffering from symptoms of COVID-19 or in particular coughing, not caring for those infected with COVID-19. Face masks can be used only once and immediately after applying them in a closed mask.

Apartments often have to be cleaned, if the surfaces of the house are cleaned regularly, all experts suggest that it is first with a cleaner and second with a disinfectant. Please take extra precautions if you have roommates. You can also implement sanitary systems in your apartment, sanitizers in a building such as a building entrance, gym, common area and mailbox, please allow tenants, workers, elevators and guests to use it daily or when it is required. Outside of all garbage cans and plastic garbage cans, dry / wet garbage cans in the lobby should be fastened with one day, no need or need in society to remove tissue removed from the ground.

Avoid sharing things with others, no household items such as cups, blankets, or even bedding are included, we should avoid exchanges, we must ensure that once after use Wash these things thoroughly. If we want to share anything with our apartment's neighbors, try to avoid or wash them before use, while the virus stays on the plastic for 24 hours.

Security checks at the entrance of residential apartments, when all workers and workers know that their jobs are safe and they should stay home if they are ill, society officials must provide favorable instructions for all workers. Sick workers can only transmit resident pathogens. Ask the society management to ensure that all employees follow the same policy. Residents and visitors should be advised to warn property managers when entering society, especially if they believe they have contracted corona virus. It helps other tenants and workers to be vigilant and take proper care.

In the event that residents and visitors feel they have contracted corona viruses, especially if they were using common areas, proper maintenance of the property will also have to be encouraged. It helps every tenant including workers to be aware and take proper care.

We have to avoid touching the eyes, nose and mouth. We may touch the floors or other surfaces of others, which may contain viruses. The contaminated virus can transfer the virus to your mouth, nose and eyes, this virus can enter our body and make us sick. We must ensure that all people living in your society / apartment follow good respiratory hygiene. You can protect yourself and others by following the hygiene rules in your apartment COVID-19.

If we are ill at home and want medical awareness and call in advance, follow the instructions of our local health authority. Not to drive, swimming pools must be closed, using cab lifts or common spaces, lifts and play areas. Now we sit at home and relax, further we soon recover, not only to harm you and others. If possible, use nutritious food and personal products. It will protect itself and prevent the spread of viruses and other infections inside our apartment.

Avoid traveling to such places, especially if you are over 55 years old or have diabetes, heart or lung disease. These people would be more likely to catch COVID-19.

If someone has visited recently, where COVID-19 is spreading. If you start feeling unwell even with mild symptoms, isolate yourself by staying at home.

Can our pets be infected with COVID-19: We know that patients with COVID-19 are infected with the disease, including animals and cats? Some pets may become infected by close contact with infected humans. Further research is needed to determine how the virus can be transmitted by cattle and plants. It is still too early to know whether cats can be included in the broadcast of COVID-19.

Saturday, December 21, 2019

Builders to take stuck projects at Puravankara


BENGALURU: Property developer Puravankara has teamed up with regional builders in Pune and Mumbai to launch stalled projects in the backdrop of a drastic liquidity crisis, a movement that will aid it to gain a share in Western India's residential market.

“We have reached a significant level in our focus markets, but will continue to move forward. Purvankara has distinguished Pune and Mumbai as the top 5-6 major cities that will be expansion accelerators for the company beyond India,” said Abhishek Kapoor, COO Residential, Purvankara, “ Moving on, Bengaluru, Mumbai, Hyderabad , Chennai, and Pune will be our focus markets. "

Several developers have enrolled in the western and northern markets to resume projects stuck in the midst of the cash crisis, threatening the real estate regulatory act and NCLT to be put into practice.

The company intends to generate 7 m sq ft of residential portfolio in these two markets spanning the Provident and Purvankara brands over the next 24–36 months. It currently develops luxury homes under the Purvankara luxury brand, while premium affordable housing is developed under the Provident Housing brand, which originated in 2008. Currently, 65% of the company's business originates from the larger housing brand - Provident - while the rest rest from the Purvankara brand.

Non-Bengaluru projects launch immediately for an ongoing 53% share and currently 77% for Purvankara. Future accounts for 3 / 4th of the boat pipeline.

Individually, the firm is developing its commercial duties. It plans to generate 10 meters square feet of commercial projects and use it in retail expansion overhead over the next five years in major cities.


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Friday, December 20, 2019

Foreign Exchange Management Act vs. Foreign Exchange Regulation Act or (1999 vs 1973)


Foreign Exchange Regulation Act (FERA), 1973


The Foreign Exchange Regulation Act (FERA) was promulgated in 1973 and came into power on 1 January 1974. Section 29 of this Act related to the services of MNCs in India. According to the section, all non-banking foreign subsidiaries with more than 40 percent foreign equity are required to certify separate functions, to receive allowances in subordinate companies, or to acquire each other company wholly or exclusively.

An amendment to the law governing specific payments, transactions in foreign exchange and contracts, transactions affecting the import and export of foreign currency and foreign currency, maintenance of the country's foreign exchange reserves and its use.

Peculiarities of FERA:

·     It continues for the entirety of India.
·   It applies to all residents outside India and to departments and firms outside India, which are outside organizations or bodies in India or are disclosed or consolidated in India.

It shall come into force on this date by a declaration in the Gazette of the Central Government, the representative in this regard:

It is submitted that different dates can be chosen for different requirements of this Act and any endorsement in any purchase for the initiation of this Act will be interpreted as a sign of developing in the strength of that purchase.

According to these instructions, the initial rule was that all parts and branches of foreign companies operating in India should convert themselves into Indian organizations, including at least 60 percent local equality support. In addition, all foreign subsidiaries must produce foreign equity shares of 40% or less than 40%. The exact effect of the act was completely contradictory to the economic expansion of the country as it obliged the instructions of giant corporate houses to grow their enterprises, hence it was considered by policy makers that the Act should have notable entertainment so that the economic Promotion can be done in the country through industrialization for development.

Foreign Exchange Management Act (FEMA), 1999


The ForeignExchange Management Act (FEMA) was launched in Parliament on 4 August 1998 by the Government of India. The purpose of the Bill is to "strengthen and improve the law that reads foreign exchange with foreign currency to promote and improve external trade and payments." Systematic expansion and protection of the foreign exchange market in India.

Within the many aspirations of the Foreign Exchange Management Act (FEMA), there is a comprehensive one to reform and consolidate all laws associated with foreign exchange. In addition, FEMA aims to improve foreign payments and trade in the country. Various important objectives of the Foreign Exchange Management Act (FEMA) are to encourage the maintenance and improvement of the foreign exchange market in India.

Features of FEMA some of the essential features of the Foreign Exchange Management Act are:


This is consistent with substantial prevailing account convertibility and includes purchases for liberalization of statement account transactions.

It is highly translucent in its use due to deposits under sections claiming special permission of ReserveBank of India / Government of India on recovery of foreign currency.

It listed foreign exchange transactions in two divisions, viz. Capital Account Transactions and Current Account Transactions.

This presents the Reserve Bank with the ability to submit consultations, investments, Types of capital account transactions and transfer limits for all those transactions.

It is the absolute freedom of any foreign resident / person residing in India or the residence of a person living outside India to bear / self transfer and purchase any foreign security / immovable property established outside India.

This action contradicts a civil law and an act that exists only for arrests in exceptional cases.

FEMA: A Major Departure from FERA


As is evident from the name of the Act itself, the importance of explaining FERA is on 'Exchange Management' as under FERA this importance was on Exchange Regulation or exchange fee. Under the FERA, it was necessary to obtain the Reserve Bank's permission, unless specific or common to most regulations. FEMA has initiated about a sea change in the interest and absence of Section 3 which is aided for distribution in foreign exchange etc. There is no other requirement to obtain FEMA designated Reserve Bank permission.


Comparison between FERA and FEMA:
The principal variations among FERA and FEMA:-

                                                                 
The FERA was assembled with 81 different and complex requirements, although FEMA has only 48 simple divisions.

It is prevalent that this account was not settled under FERA, although it was established in FEMA.

Another extended meaning of FEMA is "authorized person" and includes banks.
Adaptability with IT was not traded at all with the support of FERA, yet FEMA has made purchases for IT.

Under, its demolition was an illegal crime that was turned into a civil offense in FEMA.

Under FERA, the application managed to be transferred to the High Court, however, FEMA required a Special Director (Appeals) and a Special Tribunal.

Under FERA, no assistance was given to the accused, although as per section 32 of FEMA, the accused have the right to seek guidance from legal practitioners or lawyers.
FERA was with the major objective of the preservation of foreign exchange, although FEMA was introduced with the major objective of managing foreign exchange.

FERA was formed by assuming that foreign exchange is a scarce resource and therefore should be protected and managed with exceptional care, although FEMA was created with the principle that foreign exchange is an asset and its exact must be management.

Only authorized dealers and money changers under FERA were determined to be authorized individuals, however, even after FEMA, offshore banking units were included in this definition.

FERA is an act prescribed for the payment and monitoring of foreign exchange in India. FEMA inaugurated an act to promote external trade and payments and to encourage the systematic management of the foreign exchange market in the country.

FEMA turned out to be an extension of the more early foreign exchange act FERA.

When the foreign exchange reserve position in the country was not reliable at the time of the establishment of FEMA, FERA came into force, the foreign exchange reserve position was sufficient.

FERA's strategy towards foreign exchange transactions is quite traditional and definitive but in the case of FEMA, the approach is favorable.

FERA depreciation is a non-compound crime at the heart of the law. The FEMA contradiction violation is a complex offense and charges can be dropped.

A person's citizenship is the foundation to search for a person's residential status in FERA, whereas in FEMA the person's domicile in India should not be less than six months.

Controlling the requirement of FERA can lead to imprisonment. Conversely, the penalty for breaking and violating FEMA provisions is a monetary penalty, which can result in imprisonment if the penalty is not paid on time.


Acquisition of property under FERA and FEMA


There is a major difference between FERA and FEMA related to the acquisition of property in India. Following FERA, "citizenship 'was a guideline for acquiring property; under FEMA it is" domicile "which is the criterion. This indicates that, under the FERA provisions, a person who is an Indian citizen owns property in India. Can acquire and a foreign citizen cannot buy property in India (except with permission to NRI).Nevertheless, under FEMA, an Indian resident can acquire property in India which is not allowed to non-residents. In particular, FEMA has evolved as a replacement or enhancement on the former FERA.

Further, as per FERA / FEMA regulations, a foreign company has a branch office or other place of business in India, which can acquire immovable property in India which is incidental or subsidiary to carry out such activity.

Tuesday, December 17, 2019

More than 60% of sub-registrars in Karnataka fail to meet revenue targets


Bengaluru: Out of 240 sub-registrar offices in Karnataka, over 60% have failed to reach the fixed revenue target for the initial seven months of the current financial year, causing a permanent decline in the real estate division in the state.

Reacting to this, the government has written a letter to 146 sub-registrar offices in the last week of November, recording a reduction of 17% for the period between April 1, 2019 and October 31, 2019.

Someshwar Reddy, Quick Past Chairman (Karnataka), Builders Association of India (BAI), said, "A compound of circumstances, tax rates ranging from demonetization to rectification, economic downturn and lack of price rise in the market, everything on sale. There has been impact, which is speculation on registration in the state. "

Out of 146 offices, 33 are in Bengaluru urban district, four in Bengaluru rural and 13 in Mysuru. And, in these offices which do not meet the 100% revenue target, some like Shiva ji nagar have less than 1%, while others like Doddaballapur have a deficit of 35%.

Nevertheless, in its letter to the sub-registrars, the Stamps and Registration Department has advanced requests about the valuation of the property. "It has been directed that sub-registrars, as in practice, assure that they accumulate funds, because they have been incurred due to valuation and due to incorrect order of documents."

Demonstrating how the wrong ordering of documents could harm the government treasury, an official said, "For example, if the document of commercial property is classified as residential, the change in services paid Will happen."

Both Realtors and officials acknowledged that the real estate regulatory authority could have an impact. He said, "Now, before construction starts, they panic to enroll a property for sale when construction is nearing completion,” one of them replied.

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Thursday, December 12, 2019

Tamil Nadu has a plan for portability in registration of properties in sub-registrar offices


CHENNAI: In an effort to safely secure the registration of properties, the state government is plotting to allow all sub-registrar offices in a proper registration district to monitor properties falling under its jurisdiction. Hitherto, sub-registrar offices can only control assets that appear to support their personal revenue jurisdiction.


Tamil Nadu, is divided into 50 registration districts and which has 37 revenue districts. The Chennai zone is divided into five registration districts embracing the revenue districts of Chengalpattu, Kanchipuram, Chennai and Thiruvallur.

The Chennai zone, which values ​​for 45% of the entire revenue produced in TN within property transactions, is estimated to be the most significant successor. Residents, who can travel 30 km from the core city areas to register properties set up in outlying cities, can now visit the sub-registrar office adjacent to their homes.

Kanchipuram and Thiruvallur districts will also benefit the people as the official boundary of the Kanchipuram District Registrar Office covers the entire Thiruvallur's district. Cross-registration of properties from one (registration) district to another, however, will not be allowed.

'Proposal under consideration of government'



For example, a person residing in the core city area who needs to sell a tract of land in Padappai is not required to inspect the sub-registrar office of Padappai. Alternatively, he can manage the sales deed at Adyar or Guindy registration offices.

Currently, district registrars in particular have the ability to provide land registration in any office in their (registration) district. Another official said, "This is decentralization of these capabilities for all registrars." The system is currently supported beyond the Pune region in Maharashtra, the source continued.

The movement will also help boost the number of property registrations in sub-registrar offices that prevent some land registrations. While some sub-registrar offices execute up to 100 transactions through the day, others record only several transactions in the respective registration district. The district registrar said, "With this facility in the community, people can estimate the registration offices of their choosing based on free time slots." This will definitely reduce the waiting time in offices, he continued.


Wednesday, December 11, 2019

Reduction of stamp duty by 0.5% in Nagpur



NAGPUR: A relief for all property builders, buyers and developers, the Stamp and Registration Department has reduced the stamp duty in Nagpur by 0.5%, which has been revived for NagpurImprovement Trust (NIT) for the last 83 years.



Nevertheless, the decision is a major hurdle for the Nagpur Municipal Corporation (NMC), as it still has to receive revenue as it has sprouted all areas of the NIT (Nagpur Improvement Trust).

An administrator of the Department of Stamps and Registration said stamp duty is now 7% vs. 7.5%,

with stamp duty coming into force from 1 December. "This stamp is made according to the representative's rules," the official said.



In a letter, Ughde said, "There was a requirement in section 77 of the NIT Act 1936 to get a 0.5% stamp duty from all activities and transactions in the neighborhood that is developing under the jurisdiction of the NIT. Filed on 27 August Within the information, the state government had distributed the overall NIT areas, particularly seven projects, to the NMC. There is no area of ​​NE. Therefore, the stamp duty charged for NITs needs to be discontinued. "

The Stamps and Registration Department collected a 0.5% stamp duty from all transactions beyond the city and submitted it to the NIT. After a few court orders, the department started to discharge the stamp duty from the areas, especially after NIT jurisdiction. NIT has spent 12.50 crores annually.
The reduction in stamp duty is huge news for property builders, buyers, and developers, as it was one of the greatest in the state.

The government took the entire neighborhood of the NIT to the NMC from August 27, as per the requirements in the NIT Act. The areas transferred by NIT to NMC are mainly unauthorized and under-developed. This is observed as a massive financial hardship over the remaining NMC, which has been erupting earlier under a financial emergency. But the civic body has not received stamp duty raised for NIT.

NMC is also receiving stamp duty of 1% from the abolition of Octroi in April 2013.

The primary stamp duty is 5% of the entire amount of the property. The government had added a 0.5% stamp duty for the NIT, an additional 1% for the NMC and 1% for the metro rail project. Thus, the stamp duty in the city was 7.5% 


Tuesday, December 10, 2019

Ghaziabad Development Authority (GDA) start working on Indirapuram Housing Scheme


Ghaziabad: After developing the layout plan for the upcoming Indirapuram Extension Housing Project, the Ghaziabad Development Authority (GDA) has started a ground review of the property and it is said that work is proposed to start in the following six months.


Single-unit houses and group housing communities will be developed on 130 acres of land near CISF Road, along with Kanawa in Indirapuram.

GDA Chief Architect and Municipal Administrator Ashish Shivpuri said, “The scheme has been distributed to the engineering department to exclude the examination in this area. Now, the violation will be recognized and murdered".

To ensure that the project does not cover any supply emergency, 10 pockets will be expanded in a phased exercise. In a particular situation the money produced from the sale of plots and houses would later be employed to explain the following pockets.

We will not use all the products at once because it is forced to create capital crisis before or after. Alternatively, we will appropriate investors' funds in producing more additional funds,” specifies Shivpuri. The authority will focus on houses built on plotted land in the area of ​​200 square meter to 350 square meter.

Some group housing communities will also be allowed. About 50% of the area will be allocated for housing, while 5% will be used for commercial purposes. Roads and related foundations, schools, and other facilities will be accepted on the outstanding portion of the land.

In the instant, the GDA has about 62 acres in its dependency, but in a dissemination application. To include the land, it would buy an additional 70 acres from farmers immediately or under a land-pooling exercise. It will be used to provide services such as roads, parks and schools. However, a layout plan has been prepared for the entire 130 acres of land.

According to administrators, the project was conceived in 2005 on 229.5 acres of land at Kanwa in Mahiuddin Pur village. Nevertheless, the project did not gain much momentum due to prosecution by farmers over the payment amount.

Friday, December 6, 2019

Realtors challenge the constitutional validity of the National Anti-Profiteering Authority


Mumbai: The government claimed by some real estate developers to practice in the court of the National Anti-Profiteering Authority (NAA) of constitutional validity and claimed that the body does not have the authority to engage on punitive penalties for it.

This happens after the NAA slapped notifications on 50 real estate developers beyond India to benefit from the Goods and Services Tax (GST). According to a warrant appeal registered in the Delhi High Court, the NAA is on a standard with a tax bench, but it is not actually a judicial member as a part of it.

Through the GST framework, the benefits of rate reduction have to be passed on to customers. If a firm is inadequate to do so, it can be fined and invested for profiteering from tax management. Split with anti-profiteering requirements in the GST Act: “A reduction in the price of tax on any supply of property or assistance or input tax credit shall be passed on to the beneficiary (consumer)." This same reduction in prices.

Input tax credit applies to a mechanism supporting the GST framework, in which the company when purchasing funds when it purchases raw materials or any other charges can be levied on the buyer when marketing assets or services is done.

Many real estate developers based in Mumbai, Chennai, Delhi and Bengaluru had to pay fines as they did not run on the benefits of input tax credit to customers.

According to inquiries by the NAA, developers are not spending on the advantages of input tax credit to customers. Real estate developers are investigating the NAA's jurisdiction to raise concerns over fines.

Khaitan & Co. partner Abhishek A. Rastogi said, "What is of concern is that the legal requirements (section 171) do not exist for interest," it said.

This is when the vested tax department initiated the developers' investigation on the development credit to which they were entitled. Real estate professionals had initiated taxes paid under the pre-tax regime on their GST responsibilities and the tax department directed them to change their activities.Many real estate developers had sought transaction credits on under-construction flats and were entitled to property or inventory for these, but the tax department denied the allegations by sending notifications. Taxes for some of the best players are in the hundreds of crores.

The NAA has also examined some additional divisions, such as FMCG and Pharma, for profiting from GST rate cuts in the past. The NAA investigated tax administrators and CFOs of about 150 Buyer Goods and Pharma Corporation to find that their stock was sold at low rates after the GST rollout on June 30, 2017, with publishers and stockists.

Some organizations also engaged the government and the complex tax department above GST on these occasions which could put long-term land lease agreements at risk.

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