August 2016 Vol 01
Draft rules for housing deals puts pressure on promoters
The housing ministry has come out with proposed norms that will form the basis of buyer-seller agreements in real estate projects.As per the draft norms, such agreements should explicitly mention the timeline for completion of project and that delay would be admissible only if it is due to “force majure” events like natural disaster or war.
GST to streamline taxation of real estate sector, benefit buyers
A single consolidated tax, freeing the real estate sector from 16 major taxes and levies, has the real estate sector pumped.Sector experts believe the proposed national goods and services tax (GST) would streamline the domestic supply chain and have a beneficial effect for home buyers.
With state and central government taxes being fused, double taxation would be avoided. The sector faces issues of multiple taxation, amounting to at least 25 percent in indirect taxes.At present, there are different types of taxes on almost all aspects of the real estate business, including land and construction, by state and central governments. Value added tax is levied by states and that on value of services by the Centre.
MMRDA withdraws bid to sell BKC plot
The Mumbai Metropolitan Region Development Authority (MMRDA) has withdrawn bids for sale of 12,500 sq metre plot in Bandra-Kurla Complex (BKC) since potential bidders expressed concern about the lack of clarity on rules and regulations.The MMRDA had sought 30% residential construction in commercial areas of BKC.Around 50,000 sq m of the built-up area can be constructed on 12,500 sq m plot for which bids were invited in March.
Work on first phase of Metro-II corridor may begin next month
Work on the first phase of the Dahisar-Bandra-Mankhurd Metro-II corridor is expected to begin from next month as the Mumbai Metropolitan Region Development Authority (MMRDA) plans to complete this crucial north-south corridor by 2019.
More investments in Commercial Properties
Since several decades, the areas from Dadar to Virar have been the ideal residential place for Mumbaikars.However, today, besides housing, the place, especially, from Dadar to Malad belt, is in great demand for commercial property among the HNI investors.Rich investors have switched to buying commercial property in place of housing over the last 15-18 months.
Investing in real estate is extremely beneficial but it is no easy feat. A real estate investor needs knowledge, good networking skills, patience and the most important of them all – lot of moolah. However, real estate is one form of investment that gives your great returns, especially in the future. In this era of monetary fluctuations, real estate seems to be the best place to put your money. We list out a few essential qualities that will make you a good investor……….
A real estate investor needs to have a good idea of the market and the current rates. A shrewd investor should know how much appreciation he will get and he’ll look into all the aspects of investing.After buying a property, it is advised to always rent it out or put it to some good use. That way it will at least partly earn you back your investment. You need someone you can trust or a company which will not demolish your place.
Managing the property: Being an investor doesn’t mean doing all the work yourself; especially if you own multiple properties. Collecting rent, regular maintenance and several other things have to be taken care of when you own a property. One must find a support system in the form of a broker or system in the form of a broker or a property manager who’ll collect rent, look after repairs and pay the bills. This person must be aware of government rules and co-operative society housing laws.
- Source: Mid-Day, Friday 5 August 2016
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