December 2016 Vol 01


Ram Mandir – new local railway station in Mumbai

Next week, atleast one group of Ram Mandir proponents may have reason to post a minor victory of sorts – when Mumbai’s suburban railway gets its newest railway station.Spanning four platforms, with two spacious foot over-bridges and elevated ticket booking offices, Ram Mandir station at Oshiwara is a hard won battle for thousands of railway commuters who live between Jogeshwari and Goregaon stations. Over the years, this area has growth, fueled by several residential and commercial neighbourhoods.

Source: The Indian Express, Thursday 1 December 2016

Stay safe from deadly fire

Every home is susceptible to fire and it is essential that you check and re-check your home to see how vulnerable it is to wildfire. Here are few things, as home owners, you can do to keep your house safe from sudden fires and things you need to do to curb it.

Combustible debris: If you live in a single house, make sure that you clear all the combustible debris like dry grass, leaves, firewood and wooden fence. Safety checklist: Kitchen is the most prone area to catch fire, so always keep gas stoves switched off when not in use. With the recent implementation of pipeline gas, it is normal to leave it open. This can be very dangerous and can lead to a big accident. Change damaged and frayed wiring. Don’t ignore or delay the change, because a faulty wiring can lead to  catastrophes.

Source: Mid-Day, Friday 2 December 2016

Benami properties to be next target

The government will soon crack down on benami properties to fight black money. Benami properties are registered in the name of third parties, fictitious or otherwise, by the owner who remains anonymous, making these properties obvious instruments to generate and hide wealth. Now that an amended law known as the Benami Transactions (Prohibition) Amendment Act is in force, the government wants to act to step up its campaign against black money.

Source: The Times of India, Sunday 4 December 2016

Not without an OC!

It is imperative that prospective buyers understand the importance of acquiring a property with a valid Occupation Certificate (OC). It is vital to get knowledge about it.The Occupancy Certificate (OC) is issued by the local planning authority to certify that the building is fit to be occupied. The OC is issued only after verification of adherence to Building Regulations, Safety Regulations, provision for utilities etc. The OC can only be obtained by the builder after the Completion Certificate is issued by the Planning Authority. Local bodies like the MCGM issue the Occupation Certificate.

Source: Mid-Day, Friday 9 December 2016

State notifies Draft Rules under RERA

The Maharashtra government has notified draft rules for the regulator to be set up under the Real Estate Regulatory Act (RERA). Among the key proposals aimed at helping homebuyers, there’s much-needed clarity on transfer of project’s land in favour of association entity of homebuyers.Introduction of dividable and non-dividable land in the project layout is likely to offer more clarity on conveying the land in favour of homebuyers.

Source: The Economic Times, Saturday 10 December 2016

Keep tax records handy before selling property

When you sell a property next time, expect a letter from the Income-Tax (IT) department, asking you to explain when you acquired it and the source of funds. This could be one of the ways the government could zero in on benami property holder.

Lawyers say that earlier it was usual practice by the department to call buyers to explain sources of funds whenever someone purchased a house. It’s possible, the department can now call sellers, too.After the Income Declaration Scheme (IDS), 2016, demonetization and giving another chance to black to black money hoarders to deposit cash and pay a penalty, the government is expected to go after people with many properties.

Source: Business Standard, Monday 12 December 2016

Cash crunch fails to depress BKC’s office rentals market

Demonetisation has not slowed down the commercial property market, at least in Bandra-Kurla Complex (BKC). Consider this fact: In the past one month, several office lease transactions have been concluded in the business district. Most of these deals have taken place in Maker Maxity, the 18-acre office complex which is a joint venture between Mukesh Ambani and Maker Group.

Source: The Times of India, Tuesday 13 December 2016

Office Realty in demand, but Home sales fall

India’s office real estate market stayed positive while residential sales across the country fell sharply since early this year.Higher corporate demand and reduced Grade-A supplies have pushed upwards the rental of commercial properties across the country.Some of the markets where rentals have moved up include Cyber City and Golf Road Extension in Gurgaon, Outer Ring Road and Whitefield in Bengaluru, Taramani in Chennai, Goregaon and Lower Parel in Mumbai, Kharadi in Pune and Hi-Tech City in Hyderabad.

Source: The Economic Times, Wednesday 14 December 2016

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