July 2016 Vol 01
Sebi set to relax norms for REITs
In a move that could help revive realty projects which have been grounded for lack of funds, Sebi on Friday proposed to relax rules for Real Estate Investment Trusts (REITs).The markets regulator has proposed to change rules allowing REITs, an investment vehicle for real estate, to invest up to 20% of their corpus, instead of 10%, in under-construction realty projects.
Buyers of under-construction flats may get service tax relief
The Delhi High Court has said that home buyers cannot be charged service tax on payments made towards purchase of under-construction apartments from builders if the total value of the apartment includes the land value.However, service tax can still be levied on preferential location charges (PLC) that builders charge from buyers.
The court also said that if the developer has already collected service tax, buyers would be refunded the amount with 6% rate of interest by the revenue department of the government of India.Since the amendment introduced by the Finance Act of 2010, the government charges service tax on buyers of apartments in under-construction projects. Service tax is levied only on 25% of the total value of the apartment due to a 75% abatement that is allowed.
How to sell your house for more
If you are struggling to find a buyer for your house, here are a few steps that can help seal the deal.Spruce up your home to boost its value: Make your house attractive. The prospect of putting in more on home repairs can be a deal breaker.You may have to shell out some money to spruce up the place, but it will add more to the value of your house and give you an edge when you negotiate the price. “Even a fresh coat of paint can add value to a house,“ says Anuj Puri, Chairman & Country Head, JLL India.
Finding the buyer:Finding a buyer is not a straightforward task. First decide if you want to use a broker or do it on your own. Brokers will charge 1% of the value of the house. If that is not acceptable, go it alone but be prepared to do a lot of running around, including arranging for the registration and legal paperwork. A broker with local expertise would be the best placed to generate relevant leads and will also be able to help out with formalities.Valuing your property:Make a reasonable assessment of the value of your property. A broker can help you here because he is aware of the market trends. Online property portals information can often be outdated and therefore, misleading.
BMC trims coastal road, plans Chowpatty to Bandra in 15 mins
The BMC has released its “final design” for half the stretch of its ambitious coastal road project. Initially planned from Nariman Point, it will now stretch from Marine Lines to Kandivli.The released plan is for the section between Marine Lines and Bandra.
The plan for the remaining section may get delayed as there’s uncertainty over the proposed road’s alignment along Juhu Chowpatty.Also, the cost estimate of the entire project has been revised own from Rs 13,000 crore to Rs 11,000 crore. This is because the proposed road’s length has been shortened from 33.2km to 29.2km.
Thane: Emerging realty hotspot
Thane, popularly known as the Lake City, has lately become a classic example of fast growing city. From an industrial hub predominated by the middle-class, today it has become the most-wanted place among rich investors and home-buyers. Thane has become one of the most attractive regions for purchasing property near Mumbai for its booming infrastructure, excellent road connectivity to reach Mumbai, Navi Mumbai, Virar, and other areas, and for the existence of public amenities.
Japanese, Chinese realtors bullish on Indian realty market
With the allowing of 100% foreign direct investment (FDI) into the real estate industry and India’s rising stature amongst the global investment community, the country has become a hot favourite for developers from Japan and China, says a report by global property consultant JLL.
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