June 2016 Vol 02
HNIs switch to Office Realty as Housing market disappoints
India’s rich investors have switched to buying commercial property in place of housing over the last 15-18 months following a tapering down of property price appreciation in the residential real estate in top Indian cities.Commercial property serves as a lucrative investment option with investors gaining from rental income as well as capital appreciation.
Despite slump, 4 Navi Mumbai plots fetch Cidco over Rs 300 crore
The Cidco on Thursday sold four plots in Sanpada and Nerul areas for Rs 319.18 crore.While two of the bigger plots in Sanpada are on Palm Beach Road, the other two are located in Nerul. This price is indicative of the strength of Navi Mumbai housing market and lays to rest the speculation by certain sections of a slowdown.”
The western suburbs are calling!
Looking for an apartment in the western suburbs? Explore Malad, Borivali and Kandivali, say experts. The property market of Mumbai has been facing a slowdown because of the high prices of flats. Realty experts point out that Mumbai’s property market has witnessed a boom over the last decade whereby prices of real estate have tripled across the board or even quadrupled in a few pockets.
Investments or enduser buying demand has become highly price-elastic in order to encash returns on affordability, thus resulting in new growth areas. The western suburbs, in the last few years, have become desired locations for hundreds of home-buyers working in Malad and Bandra.
Mumbai-Thane Metro line gets CM DevendraFadnavis’s approval
Chief Minister DevendraFadnavis yesterday approved a 32-km-long Metro line connecting Mumbai with the adjoining Thane city.The Wadala-Ghatkopar-Thane-Kasarvadavli (WGTK) Metro line is estimated to cost Rs 14,549 crore. The state government expects to complete the project (Mumbai Metro Line-4), which will have 32 stations, by 2021.
Buyers of Flats being constructed to get Service Tax relief
The Delhi High Court has said 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 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.
Vaibhav Gaggar, partner at law firm Gaggar & Associates, said all home buyers will be entitled to seek a refund of service tax component that has been charged. “Developers, in turn, will be entitled to seek a refund from the government,“ he said. He, however, also said this order is likely to be challenged in the Supreme Court by the government.
Cement volumes growth points to demand revival
Volume growth in cement increased by 12-18% in the March 2016 quarter compared with a drop of 4.7% in the corresponding quarter of the previous fiscal, according to various analyst estimates. This is the first double-digit growth in six quarters reflecting a pick-up in construction activity apart from benefits of lower input costs.
Pay Rs 2K and get docu on land reservations in DP
Citizens can access the proposed `Development Plan (DP) remark’, which contains details of the land and its surrounding area, on the internet after paying Rs 2,000.This initiative is being spearheaded under the `ease of doing business’ exercise.The DP remark document is important for people to understand the development potential before going in for reconstruction of societies.
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