March 2017 Vol 02
Invest now, Regret never
Is real estate still the best bet when compared to other asset classes? Our experts certainly think so! And they substantiate this claim with strong reasoning as well. Real estate is one of the most stable assets; It can generate an ongoing income source; It can also rise in value overtime and prove to be a good investment; It can help you save on taxes; The demand for your property will continue with the increase in population and job opportunities.
A legally sound home?
Legal prudence is of vital importance. Hence, before you park your money to buy your dream home, verify all the legal documents, says our expert.Make sure you verify all the below documents before taking the plunge like Title, Power of Attorney (PoA), Occupation Certificate (OC), Permitted user and Restrictions, Structural stability, Income tax, NOC and dues, Tenure of land and other documents.
Developers turn to Value Homes to beat the slowdown
Realty developers are increasingly focusing on building value home, or affordable housing, to drive sales even as the larger property market continues to reel under the slowdown.While there has been a major dip in new launches in the mid to luxury segment, the value housing segment posted an increase of 22% to more than 36,300 units last year.
Property approvals go online
It is notable and welcome that the ministry of urban development has been able to leverage information technology to majorly speed up and streamline clearances and approvals for construction permits in the nation’s two major metropolitan areas, Delhi and Mumbai. And 51 other cities with a millionplus population reportedly plan to follow suit, and need to be incentivised to speedily do so. It would amount to pathbreaking reform; online monitoring of infrastructure projects by all concerned would also make perfect sense.
Suburbs that conquered realty market
Once considered as down market areas, the central suburbs of Mumbai have developed tremendously and have shown impressive real estate growth in the last decade. The dynamics of this belt has changed making it a much sought after place among developers and buyers today. The two major factors that are accountable for this growth are land availability and infrastructure development.
Doing the Homework
An architect documents how clever designs can impact affordable housing projects in the city. In the Name of Housing, a study of 11 affordable housing projects by the studio of architect Sameep Padora, seeks to quantify what makes these spaces livable for their residents and how design can play a role in improving affordable housing in the city.
Separate regulator for hsg socs. soon
The state government have decided to form a separate authority only to regulate cooperative housing societies in Mumbai and suburbs.Subhash Deshmukh minister for department of cooperation, while replying on queries related to amendment of a Bill of Maharashtra Cooperative Societies Act 1960, announced that the government will form a separate authority for the housing societies.
Land leasing, renting to get GST from July 1
Come July 1 and leasing of land, renting of buildings as well as EMIs for purchase of under-construction houses will start attracting the Goods and Services Tax.Sale of land and buildings will however, be out of the purview of GST, the new indirect tax regime. Such transactions will continue to attract the stamp duty, according to the legislations Finance Minister Arun Jaitley introduced in the Lok Sabha on Monday for approval.GST, which the government intends to roll out from July 1, 2017, will subsume central excise, service tax and state VAT among other indirect levies on manufactured goods and services.
Source: Mid-Day, Wednesday 29 March 2017
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