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IT Detects Rs 470 Crore Tds Default By Airline, Real Estate, Hotel Cos In Delhi

The Income Tax Department has detected about Rs 470 crore TDS (tax deducted at source) default by some big Delhi-based corporate houses after surveys were conducted against them recently, officials said.

The department's TDS wing in Delhi has launched a special monitoring of private companies and government organisations in order to ensure that due taxes are deducted under this direct taxes category in the last quarter of this financial year that ends on March 31.

TDS contributes to over 40% of collection under the direct taxes category.

Officials said the national capital-based TDS wing recently visited the premises of a budget hotels and guest houses aggregator firm and found it had allegedly not deducted tax (TDS) on about Rs 280 crore payments that were made on rentals over a seven-year period.

Similarly, an airlines company was found defaulting on Rs 115 crore TDS payments and some firms involved in the real estate sector were in a default of Rs 75 crore.

The realty groups were also charged with wrong deduction of taxes by applying wrong rates of TDS and hence deducting taxes at lower rates, they said.

Officials did not disclose the identity of the firms.

In two other cases, the officials said, defaulting entities have been convicted by local courts in the Delhi region on charges of wrong deduction or default of TDS.

In the first case, a fine of Rs 6 lakh was imposed while in the second, a six month imprisonment was accompanied with Rs five lakh fine.

As per rules, tax collected or deducted at source shall be paid to the credit of the central government within seven days from the end of the month in which the deduction is made.

The I-T department has begun conducting an increased number of surveys (visiting business premises of a company for audit checks) to check violations like non-remittance of TDS deducted, non-filing of returns and deductions made at a lower rate after it was seen that the deductors were defaulting on these payments.

Feb 10,2020 | Moneycontrol

Penalty Norms For Delayed Projects Relaxed In Greater Noida

The GNIDA has changed how it calculates money owed by developers, allowing them to pay penalties for delayed construction later. With this, cash-strapped builders can now seek funds from financial institutions or seek bailout packages.

“We will give permission to developers to seek mortgage from financial institutions as soon as they settle our core dues. Penalty on delayed construction will be charged later on. However, at the time of giving occupancy certificate, a committee will check if all the dues, including applicable construction penalty, had been settled,” said Narendra Bhooshan, the chief executive officer of GNIDA who approved the policy on Friday.

Premium for plot allotment and rent arrears make up the largest part of the dues. The Authority had started allotting plots in 2003. It has been revising its time extension policy, which covers penal provisions for delayed construction, from time to time. The Authority had charged 10% of the premium upfront and the remaining money was to be paid in instalments.

If a builder failed to finish a project in seven years, a monthly interest rate of 1-2% would be applicable. Since plots are given out on 90-year leases, the Authority also demanded rent. It had issued notices to developers who had not completed projects within deadline and had to pay their dues along with interest.

“This logjam led to a vicious cycle. It did not allow construction work over pending dues. Developers were not able to pay off the dues since projects got stuck and they received no money from buyers. The actual amount due from developers is much less than what is being claimed by the Authority. We raised this problem before the Authority and are glad that a positive decision has been taken,” said Manoj Gaur, president of CREDAI (NCR).

Several regulatory bodies sided with the developers because the construction delay, in many cases, took place as the Authority was unable to acquire the land and hand it over to the developers on time.

The state government had passed an order in December last year extending benefits to such builders, like zero-period, and asked the authority to re-calculate the penal amount for construction delay accordingly.

Bhooshan said that during an assessment, it was found that 35,000 to 40,000 units could be completed if some builders could secure last-mile funding.

Close to 1.25 lakh of the planned 2.5 lakh units in Greater Noida are yet to be delivered. About 42,000 flats of these were planned by the Amrapali group.

Jan 20,2020 | realty.economictimes

8 Things To Keep In Mind While Investing In Property

The real estate sector in India contributes largely to the Indian economy and its GDP. Recently, it has witnessed transformation due to policy changes, lack of funding and various other factors. If one wishes to invest in a piece of property, one needs to keep in mind various factors as a wrong decision could cost the investor dearly.

1. Background check before investing

A proper background check on the property is very important before investing. The background check should include the location of the property, about the builder and whether the property fulfills the entire legal criterion. Other factors which should be checked upon include delivery time and costing. Once you are done with all these things, then only think of investing in a piece of property.

2. Calculate expenses and profits

Making any investment in property is always critical and calls for careful analysis of expenses and profits beforehand. If you are a beginner, start with calculating the money that you already have and what you can borrow. Once done, calculate the total cost. Also, keep in mind the operation cost.

3. Invest in a low-cost property

As a beginner, never go for an expensive property deal, as they have hidden costs and intricacies that might trouble you in the long run. It is always a good idea to go for properties that lie in the lower to mid-range price brackets. According to experts, the reason behind going for such bracket is to manage the future cost of renovation/redevelopment of the property before renting or selling it.

4. Review investment loan plans

When it comes to investing in real estate, flushing out the liquid cash is not a wise option. It is suggested to go for a loan. Having said that, you should never settle for any random loan plan. Always look for options and review each one. Today, there are a large number of options available when it comes to collecting funds to purchase your first property. Choose the right option that could make a positive difference to your financial situation. During the process make sure to know which loan option is giving you the freedom to split the credit or if it provides you with the line-of-credit facility.

5. Choose people carefully

When it comes to real estate, people often plan to go for partnerships to deal with the financial stress, but first-time investors need to carefully consider many factors while choosing their partners. From legal advice to profile verification, it calls for many things-to-do before getting into a partnership agreement. According to experts, legal implications are more important than anything else to avoid future chaos.

6. Be ready with down payment

A real estate deal involves a bit of down payment and the rest can be managed through a loan. So, before you plan to buy a property, have a rough idea about the price range you are ready to pay and then be prepared with the down payment that is likely to be 10 per cent of the final cost.

7. Pay your debts

This is something that people often neglect, but, according to experts, its important to review the status of your debt before investing in a new property (especially when you are a newcomer). It is important that one shouldn’t be carrying debts as their investment portfolio. It is necessary to clear all of your debts, student loans, medical bills, etc., before starting stepping into real estate.

8. Control your emotions

For many, investment in real estate has an emotional connect. So, if you belong to the category, learn to control your emotions and learn to be a little practical and logical. Think of it as purely a business investment and logically negotiate to get the best possible price. Remember, the lower the price you get for a property, the better are the odds that you will earn a higher profit from it.

Jan 17,2020 | financialexpress

Housing Sales See 30% Fall in Q3: Report

Poor demand and liquidity concerns resulted in both housing sales declining by 30 percent and new project launches falling by 44% in India’s nine key residential markets between October and December 2019, a new report has said.

Housing sales fell by 30%. As against 91,464 units sold during the quarter last year, only 64,034 homes were sold across the nine markets in Q3 this year, according to a report the report by PropTiger.com.

Sales declined across all these markets, with Bengaluru, popularly known as India's Silicon Valley, registering a 50 per cent fall in sales numbers.

Sales in the residential property market fell 13 per cent to 2,63,294 units during the first nine months of this fiscal as against 228,220 units in the corresponding period of the previous year, the report said.

As buyers showed greater faith towards ready homes, inventory levels, declined 12 per cent during the quarter. From 8.83 lakh unsold housing units at the end of the same period last year, unsold stock fell to 7.75 lakh in Q3 FY20. Mumbai and Pune together contribute 57 per cent of this unsold stock. Also, half of the units in this stock are affordable homes (units priced below Rs 45 lakh).

At the current sales velocity, builders would take 29 months to sell off the existing stock, the report said.

Launches fall in Kolkata, Gurugram

The NBFC crisis has made borrowing difficult for builders. This has led to developers’ cautious stance towards new project launches.

Only 41,133 units were launched in Q3 FY20 as against 73,226 units in the corresponding period last fiscal, the report shows. New launches fell across markets, with Kolkata and Gurugram seeing the biggest fall, at 79 and 74 per cent, respectively.

Nearly 40 per cent of new launches were concentrated in India’s financial capital Mumbai, data showed.

Affordable housing continued to dominate launches, with 52 per cent units launched in this segment.

When compared to the first nine months (April-December) of the previous financial year, launches declined by 32 per cent during the same period in the current fiscal. While 215,596 units were launched between April and December in the previous year, 145,852 units were launched during the same period this year, the report said.

Prices increase marginally across cities; Hyderabad sees 13% appreciation

Average values of property increased by 13% year-over-year in Hyderabad, the highest increase among all the cities included in the report, while Gurugram and Ahmedabad registered 6% and 5% increase, respectively.

In other cities, prices showed only a nominal increase, between one and three per cent, the report said.

“The various measures launched by the government in the recent past to revive growth in the real estate market seem to have made little impact. Considering real estate is a major contributor to overall GDP, which hit a glacial 4.5 per cent rate of growth in the July-September period, we expect further assistance from the government, which would nudge buyers to invest in real estate.

"In the Union Budget, we expect the minister to announce measures that would result in higher savings for individual taxpayers, some of which would hopefully make its way towards property purchases,” said Dhruv Agarwala, Group CEO, Elara Technologies.

A total of 5.33 lakh units were delivered across the nine markets in calendar year 2019, and another 5.45 lakh units are expected to be delivered through the course of calendar year 2020.

Jan 16,2020 | moneycontrol

Housing Ministry Launches E-Commerce Platform For Real Estate Sector

To bring the trust back in the real estate sector, housing ministry launched an e-commerce platform to facilitate homebuyers in identifying genuine properties.

The online platform is for projects that have received occupancy certificates (OCs) and is expected to create a seamless, safe and transparent home-buying experience for home buyers. The ministry official said that it will create positive sentiment for the real estate industry, boosting confidence and faith amongst home buyers, enhancement of liquidity flow in the industry and contributing to growth of the economy.

After the launch, the portal will be open for one month only for the real estate developers to register their projects following which the portal will be opened for home buyers with a 45-day sale peridot starting February 14, 2020.

The objective of e-commerce platform is to bring transparency in the sector and offer only certified projects.

“The sector has gone through turbulent times so far. With improving sales and a recovery that we have witnessed in the past year, it is time that the industry joins hands and helps the consumer quickly make a purchase decision.

The portal is designed for the all industry stakeholders with a powerful backend platform which manages and displays the most accurate inventory data in the market, and allows buyers to book their flats directly online,” said Niranjan Hiranandani, national president of National Real Estate Development Council (NAREDCO).

The portal ‘HousingForAll.Com’, will help buyers in accessing best priced inventory by builders for a limited time to take full advantage of best pricing. Buyers will be able to view complete listing info including floor plans, room dimensions, video tours of units and external views looking out from windows / balconies.

Buyers will also be able to directly book/reserve a unit from the portal with a refundable payment of only Rs 25,000. They will also get 'Money Back Guarantee', where their initial buyer deposit made on portal is completely secured and fully refundable in case buyer elects not to purchase the unit. Customers will be immediately notified if any units they have shortlisted are already sold.

“The rising levels of transparency and professionalism in the India’s real estate market has made it attractive for domestic as well as global investors. HousingForAll.Com is yet another effort in garnering support of today’s smart consumer, who wish to buy in quality projects. This way, developers have a platform, where homebuyers will have an option to buy from some of the finest projects of reputed developers,” said Rajeev Talwar, Chairman, NAREDCO.

Jan 16,2020 | Indiatimes

Gautam Budh Nagar Reduces Commercial Circle Rates

With the commercial real estate market going through a slump, the district administration on August 7 approved a reduction in circle rates in Gautam Budh Nagar, with effect from August 8. The reduction is 21% for floor-wise commercial property and 21.5% for individual commercial property.

This is for the first time that the district administration has reduced circle rates — the minimum value at which sale or transfer of property takes place — in some categories in Gautam Budh Nagar since the UP Stamp (Valuation and Property) Rules came into effect in 1997. The administration has also waived the 25% surcharge for malls and 6% surcharge for group housing societies — 2% each for club, swimming pool and gym — across the district.

"We had earlier proposed the reduction in circle rates, seeing a stagnation in the sale of larger commercial properties in the district. Since the proposal did not meet with any objection, we have cut down the rates to keep them more realistic," District Magistrate BN Singh told TOI.

As circle rates for commercial property in Noida has been the highest in Noida's sectors 18 and 38A, the rates in these areas have now been reduced from Rs 4.5 lakh to Rs 3.55 lakh per sq m for shops, from Rs 3.52 lakh to Rs 2.78 lakh for offices and Rs 3.45 lakh to Rs 2.72 lakh for warehouses. Commercial property rates are the lowest in areas such as sectors 63A, 69, 95, 103, 106, 109, 11, 123, 138, 145, 150 and Noida Export Processing Zone (NEPZ).

Officials hoped the reduced circle rates will be a relief for investors and homebuyers in Noida as it is also going to bring down registry charges and stamp duty. "We realised that the surcharge for escalator and AC was levied only in Noida malls, and not in Greater Noida or any other neighbouring city. We were seeing an increasing trend towards renting mall space, rather than buying it," said S K Tripathi, Additional Inspector General of the stamps and registration department.

No changes have, however, been made in residential, commercial, institutional, industrial and IT/ITeS categories in Dadri, Jewar and Greater Noida. "With the new international airport coming up in Jewar, it is the most promising area in terms of revenue. In the coming year, we are hopeful that more people will invest in Jewar, especially in commercial property. So, there is no apparent need to reduce rates in that area," Singh said.

Aug 08,2019 | Magicbricks

Law Unclear, Buyers Struggle With Parking

The real estate act is fuzz when it comes to parking spaces, especially open parking slots. We give you a primer on how builders often take advantage of this and leave homebuyers cribbing and cursing, and how you can protect your interest!

Did you know that depending on the project, you pay Rs 3-10 lakh for parking slots when you buy a house! Yet, there is no guarantee your parking slot won't be tucked away in some remote corner of the society.

Take the case of Vikash Bhatia. The Builder-Buyer Agreement mentioned a covered-car parking slot and Vikash paid Rs 3 lakh for a covered car parking in his highrise society.

But, to his dismay, he found that he was offered an open space to park his car, as all the car parking slots near his tower were allocated. Finally, he got a covered space in the basement, which was far from his tower. Now he parks in the open space near his house.

Builder-buyer agreement

As a buyer, you must make sure that the Builder-Buyer Agreement mentions a covered-car parking, if you are paying for it. In one instance, a buyer found the agreement stated an open car parking, which he got changed at the time of registration to covered parking, which he paid for. The stamp paper to register your house must mention covered-car parking.

Even when it is mentioned in the Builder Buyer Agreement, the exact slot is often not mentioned. The buyer must get this allotted from the maintenance office of the builder.

There have been instances where the same parking slot was allocated to two residents. This is a clear violation of the law.

Parking slot

When a new society is formed, there is plenty of parking space. The first allottees get the best slots, as there is no rule that the slot must be in the same tower as the flat. As the occupancy increases, the number of cars also grows. Mostly, you get car parking slots on a "first come, first served" basis, but some societies mention the car parking slot for each flat before a buyer moves in.

Rules in realty act

Open-parking spaces are part of common areas as per the Real Estate (Regulation and Development) Act, 2016. The law also defines garage as a place within a project having a roof and walls on three sides for parking any vehicle, but does not include an unenclosed or uncovered parking space such as open parking area.

"There is no comprehensive policy related to parking space in highrise societies. The realty act treats open spaces as part of common areas, which cannot be sold. We take the view of both the buyer and builder in case of dispute related to issues like parking. But we can't take specific action regarding allocation of parking space in the absence of any comprehensive parking policy. However, we will act where the same parking space is allocated to two buyers or any other issue troubling a homebuyer," Balvinder Kumar, member of UP RERA, says.

Parking charges

At the time of buying a flat, you get two options for parking — open and covered.

However, residents cannot enjoy exclusive rights on open car parking slots. Whoever comes first can park their car depending, on the availability. On the other hand, residents who pay for covered parking enjoy exclusive rights on the covered slots. In the Nahalchand Laloochand Pvt Ltd versus Panchali Co-operative Housing Society case in Mumbai, the Supreme Court upheld the Bombay HC order which ruled that open parking spaces cannot be sold by a builder.

As per the building bylaws, a builder must provide parking space in a housing society but there is no standard rule related to allocation and, often, this becomes a bone of contention among residents.

Aditya Parolia, a Supreme Court lawyer, says: "The law is not clear on parking spaces in highrise societies. Builders can sell covered parking spots but it varies from state to state. Some builders mention parking spots for owners and ensure that it is done transparently while others leave it upon the residents to decide or distribute on a 'first come, first served' basis. RERA, too, is not very clear on parking spaces. In a state like UP, builders can charge for stilt parking but in states like Haryana, they cannot. Buyers must check the Builder-Buyer Agreement specifically mentions the parking slot, if they are paying for it. The builder must provide parking if he has charged for it."

Jul 31,2019 | Magicbricks

Illegal Structures Will Be Demolished Without Even Giving Notice: KCR

Terming the new Telangana Municipalities Act-2019 as a citizen-friendly urban policy, Chief Minister K Chandrasekhar Rao on July 19 said the intent behind the new legislation is to regulate municipal bodies. He said illegal constructions, if found, after obtaining permission, will be demolished without serving notices.

"Citizens are given freedom, including self-certification, for their property tax assessment, but false claims and illegal constructions will be verified by flying squads. We are like a mother, who feeds her children and also raps them when the need arises," he said, introducing the bill in the Assembly. "People follow rules only with devotion or fear," he said.

According to the new bill, no permission would be required for construction of houses (ground+first floor) in plots below 75 square metres. "All they have to do is register online by paying just Rs Rs 1," he said.

He also made it clear that there would be no more nagar panchayats henceforth, only municipalities, municipal corporations and urban development authorities.

Claiming that he took special care in drafting each line in the bill, he said strict action would be taken against corrupt employees and those who do not issue certificates in a time-bound manner. "Now, an employee (municipal employees) can be transferred to anywhere in the state," he said.

Each municipal ward would have four committees with eminent persons, women, youth and retired people. These committees would hold regular 'darbars' on local issues.

In municipal wards, councillor, in-charge officer would be given the task of growing plants, if they don't, they would also be removed. "Green committees will be constituted in every district under the chairmanship of the collector to improve green cover, both in urban and rural areas," he added.

"We are very transparent. I want all those who want to contest municipal elections to read the new legislation first," the CM added.

Stating that collectors would be vested with more powers, he said the bill ends the power of ministers to give stay on orders given by collectors on sarpanches in panchayats or municipal ward councillors. "Village revenue officers (VROs) have been playing havoc with lives of people. They change land titles according to their whims and fancies. They can even transfer my land illegally. We will not spare (corrupt officials) any more," he said.

The CM clarified that the state government would decide dates of municipal election, but would not interfere in the affairs of the State Election Commission.

Chief Minister K Chandrasekhar Rao on July 19 said he would personally conduct darbars in villages on podu land and give pattas to tribals.

An urban excellency centre would be set up in about 25 acres in the state, the CM announced in the Assembly. "With 50% population to be in urban areas, everyone, including elected representatives, should have understanding about urban governance. They will be given training at the urban excellency centre," he said.

Jul 22,2019 | The Times of India

Don’t Be A Victim Of Real Estate Investing, What You Need To Know?

Over the past few decades, real estate has delivered higher compounded returns than other investments. So why isn’t everyone taking all their money and putting it into a Bangalore apartment, a Pune commercial property, or a real estate fund? Because the returns might look attractive, but the process of finding the right investments is complex. There are many moving parts, and regular investors are not equipped with enough time or information to understand the details and identify the best opportunities.

This explains why for every person who seems to have made a retirement-worthy fortune from a real estate investment, there seems to be another person with burnt fingers, left unhappy and disillusioned with this asset class. At best, these bad experiences range from the hassle of paperwork and red-tape to sub-par returns and project delays, at worst they can be victim to project failures, market crashes, or even scams.

The fact remains that real estate is one of the most lucrative asset classes in the current market environment, and seems to be getting stronger and stronger. So here’s a primer on the basic risks every investor needs to be aware of before investing in real estate, and some tips on how to minimize those risks and not become a victim of a poor investment.

Market Risk: The real estate market is more stable than the stock market, and in the long term tends to pay off handsomely, but it is not immune to periodic shocks. More importantly, there is a huge level of variation within the market and a wide range of outcomes between the winners and losers. Real estate is all about location, specifications, pricing, and execution, and investors rarely have much insight beyond their immediate location.

What you can do: It is not easy to access enough information such that an informed choice can be made. But finding the players who have such information and a proven track record of high returns is not very difficult. So find an investment management firm that has strong market experience, highly selective curation, and a track record of several years of consistently good returns.

Financial Risk: Real estate is one of the most capital-intensive industries, and a lot of the risk associated with these highly-profitable projects has to do with the availability of the right amount of capital at the right time. This is seldom easy. The market itself can face a liquidity crunch and there are structural risks in how the capital is deployed by the developer.

What you can do: Any firm through which you choose to invest in real estate must have the financial expertise of a large PE fund and be capable of structuring their capital optimally and eking out every last bit of returns to ensure your money is working for you in the most lucrative and secure way possible.

Legal Risk: Real estate projects are complex in the sheer number of permissions, statutory approvals, and licenses required from a variety of government agencies. Given the elaborate checklist of clearances involved, projects often run into roadblocks, delays, and in the worst case, cancellations, after they are well underway, because of regulatory and legal issues.

What you can do: Make sure you invest only in projects driven by firms with legal expertise and a strong history of successful and rigorous due-diligence. Today, there are even firms that handle the entire paper-work process on your behalf and give you a completely turn-key and hassle-free experience that allows you to rake in the returns from the comfort of your living room.

Project Risk: These are immense undertakings, requiring a high degree of expertise right from the planning, design and pre-construction phases, through the actual construction and then to sales. Spanning many years, these investments return rich dividends, but require liquidity, stability, and risk management. Failing strong execution competence, projects can run over-budget, or not meet design specifications or timelines, either due to internal or external factors. All of these reduce the value of the project.

What you can do: The importance of choosing an experienced developer cannot be overstated. The easiest way to do this is to invest through an investment manager who does this curation for you.

The bottom line

Real estate investing isn’t easy. Fortunately, it’s getting easier and easier due to new types of investment funds that create highly curated portfolios of real estate opportunities. Whether it is Blackstone and its REIT with Embassy that offers steady cash flows, albeit with modest returns, or funds such as through SmartOwner, where you get a high-return opportunity by investing in new developments, the degree of transparency and ease of investment is at an all-time high today. In transactions, more access to information, more consolidated and professional management, and a slate of new technology-driven firms that offer a paradigm shift in the way we invest in real estate, are combining together to make it easy for you to profit from the world’s largest asset class.

Jul 15,2019 | realtyfact.com

DLF transfers Noida mall to its subsidiary for Rs 2,950 crore

NEW DELHI: Realty major DLF Thursday said it has transferred shopping mall in Noida, Uttar Pradesh, to its subsidiary firm for Rs 2,950crore, as part of efforts to settle dues of its joint venture firm with GIC.

DLF has to pay Rs 8,700 crore to the DLF Cyber City Developers Ltd (DCCDL), which is a joint venture firm of DLF and Singapores' sovereign wealth fund GIC. It wants to settle this dues by September this year through transfer of rental assets and land parcels.

In a regulatory filing, DLF informed that the company has transferred itsproperty, Mall of India, Noida to one of its subsidiaries Paliwal Real EstateLtd, in the ordinary course of business at an arm's length consideration of Rs2,950 crore, arrived on the basis of the valuation report of an independentvaluer.

May 08,2019 | Economic Times

IIT Roorkee resubmits environmental plan for Ghaziabad

GHAZIABAD: IIT Roorkee which was hired by Ghaziabad Development Authority (GDA) to prepare an environmental plan for the city has submitted its report to the development authority. The report has been sent to UP Pollution Board to ascertain its viability because the earlier report which IIT Roorkee had submitted was rejected by the board saying it was ‘un-implementable.’

The content of report however was not divulged by either GDA or the board saying that it is being assessed and only after that it would be released officially.

“Even though we are the nodal agency and we hired IIT Roorkee to prepare environmental plan for the city, it is UP Pollution Board which has the expertise to assess it and so we have forwarded it to them,” said Ishtiaq Ahmed, chief architect and town planner, GDA. The pollution board official on the other hand first feigned ignorance of the report, but later said that they are still going through it.

Apr 29,2019 | Economic Times

Residential property prices may rise in second half of this financial year

Residential property prices across India’s major markets are expected to rise in the second half of this financial year as sales momentum is expected to pick up pace with an increase in demand.

The downtrend in prices was arrested with some markets witnessing an increase in demand. “In the past five years, bigger residential markets like Delhi-NCR (National Capital Region) and Bengaluru saw a marginal dip in average property prices while Mumbai, Pune and Hyderabad witnessed 2-3% rise in average prices, said a recent report by 360 Realtors.

“By the middle of FY 2020, market sentiments are expected to further change with acceleration in price growth. As demand will spiral upwards, prices will rise,” said the report.

Apr 19,2019 | Economic Times

Gaurs Group to invest Rs 350 crore in a residential project at Yamuna Expressway

Gaurs Group will invest Rs 350 crore in its residential project Gaurs Runway Suites situated at Yamuna Expressway, the company said in a media release.

Manoj Gaur, MD, Gaurs Group said, “The project cost has been funded through internal accruals.”

According to UPRERA's website, the company plans to complete the project by February 2027. It will have 828 commercial studio apartments with price starting from Rs 15.49 lakh.

The company recently announced that it had raised Rs 500 crore from Kotak Mahindra group for faster execution of its two projects at Noida Extension.

Apr 16,2019 | Economic Times

Muthoot Homefin to raise Rs 300 crore via debentures

Housing finance company Muthoot Homefin Friday said it will raise up to Rs 300 crore through issue of debentures. The base size of the issue is Rs 150 crore, with an option to retain over subscription of a similar amount, aggregating up to Rs 300 crore.

"Muthoot Homefin (India) Ltd, a wholly-owned subsidiary of Muthoot Finance, is proposing a public issue of up to Rs 300 crore by issuing secured redeemable non-convertible debentures (NCDs) of the face value of Rs 1,000 each," the company said in a statement.

The issue will open for subscription on April 8, and is scheduled to close on May 7, 2019, with an option of early closure, and/or extension, it added.

The NCDs would have a tenure are 2, 3.2, 5 and 7.5 years, with monthly or annual interest payment frequency or on maturity redemption payments with effective ranging from 9.25 per cent to 10 per cent.

Apr 08,2019 | Economic Times

Residential sales jump 58% on year in January-March, launches up 91%

Defying previous election year trends when sales and new launches remained muted during this period, the first quarter of 2019 has witnessed both housing sales and new supply rise driven by several measures by the government including sops offered in the interim budget, GST rate cuts and lowering of home loan rates post the Reserve Bank of India’s recent repo rate cut.

Residential property sales rose 58% from a year ago to 78,520 apartments during the quarter ended March across top 7 cities. The jump in sales was led by Mumbai Metropolitan Region (MMR), Pune and Delhi-National Capital Region (NCR) with an increase of over 95%, 80% and 52%, respectively, showed data from ANAROCK Property

Apr 05,2019 | Economic Times

Property registration up by 10% in Indore

District stamp and registrar department has witnessed a surge of around 10 per cent in number of property registrations due to increasing demands in affordable housing segment. Still, local office is expected to fall short of around Rs 200 crore from its annual target of Rs 1340 crore.

This financial year, local stamp and registrar department has witnessed number of property registrations crossing the 95,000 mark and with still five days remaining, the figure is expected to cross one lakh for the first time. “The department had a target of Rs 1340 crore for 2018-19. We have collected around Rs 1090 crore revenue through property registrations,” senior district registrar BK More told TOI.

Mar 28,2019 | Economic Times

Only 39% of 79 lakh PMAY homes built so far: Report

With only 39 per cent of the homes sanctioned under the Pradhan Mantri Awas Yojana built so far, completion of affordable housing projects under the PMAY has been slow, according to an Anarock report on Sunday.

"Progress under the PMAY has been slow. As of now, we're not looking at realistic completion of the targeted number of homes. As per the Ministry of Housing and Urban Affairs, out of the 79 lakh homes sanctioned under the PMAY so far, only around 39 per cent have either been completed or occupied," it said.

"The gap is too big to ignore," the report said.

Mar 26,2019 | Economic times

Share market update: Realty shares bullish; Indiabulls Real Estate surges 8%

NEW DELHI: Realty shares were trading higher in Tuesday's morning session.

Shares of Indiabulls Real Estate (up 8.24 per cent), DLFNSE -1.14 % (up 5.00 per cent), Sunteck RealtyNSE 0.98 % (up 4.51 per cent) and Brigade Enterprises (up 3.14 per cent) were trading with gains.

Sobha (up 2.17 per cent), Oberoi Realty (up 2.10 per cent), Prestige Estates Projects (up 2.07 per cent) and Godrej Properties (up 1.97 per cent) too were trading in the green.

Mar 15,2019 | Economic Times

Home buyers want to take over debt-laden property developers

Staff cooperatives have already registered their presence in the list of potential acquirers of Indian companies put into administration.

In a first, homebuyers are now seeking to take over property developers sunk in debt, claiming they have the biggest at stake in projects where the bulk of their savings are stuck.

An association of apartment buyers has submitted a resolution plan to revive a Delhi-based builder, Kindle Developers, which failed to deliver homes in Noida after accepting payments from flat buyers.

The move comes after Parliament passed in August an amendment to the bankruptcy bill, allowing homebuyers to be treated on a par with secured financial creditors.

Mar 06,2019 | Economic Times

Noida sector 51 residents complain over illegal possession of vacant plots

Residents of Sector 51 are finding themselves unable to get the attention of the authorities on the problem of encroachment on vacant plots of the sector by local villagers.

Despite the Allahabad high court ordering the removal of the illegal structures in 2015, the residents say squatters are increasing with each passing day.

“Make-shift structures have popped up near the VDS (village development scheme) market due to upcoming metro station. We’ve requested senior officials of Noida Authority to look into the matter and remove the said encroachments, mostly by residents of adjacent Hoshiyarpur village, immediately,” RWA secretary Sanjeev Kumar told TOI.

Mar 06,2019 | Economic Times

With GST rate cut, you have another reason to buy a home

Demand for residential properties is expected to receive a major boost following the government’s decision to cut the goods & services tax (GST) rates for under construction projects to 5% from effective rate of 12%. In a major push to stated objective of ‘Housing For All by 2022’, the government has reduced GST to marginal 1% for affordable housing while revising the definition of such homes.

Prior to this, under-construction residential properties attracted rate of 18% and effective rate of 12% after factoring one-third abatement for the value of land. The effective GST rate for affordable housing was 8%. Ready properties that have received occupancy certificate (OC) do not attract GST.

Feb 25,2019 | Economic Times

GST relief for realty sector coming: Piyush Goyal

NEW DELHI: Finance Minister Piyush Goyal on Thursday said the government is considering giving relief to the real estate sector and the next GST Council meeting could take some steps to address their issues even as he asked the banks to meet the realty sector on stalled projects in two weeks.

At the industry body CREDAI event here, he also advised the realty sector to sell off inventory even in the current pricing about which the realtors complain as being low. Goyal has been asking banks to setup lending to the housing sectors.

Feb 25,2019 | Econimic Times

Government gears up to woo angry homebuyers

After months of protest and agitations from aggrieved home-buyers, especially in Delhi-NCR, the Centre has finally sprung to action. The government’s plans to fast-track the completion of thousands of homes left incomplete due to the failure of errant real estate developers comes even some affected customers in Noida and Greater Noida threaten them with no votes if grievances aren’t addressed.

“There is some movement… the attempt is to give relief to home buyers. The ministry is in talks with NBCC. However there has to be some procedure for that and the ministry has already asked NBCC for a quotation,” a senior official in Ministry of Urban Development told this publication.

Feb 18,2019 | New Indian Express

2019: a propitious year for the real estate market

The year 2018 has been a resuscitating year for real estate in our country. Housing sales have shown an emergence in its sales with the preoccupation of the real estate players on the completion of projects. The implementation of the subsidies under Pradhan Mantri Awas Yojana (PMAY) this year has also brought about some trends the market including Affordable Housing, Co-working, etc.

This helped in the improvement of transparency and accountability in the sector by restoring faith in the market. Although there is a delay in according an 'industry status' to the real estate sector, but anticipations are high from 2019 with the upcoming budget, infrastructural development and new metro lines to bring about favourable changes in the sector.

Feb 18,2019 | Business Standard

New metro rail line to boost housing demand in Noida, Greater Noida: Real estate developers.

Housing demand and prices may rise in Noida as well as Greater Noida with the launch of a new metro rail service, linking the twin-cities in western Uttar Pradesh, according to real estate developers and consultants. The new metro rail service, called Aqua line, runs through 21 stations -- 15 of them in Noida and six in Greater Noida -- and covers a distance of 29.7 km.

"The upgrading of infrastructure due to metro connectivity is expected to help in spurring the demand for residential.

Feb 13,2019 | Economic Times

Around 40,00 flats to be delivered this year in Noida: UP-RERA

At least 40,000 flats in Noida and Greater Noida are set to be delivered in 2019, officials at the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) have said.

They have arrived at the figure after carrying out a series of inspections of housing projects last month.

Most of these projects are registered with the regulatory body and are in their final stages of completion. In their review last month, the Rera teams had examined nearly 50,000 flats, of which 40,000 are at various stages of completetion and are likely to be delivered this year.

Jan 11,2019 | Admin

UP Government Approves Rs. 1,260 Crore For Jewar Airport Land Acquisition

The Uttar Pradesh government has approved a fund of Rs. 1,260 crore for acquisition of land for the proposed Jewar airport in Gautam Buddh Nagar, according to an official document.

The amount, released for acquisition in the first phase of airport construction, is to be spent for land acquisition and payment to the farmers concerned, the letter stated.

A total of 5,000 hectare land is required for the development of the proposed Greenfield international airport and cost Rs. 15,000 crore to Rs. 20,000 crore, the officials said.

Dec 17,2018 | NDTV

WTC Noida CBD: Know About Noida’s Most-Sought After Commercial Property

After the roaring success of WTC Chandigarh, WTC GIFT Gujarat, and WTC Noida, the developer is coming up with another lucrative WTC branded IT/ITES project. Located in Sector 132, Noida, WTC Noida is set to launch another commercial office space project, WTC Noida CBD, that will change the face of the area.

Dec 17,2018 | Reaulty Buzz

Festive season fails to cheer realty sector, but NCR builders not disappointed

Hit hard by the slowdown in the market as well as various policy reforms for some time now, the real estate sector was betting big on this year’s festive season for revival of fortunes. However, as per market sources, the realty market failed to record sales as expected and also no significant change was noted in the number of inquiries seen during this festive season – although this varies from city to city and region to region.

Dec 14,2018 | Financial Express

Supertech grants occupancy certificate to its 1260 flats in Eco Village-1

The Greater Noida Development Authority has granted a nod to Real estate group Supertech Limited for 1260 flats under its Eco Village-1 project. Occupancy certificate have been granted to 13 towers under this project by the Authority. The project has approximately 8,000 flats where occupancy certificate is being granted phase wise, company chairman R K Arora said here.

Dec 13,2018 | Uni India

PM may open Gr Noida metro line on Christmas

PM may open Gr Noida metro line on Christmas","NOIDA/GHAZIABAD: Nearly a year after Prime Minister Narendra Modi came to Noida to inaugurate the Botanical Garden-Kalindi Kunj stretch on December 25, the UP government is hoping to get the PM visit the city again.
This time, the effort is to have the PM inaugurate the extension of the Rithala-Dilshad Garden metro corridor to New Bus Adda and open the Noida-Greater Noida metro line (Aqua Line).
Currently, the two corridors are undergoing extensive trials, with both awaiting final inspection by the commissioner of metro rail safety (CMRS).

Dec 12,2018 | Times of India

Supertech plans to monetise 1 million sq ft retail space in Noida for Rs 1,200 crore

Realty firm Supertech plans to raise about Rs 1,200 crore by monetising its 1 million sq ft retail space in a mixed-use project at Noida, a top company official said.

The company is in advanced stages of talks with some private equity players to sell retail space in the Supernova project, its Chairman R K Arora.

Dec 11,2018 | Economic Times

BJP Lawmaker Mangal Prabhat Lodha Is India's Richest Realtor. See Top 5

Mangal Prabhat Lodha, the founder of Lodha Group and a lawmaker of the ruling BJP, has become the nation's richest real estate developer after the company's sales increased 22 per cent. Lodha's wealth is estimated at Rs. 27,150 crore ($3.8 billion), according to the GROHE Hurun India Real Estate Rich List. Lodha, who started the real estate business three decades ago in Mumbai, is constructing the 75-story Trump Tower in the commercial capital.

Dec 09,2018 | NDTV

Delhi pollution turns ‘severe’, authorities ban construction, look to regulate private vehicles

Delhi’s air quality turned ‘severe’ on October 30, 2018, for the first time this season, with stubble burning intensifying in neighbouring states, authorities said. The overall Air Quality Index (AQI) was 401, falling in the ‘severe’ category, the highest this season, the Central Pollution Control Board (CPCB) officials said. The centre-run System of Air Quality Forecasting and Research (SAFAR) recorded the AQI at 410.

Dec 08,2018 | Housing.Com

Making home owners creditors under IBC may not solve the problem: View

The IBC process has been amended and included home owners as creditors with a seat on the creditors committee. This has come about due to the numerous cases in the NCR region with companies like Jaypee, Amrapali, Unitech, etc. not delivering and in financial difficulty.

However, there is a fundamental flaw in trying to resolve real estate projects through the IBC route. The IBC regulations have been designed for resolution and revival — the primary assumption being that the business is ..

Dec 07,2018 | The Economic Times

Hero Realty forays into NCR; to invest Rs 900 crore in housing project on Dwarka Expressway

Hero Realty has forayed into the Delhi-NCR property market and will invest about Rs 900 crore over the next four years to develop a premium housing project in Gurugram, a top company official said.

Hero Realty, the real estate arm of Sunil Kant Munjal-led Hero Enterprise, has completed many projects in Haridwar and is currently developing projects in Mohali and Ludhiana. It builds and markets projects under the brand Hero Homes.

Dec 06,2018 | The Economic Times

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