Monday, February 20, 2017
Wednesday, February 1, 2017
Union Budget 2017 increased allocation to Pradhan Mantri Awas Yojana from Rs. 15,000 crore to Rs. 23,000 crore in the rural areas
Posted by B S Vohra at 9:15 AM
Union Budget 2017 proposes several positive measures for the real estate sector. Below are the key positives measures included.
Infrastructure status to affordable housing, which will reduce the cost of funding for the builders, the benefit of which he can pass on to the purchasers.
Capital gain tax period reduced to 2 years from 3 years, which means less capital gain tax for a person who intends to sell the house after two years of purchase instead of 3 years.
Posted by B S Vohra at 9:12 AM
Sunday, January 29, 2017
Real estate industry has high expectation from the upcoming budget 2016-17. Stakeholders are demanding that central government gives relaxation inincome tax rate, provide clarity on GST, raise House Rent Allowance (HRA) deduction and announce policies to standardize construction materials in order to uplift thereal estate industry.
Take a look at some of the major expectations that stakeholders have from the upcoming Budget 2016-17:
Directly or indirectly, the real estate sector contributes to over 15% of India's GDP. It has been asking for industry status for quite some time now. In its absence, developers are forced to borrow at high interest rates and comply with a stringent evaluation process. Unavailability of funds at a reasonable rate of interest delays the construction process and increases the final cost of homes, negatively impacting the end consumer.
Giving industry status to the entire real estate sector, instead of granting infrastructure status only to the affordable housing segment, would help in pushing the housing demand in India.
Single window clearance
For the real estate sector to really grow and execute its projects on time, various government approvals should be given in a timely manner. Developers have for long been demanding single window clearance to remove bureaucratic delays, which in turn delay delivery of homes.
Clarity on beneficiaries under PMAY
The government recently announced that interest rates of 3% would be applicable on loans of up to Rs. 12 lakh and 4% on loans of up to Rs 9 lakh, under the Pradhan Mantri Awas Yojana (PMAY). Now, two new income categories can avail higher loans with interest subsidies. The Budget should give more clarity on the actual definition of beneficiaries who can avail of these benefits.
For example - would young urban professionals hoping to buy their own apartments but not belonging to either the EWS (Economically Weaker Section) or the LIG (Low Income Group) segments be allowed similar subventions? Also, affordable housing is largely available in the fringe areas of metros and tier-II, III cities. Would certain redevelopment projects within metros meeting the affordable housing definition be granted similar benefits?
Financial protection from project delays
The deduction on interest of self-occupied houses is capped at Rs 2 lakh. For under construction residential units, however, if the construction is completed after 3 years, then the deduction is just Rs 30,000. This 3-year period starts from the end of the year in which the loan was taken. Lately, there have been many delays in the completion of many housing projects beyond the 3-year period.
This has caused hardships to property buyers. To provide them some relief, the government may consider allowing interest deduction in such cases without the cap of Rs. 30,000, and from the year in which the possession was due to the buyer as per the terms of the agreement.
I-T sops for first-time home buyers
Can a first-time home buyer looking at an affordable project get additional income tax incentives for at least five years? The Budget should throw more light on this. Any efforts in this direction would help the government move closer to its objective of delivering 'Housing for All by 2022'.
Also, given the lack of institutionalized rental housing in Indian cities, such a move could spur many fence-sitters into moving out from their rented apartments to owned homes. It could also encourage more developers to come up with products suiting these segments.
Simplified tax norms for REITs
We have not seen a single REIT listing till date because of the presence of multiple taxes. Until tax hurdles are removed for developers and asset holders, it is highly unlikely that we will see any REIT listing. The government should recognize the capacity of REITs to improve market conditions for the real estate sector and remove the policies constraining their growth. The government should look at:
Reduced level of taxation of REIT income
Waiver of capital gains for the developer at the time of transfer of property into REIT
Removal of service tax on lease premises
Higher tax saving on home loan & home insurance premiums
The government should increase the tax deduction limit for housing loans, especially for buyers in metropolitan cities. The current limit of Rs 2 lakh is insignificant, given the ticket sizes in cities like Mumbai where most houses are priced at Rs 1 crore and above. Also, tax concessions on house insurance premiums could be introduced to encourage end-users to insure their homes.
Similarly, the tax exemption limit should be increased by about Rs 1 lakh and be auto-set to match inflationary trends in a financial year.
with thanks : TOI : LINK
Posted by B S Vohra at 3:01 AM
Monday, December 12, 2016
HOUSE DIVIDED No one can transfer undivided interest in a joint property without taking into account the preferential right of co-heirs
Under the Hindu law of succession, if a person dies without leaving a will (intestate), his or her property devolves upon the class I legal heirs in equal proportion. By virtue of such inheritance, they become joint owners of such property. Complications may arise when one of them decides to alienate or transfer or sell his or her inherited undivided interest in the immovable property to a stranger. Undivided ownership interest in property means that share of the ownership in the property is identified but not demarcated till its partition or separation from other shares of such property. Till then, each coheir jointly owns property with others.
Section 22 of the Hindu Succession Act, 1956, confers a preferential right on the remaining co-heir(s) or co-owner(s) to acquire such undivided interest in that property. The purpose of conferring a preferential right to co-heir(s) is that strangers or outsiders need to be kept out to maintain the integrity of the property. It is a remedial measure to moderate inconvenience resulting from transfer to an outsider by a co-heir of his or her undivided interest in immovable property that was inherited along with other co-heirs.
The courts of law have on various occasions held that a statutory duty is cast on the transferor-heir to give notice of his intention to transfer his undivided interest. In cases where it is shown that the transferee has purchased the property without any notice regarding the same given to the remaining class-I co-heirs, the transfer could still be challenged after it was completed.
Other co-heirs can enforce their preferential right under the Act to acquire the transferred undivided interest by filing a regular civil suit before the competent civil court. Also, since the right to claim preference over a property in terms of a statute ordinarily is a weak right, a suit by the co-heirs for claiming such a right can be filed within one year from the date of sale of property and not later. It is pertinent to remember here that this special preferential right under the Act can be availed only for a joint property. In case a partition has taken placebetween the coheirs resulting in division of the jointly owned property through specific or respective allotment or demarcation of share to each co-heir, such preferential right shall not exist anymore. Each co-heir shall then have the liberty to transfer their respective demarcated/ partitioned share without any restriction to offer it first to other co-heirs.
Therefore, it can be said that under the Act, a co-heir cannot transfer his undivided interest in the jointly owned property that he inherited with other co-heirs, without reference to the preferential right of the co-heirs till such property is jointly owned. The law which provides for inheritance by co-heirs under class-I, limits the freedom of disposal of jointly owned immovable property. When the transfer is in violation of the above said provision, the remedy available for the other co-heirs will be to seek intervention of the court to enable them to acquire the right which has been transferred away by the other co-heir in violation of the Act.
Sunday, June 5, 2016
A to Z Furnishing is a home furnishing company that provides all the components for a fabulous interior. It is a one stop destination and the company supplies all the products at really affordable rates.
May 13, 2016 Mumbai: A to Z Furnishing is one of the leading names in the industry today and it has emerged as a top home furnishing supplier, selling items which includes a wide range of bed and bath linen, curtains, blinds, carpets, mattresses and pillows, table napkins and a wide range of other related. It has launched new collections for the coming season and all the items meet the highest international standards. The curtains and flooring items like carpets have been sourced from various countries and have already been picked up by major hotel chains for their interiors.
The individual buyers too have a lot to look forward to, especially with the upholstery as premium fabrics have been handpicked for the collection. Be it an antique piece that the buyer is looking for or an affordable item to cater to a large group of people, A to Z Home Furnishings can be trusted to live up to the expectation and provide the clients with all the items they require. They are also a uniform supplier for the members of the staff at any do and their new ranges of uniform designs are sure to grab all the eyeballs.
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Posted by B S Vohra at 1:25 AM
Sunday, May 1, 2016
New Delhi, India (April 20, 2016) - The importance of 2D and 3D floor plans is well known as the photo-realistic floor plan caters to the need of having interactive apartments and properties in real estate industry. In a competition to offer the best quality 2D and 3D floor plans, The 2D3D Floor Plan Company provides the high quality and creative 3D floor plan services at the most affordable prices. Experienced and highly talented 3D floor plan designers create interactive 2D and 3D floor plans as per the customer’s imagination which they want to have or they have to think about their dream home. To make their 3D plan more realistic, they also put interior decorations for the apartment such as wall colors furniture, windows, doors, kitchen, and bathroom setup just exactly like a real apartment by using latest software and designing technologies. They boast of their efficiency and proficiency in completion of more than 800 3D floor plan projects including various home areas i.e. living area, bed room, interior walls, windows, doors, electrical appliances, larger closet, kitchen area, bathroom, sink, shower, etc.
Now with the help of 2D and 3D floor plans, the customer can show photo-realistic and interactive 3D view of their homes in the form of a small model and this beneficial to the renters as they can see the full setting of the apartment without visiting the site. In addition, if someone wants to build a home by self-designing idea, then one can ask this company to make a 3D floor plan before starting the actual construction. With photo-realistic and interactive 3D floor plans, buyers or renters are getting a closer and more accurate view of an apartment or property without visiting the site physically.
One of the spokesperson comments, “What an amazing experience! Perfect team to go to bring floor plans to real life imaginations. You really blew my mind I love your work and definitely will be using you all year long.” Such testimonials reflect nothing but the repeated engrossment that The 2D3D Floor Plan Company offers to its clients.
Offering high quality work at most affordable prices, The 2D3D Floor Plan Company has become one of the best 3D floor plan companies. As their whole setup is in India, they give their service at extremely affordable prices and also one can get the quotation in advance to meet up their budget.
For more information about 2D and 3D floor plans, please visit http://the2d3dfloorplancompany.com/
Posted by B S Vohra at 11:00 AM