Search This Blog

Monday, November 6, 2017

Is that the Real Time Air Quality Index monitoring at Delhi - Asks B S Vohra, Environmental Activist

It has been observed that the Real Time Ambient Air Quality data, being shown by DPCC, on its website has some Technical flaws. On the Diwali night, our Team was keeping an eye on the figures of Air Quality Index and the outcome at a specific time was very Shocking and as below: 

ITI Shahdara,  23.20pm,  PM10 NIL, PM2.5 NIL
Patparganj,  23.20pm,  PM10 NIL, PM2.5 NIL
Sriniwaspuri,   23.20pm,  PM10 NIL, PM2.5 NIL
Rohini,  23.15pm,  PM10 NIL, PM2.5 NIL
R K Puram, 23.20pm,  PM10 NIL, PM2.5 NIL
Mandir Marg, 23.20pm, PM10 NIL, PM2.5 317
JLN Stadium, 23.20pm, PM10 985, PM2.5 NIL
DITE Okhla, 23.20pm, PM10 NIL, PM2.5 NIL
Ashok Vihar, 23.10pm, PM10 NIL, PM2.5 NIL
DITE Wazirpur, 23.20pm,  PM10 NIL, PM2.5 NIL
IGI AirportNo Data at all - page not in operation
Civil LinesNo Data at all - page not in operation

It clearly shows, that out of the 18 stations, at least 12 critical points as above, were not showing any data, at a critical juncture, on the Diwali night, when Hon’ble SC had ordered a ban on the crackers, to analyse the impact of the ban on the levels of Pollution in Delhi.

DPCC must look into it very seriously & must take necessary steps to remove the technical problems if any, so that the clear figures could come out for making the serious policy decisions, in this most polluted city.

B S Vohra
Environmental Activist,  
President, East Delhi RWAs Joint Front - Federation

Monday, September 4, 2017

Affordable housing may help revive real estate

By Pradeep Aggarwal
The moment GST got rolled out in India, the real estate sector was in a state of dilemma regarding how to go about the new taxation system and what will be the new rate. However, ever since the rate of 18 per cent got declared for this sector, where effective rate was 12 per cent (after 33 per cent of abatement), a question playing on everyone’s mind was – why is the same rate applicable to the affordable housing segment as well?
 Affordable housing, revive, real estate, housing for all by 2022, rera, GST
In the last Union Budget, affordable housing got accorded with infrastructure status, thus signalling a strong government support for the same. After GST’s implementation, hopes were high that either this segment would be kept out of its ambit or the lowest bracket of tax would be made applicable to it. The only respite that came for developers was the slashing of GST rates for construction works being handed out to independent contractors, in case the developers are not developing the projects themselves. The rate at which the contractors would now charge GST for their work has been reduced to 6%, which will help in marginally bringing down construction costs.
A lower tax net was needed in order to reduce the burden on developers and thereby assisting the customers with lesser tax liability. Furthermore, with the anti-profiteering clause in GST, developers will have to abide by the rule to pass on the benefit of input tax credit to the respective customers. Thus, it is a win-win situation for both developers and customers, that will gradually help expand the demand for affordable housing.
With a housing shortage of over 2 crore units for the urban poor in India and demand for low-cost housing increasing, a simplified and transparent real estate sector had become the need of the hour where RERA has promised to answer the queries and come out with solutions to the customers. Affordable housing will succeed in following the concepts and rules of RERA which will secure the future interests of every buyer. With affordable housing being a brainchild of the Central Government aimed towards fulfilling the mission of Housing for All by 2022 and RERA striking at the correct time, a different parcel of real estate sector will become prominent in the near future.
with thanks : Financial Express : LINK : for more details.


Prime Minister Narendra Modi is not called a risk taker for nothing. Apart from the game changing demonetisation and GST, one sector that has undergone a radical transformation is real estate
Prime Minister Narendra Modi is not called a risk taker for nothing. Apart from the game changing demonetisation and a slew of other moves which have unearthed more than Rs 1.25 lakh crore of black money, and still counting, if there is one sector that has undergone a radical transformation, it is real estate.
A recent Confederation of Real Estate Developers’ Associations of India (Credai)-Cbre report highlighted how the Real Estate (Regulation and Development) Act (RERA), the Goods and Services Tax (GST) and theReal Estate Investment Trusts (REITs), will enhance transparency; improve investor sentiment; increase the share of organised sector; regulate unorganised sector; encourage competition and consumer confidence; improve ease of doing business; enhance operating fabric; make affordable housing the growth catalyst in the real estate segment; and last but not the least, give impetus to the Pradhan Mantri Awas Yojana which envisages housing for all by 2022  against the backdrop of a shortage of 20 million affordable homes in urban India alone.
The current BJP-led NDA Government’s commitment is reflected in the smart cities mission which is worth one lakh crore rupees; the Rs 77,000-crore Atal Mission for Rejuvenation; and the urban transformation scheme that provides basic ammenities like water supply, sewerage, transport to households and various other measures like the creation of the Rs 4,000 crore National Investment and Infrastructure Fund.
The real estate market, hitherto marked by opacity and unscrupulous players, is set for transformation for the better, given the regulatory overhaul by the Modi Government. It is estimated that seven billion dollar, or maybe more, from offshore equity investors, large corporates and High Net Worth Individuals, are slated to enter the real estate space this year  after $5.7 billion by way of Foreign Direct Investment and $32 billion via private equity funding in 2016.
Speaking of affordable housing, enabling policy initiatives like 100 per cent service tax exemption to affordable housing and according it ‘infrastructure status’, increase in abatement period from three to five years, hiked exemption limit on interest outgo on home loans, Credit Linked Subsidy Scheme under Pradhan Mantri Awaas Yojana, linking home loans to Marginal Cost of Lending Rate to ensure effective monetary transmission of interest rate cuts by banks, Benami Property Act, higher budgetary allocation for rural housing from Rs 15,000 crore to Rs 23,000 crore in 2017-18, allocation of Rs 29,000 crore under the Pradhan Mantri Gramin Awaas Yojna, will go a long way in ensuring the initial target of 10 million homes by 2019.  Such initiatives will ensure a ‘living’ reality for a large swathe of India’s 1.3 billion population.
Coming to GST in the real estate sector, what is commendable is that the GST has brought all indirect taxes (service tax, excise duty and value added tax), which applies to procurement of goods and services during the construction stage, under one unified tax. This has lead to a scenario where what remains is only direct taxes like capital gains tax, wealth tax and, of course, stamp duty.
Considering that almost 70 per cent of the real estate market caters to the middle and high income segments, the GST should help shift focus, particularly for smaller developers, towards the Economically Weaker Sections and Lower Income Groups of the society.
Also, the biggest hurdle for developers has been removed by allowing deduction of land value equal to one-third of the total amount charged by developers, thereby ensuring that the developer passes on the input tax benefit to the buyers. 

with thanks : Pioneer : LINK : for more details

Real estate companies in churn mode after GST & Rera

The real estate sector is slowly catching up after being affected by the goods and services tax (GST) and Real Estate Regulation And Development Act (Rera). It has, however, seen a lot of churning among senior management roles, especially in finance roles.  At least half a dozen senior executives, including chief executive officers (CEOs) and chief finance officers (CFOs), have quit and joined rivals or started as independent professionals in the last couple of weeks. “After the GST and Rera, finance, compliance and legal roles have become very critical and are in ...

with thanks : Business Standard : LINK : for more details

Sentiment in real estate is positive for the medium- to long-term period

In a Facebook Live discussion with Mint, Smantak Das discussed the sentiment of stakeholders—homebuyers, investors and developers—in the residential real estate market. Edited excerpts:
Smantak Das, chief economist and national director, Knight Frank India
How do you observe the current residential real estate market? Where is it heading?
I think the real estate sector in India has gone through the most important reforms in the last 6 months to 1 year and these reforms are phenomenal in my opinion. These reforms are going to give medium- to long-term benefit to the sector. If you go by sentiments on the supply side—the financial institutions and developers—definitely they are more into aligning themselves in the new era of real estate. Customers are still in the wait-and-watch mode and they are definitely watching more from the angle of confidence and the angle of transparency. That’s exactly what the customers are looking forward to because of these reforms. But for the developers, this is recalibration of the business model because it’s a new era for them. In my opinion, this is a new paradigm for the real estate sector. So sentiments are slightly confused. Definitely both the consumers and developers have a very positive medium- to long-term outlook. But currently, it is slightly in a state of confusion.
What do you mean by a positive outlook in medium- and long-term?
For the developers, the positive outlook will be to increase the sales volume because, as you know—for example in National Capital Region (NCR) and Mumbai Metropolitan Region (MMR)—the sales volume have come down drastically, by 50% to 70% from the last peaks of 2010 and 2011.
I’m sure that they are not looking at any price escalation. Of course, there will be some normal price escalation that is definitely warranted. But they are not looking for a sudden jump in price as it used to happen 3 or 4 years back.
From the customers’ side, there are more of confidence issues because they have to get the product that they invested for. They have to get the product on time and should get all the amenities that were promised. I think, that is the major problem from the demand side, i.e., the consumer side. From the consumer side, the expectation is that the residential sector should be much more transparent, they should have good recourse to any failures of commitment.
Though home loan rates have come down about 2% in the last couple of years and property rates are either stable or have came down a bit; demand from homebuyers is not increasing? Why is it so?
That is exactly the scenario today. If you talk of the macroeconomic scenario, it is more or less stable and good. That’s what we have analysed.
If you talk of real estate prices, either in some locations there is a decline in prices or mostly there is stagnation. That means, time correction has taken place if you look at inflation-adjusted prices. Then, interest rate has touched 8.3% to 8.4%, which is like 2009-10 levels, when we had 8% or 8.25% on home loans.
So what is it that is deterring, or not allowing, customers to come off the waiting bench and sign the dotted lines? I think the confidence in developer, to deliver the product that they want is not there. Reforms have taken place in the residential sector in India and we will very soon get back the confidence of the buyers.
Do you think there is a mismatch between demand and supply in real estate?
I don’t think there is much of mismatch now. Back in 2008, just after the financial crisis, affordable housing was just a name. There was no real steam in it. Now we are getting full support of the government—and the government has a focus on affordable housing. For instance, giving it the infrastructure status and the Pradhan Mantri Awas Yojana.
So, there is not much mismatch now because even in cities like Mumbai we are seeing some good launches of relatively affordable houses. Of course, in other places also there will be a lot of initiatives in this type of affordable housing, which is good because previously there was a major mismatch (between what the sellers offered and the buyers wanted). Now that gap is slowly reducing because of this affordable housing initiative by the government and the focus from developers.
Yes, the mismatch is still there probably in the confidence, in the timeline of completion; that we have to still wait and watch because RERA (Real Estate (Regulation and Development) Act, 2016) is in place in most of the states and probably that will bring a match. So two things: price mismatch (which in my opinion is now coming to a convergence) and the mismatch towards the confidence (the time of delivery) should get mitigated in the medium to long term.
As per reports, to make houses more affordable in cities like Mumbai, developers are reducing the size of flats. Is this the right approach?
The approach is very simple. Given that the per square feet prices are difficult to reduce—15-25% reduction is sometimes very difficult because you have to understand that the developers are also many a times price takers. They too face the price impact of input factor like labour, steel and cement; which are definitely not coming down. Plus the land prices. Taking into account all these factors, I think the developers have started—in certain parts of Bangalore and Mumbai —reducing the size of flats. But trust me, I’ve seen that they are not pigeon holes. These are very compact houses. Good for a small family and in my opinion, as far as our survey goes, there is good reaction to these types of launches.
So we have to still wait and watch to see how the demand side is reacting to these compact houses. My opinion is that it is not as bad as we had thought it would be, because even in places like Bangalore—where you generally have bigger houses, projects with slightly smaller houses are selling because the ticket sizes are affordable. In Mumbai too, projects with smaller house sizes are not doing too bad.
Is there a possibility of further correction in prices or is it going to stay stable for some time?
We have analysed most of the cities and we have seen that for the last 3 years, if you see the consumer price index (CPI)—that is the retail inflation growth—I think in most of the cities your house prices has increased less than that, even in a city like Mumbai. So I would not say that there would be a price correction as such, because time correction has already happened and prices have been stagnant for the last 3 to 4 years.
So what I would say is that the type of upsides that we used to see in real estate investment, like price doubling in 3 or 4 years, those things are all history now. Because you have to understand that the real estate as an investment avenue will compete with other investment avenues.
So I don’t think I will see in the next 5 to 10 years that prices are doubling in 3 or 4 years, which was a very normal norm in real estate—at least that’s what we saw in 2008-09, and even in 2011.
We saw a lot of price appreciation, but then again it has stagnated. So that scenario is gone, that’s history now. The upside in price of real estate will be very normal upside, which has to now compete with other investment options.

with thanks : MINT : LINK

Friday, June 30, 2017

GST : List of items in the 28% slab

List of items in 28% slab of Goods and Services Tax (GST):

  • Sugar and sugar confectionery
  • Cocoa and cocoa preparations
  • Preparations of cereals, flour, starch or milk; pastrycooks’ products
  • Miscellaneous edible preparations
  • Pan masala
  • Beverages, spirit and vinegar
  • Tobacco and manufactured tobacco substitutes
  • Salt; sulphur; earths and stone; plastering materials, lime and cement
  • Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes
  • Tanning or dyeing extracts; tannins and their derivatives; dyes, pigments and other colouring matter; paints and varnishes; putty and other mastics; inks.
  • Essential oils and resinoids, perfumery, cosmetic or toilet preparations
  • Soap, organic surface-active agents, washing preparations, lubricating preparations
  • Artificial waxes, prepared waxes, polishing or scouring preparations
  • Explosives; pyrotechnic products; matches; pyrophoric alloys; certain combustible preparations
  • Chemical products
  • Plastics and articles thereof
  • Rubber and articles thereof
  • Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silk-worm gut)
  • Furskin and artificial fur
  • Wood and articles of wood, wood charcoal
  • Paper and paperboard; articles of paper pulp, of paper or of paperboard
  • Headgear and parts thereof
  • Prepared feathers and down and articles made of feather or of down – artificial flowers; articles of human hair
  • Articles of stone, plaster, cement, asbestos, mica or similar material
  • Ceramic products
  • Glass and glassware
  • Articles of iron or steel
  • Copper and articles thereof
  • Aluminium and articles thereof
  • Tools, implements, cutlery, spoons and forks of base metal; parts thereof of base metal
  • Miscellaneous articles of base metal
  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof
  • Electrical machinery and equipment and parts thereof; sound recorders and re-producers, television image and sound recorders and reproducers, and parts and accessories of such articles
  • Vehicles other than railway or tramway rollingstocks, and parts and accessories thereof
  • Aircraft; spacecraft and parts thereof
  • Ships, boats and floating structures
  • Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof
  • Clocks and watches and parts thereof
  • Musical instruments; parts and accessories of such articles
  • Arms and ammunition; parts and accessories
  • Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings
  • Toys, games and sports requisites; parts and accessories thereof
  • Miscellaneous manufactured articles
  • Project imports, laboratory chemicals, passengers’ baggage, personal importation, ship stores.
with thanks : : LINK : for detailed news

GST : List of items in the 18% slab

List of items in the 18% slab
The list of items in the 18% slab will be divided into two sections. The first section is the goods section and will name the various items that will be in this slab. However, the second section shall include the names of the various services that will be affected and has been put in the 18% slab.
The products under the 18% slab are:
  • Trademark
  • Bidi Patta
  • Goodwill
  • Software
  • Biscuits (all categories)
  • flavoured refined sugar
  • pasta
  • pastries and cakes
  • preserved vegetables
  • jams and sauces
  • soups
  • ice cream
  • instant food mixes
  • mineral water
  • tissues
  • envelopes
  • tampons
  • notebooks
  • steel products
  • printed circuits
  • camera
  • speakers and monitors
  • Kajal pencil sticks
  • Headgear and parts thereof,
  • Aluminium foil,
  • Weighing Machinery [other than electric or electronic weighing machinery],
  • Printers [other than multifunction printers],
  • Electrical Transformer,
  • CCTV,
  • Optical Fiber,
  • Bamboo furniture
  • Swimming pools and padding pools
  • Curry paste;
  • mayonnaise
  • salad dressings;
  • mixed condiments and
  • mixed seasonings
  • Footwear costing more than RS. 500
Now coming to the Services part, the top service to be taxed in accordance with the 18 percent slab are:
  • AC hotels that serve alcohol
  • telecom services
  • IT services
  • branded garments
  • financial services
Notably, Rooms with tariff between Rs 2,500 and Rs 7,500 will attract 18 percent of GST, while restaurants in Five-star hotels will also be charged according to the 18 percent slab.
with thanks : : LINK : for detailed news

Sunday, June 4, 2017

GST would match or be lower than the multiple indirect taxes on real estate

Priyanka Parashar/Mint
Goods and Services Tax (GST) is set to get implemented from 1 July 2017. There are different GST rates prescribed for various goods and services, which may impact their cost. A homebuyer will have to pay GST at the rate of 12% to buy a home. We talked to Rajeev Talwar, chief executive officer, DLF Ltd and chairman, National Real Estate Development Council (Naredco), about how GST will impact home prices. Along with GST, we also discussed the implementation of Real Estate (Regulation and Development) Act, 2016 (RERA), and more. Edited excerpts:
How will GST impact home prices?
Real estate sector was heavily taxed and we welcome a single stable 12% GST rate, inclusive of the value of land and with full Input Tax Credits. We are of the view that the actual tax impact under GST would match or would be lower than the existing multiple indirect taxes on the sector. There are a few things where we are still awaiting clarity like whether affordable housing will remain out of the ambit of GST or not, as is the case at present for implication of service tax, or whether there will be any abatement for homebuyers.
If not home prices, will it impact the profit margins of developers?
About margins, again it will be too early to say. But yes, margins will get impacted because when the tax is lower, prices should come down. Maybe some margins do get impacted and maybe in some areas they will remain unchanged. It may impact different segments differently, like affordable or luxury segments, because you have to pay a higher tax on higher-costing products. So maybe in case of luxury housing segment, there could be some impact on margins. But then when you say luxury or the premium segment, then the premium there also exists to take care of it. So, I think, hopefully it will allow a fair play of market forces.
GST is scheduled to get implemented from 1 July. At the same time RERA requires all the ongoing projects to get registered before 31 July. How are real estate developers managing these two big reforms? Do you think a 3-month window to get the ongoing projects registered is less?
No, we don’t think so. We were preparing for all such statutory requirements for long. Besides that, there is enough computerization in India. There are enough digital initiatives. I am sure that the earlier the Act gets implemented the better it will be. It will give time for people to get accustomed to the new ways of working or to the new regime, whether it is in real estate or taxation. I am sure this will not pose a problem.

with thanks : LIVE MINT : LINK ; for detailed news.

GST- A positive development for Real Estate

GST- A positive development for Real Estate

Mahesh Jaising / Prashanth Bhat

Real estate industry in India in the recent past has seen a phenomenal growth, not just in the Tier 1 cities, but even Tier 2 and Tier 3 cities and towns.  The industry is in the cusp of increased regulations, with bills such as the Real Estate (Regulation and Development) Bill, pending for approval in the side lines.  GST is another development that will have a significant impact on this sector.

Even though construction services has been taxable under VAT and service tax for a decade or so, the industry is still plagued with uncertainty on key basic issues that remains unsolved leading to intense litigation, especially on issues like transfer of development rights in land, taxability of joint development agreements, taxable value for goods and services, etc.  While it is expected that immovable property transaction, ie, transfer by way of sale of immovable property after completion, would continue to be outside the purview of GST and be liable only to applicable stamp duties, the proposed shift to the GST regime is expected to usher in the wings of change and wipe the slate clean in a bid for a fresh start on the indirect taxation of all other real estate transactions.  However, the foremost thought in everyone’s mind is whether GST is indeed the solution to an industry riddled with complex structures and issues.  

Today, this industry has two primary levies, Service tax and VAT, with overlap of tax base and constant disputes on the rate of tax, given the multiple options available for discharge of taxes across States.  This has resulted in diverse practices being followed by developers, across geographies and even within each State.  These issues should be put to rest under the GST regime and the practices and positions should be common across India.  Hence, the taxes paid by a home buyers across States should more or less be the same.  

Presently, home buyers pay service tax and VAT on purchase of residential units when booked prior to their completion. There are also various elements of non-creditable tax costs, like excise duty, customs duty, CST, entry tax, etc paid by the developer on his procurement side, which is inbuilt into the pricing of the units.  All these tax costs add upto anywhere between 22%-25% of the price of the units.  The proposed GST should replace these multiple taxes with a single tax and should also ensure smooth flow of credits through the chain.  Hence, it is widely expected that GST should reduce the construction cost in the hands of the developer and thereby aid in reducing or atleast maintaining the current level of prices in the real estate sector.  The only dampner could however be high GST rates (like the 27% GST rate that is doing the rounds) which will offset any possible gains on incremental credits.  Stamp duty is not proposed to be subsumed under GST and hence will continue as it is today.  

with thanks : Money Control : LINK : for detailed news

GST: How it will impact the real estate sector

GST: How it will impact the real estate sector
New Delhi: Implementation of the GST law will have a positive impact on the real estate sector with expected reduction in its tax burden, according to property developers and consultants.
"The enactment of this law will single-handedly solve many of the challenges faced by the real estate sector and help in pulling the sluggish sector out of its long slumber. Heavy taxes that are being paid currently by the developers will automatically go down by a considerable percentage," realtors' body NAREDCO President Parveen Jain said.
with thanks : Zee News : LINK

Wednesday, May 3, 2017

India property developers on notice: Clean up act or go to jail

Under laws that came into force Monday, developers have to use at least 70 percent of sale proceeds to complete residential projects, rather than funnel money to other jobs, and will no longer be allowed to start pre-selling apartments before all building approvals are obtained. Developers who don't comply with the new laws face up to three years in jail. 

The moves are aimed at cleaning up an industry where more than 30 percent of housing projects run at least a year over schedule, and developers are known for corner-cutting tactics such as starting work before all approvals are granted and using sub-standard materials. Developers accused of wrongdoing have seen their shares tumble, even as the main property index has surged this year. 

With thanks : Economic Times : LINK : for detailed news.

RERA: 5 Things You Should Know About India's New Property Rules To Protect Home Buyers

In a relief for home buyers, India has enacted new laws that govern the country's sprawling and overcrowded real estate market with harsh penalties against erring home builders.
Here are 5 things you should know about the new rules.

State-level legislation

While the main real estate act is centralised, individual states will have to ratify their own rules, and will have their own regulatory authorities. However, so far, only 13 states have notified their respective laws to the centre.
Both new building projects and ongoing projects will be subject to the laws, with the exception of certain projects that have already been completed.

Tighter screening of home builders

Home builders including those who have ongoing construction are required to register with their local state regulatory authorities in the next three months, and provide regular updates on the status of the building projects on the regulators' websites.
Builders will be required to deposit 70 per cent of the money they collect from prospective home buyers into an escrow account that will only be used for construction purposes. They will also need to disclose details of exactly when the property will be completed, and how much money they have already collected.
In addition, any new advertising of unsold property for ongoing projects or any major structural changes will need approval from two-thirds of existing occupants or home owners.

No more early bird deals

Home builders can now only advertise property and homes once they have received all the regulatory approvals.
In addition, builders will also have to enter a registered sale agreement if they collect more than 10 per cent of the home value at the time of booking the project.

Penalties for delayed projects

If a builder has delayed a housing project they will now have to either refund the entire amount they have charged, or pay interest on it until the home is delivered to the buyer.
Defaulters will be subject to an interest rate of two percentage points higher than that being offered by the State Bank of India, on the amount already paid.
Home builders that violate the new laws could be imprisoned for up to three years.

Real estate disputes

In case of disputes, instead of going to civil courts, home buyers can now take their complaints in connection to their property projects to special real estate courts that will be set up in each state. This is aimed at speeding up the current redressal process.
with thanks : huffington post : LINK : for detailed news report

Go after owners of benami property, PM tells officials

Prime Minister Narendra Modi on Tuesday reviewed the government’s initiatives against black money and directed revenue officials to speed up action against benami property holders.

At a three-hour meeting two days after the deadline for deposits under the Pradhan Mantri Garib Kalyan Yojna (PMGKY) ended, he discussed further steps against tax evaders. The authorities plan stringent action against tax evaders, given the dismal collection under the second round of PMGKY.

The government has collected just Rs 2,300 crore by way of tax, penalty and surcharge under the second tax compliance window launched after the November 2016 demonetisation. Official sources said Modi wanted quick implementation of e-assessment to minimise human interference. He told officials to find ways to widen the tax base by bringing more people under the tax net.

Post-demonetisation, the revenue department had warned those involved in benami transactions of rigorous imprisonment of up to seven years. Through advertisements in newspapers, it had cautioned that benami properties would be attached and confiscated. It had also attached assets around the country and registered about 250 cases. The properties included agricultural land, bank deposits, apartments and jewellery.

with thanks : Deccan Herald : LINK : for detailed news

Tuesday, March 28, 2017

Tata Tigor Style back - The New World of Style : BloggerPride

After the great Tata Hexa Experience, we again got an invite from the Tata Motors to try our hands on its new sedan – TIGOR, which is to be launched on 29th March. 

The first look of TIGOR was quite impressive. Though its front and sides looked somewhat similar to TIAGO, its rear side looked much better than all of its competitors in this segment. A beautiful car indeed.

The headlight is a smoked type with a black treatment given to it which makes it more impressive. The side profile of the new sedan is again similar to the Tiago but it looks more beautiful than any other car of this segment. 

The slope on its back makes it a top notch sedan and quite beautiful in looks with LED stop lamps and the LED tail lamps. The petrol version has the 15 inch Alloy wheels while the Diesel version has the 14 inch alloy wheels.

Interiors again are very impressive. It has the Automatic climate control system. The infotainment system has been designed by harman, with a five inch touch screen, eight speakers, and with the best of the sound quality in this segment. 

The steering wheel is quite sporty and adjustable, and has the telephony as well the audio controls on it. Seating system of the TIGOR also looked quite comfortable.

It has a boot space of 419 litres. Multi bar links make it easier to remove and keep the baggage while traveling. It has the 1.2 litre Revotron petrol engines with 84 bhp and the 1.05 litre Revotorq Diesel engine with 69 BHP.

We had to start from the Aerocity in Delhi, towards the Heritage Transport museum in Sohna & back but via NH 8, while returning. We were offered both the petrol as well as the Diesel versions. 

Kartik from Chennai was with me and he opted the Petrol version. The journey started and we passed from all kinds of roads that included busy ones, hilly as well the rural. The sedan performed perfectly and Kartik looked quite happy on driving it for the one side journey while I was busy in clicking the pics & videos.

While coming back I was in the driving seat and the beautiful machine that I had was a Diesel version. It was my first feel of TIGOR on the driving seat and truly it was quite impressive. The sedan was quite smooth in driving and truly very comfortable. 

Please view the technical details of TIGOR with beautiful pics, courtesy Tata Motors, in the video being embedded below. Bookings are now open and you can make your booking with any of the Tata Tigor dealers.

Pics courtesy - Tata Motors

with thanks : BloggerPride

Thursday, March 2, 2017

Add your Guest Blog Post / Article on Flourishing Property !

If you wish to add your Guest Blog Post or Article related to the Property / Real Estate, anywhere in India, please feel free to mail us / contact us via contact form. If approved, your Guest Blog Post will be uploaded on the Flourishing Property, absolutely Free of Cost. Our only aim is to generate awareness on the Real Estate sector. You can share Articles, Blog posts, Pics, Vids related to the Real Estate Sector only.  Thanks,

Monday, February 20, 2017

Housing Sales Fall 31%; Launches Dip 40% in December Quarter: Report

Housing Sales Fall 31%; Launches Dip 40% in December Quarter: Report
New Delhi: Housing sales fell by 31 percent while launches dipped 40 percent in eight major cities during the December quarter, over previous three months, due to market uncertainty post-demonetisation, says a report.
The stock of unsold houses however fell marginally by 1 percent to 4,53,592 units in Gurgaon, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru and Chennai from 4,59,067 units in the previous quarter, said PropEquity, a real estate data, research and analytics firm.
"Housing demand crashed across top eight cities in the fourth quarter of 2016 post demonetisation of Rs 500 and Rs 1000 currency notes," it said in a release.
Sales stood at 26,718 units during October-December, down 31 percent from 38,450 units in the previous quarter. Similarly, the launches of new homes dropped to 16,636 units from 27,696 units.
"Housing demand (absorption) across key cities declined by 31 per cent largely on uncertainty post demonetisation which led to very few transactions materialising in both primary and secondary market," the company said.
The launches of homes fell as developers were waiting to gauge the true extent of demonetisation impact on real estate before launching any new projects, it added.
"Real estate sector in India, especially housing is going through a critical transition phase post demonetisation as transaction activity has slowed down considerably," said Samir Jasuja, founder and CEO at PropEquity.
The average prices of unsold units almost remain stagnant at Rs 6,683 per square feet as buyers and sellers delayed their decisions.
"Going ahead, the recent budgetary announcement to grant industry status to affordable housing will surely provide ample push for this segment in India, a key initiative under Housing for All. Developers having projects in the affordable segment will benefit greatly with this announcement," the report said.
with thanks : News18 : LINK