Top 10 expectations of real estate sector from Budget 2017 - Times of India

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:

Industry status

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

Preventing division of joint property : Hindustan Times

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.

• 10 Dec 2016
• Delhi
• The author is a senior partner at Zeus Law, a corporate commercial law firm. One of its areas of specialisations is real estate transactional and litigation work. If you have any queries, email them at ht@zeus.firm.in and htestates@hindustantimes.com. Sunil
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• with thanks : Hindustan Times : Dated 10th December, 2016

A to Z Furnishing Brings New Range of Home Furnishing Items

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. 

You can also fill up the form at http://atozhomefurnishings.com and you will be contacted. The form for subscription can also be filled for the latest news and updates. 

The 2D3D Floor Plan Company Offers High Quality and Interactive 3D Floor Plans

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/

TATA Housing New Launch – La Vida, Gurgaon (Just 0.5 km from Delhi with 30:70 payment plan)

La Vida is designed with the vision to create a forest inspired living by establishing a connection with nature, at the same time focusing on all aspects of lifestyle and recreation.

With only 0.5 kms from Delhi, as you enter La Vida, you see towers emerge from a forest of trees to adorn the distant skyline. As you proceed along a winding shaded road, glimpsing at the sky through the over-arching trees, to the sound of birds’ symphony, children’s laughter and the smell of fragrant flowers, you hope that your drive and experience is never ending.

Alongside the curving drive, you find nested spaces, inviting you to play. Playgrounds, flower clusters, herb gardens, reflective pools, and picnic pavilions satisfy even the most hard to please.

The winding road ends at your own island grove and retreat. The clamor of the city streets fade to a distant murmur.

La Vida gives its residents an active community space and provides a safe, vibrant and warm abode for families.  La Vida will be a landmark in the years to come.

Amenities

v  80% open area dedicated to landscaping and recreational spaces

v  15,000 sq. ft. Clubhouse with best-in-class facilities

v  Active sports amenities like full basketball court, 2 badminton courts, 1 tennis court, 800 m internal jogging track & a cricket pitch to create a wholesome opportunity for the residents

v  Themed terrace gardens

o   Yoga and Meditation terrace

o   Private parties terrace

o   Board games, like, chess, checkers for teen/adults

o   Dance or Exercise classes

o   Art classes for kids, painting, arts/crafts, sculpture making, pottery

v  Dedicated and safe children’s play area - Play equipment which can be customized to make them more interesting along with a themed colour. A sandpit adjoins play area in a court while the slide down the tree deck also leads one to a sandpit underneath

v  Water plaza, reflective pool and lily pools

v  Art installation plaza

v  Tower lobbies with art displays

v  Art Walk at the clubhouse to display works of children or resident artists

v  Barbeque corner

v  Party lawn

Landscape

v  1.85 acre vehicle free central greens comprising of a sunken garden with stepped seating and grass terraces

v  Sunken Garden of approx. area 40mx70m, totally basement free natural ground planted with indigenous & flowering trees to enhance the forest feel. One end has steps and grass slope with seats descending to this space, An amphitheater of a different kind. The other end has sloping grass for children to have fun rolling down or running down.

v  Fruit Tree Bosques - Jamun, mango, Amla, Guava, Chikoo- which give fruits in plenty to enchant the residents with fresh from the trees produce

v  A Mosaic of small lawns + sit-outs + planting beds is all around between the ground floor verandahs & the walking/jogging path.

v  Art installations in the landscape- rough hewn blocks of stones arranged in small lawn spaces, while they can be used for sitting, create a sculptural visual. Alongside, feature walls can be graffiti walls for residents to express themselves creatively

o   Active sports amenities like full basketball court, 2 badminton courts, 1 tennis court & a cricket pitch create a wholesome opportunity for the residents

v  Sky walk overlooking the central green connected by tree houses with slides for kids

v  Herbal garden

v  Flowering trees overlooking the residential towers

v  1000 trees planted within the 9 acre property – more than100  trees to an acre

Specifications

v  Building

o   IGBC pre-certified gold rated building

o   Well ventilated lobbies

o   Double height ceiling in the clubhouse

o   High speed elevators

o   Vitrified flooring in lift lobbies and corridors

o   Earthquake resistant structure as per IS code

o   DG power backup in common areas and lift

v  Living/Dining/Kitchen

o   Vitrified flooring, sliding French windows, OBD paint

o   Anti-skid vitrified flooring tiles, sink board with drain board, exhaust fans in the kitchen

v  Utility room in the kitchen

o   Anti-skid ceramic flooring tiles, MS railing, electrical, drain and water supply point

v  Bedrooms

o   Vitrified flooring, anodized aluminum window frame

v  Toilets

o   Wall mounted WC, wash basin with counter in master toilet, best in class fittings

v  Security

o   Video door phones in every home

v  Balcony

o   MS railing, anti-skid vitrified tiles

v  Electrical

o   Premium series of switches and plates

The Club house

v  The Club, nested under the centrally located towers overlooking the central green  will provide the very best amenities to all residents.

v  A double height lounge and reception will welcome you at the entrance and a well naturally lit art walk will lead you to other health facilities.

v  Spa facilities will be available with massage room, steam, sauna, shower as well as change rooms for a large outdoor swimming pool. 

v  The Health club with fully equipped Unisex Gym has been provided. Active sports facilities including squash court, billiards, cards, multi-purpose hall for dance or yoga provides a variety of health and fitness activities.

v  An audiovisual room for 8 to 10 people and a restaurant with a fully equipped kitchen serving a large banquet hall will provide opportunities for bigger gatherings.

v  Kids’ corner and reading room will take care of the little ones needs.

Pricing

Saleable Area (in Sq. ft.)	Carpet Area (In Sq. Ft.)	Basic Sale Price (Inclusive of 1 Car Parking)	BASIC COST (In Rs.)
1276	880	8500	10846000
1330	917	8500	11305000
1573	1085	8500	13370500
1579	1089	8500	13421500

Payment Plan

Expression of Interest – Rs.5 Lacs only

Within 45 days – 10% less Rs.5 lacs

Within 75 days – 10%

On or before 31st August 2016 – 10%

On receipt of Occupational Certificate – 70%

7 Switch off as you go | qAlways recycle | P Save a tree... think before print.... Go green

Signal woes? Building bylaws bar mobile towers in residential areas

NEW DELHI: The new unified building bylaws that may make it easier to obtain permits could worsen signal problems for mobile phone users.

The new bylaws say there should be no mobile phone towers in residential areas.

This has led to confusion among the municipal corporations as almost 80% of such towers are believed to be in residential areas.

“No signage/communication tower and advertisement is to be provided in residential buildings,” the bylaws state.

Union urban development minister M Venkaiah Naidu released the new unified building bylaws for Delhi on Tuesday. Apart from simplifying procedures, these have reduced public-official interaction to reduce corruption.

“Going by the new bylaws, there should be no mobile towers in residential areas. Considering that only 20% of the total mobile towers fall in non-residential areas, this may lead to cellular problems,” said a high-ranking municipal official. Officials said they would either wait for an order from the high court in an ongoing case or approach the Centre for clarification.

Mobile phone operators approached the high court in 2010 after the corporation changed its policy regarding the establishment of such towers. The case is still pending. “A lot of things have to be kept in mind while implementing the bylaws. They might require certain modifications so that the public is not hassled,” said Ashish Sood, leader of the house, South Delhi Municipal Corporation.

Technical experts say call drops occur due to an increase in the number of dead zones. These zones are a result of either fewer mobile towers in range or due to hindrance in the signal. Towers have a range of 5 km . You lose signal when you are either out of range or in a ‘dead zone’.

The three municipal corporations say the total number of mobile towers under their jurisdiction is 7,926.

Officials, however, argue that the total number of unauthorised towers are more than half of that.

“The total number of mobile towers before trifurcation was 5,252. However, the number has increased exponentially in the past three years near residential areas,” said a municipal official.

Officials argue that while most new towers violate building bylaws, for others, the corporation has not been paid.

with thanks : Hindustan Times : Dated 3rd April, 2016

Single-window clearance for construction plans in Delhi

For residential plots up to 105 square meters, the owner need not obtain sanction of building plans.

In a significant policy shift in Delhi’s building by-laws, the Union Urban Development Ministry on Wednesday announced “single-window clearance” for construction plans for both residential and commercial properties within a month, while exempting owners of residential plots up to 105 square meters from seeking sanction of building plan.

“The laws have been made user-friendly through unification and simplification of a host of amendments made over the last three decades and integration of approvals by different agencies into a single platform,” said Urban Development Minister Venkaiah Naidu at a press conference here. “The new process would reduce human interface and enable approvals in just 30 days,” he added.

For residential plots up to 105 square meters, the owner need not obtain sanction of building plans. “You (owner) can just submit an undertaking intimating about construction along with requisite fees and other documents to start construction,” said Mr. Naidu, while explaining the new amendments.

Previously, applicants had to go through a cumbersome process to get sanction of building plans as it involved scrutiny and approvals from various government agencies such as the National Monuments Authority, Department of Environment and Heritage Protection, Delhi Fire Services and the Airports Authority of India.

With the modification of the building by-laws, an applicant can now file one single online application to the concerned urban local body.

Highlighting another key amendment in the laws, Aishwar Rao, the chief spokesperson of the Ministry, said that payments for obtaining approvals from various departments have also been consolidated in the same online form. “With a click of your mouse, you can make one single payment electronically,” said Mr. Rao.

The amendments come in the light of the World Bank’s “ease of doing business” ranking of 2015, in which India is at the 130th position.

A senior official in Urban Development Ministry told The Hindu that a directive came from Prime Minister Narendra Modi’s office asking Mr. Naidu to “simplify” the process of granting permits to new constructions. The final goal, the official said, is to gain the confidence of foreign investors by creating a “smart” urban infrastructure.

After Delhi, Mr. Naidu said that Mumbai would also unify its building by-laws. “After these two major cities (Delhi and Mumbai) we would ask other cities to follow suit,” he added.

with thanks : HINDU : LINK : for detailed news.