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Mumbai Developers Upbeat On Clearance To Various Infra Projects

May 14, 2019 by balajisymphony  

Property in Panvel

The developer community in Mumbai feels that the Supreme Court order that cleared the way for execution of Mumbai’s ambitious infrastructure projects – the Coastal Road and Bandra-Varsova Sea Link (BVSL) – will bring about a sea-change in the land-starved city.
The slew of various infrastructure projects will improve connectivity and decongest the prime locations of the city, said Abhinav Joshi, Head of Research at CBRE India.
Quoting a survey by bizbuzzindia.com, Joshi said it will also significantly impact the property prices in the vicinity besides giving a fillip to the demand for commercial and office spaces in the area.
The new corridor would be a shot in the arm for connectivity between the suburbs and the main commercial business district. It will reduce travelling time to 12 minutes from 60 minutes Due to improved connectivity from the farther suburb, the crowded areas of Andheri, Chembur, Ville Parle are expected to be decongested and the excessive pressure on the express highways would be relieved, he said.
To reduce travel time
Ashwin Sheth, Chairman and Managing Director of Ashwin Sheth Group, said the Coastal road, which is a 29.2 km-long-freeway along Mumbai’s western coast will reduce the travel time by 20 minutes and a vehicle taking the highway would save a third of the fuel daily, which will in turn reduce the carbon footprint by 1,826 tonne of carbon dioxide per year.
“Homebuyers will have more options while house hunting and with the upcoming metro lines, they will have access to every corner of the city,” he said.
Another project, the proposed Goregaon-Mulund link road, will cut down peak hour travel from Goregaon and Mulund from over 2 hours to 15 minutes. Similarly, there are various projects undertaken by the government to improve connectivity that will decongest the roads, save travel time and make travelling faster and easier, Sheth said.
Seamless connection
With the population now standing at 22 million, there is a need for expansion and newer markets to be integrated into one large metropolis. Infrastructure projects will seamlessly connect the zones together and fuel growth, Om Ahuja, Chief Operating Officer, Residential Business at K Raheja Group, pointed out.
According to Shailesh Puranik, Chairman and Managing Director at Puranik Builders, the road projects such as the Mumbai metro lines and coastal road will make commuting much more easier and provide easy and comfortable access to the island city from the suburban towns.

Balaji Symphony is one of the best Luxury residential and Commercial Real Estate developer and Builders in Panvel, Navi Mumbai. Provides lavish and luxurious developed 1 BHK, 2 BHK and 3 BHK Flats & Projects in Panvel. The venture is well prepared with all contemporary facilities and 24X7 protection support to accomplish the needs of the citizens with modern amenities and security services. Buy Property in Navi Mumbai.

Source - https://www.thehindubusinessline.com/news/real-estate/mumbai-developers-upbeat-on-clearance-to-various-infra-projects/article27116057.ece

Home Insurance Policy Types And The Cover They Offer Against Natural And Man-Made Disasters

May 10, 2019 by balajisymphony  

Property in Navi Mumbai

Damage to properties due to natural disasters, is one of the gravest financial setbacks that one may come across in life. The floods in Kerala in 2018, caused damage worth several thousand crores to property and made a large number of people homeless. “While humans cannot avert natural calamities, one can certainly protect their homes against them and minimise the loss or damage. Insurance is the first cover, on most people’s list. However, very few people take home insurance in India. Even though it is affordable, less than one per cent of people end up buying it,” says Amit Wadhwani, managing director, Sai Estate Consultant Chembur Private Limited.

Buying a comprehensive home insurance policy will ensure that a home buyer can be safeguarded against financial losses, if any event occurs. The policy can cover all types of natural and man-made disasters, including floods, earthquake, terrorist attacks and even robbery. Puneet Sahni, head-product development, SBI General Insurance, explains that “A comprehensive home insurance policy provides cover for the structure, as well as the contents of a home, against unforeseen circumstances, including natural disasters and hence, is recommended for home buyers, to ensure that they are not faced with a financial crunch.”

Types of cover that home insurance policies provide

Home insurance for the structure: This policy provides home buyers with protection for the structure of a home, which consists of the structure itself, along with permanent fixtures and built-in items.

Home insurance for contents: This policy provides home buyers with cover for the contents of their home, including furniture, jewellery, electrical and portable appliances.

Besides the basic protection, an insurance policy can also offer add-on covers, such as the cost of living in a rented accommodation while your house is being repaired. If the house is rented out, the owner can take cover against the loss of rent, if a natural calamity renders it unfit for occupation. However, these covers are for a limited period of up to a few months after the disaster.

A landlord insurance covers the financial risk to a property, caused due to earthquake, flood, fire, damages due to a tenant’s actions and so on. When the landlord incurs such financial loss due to damage to the insured property, then, the insurer pays for the replacement cost, to the extent of damage, after adjusting the deductible as per its terms and conditions. For example, if, due to fire, the kitchen is damaged, then, the insurance company will pay for the cost incurred in repairing the kitchen. However, before you get the claim amount, the insurance company may ask you to pay the deductible sum.

Which insurance policy should you buy?

A landlord may be more concerned about the structure of the property. Hence, he may like to buy insurance that covers the risk of damage to the structure. On the other hand, a tenant may be more concerned about the belongings and so, may like to buy insurance for the contents. A comprehensive home insurance policy product, may give you the benefit of risk cover for the contents, as well as the structure. However, before buying an insurance policy, the applicant should check out the list of inclusions and exclusions, to figure out what risk hazards the insurance product covers.

Insurance for under-construction properties

While a home insurance policy provides risk cover only for the constructed property, what if you have bought an under-construction property? In this case, experts suggest that it is the duty of the builder, to get a project insurance policy, to cover the threat to an under-construction property from natural disasters. So, before you buy an under-construction property on a home loan, check whether the builder has taken a project insurance cover.

Balaji Symphony is one of the best Luxury residential and Commercial Real Estate developer and Builders in Panvel, Navi Mumbai. Provides lavish and luxurious developed 1 BHK, 2 BHK and 3 BHK Flats & Projects in Panvel. The venture is well prepared with all contemporary facilities and 24X7 protection support to accomplish the needs of the citizens with modern amenities and security services. Buy Property in Navi Mumbai.

Source:https://housing.com/news/home-insurance-policy-types-cover-offer-natural-man-made-disasters/

 

Impact Of Divorce On A Property Under Joint Ownership

May 8, 2019 by balajisymphony  

Property in Navi Mumbai

Buying a home involves several legal and financial obligations. To distribute the burden of buying a home, people often opt for joint ownership, with relatives, especially the spouse. “The general view, is that it is a good idea to buy a home in co-ownership. However, each person can enjoy the tax benefits, only if they have separate and genuine sources of income. Also, if any legal dispute arises over the property, then, all the co-owners will be involved in the case. So, home buyers should evaluate all such possibilities, before making a final decision,” cautions Jeevan Kumar KC, head – investment advisory services at Geojit Financial Services. For a house which is under joint ownership between a husband and wife, problems may arise if the couple opt for a divorce. In such situations, it becomes necessary to determine who will get what portion and how the loan responsibility will be distributed.

Liability of home loan repayment, for a jointly owned property

“All co-borrowers have a collective responsibility, for timely payment of monthly instalments of the joint home loan. Default in the joint home loan, due to unforeseen incidents like divorce, death, medical condition, job loss of the borrower, etc., makes the other co-borrowers liable to ensure the servicing of the loan on time. For the financial institution, it does not matter who is contributing and how much one is contributing towards the repayment, as long as the loan is serviced on time. In case of a dispute or death of a co-owner or divorce or insolvency, etc., which may lead to default on the home loan repayment, the lending institution can proceed with the recovery process against all borrowers,” explains Kalpesh Dave, head – corporate planning and strategy, Aspire Home Finance Corporation Ltd (AHFCL).

To safeguard against such possible occurrences and to avoid disputes, the co-borrowers should plan the payment terms of the joint loan (such as percentage of contribution, payment type, account type – whether single or joint and the period), with the lending institution.

Settlement of jointly owned property, on divorce

When a couple decides to separate, the house taken jointly and which is mortgaged to a financial institution, has to be amicably dealt with. There are many ways to settle this and the outstanding amount:

Sell the property and clear the loan. The remaining amount could be divided mutually.

One party can take over the property ownership, by settling the contribution of the other party. The property can then be refinanced, based on his/her borrowing capability.

Clear one party’s name from the lending institution’s loan account. The institution shall assess the possibility of doing so and the loan amount outstanding, by examining the other party’s repayment capacity.

For a lending institution, all the applicants are equally liable for the outstanding amount, without disparity. Consequently, although nobody thinks of divorce-like situation in advance, it is very important for couples couple take help of the legal experts, before buying a home in joint names.

Balaji Symphony is one of the best Luxury residential and Commercial Real Estate developer and Builders in Panvel, Navi Mumbai. Provides lavish and luxurious developed 1 BHK, 2 BHK and 3 BHK Flats & Projects in Panvel. The venture is well prepared with all contemporary facilities and 24X7 protection support to accomplish the needs of the citizens with modern amenities and security services. Buy Property in Navi Mumbai.

Source- https://housing.com/news/impact-divorce-property-joint-ownership/

Fire Safety Precautions That Developers And Home Buyers Can Take

May 4, 2019 by balajisymphony  

Flats in Navi Mumbai

With skyscrapers increasingly coming up cities, an important concern for home buyers, is whether these buildings are safe, especially considering that several incidents of fire have been witnessed in metropolitan cities, in the last couple of years. A robust fire-fighting system is a crucial aspect of a building’s safety plan, regardless of whether it is a residential/commercial, hospital or educational premises. “In case of old buildings it is necessary for the fire department to take steps, to create awareness about fire safety among the residents of the building. In case of new constructions, it is imperative for developers to follow the legal framework for safety requirements. Apart from following the norms laid out by civic bodies for approvals, developers can add value, by selecting fire-resistant materials for constructions,” says Parth Mehta, chairman and managing director, Paradigm Realty.

Role of developers in fire safety

Aditya Kedia, managing director of Transcon Developers, points out that the major hazard in a tall residential tower, is the risk of a fire rapidly dispersing from one area to another, through elevator shafts, cavities of external walls, garbage chutes, storage areas or air-conditioning or extraction ducts. “To minimise this risk, residential towers have to be efficiently compartmentalised, as far as possible. Each home should comprise a separate ‘fire compartment’ that is secluded from its neighbours, by functional fire-resistant walls, windows, doors and access points. Regularly inspecting the fire alarm and emergency lighting systems in residential apartments and monitoring all the passageways and ducts that link the apartments and fitting them with fire-resistant coating, can also help,” Kedia explains.

Builders and architects have to plan for fire safety procedures, during the design/construction phase. Developers should ensure that the constructed complex is compliant, in terms of fire and smoke detection systems and fire alarm systems, adds Tushad Dubash, director, Duville Estates. “Fire extinguishing devices, whether it is portable fire extinguishers or automatic sprinkler systems, should be installed in the building including the parking areas. There has to be a clear evacuation plan and a fire safety plan, for preventing and extinguishing any accidental fire,” says Dubash. Apart from this, the real estate developer or residents’ welfare association, must conduct regular fire audits, to avoid any kind of untoward incidents. Developers must not hide any crucial information concerning hazards in the premises from the residents.

Ensure there is no vehicle parked or any item stored that can hinder the entry of fire-fighting personnel/equipment into the premises.
Developers/ residents should ensure the upkeep of fire refuge areas.
Avoid obstacles in shared walkways.
Refrain from connecting generators to another power source, such as power lines. The reverse electric flow could cause an electrical fire or even electrocute an unwary individual.
Ensure that you do not overload electrical circuits.
Never allow anyone to tamper with smoke detectors, fire alarms or sprinkler systems.

“Escaping unhurt in a crisis situation, requires stringent fire safety measures to be implemented, upheld and managed. In emergency situations there should be multiple escape routes available, in case the main route is blocked by smoke, gas or heat. The developers must also give due consideration, to how the emergency services can access parts of the building, to combat fire and/or rescue trapped inhabitants,” adds Kedia.

Fire safety precautions for home owners

Before finalising a home, buyers should look for security features, in addition to the other amenities on offer. “The building should have basic security components, like emergency alarms, fire extinguishers or automatic sprinklers and should be manned by well-trained security guards, who can help during an emergency. It is better to compromise on the carpet area of a flat, rather than opt for a property with no refuge area, especially in old constructions,” Mehta advises.

Once the Occupancy Certificate is received, the residents should conduct regular audits of fire-fighting equipment and practice fire drills. “Ensure that circuit breaker wires are not loose. Check if there are any signs of erosion on wire padding and insulators. Keep the areas around heat-generating kitchen equipment like oil burners, furnace, stove, etc., clear of flammable materials and trash. Trash should never be stored in the basement. Scrap that can fuel a blaze, should be immediately cleared,” concludes Kedia.

Maximising safety during fire hazards

Property developers should consider legal and safety measures, while designing and planning projects.

There are various clauses outlined by government bodies, with respect to fire safety, which developers should abide by.

Fire-fighting equipment is useful, only if it works during an incident. Hence, it is crucial to ensure that such equipment is maintained well.

Balaji Symphony is one of the best Luxury residential and Commercial Real Estate developer and Builders in Panvel, Navi Mumbai. Provides lavish and luxurious developed 1 BHK, 2 BHK and 3 BHK Flats & Projects in Panvel. The venture is well prepared with all contemporary facilities and 24X7 protection support to accomplish the needs of the citizens with modern amenities and security services. Buy Property in Navi Mumbai.

Source:https://housing.com/news/fire-safety-precautions-developers-home-buyers-can-take/

Balaji Symphony Builders And Developers In Panvel

April 25, 2019 by balajisymphony  

Property in Navi Mumbai

NOW, WALK IN THE CLOUDS

Imagine that elusive cloud 9 feeling, high up in the air, amidst the ethereal ambience of white floating in the limitless expanse of soothing blue. The symphony of tranquillity tickling every nerve in your body making you oblivious to the stresses of a happening city below. Balaji Symphony, a luxurious Property in Panvel is your very own exclusive oasis tucked away in the Sky, offering you lifestyle amenities at par with the best in the world. It is poised to become Navi Mumbai’s new iconic landmark.

A creation of path-breaking design and meticulous planning, Balaji Symphony, developed by renowned Builders in Panvel – Vishesh Group, represents the next generation of residential splendor. The project is a brainchild of Vishesh Group, acknowledged today as amongst the most visionary builders and developers in Navi Mumbai. True to the name, the Vishesh projects are designed to be ‘Vishesh’ from all angles.

The first impressions are mesmerizing, the second is inviting and the third, tantalising. Balaji Symphony spread across 10 acres, houses 11 monolithic towers of Ground + Stilt + Podium + 30 storeys.

Potential Symphonians will get to choose from a wide array of spacious and luxurious 2, 2.5 and 3 BHK Flats in Navi Mumbai, each boasting of rooms with breathtakingly open views of hills and the surrounding lush landscapes….but, with a ‘VITAL’ difference.

How To Buy a Home in Your 20s…

April 23, 2019 by balajisymphony  

Property in Navi Mumbai

Owning a home is a dream for many and being able to buy a home early in one’s career, can give you lots of joy. Experts point out that very few youngsters take the plunge into this big purchase, as the entire process is often challenging and complex. Although it may seem like a challenging task, if the process is managed smartly, the benefits are worth it.

“A house is one of the most expensive investments, as compared to other purchases. Hence, buying such an appreciating asset early, helps in correctly setting one’s financial goals. Earlier the investment, higher the opportunity to reinvest and multiply your returns,” says Samson Arthur, branch director – Hyderabad, Knight Frank (India) Pvt Ltd.

Benefits of buying a home in the 20s

For a millennial, buying a home is an investment in the financial future, says Rajat Johar, head of residential services, India, CBRE, who explains some of the advantages of buying a home in the 20s:

Future investment: It allows youngsters to invest in their future, as it provides them with an asset that can be sold, when they are ready to move on.

Youngsters tend to learn better spending habits: It changes the young buyer’s decision-making process, as they learn how to save and spend money in the most effective and efficient manner.

Tax benefits: As home buyers get tax credits, youngsters can use it for lowering their tax liability.

“Also, owning a house is a huge responsibility, which can make youngsters more responsible” he says.

Planning aspects that a buyer in his/her 20s should keep in mind

Planning the budget for a home, is more important than evaluating the maximum loan eligibility. For a first home purchase, set aside a budget that is affordable and in-line with your career growth and pay scale. Ensure that you have savings of up to 20-25 per cent of the value of the house, prior to purchase, while the rest could be from a home loan. Maintain sufficient balance in your savings, for emergencies and other investments like marriage, family, vacations, further education, vehicle, etc.

While most banks provide loans of up to 85 per cent of the property value, youngsters need to first check the EMI that they would be comfortable paying each month.

Sunil Sharma, VP – marketing and CRM, Mahindra Lifespace Developers Ltd, offers some suggestions for property buyers in their 20s:

Loan planning: Consult at least two to three reputed banking institutions, to understand the nuances of the home loan process, including documentation, interest, repayment terms, tenure implications, EMIs, etc.

Project location and connectivity: Work hours tend to be longer at an early career stage and thus, connectivity to core the business districts is important.

Social infrastructure: Nearby retail, dining and entertainment options must be considered, given the fact that youngsters give significant importance to recreation avenues.

Clear titles and other documentation: A younger buyer may need extra guidance on the various legal aspects of a property, such as land titles, statutory approvals, RERA compliance, etc. A consultant or expert can help evaluate the feasibility of a project in this context.

Inculcate financial discipline, by prioritising savings and asset building and you can end up becoming a smart real estate owner. If you get it right the first time, there is a good chance you will know the pitfalls during future investments.

Why buying a home in the 20s is a wise decision

Longer loan-tenure eligibility.
More tax saving, due to income tax deduction benefit available against home loan interest and principal repayment.
Risk appetite is higher, for which the rewards can be better.
A youngster has more time, to balance other financial objectives.

Balaji Symphony is one of the best Luxury residential and Commercial Real Estate developer and Builders in Panvel, Navi Mumbai. Provides lavish and luxurious developed 1 BHK, 2 BHK and 3 BHK Flats & Projects in Panvel. The venture is well prepared with all contemporary facilities and 24X7 protection support to accomplish the needs of the citizens with modern amenities and security services. Buy Property in Navi Mumbai.

Soruce:https://housing.com/news/buy-home-20s/

2,3 BHK LUXURY FLATS IN PANVEL

April 19, 2019 by balajisymphony  

Property in Panvel

Vishesh Group presents “Balaji Symphony” is one of the best Luxury residential development in Panvel, Navi Mumbai, provides lavish and luxurious developed 1.5 BHK, 2 BHK and 3 BHK Flats in Panvel. The venture is well prepared with all contemporary facilities and 24X7 protection support to accomplish the needs of the citizens with modern amenities and security services.

This township is spread across 10 acres of area with 11 Luxurious Residential Towers of 33 storeys & 2000+ flats of 1, 1.5, 2 & 3 BHK.

Thane Metro Gets Maharashtra Cabinet’s Approval

April 18, 2019 by balajisymphony  

Property in Navi Mumbai

The Maharashtra cabinet, on March 5, 2019, cleared a 29-kilometre metro line for Thane, which will be implemented by the Maha Metro, on behalf of the Thane Municipal Corporation. A statement from the chief minister’s office said the project will take four years to be completed and will be built at a cost of Rs 13,095 crores. Of the 29 kms, 2.2 kms will be underground and the rest will be elevated, it added.

Guardian minister of Thane Eknath Shinde, said the cabinet has approved the proposal and it will help decongest the densely populated areas of the city. It will have 22 stations and is projected to have a daily ridership of 5.76 lakhs, once commissioned and its fares will range from Rs 17 to Rs 104, an official said. The metro will start from the New Thane metro station in the old city area and will connect to the Wadala-Kasarvadavli Metro at two places, namely the New Thane station and Dongripada. It will also have a link to the Thane-Bhiwandi-Kalyan Metro Line 5 at Majiwada Junction.

“The roofs of the metro stations have ample space and can fit about 10 lakh solar panels, which will provide about 65 per cent of the network’s energy requirements,” the statement said. “The intra-city metro line is expected to not only help citizens travel to different ends of the city but also aid those travelling to the neighbouring cities through its inter-modal system,” the statement said.

Mumbai-Thane metro line to finally become a reality

Providing a boost to connectivity between Mumbai and its peripheral regions, Maharashtra’s chief minister has approved a 32-km metro line between Mumbai and Thane, which is expected to be completed by 2021

June 6, 2016: Maharashtra chief minister Devendra Fadnavis, on June 3, 2016, approved a 32-km metro line connecting Mumbai with adjoining Thane.

The 32-km Wadala-Ghatkopar-Thane-Kasarwadavali metro line is estimated to cost Rs 14,549 crore. The government expects to complete the project (Mumbai Metro Line 4), which will have 32 stations, by 2021.

After the commencement of services, the distance between Wadala (Mumbai) and Kasarwadavli (Thane) will be covered within 64 minutes.

The CM accorded approval to the project, during a meeting of the Mumbai Metropolitan Region Development Authority (MMRDA), an official statement said.

Fadnavis is the chairman of the MMRDA, which has undertaken a host of infrastructure projects, to improve traffic and transportations scenario in the financial capital and its surrounding areas.

The project will help connect Thane with Mumbai with a modern public transport system and have a huge impact on the development and areas around the corridor, the statement said.

Balaji Symphony is one of the best Luxury residential and Commercial Real Estate developer and Builders in Panvel, Navi Mumbai. Provides lavish and luxurious developed 1 BHK, 2 BHK and 3 BHK Flats & Projects in Panvel. The venture is well prepared with all contemporary facilities and 24X7 protection support to accomplish the needs of the citizens with modern amenities and security services. Buy Property in Navi Mumbai.

Source:https://housing.com/news/mumbai-thane-metro-line-finally-become-reality/

Maharashtra Stamp Duty Amnesty Scheme 2019: How Does Tt Work

April 17, 2019 by balajisymphony  

Property in Navi Mumbai

Stamp duty is a state subject and is administered by the respective states. The government of Maharashtra, on March 1, 2019, announced an amnesty scheme with respect to the penalty that can be levied for insufficient payment of stamp duty made in the past. The scheme is available only for certain real estate transactions.

Stamp duty in Maharashtra and existing penalty provisions

When you enter into any transaction of immovable property, whether it is a lease or sale or mortgage of the property, you are required to pay appropriate stamp duty on the agreement under which such transaction is being done. You are also required to register the document with the office of the registrar.

In case adequate stamp duty is not paid with respect to any instrument, the instrument is not accepted as evidence in any legal proceeding. Moreover, such inadequately stamped documents can also be impounded by the judicial authority, as and when submitted as evidence.

In order to rectify any such infirmity in the inadequately stamped document and to make it admissible as evidence, you are required to pay the differential amount of duty. You are also required to pay a penalty, calculated at 2% of the deficient amount of stamp duty, from the date of execution of the document till the date of payment of deficient stamp duty. However, the maximum amount of stamp duty that can be levied in such cases shall not exceed 400% of the deficient duty.

Gist of the Maharashtra stamp duty amnesty scheme

The scheme proposes to limit the penalty payable on certain transactions to 10% of the deficient stamp duty, instead of the 400% which can be levied in normal course by the government. The scheme can be availed of only with respect to inadequately stamped documents and cannot be availed of, if no stamp duty has been paid at all for such instrument. However, for documents executed by government corporations like the Maharashtra Housing and Area Development Authority (MHADA), City and Industrial Development Corporation of Maharashtra Limited (CIDCO) and Slum Rehabilitation Authority (SRA), the benefits under this amnesty scheme can be availed of, even if no stamp duty has been paid on such documents.

The scheme applies to all the transactions of sale or transfer of tenancy rights, of residential houses within Maharashtra. It even covers any instrument purporting to allot, transfer or sale any of the units in a housing society, which are eligible for deemed conveyance or for which deemed conveyance is pending. It also applies to transactions of allotment or transfer of all the immovable property units, whether residential or non-residential, of CIDCO, MHADA or SRA.

You can avail of the amnesty scheme for all the cases where the action for recovery of deficient duty has been initiated, or the cases which are subject matter of appeal before any stamp duty authority or before any court of law and with respect to which no decision has yet been pronounced. In case of pending appeal, you will have to withdraw the appeal unconditionally, before making an application under this scheme, with a declaration to this effect in the application form. You can also avail of this scheme for the documents that were not adequately stamped and you want to get them regularised. You can also avail of the benefit under this scheme, in cases where applications were made under any previous amnesty scheme and the stamp duty and penalty was not paid, by filing a fresh application.

However, you cannot avail of the amnesty under this scheme, to claim any refund of penalty if the same has already been paid, before the announcement of this scheme. This scheme is available only for documents that have been executed on or before December 31, 2018.

How to avail of the amnesty scheme on stamp duty penalty?

Any person who is party to any documents, or his successor in the title to the property, as well as power of attorney holders, are eligible to apply under this scheme.

In case you wish to avail of the benefit of reduced penalty under this scheme, you are required to make an application in Form A prescribed under the scheme. You are required to furnish your basic details, as well as that of the property which is subject matter of the documents. You are also required to submit the original instrument on which inadequate stamp duty was paid, along with self-attested copies of the other supporting documents. The application, along with the instrument and supporting documents, has to be made within a period of six months from March 1, 2019, i.e., by August 31, 2019, the period up to which the scheme will remain open.

Once the application is received in the stamp office, the amount of deficient duty, as well as the amount of penalty, will be communicated to you, based on the details submitted by you through an order. You are required to pay the amount stated in the order within 60 days, failing which your application will be treated as null and void.

Whom will this scheme benefit?

This scheme will benefit all the property owners who had purchased their present property in a housing society or those constructed by MHADA, CIDCO or SRA and the agreements thereof, were made only on stamp paper of nominal amount, or even in cases where the sale transaction was made on a plain paper, at a time when the registering authorities were not under any obligation to ensure that adequate stamp duty was paid on the document purporting to transfer the title in the property. This will help such owners to sell the property with ease, as the defect of inadequate stamp duty gets cured. It will also help many housing societies, where the conveyance is not yet done and wish to avail of the facility under deemed conveyance, for the land on which the building of the society is constructed. This will also help the residents of old housing societies who wish to opt for redevelopment.

Balaji Symphony is one of the best Luxury residential and Commercial Real Estate developer and Builders in Panvel, Navi Mumbai. Provides lavish and luxurious developed 1 BHK, 2 BHK and 3 BHK Flats & Projects in Panvel. The venture is well prepared with all contemporary facilities and 24X7 protection support to accomplish the needs of the citizens with modern amenities and security services. Buy Property in Navi Mumbai.

Source: https://housing.com/news/maharashtra-stamp-duty-amnesty-scheme-2019-how-does-it-work/

Will builders be forced to increase base prices if they have to choose the no ITC option?

April 12, 2019 by balajisymphony  

Property in Panvel

The proposal to reduce the Goods and Services Tax (GST) rate on under-construction projects, will have positive implications for the sector. Considering that the modest turnaround witnessed in 2018 was driven primarily by sales of completed projects, which do not attract GST, the reduction in GST on under-construction projects will be a strong impetus for the growth of the real estate sector in 2019. While the removal of Input Tax Credits (ITC) may reduce developers’ profit margins in the short term, the revived demand for under-construction projects will offset the impact of this, over the long term.

GST on real estate: Impact of the earlier high rates

The previous GST rate was a deterrent for home buyers. Developers had been looking to incentivise sales of under-construction projects, with special offers and discounts. The new rate reduces the pricing disparity between under-construction and completed projects. The new tax structure will allow a more balanced sale of inventory between under-construction and ready-to-occupy housing, providing relief to all stakeholders. This will boost sales of under-construction projects and spur demand for new projects.

Over the last few years, residential properties have remained under pressure in terms of pricing and developers have been forced to push sales using tactics such as discount offers and other forms of freebies. As the spotlight is on growth in terms of volume, it is believed that this pressure on prices is likely to continue. Only a handful of developers have managed fully absorbed the GST impact in the form of discounts, given the unfavorable demand in most micro-markets.

Problems associated with input tax credits in real estate

Previously, the ITC helped in reducing construction costs, thereby, preventing delays and substantially reducing property costs. The removal of ITC may affect short-term profitability on the supply side, including steel and cement inputs. However, the resulting demand generation from the reduction in GST, will far outweigh the negative aspects. Over the past year, home buyers have shown to be reluctant to pay GST levied on under-construction projects. The increase in sales, catalysed by the new tax structure, will offer relief to developers by offsetting the liquidity and funding challenges, which will occur from the removal of ITC.

Calculating ITC currently leaves a lot of room for interpretation and is one among the numerous factors that impact a project’s financial viability. Developers who quickly adapt their operations to the simpler tax structure without credits, will see improvement in their balance sheets. The accelerating sales will also reduce the unsold inventory, which is a perennial challenge for the real estate sector, especially in recent years. To ensure that the real estate sector does not revert to being cash-driven, developers will have to purchase their inputs predominantly from GST-registered dealers.

New GST rates for real estate: How it will benefit home buyers

The new tax structure is buyer-friendly and will go a long way towards addressing the needs of home buyers. The revised GST rates will be a significant boost for home buyers, especially in conjunction with the income tax slab changes announced in the budget and the reduction in the RBI’s repo rate. The reduction in GST could potentially reduce a home buyer’s overall payment by up to 6-7%, depending on the segment.

The removal of ITC ensures that home buyers get the full advantage of the GST reduction. A flat 5% rate of GST without ITC, is a better option for home buyers due its simplicity and transparency. There is no need to pursue reclaiming of credits after the purchase. A simpler tax structure will renew interest in real estate investments. A wider spectrum of home buyers will be encouraged to invest in real estate, due to the significant reduction in cost.

Rationalisation of GST rates: Impact on real estate

GST was introduced to replace a complex and multi-layered taxation system, with a clear unified tax. It was expected to simplify the tax system, as well as improve compliance. Rationalising GST on under-construction projects has been one of the real estate sector’s foremost requests, since the tax policy was introduced.

The new GST rates, combined with the full implementation of RERA and other incentives proposed in the union budget, will boost demand and revitalise the market. The proposed transition plan for the implementation of the new tax structure is a positive step, as it will give adequate time to adapt operations to the new structure. Developers are looking forward to more measures that will increase demand, lower costs for them and strengthen the momentum moving forward.

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Source:https://housing.com/news/will-builders-be-forced-to-increase-base-prices-if-they-have-to-choose-the-no-itc-option/