2024 Budget Reforms: Real Estate capital gains tax changes explained
The Union Budget 2024 has revised tax rates on Short Term Capital Gains (STCG) and Long Term Capital Gains (LTCG) while standardizing holding periods for asset classes. Listed assets, like real estate shares and REITs, now require a 12-month holding for LTCG, reduced from 36 months, while physical real estate remains at 24 months. STCG rates for listed assets increase from 15% to 20%, and LTCG rates drop from 20% to 12.5%, with no indexation. Industry experts such as Deep Vadodaria - CEO of NILA Spaces Limited and Mr. Vedanshu Kedia, Director, Prescon Group have mixed reactions, emphasising that the impact on real estate investors will depend on property appreciation rates relative to inflation, potentially benefiting long-term investors....
Union Budget 2024: A focus on industrial and warehousing development
The 2024 Union Budget introduces significant measures to boost infrastructure and e-commerce. Notably, 12 new industrial parks will be established under the National Industrial Corridor Development Program, offering essential facilities and reducing setup costs for businesses. Additionally, "Plug and Play" industrial parks in 100 cities will provide ready-to-use spaces, minimising construction delays. The budget also supports the e-commerce sector with dedicated export hubs and reduces the TDS rate from 1% to 0.1%, easing tax compliance. These initiatives are expected to enhance industrial growth, attract investment, and create jobs....
Union Budget 2024: Key changes and their impact on Real Estate
The Union Budget 2024 introduces key changes for the real estate sector including significant changes to property taxes and a renewed focus on infrastructure development. The budget has standardized the Long Term Capital Gains (LTCG) tax rate at 12.5% without indexation. The allocation of INR 11.1 trillion crore for capital expenditure aims to boost infrastructure, which will enhance connectivity and real estate development. The PM Awas Yojana-Urban 2.0 plans to provide one crore houses for the urban poor with a significant budget allocation. States are encouraged to reduce stamp duty rates to make property transactions more affordable, especially for women. Lower deductions on rental payments and new policies for rental markets are also announced. Industry leaders have welcomed these changes, highlighting the positive impact on job creation, housing, and urban development....
MahaRERA gears up for 5th real estate agent exam on July 29th
MahaRERA is set to hold its 5th online exam for real estate agents on July 29th at 24 centers across Maharashtra, with 5,260 candidates participating. This mandatory certification ensures agents are well-versed in the Real Estate (Regulation and Development) Act, safeguarding homebuyer interests. Registrations of over 20,000 agents were recently suspended for non-compliance. MahaRERA Chairman Ajoy Mehta emphasises the crucial role of agents in providing accurate information to homebuyers, highlighting the importance of training and certification. To date, 19,403 individuals have completed training, with 9,295 passing previous exams....
Parel's real estate insights: L&T Crescent Bay leads with 5 deals, prices range from INR 17,333 to INR 52,729 per sq. ft.
Parel, a central Mumbai locality, has transformed from a mill district into a commercial and residential hub. Significant redevelopment has replaced textile mills with high-rise apartments, office complexes, and shopping malls. Parel hosts several hospitals, earning it the nickname "Medical Hub of Mumbai," and has excellent road and rail connectivity. In June, L&T Crescent Bay led real estate activity with the highest number of deals. Prices per square foot ranged from INR 17,333 to INR 52,729, catering to various buyer preferences. Parel's blend of industrial heritage and modern development makes it a desirable destination for homebuyers and investors....
Tata Realty secures INR 825 crore loan for Chennai's Ramanujan Intellion Park
Tata Realty has secured a significant INR 825 crore (USD 101 million) loan from the International Finance Corporation (IFC) for Ramanujan Intellion Park in Chennai. This landmark IT park, India's first and largest IFC EDGE Zero Carbon certified asset, exemplifies sustainable development in the real estate sector. The funding will support strategic refinancing and further integration of cutting-edge sustainable technologies across the park's 4.67 million square feet of commercial office space. Located in Chennai's IT corridor, the park promotes environmental stewardship with renewable energy usage, water conservation, and substantial energy savings, setting a new standard for green commercial properties in India....
Hebbal: Bangalore's emerging residential and commercial hotspot
Hebbal, in northern Bangalore, has quickly grown from a quiet suburb to a busy residential and commercial area. The area has modern apartments, tech parks, and shops, attracting young professionals and families. There are also schools and hospitals, making it a convenient place to live. In June, Sobha City had the most sales with nine deals, followed by L&T Raintree Boulevard with 5 deals. Resale deals made up 69% of the total deals concluded in the month. Prices per square foot in Hebbal ranged from INR 1,200 to as high as INR 54,228, with an average of around INR 16,406. Around 38% of the apartments sold were within INR 1 crore range, while 50% of the flats sold were within INR 1-2 crores and 13% of the apartments sold were between INR 2 - 3 crores....
BAF and RERI-IIMB join hands to help residents of Bengaluru
The Bangalore Apartments Federation (BAF) and the Real Estate Research Initiative (RERI) at the Indian Institute of Management Bangalore (IIMB) have signed an MoU to enhance awareness among homebuyers and residents in Bengaluru. This partnership aims to benefit nearly 1,300 apartment and villa RWAs, representing about 300,000 households, 1.5 million citizens. Key collaboration areas include research, knowledge generation, focusing on resource management, waste management, safety, and cultural integration. BAF President Vikram Rai highlighted the value of this partnership, while Prof. Venkatesh Panchapagesan noted that RERI's first initiative will involve training residents to manage their apartment associations effectively....
Godrej Properties' INR 50 crore TDR acquisition in Gurgaon set to boost sector 43 project
Godrej Properties has acquired Transfer of Development Rights (TDR) certificates worth INR 50 crore for their upcoming project in Sector 43, Gurgaon. This innovative move, commonly used in Mumbai, allows Godrej to add 300,000 sq ft of built-up space, significantly increasing the project's revenue potential to INR 900 crore. TDR certificates, issued as compensation to landowners for public development, provide additional building rights that can be sold to developers. This acquisition highlights Godrej Properties' commitment to the Gurgaon market, which saw a 473% sales increase in FY24, and sets a precedent for future developments in the area....
Mahindra Lifespaces expands with INR 2,050 crore (USD 241 million) deals in Mumbai and Bengaluru
Mahindra Lifespaces has announced two major deals totaling INR 2,050 crore (USD 241 million) to expand in Mumbai and Bengaluru. In Mumbai, they secured a redevelopment project in Borivali West worth INR 1,800 crore (USD 210 million), revitalising seven residential societies. In Bengaluru, they acquired a 2.37-acre land parcel in Singasandra for INR 250 crore (USD 29 million), adjacent to their successful Mahindra Zen project. These strategic moves aim to tap into the robust real estate demand in key Indian cities, enhancing Mahindra Lifespaces' presence and growth in the dynamic urban market....
Samsung renews lease for 4.2 lakh sq ft office space in Bengaluru
Samsung R&D Institute India has secured a renewed lease for its prominent office space spanning 4.2 lakh square feet within Bengaluru's Bagmane World Technology Centre. The lease, effective from June 4th, 2024, extends for 60 months with an annual rent of approximately INR 51.6 crore. This strategic move highlights Samsung's long-term commitment to India's IT sector, leveraging Bengaluru's robust infrastructure and skilled talent pool. The office provides Samsung with 11 floors of dedicated workspace, 562 parking slots, and 10 exclusive elevators, reinforcing its significant presence in India's tech landscape and fostering innovation through collaboration with local partners....
Marico scion Priyanjali Mariwala invests INR 65.25 crore in a luxury apartment in BKC, Mumbai
Priyanjali Mariwala, part of Marico's prominent family, has invested INR 65.25 crore in a luxury apartment spanning 8,300 square feet at Mumbai's prestigious Bandra-Kurla Complex (BKC). Located in the exclusive Signature Island tower by Sunteck Realty, this acquisition includes four car parking slots and benefits from Maharashtra's stamp duty concession for women homebuyers. The transaction highlights BKC's appeal among corporate leaders and celebrities for its central location and luxurious amenities. It underscores Mumbai's robust luxury real estate market, which continues to attract high-profile buyers and maintain strong investor confidence despite economic fluctuations....
HDFC Capital pledges over USD 2 billion for affordable housing in India by 2025
Affordable housing in India is set for a significant boost as HDFC Capital Advisors pledges over USD 2 billion (INR 15,000 crore) by the end of 2025. This investment aligns with the Indian government's "Housing for All" mission, which targets 30 million affordable homes, including 10 million in urban areas. Despite strong demand, a shortage of 35 million affordable units is projected by 2030. HDFC Capital, backed by the Abu Dhabi Investment Authority, leads with a USD 3.5 billion platform for affordable and mid-income housing. This initiative, alongside investments from ICICI Prudential, Kotak Mahindra, and Deutsche Bank, aims to address the housing deficit and significantly boost India's GDP by contributing an estimated USD 2 trillion by 2030. Collaborative efforts and continued government support are crucial for achieving these ambitious goals....
Bollywood's Ronit Roy acquires INR 18.94 crore luxury apartment in Versova, Mumbai
Ronit Roy, renowned Bollywood actor, has made headlines with his recent acquisition of a luxurious 4,259-square-foot apartment in Mumbai's prestigious Versova area for INR 18.94 crore (USD 2.3 million). Located on the 20th floor of an upcoming high-rise, the apartment offers stunning views of Mumbai's coastline and includes four parking spaces. The transaction, marked by a significant stamp duty payment of INR 1.13 crore, underscores Mumbai's robust real estate market, which has seen continuous growth amid rising mortgage rates and sustained economic stability. Roy joins a cohort of Bollywood celebrities investing in Mumbai's prime properties, reflecting both a penchant for luxury living and savvy financial foresight....
Real estate leaders share key expectations for Union Budget 2024-25
With the Union Budget 2024-25 set to be announced on July 23, the Indian real estate sector anticipates significant reforms to drive growth and efficiency. The sector is advocating for policy changes, including industry status recognition, single-window clearance, and increased support for affordable housing. These measures are expected to streamline operations, attract investment, and boost economic development. Industry leaders emphasise the need for GST input tax credit revisions, higher home loan interest rebates, and reduced input costs for materials. These reforms are crucial for sustaining economic growth and improving living standards across India....
Piramal Capital and Housing Finance eyes to raise USD 500 million via dollar bonds sale
Piramal Capital and Housing Finance plans to raise USD 300-500 million through dollar bonds amidst RBI's stringent lending rules for NBFCs. This move reflects a strategic pivot to diversify funding sources and mitigate domestic market risks. Similar successful bond issuances by HDFC Bank underscore growing international investor interest in Indian debt. Piramal Capital's initiative, part of the Piramal Group, aims to bolster domestic lending activities while navigating global financial markets. The shift highlights a pivotal moment in India's financial landscape, signaling potential for enhanced stability and growth in NBFC funding strategies....
Shray Projects and Krisumi Corporation host "The Krisumi Experience" in Guwahati on 27th July
Shray Projects, leading real estate broking firms in North India, is hosting "The Krisumi Experience" on July 27, 2024, in partnership with Krisumi Corporation Pvt. Ltd. at Novotel Hotel, GS Road. This exclusive event will introduce Krisumi Waterside Residences and Waterfall Suites 2, featuring luxury 2 and 3 LDK apartments, studio, and one LDK options. The event will highlight Krisumi's ultra-luxury living standards and investment potential. With extensive marketing efforts, including billboards and radio broadcasts, Shray Projects aims to attract Guwahati's elite investors. Sahil Verma, COO of Shray Projects, emphasises the event's role in merging Japanese quality with local sensibilities....
Godrej Properties acquires land in Bengaluru for INR 1,200 crore
Godrej Properties has acquired land parcels in Bengaluru and Pune, marking a significant expansion. In North Bengaluru's Thanisandra, the company secured a seven-acre plot for a high-end residential project with a built-up area of 9 lakh sq ft, expected to generate INR 1,200 crore. In Pune's Hinjewadi, Godrej acquired 11 acres for a mixed-use development, featuring group housing and retail, with a developable potential of 2.2 million sq ft and estimated revenue of INR 1,800 crore. These strategic moves align with the rising demand for premium housing and commercial spaces in key Indian cities....
VP Nandakumar, CEO of Manappuram Finance Ltd, buys sea-facing Mumbai apartment for INR 41.25 crore
VP Nandakumar, CEO of Manappuram Finance Ltd, has made a notable entry into Mumbai's luxury real estate market with the purchase of a sea-facing apartment on Carter Road for INR 41.25 crore. The 4,500 square foot property will serve as a residence for his son, marking the family's first investment in Mumbai's high-end real estate. Facilitated by NoBroker, a proptech company specializing in luxury properties, this transaction underscores the increasing role of technology in the market. It also highlights Mumbai's appeal to diverse buyers, including entrepreneurs and business leaders, beyond the usual Bollywood celebrities....
Residential property prices in India's top 10 tier II cities rise up to 94%: PropEquity report
According to PropEquity, residential property launch prices in India's top 10 Tier II cities have risen by up to 94% over the past five fiscal years. Cities like Agra and Goa saw the highest increases, with Agra experiencing a 94% rise, from INR 3,692 to INR 7,163 per sq. ft., and Goa a 90% rise, from INR 5,378 to INR 10,219. The data highlights a robust demand driven by economic growth and improved infrastructure. PropEquity's research indicates that 24 out of 30 Tier II cities saw double-digit price increases, reflecting a significant shift in the real estate landscape....
A residential flat spanning 1,819 square feet sold in Brigade Gardenia in Bengaluru's Kothanur for INR 1.8 crores
• A residential flat spanning 2,015 square feet sold in Regency La Majada in Bengaluru's Hennuru for INR 1.2 crores
• A residential flat spanning 1,274 square feet sold in Sumadhura Sushantham Phase 1 in Bengaluru's Thindlu for INR 98.56 lakhs
• A residential flat spanning 2,228 square feet sold in DS Max Skyscape in Bengaluru's Rampura for INR 70 lakhs
• A residential flat spanning 1,032 square feet sold in Confident Jade in Bengaluru's Sampura for INR 36.95 lakhs
• A residential flat spanning 1,819 square feet sold in Brigade Gardenia in Bengaluru's Kothanur for INR 1.8 crores
A residential flat spanning 1,074 square feet sold in Shiv Kailasa Phase II in Nagpur's Sondapar for INR 65.09 lakhs
• A residential flat spanning 1,390 square feet sold in Harbans Park in Nagpur's Isasani for INR 65 lakhs
• A residential flat spanning 821 square feet sold in The Ramaan Panisha Enclave in Nagpur's Vayusena Nagar for INR 45 lakhs
• A residential flat spanning 966 square feet sold in Sdpl Om in Nagpur's Shanti Nagar Colony for INR 44.55 lakhs
• A residential flat spanning 825 square feet sold in Pyramid Gold in Nagpur's Besa for INR 44 lakhs
• A residential flat spanning 1,074 square feet sold in Shiv Kailasa Phase II in Nagpur's Sondapar for INR 65.09 lakhs
A residential flat spanning 1,103 square feet sold in Yashada Vantage Twenty One in Pune's Pimple Saudagar for INR 1.7 crores
• A residential flat spanning 1,031 square feet sold in Mahindra Citadel - Bastion J,K in Pune's Pimpri Colony for INR 1.27 crores
• A residential flat spanning 974 square feet sold in Pride Platinum in Pune's Baner for INR 1.11 crores
• A residential flat spanning 1,095 square feet sold in Nyati Esteban II in Pune's Undri for INR 94.35 lakhs
• A residential flat spanning 1,047 square feet sold in Alive Building in Pune's Pimple Nilakh for INR 65 lakhs
• A residential flat spanning 1,103 square feet sold in Yashada Vantage Twenty One in Pune's Pimple Saudagar for INR 1.7 crores
A residential flat spanning 2,560 square feet sold in Morya Heights in Thane's Waghle Estate for INR 3.8 crores
• A residential flat spanning 1,415 square feet sold in Hiranandani Estate - Springhill in Thane's Kavesar for INR 2.55 crores
• A residential flat spanning 957 square feet sold in Lodha Amara Tower 46 in Thane's Balkum for INR 1.57 crores
• A residential flat spanning 981 square feet sold in Panvelkar Campus in Thane's Ambarnath for INR 55 lakhs
• A residential flat spanning 985 square feet sold in Mohan Shrushti in Thane's Dombivli East for INR 45 lakhs
• A residential flat spanning 2,560 square feet sold in Morya Heights in Thane's Waghle Estate for INR 3.8 crores
A residential flat spanning 1,824 square feet sold in Avighna IX - Building No. 4 in Mumbai's Parel for INR 7.85 crores
• A residential flat spanning 1,208 square feet sold in Lodha Bellagio - Tower D in Mumbai's Powai for INR 4.42 crores
• A residential flat spanning 1,516 square feet sold in Dheeraj Serenity Towers in Mumbai's Santacruz West for INR 4.25 crores
• A residential flat spanning 1,301 square feet sold in Dynamix Astrum in Mumbai's Malad East for INR 2.95 crores
• A residential flat spanning 1,247 square feet sold in Concrete Sai Sansar in Mumbai's Chembur for INR 2.6 crores
• A residential flat spanning 1,824 square feet sold in Avighna IX - Building No. 4 in Mumbai's Parel for INR 7.85 crores
Bank Auctions
Residential
Choryasi, Surat
ICICI Bank is auctioning a flat in Choryasi, Surat, on August 17, 2024. The auction will start at 12:00 PM and end at 4:00 PM. Don’t miss this opportunity to bid on a prime property in a desirable location!
EMD: ₹ 369600
Residential
Berasiya Road, Bhopal
Indian Bank is auctioning a flat on Berasiya Road, Bhopal, on September 3, 2024. The auction will commence at 11:00 AM and conclude at 5:00 PM. Don’t miss this opportunity to bid on a prime property in a sought-after location!
EMD: ₹ 855000
Residential
24 Parganas, Kolkata
Punjab National Bank is auctioning a flat in 24 Parganas, Kolkata, on August 28, 2024. The auction will begin at 11:30 AM and conclude at 3:30 PM. Don’t miss this chance to bid on a prime property in a desirable location!
EMD: ₹ 97000
Residential
Gautam Buddh Nagar, Noida
The Debts Recovery Tribunal is holding an auction for a flat in Gautam Buddh Nagar, Noida, on August 9, 2024. The auction will commence at 12:00 PM and end at 1:00 PM. Seize this chance to acquire a prime property in a sought-after location!
EMD: ₹ 330000
Residential
Thakurpukur, Kolkata
Punjab National Bank is conducting an auction for a flat in Thakurpukur, Kolkata, on August 13, 2024. The auction will start at 11:30 AM and conclude at 3:30 PM on the same day. Don't miss this opportunity to bid on a desirable property!
According to the RERA Act 2016, any person or entity that constructs or converts a building into apartments, develops land for sale, sells residential apartments or plots shall be considered the promoter of a project. If more than one entity or individual is responsible for development, both shall be held jointly liable to fulfil the functions and responsibilities as specified under the Act and the rules and regulations made thereunder.
According to Section 2 (d) of the RERA Act 2016, an "allottee" refers to an individual to whom a plot of land, apartment or building has been sold, allotted or transferred by a promoter. It includes anybody that may subsequently acquire the said allotment through a sale but does not include those renting the property.
A RERA registration number is a number provided by the RERA authorities to a project upon successful registration with the body. One project may have multiple RERA registration numbers. This number can be used to view the progress of the project on the corresponding RERA website.
The carpet area of a flat refers to the actual useable space within a property. It represents the area on which one can place a carpet. The Real Estate (Regulation and Development Act, 2016) describes carpet area as the net useable floor area of an apartment, excluding the area covered by external walls, areas under service shafts, exclusive balcony or verandah area and open terrace area, but includes the area covered by the internal partition walls of the apartment.
A Resident Welfare Association (RWAs) is a non-government entity responsible for overseeing the upkeep and interest of a residential society in a colony or city. RWAs also organise events, collect monthly maintenance from members and safeguard the interest and rights of its members. The Societies Registration Act 1860 governs RWAs in India.
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