Blogs

14 Apr

 

1. Mumbai:
Mumbai, the financial hub of India is one of the hottest property destinations in Indian real estate market. The city promises major infrastructure growth and development which has led to the real estate development in residential and commercial segment.

Moreover, the city is witnessing residential and commercial growth in suburban areas. For instance, the Vasai-Virar region in western suburb of the city is famous for budget housing, the area near Panvel, where the developers have launched integrated township projects as the region is close proximity to infrastructure like upcoming international airport, the Trans-Harbour Link, railway station and mono rail, according to ET Bureau.

Also, developers are looking forward to boost the lifestyle in Mumbai, which is now flourishing in residential sector. Therefore, developers are introducing more integrated township projects and luxury housing projects in the city considering buyers’ need, which has shifted from traditional to quality lifestyle. These are the factors driving the growth of real estate in Mumbai making it one of the top real estate destination in India.

2. Delhi-NCR:
National capital region (NCR) is another top property destination in India, when it comes to real estate.  The NCR is renowned for business, politics and fast growing infrastructure, which are driving the real estate growth in residential and commercial segment.  

Today high-tech townships are the new buzz word among real estate developers and NCR  boasts of having such townships like Wave city and Sushant Megapolis, which is in close proximity to Ghaziabad and Greater Noida.

Moreover, developers are coming up with more luxury housing projects in NCR region. Today, buyers are also making their shift from normal apartment to luxury apartments where they can experience premium facilities to boost their lifestyle. For instance, leading developers like DLF and Wave Infratech are investing huge amounts in luxury housing projects in the NCR region of Noida and Gurgaon. DLF has already sold 350 flats in luxury housing projects in a price bracket of about 500 crore, at Gurgaon and Wave Infratech is likely to invest 4000 crore to develop integrated township project in Noida.

Apart from luxury housing projects and integrated township projects, Noida in NCR region is also witnessing soaring demand for studio apartments. Therefore developers and realtors are investing in studio apartment segment to obtain good return on interest. These are the factors driving the growth of real estate development in Delhi-NCR region.

3. Bangalore:
Bangalore, the silicon valley of India, is one of the most attractive property destinations in India. The city’s real estate sector experiened stable market situation even during the economic crises that occurred in 2009. The city has huge potential considering the economy and infrastructure, as it is an IT hub and hence, investors are capable enough to make high investment on property, which has transformed Bangalore into robust real estate market of the country.

Moreover, the garden city is witnessing huge growth in luxury housing segment as most of the city buyers are eager to invest in luxury properties rather than usual apartments. Considering the fact of high demand, developers are launching new projects with luxury amenities to satisfy buyer’s need. Also, the city’s real estate segment is one favorite destination for foreign investors and developers are planning their projects accordingly, to meet global living standards to lure buyers.

The demand for housing has also led to the growth of new residential hubs in suburban areas of Bangalore. For instance, the suburban areas which are growing in residential projects at a fast pace are like Bellary Road, Doddaballapur, Hebbal, Yelahanka and also in the surrounding areas of NH-7, among others. However, most of the residential projects are coming under luxury housing categories and some are based on eco-friendly theme as well.

4. Hyderabad:
Hyderabad, the city of Pearls, has been one of the major hubs for IT/ITeS industry, and has observed massive growth in this sector over the past decade. The city’s real estate sector is gaining popularity and developers are launching increasing number of new residential projects and luxury housing projects, which has made this city as one of the favorable realty destination in India.

The city is witnessing huge growth and development due to increased job opportunities. The reason behind the development is because of ongoing infrastructure projects and the advanced facilities which have made Hyderabad the most sought out area of the city for accommodation. Some of the posh residential areas include Alwal, Kapra, L.B. Nagar, Patancheru, Uppal Kalan, Ramachandrapuram, Rajendranagar, Serlingampally, Malkajgiri, and Qutubullapur.

However, the city is observing more real estate activities as the areas have the benefit of being strategically located near IT corridors, good connectivity of roads and availability of space at affordable prices, are the key features that are attracting developers to construct new projects under residential, commercial and retail.

5. Pune:
IT/ITeS companies and luxury housing are driving the growth of Pune real estate market. Pune has become one favorable real estate destination in India as increasing number of residential projects are coming up. Developers are launching new residential projects and luxury housing projects in Pune. The drastic change has come within buyers, who are opting for quality lifestyle and prefer luxury housing.

Furthermore, Pune suburban areas are also witnessing growth in real estate movements where developers are offering affordable housing as well as coming up with luxury residential projects along with quality amenities and add-ons features.

14 Apr

 

Andhra Pradesh is witnessing a real estate boom post bifurcation, with property registrations doubling in the 13 districts during the last few months as compared to the same period last year. Real estate speculation in the hope of capitalizing on the demand for land and frenzy over the construction of the new capital are said to have contributed to the massive spurt in land transactions.

Expectedly, Krishna and Guntur districts topped the list. According to sources, the 13 districts recorded a revenue of Rs 1,469.95 crore through land registrations between June-October 2014 as compared to Rs 624.83 crore during the same period last year. Krishna district, which was initially tipped to account for the major portion of the new capital region, recorded the highest revenue from land registrations post bifurcation. As against 44,281 registrations between June-October last year, the district reported 91,215 transactions worth Rs 236.5 crore this year.

However, when it comes to the number of transactions, Guntur topped the list. The district, which entered the race after the state government identified Tulluru, Mangalagiri, Tadepalli and Guntur mandals as part of the proposed capital region, reported 99,310 land registrations with a revenue of Rs 202.59 crore during the June-October 2014 period.

"Our officials in the districts are complaining that they need more staff to provide quick service to realtors. In Krishna and Guntur districts, there is heavy rush and people are being told to come back two to three days later to get their document registered. We are planning to send more computers, scanners and give orders to appoint more outsourcing personnel to meet the demand," explained senior officials in the AP government.

The sudden spurt in land registrations is attributed to the construction of the new capital city in Krishna and Guntur, as realtors in all 13 districts have shifted their focus to these two districts. They have opened their offices in either Vijayawada or Guntur and appointed local people as agents to get information about land for sale.

"Land on the outskirts of Guntur and Vijayawada has recorded the highest price hike during the last one year. For example, land near Vijayawada, which was available for Rs 10 lakh per acre a year ago, is now being quoted at Rs 6 to 10 crore. Land around Guntur city, which was purchased for Rs 10 lakh an acre just one year ago, is being sold for Rs 5 to 6 crore," said a realtor, who has shifted base from Visakhapatnam to Guntur.

The state government's decision to go for land pooling has jacked up the prices of even those land that will not fall in the capital region. Nuzividu, which is almost 50 km away from the proposed capital region, is also witnessing a spurt in real estate prices. According to sources, the prices of land between Gannavaram, Hanuman Junction and Nuzividu have shot up astronomically during the last six months. "We bought about 500 square yards of land in Nuzividu for Rs 15 lakh at the rate of Rs 3,000 per square yard six months ago. Now, we are seeing people offering Rs 50 lakh for the same 500 sq yards," said a Nuzividu resident.

A similar boom is being reported in Eluru, Tadepalliguem, Bhimavaram, Machilipatnam, Tenali, Bapatla, Narsaraopet, Chilakaluripet and Sattenapalli towns, all of which, like Nuzividu, are far away from the proposed capital region. "Vijayawada and Guntur are experiencing a rapid real estate boom as was witnessed in Hyderabad about a decade ago. And like it happened there, this region too might witness a bust, but at present, the land prices have shot up beyond the reach of the middle class," said an official.

Read More at : http://timesofindia.indiatimes.com/city/hyderabad/Massive-real-estate-boom-in-AP/articleshow/45162787.cms

14 Apr

Property owners who have obtained Khata or PID number can pay property tax for the year 2014-2015 through cheques or Demand drafts or through usage of credit cards or debit cards at the Office of the Assistant Revenue Officer at BBMP Help Center. Property owners who own properties with B Khata, who might not have obtained Occupancy certificate (OC) can also pay taxes under the self assessment scheme. These properties can be registered under B scheme or B registers at the Office of the Assistant Revenue Officer till they are regularized.

"Buyers and builders can benefit by interpreting the indices to get an idea regarding demand and price movements of different types of houses in various cities and localities."

The financial year for payment of property tax has commenced on April 1st, 2014. Since the older rates of payments have been continued this year, owners can pay property tax based on the 2013-2014 rates under the self assessment scheme. Note that no depreciation can be applied on the age of the building. Property tax can be paid in two halves or installments. The first installment should be paid by May 30th, 2014 and the second installment needs to be paid by 29th November, 2014. In case the property tax for the first half year is not paid by 30th May, 2014, an interest rate of 2% per month will be charged thereafter.

In India, the system of direct taxation has been in force in various forms since ancient times. There are references both in Manu Smriti and Arthasastra to a variety of tax measures. In modern India income tax was introduced by Sir James Wilson on 24 July 1860. It was a tax selectively imposed on the rich, royalty and Britishers, and hence was not liked by the powerful. The Act lapsed in 1865 and was re-introduced in a different form in 1867.

There are four broad types of property: land, improvements to land (immovable man-made objects, such as buildings), personal property (movable man-made objects), and intangible property. Real property (also called real estate or realty) means the combination of land and improvements. Under a property tax system, the government requires and/or performs an appraisal of the monetary value of each property, and tax is assessed in proportion to that value. Forms of property tax used vary among countries and jurisdictions.

Real property is often taxed based on its classification. Classification is the grouping of properties based on similar use. Properties in different classes are taxed at different rates. Examples of different classes of property are residential, commercial, industrial and vacant real property. In Israel, for example, property tax rates are double for vacant apartments versus occupied apartments. When you own two houses and let out one of them for rent, you receive an income for which you need to pay tax. In such a scenario, the taxable income from the total rent income received by you for that particular financial year will be computed in your tax returns.

For rented out properties the gross rent needs to be i) greater than the Municipal valuation of the property which is nothing but the rental value fixed by the corporation based on your locality and property value, ii) Actual rent received by our tenant for that financial year and iii) A Fair rent, A rent of a similar property in the same or similar locality. From this gross rent, the property tax is deducted to arrive at the net annual value of the rental income. Deductions are possible from the net annual value of the rental income by indicating 30% of the net annual value for repair, maintenance and rent collection expenses for the property, Interest paid towards any type

- See more at: http://www.realestatetimes.in/node/62#sthash.z5Kn8Cgd.dpuf

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