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Why Developers Need Subvention Scheme To Survive

As a developer, you might be knowing that now you can’t sell your property under the subvention scheme, didn’t you? It was a shocking decision taken by the National Housing Bank (NHB) when it asked housing finance companies (HFCs) to stop providing funds under subvention schemes. It also includes cases where the loans have been sanctioned but the payments are yet to be made. Various ongoing and forthcoming housing projects in major and urban cities might be facing the adverse effects of this decision by NHB. Let’s understand first what is this subvention scheme. Under this scheme, the buyer pays only  5-30% money in advance and books the property under the subvention scheme. The remaining amount is paid by a bank to the builder as a loan under a three-way agreement between the builde...

Real Estate Budget Wish List: More Tax Benefits Needed To Generate Demand

by Anuj Puri With the Modi Government taking full charge, all sectors have pinned high hopes from the finance minister – who is already saddled with multiple issues including the slowing economy, liquidity crunch due to NBFC crisis, lack of job creation and rising NPAs, among others. Without compromising on fiscal prudence, the Finance Ministry will have to present a budget that is not only inclusive but also assures growth across industries. It clearly shoulders a considerable share of responsibility for retaining India’s position as the fastest-growing economy. Since real estate is one of the major contributors to the GDP growth and can help the government resolve the shortfall in job creation quite a bit, it is naturally expected that the upcoming budget will help the industry. Be...

With elections done, focus shifts to 12% GST on home buyers

by Mr Neh Srivastava, Under Secretary, Ministry of Home Affairs & President, CSSOS  With elections done and dusted, the Central Board of Indirect Taxes and Customs (CBIC) is moving ahead with its plan to implement its 12 per cent GST order on balance amount due to the builders. As per the order, Homebuyers who have been granted completion certificate by March 31, 2019, will have to shell out 12 per cent GST on their purchases. In a second FAQ released in April, the Central Board of Indirect Taxes and Customs (CBIC) had said that builders will not be able to adjust the accumulated credits in ongoing projects in case they opt for lower new GST rate of 5 per cent for normal and 1 per cent for affordable housing. In March, the GST Council, headed by then Finance Minister Arun Jaitley and h...

ANAROCK Launches Lucknow Operations and appoints new City Head

Will proactively address city’s pent-up inventory of 20,000+ units via mandated project sales Mid-segment and affordable housing currently steer the bulk of Lucknow’s realty growth Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants says, “ANAROCK’s entry into Lucknow has been on our expansion charts for long, and we are happy to announce this significant milestone. Lucknow is one of India’s most important emerging property destinations, and Anup Kumar Singh has deep expertise in this city’s vibrant real estate market. He brings to the table 18 years of rich experience in driving sales of high-end residential properties located across Lucknow’s premium locations and has excellent industry connections across the residential real estate value chai...

Supertech joins hands with U.P. Government in Skill Development – RealtyMyths

India’s leading Real Estate Developer Group has joined hands with  Uttar Pradesh Skill Development Mission (UPSDM) – a State Government Initiative, in imparting Skill Development Training in real estate jobs to unemployed youths free of cost.  Apart from providing employment to successful candidates, the Developer is also giving the stipend to all trainees during the training period. The Company has entered into an Agreement with UPSDM for the purpose and according to the same, has set up training centres at its facilities where the skill development training is being conducted. The training centre is located at Noida extension eco Village Project. The initiative of Supertech Group is on the lines of the Pradhan Mantri Kaushal Vikas Yojna and under the guidelines of Construction Skills Dev...

Importance of Carpet Area under RERA – RealtyMyths

The difference between carpet area, built-up area and super built-up area, how the developer misleads the buyer – how the carpet area was not disclosed accurately, future of real estate market in India due to the new provision under RERA regarding carpet area. by Anushree Ghosh The total area of a property is calculated in three ways –carpet area, built-up area, super built-up area. Therefore, the three areas can lead to a lot of confusion at times. Here is how you must distinguish the three areas: Carpet Area is the area enclosed within the walls, Built-up Area is the carpet area and the outer wall thickness plus the balcony. Super Built up Area is the sum of the built-up area and the proportionate area of common areas with respect to the area of the property. While buying a propert...

Kumari Builders and Developers invests Rs 300 crore in 46-acre villa project

Kumari Hamlets balances the stress of urban living with lush green spaces and more Kumari Builders and Developers is investing Rs 300 crore in a 46-acre villa project in the city. Through this investment in Kumari Hamlets, the Bengaluru-based residential real estate developer is expanding its property portfolio by 1.8 million sq ft. Kumari Builders and Developers was founded with the foremost objective of fulfilling the housing needs of working professionals. Its aim is to help young professionals take their first step into affordable independent living. Ashok Naidu, Director, Kumari Builders and Developers, says, “We are investing Rs 300 crore in Kumari Hamlets as it is one of our most promising projects. We have built a space where you can be with nature. Here you get to relax, refresh a...

Looking for Affordable Housing? Check Out these Developers

by Anushree Ghosh A sneak peek into the concept of affordable Housing Projects in India, the flourishing market of affordable projects, followed by a few developers’ project to check out. The fluctuating real estate market of India has been quite unpredictable in the recent times. The developers are now keen to target the upper middle income group families. Unlike, a few years ago, when developers were focusing on premium properties with luxurious facilities like gym, shopping mall and pool within the complex. In an effort to formalise the real estate sector, many new reforms were introduced by the government, which in turn, further interrupted the speed of growth. In such a dreary scenario, the Government came out with its plan of providing affordable housing for all by 2022. The mission ...

Will the banking mess impact the Real Estate Sector?

Shobhit Agarwal, MD & CEO –  ANAROCK Property Consultants From bad loans to loan defaulters to financial frauds and embezzlement, the Indian banking system seems to be in a crisis mode. And, needless to say, it will have a cascading effect on most sectors – including real estate. To build a project, developers largely rely on banks for their capital needs. Alternately, they seek customer advances to proceed with construction. If they are not adequately funded, their projects either go belly-up or are delayed extensively, causing disruption in the entire property-cycle. Much to the dismay of developers, the recent events in the banking industry have caused commercial banks as well as Non-Banking Financial Companies (NBFCs) to become more cautious about disbursing heavy loans...

1 year of RERA: the sector on a way to be regularized

  Recently RERA (Real Estate Regulation and Development) Act, 2016 completed a year on May 1. Although certain sections of the Act were introduced on May 1, 2016, it came into force in its entirety on May 1, 2017. Before RERA, there was no real estate regulator in the country due to this many builders took homebuyers for a ride. Delays were rampant and homebuyers usually did not have a reliable source to address their grievances. Many home buyers believe it has given proper shape to the sector and on a positive route. Most states and Union Territories (UTs) have followed a quasi-implementation route. “RERA has brought us a ray of hope; it guarantees timely completion of projects and delivery to the buyers. This mean, we need not worry about the project”, said Shubham Ahuja, a homebuye...

Redraw the map of town planning

Anushree Ghosh “One should not live in a place which does not possess a temple” Avvaiyar (One of the famous Tamil poetess) Here ‘Temple’ refers to sanctity and thus cleanliness of the surroundings, proper water supply, garden for recreation and peace of soul, and other valuable supplies that one needs to survive. This was one of the first quotes on town planning, but ironically, even in the 21st century, we lack the basic amenities required.  Indian cities never look like a planned set up, even if it does in a small percentage, most of the people live outside the planned societies.  The state is bound to prepare a master plan every 10-20 years, we wonder what happens to the plan. The agencies responsible for the urban development in India are: Urban Development Authority Municipal Corporat...

Changing trends in real estate marketing – 2018

Anushree Ghosh, 2018 is expected to be the healing year that would swiftly rub off the wounds caused by the policies made in the year 2016-17. The transparency brought into the system is anticipated to reboot the marketing strategy of the developers. The financially unstable developers would no more be able to sell incomplete projects to the clients, and most probably would be taken over by larger groups. The customer today is more aware of the nuances that must be thoroughly checked before buying the product. We can expect the developers to focus more on building a niche rather than having an overall marketing strategy. The new age buyer is sufficiently tech savvy to gather data and analyse the profitability in the deal. The transformation in the needs and attitude of the new age buyers i...

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