Real estate agents not registering under RERA citing lack of awareness

Real estate agents not registering under RERA citing lack of awareness

Only 662 had registered as of January 31

With real estate services available in almost every nook and corner of the State, from shops offering photocopying services to tour agencies, one would imagine that the number of real estate agents could run into Continue reading “Real estate agents not registering under RERA citing lack of awareness”

New digital and technology centre for real estate set up in Gurugram

New digital and technology centre for real estate set up in Gurugram

The Digital & Technology (D&T) Centre was inaugurated by Vinay Pratap Singh, Deputy Commissioner (DC) of Gurugram along with Chandra Dhandapani, Chief Digital & Technology Officer, CBRE and Anshuman Magazine, Chairman, India & South East Asia, CBRE

A real estate consulting firm has launched its first dedicated real estate technology Centre in Continue reading “New digital and technology centre for real estate set up in Gurugram”

In Mumbai, Delhi, How Once-Hot Property Market Has Tanked

In Mumbai, Delhi, How Once-Hot Property Market Has Tanked

The property developers are adding to a pile-up of bad loans in India’s banking sector, which is already struggling to manage a spike in stressed assets across several industries.

Amit Khulve, a 34-year-old resident of the north Indian city of Noida, is still paying off the mortgage on an apartment he’s never Continue reading “In Mumbai, Delhi, How Once-Hot Property Market Has Tanked”

Economic Survey 2018: Real estate and construction to create over 1.5 crore jobs over next five years

Economic Survey 2018: Real estate and construction to create over 1.5 crore jobs over next five years

Real estate and construction together, is the second largest employment provider in the country, next only to agriculture.

The real estate and construction sector will create over 1.5 crore jobs over the next five years, according to the Economic Survey 2017-18, tabled in Continue reading “Economic Survey 2018: Real estate and construction to create over 1.5 crore jobs over next five years”

Homebuyers’ and developers’ expectations from Budget 2018 for real estate

Homebuyers’ and developers’ expectations from Budget 2018 for real estate

To achieve the objectives of the PM’s “Awas Yojana” (Housing for All) mission, the government also needs to incentivise the key stakeholders through direct and indirect tax measures.

There is a paradigm shift being witnessed in Indian real estate. The introduction of RERA, GST coverage for realty (though not fully as yet), demonetisation and the push towards affordable housing has impacted industry players and consumers in Continue reading “Homebuyers’ and developers’ expectations from Budget 2018 for real estate”

Realty firms want GST cut for affordable housing

Realty firms want GST cut for affordable housing

The industry has also requested the government to grant industry status to avail long-term finance at a lower cost.

Mumbai: The real estate industry is hoping for a reduction in the goods and services tax (GST) for the affordable housing segment in the forthcoming Union Budget that would give a major boost for the government’s plan of providing housing for all by 2022.

The industry has also requested the government to grant industry status to avail long-term finance at a lower cost.

Currently, under construction projects are subject to 18 per cent GST rate with one-third abatement for land bringing down the effective tax rate to 12 per cent.  “We recommend lowering of the GST rates only for affordable housing projects to 12 per cent with 50 per cent abatement for land taking the effective GST rate to 6 per cent. This shall provide a boost to the cause of housing for all by 2022,” said Shishir Baijal, chairman and managing director of Knight Frank India.

According to him, around 10 million houses are planned under the ‘Housing for all by 2022’ out of which 95 per cent of the houses are to be constructed for economically weaker sections and low income groups.

As the affordability of this segment is low, GST at 18 per cent with one-third abatement of land would impart upward pressure on the overall cost of the house.

“In major metros, the share of land is more than 50 per cent of the project cost. We therefore recommend that the government aligns this with market realities and accordingly increase the abatement for land to 50 per cent,” he added.

Property consultant Cushman & Wakefield has requested the government to incentivise homebuyers by increasing the deduction limit of interest paid on home loan from Rs 2 lakh to Rs 3 lakh. “This will give a push to homebuyers who are on the fence, and in the long run, clear inventory with developers,” it said.

Former JLL executive sets up real estate investment banking firm

Former JLL executive sets up real estate investment banking firm

Former JLL executive Shobhit Agarwal launches ANB Capital Advisors Pvt. Ltd, an investment banking firm focused on the real estate sector

Bengaluru: Shobhit Agarwal, former managing director-capital markets and international director at property advisory JLL, has launched ANB Capital Advisors Pvt. Ltd, an investment banking firm Continue reading “Former JLL executive sets up real estate investment banking firm”

RERA is not for strangulating, but promoting real estate sector, says Venkaiah Naidu

RERA is not for strangulating, but promoting real estate sector, says Venkaiah Naidu

Vice-President M. Venkaiah Naidu defended the role of the Real Estate Regulatory Authority (RERA), while speaking at the inauguration of the 28th convention of the Builders’ Association of India here Continue reading “RERA is not for strangulating, but promoting real estate sector, says Venkaiah Naidu”