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Unit No. 1023,Tower B4, 10th Floor, Spaze I-Tech Park, Sohna Road, Sector 49 Gurugram, Haryana 122018 India
Unit No. 1023,Tower B4, 10th Floor, Spaze I-Tech Park, Sohna Road, Sector 49INHaryanaGurugram122018
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Rahul Ranjan
6 months ago
Reliable Real Estate Consultants with lots of property options.

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RWAs in North Delhi to get Rs 25,000 for Repair Work
To avail the funds, RWAs have to be registered with the registrar of the society. They should also have a registered bank account.

Councillors of North Corporation will now have access to a discretionary fund of Rs 5 lakh per ward. They can allocate Rs 25,000 each to 20 residents welfare associations. North Corporation's standing committee approved the proposal on Wednesday. The move has been undertaken for facilitating minor repair and maintenance work.

"Earlier, there used to be a lengthy process of making estimates and getting approvals even for minor works. The public was getting hassled," said Parvesh Wahi, chairman of the standing committee. He added that these funds will already be in the executive engineer's account.

To avail the funds, RWAs have to be registered with the registrar of the society. They should also have a registered bank account.
The awarding of funds has been completely left to the discretion of the councillors and no prior estimates will be required. The work being carried out will be monitored by a junior engineer who will submit a report.

According to the leader of the house, Vijay Prakash, the step has been undertaken to strengthen RWAs and make them financially viable
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5 Important Things to Check Before Booking a Flat:
Buying a property often involves shelling out a significant amount of one’s hard-earned savings. For many, even this may not be sufficient to meet the cost of the house and the remaining amount may be paid through a bank loan. In such cases, the equated monthly installments (EMIs) on the loan will take away a portion of the borrower’s monthly income. It’s crucial to invest safely with so much at stake.

Verify the price of the property: First, ascertain your budget and look for a property in that price bracket. A property commands a certain price due to its locality and amenities. Once the developer quotes a price for the apartment, compare it with neighbouring areas and properties. Information on property prices can be sourced from newspaper supplements, listings on property portals and brokers operating in the region.

Builder-buyer agreement: When a buyer books a flat by paying a token amount, he or she receives an allotment letter. After this, one has to enter into a tripartite agreement with the builder and the lending bank for the remaining amount. The builder-buyer agreement should be signed at this stage. Often, this agreement is biased in favour of the developer and it is in the buyer’s interest to read this document and understand the clauses.

For example, developers sometimes insert a clause that gives them the power to raise rates at the time of possession. The clause basically mentions that ‘due to unforeseen market conditions’ (such as rise in the prices of raw materials) and ‘factors out of their control’ or ‘increase in the size of apartment’, the developer can increase the rate by a certain amount. The same is charged through a demand letter at the time of possession. Recently, a similar case came up in the Noida Extension region, where a well-known builder sent letters to his allottees seeking more money for completed flats.

Location and its upcoming infrastructure: It is equally important to analyse the location of the project. “A home buyer should look at factors, such as the surrounding social and physical infrastructure, amenities offered in the project and connectivity to other neighbouring regions. A region with ready amenities will help you settle down easily in your new house,” says Manish Saluja, a Delhi-based chartered financial planner.

Possession of your apartment: According to industry estimates, a significant number of residential and commercial projects are facing delays. Consequently, prospective buyers should make realistic assessments of a given project’s timelines. A project’s delivery depends on factors, such as availability of funds with the developer, sales of the project, supply of raw materials, etc. In addition, construction during the monsoon season, is generally slow. Therefore, most developers seek a six-month grace period for the final delivery of the project. The contract with the developer should specifically explain in detail this grace period.

The builder will thus, be liable to pay a penalty that usually ranges from Rs 5-7 per sq ft, if he is unable to give timely possession of your apartment. However, the penalty paid by the developer is determined by the base price, which does not include extra charges for parking, club membership, etc. “Many developers also offer appropriate rent for the apartment, if handing over of possession is delayed,” says Ashwinder Raj Singh, CEO, Residential Services, JLL India.

Additional charges: The pricing of an apartment may also include charges, such as club membership, parking, preferential location charges, development charges and power back-up. These charges are generally embedded in the payment schedule and collected at regular intervals. At the time of registration, one also needs to pay stamp duty and registration charges, which is calculated on the property’s value and varies according to the region. It is in your favour to understand these charges and prepare yourself accordingly.
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The Noida-Greater Noida Metro Rail is making a strong impact on property prices along its route. By how much and how soon will rates rise? We take a look

In 2009, Manisha Ghai was offered a flat in Greater Noida, for Rs 35 lakhs. She liked the apartment and its cost. However, the interior decorator, who mostly travels in and around Delhi-NCR for business, declined to buy it as she felt that commuting would be difficult. Seven years down the line, she is ready to pay Rs 65 lakhs for a similar apartment. Why? Ghai feels that the commute will no longer be an issue in the next one or two years, owing to the Noida-Greater Noida Metro.

“I don’t drive. What bothered me earlier, other than the fuel cost, was the need to depend on a driver. It would have been quite challenging, if the driver did not turn up for the job. Now, with the Metro Rail, this worry is gone. In any case, I like the open spaces that Greater Noida has, for quality living,” Ghai adds.

Connectivity boosts potential

The Noida-Greater Noida Metro Rail has changed the region’s potential. Most of the affordable and mid-segment buyers are now open to buying an apartment in Greater Noida and travelling to other parts of Delhi-NCR once the Metro Rail is operational next year.
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The Statistics Ministry monitored 286 infrastructure projects, each worth Rs 1,000 crore or more across sectors such as power, railways and roads in April 2016.

NEW DELHI: As many as 101 infrastructure projects sized Rs 1,000-crore and above have reported a cost overrun of Rs 1.29 lakh crore, as per official data.

The Statistics Ministry monitored 286 infrastructure projects, each worth Rs 1,000 crore or more across sectors such as power, railways and roads in April 2016.

"The total original cost of the 286 projects was about Rs 9,40,160.86 crore and latest reported anticipated completion cost is Rs 10,69,547.02 crore, which reflects an overall cost overrun of Rs 1,29,386.16 crore," according to the latest report for April.

As per the report, out of the 286 projects, 2 projects are ahead of schedule, 54 are on schedule, 123 delayed and 101 projects reported cost overrun and 41 projects reported both time and cost overrun with respect to their original project implementation schedules.

During the reference month, out of 286 projects, 123 projects are delayed with respect to original schedule and 31 projects have reported additional delay vis-a-vis the date of completion reported in the previous month (March, 2016).

The report stated that the additional delay is in the range of 1 to 13 months in respect of projects relating to power, petroleum, urban development and road transport & highways sectors.

It said the expenditure incurred on these projects till April is Rs 4,57,160.26 crore. Out of 286 projects, 101 projects have cost overruns with respect to original cost.

Cost overrun of these is 101.72 per cent while during the last month, it was 103.84 per cent in 100 projects out of 278 monitored projects.

In comparison with the last month, the number of projects reporting cost overruns decreases from 35.97 per cent to 35.31 per cent, it said.

Out of 123 delayed projects, 22 projects have overall delay in the range of 1 to 12 months, 18 projects have delay in the range of 13 to 24 months, 59 projects have delay in the range of 25 to 60 months and 24 projects have delay of 61 months and above.

During April, there are 117 projects which are showing time overruns of more than 6 months and 99 projects which are having cost overruns of more than Rs 100 crore and 40 projects are having both time overruns of more than 6 months and cost overruns of more than Rs 100 crore.

Speedy implementation of projects assumes significance in view of government's push to move towards high growth trajectory of over 8 per cent and touch double-digit mark over the next few years.
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It began with what is now being called a “monster jam” in Gurgaon on Thursday night, which spilled into the small hours of Friday morning.

Gurgaon's worst traffic nightmare came true on Thursday. Persistent rains and abysmal civic infrastructure combined to plunge the Millennium City into an agonising chaos. Gridlocked traffic on waterlogged roads led to a massive jam that stretched anywhere between 6 to 16 hours depending on the venue. The anger and misery of commuters was reflected in hundreds of tweets even as @gurgaonpolice posted traffic status and live Periscope videos of the most affected areas in a desperate attempt to restore order.

It began with what is now being called a "monster jam" on Thursday night, which spilled into the small hours of Friday morning. Several posts from Sohna Road complained of traffic coming to a complete standstill.

"My cousin is stuck at Sohna Road, Gurgaon (Gurugram) since last five hours in traffic jam. Wonder what will happen in the days to come," wrote @someshjha7."Stuck in traffic since last 3 hours in Sohna Road, Gurgaon :(," wrote @THEGR8HERO."Monster traffic jam in Gurgaon is a reminder that we need basic cities before we need Smart cities," tweeted @samjawed65.

Such tweets continued to flood the social networking site on Friday morning. One @rahuldubey1974 tweeted at close to 9am: "Gurgaon Jaipur highway completely jam packed...vehicles are stand still...stuck since last 45 mins."

In the midst of the civic nightmare, the recent change of name of the city from Gurgaon to Gurugram was trashed heavily. "They learnt from history and change the name...hope they wd hv learnt how to manage the drainage system from history itself #Gurugram," wrote @CricketMishra.

Some, like @iampraveen31, took solace in the fact that the matter was at least trending online. "I am glad this is going viral and teaching the right people. It is an everyday problem we face in Gurugram. Do something @PMOIndia," he wrote. Others like @nipunambastha were less hopeful: "Well well, this is usual stuff that happens in #Gurugram. People will forget soon and same will happen next year," he tweeted.

Politicians and civic agencies earned flak. But there were some words of praise for the police. "Only ones working in #Gurugram is @gurgaonpolice, working tirelessly, helping commoners. Blame game b/w sarkars & babus continues meanwhile," wrote @RRGwrites.

Some like @MrAmbiDexter took to sarcasm to vent their frustration with tweets such as: "#Gurugram is a nice city, world class buildings, huge shopping malls, giant towers, and olympic size swimming pools on the road."
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There is considerable confusion over the taxes applicable on the sale of an inherited property. While many think that the money received on sale of an inherited house is fully tax exempt, others feel that it is fully taxable.

In reality, there is no tax liability at the incidence of inheritance. However, any profits made on the sale of an inherited house, are taxable as capital gains.

Computation of capital gains

A capital gain may either be short term, or long term, depending on the period for which the asset was held. If the inherited house is held for more than 36 months, it is treated as a long - term asset. This period of 36 months includes not only the period for which you held the house, but also the period for which it was held by the previous owner/s who had paid for it.

For a holding period of less than 36 months, the actual cost of acquisition and any cost of improvement are deducted and the balance amount is treated as short term gains and taxed at the slab rate applicable to you. If the combined holding period exceeds 36 months, you get the right to deduct the cost of acquisition and the cost of improvement as enhanced by the cost inflation index multiplier. The cost inflation multiplier is calculated, based on the cost inflation index of the year of purchase and the year of sale.

The cost of acquisition will be the amount paid by any of the previous owners, towards the purchase of the house. For example, consider a scenario, where you inherited a house from your father and he had inherited it from his father. If your grandfather had purchased the house for Rs 50,000, your cost of acquisition for capital gains purposes shall be Rs 50,000. Moreover, in case the house was inherited before 1st April 1981, you may substitute the fair market value of the property as on 1st April 1981 for the ‘cost of acquisition’ and apply the cost inflation index multiplier on that value.
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Noida Warns Property Owners to Refrain from Encroaching on Storm-Water Drains
According to officials, the move follows the Authority’s action after the city witnessed heavy rainfall in the recent past, which left Noida water-logged and traffic jammed.

Having launched a cleanliness drive last month and in an attempt to keep monsoon-related water-logging at bay, the Noida Authority on Thursday said it has issued warning notices to 348 companies located in the industrial belt of sector 63 of the city. As per the Authority, property owners have encroached on the storm-water drains in the area, which has led to widespread water-logging. Authority officials have further warned that anyone in the city found to have encroached and covered drains, created pathways and ramps across public roads will be dealt with strict action.

According to officials, the move follows the Authority's action after the city witnessed heavy rainfall in the recent past, which left Noida water-logged and traffic jammed. "On directions of our Chairman, Pravir Kumar, who has been conducting spot inspections of the city, our work circle divisions have been taking stock," said Saumya Srivastava, Deputy CEO (DCEO), Noida Authority. "We have found that more than 300 industries in sector 63's nine blocks have encroached on storm-water drains in the area. This has largely been responsible for the water-logging due to the rains causing great inconvenience to commuters and other property owners," he said.

DCEO further said that the owners have been given time to remove the ramps. "After that we have warned them that we will not only remove the ramps but also impose penalty charges on them for removing it," he said.

Srivastava added that anyone violating the Authority's directions to keep the environment clean and encroachment-free will not be spared. "We expect all stakeholders to support us and help in our drive. Everyone needs to understand that it is their responsibility to make Noida a better place to live in," he added.

"We also request residents who have encroached and covered drains, created pathways and ramps across public roads to remove these structures. This would not be tolerated. If any violation is noticed, stiff fines will be imposed and action will be initiated against them,'' Srivastava said.

Meanwhile, Noida's health and sanitation department has been provided with additional resources to clean up the city. Additional manpower and equipment like tippers, bulldozers, etc have been provided to the department officials for cleaning up the city. On Thursday 500 tons of garbage, construction material dumped on streets and silt from drains has been removed from more than 400 locations across the city. "Not an inch of the city will be spared and all areas, whether residential commercial, institutional or industrial will be scoured and cleaned on a war-footing," Srivastava said.
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GST: How will it impact home buyers:
At a financial planning seminar in Delhi, a home buyer had a pertinent question: “Although GST may help the builders to avoid double or triple taxation and reduce their cost of construction and operation, how will it help me when buying a house? Paying VAT of 5% on construction material and 3.5% service tax, may still be lower than what is being proposed in the GST – a minimum of 18% tax.”
This confusion, over the impact of the proposed Goods and Services Tax (GST), is being echoed by home buyers, as well as the real estate fraternity. Many are even questioning whether the dual model of GST, as proposed by the empowered committee, will simplify and reduce the tax burden or further complicate the situation. Under this dual model, there will be a Central GST (levied by the central government, along with excise duty, surcharge, cess, service tax, etc.) and a State GST (levied by the state government, along with VAT, entertainment tax, luxury tax, tax on lottery, entry tax, cess, surcharge and others). The nature of real estate business, is such that both, the Central GST and State GST will fall into its ambit.

Applicability
While it is expected that the sale of immovable property after its completion, would continue to be outside the purview of GST and be applicable only on stamp duties, the proposed shift to GST does not seem to be clear of uncertainties. Moreover, there is no clarity over key issues, such as the transfer of development rights (TDR) on land, taxable value for goods and services, taxability of joint development agreements, etc. Experts, hence, question how GST will simplify the indirect taxation in the real estate sector.

Service tax and VAT are the two main levies on real estate, today. Nevertheless, there are constant disputes on the rate of tax and the base on which it has to be charged, given the multiple options available for discharge of taxes across states. This has resulted in diverse practices being followed by developers, across states and even within the same micro-markets.

Impact on prices
Tax consultant, Rikki Sahni, feels that prices may increase marginally, if any rate over 15% is applied for materials and services. “However, the realty industry, which contributes significantly to the Indian GDP, will benefit from GST in the long run, as it will create homogeneity and standardisation. There are two different aspects that impact developers. A major issue is how land is valued. A lot will depend on the deductibility of land in GST calculations. Moreover, if CENVAT credit is offered in the construction sector, it may benefit developers of commercial properties. A lot of clarity is still needed,” Sahni explains.

According to Nikhil Hawelia, managing director of the Hawelia Group, the GST regime will definitely help the sector in the long run. However, its immediate impact on home buyers remains unclear. “For the developers, the total quantum of tax may or may not increase, depending on whether the purchase of land is measured as a major source of input cost. Even if taxes increase a bit, it will at least bring clarity, as compared to the existing multiple layers of taxation. Home buyers, nevertheless, may end up paying more taxes,” says Hawelia. Financial analysts largely agree that GST may increase the prices of homes, even if it is not directly charged from home buyers, as developers will pass on the additional tax burden to buyers.
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The location of a property is one of its most important aspects. Here’s how you can go about choosing a locality that’s best suited to your needs Often, home buyers may find it difficult to finalise a house, after shortlisting their final few properties. If these properties are in a similar price range and in the buyers’ preferred location, there are several other factors that buyers can consider, for reaching a decision.

Existing infrastructure

Connectivity with your workplace: Among the locations that you have selected, ascertain each one’s connectivity to your workplace – while one location may be far off from your workplace, the other location may be closer to the office.

Ease of commute: Besides the distance from your workplace, ease of commuting between the location and your workplace, is also crucial. If a particular location has a better mode of conveyance (such as a metro network or a direct bus service), then, it makes sense to opt for that location. Bhavna Gupta, a resident of Gurgaon, who takes the metro every day, to travel to her office in central Delhi, concurs that “Ease of commute can make up for the long distance and long hours of travel.”

Presence of basic amenities/markets: Once you move into your property, you will need some basic amenities and markets that fulfil your daily requirement. “Proximity to important services, such as healthcare, educational institutions and market place, is a boon,” points out Harinder Singh, a Delhi-based broker. If any of the shortlisted properties offer these facilities within the project, the buyer should ideally opt for such a property. Also, check if water and electricity is a problem, or not.

Safety: Established localities tend to have better safety, compared to new locations. Some locations also have residents’ welfare associations, which takes care of the security of the colony.
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GURGAON: In a shock move, Huda administrator Yashpal Yadav on Thursday passed a spoken order rejecting the claims for alternative plots of most Dwarka Expressway oustees living in New Palam Vihar, on the grounds they do not have registry of plots they are about to be ousted from.

As a result, only around 50 of 560 oustees will be eligible for alternative plots, to be allotted by Huda's lucky draw on July 31. Most oustees had bought their land from original allotees via general power of attorney (GPA) or special power of attorney (SPA), in place of registration.

New Palam Vihar residents, who account for around 450 of the 560 oustees, cried foul and alleged Huda of cheating, using a spoken order that they alleged violates terms and conditions agreed between them and Huda in 2015, in an out-of-court settlement on the direction of Punjab and Haryana high court.

They protested at the Sector 14 Huda office, shouting slogans against the administrator. "First, Huda agreed to give us all plots, including those with GPA and SPA. Now, they're rejecting our claims," said Ram Avtar. Many protesters, including women, were seen sobbing after they heard their claim had been rejected.

Protest leader Rishi Raj Rana said they'll meet senior state officials with their petition. "A year after our settlement, Huda is going back on its promise. People with GPAs and SPAs were supposed to get alternate plots," said Rana.

Justifying the decision, Yadav said, "In its decision on the Suraj Lamps case, the SC decided not to recognise ownership via GPA/SPA. Both Land Acquisition Act and Haryana's 2010 R&R policy recognise ownership on the basis of revenue records, and that too, at the time of notification for acquisition"
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Recently, loan against property (LAP) has emerged as a popular form of long-term loans, especially among the self-employed. According to a recent report from CRISIL, this loan category is expected to grow 22% annually over the next four years. However, there are a few points borrowers should keep in mind.

Key features

As opposed to personal loans, the interest rate on LAPs is lower since it is secured against the house. The interest rate ranges from 11.5-15% per annum and the tenure is from 1-9 years, which can be extended up to 15 years, compared to only five years in the case of a personal loan. Also, you can receive the loan amount lumpsum or as an overdraft facility.

Before sanctioning the loan, all financial institutions will check your income, debt-servicing obligations and your credit score. “LAPs are given on freehold property and the owner must have a clear title to it,” informs Rajan Ahuja, director, Realty & Verticals, a Gurgaon-based real estate consultancy. To reduce risk, most banks offer loans up to 50-65% of the value of the property, while some non-banking financial companies (NBFCs) go up to 75%. The processing fee ranges from 0.5-1.5%. Loans are approved only when the self-employed can show an earning track record of three years, usually via income tax returns.
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NEW DELHI: Seeking to check black money, Lok Sabha on Wednesday passed a comprehensive Benami Transactions Amendment Bill, with Finance Minister Arun Jaitley assuring that genuine religious trusts will be kept out of the purview of the legislation.

Moving the Benami Transactions (Prohibition) Amendment Bill 2015 for the consideration and passage, the Minister said the legislation was predominately an anti-black money measure and its purpose is to seize benami property and prosecute those indulging in such activities.

"A lot of people who have unaccounted money buy benami property in the name of fictitious persons ... these transactions have to be discouraged," he said.

On concerns expressed by certain members about religious properties or those owned by deities or religious institutions, Jaitley said the government under this Bill will exempt such bonafide entities.

"There is Section 58 under the law which clearly states that charitable or religious organisation properties, the government has power to exempt those," Jaitley said responding to concerns of some members about the applicability of the amended law on properties in the name of holy books and deities.

"If there is a genuine property which belongs to a church or a mosque or a gurdwara or a temple, section 58 says that the government has the power to exempt it," he said.

The Minister warned that excemption to such entities, cannot be a pretext for tax evasion, adding "if you make any illegal business out of it... if you create a fake religious sect and start keeping benami property, then government won't exempt it, so please don't do that".

Responding to suggestions of members on why the government has not come out with a new law in place of the 1988 Act, the Minister said such a move would have given "immunity to persons who acquired benami properties during the period from 1988 to 2016".
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