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Aishwarya Raj Singh

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Complaint filed by Brisk Lumbini residents in Gurugram for poor construction quality

By
Aishwarya Raj Singh
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Two days after two women died due to the collapse of part of building at Chintels Paradiso, the residents of another condominium in the same sector, Brisk Lumbini, filed a police complaint against the developer for the poor construction quality.

Complaint filed by Brisk Lumbini residents in Gurugram for poor construction quality

The residents of Brisk Lumbini mentioned in the complaint that they had earlier raised concern about plaster chunks falling from balconies, cracks in pillars and seepage in the basement but no attention had been paid to it.

The residents claimed that they complained about the matter multiple number of times to the department of town and country planning (DTCP).

Guarav Prakash, a resident, told TOI, “Cracks have started appearing in the staircase and pillars in the basement. At the same places, even the steel reinforcement bars have been exposed and are rusting. The basement floor needs to be resurfaced because of the seepage.”

Amrik Singh, another resident of the Sector 109 condominium, added, “We want a full structural audit of the housing society.”

Hours after the residents’ complaint was submitted to cops at Bajghera police station, an MCG team inspected the society. “The cops forwarded the complaint to us and our team visited the society for a preliminary inspection,” a civic official said.

ACP (Udyog Vihar) Rajeev Yadav said, “Residents are most welcome to submit their complaints”.

“We will look into this particular complaint for sure,” he added.

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Mahindra Lifespace to purchase 9.24 acres of land for Rs 365 crore in Mumbai from promoter firm M&M

By
Aishwarya Raj Singh
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On Thursday realty firm Mahindra Lifespace Developers Ltd. said that they will purchase about 9.24 acres of land in Kandivali, Mumbai from Mahindra & Mahindra Ltd. for Rs 365 crore for development of a housing project. Mahindra & Mahindra is the promoter and holding company of Mahindra Lifespace Developers.

Mahindra Lifespace to purchase 9.24 acres of land for Rs 365 crore in Mumbai from promoter firm M&M

After the success of ‘Mahindra Roots’ project this will be the second residential development project of Mahindra Lifespace‘s in Kandivali which will offer about 1 million square feet of carpet area. The company said in a regulatory filing that the project is expected to be launched in FY23.

The aggregate consideration for this land deal is Rs 365 crore (subject to actual land area survey, deduction of TDS and applicable taxes), to be paid in tranches and interest of 7% per annum payable during the interim period of payment on unpaid principal balance from the sale date.

The company’s MD and CEO Arvind Subramanian said, “Kandivali East is a strategically located, thriving residential hub in Mumbai, and offers well-developed social and civic infrastructure and amenities. This latest land acquisition will help us grow our presence in this high-performing micro-market and is in line with our expansion strategy in Mumbai.”

Rajeev Goyal, CFO, Auto and Farm Sectors, Mahindra & Mahindra Ltd., said, “the company has got an opportunity to monetise an unused land parcel, which is less than 10 per cent of its entire land holding in Kandivali.”

He also said that this will not have any impact on the operations of the company as no operations of its auto and farm verticals are carried out on the land being sold.

 

NRI investor lodged complain against a land developer and his partner in Pune

By
Aishwarya Raj Singh
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A non-resident Indian (NRI) investor (66) from Kalyaninagar filled complaint against a land developer and his partner of duping him of Rs 9.9 crore over investment in a township project on Boat Club Road in 2015.

NRI investor lodged complain against a land developer and his partner in Pune

Koregaon Park Police said, the NRI mentioned in his complaint that in 2015 he had invested money in the Boat Club Road township project but the land developer and his partner sold the scheme and his share to another builder without informing him.

Developer’s lawyer Javed Shaikh told TOI, “All the allegations levelled against our client are false and fabricated. While selling the project to the other developer, the investor was present and he has also signed an MoU. His share has been kept intact while transferring the project to the other developer. So, his share still exists in the project.”

Senior inspector Vinayak Vetal of the Koregaon Park police told TOI, “We have registered the case after verifying the documents provided by the victim. The victim is a Nigerian national of Indian origin. He is staying in Pune for the last 15 years. He runs a business of power supply towers in Nigeria.”

“In 2015, he came to know about a real estate project coming up on Boat Club Road. There was an investment scheme. He invested Rs 9.90 crore in the project and the land developer promised him flats. However, two years ago, the land developer and a bank, from whom the land developer had borrowed money, sold the project to another builder. His investment was neglected,” Vetal said.

Tax-benefits for NRIs applying for Home Loans in India

By
Aishwarya Raj Singh
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Tax-benefits for NRIs applying for Home Loans in India

NRI (Non-Resident Indians) & Indian Resident get similar tax benefits subject to repayment of principal and interest component of home loans availed in India. Before starting the further discussion on benefits available to NRIs in terms of home loans, it is important to evaluate whether the tax deduction available in India would be beneficial to NRIs or not. NRIs can be benefitted from the tax deductions if they have any income which is taxable in India. If NRIs have any taxable income in India, it will be easy for them to claim deductions on the repayment of interest and principal component from the taxable income as per Section 24, 80 EE, and 80C of the Income Tax Act.

Tax Benefits Available to NRIs for Home Loans in India

Following are the few tax benefits related to NRI home loans availed in India:

  • According to Section 80C, the deduction is available with regard to the repayment of the principal component of home loans, which can be a maximum of INR 1,50,000 p.a.
  • As per Section 24:
  • On home loans the deduction is available for the repayment of interest up to INR 2,00,000 p.a. which is available under the head ‘Income from house property.
  • Deduction related to repayment of interest on NRI home loans, even though the property is in the pre-construction phase.
  • As stated in section 80C, NRIs have the right to avail deductions for stamp duty and registration charges paid for acquiring their property.
  • Availing home loans for NRIs in order to buy their first home, an additional deduction of up to INR 50,000 p.a. is available (subject to the fulfilment of certain conditions) with regard to the repayment of interest on home loans as per Section 80EE.

Changing status from NRI to resident Indian

In a scenario if the NRIs permanently shifts back to India then their status will be changed from Non-Resident Indian to Resident Indian, the lender may reassess your loan eligibility and repayment capacity and work out a revised repayment schedule. Anyhow there is no major impact as a resident has the freedom to acquire any type of property in India.

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In south India 70% real estate projects have been proposed for senior citizens

By
Aishwarya Raj Singh
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The preferred configuration for senior living projects remains to be 2BHK apartments within Rs 45 lakh price range.

In south India 70% real estate projects have been proposed for senior citizens

70% of senior living real estate projects have been taken up by southern states such as Kochi, Chennai, Coimbatore and Bengaluru followed by West and north Indian cities as per the reports by housing.com.

It has been reported that people start searching for retirement homes with in a range of 1 or 2 crores and the preferred configuration continues to be 2BHK apartments in less than Rs 45 lakh price bracket.

In developed countries where older profile is more to be seen, senior living has become a strong residential real estate segment. In India this concept has taken roots in the past two decades.

Many real estate developers have started to cater to the need, either with the development of standalone projects or building dedicated towers with necessary amenities for senior citizens. The housing portals for these projects are owned by REA India, which is a part of Australia’s REA group. These are the few initiatives taken as a part of care for retirement community.

Real estate developer Arttech acquires 7.3-acre land in Faridabad

By
Aishwarya Raj Singh
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A senior company executive said that Arttech has acquired a 7.3 acre land parcel for Rs 70 crore in Faridabad.

Real estate developer Arttech acquires 7.3-acre land in Faridabad

The company plan to build 1 million-square-foot affordable housing project at the site, which is located near the upcoming Jewar airport.

Saurabh Shatdal, managing director-capital markets, Cushman & Wakefield India, said, “Faridabad is taking giant leaps forward in terms of development with an infrastructure boost and economic growth. The city is fast emerging as a real estate hotspot in NCR (National Capital Region) with the presence of multinational companies, manufacturing hubs, economic zones and industrial corridors strengthening its position in the market.”

The company’s target is to complete the project within 4-5 years of the launch.

“Faridabad is destined to set a new benchmark in the real estate sector,” said Sandeep Gupta, managing director, Arttech, pointing to the opening of Jewar airport and connectivity to the Mumbai expressway.

In Sector 106, Dwarka Expressway, Gurgaon Elan Group acquired 40 acres of land from Indiabulls Real Estate for Rs 580 crore which is one of the biggest recent land deals in the country.

According to Anarock Property Consultants, developers bought more than 1,757 acres of land and other groups in the top 7 cities between the 3rd quarter of 2020 and November 2021 in 45 separate deals.

About 69 percent or 1,205 acres of the land is proposed to be developed into multiple residential projects across these cities. The total development potential of these deals works out to at least 45 million sq. ft. of residential area.

Godrej Properties, Sunteck Realty, Ashiana Housing, Mahindra LifeSpaces, M3M Group and Runwal Developers are the top developers who bought land parcels for residential developments.

 

The Supreme Court refused to reopen the settlement between home buyers and Supertech Ltd.

By
Aishwarya Raj Singh
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March 31 is set as the deadline for Supertech to clear outstanding home loans. No Objection Certificate (NOC) to be furnished before April 10, 2022.

The Supreme Court refused to reopen the settlement between home buyers and Supertech Ltd

The Supreme Court Friday has refused to reopen the settlement between home buyers and realty major Supertech Ltd. A bench of justices gave directions to Supertech for clearing payments of the home buyers of to be razed twin-towers of Emerald Court Project and Supertech Ltd.

It’s been said that in such cases the developer should clear the home loan before or on March 31 and also furnishing of NOCs to be done before April 10, 2022.

“For all the home buyers, who have entered into settlement, the settlement should govern the rights and obligations of the respected parties,” the bench said.

It would be not fair to reopen the settlement when several home buyers are into a settlement that is reflected in a note submitted by the amicus curiae.

Senior advocate, appearing for Supertech, said that 38 flat buyers have attempted to receive refund of principal amount paid by them together with interest. They have sat with amicus curiae and tried to resolve the matter.

Godrej Properties to invest Rs 400 cr in DB Realty to pick up 10% stake

By
Aishwarya Raj Singh
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GPL said it plans to invest ₹400 crore in Mumbai-based real estate firm DB Realty to acquire around 10% stake through the issue of warrants.

Godrej Properties to invest Rs 400 cr in DB Realty to pick up 10% stake

Godrej Properties (GPL) one of the India’s largest real estate firm is planning to invest Rs 400 crore to acquire around 10% stake in DB Realty and another Rs 300 crore to set up a joint platform for undertaking slum redevelopment projects.

Godrej Properties will invest a total of Rs 700 crore in which the total size of the joint platform of Godrej Properties and DB Realty will be Rs 600 crore, with each party contributing Rs 300 crore.

GPL chairman Pirojsha Godrej said the company’s board has approved investments in DB Realty.

Pirojsha said, “We will be investing about Rs 400 crore in DB Realty for around 10 per cent stake through issue of warrants.”

BMC Budget 2022-23: No property tax for flats measuring up to 500 sq. ft.

By
Aishwarya Raj Singh
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On Thursday one of the richest civic body BMC (Brihanmumbai Municipal Corporation) presented a budget of Rs 45,949.21 crore for the year 2022-23, ahead of the civic elections. The budget estimates are 17.70 percent more than the last fiscal, when the BMC had presented Rs 39,038.83 crore budget.

BMC Budget 2022-23 No property tax for flats measuring up to 500 sq. ft.

Iqbal Singh Chahal, commissioner of Mumbai municipal presented the budget before the civic standing committee meeting held at the BMC headquarters.

In the budget, the civic body announced 100% relief from payment of property tax for the flats measuring up to 500 square feet of carpet area.

Chahal said in his budget speech, “About 16, 14,000 citizens will get 100 per cent property tax relief. The amount of exemption to citizens is to the tune of Rs 462 crore per annum.”

Chief Minister Uddhav Thackeray had announced a decision to waive the property tax for the residential units of up to 500 square feet, located within the Mumbai municipal area limits on January 1.

Before presenting the general budget at the standing committee, the BMC also tabled its education budget of Rs 3,370.24 crore. This year’s education budget estimates are 14.45% more than the last fiscal when the budget was Rs 2945.78 crore.

New town or “Singapore of Kolkata” by HIDCO

By
Aishwarya Raj Singh
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The agency which will be selected to construct the building will have to construct the building in nearly two years from the day of commencement of the work.

New town or “Singapore of Kolkata” by HIDCO

A plan to set up a vertical city project in the central business district area of New Town (Kolkata) has been proposed by the Housing Infrastructure Development Corporation (HIDCO). As per the plan the city will have residential, commercial, retail, fin-tech and other establishments in a single vertical building structure. For the purpose reputed agencies have been engaged by the authorities.

However, the number of floors is not disclosed but the agencies have to complete the project in two years.

The New Town Kolkata Development Authority (NTKDA) had earlier set up multistoried buildings for civic services.

HIDCO is emphasizing on the optimum use of the space by setting up high density vertical structures in real estate segment so as to showcase New Town as “Singapore of Kolkata”.

If states start appreciating and following the same plan then the day is not far when our nation will be counted in developed nations from developing one.

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