realestate2022

Must Know Facts If You Are Buying Property From An NRI (Dreamstime) The taxman may come after those who bought property from non-resident Indians (NRIs) and failed to deduct/deposit they are obliged to. Earlier this year, officials of the Central Board of Direct Taxes (CBDT) had been directed to carry out surveys to detect tax evasion. Officials had also been directed to collate data of property transactions and match it TDS (tax deducted at source) records to find out the possible mismatches.  Interestingly, in several cases these “defaulters” may face the wrath of the taxman without having intentionally withheld anything ─ tax laws related to property purchases where the seller is an NRI are complex, and must strictly be carried out with the help of an expert only. Here is a primer for those buyers who are planning to buy a property that belongs to an NRI. Buyer is responsible for deducting TDS Only one per cent of the deal value is deducted by the buyer as TDS whe...

Ganesh Chaturthi 2018: Will it bring about a revival in Mumbai’s property market? Amidst rising prices of essential commodities, increasing home loan rates and a falling rupee, we look at whether the festive season starting with Ganesh Chaturthi, holds any positives for the real estate market in Mumbai Ganesh Chaturthi marks the start of the festive period. It is a time, when developers strive to clear their old stock, increase sales and capitalise on the positive sentiment. For home buyers, the festive season translates into good deals and offers on property transactions. Hence, this period brings a win-win situation for all stakeholders in the real estate sector. However, this year, Ganesh Chaturthi will be celebrated in a scenario, where the Indian rupee is depreciating against the US dollar and home loan interest rates are inching upward. Anuj Puri, chairman of ANAROCK Property Consultants , says that “As per ANAROCK data, out of the total new supply (of approximately 1,14,400 unit...

Bandra-Versova Sea Link Gets Final Approval;  Construction May Start In Oct (Shutterstock) The construction of the Bandra-Versova Sea Link will begin within a month as Maharashtra Chief Minister Devendra Fadnavis has approved the project. The sea link will be thrice the length of the Bandra-Worli Sea Link. Previously, in a bid to fast track the long-awaited infrastructure project, the state government had provided viability gap funding of Rs 2,500 crore, that is collected as a premium for extra floor space index, sold to real estate developers. Being built at an expense of Rs 9,500 crore, the link would be a toll-route. The Maharashtra State Road Development Corporation (MSRDC) will appoint two separate contractors for toll collection and repairs and maintenance. The sea link would be 9.2-km long and would serve as an extension to the existing Bandra-Worli Sea Link. Once operational, the commuters travelling to south Mumbai from Western Suburbs can skip the Western Expr...

Monsoons Could Be The Best Time To Go House Hunting (Wikipedia) Monsoons could mean discomfort but it is also a good time to look around for a locality and a property fit for you. Wondering how this could be possible? Could monsoons be a good time to invest? Ashok Mohanani, chairman, EKTA World and vice president, NAREDCO West says, “Rather than avoiding this opportunity, a potential homebuyer should use it as an analysis to witness the pros and cons like location, construction quality, etc.” What can you guage? Mohanani explains: Check for amenities and quality of infrastructure During monsoons, the roads are full of traffic and water logging. This could indicate the commute and access to the area. A potential homebuyer must visit the site several times before taking the final decision. Monsoons is a suitable time to check the condition of the building and the adjacent area around it. Also find out how frequent is public transportation and how much time would it take to commute to a ...

What is a tripartite agreement and how does it work? A tripartite agreement effectively states the relevant details of a housing loan or leasing transaction in an under-construction project. Here’s an analysis of what it entails A tripartite agreement is the key legal document involving the buyer, bank and seller. It’s the document required when a buyer opts for a home loan to purchase a house in an under-construction project. “Tripartite agreements have been established to assist buyers with acquiring loans  for properties against the planned purchase of the property . Since the home/apartment is still not in the name of the customer until possession, the builder is included within the agreement with the bank,” states  Rohan Bulchandani, co-founder and president, Real Estate Management Institute™ (REMI) and The Annet Group . “In the leasing industry, tripartite agreements can be drafted between the mortgager/lender, the owner/borrower and the tenant. These agreements usually ...

How will Mumbai Metro impact the Real Estate Market in the City? With Mumbai struggling with transportation infrastructure for long, we look at how the multiple metro rail lines planned for the city, will help the commuters and the impact it will have on the real estate sector Transportation infrastructure in cities across the globe, has a proven positive impact on real estate and also along the peripheral micro-markets of the cities. There is optimism, hence, that the development of the metro rail in Mumbai, will bring about a transformation and boost the realty sector. “Hopefully, the Mumbai Metro’s upcoming corridors, will be operational in 5-10 years. Any planned infrastructure results in massive real estate growth, in and around the corridors and a similar impact could be seen when the VAG ( Versova -Andheri-Ghatkopar) Metro line became operational, transporting a large number of commuters daily between the western and eastern parts of the city. Similarly, residential and commerc...

What is Stamp Duty? What are the Rates & Charges of Stamp Duty on Property? Buying a house is one of the most important decisions that one makes in their life. Investing in real estate or buying a new home takes your hard-earned money and best of knowledge to get the perfect home. And it is really important to ensure that all the paperwork is completed. One of the most important documentation is property registration and stamp duty. Property registration completes your ownership of the property and stamp duty is a major part of registration.  Registering the property with your own name helps you gain the legal right to the property and will also help you avoid any dispute in future related to the property you have bought. And in this article, we will be telling you each and every detail related to stamp duty and how it is calculated. Here, have a look! What is Stamp Duty? Stamp duty is a government tax that is imposed on property transactions. It is payable under the Section 3 ...