Consultation India - Pune, Mumbai Real Estate/ Properties Investment, Property Management Services

Here’s some good news for flat owners worried how much Value-added tax (VAT) will they have to pay. *The quantum of Maharashtra VAT on flats and real estate sold in the state between June 20, 2006 and March 31, 2010 may be much less than 5%, depending up on the method of calculation a developer chooses to adopt*. For example, for a flat with an agreement value of Rs 30 lakh, the VAT could be Rs 24,500 at the lowest and Rs 1,15,800 at the highest. Soon after the state government’s communication, there was a general impression that purchasers will have to shell out a high 5% of the value of their deals as VAT. While that is a possibility, the Maharashtra Department of Sales Tax has said that there are three options available with developers to calculate the MVAT. A senior functionary in the Sales Tax office told TOI that under rule 58 of the Act a developer can deduct the price of land as well as expenses on labour and further deduct the VAT he has paid on the materials before arriving

Reform in FDI: Ministry of Commerce and Industry certain significant relaxations in the FDI regulations applicable to the construction-development sector, which have just been released in a Press Note issued by the Government of India. The key changes are summarized below for your easy reference:- 1.     Conditions on minimum area and minimum capitalization within a period of 6 months have been removed; 2.     Each phase of the construction-development project would be considered as a separate project for FDI policy purposes; 3.     Foreign investor would be permitted to exit and repatriate foreign investment before completion of project under the automatic route, provided lock-in-period of three years is completed for each tranche of foreign investment; 4.     Transfer of stake from one non-resident to another non-resident, without repatriation of investment, will neither be subject to any lock-in period nor to any government approval. Nonetheless, exit is permitted at any time if pr

Dear Readers, Found this whats app message very interesting about our beloved city PUNE so sharing with you: 1. POONA/Pune has the impeccable record of highest growth within a span of 20 Years 2. Pune has highest number of pubs in Asia. 4. Pune has the highest number of software companies in India-212, followed by Bangalore - 208,Hyderabad - 97. Hence called the Silicon Valley of Maharashtra 5. Pune has 35 engineering colleges, 🚎which is highest in the world in a given city. Pune University has 57 Engineering colleges affiliated to it, which is highest in the world. 6. Pune has commercial and defense Airport operating from the same strip. 7. Pune has highest number of public sectors and government Organizations in India. 8. Pune university has highest number of students going abroad for higher studies taking the first place from IIT-Kanpur. 9. Pune has only 38% of local population (i.e.Marathi) .Hence a true cosmopolitan with around 20% North Indians,10% Tamilians,14%

Real estate investment provides more stability and can also deliver a continuous income stream, and this is why it attracts more investors. The stock market has always played the role of a barometer to the economic mood of a nation. Real estate is one of the prime elements in the latter context. In fact, an interesting and important relationship exists between real estate investments and the stock index. While both offer a profitable investment opportunity, both also carry risks that complement each other. A common belief has been that the profit margins associated with stock investment has been higher when compared to alternative asset investments. Stocks are liquid and flexible, whereas real estate is not. Also, stocks offer growth rates that real estate investment can rarely match. Lastly, stocks are also easier to acquire and operate than buying a property as investment. Investment property also includes several added elements like insurance, maintenance, taxes, legal fees, broker

The 'Refund Banker Scheme,' which commenced from 24th Jan 2007, is now operational for Non-corporate taxpayers assessed in Delhi, Mumbai, Kolkata, Chennai, Bangalore, Bhubaneswar, Ahmedabad, Hyderabad, Pune, Patna, Cochin, Trivandrum, Chandigarh, Allahabad, and Kanpur. In the 'Refund Banker Scheme' the refunds generated on processing of Income tax Returns by the Assessing officers/ CPC-Bangalore are transmitted to State Bank of India, CMP branch, Mumbai (Refund Banker) on the next day of processing for further distribution to taxpayers. Refunds are being sent in following two modes: RTGS / NECS:  To enable credit of refund directly to the bank account, Taxpayer.s Bank A/c (at least 10 digits), MICR code of bank branch and correct communication address is mandatory. Paper Cheque:  Bank Account No, Correct address is mandatory. Taxpayers can view status of refund 10 days after their refund has been sent by the Assessing Officer to the Refund Banker - by e

Santa: I have heard recently that Mr. Rajan has reduced Repo Rate by 50 basis points and everyone is saying that this is good for the market. Loan EMI may also come down. What is this rate cut means actually? I want to understand this. Banta: To understand this you first need to know, how does a bank function. Santa: Why? Banta: Because all these are inter-related. Tell me – what does a bank do? Santa: Bank takes money from depositors and gives loan to earn interest. That way they keep everyone happy and make a profit also. Banta: Correct, but there are more to it. Let me explain this in a very simplistic way. Bank needs money. Bank can get money from depositors like you and me and also from RBI. But bank also needs to pay certain interest to us and also to RBI. Santa: Ok. Banta: Let us try to understand first – what happens when we deposit, say, Rs. 100 with a bank. Santa: I know that. Bank gives that Rs. 100 to someone who needs a loan. Banta: No, it is not that simple. Remember, th

Users can apply for Index 2 reports online using government site and do not need to visit the sub-registrar's office to obtain the document. The government site can provide details on Index 2 document, transactions search report, and a copy of registered documents. Users will be able to take a print of the Index 2 document but all users might not be able to download the extract 2 document. The manual process to process transaction search report and Index 2 takes around 1 week. However, through this site, users can download these documents easily provided they know the required details. The below site can provide details on properties that were registered between 2002 and present. Procedure to download index 2 document Visit the  link  (https://esearchigr.maharashtra.gov.in/testingesearch/wfsearch.aspx) Select "Document Number" option on the left hand side. Select "District" in which the document was registered. Select "SRO"- office where

Sri Mulyani Indrawati MD & COO, WORLD BANK Sidhartha & Surojit Gupta TNN   World Bank managing director and chief operating officer Sri Mulyani Indrawati is bullish about India's growth prospects and tells TOI in an interview that New Delhi must use the narrow window of opportunity provided by slowing commodity prices to push through more reforms. Excerpts:How do you see the progress in terms of policies in India? This is a very rare and good opportunity for India. It is getting advantage of low commodity prices, especially oil, that will provide space for the budget in terms of subsidies. The government commitment and announcement on fuel subsidy reform is very encouraging. India has the opportunity to use this narrow window to push for further reforms.The more attention on improving the business climate to be able to attract more foreign direct investment for small and medium enterprises is going to be critical because the growth of India

FAYE DSOUZA   When choosing a home the biggest decision obviously is choosing the builder and the project but the decision should also be backed with an assessment of the civic and social infrastructure of the location.The physical infrastructure and social amenities will impact the future price appreciation of the property. So, it is important to run through a checklist of requisites before making up the mind. This list should be helpful. Social Infrastructure: Check the neighbourhood for schools, colleges, hospitals and a local market.One should be able to access all these services within a few minutes travel from one's new home. There should be adequate parking at these locations and easy access from the roads. Look for recreational facilities as well. Malls, shopping centres, movie theatres and parks for children. The closer these facilities are, the better the price appreciation. Physical Infrastructure: Check the location for traffic

I was just going through a particular website and was amazed to read this stunning article, wherein I thought of sharing it with you personally. It’s difficult to believe that a larger-than-life Soccer superstar, who is used to equally large stadiums as his second home, would invest in a very modest-sized 2509 sq.ft apartment for himself.  BUT  when the apartment’s address reads as ‘The Trump  Tower ’, Fifth Avenue.…suddenly, it all starts making sense. Seeing is Believing ! So, we welcome you to click on this link below & experience the endless wows on seeing Soccer ace Cristiano Ronaldo’s new home, first hand. Please hold on to your chairs, when you hear the price he paid for it… a whooping USD 18.5million (approx. INR 123 crores ). Needless to say, a Branded residence is worth the price it demands. Enjoy the view…! http://www.dailymail.co.uk/ sport/sportsnews/article- 3208671/Cristiano-Ronaldo-s- new-11-8million-luxury-New- York-loft-apartment-Inside- Real-Madrid-s

Aug 28 2015 : The Times of India (Pune) Pune: TIMES NEWS NETWORK   Pips Big Metros Like Kolkata To Find A Place Among 98 In The Country Chosen For Smart Cities Mission In a big boost that would make a difference to the quality of urban life, Pune was among the 98 cities chosen for development under the Smart Cities Mission.There is much to cheer here as state capitals like Bengaluru and Kolkata did not make the cut. However, the grind begins now, since the city will have to make it to the final round of the mission.Along with the other selected cities, Pune too will have to prepare a city-level Smart City Plan which will be evaluated in the second stage of the competition based on a broad set of criteria. The top scoring 20 cities will be picked by the Centre for funding during this financial year. Funds may be released to the final 20 cities by this year end. They will get central assistance of Rs 200 crore in the first year followed by Rs 100 crore e

New Delhi: TIMES NEWS NETWORK   India stands to benefit from China's slowdown thanks to its resilient consumer spending and improving macroeconomic fundamentals. The foreign media is taking note of the growth potential of Asia's third-largest economy acknowledging the strengths of India against the backdrop of a slowing China and a sluggish global economy .“India hasn't been rattled as badly as Brazil, Russia or South Africa. Its international reserves are ample, and it isn't highly dependent on foreign capital to fund imports,“ says the Wall Street Journal in a report on how India could benefit from China's slowdown. “It also doesn't rely on exporting resources, which means ebbing Chinese demand for minerals and metals isn't serious. And it doesn't have many companies competing head-tohead in third markets against Chinese exporters that benefit from a weaker yuan,“ the newspaper said. It said the large population which buying

We hereby bring an  exceptional opportunity    to own  Panchshil  Commercial premises starting from  1500 sq. ft. to 30,000 sq. ft . Ticket size of  Office 1.6 Cr . &  Retail shop from 3.5 Cr . onwards. LOCATION: NEXT TO SEASONS SHOPPING MALL, MAGARPATTA CITY, PUNE. Specification: Building Specifications • Double Glaze Low-e glass façade • Air conditioned Lobby - VRV System • Access Control Turnstile • Elevators: High-speed Mitsubishi* 3 passengers and 1 Service • 100% Power Back-up • Ample space for Car / Two- Wheeler parking • Possession will be 24 months from the date of commencement Floor Specifications • Sub Floor with mosaic tiles • Office Front with Well-designed Glass door • False Ceiling with light fixtures • Floor Pantry available • Each Floor - Washrooms for both Male and Female • Exclusive Executive washrooms on each floor • Air conditioned offices with VRV system Benefits for investing in Magarpat

Mumbai: TNN & AGENCIES   Taiwan's Foxconn, the world's largest contract electronics manufacturer and a key supplier to Apple Inc, on Saturday signed a pact with Maharashtra to invest $5 billion over five years in a semiconductor manufacturing facility.The investment, touted to be one of the largest in the state, comes within a week of US multinational General Motors' $1billion pledge to manufactures automobiles in Maharashtra. It will also bolster PM Narendra Modi's `Make in India' campaign, which aims to turn Asia's third-largest economy into a manufacturing powerhouse. The MoU to set up the unit was signed in the presence of chief minister Devendra Fadnavis and Foxconn chairman Terry Gou on Saturday at the World Trade Centre here. TOI has in the past -most recently on August 5 -reported how Foxconn, the trade name for $132-billion Hon Hai Precision Industry Co Ltd which also counts Blackberry , Xiaomi and Amazon as clients, had amb

Vishwas Kothari Pune:   Forum Directs Construction Co To Pay `20k As Damages A builder cannot charge Value Added Tax (VAT) on transaction for sale of flat effected after he has secured completion certificate for the project from the municipal corporation, the Pune district consumer disputes redressal forum has ruled.In an order passed on Thursday , a three-member bench of the forum, headed by its president V P Utpat, held city-based construction firm, Kshitij Promoters and Developers in Erandwane, liable for deficiency in service and unfair trade practice for wrongfully collecting 1% VAT from the purchasers of a flat and not returning the same. The bench, which also comprised members Mohan Patankar and Kshitija Kul karni, directed the firm and its partners, S P Paranjape and Vinayak D Gokhale, to refund the Rs 70,230 VAT that was collected from complainants Janice D'sa and Leena D'sa within six weeks from the date of order. The firm has also be

  There are many options to insure a property and household goods from theft and breakdowns There are different forms of insurance available for a home. An insurance cover reduces risk. It is therefore advisable to go in for some cover based on the risks involved, and the potential loss. HOME LOAN COVER A home loan availed to buy property can be covered by insurance.This provides a cover for repayment of the home loan in case of the unfortunate demise of the borrower. As the loan amount in case of a property purchase is usually high and the tenure long, there is a greater degree of risk. This policy is more or less like a term insurance, linked with the tenure of the home loan. PROPERTY INSURANCE Insurance for the house itself is available. Here, there is the option of insurance for the household goods.None of these is mutually exclusive.It is possible to opt for one or a combination of more, depending on preferences and risk assessment. Insurance of property cove

Jul 29 2015 : The Times of India (Pune)   Sales and new project launches in the country's real estate sector are recording a dip but analysts observe that Pune continues to see an increase in sales and prices.The city has emerged as one of the best performers in terms of age of inventory and time taken for inventory to be sold. Although residential markets in all major cities are still experiencing a pressure, Pune has shown promising growth The city has replaced Delhi-NCR to occupy the third slot in absorption or sales figures. Even in the number of new launches Pune has surged ahead of Delhi NCR, standing third after Bengaluru and Mumbai in the first half of 2015. Real estate consult ant Knight Frank released the half-yearly report on Tuesday . The research firm has given their findings for the top eight cities -Mumbai, Delhi-NCR Bengaluru, Pune, Chennai, Ahmedabad, Hyderabad and Kolkata. It stated that these residen tial markets were expected to witness a sl

Jul 18 2015 : The Times of India (Pune)   A property buyer needs to deduct tax from the sale amount paid to the seller and deposit the amount deducted with the government While purchasing property, under certain circumstances, a buyer has to deduct tax and remit it to the government. In order to facilitate better reporting of property transactions and payment of capital gains tax, the government introduced a Tax to be Deducted at Source (TDS) at the rate of one per cent on the value of the transfer of the property where the sale amount exceeds Rs 50 lakhs.However, agricultural land is exempt from this tax. Also, no deduction is to be made where the sale amount is less than Rs 50 lakhs. The sum deducted as TDS has to be paid to the central government within a period of seven days from the end of the month in which the deduction was made. It has to be ac companied by a challancum-statement on Form 26QB. The buyer, responsible for deduction of the tax

Jul 18 2015 : The Times of India (Pune)   Santhosh Kumar, CEO operations and international director, JLL India, offers tips for renting out a property India's cities are growing and creating a wide spectrum of opportunities. This means there are a lot of people flocking to cities in search of jobs, higher studies or just for a more cosmopolitan lifestyle.In other words, today's real estate market is flooded with prospective renters.The sky-high property prices in larger cities are keeping 'buy' option out of the reach of the common man, so the rental market is booming.Not surprisingly, countless people have either invested in or are entering the rental real estate segment. Their objective is to purchase homes and rent them. The problem is that many first time landlords are unaware of the potential risks associated with renting out a property particularly a residential one. Renting out a house in India does not always result in smooth sailing; if not app