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Jul 01 2017 : The Times of India (Pune) Amit Sethi   GST is set to have an impact on realty. Here's a low down of its effect on an under construction property vis-a-vis a ready to move in type GST rates have been declared and it's now al most clear that the new tax system will be implemented from July 1 2017. The realty sector would get influenced by the new tax rate system and the extent could be positive or negative anything. GST will impact the price of several input materials and services which are used during the property construction, so the overall impact of new tax system would be big.UNDER-CONSTRUCTION PROPERTY “Under-construction properties are treated as a supply of services under GST and accordingly liable to GST. Resale of constructed properties is outside the purview of GST as they are treated as immovable properties. Resale properties shall attract applicable stamp duty on transfer. The concept of 'first occupation' has

Jul 01 2017 : The Times of India (Pune) RAKESH MALIK   The Goods and Services Tax (GST) roll out in July provides a unique opportunity for both buyers and developers With Goods and Services Tax (GST), one of the biggest tax reforms of independ ent India, all set to be a reality soon, the real estate sector is expected to get a boost. The good news for both the developers and home buyers is that they will all stand to gain from this historic financial move.Industry experts feel that the move will help the sector in a big way. Jaxay Shah, president, CREDAI, talking about GST and its possible impact on the real estate sector, stresses, “CREDAI welcomes the introduction of GST as a major reform since it integrates all central and state taxes into one comprehensive tax regime for the entire country. Trade and industry are major gainers of GST as it will eliminate multiple taxation at the level of states and the Centre, with the consequent cascading effects

Jun 26 2017 : The Times of India (Pune) Satyanarayan Iyer Pune   The Centre's proposal of a 12% GST on sale of houses from July 1 has left both real estate players and consumers calculating amounts they have to shell out or pass on. In Maharashtra, GST will be in addition to the 6% stamp duty rate charged by the state. This will mean higher outgo on a headline basis. Experts feel the difference in final pricing will not be over 1-3%. TOI explains various scenarios under the GST regime.Existing levy and GST In Maharashtra, customers now pay 4.5% as service tax and 1% as VAT. They also pay a 6% stamp duty on the cost of the unit. This brings the overall tax rate to 11.5%. Under the proposed GST, there will be a 12% flat tax rate on the cost of a unit, in addition to the stamp duty that remains at 6%. This brings the overall tax rate to 18%. Will overall unit cost rise? By the looks of it, the answer is “yes“. But theoretically , no. This is because

INTRODUCTION GST may bring a lot of relief to the real estate sector.  Supply chain mechanism in real estate sector to be revamped after implementation of GST. Real estate sector is one of the most pivotal sector of the Indian economy. Real estate sector plays a vital role in employment generation in India. It ranks second just behind agriculture.The importance of Real estate sector can be understood with its average 5-6% GDP contribution and stimulating demand for more than 250 ancillary industries. The real estate sector had a substantial growth of 22% in its private equity investments from 2015 to 2016. At the time of the third quarter of 2016, there was a 9% increase in investment for residential properties from the previous quarter. GST Regime For Real Estate Sector GST would bring a lot of transparency in the real estate sector and minimize unscrupulous transactions. Under the current tax laws, VAT and Service tax charged by different  Contractors and excise duty, ent

NewsVoir Mumbai, Apr 27, 2017 CBRE South Asia Pvt. Ltd. , India’s leading real estate consulting firm, today announced the findings of its Asia Pacific Real Estate Market Outlook 2017 - India. As per the report, India continues to hold its position as the world’s fastest growing G-20 economy, on the back of improved investor confidence and better policy reforms. The report is part of a global research series released by CBRE every year, highlighting trends and dynamics across various segments in the real estate sector for the year ahead. Commenting on the buoyancy of the sector , Anshuman Magazine, Chairman, India and South East Asia, CBRE  said, “ With 2016 being the year of landmark decisions for the Indian real estate industry, the sector saw concerted efforts by the Government to bring in transparency as well as boost consumer sentiment in the sector, especially in the residential market. The outlook for the year 2017 is positive with an expectancy of steady growth,

Pune Municipal Corporation Property (PMC) Tax: Property tax is the second largest source of revenue in Pune. Pune Municipal Corporation is solely responsible for levying and collecting property tax payment in Pune. PMC cover more than 6 lakh properties in its purview. Pune has online as well as offline property tax payment facility. The website can be viewed in the local language as well as in English. Since 1950, Pune Municipal Corporation has been administering the city and serving the citizens. PMC has taken the initiative for implementing e-Governance. Property tax is levied on a person’s personal property. The property tax are charged on residential house that is either self-occupied or let out, office building, factory building, godowns, flats and shops. Pimpri Chinchwad Municipal Corporation Property Tax Pune: Pimpri Chinchwad Municipal Corporation is a Municipal Corporation in the city of Pimpri-Chinchwad which is the Urban Agglomeration of Pune. It provides the follo

Mar 04 2017 : The Times of India (Pune)   A Shankar, national director and head of Operations Strategic Consulting, JLL India, dwells on re-imagining India's informal housing challenge via convergence of Housing for All and Smart Cities Mission The year 2016 turned out to be a year of transi tion, particularly for real estate a sector that has been directly or indirectly affected or altered by most policy reforms introduced by the state or central governments. Some of these policy changes might seem disadvantageous in the short run; however, they will render the entire system more mature, organized and transparent.The recently-announced Union Budget 2017-18 has yet again emphasised the importance of housing, and has accorded infrastructure status to this sector. It is important to attract the attention of all stakeholders to this sector, particularly those who influence supply developers and banks.Given the benefits offered in the budget, the cl