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

Pune: Diego Graffi, the managing director and CEO of Piaggio Vehicles Pvt Ltd, has been living in the city for two years and as much as he has come to embrace it, he says it has embraced him as well. The Italian loves everything about Pune except that he feels a dedicated airport, even if only for better domestic connectivity, will serve the city well. “When we have to go to another city for meetings, we have to plan a day in advance or come back a day later because of the restricted flight timings in Pune. Even for leisure trips to places such as Goa, a weekend getaway spills over to a day more.” For now, much of his flight trips happen from Mumbai. He rues the long travel to and from the Mumbai airport. Graffi moved to Pune two years ago and chose to stay in an apartment complex in the Magarpatta township for its proximity to his workplace and also because of easy access to all modern amenities. His acceptance of the city and country is evident in the Hindi ringtone t

Mumbai: The Income-Tax Appellate Tribunal (ITAT)’s Mumbai bench has held that the investment-linked capital gains tax exemption, available on purchase of a new house, cannot be denied to a taxpayer merely for not investing the capital gain proceeds. The I-T officer had denied the tax benefit as the investment made towards purchase of the new house “was not out of the taxpayer’s own funds”. The commission (appeals) agreed with this stand. The taxpayer thereafter approached the ITAT, which passed an order in her favour. Capital gains are taxable under the I-T Act. If a taxpayer makes a profit on the sale of a residential house held for at least two years, then such profit is treated as a longterm capital gain (LTCG). This gain is taxable at 20% with an adjustment for inflation, referred to as indexation benefit. Ishita Sengupta, tax partner, PwC India, says: “This beneficial order will help taxpayers as practically there could be time gaps in real estate deals between the sale

GST rate on affordable housing projects too has been lowered from an effective 8% to 1% Now, any house built on an area of 60 square metres or less in metros will now be categorised as affordable housing New Delhi:  Union and state governments on Sunday decided to lower Goods and Services Tax (GST) on under construction housing properties to 5% from an effective 12% in a pro-consumer decision ahead of national polls due by April-May. GST rate on affordable housing projects too has been lowered from an effective 8% to 1%. Under-construction properties priced upto Rs. 45 lakh will qualify as affordable housing projects for the purpose of GST relief in both metro cities as well as non-metro cities, finance minister Arun Jaitley told reporters. "We wanted to give a boost to the real estate sector as well as give relief to the middle class, neo-middle class and the aspirational middle class class. This will come into effect 1 April 2019," said Jaitley. Although the ca

The latest IMF growth forecast declares India as the fastest growing major economy, ahead of China. India’s GDP is set to accelerate after the transitory shocks of demonetization and GST. As the service sector is one of the primary drivers of this growth, urban commercial centers will see the concentrated effects of this accelerated GDP. Commercial hubs like Bangalore, Hyderabad, Pune , Mumbai, and Delhi NCR are at the heart of the upcoming boom, catering to demand across a range of sectors. Office space vacancy is at an all-time low in many of these cities, between 3-7%, sparking a rush for space that is expected to cross 700 million sq ft of absorption in Grade-A office space by 2022. With its higher capital intensity, commercial property has emerged as one of the most lucrative investment destinations, offering opportunities to profit from sectors like co-working spaces, the fastest growing asset class within real estate.

Capital Gain Bonds: Long-term capital gain is the gain that is derived out of a sale of an asset that has been held for more than 2 years in case of immovable property and 3 years in case of debt funds or jewelry. You can invest the gain in certain specified bonds to claim tax exemption within 6 months of the date of sale of the asset. Save tax on long-term capital gains by investing in 54EC bonds such as REC Capital Gain Bonds, NHAI Capital Gain Bonds, IRFC Capital Gain Bonds & PFC Capital Gain Bonds respectively. Budget 2018 has proposed to amend the 54EC section of the Income Tax Act wherein capital gains arising only from the sale of assets such as land or building or both will be considered for tax exemption. It has also proposed to increase the lock-in period to 5 years from 3 years. This amendment will take effect from 1 st  April 2018. Key Features of Capital Gain Bonds specified under Section 54EC: 1. Non transferable and non negotiable bonds 2. No TDS but

Greetings...... Wish to share general important information regarding Annual Pune Municipal Tax on properties which comes under Pune Jurisdiction to be paid every year and the bill is generated on every March month and delivered in hard paper bill also to your property address letter box however this receiving bill is not reliable as sometimes not delivered or misplaced by the government postal department.  Fortunately, you can find the same bill by visiting pune municipal corporation website:  www.punecorporation.org   and  www.propertytax.punecorporation.org  (the site is self explanatory) you just need your Consumer/property Number to track it. which will be in a format of eg. O/1/20/0123456 (this is just an example so pls fill your property no. on it) Again this property bill comes once in a year and last date without fine/interest  is 31st may of every year. if you miss to pay for previous years property tax bill then new bill will be the cumulative of all dues.

Industry insiders say that the next ten years are key towards transforming our real estate from just concrete to earthy. A walk through the Garden of Eden, over the lilies of the valley and across the land of milk and honey - that’s what we can have if India ensures that its real estate industry sticks to its guns and builds the next 70 per cent of real estate with mother earth in mind. Currently, India has only five-six per cent of its real estate built, taking into account the adverse effects of cement and concrete on land. The complete lack of awareness about the positives has been cited as one of the major reasons why the developer community has been hesitant to take on the mantle of building green. Anuj Puri, chairman, ANAROCK Property Consultant, says, “The general awareness of such homes is minimal in our country. Thus, there is a dire need on the part of the government to create awareness, and above all, incentivise developers. At the local level, state governments h

A strong macro-economic environment, stable yield, robust demand and India’s emergence as a hub for global in-house centres/captive centres, have led to 2018 being a significant year for the commercial real estate sector The year 2018 has been a remarkable year for the Indian real estate market, especially w.r.t regulatory reforms. Through dedicated initiatives like RERA, REITs, Ease of Doing Business and Housing for All, the industry witnessed the much-needed transparency across the realty value chain, thus enabling a ripple effect on capital inflows and ensuring a strong performance by the commercial real estate sector. “Buoyed by a positive business sentiment and robust growth driven by optimistic prospects indicative of India being the fastest growing economy globally, the commercial sector put in a very strong performance in 2018. In fact, leasing activity registered strong gains at 40-41 mn sft (before the year is over). As per Q3 2018 numbers, Year-To-Date (YTD) leasing

The commercial real estate market has had a good year with demand outstripping supply. As of now, it is expected that the trend will continue into 2019 and prices will remain firm in select markets, says Rajat Gupta, Managing Director — Advisory & Transaction Services, India, CBRE. Gupta, recently in Kolkata to attend a CII seminar, spoke to  BusinessLine  on the outlook for 2019, expected price movement and the impact of GST on commercial real estate. Excepts: How has the year 2018 played out for commercial real estate? This year (2018) has been a good year for commercial real estate. The seven large cities — Delhi, Mumbai, Bengaluru, Hyderabad, Chennai, Pune and NCR — are expected to report around 42 million square feet of absorption; which is expected to be an all-time high. The incremental supply this year will hit a high of 30 million square feet. So demand outstrips supply. This is also a reason why most preferred office micro-markets in the country have seen an i

As per data made available by real estate consultants, total office absorption across the top 7 cities is geared to cross 39 mn  sq  ft  in 2018 The year 2018 saw demand for Grade A office stock grow. While co-working emerged as the new poster boy of commercial real estate, logistics and warehousing saw significant growth. Despite minimal new supply in 2018, the retail real estate sector held its own on the back of conducive FDI norms. Leasing activity:  As per Cushman & Wakefield estimates gross leasing activity is expected close to 50 mn sq ft. This has been supported by robust space take-up by IT-BPM sector with global captive centres clocking impressive numbers as well, and the co-working revolution consolidating its gains with a strong showing during the year. Total investments  Of the total investments in the office space during the year, approximately 77 percent of the investors were of foreign origin, cementing foreign investors’ trust in the Indian commercial space

PUNE: The property registration department has earned over Rs 25,317 crore in revenue between January and November this year — over Rs 3,000 crore more when compared to Rs 21,950 crore income in the same period last year. The department managed to process 19.34 lakh documents between January and November this year as against 20.72 lakh documents registered between January-December last year. “Since 2013, we have been registering an average of 22 lakh documents ever year, barring 2017 and 2016 when the registrations dipped to 21.49 lakh and 20.46 lakh, respectively,” department officials said. Deputy IGR Supriya Karmarkar said the department was hopeful of achieving the Rs 25,000 crore financial year (April to March) target with steady rise in registrations. “When it comes to the financial year, we have already achieved 70% of the revenue target and expect to earn the rest in the remaining months,” she said. State Credai president Shantilal Kataria said the numbers were good, espe

The city of Peshwas, once known for its wada-style housing and traditional bazaars, is now home to luxury hotels, fine dine restaurants and fancy apartments. Luxury real estate was the early entrant into the traditional market and the segment has seen a jump of 10 percent in prices in the past year, states Cushman and Wakefield. Hotels such as Conrad Pune brought global hospitality experiences to Pune. Fine dining restaurants and fashion businesses followed suit. My first reaction when I heard that the country’s first Conrad was opening in Pune, was, “Why Pune?” The India debut of Hilton Worldwide’s luxury flagship was much-awaited by its patrons and those who track the hospitality industry. Conrad had been planning its India foray for quite a while, on the back of its growing GDP and the interest from the local market in fresh hospitality experiences. Pune, then, seemed a rather offbeat choice. Given the way the luxury market in Mumbai’s neighbouring city has evol

A well-regulated real estate market will spur the world’s biggest asset managers to look at India more seriously over the long-term Mumbai:  Real estate may be down in the dumps right now. But even so, compared with most other big businesses,  real estate remains one of the best to put your money into. At its core, real estate is the coolest even in failure. You build an airline on leased planes and if it fails all that the lenders are left with is a brand with which they can have ‘Good Times’ while humming  Oo La La, La, La, Le, Oo . If real estate fails, lenders to the project still have the land and nothing as an asset gets as real as this. Yet, it’s been a business that most respectable entrepreneurs have so far shied away from because it’s a trade vilified—mostly for the right reasons. For one, real estate has been the coolest way to generate and park slush funds for political parties. Much of the surging value of real estate springs from picking obscure land on the cheap an