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

Buying property in Mumbai to be a costly affair soon State govt’s concession from stamp duty hike ends in March; duty to increase by 1 per cent Buying a home in Mumbai is likely to get costlier April onwards. The Maharashtra government is all set to hike stamp duty on house registration by 1 per cent from the next financial year. The government’s two year concession from stamp duty hike ends in March 2022 and the duty will rise by 1 per cent to an effective rate of 6 per cent of the agreement value from the current 5 per cent. Stamp duty on Gift Deed Additionally, stamp duty on gifting of house or property to a close relative will see a massive rise from just ₹200 to ₹1 lakh (considering the property cost of ₹1 crore). The ₹200 stamp duty was base price which will be hiked to 1 per cent of the property value. The Maharashtra government via a notification on February 8, 2019, had levied additional stamp duty in the form of surcharge, which was to be effective from the same year on instr...

Property tax on residential units of up to 500 square feet, located within the Mumbai municipal area limits, will be waived off, the Maharashtra government  Mumbai: Property tax on residential units of up to 500 square feet, located within the Mumbai municipal area limits, will be waived off, the Maharashtra government Chief minister Uddhav Thackeray announced the decision after a meeting with the state urban development department held earlier in the day. The announcement comes ahead of Mumbai municipal corporation elections expected to be held next month. There are over 1.6 million residential properties which will stand to benefit from the decision. The Brihanmumbai Municipal Corporation (BMC) said that this will come into force in the financial year of 2022-23. The BMC collects between ₹4,000 crore to ₹5,000 crore in property tax every year and the outstanding amount is usually around ₹1,500 crore. With this waiver, the civic body is likely to face an annual revenue loss of up ...

Tata group firm Tata Realty and Infrastructure Limited announced an investment of ₹ 5,000 crore to develop a premium IT park project in Navi Mumbai Tata group firm Tata Realty and Infrastructure Limited announced an investment of ₹ 5,000 crore to develop a premium IT park project in Navi Mumbai as it expects demand for office and data centre spaces to rise in coming years. Tata Realty and Infrastructure Ltd Managing Director (MD) and Chief Executive Officer (CEO) Sanjay Dutt said that the company will develop 7 million square feet of area in this 'Grade-A' IT park project 'Intellion Park' in a phased manner over the next eight years, according to news agency PTI. He added that the company will develop this project in partnership with UK-based investment firm Actis. "We have 47.1 acre of land located in Ghansoli, Navi Mumbai. On this land parcel, we are doing 7 million square feet of development, predominantly IT space and data centres with some complementary retail...

Dream11 cofounder Harsh Jain is among some of the richest young billionaires in the country. His app, a portal for online fantasy gaming has earned big with the success of the IPL and other cricketing tournaments. In fact, the app allows you to create and compete with teams across a variety of other sports too. The app’s origin was in Bangalore, and so is Jain’s palatial and current home. But, per ET, Jain and his wife Rachana have bought a new property in the financial capital of the country. Dream 11 co-founder Harsh Jain’s wife, Rachana Jain, buys a duplex in Mumbai worth Rs 72 crore According to LiveMint, the luxury duplex apartment in south Mumbai’s Peddar Road has cost them Rs 72 crore, or over Rs 1 lakh per sq. ft. The home spreads across the 29th and 30th floors and was purchased from Sameer Bhojwani-promoted Jeevesh Developers and Properties Pvt. Ltd. Mumbai has seen many noteworthy high-value transactions in this past year and this one is right among the top. Jain also paid a...

Non-Resident Indians (NRIs) and Overseas Citizen of India (OCIs) will no longer need prior approval of the Reserve Bank of India (RBI) to buy or sell immovable property like houses in India, other than agricultural land, farm house and plantation property, the central bank said on Wednesday. The clarification has been issued by RBI after received a large number of queries with regard to acquisition of immovable properties by OCIs in the wake of a Supreme Court judgement relating to Foreign Exchange Regulation Act (FERA). “At present, NRIs/OCIs are governed by provisions of FEMA 1999 and do not require prior approval of RBI for acquisition and transfer of immovable property in India, other than agricultural land/ farm house/ plantation property, as per the terms and conditions laid down in Chapter IX of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, dated October 17, 2019 (as amended from time to time), issued under Section 46 of FEMA 1999,” the RBI said in a statem...

  Dear Readers, Greetings to you, i have written this article earlier on my blog but thought to again update and repost this article as it's really very useful to make the order of property ownership documents. Benefits of keeping Property Ownership Documents UPTO DATE it will be  very beneficial to keep all of your property documents upto date  as per the law for various  reasons like if you decide to sell it or transfer it to your family members or relatives or anyone else or any unexpected unfortunate events where your family/relatives will require to know about documents because when you wish to do any property transaction as mentioned earlier by visiting registration authority then these list of documents are necessarily required else you have to first collect & arrange all these documents which will delay the process.  Also It's very important for new buyers looking to purchase in near future to be aware about which ownership documents to che...

As discussed earlier about how to pay TDS on sale of property in my previous article where after submitting 26QB form and payment of TDS amount which will generate the challan copy online however process doesn't end here and after 7 days, one more form called 16B  has to be downloaded by visiting official website TRACES. H ere explaining in detail procedure of generating 16B form as follows:  Procedure to generate and download Form16B from TRACES Click  here  to register as taxpayer on TRACES with details of PAN and either detail of tax deducted or details of challan or details of Form 26QB. Also, enter the verification code and click on ‘Proceed’. Activation link will be sent to email id through which account can be successfully created If already registered login to TRACES  here  with username as ‘PAN’ and password Under downloads tab Select ‘Form 16B (For Buyer)’ Furnish details such as assessment year, acknowledgment no. of the Form 26QB and PAN of the ...

The draft development plan PMRDA has released proposes to develop city sustainably over 20 years, marrying liveability with economic growth The draft plan provides for 26 town planning schemes, 10 metro rail routes, two ring roads (123 km and 173 km), 59 public housing projects, 152.19-km Pune-Nashik semi high-speed rail, 89.65-km crescent railway, 12 logistics hubs, and nine truck terminals, among other things. The Pune Metropolitan Region (PMR) is getting ready for a major upgrade. If the proposed Rs 73,000-crore draft development plan (DP) for PMR gets approved and implemented, it could make a significant impact on the way its residents live and work. The draft DP the Pune Metropolitan Region Development Authority (PMRDA) has released is intended to guide the development of PMR over the next 20 years, with the goal of making it India’s most liveable habitat and a premium international investment destination. Suhas Diwase, metropolitan commissioner and CEO, PMRDA, says the draft plan...

WHY GIFT needed: In INDIA, there are many instances where someone wish to gift his/her owned movable or immovable (property) to close relatives with love & affection so in this situation, one can simply use route of GIFT DEED to save stamp duty and transfer property to his/ her relative. What is the meaning & advantage of Gift Deed? A gift deed is a document by which ownership of the property can be transferred  without any Consideration . A person who transfers the ownership is called a  “Donor (Giver)”  and the person who gets the ownership is called a  “Donee (Receiver)” . Properties That can be Gifted Through a Gift Deed Both immovable and movable properties can be given away as gifts by the donor to the donee. Immovable property means land or any benefits arising out of land or anything attached to the earth but does not include growing crops, standing timber or grass. The properties that are not considered immovable properties are considered as movable ...

NRI Populations: Overseas Indians, officially known as Non-Resident Indians (NRIs) or Persons of Indian Origin (PIOs), are people of Indian birth, descent or origin who live outside the Republic of India. According to a Ministry of External Affairs report, there are 32 million NRIs and PIOs residing outside India. The NRI populations will be expected to grow 1% + every year which turns in number around 320,000 every year & this number may quite bigger in reality as india is well connected globally and poised to grow very fast in near future.  PAN CARD is Mandatory: A PAN (Permanent Account Number) Card is mandatory not only for resident Indians but also for NRIs who wish to invest in India or have any Indian income. Let’s understand the uses of a PAN card for NRIs and OCIs. PAN NO.  Permanent Account N​umber (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to ​any "person" who applies for it or to whom the dep...