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Amit Patel

Amit Patel
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Amit is a voracious writer and reader with experience in developing content for different niches. A friendly and down-to-earth person with a sense of humor, he is keen on offering factual and informative insights in his writings. He loves researching new developments in the industry and putting them in layman’s terms.
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Proptech and real estate found a strong foundation to build on, after a breakthrough year

By
Amit Patel
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Real estate will be the major sector to look forward to in India, as it has witnessed enormous growth in the past year, reviving quickly after the pandemic. The industry is rapidly growing making it one of the key sectors contributing to the country’s economic development. 

After the pandemic residential properties have been in huge demand hybrid work culture, safe neighborhoods, cleanliness, and fully loaded properties are the factors which encouraged people to own residential properties. 

The year 2023 will also see a huge development as 2022, these followings are some of the trends that will influence the real estate sector in the coming years. 

Ease in a rental house 

2022 witnessed a steep elevation in home rentals for any year in the last decade. along with a severe shortage of homes and a few micro-markets in Bangalore (Whitefield, HSR layout) witnessed rentals jumping by 40-50 percent. As companies resumed work from the office, this met the shortage of supply in rental homes as certain projects were delayed due to COVID. 

Work had come to a standstill during COVID and very few new projects were launched in 2020. Therefore, under-construction projects were forced to push possession dates.  

As the market retains its steady state will show ease in house rentals with new supply expected to be ready in 2023. 

Constant housing demands

In India, the residential real estate market has broadly remained flat from 2014 up until 202. Multiple issues such as COVID, demonetization, and implementation of RERA have held the market back for close to seven years. 

housing demand and house prices have seen an uptrend from Q2 of 202. As compared to 5-10 years ago, with the recent increases in the repo rate by the RBI, interest rates are fairly reasonable.

Housing demands are expected to remain high in 2023 until interest rates for home loans remain reasonable. 

increasing rental yields and absorption of commercial real estate

Grade A office spaces in metropolitan cities have increased in demand expecting to retain the same in 2023. While post-pandemic, the design for office spaces is witnessing changes, the fundamental requirement for office space remains with more zones for collaborative working. 

Office space absorption is expected to continue, as it has touched historic highs in 2022. 

However, compared to residential real estate, commercial real estate rental yields are far more sensitive to interest rates. We could see higher rental yields with higher interest rates and accordingly lower prices for Commercial properties. We can see that prices of REITs are already decreased by 4 and 10 percent over the last couple of months, these are great indicators of higher rental yields in 2023 with high interest. 

More demands of Larger townships and gated communities 

Integrated townships and large gated communities demand have seen an increase over the last couple of years. These townships offer various sports and leisure facilities, community living, better security, and the convenience of having everything in an enclosed setting. 

These townships have green surroundings and are free from traffic and congestion, as they are located in suburban areas.

The majority of people are choosing to move to these townships and live further away from their offices, as offices are also designed for flexible work environments eliminating the need for people to commute to the office every day. Over the last two years, prices for homes in larger communities have appreciated a lot more than the standalone buildings. 

Developers are also launching many more such projects, and the trend is expected to continue. 

Investment in real estate has been considered unattractive by the majority of young professionals. Lower price returns over the last 5-7 years along with easy access to investing in equity have led to this feeling. Despite having enough liquidity, many professionals choose to rent rather than buy.

Reversing a long trend of a flat market, 2022 was a breakthrough year for residential real estate in India. The coming few years could finally see many young professionals making their first home purchases. This is expected to continue over the next few years along with growth in our economy as well as increased migration into cities. 

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NGT sent notice to agencies and  government bodies over flats on forest land in DLF-3

By
Amit Patel
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Hearing a plea, The National Green Tribunal asked state and district authorities to respond regarding the petition alleging that the luxury apartment complex in DLF-3 was built by illegally diverting forest land.

The NGT bench of justice Arun Kumar Tyagi and expert member Afroz Ahmad gave the forest department, pollution department, HSVP, Gurugram administration, Haryana chief secretary, and the project developer time to two months to file their responses by taking up the petition on December 19. The tribunal will next take up the plea on March 13.

Retired Gurugram forest officer Rajinder Krishan Sharma and city resident Pawan Kumar Bansal filed a petition to NGT, alleging that a forest land of an area of 4,484 sqm was diverted to build Ambience Island Lagoon Apartments in Sikanderpur-Nathupur Bundh, 2008, in defiance of the Forest Conservation Act, 1980. The land was allotted to the developer in 2007.

The petitioners have asked NGT to declare the project illegal, seeking to stop any future construction. The pleas directing the developer to pay environmental compensation in addition to the CBI investigation find out how the construction was allowed without repercussions. 

The plea also comprises a case that was initiated by the forest department in 2008 against the builder for diverting forest land. It noted that the case was revoked from the special environmental court (Faridabad) in 2017, considering that no forest land was involved. 

All respondents are required to file their response or reply to the allegations made in the application within two months said the NGT bench after hearing the allegations. 

On Tuesday forest department officials said that they are working on the response and would submit old maps of Nathupur Bundh. A forest official said that it’s upon the court to decide if there any norms were violated.

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CDSL Bought Property in Commercial Building Marathon Futurex Worth Rs 163 Crore

By
Amit Patel
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Central Depository Services Ltd (CDSL) has acquired two floors of office measuring over 46,000 sq.ft. carpet area for Rs 163 crore in a commercial tower Marathon Futurex in Mumbai’s Lower Parel business district.

A stamp duty of Rs 9.79 crore was paid by the depository services company for the registration of the deals that took place on December 14.

According to data from CRE Matrix a real estate data analytical firm, CDSL will also get access to a total of 31 car parking slots in the complex as per the deal. 

Marathon Nextgen Realty has already launched a commercial tower in the Mulund suburb of Mumbai and heading to another plan for a commercial tower at Byculla in Central Mumbai through a joint venture with Adani Realty, the listed company said in a regulatory filling. 

Mayur Shah, Managing Director of Marathon Group said, “A combination of several factors worked in our favor in concluding this deal. Our project location was a key consideration. With the Delisle Road bridge finally set to reopen, even road traffic issues will soon be solved and will enable employers to attract talent from all over the city”. 

CDSL has bought 23,110 sq ft of space and 16 car parking slots on the 35th floor and paid Rs 81.64 crore for an agreement value 

The company has also purchased space on the 34th floor of an area of 23,110 sq ft for which it has paid a stamp duty of Rs 4.89 crore and an agreement value of Rs 81,52 crore. The space comes with 15 car parking slots, the document showed.

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M&M Financial leases 275,000 sq. ft. office space near BKC, Mumbai

By
Amit Patel
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In a move to consolidate operations of all its four entities Mahindra Group Company has newly-leased office near BKC. The company will be paying monthly rental of ₹2.50 crore, taking the total pay out to around ₹270 crore.

Mahindra & Mahindra Financial Services has leased nearly 275,000 sq. ft. office space in Piramal Realty‘s commercial complex Agastya Corporate Park in central Mumbai‘s Kurla locality near business district Bandra-Kurla Complex (BKC), said a company spokesman.

The office space has been leased for 10 years starting from this month. This is amongst the largest office lease transactions in Mumbai post the Covid-19 pandemic. The long-term lease for a total tenure of 10 years that starts this month will see rental escalation of 5% every year.

Meanwhile, Edelweiss Securities, the financial services firm recently picked up nearly 100,000 sq. ft. of office space in Adani Realty’s commercial project -Inspire BKC through a long-term lease of over nine years. The rental pay out in this deal will be Rs 285 crore over the total tenure of the deal and is the largest office space transaction this year.

Piramal Agastya, spread over 16 acres on LBS Marg, is one of the country’s largest non-information technology (IT) commercial developments, with a total project size of nearly 2 million sq. ft.

ET has reported earlier that Singapore-based diversified conglomerate Keppel Corporation’s property arm Keppel Land is set to acquire part of Piramal Realty’s this commercial development for more than ₹1,200 crore.

Keppel Land has signed the term sheet to acquire nearly 1 million sq. ft. of commercial real estate spread across a total of six entire floors in this multi-tenanted tower.

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Basic home loan decided to disburse Rs.1,000 per month till March 2023

By
Amit Patel
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The company has an aggressive expansion plan for the year 2022-23 and it will be present in over 100 cities. Currently, it’s in 30 cities only. 

Basic home loan is a Gurugram based start-up, recently it has raised $3.5 million in a funding round led by Venture Catalysts (VCats) and Gruhas Proptech, company is expecting to disburse Rs 1,000 crore every month by March 2023 from Rs 200-250 crore currently, Atul Monga, cofounder of the company ET. told

Monga shared “As the demand for homes is growing, buyers are looking for home loans as well. Since most, if the buyers are not end users, they always look for home loan.”

The company has about 5,000 agents across 30 cities and now it is planning to have tie-ups with builders for home loans.

Monga added “We have already done some tie-ups and in talks with other leading developers. This will help us in getting more leads as developers will send the customers directly to us.”

The company’s 70% of the loan comes under the affordable segment and it has over 50 lending partners on board.

The company saw participation from other venture capital funds, including Earlsfield Capital and Good Capital, and Basic’s existing investor Germany-based Picus Capital in the recent funding round. Picus Capital, an early-stage technology investment firm, had invested $500,000 in a seed round in October 2020.

In its first year, the company had already disbursed Rs 400 crore in loans in over 15 cities.

The company then planned to achieve a monthly loan disbursal run rate of Rs 200 crore and increase the workforce by more than 300 by March 2022, which it has managed to do.

Monga informed “We are confident of meeting the new target as well.”

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In Greater Noida about 48 ready-to-move-in flats to be allotted

By
Amit Patel
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There will be a draw conducted by the Greater Noida Industrial Development Authority (GNIDA) in March 29 and 30 to allot flats to 48 applicants across multi-storey buildings in the city.

Located in Sector Omicron 1 & 1 A, MU 2, XU 3, Eta 2 and Sector 12, these are ready-to-move-in 1, 2, and 3 BHK flats. The houses are in the range of Rs 9 lakh to Rs 73 lakh-with varied prices according to the sector.

For instance, the price of 1 BHK is Rs 9 lakh in MU 2 but Rs 16 lakh in XU 3. Two BHK flats are in the range of Rs 30 to 45 lakh and 3 BHK flats are available for Rs 54 lakh to Rs 73 lakh.

Applicants whose names are selected in the draw can opt to pay an initial amount, but they must pay the complete sum within 90 days.

Those who choose payments in installments have to deposit 30% of the total amount within 60 days. R.K. Dev, general manager (property) said, the district will introduce the scheme-called Residential Built-up Houses in Multi-storey Buildings and will held every month-next on April 10. The draw for that will be organized within a month, he said. The March-end draw will be recorded to maintain transparency.

Life Mission third phase progressing in Kochi district

By
Amit Patel
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According to former district mission coordinator Ernest C Thomas, the beneficiaries are both landless and those who do not own a house as seen in the third phase.

Life Mission third phase progressing in Kochi district

Construction of as many as 20,750 houses has been completed under the third phase of the Life Mission so far in Ernakulam. The construction of housing complexes is progressing in the district.

According to former district mission coordinator Ernest C Thomas, the third phase beneficiaries are both landless and those who do not own a house. He was speaking on Saturday during the seminar organized as part of district level celebration of observing local self-government day at Ernakulam Town Hall.

The construction of housing complexes under the third phase is underway at Ayyampuzha, Kochi Corporation and Karumalloor. Housing complexes have been already completed and handed over to beneficiaries at Keezhmadu and Angamaly.

Thomas said many people are relinquishing land for constructing houses for the landless under the mission. The authorities are identifying places with the support of public participation for the cause. Government is also trying to identify eligible persons who were not included in the first and second phases of the mission. Applications were invited and the list of the beneficiaries will be published after scrutinizing all the applications.

At Saturday’s function, Swaraj trophy for the best panchayat in the district was handed over to Kunnukara panchayat. Second prize went to Palakkuzha panchayat. Mahatma award for implementing national rural employment guarantee scheme was handed over to Kunnukara and Thirumaradi panchayats.

Documents Required for Selling Property by NRI

By
Amit Patel
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Documents Required for Selling Property by NRI

Investing in real estate is always a good option and is highly practiced by Indians. Not only Indians many Non-Resident Indians (NRIs) also like to invest in real estate in India due to various benefits. Sometimes NRIs need to sell their property too for which they get clueless most of the time. But to their surprise, the number of documents needed by an NRI is almost the same as that of an Indian who wants to sell their property in India. Although, there are just a few bric-a-brac needed by NRIs to get in place.

Selling a property is a not so easy process as there is a ton of paperwork involved that can easily irritate an Indian let alone NRIs. However, if you want to sell your property legally then this happens to be the most crucial part of selling that you are required to complete.

So, in case you happen to be an NRI who wants to sell its property in India then the following documents will be required.

  • Passport

An NRI, who is interested in selling his property in India, must hold a passport, which is not required by an Indian passport. This will be used as identity proof for the person who is involved in the transaction. A passport serves the same purpose even for an Overseas Citizen of India (OCI) and a Person of Indian Origin (PIO).

  • PAN Card

Most of the NRIs are not liable to pay taxes in India, as their income is taxable in the countries they stay in. Although, experts believe that if an NRI is intended to buy a property in India then he should apply for a PAN (Permanent Account Number) card as it will be required to apply for a tax exemption certificate after the sale of their property.

NRIs are provided PAN numbers with a foreign communication address to select countries.

  • Tax Returns

In case an NRI has been holding property and is earning money from it by renting it out or by any other means then the transaction becomes taxable. In this case, they must keep the tax returns for the whole property-ownership period ready.

  • Address Proof

NRIs need to provide their address proof in India and abroad as well. This may include documents like a ration card, life insurance policy statements, telephone or electricity bills, etc.

  • Sale Deed

The sale deed is the key document needed in the process as this is also the primary proof of ownership. It is a legal agreement executed by an NRI while purchasing any under-construction property in India.

  • Allotment Letter

An allotment letter from a builder, a society, or any relevant authority grants the property to the said person who holds it.

  • Encumbrance Certificate

An encumbrance certificate is required to guarantee the buyer that the land or the property is free from any dues to any legal authority. In the case of a house, an apartment, or even a land, this is an important document.

These are the required documents to sell any property by NRIs in India. Apart from this, it would be good if they can provide documents of property tax receipts over the years as it could be asked by the buyer.

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Property registration process

By
Amit Patel
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Property registration process

In India as per registration act 1908 all the transactions made over Rs. 100 should be registered. If not so then the claim for such transaction can’t be made in the court of law. Thus to become a lawful owner of the property in India is not a simple process.

All the requisite documents need to be in place before claiming a property. Whenever you want to purchase some property in India you need to follow a particular process to claim the ownership and the process is as follow:

  1. Verification of the title of the property.
  2. Estimation of the value of the property according to the circle rates of your area in order to get a clear idea.
  3. Preparation of the stamp duty. Stamp duty is a tax levied on any transaction by which people create or extinguish any legal right.
  4. Getting the sale deed ready
  5. Payment of stamp duty and registration charges
  6. Approaching the sub-registrar office with two witnesses to get the deed registered.

The purpose of going through this process is to record the execution of the documents. Only after registering the document you become the legal owner of the property in India. By getting the property registered one gets tax deduction under section 80c. Also disputes related to property gets resolved quickly. Also registration immunes the property from encroachment.

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