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Ankur Maheshwari

Ankur Maheshwari
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AMC-Civic body will now start issuing notices to property owners whose taxes exceed Rs 50,000

By
Ankur Maheshwari
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The AMC’s revenue department has sealed 2,751 properties located in various zones in the first 11 days of this month for the non-payment of property tax exceeding Rs 1 lakh.

AMC-Civic body will now start issuing notices to property owners whose taxes exceed Rs 50,000

Notice has been issued regarding the recovery of taxes by the department. Sealing of the properties of owners whose pending taxes exceed Rs 50,000 will start by the civic body.

Jainik Vakil, the chairman of the AMC’s revenue committee said, “From February 1 to 11 we have sealed 2,751 properties in the city whose pending tax amount exceeds Rs 1 lakh. In the February 1-14 period, we have recovered about Rs 51.74 crore in pending taxes which is Rs 31.6 crore higher than our tax collection in the same period last year.”

Vakil also said that the the civic body will now start issuing notices to property owners whose taxes exceed Rs 50,000 and the department has also introduced an interest rebate scheme to reward property owners who pay their taxes early.

Under this scheme, people who will pay their property tax in January 2022 will get 80% tax interest rebate for residential properties and 60% rebate for non-residential properties. Those who will pay their tax in February will get 75% tax interest rebate for residential properties and 55% for non-residential properties and those who will pay their taxes in March will get 70% interest rebate for residential and 50% for non-residential properties.

Vakil said, “It is better to take benefit of this scheme and pay your taxes instead of getting your properties sealed. Tax payers whose properties are located in chawls and slums will continue getting 100% tax interest rebate if they pay their taxes in the January-March period.”

Essential Sales Tips for Real Estate Agents

By
Ankur Maheshwari
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Essential Sales Tips for Real Estate Agents

Being a real estate agent is not as easy as it may seem. The current state is very competitive and the quality of services rendered plays an important role. The real estate agents can implement strategies to increase their property sales for better income.

In this article, we will discuss some of the tips to help real estate agent feel prepared and confident while selling a property.

Join Social Media to Boost Business

Enhance your website content, try to post compelling content on popular social media accounts like Instagram, Facebook and Twitter on a regular basis. People today are more active on social media and search for properties online, so it is important to make sure that your account has sufficient pool of properties and customers can land easily at your page.  Always use high-resolution images of the property with an interesting caption. If you want to boost sales, you can create paid ads by yourself which will help you save costs in comparison of hiring a marketing agent to do the job

Keep a Track of Your Competitor Activity

Do not be satisfied too easily with what you have accomplished so far. You should always keep an eye on your competitors who can outperform you. It is important to keep a track of what they are doing. Find out the novel marketing strategies your competitors are using, about their promotion plans, from where they get their clients or any other information that may help. The best way to gather information from your competitors is by directly communicating with them which can be done by submitting inquiries, via live chat, telephone, email, or attending their seminars.

Send Newsletters & Email Marketing Campaigns

One of the best strategies for building strong relationships with your prospects or tenants is e-mail marketing. Collect emails from your website, online ads or any events you’ve held before. Mail regarding your upcoming open houses, seminars that you offer at their locations, new properties, tips on choosing properties etc.

Virtual Tours

If there is one thing that is impacted by the coronavirus, it is how people meet. Earlier, you would hang outposts of selling and wait for prospects to visit the property.

One of the options to grow your business is to create a 3D impression of the properties you deal with. You can explain about the property with explainers voicing or wordings.

This way you might want to show the buyer more than they thought possible. Search for a creative way to bring curb appeal to life. Incorporate various angles into the videos to capture the roofing. Let them view the inclusive features of the property.

Participate/Attend Local Events

Aside from sale purchase of commercial or residential properties consider attending various events held around your property areas. You can also be a sponsor for local events like cultural, sports or culinary festivals, automotive exhibitions and many more. This will help you gain more exposure for your property business.

Conclusion

In a nutshell, there are multiple ways to be able to excel as a real estate agent. The technology available will however make it easier to approach your prospects and help you materialize the deal.

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NCDRC to Supertech- Refund the paid amount with interest to home buyers

By
Ankur Maheshwari
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Real estate firm Supertech received order from the National Consumer Disputes Redressal Commission (NCDRC) to refund the paid-up amount with interest to the home buyers.

NCDRC to Supertech- Refund the paid amount with interest to home buyers

The order was passed by NCDRC on a petition moved by a home buyer couple who booked a flat in Hilltown Project of the company at Sohna, Haryana.

Dr. SM Kantikar who headed the bench ordered Supertech to refund the entire paid-up amount along with interest at the rate of 9% per annum within 6 weeks otherwise it will attract interest at the rate of 12% per annum.

The buyers who invested in a project approached NCDRC through Monica Anand Kumar who is an advocate and consumer activist, seeking a refund of ₹ 88, 82,001. This amount was paid by complainants against the total consideration of the flat booked along with interest.

Counsel for complainants submitted that in 2014 the buyers Nilanjan Lahiri and his wife Shilpi Lahiri applied for a flat in the Supertech Hilltown project under a subvention scheme, but the builder failed to deliver the possession of the flat even after 8 years and also stopped paying pre-EMIs in early 2018 as per the subvention scheme. They were to get the possession by December 2019.

Counsel for the petitioners apprised the Apex Consumer Commission that an FIR has also been registered against Supertech by EOW, Mandir Marg, New Delhi in respect of the same project under section 406, 420, 120B IPC.

The complainants booked the flat for a total sale price of ₹ 90, 71,375. On 17 December 2017, they were asked to submit the booking amount. They paid ₹ 5, 00,000 as booking amount through cheque to the company. They stated that, in compliance with the terms of the payment schedule, the total payment made by them to the company till 1 April 2019 was ₹ 84, 82,001 and the company had issued a receipt for it.

In a rejoinder filed by the complainants, it was stated that on the date of filing the present complaint a paid-up amount of ₹ 88, 82,001 and including delayed interest comes to above rupees one crore.

On the other hand, the objection of the company was that the terms and conditions of the agreement are binding in nature is devoid of merit. They submitted judgments in support of their objection.

The company also submitted that the complainants are not a consumer under section 2(1) (d) of the Act. They also raised the issue of territorial jurisdiction including pecuniary jurisdiction.

Navi Mumbai Hand over flats in 4 months, MahaRERA directs Prathamesh Harmony’s promoter

By
Ankur Maheshwari
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The MahaRERA has passed order to the promoter of Prathamesh Harmony project in Ulwe to hand over possession of flats and shops to as many as 34 complainants by June, by obtaining the occupancy certificate, as well as pay interest for delayed possession to the complainants.

Navi Mumbai Hand over flats in 4 months, MahaRERA directs Prathamesh Harmony's promoter

Vijay Satbir Singh, member MahaRERA stated in his order that “the society would be entitled to take over this project if promoter Ajit Singh failed to complete it by obtaining an occupancy certificate (OC).”

According to the complainants, between 2012 & 2015 they entered into registered agreements for sale for their flats and paid substantial amounts to the promoter. The promoter was supposed to hand over possession of their flats between 2015 and 2017. However, in some of the agreements, the promoter had failed to mention any date of possession. Thereafter, the promoter failed to obtain the OC for this project. It is also mentioned in a complainants that 95% of the work was completed in 2015, and yet, till 2016, no flats were handed over.

Meanwhile, the promoter was made to register this project with MahaRERA in January 2020, with December 2020 as the completion date. The promoter later even obtained further extension till June 2022.

MahaRERA member Singh said, “The respondent is under statutory obligation to complete the project and obtain OC by then.” He directed the promoter to pay interest for delay as per the RER Act.

Singh observed that the promoter has neither appeared for hearings before MahaRERA, nor filed any reply on record. Hence, the authority had no alternative but to decide these complaints ex-parte. Singh further said that since the project was 95% complete in 2015, taking six years to complete just 5% work is unacceptable.

PCM not to hike property tax rates for the 2022-23 fiscal

By
Ankur Maheshwari
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As per the reports there will be no hike in property tax in Pune Municipal Corporation (PCM) limits in the next financial year.

Property tax waived off for houses upto 500 sq. ft. in Mumbai by Maharashtra cabinet

On Wednesday, the standing committee of the PMC decided that they will not increase the property and entertainment tax for the 2022-23 fiscal. Hemant Rasane, the chairman of the standing committee said, “The decision has been taken looking at the income and the likely expenditure of the civic body.”

As many as 12 lakh properties are liable to pay the property tax to PMC. The civic body earns Rs 1,200-1,300 crore per year through it.

For the 2021-22 fiscal, the revenue target on the property tax head is around Rs 2,000 crore. The new tax target to be set in the civic budget for the 2022-23 financial year is likely to be Rs 2,232 crore.

Proposal for two civic hospitals is also approved by the standing committee. On Wednesday, the diversion of funds for the Prime Minister housing scheme was approved. Nearly Rs 27.68 crore would be diverted for this initiative.

DLF 1, 2 and 3 missed another deadline set by MCG

By
Ankur Maheshwari
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A meeting was held with senior officials of the realtor recently as the takeover of DLF 1, 2 and 3 missed another deadline set by MCG, but it remained inconclusive since they sought more time to complete the deficient infrastructure work, officials said.

DLF 1, 2 and 3 missed another deadline set by MCG

MCG officials said that the deadline got over last year on December 31, but the developer has not yet started work on internal roads. Report will be submitted to the state government by the civic body on the status of the takeover of the three private colonies.

Vivek Gill, MCG’s superintending engineer-2, said, “Last week, we held a meeting with the DLF representatives. They have not done any work and want more time. We have not extended their deadline and will now submit a status report to the state government for them to take further action.”

CM of Haryana Manohar Lal Khattar, at one such grievance committee meeting in October 2021, directed the developer that they have to complete the deficient infrastructure work by December 31.

Rama Rani Rathee, councilor of ward number 34 said, “Neither DLF wants to hand over the colonies nor the MCG is keen on taking them over, as a result of which the residents are suffering. The civic works of the DLF colonies are pending.”

“The civic body was earlier maintaining the parks, which they have now stopped, and the tenders of certain projects in the DLF colonies are also put on hold. The outcome is that the residents are deprived of the basic civic amenities,” she added.

The councilor also mentioned that she would raise the issue of the pending takeover of the colonies at the next House meeting. “The MCG, meanwhile, should lay additional water lines to ensure adequate supply to all the residents. The engineering department should prepare estimates for other works.”

Dhruv Bansal, Qutub Enclave RWA spokesperson said, “For example, we are grappling with garbage disposal issues. Ecogreen claims that they are not allowed inside the colonies and unauthorized vendors are picking up the garbage, which has also now stopped due to lack of management.”

“Another issue is pruning of trees. Whenever we approach the MCG on the issue, they cite the pending takeover to avoid helping us. Basically, the residents are not getting any services,” he added. DLF did not comment on the matter.

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Can NRI invest in real estate in India?

By
Ankur Maheshwari
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Can NRI invest in real estate in India

Due to its promising growth, Real Estate is a great option among the top investments for NRIs. The government provides various relaxations in the provisions so that the NRIs can invest in India. But, it is also crucial for every NRI to ensure that they meet the eligibility as per the Indian law to invest in Real Estate or any other type of investment.

Real Estate has been the best and top investment option for NRIs. It is a one-time investment and one is likely to receive a high return on interest, although there are moderate to low effects of market fluctuations involved.

Since the Covid outbreak, the NRIs have realized the importance of investing in their home country so that they have an option to come back and settle here in the future. The pandemic made real estate investment both lucrative & sentimental options for the NRIs. As per the recent data, it is clear that maximum properties were booked in India by the NRIs. The substantial decrease in property rates, stricter regulatory measures and enriched consolidation in the sector have together created an attractive scenario for NRIs to invest.

According to a report by 360 Realtors, Non-Residential Indians have invested $13.3 billion in the Indian Real Estate market in FY21 as against the earlier estimates of $13.1 billion. The investment capacity has scaled up by 6.4% compared to the previous fiscal despite the overall market sentiment suffering damage due to the pandemic all over the world. Based on a regression analysis, the report has further recommended that the investments will rise to $14.9 billion in FY22, growing by 12%.

Today the most important thing connecting NRIs and domestic buyers is the Technology. It conveniently bridged the gap between the two during the Covid crisis. The buyers have an advantage of virtually/ digitally inspecting the property, online submission of documentation, entire paperwork can be digitally managed and the final purchase can be done without incurring unnecessary traveling.

According to RBI’s new guidelines, it was declared that NRIs and OCIs do not require prior approval for the acquisition and transfer of immovable property in India. There is no other intimation or communication that is required to be sent to the RBI. The NRIs have rights to either gift or sell immovable property to any Indian resident. Apart from any plantation, farmhouse or agricultural property one can also transfer or gift any property to any NRI. The payment for the purchase of property in India by NRI shall not be made by way of Traveler’s Cheque or by Foreign Currency Notes or by any other mode. It can be only done through two ways – Funds received through normal banking channels by way of inward remittance from any place outside India and Funds held in any non-resident account maintained in accordance with the provisions and regulations made by the RBI.

Summing up, the increased activity and sentiments of NRIs investing in Indian Real Estate has increased the positive outlook for the sector in 2022 and coming years.

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Navi Mumbai Municipal Corporation extends property tax amnesty to Feb 28

By
Ankur Maheshwari
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The amnesty scheme for property tax defaulters has been extended till February 28 by NMMC (Navi Mumbai Municipal Corporation). Defaulters can now pay the basic amount plus 25% more, which means they will get 75% rebate on the penalty.

Navi Mumbai Municipal Corporation extends property tax amnesty to Feb 28

Scheme has been rolled out by NMMC for 2 months with effect from October 1, 2021. Later, the scheme was extended till January 31, 2022.

Notice has already been issued by the civic body against 119 major property tax defaulters with a warning that their properties, which had been seized, would be auctioned if they failed to pay tax dues. The civic body has asked the defaulters to pay up online.

NMMC PRO Mahendra Konde said, “The amnesty scheme has been extended by the civic chief Abhijit Bangar till February 28, owing to the impact of Covid on jobs, business and industries. Everybody has been financially affected. This is the last extension.”

Telangana Builders Federation seeks deferment of market rate hike

By
Ankur Maheshwari
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The revised rates came into force on February 1 which are applicable on registration of any kind of property, agricultural land, non-agricultural land, open plots and built-up spaces (apartments and commercial complexes) with the average percentage rise ranging from 25% to 50%.

Telangana Builders Federation seeks deferment of market rate hike

It’s been 3 days since the government revised market values of properties in Telangana. After the decision the builders from Hyderabad are appealing to the state to defer the price rise, at least till a thorough discussion is held with the industry.

On Thursday C Prabhakar Rao, president, Telangana Builders Federation said, “This is a second revision in market value within a span of six months (was earlier done in July 2021). This decision was taken without the views of stakeholders being considered. Since we feel that this increase in not justified, we urge the government to defer the rise till a proper methodology is followed to arrive at a more reasonable market value.”

A release issued by the federation said, “The real estate sector has been witnessing a slowdown due to Covid-19. It has taken a further beating because of the issue of UDS that has created confusion and ruined the industry’s image. Amid all this, a second revision in market values will affect us adversely.”

It added: “Also, having increased stamp duty, market values, structure rates, betterment rates and NALA (land conversion) charges in recent past, it appears inappropriate to revisit market values now.”

Lt. Governor Manoj Sinha approved the transfer of land for construction of housing colonies in J&K

By
Ankur Maheshwari
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The UT Administrative Council of J&K headed by Lt. Governor has approved the transfer of 2,318 kanal (289.75 acres), eight Marla (2,178.008 sq. ft.) in seven villages in 17 locations in Srinagar and Budgam district.

Lt. Governor Manoj Sinha approved the transfer of land for construction of housing colonies

The land has been transferred to Housing and Urban Development Department for the constructing of free homes to meet the increased demand of the underprivileged people. This step will boost the housing sector also. L G Sinha approved the transfer “to meet the increased appetite for housing in Srinagar city and give a push to the housing sector”, a government spokesman said.

This step of the govt. will play a vital role in promoting economic, cultural and industrial growth of the State. “It will provide direct employment to skilled, unskilled labour as well as indirect employment to local vendors and youth, besides ensuring the development of local areas to meet the rising housing demand,” the spokesman said.

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