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PMC seals 27 shops, seize playground

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Team iPropUnited
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As per the reports, the Pune Municipal Corporation (PMC) has desided to seal the civic properties rented out for commercial purposes over unpaid rent dues, marking a stricter crackdown against the practice.

At least To recover dues worth Rs3.5 crore, 27 such commercial properties have already been sealed.

Rajendra Muthe, head of PMC’s establishments department said, “The notices have been issued to the occupants of properties that have rent dues pending. If they fail to make the payment despite this warning, their properties will be sealed. The drive has been initiated and will be extended in the days to come.”

As per details available with the PMC, such action has already been taken in the areas of Shivajinagar, Yerawada, Deccan, Wakadewadi, Tilak Road, Raviwar Peth and Ghorpade Peth.

According to PMC data, it has over 3,700 properties that have been given out on rent across city localities. A majority of them have been acquired under different policies and schemes. Some of the properties have been developed by PMC by using its funds over the years.

iSprout raised Pre-Series A funding round of $4 million from private investors

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Team iPropUnited
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Managed office space solution provider iSprout has raised Pre-Series A funding round of $4 million from private investors.

As per the sources, the director of one of India’s leading infrastructure companies has invested substantial part. Post this round, over 75% ownership of the company is with the four co-founders and the invested infrastructure company’s director.

“Managed office spaces have seen a significant growth and are expected to dominate the commercial real-estate sector in the post-pandemic future…We are emphasizing on meeting the ever-evolving modern day office requirements and the funding received in the latest round gave a boost to our plans,” said Sundari Patibandla, CEO & Co-Founder at iSprout.

To capitalize on the expansion of the managed office space market, iSprout is now looking to raise a Series A funding round of $10 million. The projected funding will be used for growth and expansion of their business assets. A major part of the amount will be invested to build proprietary technology to automate critical processes.

“…We are expanding aggressively in the Indian market. The forthcoming Series A fund will give us the thrust to expand our footprint across India,” said Sreeni Tirdhala, CMO & Co-Founder, iSprout.

The company is using the $4 million raised in the Pre-series A round to strengthen presence in existing markets. Whereas, the upcoming Series A funding will be used for aggressive expansion in existing markets such as Hyderabad, Bangalore, Chennai, Pune as well as new markets such as NCR, Mumbai and Kolkata. The company expects to surpass 1 million sq. ft. by the end of this year.

210 units sealed by Ahmedabad civic body over property tax dues

By
Team iPropUnited
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According to the calculation, the Ahmedabad tax department has sealed 1,291 properties in the East Zone under its ongoing drive. Notice has already been issued to 11,658 property owners by the department.

As per the reports, the Ahmedabad city civic body sealed 210 properties in various areas falling under its East Zone such as Viratnagar, Nikol, Gomtipur, Odhav, Vastral and Amraiwadi for defaulting on property taxes. On March 17, the civic body had sealed 316 properties for defaulting on taxes.

A statement from the civic body states that notices had been served and then sealing was done. Albeit, the owners of properties are still liable to pay to the tax department and failing to pay their dues, the department will cut their water supply and drainage. Moreover, such properties can be seized and auctioned to recover the tax amount.

The civic body’s revenue department had issued pending tax demands last week amounting to Rs 325.48 crore to 102 entities that include liquidated mill properties, properties of Western Railway, Gujarat Cricket Association, and many utility firms.

The department has also warned these entities of judicial action and seizure of properties and auctioning to recover the pending taxes.

Parekh- Indian real estate market is on an upward cycle

By
Team iPropUnited
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On Thursday HDFC chairman Deepak Parekh said that the Indian real estate market is on an upward cycle and the greatest mark of confidence in the realty sector has been the launch of new houses surpassing pre-pandemic levels.

Parekh- Indian real estate market is on an upward cycle

Speaking at the 4th edition of CII Real Estate confluence, Parekh said, “the demand for housing in India is from genuine home buyers, not from speculative ones.”

He also said, “The demand for housing continues to be very strong. There also continues to be a huge housing shortage. I have never seen lower interest rates, so much liquidity, and such a strong desire to own homes as today.”

He said, “Greatest mark of confidence in the realty sector has been the launch of new houses surpassing pre-pandemic levels. As income levels have risen, this will lead to younger people being able to afford houses sooner.”

Chairman of HDFC said that during the COVID-19 the real estate sector has demonstrated remarkable resilience and stronger players in real estate have consolidated their positions, “I can see deleveraging across Corporate India including real estate.”

Talking about the economy, Parekh said “India stands out as one of the fastest-growing major economies, yet the country is not decoupled from the global economy.”

According to Parekh, “There is a shift in narrative that inflation is no longer transitory, and is getting more entrenched. We have the uncertainty of the impact of US Fed rates hikes on markets.”

Residential and commercial sites to be sold on freehold basis in Chandigarh

By
Team iPropUnited
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On Thursday decision was taken by the Chandigarh administration to sell residential, commercial, industrial and nursing home sites on a freehold basis instead of the current leasehold. The move comes following a high-level meeting chaired by UT administrator Banwarilal Purohit after going through all the aspects

Residential and commercial sites to be sold on freehold basis in Chandigarh

On this note, Chandigarh Housing Board, Municipal Corporation and estate office will initiate the sale of hundreds of commercial and residential properties through e-auction. This decision made authorities quite optimistic who had failed to sell many properties due to their leasehold nature.

A UT official said, “In leasehold mode, the property buyers have to pay annual lease to the authority, which is high in the commercial segment. Moreover, they don’t get ownership right, so they get no or difficult loan facility. Due to these reasons, properties remained unsold. With this conversion from leasehold to freehold, the prices of properties may go up slightly. We are hopeful that this will bring a realty boom, mainly in the commercial property segment.”

While issuing orders in this regard, the UT said, “Currently in Chandigarh, the residential properties are auctioned on freehold basis, while the commercial, industrial and nursing home sites are auctioned on leasehold basis. After the approval of the administrator, the administration has allowed the e-auction of residential, commercial, industrial and nursing home sites as per the provisions of the Capital of Punjab (Development and Regulation) Act, 1952, and the Chandigarh Estate Rules, 2007, as amended from time to time.”

The administration clarified that as per the provisions of the said Act and Rules, the sites will be sold by way of auction or allotment.

31 plots set aside for infrastructure projects by Ahmedabad civic body

By
Team iPropUnited
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31 plots are earmarked by the civic body which has 1.39 lakh sq. m. for public and social infrastructure in the upcoming area of Bhadaj near Science City area.

31 plots set aside for infrastructure projects by Ahmedabad civic body

The plots will be utilized for parks, common facilities built by the civic body and even government agencies that provide civic services.

Town planning department has already submitted the document regarding the same to the AMC to the state urban development department.

In Vejalpur, a large plot marked as serial number 139 has been recommended in Town Planning (TP) map 2 by the department to be reserved for “social infrastructure”.

A senior AMC official said, “Usually area designated as “open space” is developed into a large garden. There were requests from a number of residential areas nearby for a garden in that area. We have recommended the same before the standing committee.”

NRI investment in Indian real estate – Significance & Benefits

By
Team iPropUnited
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NRI investment in Indian real estate – Significance & Benefits

There are over 1.3 billion Indians and only 1% of the total population consists of NRI. However, the NRI population is still considered an integral part of India as they contribute 2.9% to India’s GDP and also form Indian foreign exchange money of 22% to 23%. The improved outlook of the Indian economy on global platforms is one of the major reasons why NRI investors consider the Indian real estate sector best for investments. Let us dig into a few benefits that entice NRI investors to invest here in the Indian real estate market.

 

Low property prices 

 

The Indian real estate market is slow right now but growing steadily. It’s the best time for NRI investors to invest in Indian real estate. Generally, the real estate price rise rate in India has always been more in comparison to the matured markets of the West countries. This is one of the major reasons why the Indian real estate market can offer more value for money to the NRI investors, with better returns. As the property rates are low in India, NRI’s can invest easily and make the most out of it in no time.

 

Tax exemption

 

One more reason why NRI investors like to invest in the Indian real estate market is the tax exemption. NRI investors who have invested in a property here in India involving huge investments can manage to save tax just like any other regular Indian resident. NRI investors can claim a tax deduction on residential property loans on principal repayment and on the interest component. In addition to this, if they sell the property after two years from the date of purchase, profit earned on the capital gain also gets exempted from the income tax.

 

Rental income

 

Another benefit that NRI investors can avail of by investing in the Indian real estate market is earning rental income without any hassles. As per the Foreign Exchange Management Act rules, the 30 percent TDS (tax deducted at source) get deducted by the tenant and the remaining amount can be repatriated. Even after that, the Indian real estate market is considered ideal for rental income.

 

Retirement benefits

 

Last but not least, NRI investors that are planning their retirement can invest in Indian real estate and make the most of reverse mortgage. A reverse mortgage is a popular concept in the USA, however, in India the concept is slowly catching up. The money or loan taken from the bank as a consequence of reverse mortgage is not considered in the taxable income of NRIs. In this manner, NRI investors who are on the verge of retirement can avail the benefits of their property in India.

 

In a nutshell, the Indian real estate market is an affordable option for NRI investors and it is growing at a steady pace. The extensive job cuts in Europe & America and rupee value weakening against the dollar makes the Indian real estate market an ideal investment option for NRI investors.

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Prime Minister Narendra Modi By building houses for poor, made them lakhpatis, women ‘malkins’

By
Team iPropUnited
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On Wednesday Prime Minister Narendra Modi said that in the last 7 years, government gave ‘pucca’ houses to three crore poor people and made them ‘lakhpatis’, underlining that most of such houses were in the name of women who became “malkins (owners)”.

Prime Minister Narendra Modi By building houses for poor, made them lakhpatis, women 'malkins'

Addressing the ‘Atmanirbha Arthavyavastha’ (self-reliant economy) symposium organized by the BJP, he said a big dream of poor persons is having their own home.

If we talk about budget 2022 which was announced on Tuesday, it has been stated that 80 lakh ‘pucca’ houses will be built for the poor for which Finance minister Nirmala Sitharaman  allocated Rs 48,000, Modi said noting that this was also a way to bring people out of poverty.

“When one gets a home, a poor person gets courage…We did not know the power of power people, there have been plenty of people in this country who used poor for.

Modi also cited the example of Jan-Dhan Yojana to state that the self-respect of the poor rose when they got accounts in their names.

He said, “When a Jan-Dhan account can change poor persons’ life then what changes getting a roof, a house would bring in their lives would be there for everyone to see.”

The houses that the government builds for the poor in a way makes them ‘lakhpati’.

Modi also said, “When i was small lakhpati word used to sound very overwhelming….But the houses we have given to the poor, if you look at it from the point of view of its value, then in in the last seven years, by giving ‘pucca’ houses to three crore poor people, we made them ‘lakhpatis’.”

“Those who were poor, lived in slums, have their own houses. Compared to the past, our government has increased the allocation amount and size of these houses so that there is space for education of children. It is also a big thing that out of these houses, most of them are in the name of women. We have also made women ‘malkins’ (owners),” he said.

“We always work for social justice and consider it our responsibility,” he added.

Modi also said that like social justice is necessary for the welfare of society, similarly balanced development is also important for the welfare if the country,

Addressing the union budget, Modi said that the focus of the budget is on providing basic amenities to the poor, middle class and youth.

KKR filed an application with NCLT against Mantri Developers alleging non-payment of over Rs 145-crore dues

By
Team iPropUnited
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Recently Bengaluru-based Mantri Developers has been dragged by the KKR to the National Company Law Tribunal (NCLT) over a ₹145 crore credit facility that KKR had granted the company five years ago.

KKR filed an application with NCLT against Mantri Developers

KKR India Asset Finance is the US PE firm’s real estate lending arm. In 2016, KKR had filed an application with NCLT to start insolvency proceedings against Mantri Developers for one of its housing projects.

Infosys chairman Nandan Nilekani through his family trust owns a minority stake of 10% in KKR India Asset Finance. As per the reports, in August 2020 due to non-payment of dues, ICICI Bank took possession of Mantri Developer’s corporate office in Bengaluru.

The company’s founder Sushil Mantri belongs to a Pune-based business family that emerged as a relator on the Bengaluru market in the early 2000’s by launching high-rise residential buildings and luxury apartment projects. In 2006, Morgan Stanley invested $68 million in Mantri Developers which wads the US investment bank’s first real estate investment in India.

Over 24 projects in a span of two decades have been completed and delivered by Mantri Developers that includes senior living homes, shopping malls, and offices. It is also executing 20 million square feet of projects in residential, retail, office, hospitality and townships in high-growth urban centers. The realtor is also known for creating one of the largest malls in the country. The Mantri Square in Bengaluru is spread over 1.7 million square feet of space and hosts over 250 retail outlets.

In order to complete some of its ongoing residential projects, the government-sponsored Special Window for Affordable and Mid-Income Housing (SWAMIH) fund has agreed to offer Rs 400 crore of assistance to the developer.

 

Quick glance at benefits of buying a property in joint names

    By
    Team iPropUnited
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    Quick glance at benefits of buying a property in joint names

    Many homeowners do not realize that buying a home in a single name instead of a joint name can have significant consequences.

    To be able to draw advantages in buying a property in joint names, it is vital to understand the benefits of joint name properties over those in a single name.

    It is common for prospective home buyers to be diligent in their research on the properties they want to purchase, right from the property’s pricing to the formalities and documents necessary to complete the purchase. Nevertheless, many of us are unaware of what benefits joint owners will receive from buying a property jointly.

    Claim Your Benefits

    If the joint holders of the property suffer a misfortune, the property automatically passes to the other joint holders.

    Shareholder Benefits

    There is currently no law defining who may be added to joint ownership of a property. From close family members such as spouses, children, parents, brothers and sisters or friends, you may have personal information on anyone.

    Increase home loan amount!

    If you need a larger home loan, joint property ownership might be your most viable option! As banks consider a variety of factors, including the incomes of all applicants, make the co-owner your co-borrower in order to increase your chances of receiving loan approval.

    Benefits from income taxes

    It plays a crucial role in terms of income tax. Only the property owner can take advantage of such benefits. For instance, if you bought a property in the name of your wife and both of you paid the EMIs, only your wife can claim an income-tax rebate from all the EMIs you paid.

    Conclusion

    Aside from making an informed decision when buying a residence, it is always crucial to consider all the possible avenues to make the process more profitable. It could be a significant step in the right direction to purchase a property together if that’s what you’re looking for.

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