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Team iPropUnited

Team iPropUnited
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Freezing Of Land Allotment Rates To Be Done By The Authorities

By
Team iPropUnited
-

Yamuna Expressway Industrial Development AuthorityThe decision of increasing the land allotment rates has been disapproved by the Yamuna Expressway Industrial Development Authority because of the downfall in the real estate sector and credit crunch in sales of property.

Allotment rates are basically set and stable rates which the land is sold for industrial, housing, institutional and commercial projects by the authority.

Parties which wanted to purchase the land for developing industries had asked the authority to lower the allotment rates keeping in mind the effects of demonetization and the downfall in the real estate sector.

The three authorities of Greater Noida, Noida and Yamuna Expressway are not planning to lower the land allotment rates in the board meetings to be held. However, the officials have said that they will freeze the land allotment rates and the proposal to not increase it will be presented in the board meeting to be held.

The Greater Noida Authority will not decrease the land allotment rates in any case as they already very low. Moreover, decreasing the land allotment rates is not an easy task.
The board meeting Of YEIDA is likely to be held on 9th June, 2017.

The CEO of Noida and Greater Noida Authorities has instructed the officials to develop the agenda to be discussed in the board meetings.

Farmers To Be Allotted Residential Plots For Land Compensation Schemes

By
Team iPropUnited
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FarmersThe staff of Noida Authority has been instructed by the CEO to prepare a list of all the farmers who are entitled to be allotted housing plots as per the land compensation schemes.

According to the policy, when the authority acquires land from farmers for the purpose of urbanization, it has to allot a 5% of that total land to the farmers as a residential plot.

20,000 hectares of agricultural land has been acquired by the authority for industrialization and urbanization, since 1976. But, there are hundreds of farmers who are still waiting to be allotted their promised share of approximately 5%.

Therefore, the Land Records Department of the Authority has been instructed by the CEO to review and prepare a list of all such farmers who are waiting to receive their 5% residential plot. When the list is prepared and approved, farmers will be allotted the plots accordingly.

The officials of the Authority have been instructed with the action only after the farmers took their plea to and complaint about the entire matter to the Chief Minister of Uttar Pradesh, Yogi Adityanath. The officials have also been accused by the farmers of being involved in the practice taking bribe to allot the plots.

The CEO has ensured that he will take it upon himself to make the farmers get their plots as soon as possible and without any inconvenience.

Find Out All You Need To Know About Investment Trusts (InvITs)

    By
    Team iPropUnited
    -

    InvITsInvITs or Infrastructure Investment Trusts is an institution that enables investment into infrastructure ensuring profits in shares to those who invested in either small amounts or a large amount for those infrastructural projects. The profit given away to the unit holders is after deducting the expenditures from the profit earned. It is gaining popularity among investors like mutual funds investment.

    SPV or Special Purpose Vehicle is another way apart from a direct investment that InvITs can invest in infrastructure. Unlike other projects, for PPP or Public Private Partnership, investment is done through SPV only.

    The body that regulates InvITs in India is Securities and Exchange Board of India. SEBI also stated that InvITs is one of the most popular ways of investing in infrastructure in the country allowing an individual or companies to earn more in the long run.

    Types
    InvITs are available in two types: one is for those complex and high-end infrastructure projects while the second one is for simple projects that are under construction.

    Let us understand the structure
    InvITs is a body that is governed by SEBI or Securities and Exchange Board of India. There are four parties in the Trust.

    Trustee: It is that party that looks after the overall functioning of InvITs and it cannot be associated with any other party of the Trust. In this case, SEBI is the trustee.

    Sponsor: The name itself suggests of the body or company that shows interest in the promotion of the trust. It may be an LLP or Limited Liability Partnership company that has a net worth of Rs 100 crore and applies to the SEBI or it may be SVP in case of projects under PPP or Public Private Partnership. It is mandatory for the sponsors to have at least 25% of the investment for not less than three years.

    Investment Manager: The body that has the responsibility of managing important things like assets and investments are known as investment managers.

    Project Manager: The person or a company responsible for executing the functioning of InvITs by following the policies laid down is known as a project manager.
    Apart from the four parties that are important parts of InvITs, the infrastructure investment institute should be listed on the stock exchange. Without being listed, it will be deemed null and void.

    Investment Policies that should be adhered to by InvITs
    It depends on how much assets is going to be invested by InvITs. The rules and regulations for more than80% investment and for more than 10% investment differ in a huge manner.

    If the InvITs is planning to invest 80% of the value, then it has to abide by the following checkpoints.
    •It cannot raise funds through any other means but through public issued units
    •The public float should be at least 25% and the number of investors should not be less than 20
    •The subscription size should be at least Rs 10 lakh while the trading lot should be Rs 5 lakh
    •The cash flow that is distributable should be distributed in amount not less than 90%
    •The valuation of the assets invested should be done yearly together with the regular update bi-yearly
    •The part remaining that is 20% can be invested in other permissible investment like under construction projects. One point to keep in mind is that such investments can’t exceed 10% of the asset value
    If the InvITs is planning to invest 10% of the asset value in the projects under construction, then it has to abide by the following checkpoints.
    •Unlike the 80% investment, InvITs can raise funds from qualified and dignified institutional buyers or bodies and it is done through private placement
    •The minimum investment can’t be less than Rs 1 crore. The same goes for trading lot
    •There should be at least five investors not as big as the investment of 80% where one needs to have at least 20 investors
    •The distribution of distributable cash flow is the same which is 90%
    •The assets need to be valued on a yearly basis without a default
    It should be noted that all public and private InvITs need to be listed.

    Advantages of InvITs
    It is one of the high-dividends yielding investments that can be great if you are considering the security of finance. It ensures a stable flow of cash for a longer duration compared to other investments. The income from the dividend is exempted from tax. What can one investor ask for?

    It is a great way to relax the burden on banking institutions making funds available for investors into infrastructural projects. Pooling of money from various investors make way for more profits as all come together for a common cause. The profit earned is shared depending on the investment done.

    Although there are benefits that can lure anyone, like mutual funds, InvITs do have shortfalls. When the stock exchange dips, InvITs also show a dip in returns. Investors’ investments depend on the functioning of the stock exchange without any span of control by those investors. Nevertheless, InvITs is making news for its more positives than negatives.

    YEIDA Officials’ Land Under Authority Investigation

    By
    Team iPropUnited
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    Yamuna-ExpresswayA committee has been formed by the chairman of Yamuna Expressway Industrial Development Authority to scrutinize the land that has been acquired and that was not needed by the government for its scheme.

    The committee is being supervised by a chief executive officer, Amarnath Upadhyay and the introductory report will be prepared and filed likely by 30th of May. The officials of Yamuna Expressway, Noida and Greater Noida have been accused of buying agricultural land at very cheap rates and selling them at high rates for acquiring great profits. The officials had this same agricultural land acquired by YEIDA too.

    The committee formed will look into the actions and accusations. Proper legal action will be taken against the officials in case the accusation of corruption is proven to be right.

    A five-member committee has also been formed by the CEO of YEIDA to inspect the scam of Sector 9 which alleges 80 acres of land being acquired for the development of a power station on the Yamuna Expressway. It is supposed that the purchasing cost of this land from farmers was Rs.2 lakh per bigha while later, the cost of acquiring by YEIDA was Rs.10 lakh per bigha.

    Home Loan Benefits That The Taxpayers Often Miss Out On!

    By
    Team iPropUnited
    -

    TaxThe Union Budget 2017 has been the talk of the town since the time it came out. The taxpayers got some advantages and disadvantages. On one hand, section 80E was introduced again and holding period was also reduced which made the taxpayers delighted. While on the other hand, the people who used to claim losses on let out property were disheartened.

    All those people who have a second home or are planning to buy a new home, should know the rules properly so that they do not miss out on the benefits –

    1. If the property is sold before 5 years, there’s a reversal of principal repayment tax benefit
    Although the finance minister has lowered the holding period to just 24 months for the property to come under long-term capital gains, but if the house is sold in 5 years from the date of buying, the reversal of tax benefit takes place.

    The amount of deduction which he has claimed will be included back in the taxpayer’s income of that particular year in which he is selling the property.

    But, the computation of loan repayment is done in such a way that the lower elements of repayment lie in the early years and the rule of tax benefit getting reversed is applicable to Section 80C.

    2. Tax benefit can be claimed on interest paid even after a skipped EMI
    According to the section 24, if an EMI is missed in a year, the tax benefit can still be claimed on it. Till the interest liability is alive, the benefit can be claimed.

    The copy of interest certificate should be kept safely, which is issued by the lender, mentioning very clearly the loan amount and interest etc. as it will clarify and explain any questions raised by the tax department.

    The deduction of principal repayment under Section 80C will only be applied to genuine repayments.

    3. Interest on Pre-construction period can be claimed for 5 years
    While the construction of a house is going on, interest paid on the lending will qualify to get tax relief when the Occupation Certificate is received. Interest paid can be claimed as a tax deduction in the phase of construction in five equated installments initiating from the year of completion of the property.

    When the returns are being filed for the Annual Year 2017-18, the limit of the self-occupied property is restricted at Rs.2 lakh, while there is no limit on let out property. The union budget of 2017 has eliminated this rule and the let out property is also restricted at Rs.2 lakh.

    Know the tax benefits on ready houses over under-construction houses

    4. Tax break can be qualified only on the condition that the person is a co-owner and co-borrower.
    Even if you are paying the EMI, it is not mandatory that you will qualify for the tax break. Only if the property is in the joint name (you being one of them) and is financed by both the parties, both can claim the deduction on principal amount and interest payments. You can save tax when selling a house too.

    5. Processing fee is deductible by tax
    Many taxpayers have no knowledge about the fact that all the charges which are related to the loan like the prepayment charge and processing fee can be claimed for tax deduction. This is because these charges come under interest and thus are qualified as deduction against income from house property. Only penal charges do not fall under this category.

    6. Introduction of the Section 80EE again
    The section 80EE has been introduced again to give some relief to the buyers. The highest deduction has been reduced to Rs.1 lakh now.

    But, this provision comes with certain terms and conditions which have to be fulfilled if you want to enjoy the deduction. These terms and conditions are –
    • The value of the loan should not be more than Rs.35 lakh and the value of the property should not be more than Rs.50 lakh.
    • The sanctioning of the loan must be done by a financial institution, between 1st April 2016 and 31st March 2017.
    • The homebuyer should be a first time buyer.

    7. Even the loans from friends and relatives also qualify for tax deduction
    If you have borrowed the loan from relatives or friends to buy a house, then the deductions can be claimed on repayment of interest under Section 24.

    A certificate would have to be obtained from the concerned friend or relative which will have all the necessary details like value of loan, interest payable and the specifications of the property for which the loan is borrowed.

    But, this provision is applicable for only interest repayment. Benefits of tax cannot be claimed on the principal amount on the part of loan taken from friends and relatives.

    Moreover, an NRI can also claim tax benefits while applying home loan in India 

    Benefits Of Booking Properties Online

      By
      Team iPropUnited
      -

      booking propertyWith Digitalization of shopping and investing online, people have become used to this online technology for every other purpose. In fact, properties also can be booked online without stepping out of the home and meeting several people and undergoing tiring discussions. It gives more liberty to someone to have a 360-degree view of a property, know about the builder, about the locality and much more.

      With the shift of all sales portals online it has become easy for buyers to look at anything they wish to buy even in the wee hours of the day and night. Online shopping was only restricted to clothing and accessories sales in the past but now you can buy almost anything online. All you need to do is find the right deal and click your way out for the product or service to reach you within timelines. Well since this is the jet age then why do we restrict us to only limited things online? You can now also book a property online. Yes, this is possible and you can even rent it if not buy.

      What benefits do you get from buying properties online?
      The world has come closer with the internet. Every minute, there are millions of users online and this makes it easy for the sellers to be visible to the end customers. Similarly, buyers have the ease and comfort of booking from anywhere.

      Comfort: You can now look and search for properties online without going out in the hot sun to jump from one property builder to the other and keep on finding the destinations. This saves you a lot of time and money and helps you to list down the right properties that you are interested in. You can skip the ones that do not interest you.

      Save time: Visiting properties and having a look around can kill your time in making only one or two properties at the max in a day. On the other hand, online search allows you to search more properties in a day as compared to the old techniques of finding one.

      Transparency: You don’t have to be shy in rejecting a property because of the high price. While you are online and looking for properties, you skip that feeling of hesitation which is rational in human beings. Is the price not within your budget? That’s fine. You can move further and look into other properties available online. The prices are mentioned without any hidden terms and conditions. You can easily take a fair decision.

      Other benefits
      You can check the background of the property online itself to know if it is genuine or not. Also, take a look at the brochure of the property and check all the minute details without the help of any advisor or waste time to wait for anyone to assist you. Look at the blue-prints and 3D images of the property and decide if the property fits your needs and budget. Once all this is done, you can also visit the property to have a final look and then decide. Moreover, the property developers are encouraging online sales by giving huge discounts to the property buyers as a benefit when they book online. This will save the cost of the developers, as they need not assign many associates on the site to take care of the potential property buyers and they can focus on more sales.

      More inflow of leads comes in as compared to the walk-in customers, as not many people would come on a working day to see the property and book it. Therefore the property developers have made sure that all the details of the property are available online with a few videos of the sample flats and its layout along with the view of the property is available for the viewers to decide. All such details are the best way to lure the customers and get sales registers ringing. There are many online property portals that help in finding the right property for you. This way you can have a variety of properties available to you within no time and help you finalize the one that suits your needs.

      There are more benefits of booking properties online; however, there are a few cons to it. Few builders upload images of properties that are inappropriate and not how they look in real. Making a physical visit gives you a clear picture.

      Moreover, virtual communication can never surpass the communication in person. When you can see, touch and feel the property, you have more confidence in cracking the deal.

      Delhi-NCR Becomes The Highest Contributor Of Residential Sales In First Quarter

      By
      Team iPropUnited
      -

      homeDelhi-NCR Becomes The Highest Contributor Of Residential Sales In First Quarter
      Homebuyers may have been impacted by the after-effects of demonetization in the first quarter of 2017, but they surely did not restrict themselves from purchasing homes.

      The maximum contribution was by the Delhi-National Capital Region with 14983 units being sold, and Mumbai closely following with 14505 units being sold. In NCR, the sales increased by 24.5% in the quarter while in Mumbai, it increased by 23.6%.

      Demonetization impacted in a very temporary way as there was dejected disposal growth, specifically in the review of third and fourth quarter.

      The sales had witnessed a downfall right after the move of demonetization. But in January, new applications started coming for loans and then in February the growth was 16% more than January; in March the growth was 44% more than February.

      Apart from the fact that the market gave a powerful comeback, but this time is also the best phase to purchase new properties as the interest rates are low and the rates of property are also reducing due to government initiatives.

      The prices of homes have reduced but not as much as was expected after the move of demonetization. The prices saw a decline of 1%, 2% and 3% in NCR, Kolkata and Pune respectively.

      The segment which witnessed the highest sales growth was the affordable housing with 31% of growth. On the other hand, the luxurious segment saw a downfall of sales by 4%.

      If talking about the new launches, the category of Rs.25 to Rs.50 lakh was the highest with 43%, which clearly shows that many developers are entering the affordable housing segment. In the aggregate category of Rs.25 lakh and Rs.1 crore, 71% of new launches were witnessed. The affordable housing bracket of less than Rs.25 lakh, NCR was again the highest contributor of new launches, comprising 34% of the total.

      The key markets of NCR, Hyderabad and Ahmedabad, witnessed a reduction of 3% in their unsold stock while there was an increase of 3% in the unsold stock of Pune, Chennai and Kolkata.

      WTC In Noida To Be Operational By 2020

      By
      Team iPropUnited
      -

      wtc-noidaThe very famous World Trade Centre (WTC) is finally making its way in NCR by getting fully operational in Greater Noida by 2020. The WTC Noida will be largest in all the other WTCs in the world. The area it will cover will be 44 acres.

      The CEO of World Trade Centers Association, Scott D Ferguson, has visited Noida and Greater Noida this week. The region of Noida has been selected and reserved for the development of WTC as it considered as a region of high-growth. The development of WTC in Noida will also benefit the other cities of Uttar Pradesh as it will likely improve the practices of trade and commerce.

      Development of WTC in Noida will be done in the form of a consolidated building which will include business, residences, retail and work spaces. The architecture and design of WTC Noida will be a blend of high-rise and low-rise apartments. The handling of real estate development will be carried by Viridian Red. The areas have already been reserved for shopping, food-courts, wellness centers and exhibition.

      Signature Tower, a 19-storey building will be the tallest building. The first phase is finished and operational and two eight-storey towers situated there have already been occupied by Vivo, the popular mobile company.

      Noida Builders To Face Arrest If Timely Delivery Of Flats Not Done: Industries Minister

      By
      Team iPropUnited
      -

      Noida Builders InstructedThe Industrial Development Minister of Uttar Pradesh, Satish Mahana, has said announced that if any developer doesn’t stick to his promise of handing over possession to the homebuyers can be arrested.

      The government is ready to take any measure possible to help the homebuyers in resolving their issues. Following the instructions of the Chief Minister of Uttar Pradesh, Yogi Aditya Nath, Mahana has also said that the state government is all set to take even the strictest of measure, which can also include getting the builders arrested, if he fails to fulfill his promise.

      This important announcement was made after a vigorous session where both parties – homebuyers and developers- were listened to.

      The officials of Noida Authority have been instructed to properly analyze each and every housing project from 24th May. The state government will try to speed up the process of granting the completion certificates to these projects so that the homebuyers can get their properties registered.

      The officials have also been asked to be lenient in the starting on this issue. Most of the developers have given the necessary details like tower-wise and phase-wise schedule of possession, which will uploaded on the website only when it is verified. Higher official will analyze the issues minutely and if then any defaults are found, stringent action will be taken.

      Out of the total number of housing projects in Noida, which is 112, 44 projects are in the process of receiving the completion certificate, 29 are complete and the rest 39 are facing trouble.

      The state government is also planning to address the issues of the entrepreneurs by implementing a new industrial policy.

      Home Prices To Go Down! Who Will Gain More-Builders Or Homebuyers

        By
        Team iPropUnited
        -

        home priceHome is a very important part in every individual’s life. It needs to be fulfilled at least once in a lifetime. People struggle their heart out to get a home of their own. However, it is difficult to buy a home in any metro city in India. The prices are sky high and the purchasing power is very low. With the demonetization step by the government in the year 2016, there have been many changes in the economy. This has affected almost all the sectors including the real estate. The finance ministry has reduced the interest rates for home loans making it easier and cheaper for many home buyers as the homes have become cheaper.

        Decline in Interest Rates
        The interest rates for home loans have always been a cause of concern for the home buyer. The rates go high with every change in the interest rate. However, with the new move to reduce the interest rates, the already involved home loans have seen a reduction in the interest rate and this has reduced their EMI. Many have en-cashed this opportunity by topping up their payments and reducing either the Principle amount or by reducing their loan tenure. This move will impact the builders in a good way as they will get more customers. The final consumer will also benefit as they can now purchase the homes they always wished to purchase.

        Affordable sectors
        The Indian realty market is distributed into sectors. They can be categorized into luxury, affordable, and budget homes sectors. The luxury sector is out of reach for most home buyers as the rates for such properties are very high depending on the location and the amenities provided. Moreover, their maintenance costs are also high making the property even more expensive on a recurring basis. However, the affordable sector has maximum takers as this has all the basic amenities that a home buyer needs and in a decent location. The affordable sector is a great choice for the consumers and will benefit them. Also with the price reduction, this is the most booming sector in the real estate industry. Builders are now concentrating on getting their stock out so that maximum benefit can be availed from this situation.

        Get the stocks rolling
        With the price cut maximum builders and developers are eager to get their stocks cleared. This can be a beneficial move for the builders as well as the home buyers. Most of the unsold homes are in the affordable category and are because of the prices the builders are quoting for it. The unsold inventory causes a lot of cash crunch for the builders as they cannot start a new project sue to shortage of funds. In case if they do, it gets stopped in the way as the funds are not released from other projects to roll out the new ones. Banks do not fund the property completely even after loan approval and disbursement as they cannot complete the project on time due to such issues.

        Builders are always on the receiving end when it comes to profits or losses as they have a higher risk involved in such a bargain. They have already put their money in the property and are waiting for the profits which are now reduced due to the demonetisation and the interest rate cut. This means that the profits decided for the property would not materialise as expected. But due to the market situations they would need to bend else the stocks would not move as expected. So, it is a win-win situation for the end user as they would not only get the house which they longed for enough but also at a reduced rate.

        Whereas for the builders who have started their projects now it can be a good time, as the RERA rules apply to the new properties along with the Benami act which will reduce the black money as well. All these moves planned by the government are for the betterment of the consumer and it has started to show results by the reduced interest rates. So, wait no more and invest in your dream home with the price cut benefit. A home is a dream project for almost everyone and with this initiative; many will be able to fulfil the dream in the most affordable manner.

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