The recent and forthcoming changes in the Indian Real Estate Industry has tinked the real estate players to think beyond the traditional real estate practices. Being it Demonitisation, Real Estate Regulatory Authority Act (RERA), Benami Transaction Act, Goods and Service Tax for the few changes under implementation process, end users are more hopeful to better oppurtunities in the coming fiscal year.
Present Tax Regime in a Residential Real Estate Transaction :
1) Service Tax :Â
If one is buying a underconstruction property, developer charges this tax and submit the same to the government. As per the present scenario mostly home buyers are paying 3.75% as the service tax. However service tax in total is 15%. This is due to the fact that before july 2010, there was not such tax applicable, but later when the real estate started booming the tax was introduced in the finance Act 2010, with a added simplicity that, service tax is applicable as 15% when its pure service. How ever in real estate the cost of a residential apartment also the consolidated value to the land, which cannot be considered as a service.Hence it was added by the government in the act in 2010, that cost of the residential unit be defined as 3/4 of the cost of unit will be considered as lands and good for the construciton and rest 1/4 of the cost of the unit will be considered as service as a construction.Hence 1/4th of the 15% equals 3.75% is the present tax applicable.
This issue was again taken back in the supreme court, to bring it back to the 15% as a full service tax and is still under jurisdication of the supreme court.
2) VAT (Value Added Tax) :Â
VAT is again a subjective matter. Some states don't implement VAT on the realestate such as UP, where as some states apply such as haryana , Karnataka , Maharastra. Even the states which implement they dont implement it as inform across the landscape. Maharastra governemnt charges VAT Â 1% of the agreement value of the unit. Similar case is with haryana Government. On September 12, 2016 its notified by the state government Haryana Alternative Tax Compliance Scheme for Contractors, 2016, is an amnesty scheme for the recovery of tax, interest, penalty or other dues payable under the Value Added Act, 2003, for the period up to March 31, 2014, and earlier. This means that the retrospective rate of payment of tax would be 1% and not the 4% or 5% as demanded by developers.
3) Stamp Duty : Â
Stamp Duty is charged by the state government and hence is different across states of india. Stamp Duty is applied on the registration of the sale agreement value of real estate transaction.
If a buyer buys a ready to use property directly from builder,after he has obtained the completion certificate for the property, then one can get reliefed from paying the VAT and service tax depending on what state one is buying the property and hence can save upto 3.75% to 9% of the value of property.
IMPACT of GST : The first two taxes i.e. service tax and VAT will be impacted and will be replaced by Central GST for service and State GST for VAT.However the stamp duty remains uneffected since it is out of jurisdication of GST.
There are still two main factors which are left unanswered, which makes it difficult to do an impact analysis of GST. One is GST rate and other is what proportion is set for the land value for an agreement of a under construction residential unit.
Though are many theories coming up which explain about the under construction properties prices going up and other theories explain prices going down, depending upon if few tax layers get obsolted. GST will be official implemented w.e.f from 1st April 2017.
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DUBAI STARTED THE CONSTRUCTION OF WORLDS TALLEST TOWER :
Dubai Started building the worlds tallest tower :
Location : Dubai Creek Harbour
Started on : 10th October 2016
Expected completion :Mid 2020
This is will be taller than Burj Khalifa(828meters,2700 hundred.), Dubai is all set to be break its own limits. Dubai will be the center of the world economy by 2050.
The Structure would cost around : $1 billion (900 million euros).
Designed by  : Spanish-Swiss architect, Santiago Calatrava Valls .
The Panama Canal is a large canal, 82 kilometers (51 miles) long, that cuts through the isthmus of Panama, connecting the Atlantic and Pacific Oceans. Because of the S shape of Panama, the Atlantic lies to the west of the canal and the Pacific to the east, reversing the normal orientation. It opened on August 15, 1914.
The canal has two sets of canal locks on the Pacific side and one on the Atlantic. At the Atlantic end, the massive steel gates of the triple locks at Gatún are 70 feet (21 m) high and weigh 745 tons each, but are so well-counterbalanced that a 30 kW (40 horsepower) engine suffices to open and close them. Lake Gatún, which is 26 metres above sea level, is fed by the Chagres River, which was dammed to make the lake. From Lake Gatún, the canal passes through the continental divide at the Gaillard Cut, and then descends to the Pacific first through a single set of locks at Pedro Miguel to Miraflores Lake at 16.5 metres above sea level, and then through a double set of locks at Miraflores. All the locks on the canal are paired so that ships may pass in both directions. The ships are hauled through the locks with small railway engines. The Pacific end of the canal is 24 cm higher than the Atlantic end and has much greater tides.
Several islands are located within the Lake Gatún portion of the Panama Canal, including Barro Colorado Island, a world-famous wildlife sanctuary.
The dream of a canal across the isthmus of Central America goes back centuries, and there was serious discussion of its possible construction from the 1820s onwards. The two most favorable routes were those across Panama and across Nicaragua, with a route across the Isthmus of Tehuantepec in Mexico as a third option. The Nicaragua route was seriously considered and surveyed; see Nicaragua Canal.
The Panama Railway was built across the isthmus from 1850 to 1855. The infrastructure of this functioning railroad was a key consideration in the plan to build the canal in Panama.
Prior to the Panama Canal's construction, the fastest way to travel by ship from New York to California would have been by "rounding the Horn", the long and dangerous route via Cape Horn (at the southernmost tip of South America).
After the success of the Suez Canal in Egypt, the French were confident that they could connect another two seas with little difficulty. In May of 1879, the International Canal Congress was held in Paris. Delegates from 22 nations considered the Nicaraguan route, the Isthmus of Tehuantepec, but the majority settled on Panama.
Ferdinand de Lesseps, who was in charge of the construction of the Suez Canal, was initially called upon to build the new canal at Panama and construction began on January 1, 1880.
The dream of a canal across the isthmus of Central America goes back centuries, and there was serious discussion of its possible construction from the 1820s onwards. The two most favorable routes were those across Panama and across Nicaragua, with a route across the Isthmus of Tehuantepec in Mexico as a third option. The Nicaragua route was seriously considered and surveyed; see Nicaragua Canal.
The Panama Railway was built across the isthmus from 1850 to 1855. The infrastructure of this functioning railroad was a key consideration in the plan to build the canal in Panama.
Prior to the Panama Canal's construction, the fastest way to travel by ship from New York to California would have been by "rounding the Horn", the long and dangerous route via Cape Horn (at the southernmost tip of South America).
After the success of the Suez Canal in Egypt, the French were confident that they could connect another two seas with little difficulty. In May of 1879, the International Canal Congress was held in Paris. Delegates from 22 nations considered the Nicaraguan route, the Isthmus of Tehuantepec, but the majority settled on Panama.
Ferdinand de Lesseps, who was in charge of the construction of the Suez Canal, was initially called upon to build the new canal at Panama and construction began on January 1, 1880.
However, there was a vast difference between digging quantities of sand in a dry flat area and removing enormous quantities of rock from the middle of a jungle. Floods, mudslides, and high mortality rates from malaria, yellow fever and other tropical diseases eventually forced the French to abandon the project.
President Theodore Roosevelt of the United States was confident that the United States could complete the project, and recognized that US control of the passage from the Atlantic to Pacific oceans would be militarily and economically important. Panama was then part of Colombia so Roosevelt proceeded to negotiate with the Colombians to obtain the necessary permission. In early 1903 the Hay-Herran Treaty was signed by both nations, but the Colombian Senate failed to ratify the treaty. In a controversial move, Roosevelt implied to Panamanian rebels that if they revolted, the U.S. Navy would assist their cause for independence. Panama proceeded to proclaim its independence on November 3, 1903, and the USS Nashville in local waters impeded any interference from Colombia.
When fighting began Roosevelt ordered US battleships stationed off of Panama's coast for "training exercises". Many argue that fear of a war with the United States caused the Colombians to avoid any serious opposition to the revolution. The victorious Panamanians returned the favor to Roosevelt by allowing the United States control of the Panama Canal Zone on February 23, 1904 for US$10 million (as provided in the Hay-Bunau-Varilla Treaty, signed on November 18, 1903).
Control of the zone was exercised by the Isthmian Canal Commission during canal construction. The commission was staffed by military officers and initially chaired by Admiral John C. White. The first success of the North Americans was to eliminate the noxious yellow fever that had killed so many construction workers. Based on the work of Cuban doctor Juan Carlos Finlay, Walter Reed had determined in Cuba during the Spanish-American War that the disease was spread by mosquitos. 20,000 French workers had died from it. However, new health measures led by Dr William C. Gorgas eliminated yellow fever in 1905 and improved general sanitation and working conditions.
The first chief engineer of the project was John Findlay Wallace. Hampered by disease and poor organization, his work did not go well and he resigned after one year. The second chief engineer, John Stevens, set up much of the infrastructure necessary for construction of the canal, including building housing for construction workers, rebuilding the Panama Railway to accommodate heavy freight traffic, and devising an efficient system for removing spoil from the excavations by rail. He resigned in 1907. US Colonel George Washington Goethals was the last chief engineer and his management of the project was highly praised. The work was still grueling, but great progress was made.
De Lesseps had insisted on a sea-level canal, but the French engineers never found a solution for dealing with Chagres River, which crossed the line of the canal many times. The Chagres was prone to tremendous floods in the rainy season and a sea-level canal would have had to carry its entire drainage. The lock canal plan finally selected by Stevens and built by Goethals harnessed the Chagres by means of a huge earthfill dam at Gatún. The resulting artificial lake not only provided the water and hydroelectric power to operate the canal locks, but also a water "bridge" covering a third of the distance across the isthmus. Under Goethals's leadership, the engineering work on the canal was broken down into construction of the breakwaters, dams, and locks at either end; and the great task of excavation through the Continental Divide at Culebra, now known as the Gaillard Cut. Even with the change from a sea-level to lock canal, the final volume of excavation was almost four times that initially estimated by de Lesseps.
US President Woodrow Wilson triggered the blowing up of the Gamboa Dike on October 10, 1913 thus completing the construction of the canal. Numerous West Indian laborers had worked on the Canal, and official mortality figures were 5,609 lives.
When the canal opened on August 15, 1914 it was a technological marvel. A complex series of locks allowed even the largest ships to pass. The canal was an important strategic and economic asset to the US, and revolutionized world shipping patterns.
The United States used the canal during World War II to help revitalize their devastated Pacific Fleet. Some of the largest ships the United States had to send through the canal were aircraft carriers, in particular the Essex class. These were so large that, although the locks could hold them, the lampposts that lined the canal had to be removed. The largest ships able to go through the canal are described as being of Panamax size.
The canal and the Canal Zone surrounding it were administered by the United States until 1999 when control was relinquished to Panama. This was the result of the September 7, 1977 signing of the Torrijos - Carter Treaty in which US president Jimmy Carter conceded to Panamanian demands for control. The treaty called for a gradual handover that placed the canal completely under Panamanian jurisdiction by December 31, 1999. The treaty was highly controversial in the U.S., and its passage was by no means certain. It was revealed in 1997 by General Manuel Noriega that the Torrijos government had a plan in effect to sabotage the canal if the U.S. failed to ratify the treaty. Noriega also claims that the invasion of Panama under Operation Just Cause was primarily launched to circumvent the treaty.
Panama's Law No. 5 was passed on January 16, 1997 to confirm 25-to-50-year leases for the U.S.-built ports of Cristobal on the Atlantic end of the canal and Balboa on the Pacific end and "operation of the canal" to a Chinese Hong Kong corporation named Hutchison Whampoa operating under the name Hutchison Port Holdings and headed by Li Ka Shing, the wealthiest Chinese individual. Accusations that "Red China controls the Panama Canal" are based on this.
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20 things you should know about Dwarka expressway in 2015
Why?
Dwarka Expressway (a k a Northern Peripheral Road) is perhaps the most important area in NCR from the perspective of real estate and infrastructural development. Yet most of the information available about it on the Internet is 3 years out of date. And 3 years is a long time in real estate.
What you know
Dwarka Expressway connects Gurgaon to Dwarka. It is the third direct connection between Delhi and Gurgaon (after NH8 and Mehrauli-Gurgaon Road), and many real estate projects have come up in this area. This is true.
Many people also think that there are major problems in completing the road because of right-of-way and land acquisition issues. This isn’t true anymore.
What you should know
The quick facts:
1 • Dwarka Expressway is a high-speed link road, officially known as Northern Peripheral Road
• It is 18 kms long and 150 metres wide, and runs in a smooth parabola from near Kherki Daula on NH8 to Dwarka.
• Sectors 81 to 115 have been developed along its length, with particular sectors earmarked for residential projects and commercial projects and public utilities.
2.The best builders of the country all have projects under development on Dwarka Expressway. There are more than 100 residential projects under construction in the area, and the number of residences coming up is estimated to be over 42,000.
More than half of these (22,000 apartments) have already been
purchased by investors and future residents. The balance 20,000
includes apartments available for sale as well as apartments in projects yet to be launched.
3. The area around Dwarka Expressway is being developed with strict
adherence to the Gurgaon-Manesar Masterplan 2031. This means
the final number of apartments is already known, and so the eventual population and number of cars, etc. can easily be estimated.
Wide sector roads have been planned accordingly and many of
these roads have already been completed. You can drive on them
today to get a feel of this well-planned area. So it’s not just a road – the entire area is coming up like a model modern city.
4. Like any model city, it’s not just residences – some of the top
names in education, health-care and hospitality have taken up sites
for schools, hospitals and hotels etc. Several of them have actually
brought forward their construction plans because of the astonishing speed at which development is taking place in the area.
Delhi Public School is opening in Sector 84 and Sector 102A. Construction has begun in Sector 102A and Pre-Nursery to Grade 3 will be ready for the 2015-16 academic year. Modern School Barakhamba Road is starting a
school in Sector 91 with a 17-acre campus. MatriKiran Senior School is going to be operational in 2016 in Sector 83.
One of PVR’s biggest multiplexes is coming up in Sector 84 in Vatika India Next. In fact, PVR will operate 14 screens in Vatika projects alone.
5. Dwarka Expressway provides the much-needed third link between Gurgaon and New Delhi. But that’s not all – this road has a greater national significance. It is an integral part of the Mumbai- Delhi Industrial Link Corridor.
6. The largest commercial belt of the Gurgaon-Manesar Masterplan
2031 is being built along Dwarka Expressway.
7. NCR’s second diplomatic enclave (Chanakyapuri is the first) is
coming up next to Sector 113 on Dwarka Expressway.
Dwarka Expressway Today
Dwarka Expressway Facts
8. As a part of its developmental plans for Gurgaon-Manesar Urban Complex, the Haryana Government has envisaged a Mass Rapid Transit System Corridor (or metro rail) along Dwarka Expressway. This will start at Dwarka and go on towards Manesar and Neemrana via a metro hub that is coming up in a 162-acre plot at Kherki Daula where the new Inter State Bus Terminal is also being built.
9. Thus Northern Periphery Road (NPR) or Dwarka Expressway is much more than just a road with residential projects around it. The project is fully supported by the Haryana state government, and Dwarka Expressway is in fact a shining example of government and private sector co-operation. HUDA is the State Co-ordinating Agency and a number of government departments are actively involved in clearing the way for its early completion. The Implementation Framework has been tendered and allotted to Indiabulls.
10. A lot of the information available on the internet about Dwarka Expressway is outdated and does not reflect current reality. The truth is that Dwarka Expressway isn’t 5 years away. Obstacles are being moved out of the way very quickly and Dwarka Expressway will be here before you know it.
11 . Of its 18 km length, 14.5 km have been completed. Only 3.5 km remain, otherwise Dwarka Expressway is ready. You can drive on it today, and see first-hand the rapid rate at which development is taking place in this area.
12. Of the 3.5 km of Dwarka Expressway that remains to be built, only 1.3 km is actually under litigation for compensation. This has held up another 1 km, however is being developed in parts. The construction of a 1.2 km Railway Over Bridge (ROB) is going on and is expected to be completed by the end of 2015.
13. The dispute too is now mostly settled and all issues cleared, apart
from some petitioners holding out for better compensation. The matter is sub-judice, so details cannot be revealed. However, it can be mentioned that a settlement is expected quite quickly. Rehabilitation and resettlement of the petitioners is what the courts are considering. They will be rehabilitated in Sectors 110A and 37C – HUDA has over 145 acres of land in these sectors of which only 15 acres will be needed to resettle all the petitioners. This is expected to be completed within 2015. Those interested can refer to the affidavit filed in the High Court at Chandigarh by the Secretary, Department of Town and Country Planning on January 13, 2015.
14. HUDA has already disbursed Rs. 1233 crores to land owners as compensation. Similarly, the factory belonging to Padmavati VNAÂ Mechatronics that was in the path of the carriageway has also been acquired from the company and demolished. Construction at the factory site is proceeding at speed.
15. In a meeting chaired by the Hon’ble Lt. Governor of Delhi in April 2014, DDA gave its approval for the construction of a crucial overbridge across the Delhi-Karnal railway line. Since then, construction of the rail overbridge has been nearly completed. This work is being carried out by Indian Railways.
16. Construction of the Metro Rail on Northern Peripheral Road (Dwarka Expressway) and Southern Peripheral Road has been approved by the Government and it has been taken up as an early bird project by Delhi-Mumbai Industrial Corridor Development Corporation.
The Town And Country Planning Department has determined the Change of Land Use fee for constructing the Metro, and work can commence as soon as this fee is deposited. These funds will be allocated this year, so construction will begin this year as well.
17. At the Delhi end, DDA has finalized the exact alignment of Dwarka Link Road, which will be a continuation of Dwarka Expressway up to Dwarka. The proposal for land acquisition and construction was also cleared on April 21, 2014.
18. 626 hectares of land has been kept aside for public utilities in Sector 37D, 99A, 100, 101 and 107. Electricity lines are being laid down, and all electric cables up to 66 KV will be underground.
19. Infrastructural development is going on at speed all along the Expressway. In fact, work on sewer lines, electricity cabling and water supply is likely to be completed within 2015.
20. The investor community is seeing the area around Dwarka Expressway as a serious investment opportunity. Early investments have shown excellent growth; and with the Expressway heading towards completion, investor interest is very positive.
Gurgaon’s 5 micro-markets                     Average rate per sq ft (approx.)
M G Road                                                                Rs 14,000
Golf Course Road                                                    Rs 15,000
Golf Course Extension Road                                   Rs 14,000
Sohna Road                                                            Rs 10,000
Dwarka Expressway (Sectors 81 to 115)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Rs 7,000-8,000
Clearly, Dwarka Expressway is the most affordable, and it also offers the best investment opportunity at this time
Pune Municipal Coorporation Issuing the commencement certificate in 24 hours
Builders and Developers associations with in the pune municipal corporation has a reason to rejoice the real estate practice as the authorities has recently unraveled the "fast track system" that will issue the commencement certificate with in the 24 hours or by the end of next working day. The Fast track system has been set up with prime objective to avoid the delays occurring due the pre-construction compliances required to start the construction. At present the MRTP ( Maharashtra regional town planning) takes 60 days to issue the commencement certificate. however this is likely to get reduced to 24 - 48 hours.
The Special Fast track system is been implemented along with auto DCR (Development control rules). The Civic Authority will also be soon setting up the Joint technical committee for the administration and evaluation of this fast track system.All the appeals made by the architects, owners or builders to the technical committee, pertaining to the technical issues,will be under the jurisdiction of the civic authority.
Owners will have to submit their proposals through the registered architects in PMC. At present there are more than 500 architects registered in PMC and the authority have the plans to add more to this list.
Real Estate Sector hoping for market correction in 2015.
The Indian real estate is facing challenges to revive, the RBI's decision to keep key policy rates unchanged has given the indication towards the market correction.
Had RBI cut the rates, it would have been for the real estate industry, since RBI has not , For the Motto of "Housing for all" the immediate need of the hour is immediate liquidity. In Press RBI expressed the Repo rate continues to be the same @8 per cent while cash reserve ration remains at 4 per cent. Also the RBI governor has revealed that if the inflation continues to ease and government acts on the fiscal side, the market correction is likely to be there early next year.
The primary reason for inflation coming down is due to the drop in international prices of crude, not because of the structural changes in the economy. Hence the RBI's stand for "no cut in interest rates" stands valid.
Development Agenda of Smart Citities In India : "5E"
Vankaiah Naidu 5E mantra for smart cities.
Minister of Urban Development and housing and urban poverty Alleviation, gave its 5E mantra for the smart cities.At the conference of the Muncipalika 2014(a body for governing the smart cities development of smart cities), vankiah naidu spoke about the sarder patel National Housing Mission to be launched soon, the success of which, inturn would depend on the 5E mantra of the smart cities.
5E Mantra for Smart Cities Would be the following :
Entertainment : Creating the manufacturing hubs under the "make in india" scheme, which would generate the jobs for everybody, similar to the job profile in urban hubs from the current focus on knowledge workers for diversified work man force.This would certainly would also help housing for all by 2020 campaign for catering the needs of those who to cities for the earning their livelihoods. Diversified work man force formats would create the diversified housing formats w.r.t to price,location, and size accessible to their workplaces.
Environment : Swach Bhart Abhiyan ( Clean India Campaign) for the healthy cities. A healthy, well planned and responsibly governed cities will ensure better aesthetics, cleanliness, and health of the citizen in the smart cities. Swach bharat abhiyaan also covers the management of solid wastes, drainage, green cover and energy management, effective environment practices, ensuring vibrant and healthy cities.
Education : For skilling India, and generating the jobs similar to urban areas, the process of the skills up-gradation, and training and are the prime focus action areas of NDA Government. All the works are being governed and monitored in the Deendayal Antodaya Yojna (DAY), Focusing on skills up-gradation and training activities.
Entertainment : Focusing on work and play methodology, which ensures good talent delivers at its best. To keep the people happy in area, it very important to have entertainment zones for the unwinding and reliving themselves from the stressed work. This will include linking the people with the public greens areas, making the retail and sports facilities.
Efficient Security : Security is one of the prime important factors for making a city livable. Hence to make the smart cities more security efficient street lightning and integrated planning to not leave any single space dark, is the strategy.
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In a bid to reduce travel time between Delhi and Ghaziabad,
the Noida Authority wants to build a double-decker elevated
road from Sector 63 towards NH-24 and has sought an NOC (no
objection certificate) from the National Highways Authority of
India (NHAI). The starting point of the double-decker elevated
road will be at Chijarsi village in Sector 63. It will circle over
NH-24 and provide exit and entry points from Delhi,
Ghaziabad, Bulandsahar and Meerut. Officials said that they
expect the elevated road to be built at a cost of Rs 700 crore.
Once in place, the project will connect to the under-
construction Faridabad-Noida-Ghaziabad (FNG) Expressway.
Soon property owners in the city will get a unique ID and
password each to keep track of the property tax paid by them.
The scheme, conceptualised by MCG, will also help the
corporation to keep tabs on the amount of property tax
generated, officials said. During a routine exercise,
authorities found that around Rs 70 crore of property tax
collected was unaccounted for. Thus, in order to bring in
transparency and to maintain records, the MCG has taken this
initiative. This facility is likely to be rolled out soon. The
authority is also planning to make a payment gateway so that
owners can pay tax through the MCG website itself.
Steep 20% hike in circle rates for Delhi properties .At a time when the real estate market is in a slump, Delhi government has notified a revised circle rate regime that is 20 per cent higher than the existing rate structure across the municipal valuation colony categorisation from A to H. Circle rates, the minimum valuation at which a property can be registered, have also been revised upwards for apartments. The rise in circle rates directly impacts the stamp duty, which will pinch the pockets of buyers ultimately and further push down the buyers’ sentiments in the Delhi realty market.
In a major relief to property owners in the city, DDA has
further liberalised conversion norms. As per the new rules,
even properties without a sanctioned building plan can be
converted from leasehold to freehold. Earlier, DDA considered
only those properties for conversion which had a sanctioned
building plan. Those without a sanctioned building plan will
have to submit an affidavit stating that a sanctioned building
plan is not available, a copy of the building plan—as
per building byelaws—from a registered architect and a copy
of the house tax assessment order or electricity connection
order. In case documents submitted by the property owner are
found incorrect, then DDA can cancel the conveyance deed
without any notice
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DELHI NCR Housing Market : An Oversupplied market.
Supply Side :
The NCR area has seen a slowdown during 2013 and this downward trend continous in 2014 as well.This has kept the developers to restrain the new launches in the said period and consequently increasing the pressure on selling of substaintial unsold unventory and thus increasing the liquidity constraints in the real estate market.
Demand Side :
On the demand side the consumer sentiment index is weekned by uncertain economic fundamentals and upcoming elections in haryana.A drop of 37% in new launches is witnessed in last eight quaters,in the long terms analysis. Only 28,500 units were sold in first half of 2014 and is lowest ever half yearly sales since 2010, which was 26,000 in second half year of 2010. However the rate of decline of new launches is less than that of sales, deriving that NCR market is trying hard to maintain a proper balance between demand and supply.
The current unsold inventory would take approx one and a half year to absorbed at the fullest. Thus recent slowdown new launches was required to control the extended inventory pileup. Since the market of the NCR is oversupplied, though it is expected that real estate would gain sheome momentum in the second half 2014. The new launches is expected to rise by 10% in the second half of the 2014 and the abosorption is expected to increase by 17% in the second half of 2014.
Despite of these symptoms of oversupply and analysis of demand and supply the NCR is able to hold the residential prices rather than falling down. The developers are continuing with the new lauches at the higher price claiming increased input costs and higher borrowing costs.
Also no new launches has been infused into the delhi since last two years. Apart from this DDA's recent approval to land pooling policy is expected to unravel 40,000 acres of land in Delhi Market.As per the policy, Developers may acquire land directly from the farmers who are willing to participate in the process, wherein they getback 40-60% of the developed land. This likely to bring the burning prices of property in the region.
The composition of the Delhi NCR market of Under construction market would be as follows :
Greater Noida    : 25%
Gurgaon    : 23%
Noida       : 22%
Ghaziabad   : 15%
Faridabad    : 4%
Delhi       : 1%
Greater Noida and Noida Contains more than half of the under construction units of NCR market and the sustainablity of the these proportions is possible due to the robust infrastructure developments. Noida is considered to be a prime end user market in delhi-ncr area. Greater Noida contributed to 40% of the new launches in first half of 2014 of delhi ncr market.
Gurgaon accounted for 23% of the new launches H1 2014, showing a slight increase as compared to H1 2013. Also, only premimum projects has been launched in the NCR in H1 2014 has been in Gurgaon with in the price range of 11,000- 14,000/sqft indicDELHI NCR Housing Market : An Oversupplied market.ating the dominance of and demand for dawn for luxury housing in NCR.
Tax Incentives for Home Buyers is postive for Investors.
Union Budget came as a pleasant surprise. The Service class, will now be able to avail of a deduction of Rs 2 lakh on interest repayment under Section 24 of the Income Tax Act, instead of the earlier limit of Rs 1.5 lakh.
The enhancement of the Section 80C limit is another positive for home loan borrowers like Mukesh, who will be able to use the increased limit — from Rs 1 lakh to Rs 1.5 lakh.
The enchancement of section 80C limit is another positive for home loan borrowers, who will be able to utilize the increased limit from Rs 1lakh to 1.5 lakh. to get deduction on the principal repayment. Such borrowers earlier paid huge EMI's but were unable to take adavantage of the deduction on the principal repayment as their section 80c limit would be used up by the other elements.
The exact benefit that borrowers avail of will depend on their tax bracket. According to calculations from EY, the total tax saving for home loan borrowers due to these two changes, if their gross total income ranges from Rs 9-15 lakh, will be from Rs 20,600-30,900 (see table). According to Vishal Dhawan, chief financial planner, Plan Ahead Wealth Advisors, "Couples can enhance their benefit by buying the house in joint names, taking the loan jointly, and making the down payment contribution and EMI repayments jointly.
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