Connect with us

Uncategorized

Demonetisation: IT department surveys real estate firms in Delhi-NCR

Published

on

Officials said the department conducted the exercise on at least four such entities in the Delhi-NCR region and visited over half-a-dozen premises.
NEW DELHI: The Income Tax department today surveyed some real estate players in the National Capital Region (NCR) to check reports of alleged profiteering and tax evasion by these entities while converting the recently demonetised currency notes.

Officials said the department conducted the exercise on at least four such entities in the Delhi-NCR region and visited over half-a-dozen premises.

They said the tax sleuths made an inventory of cash and sale documents at these locations and checked sale documents.

Officials added the department also scanned some records of some previous sales made and have asked the officials of these firms to produce the records at a later stage.

When contacted, real estate firm Amprapali Group called the I-T operation a routine exercise.

“A team of tax officials have visited our office premises and they are inspecting the company books and accounts. It is a routine exercise done by them,” Amrapali executive director Shivpriya told PTI.

Asked whether the survey was linked to the illegal usage of demonetised Rs 500 and Rs 1,000, Shivpriya said: “We sell affordable homes which are largely funded by customer home loans. I-T officials have not found any cash.”

Another group and real estate brokerage firm called it a “normal” operation.

“They (tax officials) came to check if we are accepting cash or not. We are doing legal business. We deal in primary market where there is no cash,” Investors Clinic Infratech Private Limited Founder and CEO Honey Katiyal said.

Under the survey action, the tax sleuths visit business premises of the trader/operator and make analysis of the available stock and record it, whereas under search operations both residential and business premises are visited by the taxman.

The department, since last week, had detected unexplained cash and sales worth Rs 100 crore in a similar crackdown by traders, jewellers and other operators while converting demonetised currency notes.

Source: Economic Times

Uncategorized

50% Growth For Nashik Realty Sector Since Ganeshotsav

Published

on

By

50% Growth For Nashik Realty Sector Since Ganeshotsav

The realty sector has witnessed a positive and welcoming development since Ganeshotsav after a two year phase of recession and other difficulties.

According to CREDAI, the real estate sector has recorded growth of 50 percent in Nashik as compared to last year.  During the same period of last year, approximately 300 flats worth Rs 120 crore have been booked or sold since Ganesh festival, against 150 flats worth Rs 60 crore across the city.

Sunil Kotwal, Nashik CREDAI President, said, “Last two to three years were very tough for us. Now, the RERA Act and the GST have been implemented. The monsoon has been good this year. Hence, a positive movement has started in the realty sector of Nashik, mainly from the Ganesh festival.”

He further added, “There has been around 50% vertical growth between 25 August and 28 September, compared to the corresponding period of last year. Dasara is an propitious occasion for booking properties. We are eyeing sale of more 150 flats worth Rs 60 crore on Dasara.”

He also stated that there are enough ongoing projects in the city and the builders have good inventory at reasonable prices. He concluded, “Hence, this is the best opportunity for those who are waiting to buy homes of their dream. The prices will go up after new projects come up.”

Properties ranging between Rs 15 lakh to Rs 2 crore are available in the city. About 15 new projects have been launched in the city on the occasion of Dasara.

Also Read: Insomniacs Bags The Digital Marketing Campaign Of The Year At The Realty Plus Excellence Awards 2017

Continue Reading

Uncategorized

Raunak Group Presents Apna Pehla Ghar Campaign

Published

on

By

Raunak Group, a real estate developer based in Mumbai, has conducted an extensive research and discovered that for many customers in the real estate industry, the home that they purchase is the first true investment they make. Hence, they understand that very feeling and always thrive to help people in achieving their dream of owning their first home. It is with this thought process that they have announced the launch of their latest campaign, i.e. ‘Apna Pehla Ghar’ which aims at helping people own their first home close to the city of dreams, i.e. Mumbai.

Raunak Group presents Apna Pehla Ghar Campaign

The thought behind the campaign is to assist and enhance the vision of the Prime Minister’s dream mission of “Housing for All”, an initiative that was introduced in 2015 which promised affordable housing to the urban citizens. This movement brought in Pradhan Mantri Awas Yojana (PMAY) which gives the customers the subsidy they need, thereby acting as an incentive for them to purchase their very first home.

Hence, Raunak Group is presenting an opportunity to their customers to buy and move into their first dream home in the ready to move buildings in Raunak Group’s township development Raunak City in the upcoming smart city of Kalyan.

Raunak Group presents Apna Pehla Ghar Campaign

Actual Image Raunak City Sector 3 (With Kids Play Area)

The region of Kalyan stands as one of the best pocket-friendly locations where one can find and own their first every dream home. Thanks to its easy connectivity to Mumbai and the rest of the Mumbai Metropolitan Area via amazing roads and local railways, Kalyan caters primarily to the affordable housing segment.

Raunak City at Kalyan is the only biggest development right in the heart of the city and within the limits of the Kalyan-Dombivali Municipal Corporation. This meticulously planned development spans over 35 acres and will be developed in 4 separate sectors. The project has already built and delivered 10 buildings in Sector 2 along with 13 buildings in Sector 3. Raunak City offers 1 and 2 BHK homes at the best prices that one can find within Kalyan.

Raunak Group presents Apna Pehla Ghar Campaign

Actual Image Raunak City Sector 3

Raunak City stands as the best choice thanks to the most affordable prices of its flats. Each home comes packed with amenities like a landscaped garden, children’s play area, community hall, jogging track, common clubhouse with a swimming pool and a gymnasium. Raunak City also upholds its responsibility to the environment by constructing solar panels for hot water, rainwater harvesting and a sewage treatment plant.

Raunak City has an offer that is customized exclusively for their customers. Their ready to move in homes at Raunak City have received their Occupancy Certificate so that one can move in at a moment of their choosing. Along with that, the GST benefit allows an individual to save Rs. 4.08 lakhs while the Pradhan Mantri Awas Yojana (PMAY) benefit allows them to get Rs. 2.36 lakhs back into their savings account, thereby helping each customer save a minimum amount of Rs. 6 lakhs!

With over 5,614 happy home-owners vouching for their reputation, choosing a dream home with Raunak Group is the wisest choice a potential homebuyer can make.

Also Read: Raunak Group Launches Darr Ke Aage Ghar Hai Campaign

Continue Reading

Uncategorized

Changing Patterns Of NRI Investment

Published

on

By

Changing Patterns Of NRI Investment

At present, there is more demand for mid-segment apartments in relatively affordable markets than ultra-luxury properties or saturated locations. The once high in demand prime locations are now facing a lull.

NRIs are now keen on investing in smaller projects which they are can either sell quickly or use on their own. Track2Realty data suggests South Indian’s are investing in Kochi and Coimbatore, rather than Bengaluru or Chennai just as Gujaratis are investing Vadodara or Ahmedabad instead of Mumbai. While the Mumbai-born NRIs are investing in Pune and Nashik, the North Indian NRIs are investing in properties in Noida and Ghaziabad, instead of Gurgaon.

Nowadays, it is seen in most of the cases that the clients who buy luxury and super-luxury properties are end-users. Nonetheless, every end-user may not have the budget to spend on luxury or a super-luxury development believes Kaizad Hateria, brand custodian, and chief customer delight officer, Rustomjee Group.

Hateria explained, “The self-employed segment of NRIs, prefer to have an investment portfolio of different projects, instead of putting their money in large developments. They divide their money among various small projects, which enables them to sell easily if they want to, or earn good rental from their various investments.”

Manju Yagnik, vice-chairperson of the Nahar Group says, “NRIs also like to keep the option of existing open, based on the movement of the global economy. A project with a large ticket size takes a longer time to liquidate. Over the years, NRIs have largely invested in properties across metropolitan cities, as it provides them with the lifestyle that they are used, in addition to appreciation and healthy returns.”

He adds that in the present market conditions NRIs are avoiding big-ticket projects. They invest in affordable luxury which ranges from Rs 60 lakhs to Rs 2 crores as this is an attractive and safe option.

According to a survey conducted by Pravasi Bandhu Welfare Trust, a Dubai-based non-governmental organisation, they found an alarming 95% of NRIs in the Gulf do not save anything and return empty handed to India, even after working for a decade. The organization works to improve the lives of Indian workers in Gulf Cooperation Council (GCC) countries.

Due to a high cost of living and low wages, a majority of them fail to save sufficient money. According to the study only 10% of Indian workers in GCC nations, live with families. Thus, the demand for housing from NRIs now reflects ground realities.

Some other NRI statistics:

  1. 95% NRIs are employees and wage earners and cannot afford luxury property in India.
  2. Small-ticket investments provide easier options for exit and better rental returns.
  3. Rich NRIs have burnt their fingers or have learned from the bitter experiences of their peers and hence, avoid luxury properties.
  4. Insecurity in the global job market is forcing NRIs to be realistic in their housing investments, back home.

Also Read: NRIs Fuelling Luxury Housing in Ahmedabad

Continue Reading

Trending