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Island City Centre-Changing the Mumbai skyline two towers at a time

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Island City Centre

The Union Budget 2017 bought with several positive measures that will reinforce the network of the Indian real estate sector. For instance; the facilitation of capital gains taxation norms has bought a surge of happiness in realtors and property buyers alike.

It thus becomes imperative for the buyers to make the best choice in their investments since the new budget has enabled more buying and investing power in them. And so, with a legacy of 280 years, Bombay Realty offers an exquisite, one of its kind, iconic project that is set to change the skyline of Mumbai dramatically. An inherent part of the Wadia multi-business conglomerate that has a history of 280 years of unrivaled success, Island City Centre (ICC) will be an investment in exquisite accommodation that defines prestige, spaciousness and world class infrastructure. The project reflects ultimate opulence that consists of luxury residences with impressively large carpet areas. A 29 acres lush sprawl on an undisputed land in Dadar, this project promises to make living in Mumbai an attractive opportunity for its owners. A 14 acre of open green spread in the heart of the city, surrounded by classic construction makes Island City Centre a most-sought after address.

A magnificent structure, the property boasts of a gated community with privately managed thorough fares. The colossal structure of modern architecture will be a proud a twin tower structure in the heart of Mumbai. With the best connectivity to the rest of the metropolis, ICC is also surrounded with super-specialty hospitals, some of the most prestigious schools, plush malls, entertainment centers and commercial hubs. All these just a stone’s throw away. ICC is poised to become the next big thing in the world of residential and commercial projects with an unparalleled security in the offing; within and outside the development area. In other words, Island City Center has a magnanimous personality that is unbeatable and unique.

ICC it on its way to becoming a one of its kind intriguing property that offers a bouquet of the finest living experiences.  It offers a world full of indulgences, big & small. ICC exhibits an array of beautifully planned spaces that are meant to take care of your family. It is quite evident that the developers of Island City Center have put their hearts in considering all conveniences of all astute customers. With lift lobbies, air-conditioned lifts, smartly dressed reception areas, reliable security systems state-of-the-art apartment personalization options, and much more, these residences epitomize unflinching, extraordinary grandeur setting them apart from the rest. The Island City Center complex consists of two sleek, majestic structures – ONE ICC & TWO ICC that is soaring high to change the skyline of Mumbai histrionically.

icc Tower

Some of the highlights from the project are:

One ICC: 64 floors, 2 apartments per Lobby
Two ICC: 72 floors, 3 apartments per Lobby

• 3 basements
• 1 ground level
• 1 podium level
One ICC:
3 BHK Grand, Carpet Area is 1841 sq. ft approx.
4 BHK Grand, Carpet Area is 2347 sq. ft approx.

Two ICC:
3 BHK Deluxe, Carpet Area is 1535 sq. ft approx.
4 BHK Deluxe, Carpet Area is 1949 sq. ft approx.

Class-apart & unmatchable amenities
The search for a new home these days doesn’t end until you get amenities that allow you the leisure of time closer to home. Be it your pending plans of getting fit or just because you like your occasional dips in the swimming; from your long-time dream of barbeque with friends to a reading room for nourishing your soul, at ICC the meticulous articulation of the minutest details makes it a one of its kind project. The twin tower provides some of the below listed amenities to fulfill all requirements of a property hunter:

• Mini theatre
• Barbeque pits
• Outdoor party area
• Kids play area
• Squash court/Tennis court
• Games room
• Library
• Jogging track
• Steam & spa
• Skate path
• Cricket net
• Basketball court
• Billiards
• Putting green
• Swimming pool

With innovation, high customer satisfaction and sustained growth, Bombay Realty is all set to amaze your senses. A project designed aesthetically, to meet your emotional quotient when buying a home while taking care of your luxurious comforts; Island City Center is all set to give your life a new direction with a fully-equipped community that is friendly and evolved while also giving you your natural recluse.

Ahmedabad Real Estate News

Under Construction Flat Booking Finds Tax Deduction Under Time Constraints

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Tax Deduction

If a buyer makes a transaction to book an under-construction flat and if he acquires it within the three-year period of the sale of his old house, then he is entitled to a tax deduction, says a ruling from the Mumbai bench of the Income-tax Appellate Tribunal (ITAT). If an apartment is booked in an under construction project than it must be viewed as a method of constructing residential tenements, says the December 18 judgment.

That means if the buyer uses the entire gain from the transaction to buy another house within two years or construct another house within three years. The two- and three-year period applies even if the buyer bought another house a year before selling the first one. But the property should have been bought in the name of the seller.

It is mandatory that within a period of two years after or one year before the date of transfer of old house, the taxpayer should construct a residential house or acquire another residential house within a period of three years from the date of transfer of the old house. The date of receipt of compensation will determine the period of acquisition or construction in a case of compulsory acquisition.

This exemption is effective and can only be claimed in respect of one residential house property purchased/constructed in India. In the case of multiple house purchases or constructions, the exemption under section 54 will be available in respect of one house only. Any purchases made outside the country does not fall under any kind of exemption. Section 54 gives relaxation in such cases by providing relief to the taxpayer who sells his residential house and acquires another residential house from the gained capital.

After the sale of an asset, the difference between the buying price and the selling price is a capital gain or a capital loss. These are further classified as long-term or short-term. If a property is held for 24 months or less, with effective from 2017-18, then that asset is treated as Short Term Capital Asset. Then an investor can make

treated as Long Term Capital Asset. Then only a Long Term Capital Gain (LTCG) or Long Term Capital Loss (LTCL) can be made on that investment.

ITAT agreed that booking of a new flat in an under-construction apartment should be considered as a case of “construction” and not “purchase”, hence following the earlier decisions of the Bombay high court and the tribunal itself. Further ITAT allowed the fact that the construction can began prior to the date of sale of the old asset. Same was stated in the earlier judicial decisions of the Karnataka high court and Ahmedabad ITAT, that the date of commencement is not relevant but it is the completion of construction that comes in relevance to section 54.

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India Real Estate News

HDFC and Quikr Make A Deal

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HDFC and Quikr Make A Deal

According to a deal between HDFC and Quikr, a stake of more than 3 percent will be given to the mortgage giant in return to its transfer of offline and online real estate brokerage business to the classified ads platform.

After acquiring Commonfloor in 2016 Quikr already has a major presence in online real estate broking.

“Most of the searches for real estate are moving online. Quikr has a much bigger presence online. Through this deal, we are partnering Quikr in the broking business,” said HDFC MD Renu Sud Karnad. According to her, this deal will strengthen Quirks position with offline support.

The deal suggests that HDFC will transfer to Quikr its entire shareholding in HDFC Realty, a real estate brokerage platform, and HDFC Developers, which runs the HDFC RED online platform.

Karnad added that the deal expects Quikr to generate home loan leads for HDFC. The transaction consists of a co-branded alliance between both parties and the HDFC brand will continue to be used online for a year.

The e-real estate classifieds platform HDFC RED has around 7,000 project listings and generates traffic of over 80,000 unique visitors per month. HDFC Realty has a 300-member, in-house sales team, and 7,000-strong nationwide broker network. Avendus Capital was the exclusive financial adviser to Quikr while Kotak Investment Banking acted as the exclusive financial adviser to HDFC on this.

30 million monthly users make Quikr India’s largest classifieds platform. It runs multiple vertical businesses across real estate, automobiles, jobs, services, and goods. The Quikr Home, its real estate vertical generates 3.5 million monthly unique visitors.

Both companies intend to work closely and conduct analytics and identify potential homebuyers, and therefore home loan customers, early in their home-buying journey. Quikr founder and CEO Pranay Chulet said, “We see great synergies between Quikr and HDFC as we start working together to bring a seamless online-to-offline platform to developers and consumers.”

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India Real Estate News

Retaining The Sustainability: GRIHA Launches Star Rating For Urban Homes

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GRIHA Launches Star Rating For Urban Homes

Green Rating for Integrated Habitat Assessment (GRIHA), is the National Rating System of India, a Sanskrit word meaning – ‘Abode’. Human architecture has always consumed resources in the form of energy, water and material from the environment. From their construction to operation, these habitats absorb the resources throughout their life cycles, emitting wastes in the end. This emission could be direct in the form of municipal wastes or indirect emission into the atmosphere, such as from electricity generation. Hence GRIHA was formed to reduce an architecture’s resource consumption, waste production and overall environment impact up to certain national acceptable limits.

In attempt to quantify all these aspects, like energy consumption, waste generation etc. GRIHA tries to manage, control and bring down the respective to the best possible limit. Being a rating tool, it helps people to assess the performance of their respective projects against the national benchmarks.

Hence it becomes an evaluation of the environmental performance of an architecture on a holistic level. Covering its entire life cycle, this evaluation provides a specific standard for a ‘green building’. This rating system aims to strike a balance between established institutions and emerging concepts, on a national as well as the international level.

The process starts with an online submission of documents according to the criteria. Then a team of professionals and experts from GRIHA Secretariat takes a site visit for the evaluation of the building.  There are four different sections categorized by 34 criteria in GRIHA rating system. Some of them are site selection and site planning, conservation and efficient utilization of resources, building operation and maintenance, and innovation. 

Sanjay Seth, CEO, Green Rating for Integrated Habitat Assessment (GRIHA) Council says, “A rating between one and five stars is being provided, helping the costumers to know about the sustainability of the houses”.

According to the Union Minister, Hardeep Singh Puri, the climate resilient and sustainable buildings are the need of the hour. As the government is aiming to construct around 1.2 crore houses for the urban poor under the affordable housing scheme.

In one of his keynote addresses, Andreas Baum, Ambassador of Switzerland to India and Bhutan said that the Indo Swiss collaboration is operating with the Indian Bureau of Energy Efficiency in the development of guidelines for energy efficient housing.

“At present India is witnessing a rapid urbanisation, if each building becomes greener than the last one, then we have a huge opportunity and hope for our country. We need to look beyond the conventional methods of building, in order to provide our citizens with a good quality of life. Hence, GRIHA gains important in meeting our national goals with respect to a sustainable society”, says Dr Ajay Mathur, director general, TERI & president, GRIHA Council.

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