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Elara Technologies Introduces unique offering For Indian Real estate

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Elara Technologies Introduces unique offering For Real estate

Part of REA Group, SMART Investment and International Property Expo is Asia’s longest running property and investment showcase with editions across the region

Elara Technologies Pvt. Ltd, which now owns PropTiger.com, Housing.com and Makaan.com, today announced a first of its kind offering for the Indian Real Estate ecosystem to provide them international exposure. Part of REA Group, SMART Investment and International Property Expo is Asia’s longest running property and investment showcase with editions across the region.

Aligned with Elara Technologies? long term vision to become India’s leading online-to-offline (O2O) digital real estate services platform, this association would enable the company to offer attractive solutions to Indian real estate developers to showcase their properties to a wide international audience as well as the large Indian Diaspora residing overseas, particularly in Singapore and Malaysia. The expo will have over 50 developers and more than 15 service exhibitors from across the globe including Malaysia, Thailand, UK, Australia and Malaysia among others. The expo also witnesses around 4,000 visitors including 500-600 NRIs.

As part of this an integrated product offering, the developers would also have the option of engaging solutions provided by Out of Box Interactions (OoBI, part of  Elara Technologies). The company offers cutting edge solutions that help home buyers visualize their dream homes and provide developers a variety of technology-enabled marketing solutions to help them showcase their properties.

Commenting on this, Mani Rangarajan, Chief Business Officer – Platform Business Unit, Housing.com said, ?Our association with SMART Investment and International Property Expo is one of the first offerings that leverages our affiliation with the REA Group and is a one-of-its-kind opportunity that offers unprecedented international exposure to the Indian real estate ecosystem. In line with our objective to become a leading O2O player in the segment, this association will help Indian developers tap the lucrative overseas market, both from a home buyers and investors perspective.

One of our objectives as an enabler is to contribute towards the evolution of the real estate ecosystem in India and make it future ready. And at the event we are doing this through OoBI ? a technology-enabled solution that is used by over 200 developers. We are certain that developers, both Indian and foreign would find value in it? he further added.

Speaking about this, R. Chandramouli, CEO and President, Emerald Haven Realty Ltd. (TVS Group) said, ?The SMART Investment and International Property Expo is one the most important events for real estate developers across the world and we are glad that Elara Technologies has facilitated the Indian developers to showcase their properties at the event. Not only does this give us an opportunity to cater to the huge Indian Diaspora in Singapore, but also takes real estate marketing a notch higher through innovative technology-enabled solutions. Also, Singapore has a large South Indian population which makes it an even more attractive proposition for us. We look forward to the exhibition this year and hope this is the beginning of a long standing association.

Talking about this association Deep Vaswani, Business Development Manager, GoHome.com.hk, SMARTExpos.com and SquareFoot.com.hk said, ?Elara Technologies operates one of the biggest digital real estate networks in India and our association with them is a great opportunity for us to tap the Indian real estate developer ecosystem that caters to a large section of the Indian Diaspora that resides in Southeast Asia. India is one of the most attractive real estate markets in the region and the presence of Indian developers would certainly be appreciated by the investors and visitors to the exhibition. We hope that they would benefit from the participation at the event.

In January earlier this year, PropTiger.com and Housing.com announced a merger to for India’s largest digital real estate entity with an objective of becoming the country’s preferred full service online-to-offline (O2O) real estate platform. The company is the only player offering the full range of real estate services, such as personalized search, virtual viewing, site visits, legal and financial diligence, negotiations, property registration, home loans and post-sales service. As part of the deal, REA Group, a leading digital real estate company with interests in Australia, Asia and Europe also acquired a strategic stake in the company.

The SMART Investment and International Property Expo is scheduled to be held in Singapore on March 25 and 26, 2017 at the Suntec Singapore Convention and Exhibition Centre.

Source: DNA India

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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