INIT Mumbai has had a remarkable year and it is safe to say now that their hard work has paid off. They have bagged the Advertising Agency of the Year at the Realty Plus Excellence Awards 2017.
INIT has been in the realty marketing business for a decade now. They have worked for over 300 clients and dealt with every kind of challenge, slow market and other tricks that the industry throws at you. Some of their clients include Adani Realty, Mayfair Group, Nirmal Lifestyle, Ganesh Housing, FS Realty, Ajmera Realty and so on.
After demonetization, Raunak Group wanted hesitant buyers to go ahead and buy their dream homes and so INIT assisted them with ‘Darr Ke Aage Ghar Hai’ campaign. The agency figured all the common ailments that public was facing and gave them an offer they could not refuse. The campaign was taken on social media and ground activities were also planned. The result – to say the least within 60 days Raunak Group sold as many as 120 units in Kalyan and Thane.
Veena Developers launched two projects; both in the prime location of Chembur and Vasai. However, they still could not make sales. INIT launched two simultaneous campaigns for both the projects. ‘Veena Dynasty: Be their Super Hero’ – a campaign targeted to the affordable housing customers highlighted budgeted homes with great location and connectivity. ‘Veena Serenity: No Excuse Please’ – the project’s location and rooftop amenities were highlighted since they were exclusive to Mumbai-MMR. Within 40 days both the projects sold a total of 50 units.
CREDAI-MCHI Change of Guard 2017 ceremony was held in Mumbai. The event was the change of Presidency of Mr. Dharmesh Jain to newly elected president Mr. Mayur Shah. The entire event theme was planned, designed and executed by the team. Right from the invitation letter of the CM to manifesto, film, promotional video, interviews – was taken care by the agency. The event was a huge success and was attended by 500 guests.
Mayfair Housing was offering ready to move in properties cheaper than the competitors. The agency promoted the company as a brand with high appreciation value and highlighted the pricing benefits offered by them. The result was a significant rise in the sales figure. Mayfair Housing achieved 70 percent sales target within the period of 6 months.
FS Realty wanted to launch the Mall of Jaipur but they wanted people to perceive the mall as a major commercial hub instead of just a shopping mall in Jaipur. The team highlighted their boutique office spaces, clubhouse, gym, and other amenities. The launch was not only attended by enthused people but also businessmen. Over 60 bookings made on the launch day.
With Shivalik Park View, the builder was stepping in the affordable housing segment. The agency banked on the legacy of Shivalik and built people’s aspirations to associate themselves with the brand as first home or investment. The agency did not disclose the prices so that a person’s interest in not hampered due to the price value. The launch was attended by 560 people and 125 conversions were noted.
Venus developer has its projects in Ahmedabad and Vadodara. Venus Park Heights and Venus Ivy in Ahmedabad and Venus Pahel in Vadodara were all awaiting their second phase campaigns. INIT clubbed all the three projects under one umbrella campaign – Venus Lifestyle Fest was launched. A 60 days campaign. A Strong call to action in the campaign lines clubbed with offers were planned to get fast conversions. The client got a tremendous response. They sold 26 units in all three projects and generated many leads.
Adani Belvedere Gold and Country Club is a lavish club and it had to be positioned in the same way. Thus ‘Be the Chosen One’ was the campaign launched by the agency which not only addressed the elite but also gave a strong call to action. The campaign generated over 400+ leads. The traction of the campaign was so strong that the agency continued the same campaign for the Phase 3 with minimum media spends.
Khantil Mehta, Founder, and Director INIT said “The past year has been a roller coaster ride. With demonetization, RERA and finally GST, it has been a lot for the industry to take in. However, it is the right time for an agency like ours to consult clients on changes and assists them in putting their best foot forward. The industry is switching gears to an organized sector and we are in with the change.”
We wish them luck in the future endeavours and congratulate them on the worthy win.
Under Construction Flat Booking Finds Tax Deduction Under Time Constraints
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.
Nagpur One Of The Big Potential Cities For Affordable Housing
According to a report released by CREDAI Nagpur is among 45 potential cities that are projected to drive the demand for affordable housing. The ‘Dawn of India’s Future Cities’ report was released at the two-day New India Summit organized by CREDAI in the city.
As per the press release issued by CREDAI, Lucknow, Jaipur, Kochi, Bhopal, and Ahmedabad are some of the other main cities included in the list of 45 cities. The New India Summit will focus on the opportunities in Tier II and III cities of India.
As per the release, “Driven by investments in infrastructure, affordable housing, skilled workforces, these cities can potentially see accelerated growth in the manufacturing, tourism and warehousing sectors, and emerge as India’s new megacities”.
The release further added that the study based its findings on key parameters such as socio-economic momentum, enhanced connectivity infrastructure and high-value indicators. With a sharp-focus on real estate, it identified areas of opportunities for developers while reiterating the impact of regulatory changes on the sector.
The study suggested that the country needs new cities to augment its growth. Initiatives such as ‘100 Smart Cities’ and the Urban Rejuvenation Scheme — AMRUT— will provide emerging cities with a blueprint for becoming the next flagbearers of development in India.
“India’s demographic capabilities bring a huge opportunity to match the world’s economic superpowers. This opportunity also brings with it challenges such as developing new urban centres,” said Jaxay Shah, CREDAI’s national president.
Geetamber Anand, CREDAI’s chairman added, “The Nagpur summit will help builders gauge the opportunities in smaller centres. The Tier I cities are already overcrowded There is a clear need for new cities to be developed as the growth engines of the country”.
Union Surface Transport Minister Nitin Gadkari also addressed the meet through video conferencing.
CREDAI New India Summit
CREDAI is the apex body that represents over 12,000 private Real Estate developers spread across 23 state-level chapters and 177 cities in India. Established in 1999, CREDAI has worked hard to make the industry more organized and progressive by networking closely with Government representatives, policymakers, investors, finance companies, consumers and real estate professionals.
The New India Summit is another such effort from CREDAI to direct focus on Tier II, III and IV cities and develop them to be the forerunners of success. CREDAI New India Summit is all set to unleash the potential of an emerging India. This one small step has the power to give way to a new India.
For the longest time, our leaders and foresighted influencers have put all their time and energy in developing the Tier I cities namely Bengaluru, Mumbai, Delhi, Pune, Ahmedabad, Hyderabad, Chennai and Kolkata. No doubt, these cities have really changed the way people look at India today. These cities are the epitome of advanced technology and modern culture. But they also face challenges due to the grave pressure of urbanization. Decreasing quality of life, increasing the cost of living, overpopulation and unemployment, increase in transit time and traffic congestion, expensive housing, hospitality, education and healthcare facilities are some of the issues that all the Tier I cities face today.
According to a report, smaller cities are developing 79% faster as compared to metros with just 21%. Our of the 12,000 CREDAI members, 76.77% of them are from Tier II, III and IV cities. Looking at the scenario, it is only innate to divert the energies in developing the areas which still have potential. Thus, offering a good quality life to people in those cities itself and taking the pressure off of the Tier I cities.
The Forbes Magazine has said small cities are India’s emerging business locations. The government has also been putting dedicated efforts into schemes that directly benefit the growth of Tier II, III and IV cities. Sustainable economic development, improving infrastructure and transportation, increasing employment opportunities, and introducing technologies for rapid urbanization are some of the prime agendas that the government has been taking actions on.
The CREDAI New India Summit will take place on the 9th and 10th November 2017 in Nagpur, Maharashtra.
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