August, 2016 | Kolkata Real Estate | Kolkata Property

Indian Govt. Is Persuading Affordable Housing Curriculum Dynamically

First half of 2016 has been the witness of initiation of affordable housing double in volume. There’s lot been happening to curtail the syndicate operation in the metros of India, majorly related to the supply of building materials of real estate. The average cement price during this February was Rs. 292/bag, after March it’s going to get a hike of at least 5-6% per bag. Whereas constant demand of affordable housing and Govt.’s avidity has lead to a near doubling of launches in this section in the first half of 2016. According to the Cushman & Wakefield report in comparison to the previous years the first half of this year has been revolutionary for the development of affordable housing, home for every economic class. The number of newly developed projects has increased by 100% on year to 17000 units across the prior property markets of Delhi, Mumbai, Pune, Bangalore, Kolkata, Chennai, Ahmadabad and Hyderabad during this period. The booming of affordable flats in Kolkata has greater potential than that of the other cities, for the low cost of living, expected by the real estate gurus.

Urbanization also plays an important role in this progression of demand. Accordingly the real estate market of India about to reform according to the current market situation and expectancy of the homebuyers. It’s an alluring fact for the suburban inhabitants and also middle income group people to get a chance to reside in a broad-based city. ‘Tata value homes’- an initiative from Tata Company has already presented more than 2500 units affordable housing in Mumbai, Talegaon, NCR, Bangalore and Chennai in the last 6 months. What could be more lucrative for the homebuyers when they are getting affordable homes in a city approved by highly acclaimed companies like Tata? Going by the reports- the augmentation of launching affordable flats in India are being endorsed by a steady and constant demand in the major cities like – Bangalore, Delhi NCR and Mumbai. This project throws light on a vital segment which has been overlooked for a long time and it’s now growing steadily due to an undying demand. This movement will surely give big blow not only on real estate sell but also on Indian economy. Demand for affordable homes has flourished after the Govt. has declared first time homebuyers supplementary inference on calculating tax liability.

As we all know this move is a part of HUPA’s ‘Housing for All by 2022’ vision which allows first-time homebuyers bonus deduction of Rs. 50000 paid for loan amount less than Rs. 35 lacs and for an asset value less than 50 lacs. As an outcome developers are receptive towards potential market demand. Therefore focusing on the quality and delivery time of the construction comes as an inevitable strategy from the builders’ corner. Tata Housing has been the bystander of the increment in home purchase and the organization is hopeful to see more of it in this coming festive season. In response to the recent development total launches augmented 17% from a year ago to 60,000 apartments, mid-ranged housing has 36,267 launches this year. The average ticket size for new launches was recorded at 31 lacs, 16% down from a year ago.

Source– LNN (Liyans News Network)

Time To Persist Income Declaration For Tax Benefit

Income declaration scheme 2016 came into force in 1st June, 2016. Mostly people think that income taxes are meant for taking a large piece out of their salary. In this tax declaration has chiefly prioritized fair market value. During his Independence Day speech PM Modi assured to end income tax fear from middle income group people. Many rich people who prepared to acknowledge their nameless holdings of stocks as well as real estate and gold under IDS to breathe a shy of relief, can now outlive those assets at least for some more time. As per the tax consultant team the fear 45% tax and penalty are making these people holding on their asset for a year or so for availing tax benefit.

Under IDS any taxpayer unveils any asset purchased with unaccounted money, 1St June 2016 onwards the value of this property will be calculated to determine the tax and penalty irrespective of the value and the exact acquisition time of the asset. Yet Govt. hasn’t raised the curtain off the specific duration of holding these assets after paying the tax under IDS and that offers some margin. Value of few stocks and gold were on the low octave around June, but they started laddering up after the time of IDS came up with the rules and this will be continuously crawling up from here on. Thus there is a breeding expectation among the taxpayers that the effective tax would rig out to be less than 45% if the worth of the assets at a larger stage is taken into account. For instance- if any individual person holds share values around 1 crore in the month of June then the accounted tax will be 45 lacs under IDS. Now if clears his tax but holds on to the shares for some more time to sell them when the valuation exceeds Rs. 1 crore, he has to pay the same 45 lacs tax which is 30% of the sale value.

This is no longer illegal as Indian Govt. hasn’t come up with any regulation around this. Any taxpayer can declare his asset and can pay at 45% tax on the same and also choose to sell these assets later on. Although the revenue dept. yet to determine the time period of holding these assets. The revenue dept. and Central Board of Direct Tax hasn’t responded so far to an email seeking statement. This occurred when the income tax dept. has begun issuing notices to those people who earned a lump sum amount via trading in penny stocks. Though the latest report says that- the tax dept. has started issuing notice to 1000 individual but the total number of notices hasn’t been verified yet. These tax notices are sent based on an analysis done by the revenue dept. and the Central Board of Tax and this analysis was based on the data obtained through market regulator Securities and Exchange Board of India.

Source– LNN (Liyans News Network)

Lead generation for real estate online- guidelines and myths

Lead generation is the technique for real estate business is issuing sales and marketing. In the beginning the sole motive for sharing selling information, real estate trends and the entire transaction is to make familiar the tech-savvy real estate investors with the entire concept of online property buying/selling. Following the developed nations’ footprints India has also come forward with online sales/marketing for the real estate business. At present time every alternative leading real estate developer/builder/broker has a formal website, representing his business rationale. Now homebuyers are seen much more inclined towards online real estate marts and the lucrative detailed property listing. Initially property portals used to showcase property buying opportunities now they have proposed alternative for selling/renting too. Each of these portals has some unique selling propositions that distinguish it from the other competitors. Post your property requirement in Kolkata is one of those striking offerings made by the top-rated property portals in Kolkata.
Homebuyers are now confiding on property portals rather than on ground visiting. Property portals are the ideal place where any builders/agents/individuals can unveil their choice of properties for buying/selling/renting through free property listing. Real estate portals hunt for builders on a daily basis, selling online links, listing and other required pages. There is a clear conscience behind this bustle is to draw more sale. The lead generated online is not similar that of news papers’ print display of property ads or a property auction/exhibition. The lead is that crucial area of real estate sales which is often misunderstood by many real estate companies, it’s out and out a complex procedure which is of no use without proper training, understanding and systems to manage online leads. Online lead generation is time consuming, takes proper skill and management too.

Let’s focus on few myths for better Lead management –
1. The process is for generating leads not about management– This is a common wrong conception. Managing flowing leads is the most critical task to be turned into achievement. Getting more and more leads is not the area to roost for, processing on hand leads demands more knowledge of practice. Most of the budding real estate firms do this mistake of taking leads, ringing up and then keep them deserted. A potential buyer is ready to invest when he finds your communication and other reaching efforts are satisfactory.
2. The greater part of online leads is Junks– Before jumping onto online lead generation programs consider your business requisite. For example if the lead is not in a situation to invest within like the typical pushing sales persons you shouldn’t run after his life with week after week phone calls. For a change you need to understand his financial issues of the lead, and need to assist him to chalk out of this issue. You can offer him properties within his budget too. You have to deal with every lead with proper understanding and care. Online leads are not junks if they are unable to purchase properties from you. 50% of the leads will convert into sales near about 1-2 years. So at least prepare for 2 months of extension to transform the lead into sale
3. Electronic automated reply means time to call-Short cut is not required for a serious investment zone like real estate. If you think that one automated tool will erase the barrier between your lead and his investment, it’s not like that. Automation might minimize a human effort; it can never build steady relationship with the potential buyer. Regular phone calls shouldn’t be part of your strategy. Combine your weekly call alert with social media promotion, emails and other media alerts. Keep away from texting your client too.
4. People from sales department knows well how to convert a lead to a sale– A real estate sales person knows all about online property selling. It’s not at all necessary he has the ability to convert lead into sale with a swipe. Sales persons must be trained well before having a conversation with a lead.
Tips:
1. There should be proper training of qualify/nullify a lead sharp
2. Creating steady and attractive online campaign that includes seep marketing, phone calls and direct mailer
3. Building solid customer relation where there will be a steady place of expectation
4. Stop spoiling a lead with repeated phone calls/sms and mails.
5. Build a straightforward and spontaneous lead capture and management and create reliability in online and offline lead management system.

Source- LNN (Liyans News Network)

Impact on Inherent tax plan after passing GST Bill by Rajyasabha

The Goods and Service Tax (GST) bill passed in Rajya sabha on this Wednesday 7th of August, AIADMK is the only party that hindered this bill claiming it’s unconstitutional and the MPs of this party walked off during the polling was taking effect. This would put back a raft of different states and local taxes with a single cohesive VAT system to turn the country into a giant single market. With this bill crucial constitutional 122th amendment will turn the bill into law. The Lok Sabha has already passed the pivotal bill. 202 members of parliament voted in the favor of this bill while 13 disagreed to affirm after 5 hrs long debates, where there were influences from ruling and opposition discussing on the bill and its various amendments. The Govt. is targeting April 2017 for GST to be in place. GST is designed to be completely electronic (no manual filing of returns).
What history says– ‘One India, one tax- was envisaged and contemplated by ABV back in 2000, was proposed by UPA alliance. At that time NDA supporting states was outright against it. For approving GST central Govt. has to clear the pending Central Sales Tax. But it was somehow pending for a long time. For Gujrat and other states turned a deaf ear to this proposal. When Modi Govt. came into central power, they pledged to pay the due CST in three installments of which two have been paid and one part is outstanding as of now. Finally after long speculation, the GST pushed as the biggest tax transform in India since independence.
Impact on regular tax plan– Experts are saying that GST will bring much positivity in Indian GDP. It would uplift annual GDP by one to two percentage points. The inadequacy of the current system leads collecting a lot of tax to run an errand, while a section of market supports local protectionism. The top business houses are keen on GSP, as present situation is not allowing companies to flourish their sale. GST will help them to grow in the mainstream economy. This will bring many business transactions and widening the tax base. A GST Council will be set up, with ministers from both of central and local government to execute the tax.

Source- LNN (Liyans News Network)

Transferring plots in Salt Lake again takes up in Kolkata

There was a stay order imposed by Kolkata High Court confining the process of leasehold rights earlier. Nowadays the populace of Salt Lake region can apply for transfer of their leasehold possessions which means inhabitants of Flats in Ultadanga and Flats in Laketown can also apply for the same.
Previously High Court had given a pro tem stay on the verdict of the state Govt which was of charging a transfer amount of Rs 5 lacs/ cottah after petition was filed by a resident of BC block against the Govt.’s existing set of rule which was billing whooping 5 lacs/ cottah. The case was settled, but the process of leasehold rights again. As per one of the officials the State Urban Development department has already got transferring charge submissions amounting to Rs 1 crore this month. As per sources the inhabitants of Salt Lake received plots on lease for 999 years previously. Till 2012, neither transfer nor sell of these plots were legitimated. Urban Development solely used to have the owning authority of these plots. Nonetheless hundreds of plots were transferred and sold illegally, causing the loss of returns. After considering the advantages and disadvantages TMC Govt. finally gave a legal stamp on transferring leasehold plots against a transferring free of Rs. 5 lacs per cottah.

Initially 2 types of leasehold plots were apportioned to the inhabitants during the early stages of this township. Most of the residents were allocated plots under Clause 20, about 88 individuals who were among the primitive 100 residents of this township received plots in the early 70’s, under Clause no: 17. After the state Govt. released the law on 2012 within first 3 months they received more than 70 applicants from the leaseholders. Nevertheless only a few plots had been transferred since then.

Source- LNN (Liyans News Network)