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Inclusion Of Real Estate in GST Will Take More Time

Explaining it as a complex process GST Council member and Bihar Deputy Chief minister Sushil Modi said the inclusion of real estate in Goods and Services Tax (GST) would take “much longer time” than anticipated. The GST Council is likely to have another meeting subject to real estate inclusion in GST ambit.
Answering to a query about the tentative timeline of real estate inclusion under GST purview Susil Modi said, “It is up to GST Council to decide. But I think it will take much longer time and it is not that easy. Let other things stabilise in the GST, then petroleum products and real estate.”

Modi, who is also the Finance Minister of Bihar, said the inclusion of real estate in GST ambit will be discussed in the next meeting of the GST Council. State lived taxes such as- stamp duty, registration charges and property tax which is a municipal levy are kept out of GST range.

Every state finance minister is concerned to secure state revenue and the centre assured protection up to 14 per cent of the revenue, stated the minister. GST stabilized rates on 178 products from the top tax slab 28% after the meeting of Guwahati of GST Council.

The minister said, “In the earlier regime, the small businesses with below Rs 1.5 crore (annual turnover) were exempted from excise duty. Most of the small businesses were below less than Rs 1.5 crore cap. Now, all of them came to net of GST.”

In contradiction with the statement that the decision of rate cut on number of items from higher bracket of GST and racking them those up in the lower slab was taken in view of Gujrat assembly elections, Modi said, “88 per cent of small business in Bihar fall below Rs 1.5 crore (annual turnover). It is not the case for Gujarat.”
The market is finding it tough to comply with the unified tax regime. On which the minister thinks that it will some more time for complete adaptation of this revised indirect tax format. “Earlier in the VAT (Value Added Tax) system, 40 per cent was online based and the rest was done manually. The GST is end-to-end automation,”-said Modi.

The minister assured that the existing system would be simplified in the coming two-three months in terms of compliance as the compliance system will be less complex and more business-friendly. As of now for than 80 per cent issues have been resolved and some are yet to be worked on regarding the existing tax rates, confirmed that minister.

–LNN (Liyans News Network)– Buy homes with the leading property portal in Kolkata to avail exciting purchase benefits. Select property from 72000+ listing across Kolkata and suburbs. Buy/Sell/Rent properties online. Ask us for free regarding any real estate investment or particular property info.

Kolkata Realty Report Jul-Sept 2017

Do you want to buy flats in Kolkata? Here is the Kolkata property market insight from July to September to have an overview of the current situation.

Recovery of real estate sector

The mission is yet again unaccomplished as West Bengal government has still not notified respective RERA norms. It has just tabled the draft before the cabinet; neither the government has appointed a related authority yet which resulted in languid market sentiment.

Advanced tax collection

Unitary Area Assessment (UAA) is another much-spoken topic by KMC after the RERA implementation. It’s basically an online tax calculation and tax submission which can be performed by the property owners of the city. Reportedly it’s still stuck in IT glitch. This move will improve the tax collection index of the city.

Removal of unsafe constructions to create aggressive demand

The KMC is yet to form a special committee to find solution and final treatment to the unsafe buildings of the city. This committee will be set up in ward to ward basis and will be headed by the local chairperson. So, in the coming days redevelopment works are likely to happen around the city.

Allotted yet unused plots are under the magnifier

Allotted plots, with the nonappearance of any construction work would be liable for abandonment by the Housing Infrastructure Department Corporation (HIDCO) through expediting land parcel for further realty construction.

Infrastructural growth

Development of infrastructure gained a huge push with an investment of Rs. 12,180 crore allocated for roads, power and water supply projects. As of now 12 road projects in Kolkata, including 6 flyovers and an elevated corridor have been thought to receive a chunk of this investment.

Price graph among the important micro-markets

Locality	Avg. ‘Ask’ Rate (per sq ft)	QoQ change	YoY change
Baguihati	2500-3200	-6%	-6%
Keshtopur	3200-4000	1%	1%
New Town	4600-5300	-5%	0%
Rajarhat	3550-4000	3%	1%
Dum Dum	2900-3600	-2%	1%
Behala	3200-4000	-1%	-1%
Jadavpur	4000-5300	-3%	-4%
Garia	3200-3800	-6%	-2%
Tollygunge	4000-4800	2%	2%
Sodepur	2700-3100	1%	6%

Annexure

CAPITAL VALUES- APARTMENTS			RENTAL VALUES- APARTMENTS
Locality	Jul-Sep 2017	% Change	Locality	Jul-Sep 2017	% Change
Action Area I	4900	0	Action Area I	15	0
Agarpara	2600	4	Baguihati	11	5
Alipore	12700	-1	Ballygunge	29	2
Baguihati	3200	-6	Bansdroni	14	4
Ballygunge	11900	1	Behala	13	4
Bansdroni	3750	3	Chinar Park	12	9
Barasat	2300	5	Dum Dum	13	9
Behala	3650	-1	Garia	13	-7
Behala Chowrasta	3550	0	Gariahat	27	4
Belgharia	3150	-2	Jadavpur	16	0
Bhawanipore	9100	-4	Jodhpur Park	20	5
Chinar Park	4600	4	Kaikhali	12	4
Dum Dum	3275	-2	Kalikapur	14	8
Garia	3725	-6	Kasba	17	3
Jessore Road	4175	1	Kestopur	11	0
Jodhpur Park	7550	-4	Lake Gardens	18	3
Joka	3250	5	Madhyamgram	9	-5
Kestopur	3325	1	Naktala	14	4
Narendrapur	3600	1	Narendrapur	11	0
Netaji Nagar	3750	-6	New Alipore	21	0
New Alipore	6870	1	New Town	14	0
New Garia	3500	-3	Patuli	13	-4
New Town	4850	-5	Prince Anwar Shah Rd.	28	14
Park Circus	5950	-2	Rajarhat	13	0
Picnic Garden	4650	3	Salt Lake	17	0
Prince Anwar Shah Rd.	10085	-4	Santoshpur	13	8
Prince Anwar Shah Road Connector	5000	-1	Southern Avenue	27	4
Rajarhat	4500	3	Tollygunge	18	3
Salt Lake	5775	-1	VIP Road	13	-4
Santoshpur	4200	1
Sodepur	3125	1
Southern Avenue	10075	2
Tollygunge	4800	2
Uttarpara	2800	-5
VIP Road	4400	-4

What our experts say

Residential market demand in Kolkata is favourable towards compact, affordable housing apartments with modern facilities and off course relatively congested areas. BT Road, Chinar Park, Dunlop and Salt Lake are the new emerging hotspots of residential investment. Implementation GST will bring clarity in real estate tax index. Above all, will RERA implementation market is expected to get better in coming days. Market will witness a major upswing in coming one year. Property in north Kolkata has been the most popular choice of investment throughout the year. On the back of metro connectivity Joka, Barasat and Agarpara are one of those potential growth areas to be mentioned. Affordable housing contributed steadily in the sales volume.

News of rental market

Price Answar Shah Road area witnessed 14% advanced demand on YoY basis. Airport peripheral areas have annual 9% high ‘ask’ rate in areas like Chinar Park and Dum Dum. Santoshpur, Kalikapur and other few areas of EM Bypass connectivity gained 8% growth in rental values.

Demand: Supply

Despite restricted new launches availability of the houses counterbalanced the popularity parameter by 10%. This inconsistency prevailed in all demand categories. While affordable housing segment received a steady market demand, the digits of demand and supply in luxury residential category yet again failed to impress the sale.

–LNN (Liyans News Network)

RERA Rules For Realty Portals Are Elusive

RERA ticks off strict rules for every real estate stake holder, barring the property portals. Modern realty business is partial without property portals. Buyers don’t utter a single word without exploring property details. However, The Real Estate Regulatory and Development Act, hasn’t mention any particular rule regarding the registration process of the property portals. The owners of the property portals are yet to distinguish whether they would register as ‘agents’ or the ‘middleman’.
According to the legal desk, real estate portals too have to be registered under RERA, whereas portals don’t consider themselves functionally as real estate agents. To conclude these ambiguity real estate authorities suggested that one has to research on the nature of business of these real estate portals to make a call.

The definition of realty agents as given in the RERA Act, property portals doesn’t fall under real estate brokers’ category, as it is not involved in property transactions, neither does it offer any related services to the property buyers. Again there is information with the purpose of selling. Directly or indirectly when it comes to real estate selling, as a stake holder one needs to be registered with RERA.
Real estate portals act as a property advertising platform for individuals/brokers and developers. As stated in the IT act, a property portal falls under the definition of an ‘intermediatary’. As of now, no leading property portal in India could register under RERA due to this whole lot of confusion and most of them are taking legal advice for the future performance.
However, the FAQ’s came out from the sources of the Ministry of Housing and Urban Poverty Alleviation states that all electronic advertisements via the internet/e-mail/SMS shall fall inside the definition of “advertisements” under RERA. Though, this absolutely depends on how state authorities infer the same.

Again state RERA authorities can penalize any real estate portal on the ground of advertising real estate properties with a selling intention without getting registered with RERA authorities. Thus, web property portals should seek clarification from the respective state RERA authority regarding the registration procedure to continue their services up and coming. While, under RERA a ‘middleman’ should also be registered in every state for any real estate business conduct. States that have not come up with an official RERA website, property portals should seek for the guidance of state RERA authority in person for the future steps.

“These days, property portals are the preface of Indian real estate market. People don’t visit to a professional broker without doing online research on the kind of project that he/she requires. Be it suburb or the metro cities, internet and the property portals hold an important role in deriving the buyers’ sentiment. Now under which category it will be registered under RERA, is until unclear,’’- said Mr. Mahesh Somani, The Chairman – National RERA Committee, National Association of Realtors India (West Bengal).

–LNN (Liyans News Network) – Buy flats in Kolkata. Stay updated with real estate news and market updates of Kolkata. Buy/Sell/Rent property online. Visit www.liyans.com to avail discount on luxury properties.

Why Should You Buy Flats In Tollygunge?

Named after Major William Tolly, Tollygunge possess the film industry of Bengal. The entertainment industry has a nick name given by American Cinematographer Wilford E. Deming i.e. Tollywood (named after movie industry of USA Hollywood). Tollygunge used to be the centre of Indian movie business. Bengali cinemas and cinematic sense have been acclaimed by the global audience. Thus, this has been one of the highly popular areas in Kolkata for eternity.

Coming to the housing demand of this locality Tollygunge, being under Jadavpur parliamentary constituency, this area has a healthy demand for luxury and mid-budget apartments. Being a well-planned locality Tollygunge is the connector of north and south metro stations. This is an amazing place in south Kolkata, where there are every required luxuries and urban facilities all around. The average price of the luxury residential units is epidemically going up. Tollygunge is turning out to be a realty market driver, as 30% of the luxury and mid-budget housing requirement comes from Tollygunge and around areas. Presently, the requirement of luxury apartments in Kolkata is down by 4%. Yet, south Kolkata has always been relatively up-and-coming in terms of market demand, shows the spilling queries under Post Your property Requirement in kolkata category of several leading property sites in Kolkata.

Obviously good road and metro connectivity highlight the investment point. The housing demand owns a mixed bag requirement for luxury apartments as well as individual ready-made houses. Resale business is also in a stalwart position in this locality. Many noteworthy places of luxury interest points such as- Tolly Club, Royal Calcutta Golf Club and Rabindra Sarobar multi-used stadium are just round the corner. This area is having close to 25 reputed academic institutions. The most prestigious Jadavpur University is just at 15-20 min travelling distance. Upper-scale, lifestyle malls and retail shops are not far from this location. Remarkable health care centres and hospitals are at close proximity.

Recently, several upcoming luxury projects in Tollygunge have been talks of the town. One of them is ‘The 1’, Tollygunge, developed my esteemed Merlin Group. The giant luxury project is aimed to be handed over in Dec’21. This is one of the high-end projects possessing luxury 2/3 bhk apartments, whopping 398 units in total. The project consists of 3 high-rise towers with connecting roofs.

Not only, the new-build apartments average rental yields is also close to 2.2% in this locality, which means rental apartments are also quite affordable here in comparison to the other in demand locations of the city. Location and connectivity advantage have made Tollygunge an engaging place for residential investment. We’re giving information that brings a real insight into today’s realty market of south Kolkata and around areas. Meanwhile keep yourself updated with the new launches in the city that are essential for your luxury lifestyle. If you desire to live in a better environment; do your investments fast before the prices start going through the roofs.

-LNN (Liyans News Network)- To have more information regarding the property in north Kolkata and the south please visit our official real estate portal of Kolkata. Buy/Sell/Rent properties online with us.

Is Your Housing Society Well-Protected ?

After a long day of your tiring schedule when you get back home and find everything disorderly? Or what if a gang of people outraged in the society and create some serious rupture? Do you think consider living inside a gated community apartment is safe? Is it safe because there are several amenities to look up your securities; such as- CCTV, 24*7 securities or intercom? If these are the reasons behind choosing a housing community, then here are some advices which you should mull over before choosing your dream home.

Here’s what your need to know before you choose to buy flats in Kolkata–

Safety measurements of housing apartment– When thinking about a luxury property purchase, first things we spot on are the exterior design and the connectivity of the locality. We observe the number of lifestyle facilities that we could avail within our budget limitation. Not only the connectedness of the housing society, one should always double-check majority of the inside and the outside radius of the apartment. This is important because, many a time there are several communal riots shock the entire society. It’s better to avoid these locations, where these kinds of incidents are foreseen, even if the package is lucrative to your lifestyle.

How much your apartment is covered?– If you think CCTV coverage of the entire compound, checkpoints and metal detector at the entrances are the ultimate safety measurement of your apartment, then you are probably having very rough knowledge regarding the safety measurements. These are the facilities just to keep evidence way of living. If anything abhorrent gets noticed, these tools just store those up for future witness. Do you ever think before going to bed, whether these facilities are up and running or whether the security guards belong from a trusted agency? It’s often seen in the mid-budget apartments, the society keeps those people as securities, who are underprivileged and live near-by. They provide basic security knowledge to these people for your protection purpose. So, settling down with low budget might leave out your security determination.

Ways to reduce fraudulence – It’s so obvious that a builder or a realtor will say potential buyers nice things about the apartment and its environs. It’s the buyers’ responsibility to cross-check that saying. Take every essential step to safeguard your lifestyle. Domestic attendants have been one of the major reasons to form brawls. It doesn’t mean you should keep a suspicious overview about those people; again it’s not advisable to take their activities casual. Keeping a maid on your neighbour’s recommendation is not enough. Always take advice from maximum numbers of residents before the final appointment. Make sure, you don’t discuss your personal details before the person is at your service. Always confirm that you lock your apartment well while going out.

It’s suggested to every potential homebuyer, to undergo these basic security checks before deciding home purchase. Know the authority and the administrator of the society well before you come to any agreement. Don’t take any breach lightly when it comes to your lifestyle security.

–LNN (Liyans News Network)