Real Estate News
-
How to make Sure You Earn Better Profits with Real Estate Investments
Real estate has always been a gold mine for investment. The profits and higher returns are too good to overlook. The real estate investment gives higher returns than any other investment. But if you are looking to quit your job and get into the real estate business full- time there are certain things you must know. To make sure you make the maximum profits from your real estate investment, make sure you take a piece of expert advice. Real estate is a good investment The investment return is high, and if you ever need cash or want to make another investment, you can always flip the property or keep one of your properties as collateral. The...
-
Transition Rule for New Tax Rates in Real Estate Approved by GST Council
On March 19, the GST Council, led by Finance Minister Arun Jaitley, approved that the builders can now choose between higher Input Tax Credit on raw materials or lower duties without any such benefit for the unfinished projects. To explain further, the builders can now pick paying between 12percent for non- affordable houses with ITC benefits or 5percent for without any tax rebate for the unfinished projects. For the affordable housing segment, the builders can choose between 8percent with tax rebate or 1percent without the same. The new rates without ITC will be applicable for the projects that start construction after 1st April. On Fe...
-
Rights of a Mother in her Son’s Property
According to the Hindu Succession Act, the wife, children and mother constitute as a part of Class I heir for a man. In case the man passes, his property will be equally divided among the Class I heirs. If his mother, wife and children survive the man, then the property is equally divided among the mother, wife and the sons. The father of the man, however, can only inherit his property if none of the Class I survivors are present. The father of the man is generally in the Class II heir. There are many questions regarding the mother’s right on her son’s property. We discuss them below: If the son was disinherited There are cases in ...
-
RERA Introduced Some Changes
Since RERA was introduced in 2017, it has made efforts to change the face of real estate in India. More transparency and more reliability between both buyers and the builders is the aim that RERA hopes to achieve. The law was introduced to stop the builders from exploiting the interest of the buyers and addressing the grievances of the buyers. The RERA has now implemented a few more laws for the ongoing projects to tweak the transparency and reliability. We discuss them below: Long term lease properties: It is a common understanding the RERA covers only the properties that are up for sale. But in the recent hearing, the Bombay High Cou...
-
NRIs Investing in the Luxury Sector of the Indian Real Estate
Indian real estate has always been a gold mine for investment for not just Indians about also for the Indians living abroad. The better return and new policies that are in favour of the buyer, has made it an even more attractive investment sector. The purchasing power of the NRIs is more, and investing in luxury segment offer them better rental income and capital appreciation, making it an obvious choice for them. According to a survey, the affordable housing gives the returns of 3 to 5 percent to the NRIs and 2 to 3 percent for the ultra-luxury segment. But not just the luxury segment, NRIs are also investing in the affordable segment ...
-
All You Need to Know about Father’s Right on Son’s Property
When a father dies, his son is the first one to claim his right on the property. But the same is not true in the reverse case. According to the Hindu Succession Act, 1956, the fathers are classified as Class II heir in the son’s property. Fathers are sixteenth in line to claim their share in the son’s property. The range of property distribution is only followed if the son dies intestate without leaving behind a will. The Class I inheritors are the first who gets to claim the right in the property. The Class I heirs are children, widow, mother, grandchildren and pre- deceased children. The mother, on the other hand, has a right to clai...
-
Things to do When Given a Demolition Notice
Lately, a lot of unauthorised properties are being demolished by the government. But before these properties can be demolished, the local municipal body does a thorough check on the same, does proper research on the reason for demolition. They give the notice to the property owner beforehand and inform them about the date when the demolition will take place, which gives them time to leave the property and move to a safer space. But it is not as easy as it sounds. We discuss what one can do if served a demolition notice: Necessary preconditions for demolition Before the authority can start with the demolition process, specific necessary...
-
All You need to Know about Stamp Duty on Property
Under Section 3 of the Indian Stamp Duty Act, 1899, it is mandatory for the buyer to pay the stamp duty and the registration charges when buying a property. It must be paid after the sales deed is processed and the amount must be mentioned clearly in the sales deed. The sales deed and the proof of the stamp duty payment stand as proof of your property ownership. We discuss everything you need to know about the stamp duty before buying a house: Stamp duty rate It varies from state to state. Every state has its own stamp duty rate. Many states even offer discounted stamp duty rates if a woman is applying as the owner or co-owner. Regi...
-
May 10 Last Day for Realtors to Choose for Old GST Rates
In a recent notification by The Central Board of Indirect Taxes and Customs (CBIC), real estate companies have to opt for old GST rates by May 10. As per the GST Council, the real estate firms either require to opt for old GST rate with input tax credit benefit that is 12 percent for residential and 8 percent for affordable housing or choose the new tax rates of 5 percent for residential and 1 percent for affordable housing without the input tax credit benefit. Realtors need to inform their respective jurisdictional officers that whether they want to continue with the old GST rate with the input tax credit or opt for the new one. If they...
-
Myths about Property Tax Payments
Your job doesn’t get over once you buy a property. Paying stamp duty and registration charges are not the only payments that one has to make while buying a property. Afterwards, the tax implications that one has to go over are essential as well. Though, we often lean towards the advice of our peers and family members when it comes to financial members, only relying on them can cost one a considerable amount of money. It is better to do one’s research to know more about property tax payments. There are many myths regarding the same, and we bust them here: Property tax can be paid anytime Though, one can pay the property tax either a...
