Posts Tagged ‘Housing India’
Wednesday, July 8th, 2009
The minister for housing and urban poverty alleviation has announced a model bill for regulating the real estate sector by August-September timeframe.
The Model Bill would propose a regulator and aim to address the concerns of consumers as well as the real estate industry. The minister for housing and urban poverty alleviation, Kumari Selja said, “We have initiated a dialogue with all key stakeholders including private sector, NGOs, and various States to prepare the model Bill for regulating the real estate sector.”
Bangalore-based realtor Ozonegroup has announced the launch of its maiden township project — ‘The Metrozone’ — in Chennai. The project will be a joint venture between Ozonegroup, HDFC India Real Estate Fund and Urban Infrastructure Opportunities Fund and would involve an overall investment of Rs 2,500 crore and is likely to be completed in about 52 months. Spread over an area of 42.5 acres, the township offers apartments, penthouses and commercial space for hospitality, retail and offices.Sudarshan KS, COO of Ozonegroup said that the first phase of the township is scheduled to be delivered by November 2010
Links to Refer:
Govt Announces Bill to Regulate Real Estate Sector by Aug-sep
Tags: Housing, Housing Developement, Housing India, indian real estate, market trend, model bill, ozone group, property, Real Estate India
Posted in Housing India | No Comments »
Thursday, July 2nd, 2009
Property owners and tax payers can file their property tax return for 2009-10 from July 1, 2009. BBMP-Bangalore starts accepting the property tax return at all Citizen Help Center. Tax payers can either pay full year tax at lump sum or pay in two installments.
Form IV (White Form)
Tax payers can file their property tax in Form IV or Form V for the year 2009-10. Form IV is provided for property owners where there is no change in extend of built-up area, usage, occupancy or category from the returns filed for the year 2008-09. Form IV is available in white form.
Form V (Blue Form)
Tax payers who has made change in the extend of built-up area or usage which converted from residential to non-residential or converted non-residential property to residential or its occupancy should file return in Form V. If there is any change in property category or vacant land to new completed construction, tax payers can file their return in Form V. If property has no change comparing with previous return for 2008-09, tax payers can file return in Form IV. Forms for filing returns for 2009-10 are available at all Help center.
White Form is for Form IV where property has no change and Blue Form for Form V where property has change from previous return.
Tax Paid Receipt Only After Realization of Cheque
Tax payers can submit duly filled returns at respective Help Center. If payment is made by DD or Pay Order, receipt will be issued on the spot. If payment is made by cheque, receipt signed by respective official will be delivered only after realization of cheque. Tax payers can get acknowledgment for receipt of return on the spot and official receipt will be given only after realization of cheque.
Get 5 Per Cent Rebate on your Returns
Tax payers can avail tax rebate of 5 per cent if the property tax for 2009-10 made in lump sum on or before July 30, 2009. Return can be filed in two installments and last date for payment of property tax for full year or first half year without penal interest is on August 30, 2009. Last date for Second half-year without penal interest is on or before November 30, 2009.
Points to Remember
- Form IV (White Form) – For property where there is no change with return filed in 2008-09.
- Form V (Blue Form) – For property where there is change in extends of built-up area, usage, occupancy or category from the returns filed for the year 2008-09.
- Receipt of Returns- If payment is made by cheque, acknowledgement for receipt of return is available on the spot and receipt signed by official is available only on realization of cheque.
- July 30- Last Date for filing returns for full year and avail the benefit of 5 per cent rebate.
- August 30- Last date for payment of property tax for full year or First half-year without penal interest.
- November 30- Last date for payment of property tax for second half-year without penal interest.
Tags: Bangalore, Bangalore East, bbmp, Housing India, indian real estate, market trend, property, property tax, property tax return, Real Estate India, Tax calendar, Tips
Posted in Bangalore | 4 Comments »
Wednesday, July 1st, 2009
State Bank of India has launched new scheme which assures lowest interest rate in home loan market for first three years. SBI launched SBI easy loan and SBI Advantage home loan. SBI Easy home loan is for amount up to Rs 30 lakh and SBI Advantage home loan is for amount above Rs 30 lakh and will carry special rate of 8 per cent for first one year.
State Bank of India country’s largest lender cuts home loan rates for first three years. The loan rate will be fixed at 8 per cent for first year, in second and third year there will be increased 100 basic points to 9 per cent. Under SBI Easy loan, rate is fixed for low rate for first three years and from fourth years onwards, customers can choose either floating rate 2 per cent below the State Bank Advance Rate (SBAR) or fixed rate 1 per cent below SBAR with a five year reset. Under SBI Advantage home loan, interest rate for second and third year is fixed at 9.5 per cent. From fourth year onwards, customer can either choose floating rate 1 per cent below the SBAR or fixed rate 0.5 per cent below SBAR with a five year reset.
The special rate for home loan fixed by SBI could spark a rate war in the highly competitive home loan rate. HDFC stands second in charging lowest rate for home loan. HDFC charge 9.25 per cent for home loans up to 30 lakh and 9.75 per cent for loans above 30 lakhs. Borrowers can get best from this competition and SBI move to lower the loan rate could spark rate war with leading lenders in home loan market.
Reference:
Tags: Bangalore, cut down, Home Loan Market, Home Loan Rates, Home Loans, Housing, Housing India, indian real estate, rate war, Real Estate India, SBI Home Loan
Posted in Loan | No Comments »
Tuesday, June 30th, 2009
New Happy Home Loan is scheme for Home Loan by State Bank of India. Disbursement of home loan under this scheme has grown at Rs 1500 crore a month. Since the scheme was announced bank had monthly disbursement of Rs 1100 crore in first two month and current growth is Rs 400 crore more than earlier.
Till March Bank had sanctioned Rs 2,348 crore. Subsequently bank is sanctioning Rs 1500 crore every month under “New Happy Home Loan” scheme. SBI had announced 8 per cent home loan for first one year in the first week of February. In second year rate will be applicable with prevailing rate.
The rate was lowest so far in the industry and the bank’s move was to stimulate demand for home loan when home buyers postpone their purchasing decisions and economic uncertainty. The scheme has been extended till September.
SBI claims to have highest growth in last fiscal in its home loan portfolio. In the same period bank market grew to 19.74 per cent from earlier market of 17.48 percent. There was 21 per cent increase last fiscal of Rs 54,063 from Rs 44, 626 in previous fiscal. Bank offers various other schemes which will be valid till the month end. One of the schemes is 9.25 per cent fixed interest for five years on home loans between Rs 5 lakh and 20 lakh. Interest rate will be reset every five years from the date of disbursement of first installment. The rate was 8.5 per cent fixed for every five years on home loans less than Rs 5 lakhs and rate will be reset every five years from the date of disbursement of first installment.
Links to refer:
Tags: Apartment, Bangalore, Home Loans, Housing, Housing India, indian real estate, market trend, property, Real Estate India
Posted in Loan | No Comments »
Monday, June 29th, 2009
In new block period, tax payers will get tax-paid only after the realization of cheque. According to BBMP, cheques submitted by the tax payers in current block period nearly 13,000 cheques had problems. Out of these, 6,000 cheques had no date or even payee name on the cheque. The tax-payers were traced by using contact detail available on the cheque. Out of 8000 cheques received, 4000 cheques are yet to be encashed.
The new block period tax starts from July 1st. Property owner’s can start paying their property tax online from this July 1st. BBMP will introduce system of giving tax-paid receipt only after realization of cheque from new block period. Since many people use tax-paid receipt for rebate on income-tax, BBMP may write to the Income Tax department, asking it to decline exemption to defaulters till their cheques are encashed.
June 30, is last date for filing returns for current block period (2008-09). One day is left to pay the second half year installment without 2% penal interest and last day for filing revised returns. BBMP has also issued a notification to occupiers of tenant property to ensure prompt payment. BBMP is planning to have separate windows for collecting tax and revised returns, anticipating the response in past few days.
Tax Dates
- June 30: Last day for filing property tax 2008-09 and filing revised returns for those tax payers who made mistake in filing the returns.
- July1: Tax payers can start paying property tax for 2009-10 online or at citizen center.
- July 30: Last date to avail 5% rebate for tax paid in full
- August 30: Last date to pay tax for the whole year or the first half-year installment without penalty (at 2% interest per month).
Tags: Apartment, Apartment India, Bangalore, Bangalore East, bbmp, Housing, Housing India, indian real estate, market trend, online tax, property, property tax, Real Estate India, Tax calendar, Tips
Posted in Bangalore | 1 Comment »
Friday, June 26th, 2009
Global slowdown had led all industries to look towards government for help and packages to regain the market situation. Real estate sector is one of the industries which look Union Budget with hopes and expectation. Real estate industry expects some tax concession and packages to boost the industry.
Developers and builders expect reintroduction of section 80-IB (10) of income tax Act. The section was lapsed on March 31, 2007. If the provision reintroduced, builders will be encouraged to build small sized apartments. As per this section there was exemption from income tax on profit made by developers in constructing houses of less than 1000 sqft in Mumbai and Delhi, and less than 1500 sqft in other cities.
There is huge demand for small sized apartment. There is urgent need to boost the industry by restoring fiscal concession or restoration of section 80-IB (10). Developers and builders feel this measure will encourage builders towards construction of small sized housing or apartment and lowering the price of small residential units.
Stable government has played vital role in getting hopes and confidence of property buyers, investors and Realtors. Industry experts feel government is on right track by considering the hiking of income-tax exemption available for interest payment on home loans. Home buyers and investors expect the government will increase the income tax exemption slab for interest payment on home loans from Rs 1.5 lakh to Rs 3 lakh. The Budget should free the rental income yielded by commercial premises from service tax.
Every industry is expecting government for help and stimulus packages to regain the market situation and come out from the current situation. Real estate sector looks union budget as an opportunity where government will offer packages to boost the industry.
Tags: Apartment, Apartment India, Bangalore, Bangalore East, budget, Buying, Housing, Housing Developement, Housing India, Housing Societies, indian real estate, market trend, property, Real Estate India, recession
Posted in Apartment Buying | No Comments »
Thursday, June 25th, 2009
The demand for loans will increase and loans to become cheaper for borrowers. SBI announced revised Benchmark Prime Lending Rate (BPLR) down by 50 basis points effective from June 29, 2009. SBI country’s largest lender slashed its BPLR to 11.75 per cent.
SBI reduced its BPLR in January 1, 2009 by 75 points and currently BPLR stands at 12.25 per cent. Decision of SBI will influence other lender to cut down their rate and home loans, car loans and other loans to become cheaper for borrowers.
SBI had reduced deposit rate by 25 points across all maturities to bring down the cost of funds. SBI rate cut comes within a fortnight of Finance Minister asking state owned banks to soften rates.
The rate of deposit for 1000 days tenure was reduced from 7.75 to 7.50 per cent, for deposit 2 years or less than 1000 days the rate was cut from 7.50 to 7.25 per cent. The rate for deposit from 1 year to less than 2 years was reduced from 7.25 to 7 per cent and the deposit for tenure of 181 days and less than one year the rate is 6.25 against 6.50 per cent.
SBI informed the Bombay Stock Exchange, BPLR was revised down 50 basis points and this will be effect from June 29. The new rate for BPLR will be 11.75 per cent against current rate of 12.25 per cent.
Reference:
Tags: Home Loans, Housing, Housing India, indian real estate, loans, market trend, property, Real Estate India, SBI
Posted in Loan | No Comments »
Wednesday, June 24th, 2009
Bangalore citizen can call BBMP to register complaints and civic disputes 24/7. BBMP has setup Control room which consists of a wireless network which is spread over the entire BBMP. It covers the entire eight zones under BBMP jurisdiction.
About 650 officials have been provided with wireless sets by which they can communicate with the control room and with other officers in their respective zones. Some officers above a certain rank have also been provided with mobile sets connected to their vehicles. The focus is on the response time that the field officers take to address public grievances.
The control room has established a 24/7 grievance redressal system for the public. Citizen can call 22660000 and register their complaints on day to day civic issues.
Reference:
www.deccanchronicle.com
www.hindu.com
Tags: Apartment, Bangalore, Bangalore East, bbmp, Housing India, Housing Societies, Real Estate India
Posted in Bangalore | No Comments »
Wednesday, June 24th, 2009
Karnataka State Pollution Control Board (KSPCB) made it mandatory for large apartments to have Solid Waste Management (SWM) units for getting clearance. KSPCB has forced to make it mandatory due to inefficient waste management of BBMP and BBMP’s empathy towards proper waste management.
Citing the example of Karnataka Golf Association, Bangalore Golf club and Bangalore club, KSPCB said on-site waste management plant will have equipments to manage waste. It is estimated solid waste management plants in Bangalore can handle solid waste of over 3400 tonnes per day but only around 1200 tonnes is reached to the plant, the rest is dumped improperly by roadside, tank beds and empty sites.
The Mandur plant, where the BBMP has leased 135 acres, has a capacity of 1,000 tonnes. However, it receives only 250-300 tonnes per day. The Mavalipura plant also has a 1,000-tonne capacity, but receives just 100 tonnes. However, the Doddaballapura plant, which has a 1,000-tonne capacity doesn’t receive even a single truckload of garbage.
A few builders or developers have already installed this on their premises and effectively managing solid waste generated from their apartments. The organic manure manufactured from unit is collected by farmers and nursery in and around the apartment. Some apartments grow vegetables in apartment using the organic manure from these units.
Solid waste management plant will lessen the burden of BBMP and helps to manage solid waste effectively in the city. KSPCB has made mandatory for large apartments to have their own solid waste management unit for getting clearance from pollution board.
Reference:
Waste Disposal Units A Must In Apartments
Tags: Apartment, apartment buy-sell, Apartment India, Bangalore, Bangalore East, bbmp, green building, Housing, Housing India, indian real estate, market trend, property, Real Estate India
Posted in Uncategorized | No Comments »
Saturday, June 20th, 2009
Shobha Developers Bangalore received approval to raise its share capital to Rs 1500 Crore. The company got approval from shareholders at its shareholders meeting hike Foreign Institutional Investors limit to around 100% of company’s equity share capital.
Shobha Developers said that on shareholders meeting company received approval from shareholders to raise Rs 1500 crore from domestic and international market. Company will also hike Foreign Institutional Investors (FII) limit to 100%. The company said in a filing to the Bombay Stock Exchange (BSE).
The company would raise capital to Rs 1500 crore from International market by issuing shares through American Depository Receipts, Global Depository Receipts and from domestic routes through warrants and debentures.
Further, the company will increase the FII investment limit in the company to 100% of the paid-up capital, provided the equity shareholding of each FII shall not exceed 10% of the total paid-up equity share capital of the company.
Reference:
sobha developers gets shareholders nod to raise rs1500 crore
Tags: Apartment, apartment buy-sell, Apartment India, Bangalore, capital, Housing Developement, Housing India, indian real estate, market trend, property, Real Estate India, shobha, shobha developers, Tips
Posted in Builder | No Comments »
