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How Govt Supporting Affordable Housing Scheme in India
Real Estate
08 Nov 2019 | 52 Views
How Govt Supporting Affordable Housing Scheme in India
In India, an affordable housing scheme was launched on June 1, 2015, by Prime Minister Mr Narendra Modi. The aim of the PMAY (Pradhan Mantri Awas Yojana) was to provide affordable housing to poor people. The affordable houses are built with eco-friendly construction methods in selected cities and towns to the benefit of the urban people. Adding to this Credit Linked Subsidy Scheme was introduced for PMAY beneficiaries as they are eligible to get interest subsidy if they take a loan to construct or buy a house in Hyderabad and other states. Hence to promote affordable housing, many measures are taken by the Government to support it. Its initiative is to provide shelter to all poor people in India and the economic potential resulting from the mass construction of the home. This will result in additional employment, consumption of materials, etc. and this creates a chain of economic activity. Its main objective is to have affordable housing to all rural and urban people by 2022. What is Affordable Housing? A housing unit offered at low cost for the people whose income is below the average household income is affordable housing. The eligible people for affordable homes include low-income people, middle-income people and economically weaker sections ( Urban people) who have very low levels of income. Due to the high market price buying a home at an affordable rate is a key issue in many developing countries. Affordable housing in rural and urban areas need differently tailored policies as land is the main constraint in the urban areas. Understanding the housing needs of the poor people, the Government has taken some measures from the last 15 years. In the beginning, the National Urban Housing and Habitat Policy (NUHHP) has set 2007 as a key focus to provide affordable housing for all. Later, it has pointed 2022 as the target year to achieve housing for all objective by making specific initiatives. The PMAY affordable housing is introduced in two segments include the PMAY (Urban) and PMAY (Rural) to reach a target of housing for all by 2022.  What is PMAY-U? Pradhan Mantri Awas Yojana-Urban was introduced in 2015 with the aim to construct 20 million houses by March 31, 2022, for urban people.  Under PMAY scheme, financial assistance is given to States or Union Territories (UTs) to support housing requirements.  Beneficiaries belonging to Economically Weaker Sections (EWS), Lower Income Group (LIG) and Middle-Income Group (MIG) in urban areas can avail interest subsidy under the scheme. As per the statement of the Ministry of Housing and Urban Affairs, on January 2019, almost 69 lakh houses were approved, of them, 13.59 lakh houses were completed. What is PMAY- G? The PMAY Gramin was started in 2016 to construct affordable houses in rural areas and aimed to complete them by 2022. Under the PMAY scheme, nearly 1.25 crore houses were constructed in January 2019. As in the next month (February 2019), the Cabinet has redefined target for PMAY-G to 1.95 crore houses under PMAY-G Phase-II up to 2022. However, the construction of affordable housing under PMAY schemes are working excellently, and nearly 1.53 crore houses have been completed under the scheme as on end of January 2019.  What Measures are Taken by the Government to Support Affordable Housing? The Government has taken several measures that are helping poor people to build new houses. The supporting measures of Government were launched in the Union Budget 2017-18, and they are as follows. Allowed infrastructure status to affordable housing, as it helps developers of affordable housing to get funds from different ways include external commercial borrowings (ECB), foreign venture capital investors (FVCI) and foreign portfolio investors (FPIs). Increased the project construction completion period, the construction of affordable housing projects should complete within five years as earlier it was to be done within three years. One-year time is given to developers for paying tax on notional rental income on unsold completed units. Tenure for long-term capital gains is reduced to two years as earlier it was three years for affordable housing. Revised the qualifying criteria to the carpet area from the saleable area for affordable housing Refinancing facility was increased for affordable housing by National Housing Bank (NHB) for individual loans. How Government Supported Developers in Affordable Housing Sector? The government has introduced several measures for developers in the affordable housing segment are as follows. Several incentives such as subsidies, tax benefits and institutional funding were provided. Housing Fund (AHF) in National Housing Bank was formed by Government and is funded from priority sectors which are authorised by the government of India. Several supportive measures for the housing sector was made in budget 2019 such as exemption on payment of income tax on notional rent for second own house and increased Rs 2,40,000 for TDS threshold on rent.  Minimized GST Rates for Affordable Housing The GST Council has decreased tax rates for affordable housing to 1% as earlier it was  8 % Ceiling value of affordable houses below Rs 45 lakhs will be exchanged with a 1% GST rate. Limit of carpet area for Affordable houses is set as 90 sq.mts. in non-metropolitan cities and 60 sq.mts. in metropolitan cities with a ceiling value of Rs 45 lakhs in both cases. RBI efforts in Affordable Housing The price of affordable residential property should be less than Rs 65 lakhs in metropolitan cities and Rs 50 lakhs in non-metropolitan cities. The central banks give loans to people who are building a house and buying flats. The RBI also provides loans to affordable housing under priority sector lending. To finance loans for affordable housing, RBI allowed banks to issue long term bonds with a minimum seven years maturity. Bottom Line The PMAY scheme aims to provide proper houses to all homeless and mitigate the housing gap in India. With infrastructure developments and financial assistance, the government has supported affordable housing scheme. Hence, the Government is providing all the support to promote affordable housing in India.  Are you interested in buying a home in Hyderabad at affordable rates? Visit, the first-ever real estate property directory that lists more than 1000 properties for sale in Hyderabad with detailed and verified information. Visit us and make wise decisions for happy living.  By: Shailaja K

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CC Road in Process from Deepthisree Nagar Park to Shanthinagar Colony, Madinaguda
02 Nov 2019 | 78 Views
CC Road in Process from Deepthisree Nagar to Shanthinagar, Madinaguda
Nowadays many buyers prefer to buy a home in prominent areas that have developed infrastructure and comfortable facilities. Buying a home in the right location is one of the main features to fulfil all your dreams. Madinaguda locality in Hyderabad is steadily growing and developing as a residential hub in Hyderabad. The excellent infrastructure, secure commuting facilities and luxury apartments for sale in Madinaguda at fair prices attracting many buyers.  Why Should You Invest In Madinaguda Real Estate? Madinaguda is a suburb area situated at North West Zone of Hyderabad with the presence of all nearby civic and social facilities. The area is near to prominent locations like Miyapur, Hafeezpet, Lingampally, Ameenpur and Chandanagar. Investing in Madinaguda area is one of the best options due to its developing infrastructure and affordable property rates. Madinaguda is proximity to major IT offices like Hitec City Cyber Towers and Gachibowli DLF Building. With easy connectivity to major locations, many people especially working professionals would wish to reside in Madinaguda area. Comfortable Access to Public Transportation The excellent commuting facilities like Chanda Nagar MMTS and Miyapur Metro Station near the area have added advantage to invest in Madinaguda real estate. National Highway (NH-65) near the area make you reach all the areas of the city quickly. The area has many TSRTC buses plying on the road that connects you to the other parts of the city easily. Madinaguda area is the ideal place for those who like to own a home in Hyderabad that are well-connected to IT hubs and have easy access to major roads and transportation.  Close Proximity to Daily Necessities Many reputed educational institutions, hospitals, supermarkets, shopping malls, and banks are located near the area. The major landmarks include Delhi Public Scholl, Geetanjali School, Heritage Super Market, Spensers Super Market, Archana Hospital, Pranamam Hospital, and Andhra Bank. With the presence of reputed schools and speciality hospitals added value to invest in Madinaguda real estate. Spacious Apartments with Modern Amenities Madinaguda area has more than 765 apartment units for sale with modern facilities. Many reputed builders are launching new properties with the spacious place, and luxurious amenities add excellent value to the worth of property. The gated community apartments in Madinaguda provided high-end amenities include a swimming pool, clubhouse, playgrounds, green landscaping, indoor games, and many more. Happening Event in Madinaguda Laying of CC road work is in the process from Deepthi Sree Nagar Park to Shanthi Nagar colony at Madinaguda area. The upcoming new clean roads will benefit the resident’s as they can reach their destination quickly. The new road makes you have hassle-free driving. With the developed infrastructure and comfortable facilities, many buyers are interested in buying a flat in Madinaguda for stress-free living. The price of a flat in Madinaguda starts from Rs 47 lakhs onwards. Do you want to buy a home in Madinaguda with comfortable facilities? Purchasers can log into for more detailed information about new properties at Madinaguda, Hyderabad. Choose the best house that suits your requirements and lead a happy lifestyle. By: Shailaja K

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IGRS Telangana Property Registration Charges & Stamp Duty in Hyderabad
Real Estate
30 May 2018 | 88,996 Views
IGRS Telangana: Stamp Duty & Property Registration Charges in Hyderabad
In today’s world to purchase a house, a lot of factors are needed to be considered like the cost of the property, type of the house, location, and many more. But, even if your dream home and before shortlisting the property, there is also one crucial factor to consider, and that is stamp duty and Telangana land registration charges. Why are the Stamp Duty & Property Registration Charges are Important? The property is transferred from one person to another legally only when it is registered at the Sub-Registrar Office by paying stamp duty and registration charges. Until the property completes the entire registration charges, it will be incomplete and will not be legalized. Without stamp duty and property registration, you will not possess the right to secure your property form any frauds. To ensure their property, one is needed to register their property with the respective state government and follow their guidelines For example, if you want to buy an apartment in Hyderabad for Rs 1 cr from Mr. X. You pay the transaction value to Mr. X, and then he executes a sale deed. Then, you must register the sale deed by paying charges of stamps and registration in Telangana Sub-Registrar’s Office. Once you pay the stamp duty and Telangana land/property registration charges through the IGRS TS website, the transaction is recorded in the Sub-Registrar Office, and you will become the legal owner of the property. Are you planning to buy a new property in Hyderabad? Confused on, How to find your ideal home? Don’t worry! As our PropertyAdviser team is here to rescue you. With a humungous real estate database, our team has gathered all Hyderabad related real estate information and has all latest properties for sale in Hyderabad in our directory with smart search filters to help select your perfect home. You need Encumbrance Certificate EC when you want to buy an independent house in Hyderabad by applying for a loan or sell a home. Click here to know the procedure to obtain IGRS Telangana EC (Encumbrance Certificate). What IGRS in Telangana? Integrated Grievance Redressal System (IGRS) is an official online portal created by Telangana state government for registration and stamp duty process. IGRS Telangana is an initiative that is beneficial for both government and citizens. The IGRS Telangana website facilitates various features like people can know the latest market value, search for Encumbrance Certificate (EC), e-Stamp services, and many more. They can also get their marriage and property registrations. One can also share their feedback and complaints related to the registration & Stamp Department of Telangana. What is Stamp Duty? Stamp Duty is collected whenever there is a transfer of assets or property from one person to another. It is collected by the State government and is governed under the Indian Stamp Act 1899. As the State government collects it, the stamp duty varies from one state to another. In Hyderabad, the stamp duty includes stamp duty, registration charge/fee plus transfer duty and is a calculated on IGRS Telangana market value of the property. How to Calculate Stamp Duty and Telangana Land Registration Charges? Stamp duty is the rate based on individual states, as they levy a certain percentage on the total value of a property. Stamp duty charges also differ based on the nature of the property like residential or commercial and type of area like rural or urban. For example, Stamp Duty = (individual state)% of (Ready Reckoner Rate or Actual Transaction Value) the higher rate is considered. To pay duty charges one can choose from e-stamping, non-judicial stamp paper, or franking method( any authorized banks or agencies). After the payment of stamp duty, the document further moves to the registration process. Telangana land Registration charges are measured as the (individual state registration)% of (Ready Reckoner Rate or Actual Transaction Value) the higher rate is considered. How to calculate Land / Flat Registration Charges in Hyderabad, Telangana? The land/flat charges for Telangana registration are calculated as 0.5% of the property value on IGRS TS. The property value is considered as the higher of Ready Reckoner Rate or Actual Transaction Value. Ready Reckoner Rate is the minimum value of the property that is fixed by the state government. For example, if the Ready Reckoner Rate is Rs 1 Cr and the Actual Transaction Value is Rs 1.5 Cr. The registration charge will be 0.5% of (Higher of Rs 1 cr or Rs 1.5 cr) = 0.005 * 1.5 cr = Rs 75,000. Telangana Registration charges are different for various sectors. They are segregated as Corporations and Municipalities, sale agreement and GPA, sale agreement with possession. Why do You Have to Pay Stamp Duty? Stamp duty is levied by the government while selling the property. The individual states impose it as per their particular laws. The rates of stamp duty vary from state to state. It contains the main document which as the ownership details like the name of the landlord which ensures you that you are purchasing the property from the rightful owner. It is mandatory to register the sale or transfer of property, and at the time of recording the transfer, you must pay the stamp duty and registration charges on IGRS TS. The stamp duty paid for Telangana Registration through online portal generates a legal document that proves that you are the owner of the property and is accepted as evidence in case of property disputes. Also, in case you lose the original sale deed or transfer deed, you can get a duplicate transfer deed from the Sub-Registrar’s office that shows that you are the owner of the property. When to Pay Stamp Duty and Property Registration Charges in Hyderabad You must pay stamp duty and registration charges at the time of execution of a transfer agreement such as sale deed between two parties. As the process will be most likely the same for all states, but the percentages and charges will differ from state to state. You can also pay the registration charges through IGRS TS e-challan / e- STAMPS (For Document Registration only). Some deed details in Telangana of transfer agreements (mainly concerning a property) that require payment of stamp duty and registration charges are as follows: Sale Deed Gift Deed Exchange Deed Partition Deed Lease Deed where the period of lease is more than 12 months Transfer Deed/ Right Transfer Document Mortgage Deed Power of Attorney (General or Special) Know-How to Calculate Property Registration and Stamp Duty charges in Hyderabad The stamp duty varies from one state to another state and can be estimated by using a stamp duty calculator to determine the stamp duty and Telangana registration charges. Apart from corporation and municipalities, for other places, the same rates are applicable for apartments. In the case of the sale agreement and GPA, a stamp duty of 5% of the property value is levied with no transfer duty. But, if the sale agreement is with possession, then a stamp duty of 4% of the total value of the property is imposed along with a registration charge of 0.5%. The benchmark is kept at a maximum of Rs 20,000/- and at a minimum of Rs 1000/-. The same is applicable, even if it is without possession. To calculate the stamp duty and registration charges manually, you can use the formula given below: For Corporations and Municipalities, Stamp Duty is 4% of property value, Where property value is (Higher of Ready Reckoner Rate or Actual Transaction Value) Ready Reckoner Rate is the minimum value of the property that is fixed by the state government. And, stamp duty is calculated as the higher of ready reckoner rate or actual transaction value. Registration Charges is 0.5% of the property value. And, the transfer duty is 1.5% of the property value. Let’s look at some examples below: Case 1: If the  Ready Reckoner Rate is Rs 1 cr and the Actual Transaction Value is Rs 1.5 cr, then stamp duty @4% is calculated as Stamp Duty = 4% of (Higher of  Ready Reckoner Rate or Actual Transaction Value) i.e. 4% of (Higher of Rs 1 cr or Rs 1.5 cr) = 0.04 * 1.5 cr = Rs 6 lakhs Registration charge @0.5% of (Higher of  Ready Reckoner Rate or Actual Transaction Value) i.e. 0.5% of (Higher of Rs 1 cr or Rs 1.5 cr) =0.005 * 1.5 cr = Rs 75,000 Transfer duty @1.5% of (Higher of  Ready Reckoner Rate or Actual Transaction Value) i.e. 1.5% of (Higher of Rs 1 cr or Rs 1.5 cr) =0.015 * 1.5 cr = Rs 2,25,000 Therefore the total amount that the buyer needs to pay = Actual Transaction Value = Rs 1.5 cr Stamp Duty = Rs 6 lakhs Registration Charge = Rs 75,000 Transfer Duty = Rs 2,25,000 Total Amount Payable = 1.5 cr + 6 lakhs + 75000 + 2,25,000 = Rs 1.59 cr Case 2: If the Ready Reckoner Rate is Rs 1 cr and the Actual Transaction Value is Rs 70 lakhs, then stamp duty @4% is calculated as Stamp Duty = 4% of (Higher of Ready Reckoner Rate or Actual Transaction Value) i.e. 4% (Higher of Rs 1 cr or Rs 70 lakhs) = 0.04 * 1 cr = Rs 4 lakhs Registration charge @0.5% of (Higher of  Ready Reckoner Rate or Actual Transaction Value) i.e. 0.5% of (Higher of Rs 1 cr or Rs 70 lakhs) =0.005 * 1 cr = Rs 50,000 Transfer duty @1.5% of (Higher of  Ready Reckoner Rate or Actual Transaction Value) i.e. 1.5% of (Higher of Rs 1 cr or Rs 70 lakhs) =0.015 * 1 cr = Rs 1,50,000 Therefore the total amount that the buyer needs to pay = Actual Transaction Value = Rs 1 cr Stamp Duty = Rs 4 lakhs Registration Charges = Rs 50,000 Transfer Duty = Rs 1,50,000 Total Amount Payable = 1.5 cr + 4 lakhs + 50,000 + 1,50,000 = Rs 1.56 cr. Important Factors that Influence the Calculation of Stamp Duty Charges in Hyderabad Stamp duty for IGRS Telangana varies based on the following factors: Location of the property:  Stamp duty charges differ for various locations. A property located in an urban area attracts more stamp duty compared to one found in a rural area. There is also a different charged levied when a property is located in a semi-urban area. Type of property: Lower stamp duty is charged for a residential property (flat/apartment/independent houses) compared to a commercial property(industries/ commercial complex/ hotels). For this reason, as when compared to residential properties commercial properties require more facilities. Amenities: Nowadays a lot of houses are being built with ultra-modern amenities. The same is also considered while imposing stamp duty charges. A home with more new-aged amenities like swimming pool, gym, clubhouse,  sports facilities, etc. is most likely to get charged higher when compared with a property that has fewer amenities. Age of the property: Stamp duty is applied to the total value of the property. It is done by considering certain factors like the age of the property, i.e. from the time of the built date. The duration of the property plays a significant role in defining the amount to be paid for the stamp duty. A new property attracts more stamp duty than an older property. Gender of the buyer: Encouraging female buyers, many states apply like 2% extra stamp duty for male buyers. A female buyer gets an allowance on the stamp duty and is charged usually lesser stamp duty amount comparatively. Age of the buyer: We see that in a lot of cases, older citizens get more benefits comparatively. The same is applicable when it comes to stamp duty charges. Many states while charging stamp duty they consider the age of the buyer. Senior citizen gets a rebate on the stamp duty as per the specific state laws. Can’t get enough of the real estate news? Interested to know more, Log in to Property Adviser for more details and find the latest news and articles related to Hyderabad’s real estate sector.   IGRS Telangana: Stamp Duty & Property Registration Charges In Hyderabad Click To Tweet

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Impact of New GST Rates on Real Estate
Real Estate
21 Mar 2019 | 1,989 Views
Impact of New GST Rates on Real Estate
On its 33rd meeting, the GST council decided to implement new transition plans for GST on real estate household properties. This plan is applicable for builders of under-construction buildings, as they get to choose the GST on real estate between the updated rates without the tax credit or to remain with the previous plan. Current Situation At present for GST on real estate, unfinished housing projects are getting higher GST rates on real estate, but with an input tax credit benefits. As an advantage, it, in turn, reduced the final GST outcome by compensating the taxes already paid on raw materials. Back then, the builders were already aware of the GST rate on real estate, as certain projects were at different construction stages. So, developers used to stock up raw materials prior. As a result, according to the present rule, they will be now eligible for ITC benefits. Our propertyadviser team always keeps buyers and builders up-to-date with the latest happenings on the real estate sector. What Is the Impact of GST on Real Estate Sector? The GST Council, headed by the Finance Minister Arun Jaitley, announced the new GST on real estate as developers can decide whether they want to pay high-priced rates on raw materials with input tax credits (ITC) or fewer charges for under-construction projects without any added benefits. In general, the impact of GST on real estate means that the builders can select either they want to pay 12% with ITC benefits for non-affordable houses or 5% for unfinished houses with tax benefits. The council has further decided that for construction projects, 80% of materials like gravel, bricks, hardware, etc. must be procured from certified dealers. Similarly, for affordable housing developers can pick to pay 1% without tax allowances or 8% including tax benefits. It is said, that this new tax plan without input tax credits is being applied to housing projects that launched construction from on or after the April 1st, 2019. Revenue Secretary Ajay Bhushan Pandey said the government will see no revenue loss because of the new GST on real estate initiative for under-construction projects. He said the rates will be calculated by considering certain points like the construction stage of the project, the ratio of commercial to a residential building, invoices, and so on. This latest news on GST on real estate brought a positive vibe for the builders and buyers. Real estate is something that is always considered as a long-term investment. Hyderabad is one such place that never lets down its investors. Looking for Apartments for sale in Hyderabad? Our team is here to help find you the best home as per your necessities. Get in touch with propertyadviser to know more details on real estate. Impact Of New GST Rates On Real Estate Click To Tweet By Govi