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Digitalization and Digitization of Real Estate
Real Estate
10 Jul 2020 | 36 Views
Digitalization and Digitization of Real Estate – The New Norm!
The real estate sector was ruling the realm for many decades now. For the past few years, it is in a sluggish mode, due to factors like changes in regulations, the introduction of RERA, economic crisis, and topping all this is the pandemic. One wonders with so many challenges; how is the real estate sector still holding its ground steady? The answer is ‘Adaptation.’ Real Estate transformation happened because it was open to the concepts of Digitalization and Digitization of real estate. The realtors took the new marketing trends on their stride by digitizing their brands and services through social media, online marketing, and other digital channels. At the same time, Digitization of real estate involved transferring details of all the projects, building details, construction status, and every minute detail into soft copies that are easily understandable and available to the customers.  This blog gives you a sneak peek on how real estate transformation resulted in better future of real estate: 1. Online Real Estate:  The concept of Online real estate is spreading faster in various forms like e-commerce platforms, social media, listings, websites, and more. They play a significant role in the online real estate growth graph as they list out both residential and commercial properties available across the country for sale, rent, lease, and so on. Realtors have adapted to this format to reach a vast customer spectrum. 2. Digitization of Real Estate: Real estate transformation is apparent in many ways, one of which is the many benefits incurred due to the Digitization of real estate. It has given more transparency and reliability, ease of business, speedy processes, efficiency in the leasing procedures, sustenance of the brands, availability of real-time data, and more. It has been more of a boon to the sector for adapting this model and creating new trends in real estate. 3. Digitalization of Real Estate: The real estate industry quickly adapted to different concepts of digitalization. It helped in transforming the face of real estate. Right from virtual property tours to real-time construction status, from live chats to secured online payments, the sector successfully embraced all the verticals of digitalization, which helped the realtors to stay connected with their loyal clients and prospects during the pandemic. As mentioned in the first point, access to real estate information through e-commerce portals, applications, has helped the sector to keep its customers informed. 4. Future of Real Estate: The most evident change the future of real estate is going to witness is the shift from family-run businesses to professionally managed organizations. The realtors or real estate developers efficiently and successfully can meet the growing demands of the customers and the need to manage multiple projects at different locations in different cities. The realtors are now concentrating on centralizing the processes and going in for a more organized workforce by bringing in professionals in areas like architecture, engineering, and project management.  Although, the onset of COVID-19 has dampened the spirits of the real estate sector and has paved ways for many new models like working from home and so forth. Market gurus believe that the industry can come back to its glory days if it efficiently embraces the technology to reach its customers.  

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HDFC Allows Restructuring of Real Estate Loans for Stuck Projects
Real Estate
07 Jul 2020 | 78 Views
HDFC Allows Restructuring of Real Estate Loans for Stuck Projects
Housing Development Finance Corporation Limited (HDFC Ltd.) Chairman Deepak Parekh has proposed a one-time restructuring for real estate loans to revive the sector and speed up the completion of halted projects. Proposal for Restructuring of Real Estate Loans The proposal made to shareholders in the mortgage financier's annual report for fiscal 2019-20, for the restructuring of loans, easing of external commercial borrowing rules and immediate changes to the regulations to allow the end-to-end execution of online housing loans. The RBI permit is needed for a one-time restructuring for real estate loans. This has been a long-standing request and a measure implemented in the past to revive the sector. Approving for a restructuring of these loans and categorising them as standard assets will facilitate last-mile funding for stalled projects of real estate developers. At this unprecedented time, a constructive process is required to tackle financial stress in the real estate sector without bail-out packages. Allowing the problems to grow will lead to a rise in non-performing loans, which, in turn, would weaken the overall financial industry.   To improve the sector, the real estate prices should be made realistic to reflect current market realities, as this can help developers to unload their unsold inventory and improve their cash flow. At the same time, to provide the realignment of ready reckoner rates as well. The Reserve Bank of India (RBI) was admired for its stance on allowing interest to be charged on loans under moratorium. It has been at the forefront, shouldering a huge burden to maintain financial stability. The plan was developed for a level playing field among NBFCs and housing finance companies to raise funds through the External Commercial Borrowings (ECBs). At present, Housing finance companies can only raise ECBs under affordable housing, where the housing project must have at least 50 percent of the floor space index for housing units with a carpet area not exceeding 60 square metres.  This concept is in accordance with the government's main goal of allowing more individuals to become homeowners. The government should enhance its budget promise to ease the ECB 's standards for housing finance companies. However, this one-time real estate loan restructuring would spark a hope that the stressed real estate sector will make a faster come-back. By: Shailaja K

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Risinia Trendilla Affordable Apartments in BAchupally
02 Jul 2020 | 168 Views
Risinia Trendilla – Sets Benchmark for Quality Buildings to Enrich Lives
Modern aesthetics and a technologically driven lifestyle of property infrastructures have transformed our way of living. These modern homes are today considered a statement of the lifestyle, reflecting the aspiration and social status of an individual. The gated communities in Hyderabad are recently on the rise, and every top builder provides gated community villas and apartments for sale. It allows home buyers with numerous options to choose Risinia Trendilla, the perfect gated community. Risinia Trendilla - Overview Risinia Trendilla introduces a vast luxury enclave of high-class apartments close to the Hyderabad IT Corridor that elevates the modern way of life. These residential apartments in Hyderabad at Bachupally, just 2-5kms from Outer Ring Road, offer you the sort of experience that replenishes you and inspires you to live the fullest life. Close to Miyapur Metro Hub, Risinia Trendilla is meticulously crafted with unbound luxury, comfort, and star amenities and is an effortless hybrid of modernity and charm. Centrally located in significant areas, Risinia Trendilla offers 2& 3 BHK luxury flats at affordable price crafting a friendly gated community project in Hyderabad with a built-up area of 1195 to 1695 Sq. Ft. Risinia Trendilla's master plan features the innovative architecture that depicts a world-class lifestyle and luxurious accommodation in Hyderabad buildings. Risinia Trendilla's 14,500 Sq. Ft. Club House with G+2 floors can go away at the back of an excellent deal of luxurious community clubhouses. Fantastic green parks and beautiful walk tracks foster fresh weather and great socializing opportunities. Risinia Trendilla: Emerging Trends – Featured Amenities Luxury brings much comfort to mind, but what things do luxury home buyers desire most? In this premium gated community, the available luxury amenities are just breathtaking. Location: Location is the crown jewel for homeowners. The wealthy buyers are looking for exclusive amenities on their property, a hidden oasis, a free place to sit back, and enjoy a real identity. Designed incomparable elegance with the new visuals of Risinia Trendilla models helps you develop a living creative trend. With 24 hrs. Security Personal, Municipal Drinking Water, Rainwater Harvesting Pits, these premium apartments have houses built in Bachupally, Hyderabad's HMDA-approved layout. Well-connected to the Financial District, Bachupally is a fast-growing area that is well-packed with renowned educational institutions, entertainment, healthcare, and transport facilities.  Technology: Today's homeowners want everything to get into tech. Risinia Trendilla, the well-known builder who caters to this technological trend, remains the pioneer in the real estate industry. Few tech-amenities include Conference Room, CCTV Surveillance, Intercom Phone, TV Projector Room, Event Space, Solar power fencing for compound walls, and exclusive safe community lighting. Outdoor Gaming/Amusement/Fitness Facilities: Check the top amenities of the ideal worldly comforts of Risinia Trendilla's apartments today. Homeowners can enjoy the Amphitheatre, Unique Clubhouse, Cycling Track, Swimming Pool, Children's Play Area, Walking Track with beautifully designed landscape and hardscapes, Indoor Games, Gym/Fitness Centre, Jogging Track, and BasketBall court. Risinia Trendilla – One Stop Solution for Luxury Home Needs Catering to the growing demand for luxury homes, Risinia Trendilla focuses on creating unique living spaces to make your dream home come true. Risinia Trendilla always strives to meet its mantra of building quality dream homes in Hyderabad, which suits every family's trendy needs. The security and amenities are top-notch, making it the best option for you to stay. It is inevitable – luxury with Risinia Trendilla adds your dream home to have the most modern amenities, technologies, and comforts at low-cost pricing.  

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TS TRANSCO 132 KV  Underground Cable work is in progress at Hitech City
03 Mar 2020 | 775 Views
TS TRANSCO 132 KV Underground Cablework is in Progress at Hitech City
Hitech City is located in the Western Zone of Hyderabad and is a decent area with developed infrastructure facilities. This area is a hotspot for leading IT offices such as TCS Deccan Park, Dell Campus, Infosys Campus, etc. The demand for residential space is high in this area due to comfortable commuting facilities to IT hubs. Many people, especially working professionals, want to settle here for comfortable commuting to home and office.  Hitech City Real Estate  Hitech City area is well-connected to many prestigious schools, banks, and hospitals and an excellent network of railways and roadways. The nearby localities include Madhapur, Gachibowli, Kondapur, Whitefield, Kothaguda, and Jubilee Hills. The area has a total of 1109 residential apartment units for sale with excellent facilities.  The average price of a flat in Hitech City ranges between Rs 5000 to Rs 8500 per square feet. Many reputed builders launching new apartments in Hitech City with modern amenities include swimming pool, car parking, clubhouse, jogging track, CCTV surveillance, power backup, indoor games, green landscaping, and so on for comfortable stay of residents.  Latest Infrastructure Development in Hitech City Hitech City is observing a lot of popularity for its incredible residential infrastructural growth. To regulate power supply, a new 132 KV TS Transco underground cable work is in progress near in Hitech City area. This facility adds more value for the locality, for a convenient stay of its residents. This new development helps to transform the high voltage to low also helps to reduce power losses. The demand for residential space, developing infrastructure, and the rise in the price of properties helps you to get an excellent return on investment.  Do you dream of buying a flat in Hitech City? Our team helps to make your property search a hassle-free experience. With our huge real estate database, you can find an ideal home in the Hitech City area and lead a comfortable lifestyle. By: Shailaja K

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How to know the PTIN (Property Tax Identification Number) in Hyderabad
Real Estate
10 May 2018 | 125K Views
GHMC Property Tax Search (PTIN) For Hyderabad Residential Properties
Are you the owner of commercial or a residential property in Hyderabad? Then you will be considered under the purview of Greater Hyderabad Municipal Corporation (GHMC). The GHMC property tax will charge yearly on all the residential and commercial properties. These property taxes are calculated based on the annual rental value, which will depend on different factors. They include plinth area, location, ownership, and usage of the property. One can find their GHMC property tax details by door number. Property taxes are charged on all GHMC approved properties, and the amount charged varies upon the ownership of the property. GHMC offers a 100% tax exemption on properties include owned currently by serving and ex-servicemen, religious places, charitable institutions, and estimated at an annual rental value less than Rs 600. In addition to this, if a piece of property offers a designated amount of vacant area, a 50% tax deduction is provided. However, it is subject to examination by a tax inspector. GHMC Property Tax Dues To ensure safe and smooth civic facilities, state governments impose a property tax on landowners. Every year property owners in Hyderabad are liable to pay property tax without fail or a penalty interest of 2% per month is levied on the outstanding amount. The end date to pay GHMC property tax search for the half-year is July 31 and October 15. One can easily find his/her property tax by visiting the GHMC website. What is PTIN? Property Tax Identification Number (PTIN) is a unique 10-digit number issued by GHMC to every Independent house, villa & apartments in Hyderabad to pay GHMC property tax. In other words, if you own three properties, you will be allotted three PTINs. Why Do You Need a PTIN Number? You can use the PTIN to find out how much property tax is needed to pay. You can search the payable the GHMC property tax search by using the PTIN search option available on the website. Steps to Find the Payable GHMC Property Tax Step 1: Visit the GHMC website. Step 2: On the left side menu bar, click on “Property Tax Payment”. Step 3: Enter the PTIN. Step 4: Click on “Know Your Property Tax Dues”. The search results will display the tax payable details. How to find GHMC property tax details by door number? If you are not aware of your PTIN which is used to check your property tax, then with the help of your door number, you can find the required details. One can quickly check their property details by visiting the online GHMC property tax search portal. Follow the steps given below to find your PTIN: Step 1: Click “Search Your Property Tax” on the left menu. Step 2: Choose your GHMC Circle. Step 3: Enter your door number. Step 4: Click “Search Property Tax”. The search result will display the PTIN for the property. If your Door Number is not available, you must apply to GHMC asking for an assessment of the property. The application will result in allotting a new door number, as well as a PTIN number to your property. You can request for property assessment offline or online. Offline Request for Property Assessment You need to submit your application to the Deputy Commissioner. The list of documents you must submit along with your application are as follows: Registered sale deed/gift deed/partition deed attested by a gazetted officer. Link documents attested by a gazetted officer. Photocopy of the approved building plan. Occupancy certificate. Online Request for Property Assessment Keep the following documents ready in the PDF format. Building permission Occupancy certificate Sale Deed You can access the Self Assessment Form online, by entering all the required details it will be forwarded to the concerned department. By inspecting the premises, they will further levy the property accordingly. After this procedure, a new PTIN will be allotted for the owner. If you want to modify your independent houses or villas in Hyderabad like extending a portion of the house or build another floor, there will be no change in the PTIN only the amount of property tax will increase. How to Pay Property Tax Using PTIN? Step 1: Visit the “GHMC property tax search” online portal Step 2: Enter your PTIN in the PTI No. Step 3: Click “Know Your Property Tax Dues”. The details of the property like door number, PTIN, and the amount of property tax that you must pay will display. You can choose from any of the payment options: Debit/Credit Card or Net Banking. Procedure to Calculate GHMC Property Tax Search in Hyderabad When you are paying property taxes, the GHMC website makes it very easy to know detailed information and utilise the property tax calculator to know your tax amount. In the website, fill your details like occupation, property carpet area, etc. to identify your tax details.  There is a separate payment of property taxes for residential and commercial properties. Do you want to know about property tax calculation in Hyderabad? Then the below information helps you to get a clear view.  Property tax calculation for residential properties: Annual Property Tax = Gross Annual Rental Value (GARV) x (17% – 30%) [Slab Rate – 10% depreciation] + 8 % library cess Please note that GARV can be calculated using the following: GARV = Plinth area x Monthly rental value in Rs/ sq ft x 12 Slab rate is determined based on Monthly Rental Value (MRV) as fixed by GHMC. Commercial properties property tax calculation: Annual Property Tax = 3.5 x Plinth Area in sq.ft. x Monthly Rental Value in Rs/sq.ft. The plinth in both instances is calculated based upon the total built-up area of the property in question.  The MRV is governed by the type of occupancy as well as the cumulative MRV of properties in the vicinity of the said property.  Payment of Property Taxes in Hyderabad Property tax is paid through offline or online. However, many owners choose to pay tax online to have secure payment and save valuable time. You have to log onto the GHMC website tax payment portal and put your unique Property tax identification number (PTIN). For old properties, the PTIN will be  14 digits, and for new properties, the PTIN is 10 digits.  After entering your PTIN, you can know your Property Tax Dues. Fill in all required details of your property like plinth area, location, arrears, interest on arrears and other adjustments. You can pay your property tax through net banking, credit or debit cards. After the completion of property tax payment, it is recommended to keep a copy of the payment receipt. If you want to pay your property taxes through offline, it is done through Mee-Seva counters, Citizen Service Centres, Bill Collectors or even at any of the State Bank branches in Hyderabad. You can pay your property tax either a check or a Demand Draft (DD) drawn in the name of Commissioner, GHMC. The penalty of 2 per cent interest will be generated per every month if you delay paying your property tax. At what time do the Property Taxes in Hyderabad is paid? You can pay your half-yearly taxes twice every fiscal year, on 31st July and 15th October as per the government rule. To encourage timely payment of taxes, the GHMC had proposed cash rewards for payment of taxes in the fiscal year 2016-17, which promote the timely property tax payments. The taxpayers are selected through a lucky draw and are awarded by cash rewards. Property Tax Exemptions  GHMC offers a few tax exemptions based on the type of properties, ownership or premises. The tax exemptions vary from 100% to 50% based on the type of property. The money collected through the tax payments is distributed to welfare activities of Hyderabad by GHMC. So be the part of the service activities and pay your property taxes timely. The law on land tax determines - among several modifications applied - that the real estate will be re-evaluated fiscally every five years.  Here is the core of every claim by the owners. The economic appraisal is a 'tax' appraisal and not a commercial appraisal. Its sole purpose is to determine to what amount, by territorial tax, the real estate is affected in the five-year period in which each reevaluation takes effect.  That is why people have an obligation to know and understand the current tax assessment for their property.  Another prevalent situation when analysing antecedents to carry out real estate appraisals is to find properties that have large building surfaces. That is, the tax assessment reflects the assessment of the land and does not include the construction that physically exists.  Faced with this scenario, much attention must be paid, since it is most likely that this construction does not have the final reception issued by the respective municipal works management. Likewise, for the owner or for the potential buyer, this represents another problem: Being affected by a surcharge for the concept of 'empty site' in urban sectors, contemplated in the territorial tax law. To this, we must add that if that buyer has thought to request a mortgage loan to finance the operation, the banking institution, when ordering the property, will only value the land. If the construction is regularised, with the corresponding certificate of final municipal reception, the entire property is valuable and subject to guarantee in all its appropriability, of course. The law is clear, and the SII is a highly technological and standardised state in the information. Therefore, we must not miss these and several other details that are part of the list of background to evaluate when buying a property. Also, you have to take them into account when you already own it. In that sense, not having them reviewed by experts in the field is an act of negligence that will have economic consequences sooner or later.  By: Lotus Tech & Govi Importance Of GHMC Property Tax (PTIN) For Hyderabad Residential Properties Click To Tweet

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Real Estate
11 Dec 2019 | 2302 Views
Will Union Budget 2020 Expectations for Real Estate Gets Fulfilled?
The union budget 2019-20 has reported mixed responses from the real estate market in India, lauding measures for affordable housing and infrastructure, as well as the development of rental housing. However, builders and developers are skeptical, that the budget has not addressed the long-term expectations for the industry in terms of status, single window clearance and reforms in the Goods and Services Tax (GST) and have clinched their expectations for union budget 2020 date that is on February 1st, 2020. The Indian real estate sector has its purpose of welcoming the fact that the Finance Minister has announced a range of budget benefits both for builders and home buyers. These measures are expected to boost the housing industry and provide home buyers with plenty of investment opportunities. Although union budget 2019 has its highlights for the real estate, it was not able to address the most pressing concerns of the sector, like an increase in sufficient numbers of consumers and investors returning to the market, excluding affordable housing. Glitches of Budget 2019 & Expectations of Budget 2020 for Real estate Sector Income Tax Slab 2020-21 for First Time Middle-Class Buyers Finance Minister Nirmala Sitharaman, during her first maiden budget, has announced an increase of Rs 3.5 lakh tax deduction cap on the interest paid on home loans approved for the acquisition of the first home purchase up to Rs 45 Lakh in the financial year. It was proposed allowing an additional deduction of up to Rs 1.5 lakh of interest paid on loans leased up to 31 March 2020 in the purchase of an affordable house of up to Rs 45 lakh, noting that interest payable on housing loans was currently permitted as an allowance of Rs 2 lakh. However, some players in the industry have criticized Rs 45-Lakh on the value of affordable taxable houses. Although the sector appreciates the focus on affordable housing and PMAY, the government has at the same time missed the main segment of first-time middle-class buyers who expected a lot from the budget 2019-2020 before they purchased the first house. This has created a considerable ignorance gap for the middle-class housing segment and hence have piped up the expectations for budget 2020 date for real estate. Never-Ending Single-Window Clearance and Industry Status Issue Budget 2019-2020 ignored some significant issues, including real estate industry status and single-window clearance. Developers and buyers had certain expectations that these issues, when taken into consideration, would have made a significant difference in the Housing for All' by 2022. Although the state accorded the industry status for affordable housing in 2017, builders and developers agree that it should apply to the industry as a whole.  Experts say that without the classification of the industry, the use of legal funds by banks and other financial institutions has been problematic for the real estate industry. Single window project clearance is another long-standing request that is considered to be addressed in the budget 2020. Since the developers already need to obtain multiple permits and approvals, with a lack of single-window clearance, it may take 18 to 36 months before any project starts. ITC & REITs Needs an Extra Boost-Up Plans In the previous union budget 2019, the GST council streamlined the criteria on the use of Input Tax Credit (ITC) on under-construction properties. But the complete restoration of ITC was needed by the developers to recover from their ongoing financial pressure. It would have also helped to boost sales since the homebuyers can also share the benefits.  Real Estate Investment Trust (REITs) have already broken several benchmarks in the real estate sector, adding new dimensions. Not only did the cash market expanded, but the flow of institutional funds also increased rapidly. In addition to a few deficiencies, this investment tool needed much more incentives to encourage more investors. The government needs to announce encouraging movements as well as infrastructural developments that can attract further foreign investment in the sector and support the employment sector to strengthen it further. Attention Required for Infrastructural Development & Land Reforms There is no question about the government's priority on the construction of infrastructure. Still, its plan to spend 100 Lakh on infrastructure in the next five years will produce real economic benefits only if a more aggressive execution happens on the ground. Bottlenecks that hamper the growth of infrastructure in the past need to be rectified. The new lower 15 percent tax rate for businesses looking to set up new factories can only be enforced if the land acquisition process is simple and straightforward. Implementing a unique identity number or land UID is expected to increase transparency in the Indian land record system. Thus can boost the mechanism of clearance for real estate projects and can also draw more foreign investments for Indian real estate The Crux of the Matter for Loan Crisis According to Fitch Rating's, with some 10 billion dollars of developer’s loan coming to be paid back in the first half of budget 2020, the fallout could extend to mainstream banks which have borrowed money from the shadow lenders or invested in their bonds. Things have now reached a critical stage, however, because a credit crisis affected shadow banks, both builders and home buyers, as significant borrowers. Although 25 Crore stress funds have been allotted for stalled projects, they are much needed to be utilized to full potential without any delay relieve the situation. The recent decrease in the repo rate, in conjunction with Homebuyers, has further increased new hopes. Homebuyers can now exercise their confidence in raising the cost of higher EMI loans. The Government can announce more tax advantages in accordance with section 80C and can change the income tax sheet in the future budget announcements. This increases the number of prospective homebuyers, as it increases their purchasing trust. Conclusion The real estate market in India is also expected to address the liquidity crisis faced by the government potentially. In September last year, the crisis appeared after a number of its commercial documents, which affected various segments, including the real estate industry, defaulted on significant IL&FS infrastructure loans. Taking all these into considerations, anticipations for union budget 2020 have been increasing among the real estate stakeholders. Want to stay updated with the latest real estate news and find all properties for sale in Hyderabad? Browse to put an end to your home quest and subscribe to our newsletter to get the daily digest of trending real estate news to your inbox. Expectations of Union Budget 2020-21 for Real estate Sector Click To Tweet By Govi