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News Updates

24 Jul21

Why real estate offers good returns ?

Real estate business has seen a significant shift in the last ten years since 2010, particularly in regions such as Pune,kolkata,Bengaluru, Hyderabad and Delhi-NCR. These cities, however, are nearing saturation due to lack of sufficient land banks and excessive costs. As a result, numerous rising towns are projected to become sought-after destinations in the next few years.Various upcoming smart cities will project the next phase of growth in real estate. Given that the government's "Smart

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22 Jul21

Real estate market to touch $1 trillion by 2030, housing demand revives despite COVID-19: Housing secretary

India’s real estate market is expected to touch $1 trillion by 2030 as demand for housing recovers from the “setback” caused by the first and second waves of the COVID-19 pandemic, a top government official said. “The size of the real estate sector was around $200 billion two-three years ago. We expect the real estate market to touch $1 trillion by 2030,” Durga Shanker Mishra, secretary in the housing and urban affairs ministry, said at a conference on July

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10 Jul21

Beginning of Real Estate Boom in West Bengal

The relief was being granted for registration of deeds affecting sale/lease of land/house/flat. The first financial statement of state authorities in its third time period, also introduced a 10% deduction inside the circle rate of property, which determines the price at which a belongings is registered.The state Government expects the measures announced for the  real estate industry  to create additional call for  the sector, with the intention to have a multiplier effect on the

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14 May21

Housing revival to boost economic sentiment: FM Nirmala Sitharaman

This will also boost the portfolios of banks and non-banking financial companies (NBFCs), said the FM at a virtual event where she handed over possession of Rivali Park to home buyers.The Mumbai-based project, which had been stalled for some time, was completed under the Centre’s special liquidity window — Special Window for Affordable & Mid-Income Housing (SWAMIH-I). This is the first residential project completed by SWAMIH, which was created in 2019 to fund stuck affordable

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06 May21

SC says WB Housing Industry Regulation Act of 2017 ‘unconstitutional’, in conflict with Centre's RERA

The Supreme Court on May 4 struck down West Bengal's Housing Industry Regulation Act (WBHIRA) 2017, the law regulating the state’s real estate sector, saying it was ‘unconstitutional’ as it creates a parallel regime and is in direct conflict with the Centre’s Real Estate (Regulation and Development) Act (RERA). The state law has encroached upon the domain of the Parliament and hence is unconstitutional, the verdict said. The West Bengal Housing Industry Regulation Act

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14 Apr21

Luxury housing sales went up by 21% in February :Report

Luxury housing sales in India’s seven primary markets went up 21% in February to 8219 units from 6,786 units a year ago following extra demand for open and bigger spaces because of the Covid-19 pandemic. Delhi-National Capital Region (NCR) emerged as the most important beneficiary of the trend as it recorded an increase of 54% in luxurious housing sales. Mumbai Metropolitan Region (MMR) changed into next with a 37% growth, followed by using Bangalore (13%), Pune (12%), Chennai (8%) and

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12 Feb21

KYC and Source of Funds required from buyer/seller for any real estate transaction, by Real Estate Agent

The government has issued two notifications dated December 28, 2020, making it obligatory for real estate agents to keep records of transactions facilitated using them under the PMLA (Prevention of Money Laundering Act, 2002 ) rules. Here is a have a look at what has been amended, its impact on home buyers and sellers, and what will manifest if one does now not observe the guidelines. If you're looking to buy a residence, then your real estate agent will ask you to undergo a KYC process and

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13 Jan21

GST applies to one-time maintenance deposit flat customers pay developers: AAR

The AAR bench, though, brought the quantity will be concern to GST on the time of actual supply of service—when renovation services or maintenance of common place areas and centers are achieved, in future, with the aid of utilising these deposits. MUMBAI: The Gujarat bench of Authority for Advance Rulings (AAR) these days held items and services tax (GST) would be relevant to a one-time upkeep deposit gathered by a builder from its consumers as it's miles

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25 Nov20

Bidhannagar civic body proposes uniform belongings tax structure for Salt Lake, Rajarhat

KOLKATA: The Bidhannagar Municipal Corporation has proposed a uniform property tax shape for the complete enterprise area of Salt Lake and Rajarhat. The civic frame has asked West Bengal Valuation Board to formulate the tax on the way to cowl all 41 wards. The circulate to revise the belongings tax structure will pave the manner for the civic body to begin amassing belongings tax dues by means of March, 2021. Residents of the organisation region of Salt Lake and Rajarhat currently pay assets

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29 Oct20

Kolkata overtakes Hyderabad to become the most affordable residential real estate market: Report

Kolkata is the most less costly residential real property marketplace as it overtakes Hyderabad. Home buy affordability improved across key Indian cities which had been a part of the Index. This changed into regardless of a bigger fall in annual household profits compared to residential property fees. A sharp decrease inside the price of investment (average home mortgage prices decreased from (8.9% in 2019 to 7.5% in 2020), greater than offset the detrimental impact of lower earning on

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