What Budget 2014-15 means for real estate

With a large number of offices and ITeS segment growth apart from residential growth coming from small tier II and tier III centres, the development of smart cities can bring opportunities for real estate developers, investors, end users and well as the housing loan sector.

On expected lines, the real estate sector and the infrastructure sector were the focus sectors of the government in the annual union budget of 2014-15. The finance minister announced a series of measures to bring investment into the sector while giving special emphasis on affordable housing. The announcement that Rs 8000 crore will be earmarked for rural housing along with a series of dedicated proposals augers well to the future of the realty sector in the country. Market analysts and real estate experts have given the budget a big thumbs-up as is focuses evenly on housing and development with both domestic and foreign investments in the sector.

Smart City Development: Among the many big announcements in today’s annual budget, the finance minister has announced an allocation of Rs 7,060 crores for development of 100 new smart cities in the country. The move is likely to add a positive sentiment to the real estate segment in all these cities and neighbouring towns. With a large number of offices and ITeS segment growth apart from residential growth coming from small tier II and tier III centres, the development of smart cities can bring opportunities for real estate developers, investors, end users and well as the housing loan sector.

Easing of FDI:
As a measure to enhance affordable housing the finance minister announced relaxation of FDI norms in the real estate sector. Industry experts are of the opinion that easing of FDI is likely to bring in opportunities for cheaper capital for smaller projects. The finance minister has announced a reduction in the size of projects eligible for FDI from 50,000 sq meters to 20,000 square meters and reducing the minimum investment limit for FDI to $5 million from the existing $10 million.

Emphasis on Affordable Housing: The government’s policy is easing of FDI norms are being seen as one big beneficiary move to bring affordable housing back on track. With expert reports suggesting a shortage of around 18.78 million houses in the country, the finance minister has allocated Rs 4,000 crore for low-cost housing alone apart from Rs 50,000 crore for urban housing. With Slum development being made a part of CSR activities, the government seems to have its heart in the right place.

Introduction of REIT- a Positive Sign: The introduction of real estate investment trusts (REITS) is applauded as a welcome move as it is likely to increase liquidity in the cash strapped sector. The Securities and Exchange Board of India has already issued guidelines for REITs and now with taxation structure getting clear in the annual budget, real estate sector is going to become a direct beneficiary of such trusts.

Increase in deduction limit on interest payment for housing loans:
As part of its tax management and tax structuring, the finance ministry has increasing the home loan rebate on self-occupied property from Rs 1,50,000 to Rs 2,00,000. Income tax deduction limits under 80C on repayment of principal amount on housing loan has also been increased from Rs 1 Lakhs to Rs 1.5 Lakhs which is likely to make more people walk down the housing loan route in the coming year. This is a good news for banks too!

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Yamuna Express Yamuna Expressway homebuyers to pay more

Yamuna Express Yamuna Expressway homebuyers to pay more

GREATER NOIDA: Those who bought land or a flat along the Yamuna Expressway will have to shell out more as the UP cabinet on Friday approved a higher rate of compensation for farmers from whom the land was originally acquired. This comes three years after the Bhatta-Parsaul land unrest and the series of litigations that followed. Friday’s decision will mean an extra payout of Rs 6,000 crore to farmers of 77 villages from whom 8,000 hectares was acquired. The UP cabinet approved a 64.7% e ..

The UP cabinet approved a 64.7% extra compensation to farmers, which the Yamuna Expressway Industrial Development Authority (YEIDA) will now have to fork out. The authority will recover this cost from the allottees. Farmers, on their part, will have to withdraw all their legal petitions and hand over possession of the land to the authority to avail of the hike.

It has yet to be worked out how much extra each flat buyer will need to pay. It will depend on the size of the plot and the num ..

Read more at: http://economictimes.indiatimes.com/articleshow/40761055.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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What Budget 2014-15 means for real estate

With a large number of offices and ITeS segment growth apart from residential growth coming from small tier II and tier III centres, the development of smart cities can bring opportunities for real estate developers, investors, end users and well as the housing loan sector.

On expected lines, the real estate sector and the infrastructure sector were the focus sectors of the government in the annual union budget of 2014-15. The finance minister announced a series of measures to bring investment into the sector while giving special emphasis on affordable housing. The announcement that Rs 8000 crore will be earmarked for rural housing along with a series of dedicated proposals augers well to the future of the realty sector in the country. Market analysts and real estate experts have given the budget a big thumbs-up as is focuses evenly on housing and development with both domestic and foreign investments in the sector.

Smart City Development: Among the many big announcements in today’s annual budget, the finance minister has announced an allocation of Rs 7,060 crores for development of 100 new smart cities in the country. The move is likely to add a positive sentiment to the real estate segment in all these cities and neighbouring towns. With a large number of offices and ITeS segment growth apart from residential growth coming from small tier II and tier III centres, the development of smart cities can bring opportunities for real estate developers, investors, end users and well as the housing loan sector.

Easing of FDI:
As a measure to enhance affordable housing the finance minister announced relaxation of FDI norms in the real estate sector. Industry experts are of the opinion that easing of FDI is likely to bring in opportunities for cheaper capital for smaller projects. The finance minister has announced a reduction in the size of projects eligible for FDI from 50,000 sq meters to 20,000 square meters and reducing the minimum investment limit for FDI to $5 million from the existing $10 million.

Emphasis on Affordable Housing: The government’s policy is easing of FDI norms are being seen as one big beneficiary move to bring affordable housing back on track. With expert reports suggesting a shortage of around 18.78 million houses in the country, the finance minister has allocated Rs 4,000 crore for low-cost housing alone apart from Rs 50,000 crore for urban housing. With Slum development being made a part of CSR activities, the government seems to have its heart in the right place.

Introduction of REIT- a Positive Sign: The introduction of real estate investment trusts (REITS) is applauded as a welcome move as it is likely to increase liquidity in the cash strapped sector. The Securities and Exchange Board of India has already issued guidelines for REITs and now with taxation structure getting clear in the annual budget, real estate sector is going to become a direct beneficiary of such trusts.

Increase in deduction limit on interest payment for housing loans:
As part of its tax management and tax structuring, the finance ministry has increasing the home loan rebate on self-occupied property from Rs 1,50,000 to Rs 2,00,000. Income tax deduction limits under 80C on repayment of principal amount on housing loan has also been increased from Rs 1 Lakhs to Rs 1.5 Lakhs which is likely to make more people walk down the housing loan route in the coming year. This is a good news for banks too!

MoneyControl.com

 

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Buying a house in Noida becomes costlier affair as land allotment rate goes up

Buying a house or any residential property in Noida will now be a costlier affair, as the Noida and Yamuna Expressway authorities decided to hike the land allotment rate up to 10-12% at a board meeting on Monday. “We have increased the land allotment rate up to 10% in Noida in all categories, except for commercial properties. Rates of commercial property in Noida will not be increased because we want to correct the rates.

“Land allotment rates will be hiked up to 12% in Yamuna expressway area. The rates are unchanged in Greater Noida because they saw an increase in February this year,” said Rama Raman, chairperson of Noida, Greater Noida and Yamuna Expressway authorities.

The new rates came into effect on Monday.

According to officials, land allotment rates will be increased in all categories – including residential, group housing, institutional and industrial, while commercial plots will not see any increase.

“The hike was unavoidable because of the prevailing financial circumstances,” said a senior Noida authority official.

The Noida authority had increased the rates in May, 2013, by up to 9-12 % on the previous occasion.

In Noida, the highest rate of a residential property is Rs. 62,220/square meter, and the lowest is Rs. 22,625/ square meter.

Now, after the 10% increase, buying unallotted residential plots will cost Rs. 71,553/ square meter.

The authority has decided to hike land allotment rate because plans are afoot to allot 25,00 acres of land to realtors for group housing, commercial and mixed-land use purposes from June-end.

This land was earlier earmarked for special economic zone (SEZ) purposes. But because of a land row and a long legal battle, the authority has got this plot back.

It will be the last large-scale allotment to realtors. After this round, Noida will not be left with any land for further allotment.

“This 2,500 acres of prime land located along Noida Expressway in sectors 144 and 145, among others, is remaining land parcel. Therefore, we urgently needed to hike allotment rate. Once 2500 acres is allotted, Noida will not have any land to allot in future,” said an official.

The old rate for residential plots was 62,220/square meter and group-housing plots allotment rate was 84,845/ meter.

Reference: HT

 

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Industries and real estate market in National Capital Region riding on Modi wave

NOIDA: Fed up with the poor policies, multiplicity of authorities and corruption, UP-NCR industries and real estate is riding on Modi wave. The experts believe that the stable government would rejuvenate the economy, and this will subsequently leave positive impact on the NCR market. The industries players have been advocating for a single window clearance system, transparency in government proceedings and reduced cost of borrowing from banks for many years. It is expected that implementation of proposed GST framework; tax benefits for buyers and real estate developers will percolate downwards benefitting the end buyer of affordable and mid-income projects while the consumer is expecting reduction in home loans and rationalisation in real estate pricing.

P Sahel, vice chairman, Lotus Greens Developers said Indian industries were awaiting a robust government, which will make the market viable for sellers and buyers. “The industry, for a long time has been advocating for a single window clearance system, transparency in government proceedings and reduced cost of borrowing from banks for many years. at the same time, the consumer is expecting reduction in home loans and rationalisation in real estate pricing,” Sahel said it is expected that implementation of proposed GST framework; tax benefits for buyers and real estate developers will percolate downwards benefitting the end buyer of affordable and mid-income projects. So considering all these factors, we hope the new government will surely roll out policies favouring realty sector,” Sahel said.

The experts said that positive sentiments were visible on Friday during the trend of early vote counts presented by media groups. The trends had injected a new wave in the economy and the BSE Sensex and Nifty rallied to record life highs, breaching the psychologically important mark, while the rupee strengthened high against the dollar.

“The real estate market is based on sentiment and the positive sentiment which was missing from the market again rejanuated with the Modi government. Entire industry and buyers were suffering from the slump. With the transparent policies to boost the industries and serving the common men, we are expecting good results in the couple of months. People who had put their investment on hold will hit the market for investment and I would suggest that this is the best time investment in real estate for earning handsome profit, said Amit Gupta, MD, Orris Infrastructure.

“There is need to focus attention of Government on the imperative urgency of reforming the current wasteful and dilatory process of Plan approval through multi-Agencies of Central and State Governments acting individually and adding to the time and costs of starting and completing any Urban Space Development Project. All objective Reports and studies state that the current dilatory, multi-Agency processing of Development Plans add up to 40% cost of the project,” Gupta said. “If implemented, industry can double housing stock, reduce sale prices up to 25%, increase state and central government’s revenue by 100% as well as local Municipal authority’s revenue doubles, establishment cost of government authorities at all level by 70% and increase GDP by 1.5%,” said Anil Mithas, CMD, Unnati Fortune Group.
“We are hopeful that the real estate market, which provides bread and butter to crores of people of this country would be revived soon. The positive sentiment was missing from the market, which is why some sectors were not doing well. With the functioning of the new governments, the market will witness more growth and strength. The real estate had started witnessing revival signings after four states polls outcome last year December and its a right time to buy property otherwise post elections rates would go up and put burden on the buyers pocket. We are expecting real estate full fledge revived by August this year,” said JK Jain, CMD, Designarch group.

“The UP-NCR industries were reeling under deep slump for a long time. For the last 13 years no big industry has turned up in Noida and Greater Noida due to maligned law and order and rigid policies. There is no back up for the industry, positive sentiments were missing and at the same time harassment has gone up. With the stable government, we are hoping that entire economy will revive soon and this will influence UP-NCR,” said Gaurav Kumar Bansal, social activist.

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