ARTICLES

BY erealto | 05-12-2018

GST and the Indian Real Estate

GST , which has been implemented from 1st july , 2017 has stressed out most of taxpayers and dealers due to its compliance requirements . we will try to point out that how it affects the taxes in real estate sector. In the earlier tax regime , when property under construction was purchased , the purchaser was subjected to the payment of VAT , service tax , stamp duty and registration charges. Property purchased after completion were exempt from VAT and service tax , and only stamp duty and registration charges were payable. As we know that real estate industry contributes about 7.8% to India’s GDP and it is the second largest employment generator after IT industry. GST Brings Transparency : The enactment of this law brings transparency in the functioning of real estate sector , the overall increase in price for new residential properties could be lower than that for new commercial properties. After the implementation of GST ,the tax structure is under simplification process. All under- construction properties will invite a GST of 12 % with full input tax credit. However , GST will not be applicable for ready-to-move-in properties. In this category , the actual GST rate is 18 %. But one-third of this 18% is deemed as the value of land or undivided share of land supplied to the buyer of the property. Hence , GST rate lowers down to 12 % on under construction flats, properties or commercial properties with full input tax credit. The GST regime has replaced multiplication of taxes and the builders now have to pay a higher amount in the 4-tier taxation but would get input credits eventually. Now, the burden of the higher taxes will be passed over to the home buyers. The home buyers will end up paying GST apart from those who are linked under the CLSS scheme. The 25th GST council meeting has passed the provision that the home buyers registered under the CLSS scheme will be only paying 8% GST on the one-third part of the land. So , it will directly impact the overall cost of building construction. Will GST help Home Buyers ? With the introduction of the GST , the total incidence tax will increase from 5.5 % to 12%. However , developers will be able to avail of input credit , on all the goods and services purchased and spent in the construction of the property . Moreover , the prices of input materials can also be volatile. Cement and steel prices can soar , without warning. Similarly , sand is always in short supply and not available in the monsoons. Hence , it is likely that these industries may not pass on the entire benefit of tax credit. Another important factor that needs to be examined , is the stage of construction. If the project is at advanced stage , where substantial cost has already been incurred before the application of the GST, very little input credit will be available and very less benefit will be passed on. If the project is at an early stage , more benefits can be passed on . Strong case for bringing real estate under GST : Finance Minister Arun Jaitley : Finance Minister Arun Jaitely , while delivering a lecture at Harward University on October 12 ,2017 , has said that the real estate sector should , ideally , be brought under the ambit of GST . “ The one sector in India , where maximum amount of tax evasion and cash generation takes place and which is still outside the GST , real estate. Some of the states have been pressing for it. I personally believe that there is a strong case to bring real estate into the GST , ” jaitley said. The Finance Minister said the move would benefit consumers , as they will only have to pay one final tax on the whole product. “ As a result , the final tax paid on the whole product under the GST , would almost be negligible,” he said. One year of GST : Gains and Losses : Home buyers in the affordable housing segment , specifically , homes of up to 60 sq meters carpet area in size , have benefited significantly from the reduction of GST by 4 % ( from 12% to 8% ). However , even almost a year after GST’s implementation , the only real clarity that exists for property buyers is on the prevailing GST rate of 12 % , on under construction projects. There is still confusion about the amount of rebate that a prospective home buyer is entitled to , on the back of the pass-over of ITC. The confusion is not only about the percentage of ITC but also on the mode and tranche of the rebate. On their part , developers are stating that they have to do multiple calculations , to arrive at ITC and will pass it on , only during the final tranches. GST is definitely reducing developer’s construction costs , by negating double or triple taxation to a more moderate level , through input tax credit. While there is no significant variations in the overall taxes , GST has certainly eliminated the tax-on-tax system. Also , shady transactions are being minimised considerably , bringing in transparency and accountability into the sector. However , end-users have not received a consummate benefit because of the inherent ineffectiveness of the anti-profiteering provisions. They will only benefit , if the base property prices are reduced and the developers pass on the tax credits to their customers. While the tax-on tax has been eliminated with the advent of GST , the overall outgo from home buyer’s pockets seems to have increased , considering that even after passing on of ITC , they may have to pay three to four percent more than in the earlier service tax+ VAT regime.

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BY erealto | 05-12-2018

HUDA Change the Building Codes: allows stilt +4 buildings in Panchkula

The National Building Code sets down rules and regulations for constructing buildings. This code is prepared by the Bureau of Indian Standards (BIS). This code is applicable pan-India and states incorporate them in their by-laws. These guidelines have the purpose of regulating construction and safety norms. This code makes builders responsible for the safety of people with a hefty fine levied if they violate the building code. It encourages new building technologies for speedier construction and it incorporates necessary changes keeping in view the requirement of modern buildings. Fire and safety norms are more specified for tall buildings. Such structures are required to have high speed lifts and clearance from the fire department. The Haryana Urban Development Authority revised the building code in their by-laws in 2016 in which they made a provision for stilt parking and increased the height of buildings from 11meters to 15 meters in lieu of the stilt parking and increasing the height of each floor. Stilt floor is a open ground floor that has structural columns supporting the building structure. This provision facilitated parking and residential areas were not cramped with unruly parking. The building code allowed a stilt parking with 3 floors on top. The Haryana government amended the Haryana by-laws in 2017 again when they allowed construction of a fourth floor on the ground without increasing the height of the buildings. The stilt parking is not mandatory any more. This amendment was met with criticism in 2017 when the residents and architects protested that this would clutter residential areas with unruly parking and make roads difficult to maneuver. Certain sectors in Haryana have a provision for stilt parking and residents argued that the amendment is of no use to them. They further argued that the height of the buildings should be increased by 1.5 meters and stilt parking should be made mandatory. The current approved height of buildings by HUDA is 2.4 metres for the stilt floor and 2.75 meters for one floor. When the height of floors is reduced, it is not ideal for summer as the ceiling is too low. Low ceilings trap the heat inside the rooms and ventilation is slower. Engineers from Haryana have stated that the height of the buildings must be raised by at least 2 meters if another floor is allowed to be constructed. Unless the building codes allow residential houses to be more that 15 meters, no more than 3 floors must be allowed. Low ceilings and non-mandatory stilt floors are planning faults because this way people would indulge in chaotic parking and unauthorized construction. This amendment in the building code resulted in many people constructing a 4th floor since 2017 in the hopes of selling the new floor as independent housing units. However the Directorate of Town and Country Planning restricted the registrations of 4th floors in many HUDA sectors which angered residents. Haryana CM Manohar Khattar stated that he has asked the concerned officials to allow residents to register their properties in May 2018. Further action is still anticipated.

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BY erealto | 05-12-2018

HUDA renamed as HSVP

Continuing the trend of changing the names of places, the currently ruling BJP government has changed the name of HUDA (Haryana Urban Development Authority) to HSVP (Haryana Shehri Vikas Pradhikaran) which is a Hindi translation of the same. The decision of changing the name was taken in a cabinet meeting chaired by Mr. Manohar Lal Khattar, the present chief minister of Haryana who also chairs the urban development authority. The name was changed as the acronym sounded similar with the last name of Bhupinder Singh Hooda, the former chief minister of Haryana, and created confusion. Earlier the state government renamed Gurgaon as Gurugram, Mewat as Nuh and Ballabhgarh as Balramgarh. The government is also looking forward to change the names of various sport stadiums named after former PM Rajiv Gandhi. Also, the government has renamed many villages. What is HUDA? HUDA currently known as HSVP is a statutory body formed under Haryana Development Authority Act, 1977. Iyt is the urban planning commission of the state of Haryana. It was formed to promote and secure the development of the urban areas in a well-planned manner.

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BY erealto | 05-12-2018

IMPOSITION OF DEVELOPMENT TAX IN PUNJAB

Punjab government is imposing an amount of Rs. 200 per month as development tax on all government professions, traders, callings and employment for the benefit of the state of Punjab. The Punjab State Development Tax Act,2018 got approval from the governor on April 2018. The act has come into effect from April itself. The employees would receive their salaries after deduction of development tax for the past months counting from April 2018. However, nothing has been said about how non-governmental employees would pay their tax. Senior citizens and people engaged in agricultural practices exclusively and extensively would be exempted from paying the development tax. In case of the employees, the tax would be deducted by the employers before the payment of salaries to the employees. However, in case of businessmen, they need to register themselves under this act and are liable to pay taxes. The government would benefit a lot from this tax and it is expected it would earn a revenue of over Rs. 150 crores annually. A penalty of INR 5000 would be charged both to the employer as well as tax payee in case any false information is being provided intentionally. If an employer fails to deduct tax at the time of payment of the salary, simple interest of 2% of amount of tax per month would be charged. The imposition of development tax has undergone a lot of criticism. But Manpreet Singh Badal, the finance minister of the state justified the levying of taxes by saying that many progressive states such as Gujarat, Maharashtra, Tamil Nadu etc. have been charging taxes for years now.

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BY erealto | 05-12-2018

Review of high-rise buildings in Zirakpur-DC

Deputy Commissioner of the city Zirakpur, Gurpreet Kaur Sapra has recommended the review of all high-rise buildings erected in Zirakpur, in the last 3 years. "At VIP Road and some other places, commercial or residential construction activities are not as per the master plan. Illegal basements are being constructed, where shops, discos and bars have come up. This has led to parking problems in the area," she stated. Also, she told that flats have come up in area as small as 100 sq. yards, which is not qualified under the guidelines of RERA. This review was crucial as many buildings have come up on the reclaimed bed of river Ghaggar. She advised the formation of a committee comprised of high-level experts from either, IIT Roorkee or IIT Delhi. She demanded the decision to taken only after the physical inspection of the site. The buildings should be reviewed and evaluated on the basis of a fixed criteria, such as, resistance towards earthquakes, security guidelines, age of buildings, soil bearing capacity, etc. This would help avoid mishaps like collapse of a building in Peer Mucchalla. This is a necessary step as this would ensure the security of public.

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BY erealto | 05-12-2018

New ruling to curb misuse of stamp duty rebate

Stamp duty is a tax levied by the government on any property transactions whether commercial or residential. Earlier, the stamp duty charged was 9%. But an ordinance was issued to reduce the stamp duty to 6%. This ordinance came into effect and became a law after the Indian Stamp Act 1899 (for Punjab) got amended and the Indian Stamp (Punjab Amendment) Act 2017 came into effect. Punjab government, in order to curb the misuse of stamp duty rebate ruled out a new law which will control the wrong deeds of some greedy and unethical people. In order to empower the women, Punjab government gives a rebate of 2% on the property transactions which are registered on the name of a woman. Though, the transfer of property to someone who is related by blood is absolutely free of cost, but for others, the government charges stamp duty of 6% if the property is to be transferred to a man, in the case of a woman, it is 4%. This is a unique step which has been taken by the government to empower the women and to increase their say in the matters of property. However, if the male and female are equal property owners, the rebate given is according to the proportionate share of women in the property. But this is however being misused by some immoral people, who at first transfer the property on the name of woman but then transfer it to a male member of the family. In order to curb this practice, the government takes back the rebate given, if the property is transferred from a female to male within a period of one year. This decision has been taken by the Punjab Revenue Department to restrict the malpractices going on.

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BY erealto | 05-12-2018

STAMP DUTY SLASHES IN PUNJAB

Slash in stamp duty come as a relief to the residents of Punjab, which will give a boost to realty sector which was on the verge of going into a recession. Earlier in the urban areas, the stamp duty was 9%, whereas in the rural areas it was 6%. Now the stamp duty in both areas has been brought at par with each other as the government has brought down the stamp duty for the urban areas, which is now 6%, same as that of the rural regions. The additional 3% which was earlier charged as social security fund, has now been cut down. However, the stamp duty of the state is still higher than the neighbouring union territory of Chandigarh. In Haryana, the stamp duty for urban areas is 8%. The reduced stamp rates are applicable only to the land rates, not to the super structures. The ordinance for amendment got approval and the Indian Stamp Act 1899 (for Punjab) got amended and the Indian Stamp (Punjab Amendment) Act 2017 came into effect. This will certainly boost the realty sector and will encourage more transactions.

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BY erealto | 05-12-2018

STRUCTURES DEMOLISHED FOR WIDENING OF ROAD IN MOHALI

Many illegal structures constructed on the under-construction Chandigarh-Kharar highway were demolished by the Mohali administration. The demolition team comprised of administration officials and police. The residents of the area who lived in the illegal buildings were given prior notices to vacate the buildings till May 20, 2018. The demolition went on from morning to evening demolishing around 100 illegal structures that were required to widen the road. Out of 244 illegal structures, around 100 have been brought down, the rest will also be knocked down soon by the administration. The buildings included shops, showrooms and also houses. The administration also had to face resistance from some people, but this didn’t bring a halt to the firm agenda of demolishing.

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BY erealto | 05-12-2018

PRADHAN MANTRI AWAS YOJANA

Pradhan Mantri Awas Yojana is an initiative taken by the PM Narendra Modi- led government which aims at providing affordable housing to 20 million people by 31st March 2022. The scheme was launched in June 2015. The government aims at providing pucca houses to all the people by the time India complete its 75 years of independence. The scheme has two components: • PRADHAN MANTRI AWAS YOJANA- URBAN, which aims at providing housing to the urban poor. • PRADHAN MANTRI AWAS YOJANA- GRAMIN, which aims at providing housing to the rural population. The scheme is also being collaborated with other schemes, such as, Ujjwal Yojana to provide LPG connections, Jan Dhan for banking facilities, water supply, 24X7 electricity supply. The scheme is focussed on providing house to the economically marginal communities of the society, low income groups, women belonging to all religions and castes, scheduled castes and scheduled tribes. The scheme works through providing credit linked subsidy of INR 1 to 2.5 lakhs. The preference is given to the female applicants for the house allotments. The construction developers are made to strictly follow eco-friendly development technology. The scheme aims at providing affordable housing facilities to all.

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BY erealto | 05-12-2018

AFFORDABLE HOUSING IN PUNJAB

To facilitate affordable residence for the urban poor, economically lower section sections of the society, students and elderly people, twin policies by the government are being framed. The government is working to provide affordable housing and rental accommodation to the people in pocket-friendly prices. Need-based renting such as targeting audiences such as single women, single men, students, migrant labour, is the focus of the government. Also, government helps in removing legal, financial, and administrative barriers. The focus of the government would be on making small plots beginning with 100 sq. ft. available to the general public. Also, to encourage the investment by the private firms, incentives are being provided to them.

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BY erealto | 05-12-2018

Burj One

Burj One is a project of the Dhillon Group. It is one of the largest and recognised business company of North India. The group is known for its efforts in the fields of real estate, chemicals, entertainment, gaming, construction, Pepsi cola beverages, information and technology. The Group has a record and expertise to work with and establish joint venture concepts in India with multinational corporations from abroad. Burj one is an epitome of class and perfection, with exquisite and magnificent architectural design. Its offers ultra-modern luxurious way of living with elegance. Surrounded by lush green environment, it offers world class facilities coupled with elements of harmony. Exclusively designed for those who prefer luxurious and peaceful way of living, Burj One is an ideal option in tricity. With five-star facilities, Burj One renders you joy in every step of living. Burj One with an aesthetic architecture within the glass facade, it provides a charming way of living. The homes are a retreat in themselves. With a palatial space, the houses fulfil every unique need of yours. 13-storey magnificent building offering luxury living on every floor is all set to enhance your way of living life. Offering 3+1 (servant room) flats and penthouses, it is unmatched luxury in such an ideal location. Currently, one tower has been constructed and is ready to move in. 2nd tower is expected to come up in few years. CONNECTIVITY Burj One is built on 200 ft. Wide PR 7 road (Chandigarh International Airport Road). It is located on the GATEWAY to states of Punjab, Haryana, Himachal Pradesh, and the union territory of Chandigarh. With malls coming up in close proximity, and Mc Donald’s, Burger King, KFC, Walmart Best price, Metro, and hotels like Park Plaza and Radisson which are located nearby, makes Burj One a very lucrative place to live in. Travelling to Chandigarh, Panchkula, Mohali, Ambala, Rajpura from Burj One is very easier. Also, Chandigarh railway station is only 6 kilometres from the project. Also, Dhillon avenue plaza which is under construction, will offer a small retail plaza. INOX which is also under the Dhillon Group, offers recreation to the residents. AMENITIES • Integrated clubhouse at ground floor- indoor games, pool billiards table, small library • Gymnasium • Swimming pool • Home theatre- seating of only 8 people • 24X7 kitchen with in-room dining facility • Basement parking • Gated community Dhillon Burj One is a celebration of perfection easing out your life and making it all the more luxurious and happening.

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BY erealto | 05-12-2018

Is PR 7 a lucrative investment?

PR 7 is the 17.5 km long stretch of Airport Road, 200-ft wide, which connects Mohali-Kharar highway with the Zirakpur-Patiala highway. Also, GMADA is all set to extend the 200 ft. wide road by 10 km to connect Chandigarh international airport in Mohali with New Chandigarh via Sunny Enclave. This would shorten the distance between the two towns and the commuters would not have to enter Chandigarh. The process of urbanization has been firmly established in the state of Punjab. It was a steady process in the beginning but now it has gained momentum. According to census of 2011, the region of Greater Mohali had a population of approximately 10 lakhs, comprising 54.76 percent in the urban areas and 45.24% in the rural areas. In wake of congestion of existing cities, Greater Mohali Area Development Authority (GMADA) conceived an idea of developing a new independent and self-sustaining city to cater the projected growth of SAS Nagar in near future. The planning of SAS Nagar includes health institutes, educational infrastructure, and commercial and residential developments. The construction of PR 7 was very much necessary as it was required for many reasons, it improved the connectivity to the affected villages to Mohali-Kharar road, Eco-city, Edu-city, Baddi and Mullanpur. The positive impacts of PR7 and PR6 road are- • Improved connectivity to Chandigarh • Quick transport of agriculture/vegetables • The rise in the level of income • Reduced travel time and vehicle operating costs • Increased land prices • Improvement in the standard of living • Improved medical and health facilities The land acquisition during the construction led to the loss of fertile land, loss of livelihood of many people, loss of fruit plants, but compensation and rehabilitation assistance have been provided. But after careful examination of the various parameters of cost and benefit, it is found that proposed construction would benefit the local community at large. Many residential projects such as Lotus green avenues, Sushma Joy nest, Ananta homes, GBP Athens, Affinity Greens and many more projects are coming up. An international chain of hotels, Radisson, has also opened up their hotel, Radisson Red, in Mohali. There is a large scope of development of hotel industry here as there is a large inflow of domestic as well as international passengers who come here daily for tourism, business, and other purposes. The airport provides connectivity to Chandigarh by buses and taxis. Since this airport has been converted into an International Airport, the flights and the inflow of passengers have been consistently increasing. PR 7 is a very lucrative investment and would have higher returns in future from the investments made now.

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BY erealto | 03-12-2018

Article

Property, as a legal social institution, has different forms in different cultures and legal systems. However, only a definition of constitutional property is common in all democratic countries. Since the state exercises eminent domain power against private property, it is pertinent to discuss the concept of private property in brief. The institution of private property has been a controversial issue with conflicting views, one completely denying the right to own private property and the other supports the holding of the private property. However, the right to property is a natural and inherent right of an individual. Most of the modern constitutions, except those of communist countries have recognised the right of private property. Therefore, citizens have right to own and possess the property. This right of individual conflicts with the right of state to acquire property. A person has a right not to be deprived of his property except through due process of law. International Relevance International Convention on The Elemination of All Forms of Ratial Discrimination Which states in Article 5 that everyone has the right to equality before the law without distinction as to race, colour and national or ethnic origin, including the “right to own property alone as well as in association with others” and “the right to inherit”. Convention on The Elimination on All Forms of Discrimination Against Women The convention on the Elimination of All Forms of Discrimination against women recognises the property rights in Article 16, which establishes the same right for both spouses to ownership, acquisition, management, administration, enjoyment and disposition of property, and Article15, which establishes women’s right to conclude contracts. Convention Relating To The Status of Refugees These international human rights instruments for minorities do not establish a separate right to property, but prohibit discrimination in relation to property rights where such rights are guaranteed. Universal Declaration of Human Rights Article 17 of the Universal Declaration of Human Rights (UDHR) enshrines the right to property as follows: (1) Everyone has the right to own property alone as well as in association with others. (2) No one shall be arbitrarily deprived of his property The object of the right to property as it is usually understood nowadays, consists of property already owned or possessed, or of property acquired or to be acquired by a person through lawful means. Not on opposition but in contrast to this, some proposals also defend a universal right to private property, in the sense of a right to every person to effectively receive a certain amount of property, grounded in a claim to Earth’s natural resources or other theories of justice. Indian Relevance Constitution of India In India, no fundamental right has given rise to so much of litigation than property right between state and individuals. Through the Supreme Court of India sought to expend the scope and ambit of right of property, but it has been progressively curtailed through constitutional amendments. The Indian version of eminent domain has found in entry 42 List III, which says “acquisition or requisition of property”. Under the original Constitution Article 19(1)(f) and 31 provides for protection of property right and later they were repealed and Article 300A was inserted. Accordingly no person shall be deprived of his property save by the authority of law. However, regarding right to property what kind of protection given by the US Constitution under Article 300A. For better understanding of Article 19(1)(f) and 31 along with constitutional amendments. Article 31(2) of the constitution provides for compulsory Acquisition of land. The power of eminent domain is essential to the sovereign government. The provisions of the fifth amendment to the constitution of the United states is that private property cannot be taken for public use without just compensation. The principle of compulsory acquisition of property is founded on superior claims of the whole community over an individual citizen, is applicable only in those cases where private property is wanted for public use or demanded for the public welfare. Accordingly, the right of eminent domain does not imply a right in the sovereign power to take the property of one citizen and transfer it to another, even for a full compensation where the public interest will be in no way promoted by such transfer. The limitation on the power of eminent domain is that the acquisition or taking possession of property must be for a public purpose has been expressly engrafted in clause (2) of Article 31 of the constitution of India. No property shall be compulsorily acquired or requisitioned save for a public purpose.

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BY erealto | 05-12-2018

How to resolve a property dispute in india

Property is one of the most disputed legal issue in india . A property dispute refers to any legal dispute involving real property ,also known as real estate. Real property is immovable property attached directly to the land. Property disputes may involve the following parties , including but not limited to : • Neighbours • Landlords and tenants • Homeowners association • Government agencies • Trespassers • Family members • Property visitors Because of the potential numerosity of parties and disputes involving real property, property disputes make up a large portion of legal claims filed each year. In many cases, legal remedies may include a damages award to cover the plaintiff’s losses, or an injunction ordering one party to remedy a property defect or preventing a party from doing something on his or her property (such as building a spite fence). Common types of property disputes : • Illegal possession of property : Disputes may arise regarding the possession of property when it is claimed that a property is not possessed lawfully or if the person in possession of the property is not authorized to possess the same. The applicable laws in this matter are given below. An aggrieved person can intiate a lawsuit under the followings laws : 1. Transfer of Property Act , 1882 2. Indian contract Act , 1872 3. Indian succession Act , 1925 4. Hindu Succession Act , 1956 5. Muslim Succession Laws 6. Indian Evidence Act 7. Rent Control Laws 8. Land Revenue Act 9. Specific Relief Act , 1963 10. Code of Civil Procedure , 1908 in cases of trespass • Title Disputes : Any person or persons may challenge the registration of a property in the name of another person or persons. Having title to a piece of property generally means that a person actually owns the property described on the deed . In these types of disputes the following laws are applicable : 1. Transfer of Property Act , 1882 2. Indian Contract Act , 1872 3. Indian Succession Act , 1925 4. Hindu Succession Act , 1956 5. Muslim Succession Laws 6. Rent Control Laws 7. Registration Act , 1908 • Rental Disputes : Landlords and tenants disputes regarding possession of property , rent dues or terms and conditions of the rental agreement. An aggrieved party can bring a legal action against other party under the following laws : 1. Rental Control Laws 2. Indian Contract Act , 1872 • Contractual Disputes : Disputes between two parties who entered into an agreement or signed a contract for use , sale , transfer , development , etc. , of an immovable property will be contractual disputes. The following laws are applicable in these type of disputes : 1. Indian Contract Act, 1872 2. Specific Relief Act , 1963 • Disputes with cooperative societies : Disputes between owners of flat or buildings within a cooperative society and the society regarding non-payment of dues , non recognition by the society of the member’s right / demands , allegation by member of mismanagement of the society , etc . In these matters the aggrieved party can intiate lawsuit under the following laws: 1. Specific Relief Act , 1963 2. Cooperatives Society Act of the concerned state • Dispute between buyers and developers : Allegations by buyers of property about misleading or cheating by builders or allegations by buyers about non- delivery or delayed delivery of property by builders with or without claiming compensation , not conveying the title to the land to the society etc. In this situation the victim party can brings a lawsuit against the other party under the followings laws : 1. Specific Relief Act , 1963 2. Transfer Of Property Act , 1882 3. Consumer Protection Act , 1986 • Disputes between borrowers and banks : Disputes about the validity of the mortgages created , amount claimed by the bank from the debtors / guarantors , possession taken / to be taken by the bank and / or disposal of the property by the bank for non – payment of dues by the borrowers. The followings laws are applicable in these type of matters : 1. Banking Ombudsman Scheme 2. Consumer Forums Mechanisms 3. Transfer Of Property Act , 1882 4. SARFAESI Act 5. Stamp Act , 1899 6. Registration Act , 1908 • Dispute between developer and Local Civic authority like Municipal corporation , Jal Board , Electricity Board etc. : Local authorities objecting to developer’s inability to adhere to rules and regulations as specified in the master plans or terms of approval given to the builder. Disputes may also arise due to denial of necessary permissions to the developers without valid reasons . In there type of circumstances an aggrieved party can approach the court of law under followings laws : 1. Indian Contract Act , 1872 2. Right to Information Act , 2005 • Execution suit : One of the unsavory events arising during a property transaction can be when the vendor of a property who initially had agreed to sell his / her property to the purchaser at an agreed sale consideration , changes his /her track. The party that is affected i.e. the purchaser has every right to file a suit against the vendor for specific performance of the agreement. If the court finds the claim valid , it may adjudicate and pass an order for execution of the sale deed in favour of the purchaser. The lawsuit can be initiated under the following laws : 1. Indian Contract Act,1872 • Declaratory suit : Suit for situation where title to the property is challenged or found to be questionable or defective. The circumstances makes it necessary to get an order from the court on the title by filing a declaratory suit in a court of law. One can file a suit under the followings laws : 1. Transfer Of Property Act , 1882 • Partition suits : This will prevent the illegal occupant of the property from interfering with the possession and occupation of the property by its rightful owner. The partition suit can be filed under the following law : 1. Transfer Of Property Act , 1882 • Money Suits : If one has lent money on the security of an immovable property by way of mortgage , and wants to realize it , he /she may have to file a suit for recovery of the money due from the mortgagor. If that fails to m aterialize ,he /she may sell the property mortgaged for realizing the money. One can initiate legal proceedings under the following laws : 1. Rules and regulations related to mortgages. • Disputes between quasi- judicial authorities : There are different types of litigations concerning land revenue , land acquisitions , title document , etc. which are heard and disposed of by several quasi –judicial authorities . • Writ jurisdiction : Writ jurisdiction may be invoked against the decisions of the government affecting one’s property rights by filing a writ petition in the High Court concerned or in the Supreme Court for appropriate relief . If you are a customer of eRealto.com then the company will provide you free legal aid through its legal department about any property concern .

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BY erealto | 05-12-2018

Impact of FDI on Indian Real Estate Sector

Real estate sector is one of the most critical sectors of indian economy due to its huge multiplier effect on economy. Any impact on real estate sector has a direct bearing on economic growth. Until October 2015 , 100% FDI was permitted in construction-development projects with the following conditions :- 1. Minimum floor area to be developed of 20,000 sq metres. 2. Mandatory infusion of FDI of minimum USD 5 million within 6 months of the commencement of the project. 3. The investor was permitted to exit on completion of the project or after development of trunk infrastructure i.e roads , water supply , street lighting , drainage and sewerage . 4. Transfer of investment from the foreign investor to another non- resident investor required government approval. However , despite the fact that 100 % FDI was permitted under automatic route this sector was not showing any sign of recovery as the minimum thresholds were suggesting that the FDI was permitted only in new projects and not permitted in the existing projects which were pending because of availability of funds . However the government in November , 2015 has re-looked at the policy and relaxed it. The amended policy broadly provides as follows : 1. Minimum thresholds related to the area to be developed and the amount to be issued was removed. 2. The foreign investor has been given liberty to exit the projects even before its completion or development of basic infrastructure subject to lock-in period of 3 years. 3. No prior approval is required for the sale of investment by the foreign investor to another non-resident wherein no repatriation of investment is involved . 4. Each phase of the project would be considered as a separate project for the purpose of investment. Therefore it would imply that any project regardless of size which is under construction can have access to any amount of FDI. Apart from the above , it has also been clarified that 100% FDI under automatic route is permitted in complete project for operation and management activities etc. It has been further clarified that earning of rent/income on lease of the property will not be regarded as Real Estate Business. Accordingly FDI would also be permitted in completed projects where intention is to earn rental income. The government had also introduced the concept of Real Estate Investment Trust (REITs) in 2014 for attracting retail funding in real estate sector. REITs were given a pass through status for the purpose of taxation under the Indian Taxation Laws. However , it is important to note that REITs are subjected to some minimum thresholds like the value of asset owned by such entities should not be less than INR 500 crore and the initial offer size of unit is required to be atleast 250 crore. Since 2016 REITs have been allowed to invest up to 20 % of its investments in under construction projects up from a maximum of 10 % allowed earlier. However , despite various steps taken by the government , the sector has not witnessed revival so far owing to other macro-economic factors.

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BY erealto | 05-12-2018

Impact of RERA on Real Estate

The real estate sector got its own regulator from May 1 , 2017 the date when the Real Estate ( Regulation and Development ) ACT , 2016 ( RERA) became effective in the entire country. Each state and UT have its own Regulatory Authority (RA) which will frame regulations and rules according to the Act. The ACT intends to protect the interests of home buyers and enhance transparency in the real estate sector. Why RERA ? For long ,home buyers have complained that real estate transactions were lopsided and heavily in favour of the developers. RERA and the government’s model code , aim to create a more equitable and fair transaction between the seller and the buyer of the properties , especially in the primary market. RERA , it is hoped , will make real estate purchase simpler , by bringing in better accountability and transparency , provided that the states do not dilute the provisions and the spirit of the central ACT. The RERA will give the Indian real estate industry its first regulator. The Real Estate ACT makes it mandatory for each state and union territory , to form its own regulator and frame the rules that will govern the functioning of the regulator. How will RERA impact home buyers: Some of the important compliances are : • Informing allottees about any minor addition or alteration. • Consent of 2/3rd allottees about any other addition or alteration. • No launch or advertisement before registration with RERA. • Consent of 2/3rd allottees for transferring majority rights to 3rd party. • Sharing information project plan, layout , government approvals , land title status , sub- contractors. • Increased assertion on the timely completion of projects and delivery to the consumer. • An increase in the quality of construction due to a defect liability period of five years. • Formation of RWA within specified time or 3 months after majority of units have been sold . The most positive aspect of this ACT is that it provides a unified legal regime for the purchase of flats , apartments , etc., and seeks to standardise the practice across the country. RERA definition of carpet area : The area of a property is often calculated in three different ways – carpet area , built-up area and super built-up area. Hence , when it comes to buying a property , this can leads to a lot of disconnect , between what you pay and what you actually get . According to the RERA , carpet area is defined as “the net usable floor area of an apartment , excluding the area covered by the external walls , areas under services shafts , exclusive balcony or verandah area and exclusive open terrace area , but includes the area covered by the internal partition walls of the apartment.” Impact of RERA on Real Estate Industry : • Initial backlog. • Increased project cost. • Tight liquidity. • Rise in cost of capital. • Consolidation. • Increase in project launch time. Initially , a lot of work is to be done to get the existing and new project registered. Details such as status of each project executed in last 5 years , promoter details , detailed execution plans , etc .,needs to be prepared. With the advent of RERA , specialised forums such as the State Real Estate Regulatory Authority and the Real Estate Appellate Tribunal , are established for the resolution of disputes pertaining to home buying and the aggrieved party have no recourse to other consumer forums and civil courts ,on such matters. While the RERA sets the groundwork for fast-tracking dispute resolution ,the litmus test for its success , will depend on the timely setting up of these new dispute resolution bodies and how these disputes are resolved expeditiously with a degree of finality. Which projects come under RERA : • Commercial and residential projects including plotted development. • Projects measuring more than 500 sq mts or 8 units . • Projects without completion certificate , before commencement of the ACT. • The project is only for the purpose of the renovation / repair / re-development which does not involve re-allotment and marketing , advertising , selling or new allotment of any apartments, plot or building in the real estate project , will not come under RERA. • Each phase is to be treated as standalone real estate project requiring fresh registration. Market situation after one year of RERA : • There have been fewer project launches and the focus has been on execution. • Developers have tried to adhere to compliances , to avoid litigation. • Relaxed delivery timelines for existing projects has granted developers an escape window . • The market is yet to witness any landmark judgement that could set a precedent.

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BY erealto | 05-12-2018

Benefits of Mega Projects Schemes

Megaprojects attract a lot of public attention because of substantial impacts on communities , environment , and budgets , and the high costs involved. Megaprojects can also be defined as “initiatives that are physical , very expensive and public.” The Punjab Govt. launches the guidelines of different types of mega projects. The categories of mega projects are given below : • Manufacturing projects • Mega industrial parks projects • Mega multiplex projects • Mega hotel projects • Agri mega projects • Mega housing projects • Super mega projects Manufacturing projects : Manufacturing projects cover many disciplines ranging from power generation plants to mining and printing facilities. Below are several examples of manufacturing projects : • IT projects • ITEs projects • Bio-technology • Electronics projects • Garment manufacturing units Concessions for these projects : • Exemption from electricity duty upto 5% for five years. • Exemption from stamp duty as levied in Schedule 1-A of Indian Stamp Duty Act , on purchase /lease of land. • Exemption from Advance Consumption Deposit in case of expansion projects , provided consumption does not exceed from the present level. Advance consumption deposit means : deposit as a security to cover the estimated power consumption charges for two billing cycles. Mega industrial parks projects : Mega industrial parks projects include the different areas like: 1. non- industrial area of the park upon which the multi-speciality hospitals , engineering , medical and management college can be set up . 2. Commercial area of the park on which hotels may be set up . Concessions for these projects : Concession may be divided into two categories :- a. Fiscal b. Non-fiscal Fiscal concession : 1. As per the industrial policy 2003, exemption will be granted from stamp duty as levied in Schedule 1-A of Indian Stamp Duty ACT and registration fee on first sale /transfer of built up space of the units or land in-side the project area. Such exemption shall extend to the project area upto first sale of developed area /plot /built up space to any party by them or to any of its affiliates. There shall be no stamp duty on lease instrument of units located in the project area. Such exemption shall remain operative till the completion of the entire project as per the agreement. 2. Exemption from electricity duty upto 5% for 5 years shall be allowed from the date of release of connection by electricity board. This concession shall be admissible only to the developer of the project during its construction period and also to such portion of the property which is retained by the developer. This will not be admissible to the subsequent purchaser /lessee/franchise etc. of the property within the industrial park , unless , however , his unit is a mega unit in its own right duly approved by the empowered committee. 3. The land use change in the area falling under the periphery of chandigarh governed by the Punjab New Capital (periphery) Control Act , 1952 and the Periphery policy notified by the State Government on 20/01/2006, Local Planning areas and Controlled Areas declared under the Punjab Regional Planning and Town Development ACT , 1995 and any other area in the State of Punjab , shall be allowed without any licence fees and land use charges levied by the Housing and Urban Development Department in accordance with the land use plan of the planning areas and in accordance with the Periphery Policy and any other policy , rules & instructions issued by the Government of Punjab. However , if any or whole part of land of the project area in not covered in any master plan or planning zone under the Punjab Regional & Town Development Act , 1995 , the land use thereof shall not be changed or amended later on and shall be incorporated as such and included in any future master plan or zoning which shall be prepared under the above ACT. 4. In case of Industrial Parks coming up on industrial land , self acquired or allotted by the Government or any of its agencies , the conversion may be allowed in accordance with the policy for change of land use dated 04/03/2005 as amended from time to time , on payment of charges as fixed by Department of Housing & Urban Development. However , the promoter will have option to surrender 50% land converted to non- industrial use fee of cost back to the industries department or the authority that originally allotted the land in lieu of conversion charges as provided in the Policy dated 04/03/2005. 5. The state government shall ensure that the connectivity to power , roads , accessibility , communication , civic and other infrastructure upto project is provided within 240 days from the date the same is applied for to the concerned department / agency / authority / local body on fulfillment of various terms and conditions required in this regard at such rates /fee etc which shall not be less favourable to them compared to similarly placed projects / customers. However , the proportionate cost of any infrastructure upgradation of the area where industrial park is proposed to be set up , incurred by the concerned Municipal Corporation / Committee / Department or Agency shall be borne by the promoter. Non-fiscal : 1. Permission under the provisons of Punjab Mines & Mineral Act shall be allowed within the project area for works relating development of the project. However , due charges as may be applicable under the relevant law will be payable. 2. High-rise buildings uptp 45 mtrs. Shall be allowed subject to Air Safety Regulations , Traffic Circulation , Fire Safety norms and parking norms as provided in the building byelaws. 3. FAR of 2 shall be allowed for industrial and commercial purpose FAR of 1.5 for residential plotted and FAR of 2 for group housing and FAR of 2 shall be allowed for institutions. However , the relevant building bye-laws/regulations shall be applicable to the area. The guidelines issued by the Department of Industries & Commerce for Industrial Parks vide its notification dated 25/05/2005 as amended from time to time , shall also be applicable. 4. The project of Industrial park shall be exempted from PAPR Act , 1955. However , the layout and zoning plan shall be be got cleared /approved from the competent authority which shall be deemed to be a license under PAPR Act 1995. The building plans shall also be got cleared from competent authority under the relevant law applicable in the areas. 5. State government shall allow the company to connect the project are to the state transport network. The state government shall also allow them to operate their own public transport system within the project area and also for connecting the project area to the main urban centre nearest to the project area subject to the fulfilment of required terms and conditions in this regard. 6. The state government shall not allow the hazardous industry as defined under Factories Act within 500 meters of the project area and industrial plots within the industrial park shall also not have any hazardous industry. 7. Pollution control board shall grant NOC and consent to operate to the Green Category Industry to be located in the industrial park in 30 days on fulfilment of all the required terms and conditions. 8. The department of industries shall be single nodel agency for facilitating the project and getting clearances etc. required for the unit for the project and the project area will also get resolved various issues which will relate to the government department or Punjab government public sector undertakings / authority / local body. Mega multiplex projects : The mega multiplex projects include the follwings : 1. Multiplex cinemas 2. Film studio 3. Mega shopping mall Concessions for these projects : Fiscal : 1. 100% exemption from entertainment tax for a period of 10 years. 2. 50% exemption in electricity duty at current rate for a period of 5 years from the date of release of connection by electricity board for the project of multiplex. This concession shall be admissible only to the developer of the project during its construction period and also to such portion of the property which is retained by the developer. This will not be admissible to the subsequent purchaser /lessee/franchise etc. of the property within the multiplex complex. 3. Freedom to fix ticket rates in relaxation of Punjab cinema (regulations)rules, 1952 as provided in the notification dated 08/09/2003 issued under the industrial policy , 2003. 4. Power tariff rates as applicable to industry will be applicable , subject to approval of the Punjab state electricity regulatory commission as provided in the notification dated 08/09/2003 issued under the industrial policy , 2003. 5. No transfer fee except stamp duty shall be leviable on the first sale of shopping area by the developer of the multiplex. Non-fiscal : 1. FAR of 3 , ground coverage of 50% and height uptp 45 metrs. Subject to Air safety regulation , traffic circulation , fire safety norms and parking norms . 2. Exclusive of basement from FAR for parking only atrium area to be counted once at ground floor level for the purpose of FAR . 3. Licence for hotel , restaurant and pub/bar to be granted by concerned departments . 4. Conversion of land use will be allowed by the department of housing and urban development from agriculture to proposed use on payment of conversion charges and in accordance with periphery policy or any other policy framed by the state government. In case of industrial land , self acquired or allotted by the state government or any of its agencies , the conversion will be allowed by the department of industries in accordance with policy for change of land use notified on 04/03/2005 or any other policy framed in this regard by the state government. If the land use is allowed , the existing allottee shall have to pay conversion charges as fixed by the department of housing & urban development from time to time. In lieu of conversion charges, the allottee will have an option to surrender equivalent land free of cost from same plot to the authority that originally allotted land. Such land would have equivalent or better road front and access compared to the land meant for Multiplex. The authority will be free to use the land so surrendered for commercial or any other purpose and the returns therefore will be deposited in the Industrial Infrastructure Development Fund. Relaxation under Shops & Commercial Establishment Act by the Labour Department to permit 24 hour operation. The project shall be exempted from PAPR Act, 1995 to the extent of obtaining the licence. Approval of layout and Building Plans by competent authority shall be deemed to be a licence under PAPR Act, 1995. However rest of provisions as Licencee under PAPR Act, shall be applicable, as if a licence has been issued under the PAPR Act, 1995. Mega hotel projects : The mega hotels come under this category. Concessions for these projects : Fiscal Exemption from electricity duty upto 5% for a period of 5 years from the date of release of connection by Electricity Board for the project of Hotel. Non-fiscal 1. FAR of 3, ground coverage of 50% and height upto 45 mtrs. subject to Air Safety Regulation, Traffic Circulation, fire Safety norms and parking norms as per applicable byelaws. Atrium area to be counted once at ground floor level for the purpose of FAR. 2. Relaxation under Shops & Commercial Establishment Act by the Labour Department to permit 24 hour operation. Agri mega projects : Agricultural projects come under this category. Concessions for these projects : Fiscal 1. 100% exemption from payment of Mandi Fee, Rural Development Fee and Infrastructure Cess on purchase of fruits & vegetables directly from farmers for processing by the unit for 10 years. 2. 75% exemption from payment of Mandi Fee, Rural Development Fee and Infrastructure Cess on purchase of non-FCI grade foodgrains, barley and maize (except custom milling of paddy) directly from farmers for processing by the unit for a period of 10 years. 3. Exemption from basic stamp duty at the current applicable rate on purchase of land for the designated purpose. 4. Declaration of factory premises of the unit as private Mandi yard and permission for direct purchase of foodgrains/maize/ barley/ fruits/ vegetables required for processing by the unit. 5. 100% exemption on electricity duty on captive consumption of power generated by the unit. 6. 50% exemption on electricity duty on purchase of power from Electricity board for 5 years from the date of release of connection. 7. Link Advance Consumption Deposit with the actual consumption of power. However, in the first instance, the unit will deposit ACD at applicable rates. 8. Supply of power as per normal rates available to continuous processing industry. However, the unit will pay nominal peak load charges. Facilitation 1. Sanction of power connection by Punjab State Electricity Board within a stipulated period of 60 days from date of filing of application with them. 2. Single window clearances for pollution/environment, change of land use, and sanction of buildings and all architectural plans. 3. Last mile connectivity in respect of metalled road and street lighting from main road to the project site. 4. Issuance of License on Fast Tract for brewing of Beer and Distillation of Grain alcohol. 5. Treating Agri Mega Projects on par with the IT industry regarding working hours by Department of Labour. 6. Allotment of land wherever Panchayats are willing, as per the policy of Department of Rural Development and Panchayats. Above concessions may be given as a matter of practice in each case. Additional concessions may be considered by the Empowered Committee keeping in view the nature and special circumstances and the size of the project. Mega housing projects : Concessions for these projects : The provision contained in Section 5(9) of PAPR Act, 1995 shall be complied with. 1. The layout/zoning plan shall be got cleared / approved from the prescribed authority under PAPR Act, 1995. Subsequently, the building plans shall also be got cleared from the prescribed authority under the Punjab Urban Planning Development Authority Building rules, 1995. In case the project falls within any Municipal area, relevant Municipal Laws and Building Rules shall be applicable and Building Plans shall be approved by the Prescribed Authority under these law rules. However, all such clearances may be given by the prescribed authority within 30 days. The clearance/approval so given may be in accordance with any relaxation granted by the Committee. 2. The land use change may be allowed by the Housing and Urban Development Department within 30 days as per the Master Plan/Draft Master Plan of the relevant area and as per standard Town Planning practice. In case of land falling under Periphery Controlled Area, land use change may only be allowed in accordance with the Periphery Policy of the State Government and in accordance with the draft Zoning/ Layout Plan and Master Plan of the Local Planning Areas. 3. State Govt. may acquire land as per provisions of the Land Acquisition Act, 1894 on requests by the company at their cost subject to the condition that such acquisition shall be limited to only 10% of total area of the project only to fill the critical gaps. The acquisition may be carried out as per the existing policy of the department of Housing & Urban Development and by their Land Acquisition Collector. 4. The State Govt. may ensure that connectivity to power, roads accessibility, communication, civic and other infrastructure up to project is provided within 240 days from the date the same is applied for to the concerned department/agency/authority/local body on fulfillment of various terms and conditions required in this regard at such rate/fee etc. which shall not be less favourable to them compared to similarly placed projects/customers. 5. High-rise buildings may be allowed subject to clearance from Air Safety Regulations, Fire Safety norms and Traffic Movement. 6. Permission under the provisions of Punjab Mines and Mineral Act may be allowed within the project area for the works pertaining to development of the project on payment of requisite charges. 7. Permission under the Punjab State Tube well Act, 1954 to dig tube well in the project are for the requirement of the project may be allowed. 8. The State Govt. may extend the facility of Public Transport system being run by any State Govt. agency to the project area. The State Govt. may also allow them to operate their own public transport system within the project area and also for connecting the project area to the main urban centres nearest to the project area subject to the fulfillment of required terms and conditions in this regard. 9. The State Govt. may not allow Polluting Industries in the periphery of the project area up to the distance prescribed by PPCB. 10. The State Govt. may assist them in getting any other facility or requirement for the development of the project. Incentives to super mega projects : a. Exemption from stamp duty as leviable in Schedule 1A of the Indian Stamp Duty Act and registration charges on first sale/lease of developed area and building up spaces. b. No CLU charges will be levied on the industrial component of the park. However , the developer will pay CLU charges on the residential and commercial components as applicable to the residential plotted categorty. c. In case of category A projects , the projects will be approved irrespective of its land use position in the draft master plan or in or outside the local planning area , till the master plan is finalized. The master plan will be prepared or amended keeping in view the approved project of this size after following the due procedure. d. The project land , where CLU has already been granted as part or whole of a project will not be included in the future super mega industrial parks projects . e. If a promoter proposes to implement a lower category of project , for example 250 acres project , he will be entitled to the benefits being granted to the promoter of that size of the project. If however , he adds another 250 acres of land , he will be granted the incentives for A category project for the entire area of the project. These benefits will however be extended only if the additional land is contiguous to the already implemented /sanctioned project. However , on a different location , if the developer sets up another project , he shall be allowed concession on license/permission fee applicable to the project of one category higher than the project proposed but no extra concession on EDC of the category higher will be given i.e if developer has set up a project of A category anywhere in Punjab and he also sets up project of C category elsewhere in Punjab , then in case of C category project , he wil get the concession of license fee for category B but on EDC he will get the concession of category C only. The excess payment already made on account of CLI , EDC and licence fee for the implemented /sanctioned project will be accordingly adjusted against the future payments. However , the entire project including the extended area should be set up in 60 months from the date of signing of agreement with the state government for intial project. f. The rates of EDC , license fee and CLU charges will be as per the different components in the park and depending upon the potential zone in which the park falls. Where a piece of land falls in more than one potential category , the proportionate rate of fiscal charges for each category shall be apply.

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BY erealto | 07-12-2018

Commercial property tax hikes in Chandigarh

Since the imposition of commercial property tax in UT of Chandigarh in June 2003, there is a hike in the property tax for the first time after 15 years of imposition. Now the commercial property owners will have to pay 10% more property tax than the tax levied earlier. This move has come after the UT administration has finally heeded to Municipal Corporation's request to enhance the commercial property tax. The commercial property tax is one of the most important sources of revenue for the MC. And with an increase in the tax, this will yield better revenue for the municipal corporation. The corporation in the last financial year had collected an amount of 30 crores from the tax. The enhanced commercial property tax has been made effective from 1st April 2018, beginning of the new financial year and notices have been sent to those who have not paid the hiked tax. The city has been divided into 4 zones for the purpose of collecting taxes. Property tax on commercial buildings ranges between Rs 3 and Rs 20 per square feet, depending upon zones. The notification, copy of which is with TOI says, "In exercise of the powers conferred by the Punjab Municipal Corporation Act 1976 as extended to the UT Chandigarh by the Punjab Municipal Corporation Law (Extension to Chandigarh Act), 1994, the administrator UT, Chandigarh in partial modification of notification dated June 3, 2003, is pleased to specify that tax on commercial, industrial and institutional lands and buildings falling within the municipal limits, levied by the Chandigarh MC under clause (a) of sub-section (1) of Section 90 of the Act with effect from 1.4.2018 shall be assessed and collected with enhancement of 10% in the existing rateable value per month of Chandigarh MC (tax on commercial, industrial and institutional lands and buildings) Bye-Laws, 2003".

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BY erealto | 08-12-2018

WHY INVEST IN CHANDIGARH?

Most of the people have dream of living in Chandigarh but they find it confusing that they should invest or not in Chandigarh. Chandigarh is a city and a union territory in India that serves as the capital of the two neighboring states i.e Punjab and Haryana. Le Corbusier was a Swiss-French architect who prepared the master plan for the city of Chandigarh and contributed specific designs for several buildings in Chandigarh. It is a one of the best-planned cities in India. Chandigarh is also a popular tourist destination. And there are many several points which supports that why to invest in Chandigarh as follows- • WEATHER OF CHANDIGARH- Chandigarh has been the given title of Greenest city so that the weather of the city is very wonderful. • POPULATION- Analysis of the population of Chandigarh in 2018 is forecast to be 1,230,763 in which estimates are 55% of the population is male and 45% of female. The city has a literacy rate of 86.77%, with the male proficiency of 90.81% and female proficiency of 81.88%. 10.8% of the population of the city is under 6 years of age. • SECURE CITY- Chandigarh is a safe city. As women security concern Chandigarh is a very safe place to live. In case any lady is out of her place of stay late at night and is unable to avail a taxi, auto, cab, etc. to reach her place of stay safely, then she may call the PCR at No.100 or 0172-2749194 or 0172-2744100. The PCR shall send its vehicle to safely drop the lady to her place of stay within Chandigarh. In the Chandigarh, women can safely walk alone in day and night. Level of crime - 40.10 Moderate Worries being mugged or robbed - 35.94 Low Worries attacked- 32.98 low Problem property crimes such as vandalism and theft- 48.98 moderate Problem violent crimes such as assault and armed robbery- 39.38 low • ENTERTAINMENT AND SHOPPING – Chandigarh is the right place to hang out with your family and friends and one can take an enjoyable and adventurous tour while traveling to the city. Chandigarh is scattered with many excellent and affordable pricing malls. Here you can shop for products of renowned brands as well as handicrafts items. For entertainment, you can easily find a lot of multiplexes and single screen theatres within the city along with the beauty of the parks and museums.

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BY erealto | 08-12-2018

What is Unauthorized Colonies Scheme in Punjab?

As the name suggests unauthorized colonies are colonies which have not been authorized by the government. This means that they have not gone through the normal course of paying CLU, EDC, LIF, SIF. Therefore, In unauthorized colonies the property is not registered so basically the developers do not pay the stamp duties and registration charges that s why many people promote the unauthorized colonies because that land has low price compared to the authorized colonies. The government of Punjab in order to bring all these unplanned colonies in folds of planned colonies had enacted the Punjab Laws (Special Provisions) Act, 2016 , but after the implementation of these policies the government has information that there are still exist a number of unauthorized colonies presently around 7,000 illegal colonies, of which 5,000 were located outside the municipal limits. The unauthorized colonies are developing because of the housing demand not matched by government authorities, the land of unauthorized colonies is cheaper than land of approved colonies. But many people purchase land in unauthorized colonies only the reason of unauthorized colonies is cheaper as compare to authorized colonies but these people are facing a many problems like poor infrastrusture in unauthorized colonies and not having a public amenities etc. The bank does not offer the loan to buy properties in illegal colonies, and the parking is also a very serious problem in these areas. The developers does not follow the building code. Many dealers cheat the customers by selling the land in unauthorized colonies because the people cant identify the colonies which is authorized or unauthorized because of unawareness. But with the help of layout plan, service plan, revenue, FARD, CLU etc. we can recognize the land which is authorized or unauthorized . And you can also check by clicking on the below mentioned link that which land is authorized or unauthorized. With the help of this , you will buy a good and authorized land without any efforts. http://gmada.gov.in/category/citizen/unauthorized-colonies/ Most of the peoples are confusing in the authorized or unauthorized land. Both are different and have different advantages or disadvantages. The unauthorized colonies are not a part of master plan, buying and selling of unauthorized colonies is not carried out by registered deeds , these colonies are not considered to be part of the planned city. The property owners of these areas do not hold clear title to their land. The authorized colonies are part of the master plan, buying and selling of land of authorized colonies is carried out by registered deeds. In the authorized colonies we can easily change the ownership. With the help of new policies in Punjab, you can regularise the unauthorized colonies. With the help of regularisation, you can convert your colony from unauthorized colony to authorized colony. To bring all unauthorized colonies into a planning framework and to regularize the development , regularisation is a process by which you can made unauthorized colonies legal and the property titles in them are recognized by law and can be registered with the authorities. The application for regularisation must include information such as the colony's boundaries, names of streets, and neighbouring areas.

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BY erealto | 08-12-2018

Malls In Tricity

VR Punjab VR Punjab is situated in Chandigarh region and it is also one of the biggest operating mall in Punjab. VR Punjab is promoting the retail, food, music, art and entertainment programs. It emerges the art of placemaking with maximum functionality and connectivity with an outdoor environment. Executive managing director Rohit George said that this acquisition, combined with VR Chennai, also enables VRSA to simultaneously offer retailers, two new retail developments of scale, in key metropolitan markets, at a time when quality retail space is scarce and the economy is poised to grow strongly. ELANTE It is also known as the second largest shopping mall in northern India. As Chandigarh is the well planned city in India but it has also received the criticism related to the limited no. of shopping malls. Elante is a perfect answer to such criticism . It includes all national and international brands. This mall consist an environment where one can enjoy shopping, entertainment as well as office space. The Mall has a space for retail area of over 1 million square feet. It has two main gates, one is on the big front entry and another one is on the back. It has three basement levels, a ground level and three upper levels. In the retail area, Elante Mall hosts retailers of various Indian and international brands, a food court and a courtyard full of cafes. The Mall has an 8-screen Multiplex of PVR Cinemas on its top floor, the mall has restaurants, fast food joints and a Fun City for kid’s entertainment. MALLS IN ZIRAKPUR One of the most important thing in today’s marketing strategy is right retail mix of tenants along with the development. Malls in Zirakpur are coming with the new concept of retail plaza where the customer would be able to see the 4dimensional view of showrooms and brands. If we talk about the investing in malls so there are two types of customers one who wants to invest in commercial field and other who wants regular income. So what customers do is that they invest in malls and try to achieve a regular income. So the malls are offering to the customers the facility of SOHO,STARTA so that they can invest for regular income ,they are also providing the hyper market facility with leasing facility and tie ups to satisfy the need of regular income seeking customers.

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BY erealto | 08-12-2018

Renting in Zirakpur

Zirakpur is situated on Ambala-Chandigarh highway. It is a satellite town in district Mohali. The main areas it includes are Chandigarh Airport , Baltana , Dhakoli , Bishanpura , Kishanpura , Nabha , Ramgarh Bhuda , Peer Muchalla , Dyalpura. The city provides good connectivity, low operational cost and high disposable income. If you are looking for rental flats for residential purpose , Zirakpur offers best societies with good connectivity. I was looking for flats in zirakpur for rental services and I searched a lot of societies. I was looking for a good society with best location and there are no.of societies available such as Maya Garden city, Royal City, Lotus Green Avenue, Ananta towers, Eminence, and Hermitage Park .These societies are affordable and providing all your needs on one platform. These societies offers a healthy and peaceful environment with wonderful connectivity. If you are looking for residential apartment it becomes necessary to choose best connectivity spot with low cost including all other facilities. In above mentioned societies Lotus Green Avenue is an awesome place to live. As my sister have taken up residence in this society and when I visited her I found the facilities are awesome, best place to establish oneself as it provides a good connectivity to Chandigarh via highway. Talking about Ananta towers, all facilities are good except security as a theft happened sometimes ago but this place has an amazing neighborhood. Hermitage park also providing good connectivity facility and is best for upcoming living standard and the pace of construction is really fast with best responsible staff. Eminence flats are also at a good location but I found the flats costly but worthy. I found Maya Garden City a bit cheap quality maintenance but you can find McDonald, KFC, Burger king by driving through 5 minutes away. And these flats are providing rental services starting at 15k up to 40k and transferring possessions between 60 to 80 lakhs. Moreover if you are looking for luxury flats in Zirakpur I have visited Green lotus Saksham Apartments, Burj one apartments the Dhillon group and Motia Royal Citi, Leafstone luxury apartments, Golden sand apartment, Sushma Grande. These are some top societies providing luxury flats between 40 to 80 lakhs. Green Lotus Saksham flats are ecofriendly with attractive greenery providing variations in the rates. Burj one apartments provides well designed flats at affordable price with all civic utilities. Motia Royal Citi will provide you all luxury accommodations i.e. swimming pool, jogging track, gym and basketball and tennis court. Leafstone luxury apartments provides you spacious and airy but the electricity is the issue otherwise it is good in terms of cleanliness and what I found to be most disturbing is nearby marriage palaces creates lots of nuisance. Golden sand apartments, although the location is far from highway but offers you well-furnished apartments. Sushma Grande, is somehow unprofessional people according to my opinion because they trick their customer but do not provide the services on time which I heard from residential living there. Providing all the relevant facilities these societies try to offer the best services and other factor depends upon one’s matter of comfort. As everyone has a different need related to the location, environment, connectivity and other factors .So look for a location convenient on your part assuring all the needs fulfilled.

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BY erealto | 08-12-2018

GBP Centrum

GBP centrum is a whole new project which is an upcoming mall in Zirakpur. This project will be delivered by 2020. I have visited the main office and got the information about the project. And I found the project really excellent. So basically this upcoming mall is divided into two units separately designed for the commercial unit (right-hand side) and hotel unit on the otherside . As you guys can see in the picture there is a building divided into two towers as this is a new concept which is Dubai based. So this whole project is divided into two units which are constructed on 8.5 acres of land which contain 19 floors as this is the only project that has the highest height in Zirakpur. This project is maintained by JLL Company which makes this project reliable. Floorwise information Commercial unit (centrum 1) 1st and 2nd floor Showrooms 3rd and 4th floor Fully furnished office 5th floor Unfurnished office 6th to 8th floor Small business cabin 9th floor Showrooms of big size 10th floor Recreational area 11th floor Showrooms big size 12th to 19th floor Commercial space and open rooftop restaurants So this commercial unit is planned for office space only, with common showrooms on the 1st and 2nd floor as in another unit. If u require large space or you want to establish your whole business unit you don’t need to worry about it because GBP centrum is providing you the whole floor for your commercial purpose. You can take the whole floor for leasing purpose which is a new way to attract more investment. And also they are providing the open roof family restaurant and bar. So that you can enjoy the life at its greatest. The clubhouse will include swimming pool, restaurant two banquet halls which can hold 1000 people at a time. Hotel unit (right-hand side) This is basically the residential area where flats would be available and the floors would be like: 1st and 2nd floor Showrooms, fun zone on the 2nd floor 3rd and 4th floor 1BHK flats and rooftop restaurants 5th to 9th floor Studios 10th to 19th floor 4-star hotels Facilities • Big size showrooms • 12.5% return on investment • Clubhouse with banquet hall • 3 discs • Leasing of the whole floor for the commercial purpose • 4-star hotel services • Dubai based concept • 15 days free facilities to the owners • 9 lifts • Centralized AC • 2000+ car parking area with backside parking of 400 vehicles • Food court with open rooftop • Jewellery and diamond market • ATM services • Multiplex with 8 screen • Furnished and semi furnished cabins Iconic tower This is the distinct feature of the project which makes the project different from others. This building will be used to display the jewellery and diamonds with all luxury facilities. It would be 5 story building+ ground.This upcoming project is one of the best projects with high-quality facilities. Let’s see how this project would attract more investment.

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BY erealto | 08-12-2018

SBP Gateway Of Dreams

SBP is coming with its all-new project in Zirakpur. As the company has delivered 3500 + homes in Mohali, Dera Bassi, and Chandigarh. The company is coming with the new project for residential purpose . Let’s see how it is different from others: • LOCATION The project is located on Zirakpur-Patiala highway, and it also provides well connectivity to Chandigarh, Delhi, Punjab, Himachal and Haryana along with another important connectivities such as shopping, dining, education, travel or medical facilities. Connectivity facilities Location Time Zirakpur light point 3 minutes AKM resorts Just opposite Radisson 5star hotel Just opposite Gurudwara Nabha Sahib Just opposite Airport road crossing 3 minutes Bus stand 5 minutes Connectivity to states and highways Chandigarh, Delhi, Punjab, Himachal Pradesh, Haryana Amb-chd highway, PR-7 Children and old age person Rubberized parks, special zones for old age person Domestic facility Centralized gas pipe system, modular kitchen Clubhouse Multi-storey, rooftop siting, sand pit On call services Ambulance, house-keeping, cabs, travelling and tourism Security 4tier, centralized security monitoring, smart card security system. Exclusive Rain water harvesting, earthquake resistant structure, dormitory for guests and drivers , radiation free zone Parks and open spaces Jogging track, landscaped open green spaces, open air gym , yoga and meditation host Extras Bus shelters, shopping complex inside premises ,shopping cart and wheel chair facility, absolute privacy • FACILITIES One can enjoy the radiation free life because this unique feature will provide you a positive and radiation-free environment to reduce the diseases caused by earth’s geographic stress. The building will consist of MULTI STOREY CLUBHOUSE and banquet halls for social gatherings. I have talked to the officials involved in a project they told me that they are providing facilities for kids with rubberized landing floor to avoid dirt and fear of injury and a special zone for senior citizens. The residential space is well planned to keep in mind the greenery aspect. The project will be constructed in such a way so that it will include maximum parks and open green spaces to provide you interaction with nature. The structure is earthquake resistance for which the company is working with best architectures. • PARKING AND OTHER CONVEYANCE The vehicles requires a certain amount of space for storage and accessibility.So more and larger parking areas must be provided in every residential place . SBP has given the capacity of 257 flats with 350 car parking holding. They will provide one reserved car parking with FIRST COME AND FIRST PAY rule to avoid grudges. It means if you require more parking space except one than you need to pay for that and who will come first will get the space first. Along with this, you will get the facility to enjoy guest room services along with rooms for drivers. And moving on to the security part they are providing 4tier security i.e. parking area, main gates, and outside lift area also. They are facilitating their customer with the centralized gas pipeline system with one time charges@ 15k. This project will be delivered on 20th March 2020. And 50% of the project has been sold already. This project will provide the customers with good connectivity and a healthy living. Top of the line super exclusive services has been planned for your comfort. I found the project really customer friendly but depending upon the fact when it will be delivered to the customers same as promised.

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BY erealto | 08-12-2018

MAYA GARDEN MAGNESIA

Maya garden magnesia is an upcoming mall in Zirakpur with the best connectivity facility. This is a Jindal family project who has delivered 18+ projects which are both residential and commercial. This is a new concept of OPEN RETAIL PLAZA which is first time introduced in India. This project will be delivered by 2020 consisting following features: • Prime location • Double height showrooms • Neoclassic architecture • 12%ROI • Official Workspaces • Fashion hubs • Interrelated cross-selling • STARTA office • Executive suites and luxury apartments • Rooftop dining • Fixed rental income • 4Dimensional visibility The following amenities they are providing: • Double height showrooms • Street De Moda (fashion hub) • Hypermarket (virtual space-pantaloons, big bazaar, reliance fresh). • Grand Bazar Double height showrooms 15*30 Hyper market 250sq.ft. and 500 sq.ft. SOHO 526sq.ft. and 590 sq.ft. Executive suits 526sq.ft. and 590 sq.ft. Gym, gaming zone, rooftop swimming pool 15*27 This project is unparalleled to any other project in the region. And the key points of this project to become one of the leading project are: • The architecture is neo classic which would help the customers to see the brands direct from highway and as it is an open retail plaza concept, it would provide 4dimensional visibility and nothing is going to hide by the customer. • The double height showrooms will be divided by mezzanine section to create space for big brands which requires large space because of variety in products to display. • This project is constructed on 6.5 acres of land consisting 1.5 acres landscape. • Activity area will be in front and middle for extra-curricular activities. • The company is using neo-classic architecture designed by IDesign Company situated in Delhi and the maintenance will be handled by JLL Company and the construction company is Surya Con. • The company is also offering fixed rental income and the safest investment option and 9 years leasing on the investment in hypermarket for 250sq.ft.is 12500/- and for 500sq.ft.is 25000/-. Infrastructure information • It would include two blocks the front block will be highway facing which would include showrooms and the block at the back will have SOHO, Luxury apartments, workspaces. Etc. • The activity area will include central and frontal space. At front, all the newly launched products will be displayed and at center , there would be social gatherings, concerts etc. • There will be shops which called green facing shops at the back of 15*30 carpet area. • The maintenance will requires 8-10per sq.ft. As it requires low-cost maintenance as compared to other projects. This is one the leading project in Zirakpur with the great efficiency promised. This upcoming project is bringing the new way of starting retail plaza with the customer friendly environment and high footfall expectation. So this project will gradually increase the investment in Zirakpur and will also enhance the business environment and entertainment.

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