To curb evasion of tax on property sales, the income tax department has made it mandatory for buyers of property to deduct TDS from payments made to the seller. TDS is applicable where total sales consideration exceeds R50 lakh. TDS must be deducted on each payment, whether made in lump sum or instalments. The rate of TDS is 1%. These rules are applicable on sale of property, a building or land but do not apply to sale of an agricultural land.
Huda on Monday removed an Ambedkar statue at Badshapur Chowk that was coming in the way of completing the final leg of the long-delayed Southern Peripheral Road (SPR).
Once the SPR — planned as an intra-city bypass connecting Gurgaon-Faridabad road near Ghata with NH-8 — is completed, it is expected to reduce traffic pressure on Iffco Chowk, improve connectivity of new sectors and breathe life into around 50 real estate projects being developed along the road.
Residential real estate sales, led by the performance of affordable housing, is registering improvement in pace and has come out of the shadows of demonetization woes. However, it is yet to reach the pre-demonetization levels.
While sales across top eight cities during 2017’s first half ended June is down 11% on year, it has risen by the same proportion when compared with July-December period that was marked by the demonetization shock, showed a Knight Frank India report.
Affordable housing has been outpacing other segments on account of the government’s thrust on Housing For All, discounts on ready inventory and improved sentiments among buyers courtesy RERA has driven sales volumes on sequential basis.
As RERA is already in force and the RBI is also signalling softening of interest rates the impact of this will be that buying a house will be cheaper and safe so this is really the right time to go ahead and OWN your own house.
The prices of properties have moved southwards to the tune of around 15-20% from the peak rates of 2013-2014, when the home loan interest rate was at 10.5-11%. Adjusting fall in prices and interest rates, down to around 8.40% in the last three years, the net price fall is over 30%.
The price at which a flat is available now in the market is lower than even the replacement cost.
The chances of further price reduction of real estate from this level are very slim, says Samantak Das, chief economist of Knight Frank.
Expecting any further movement of prices southwards and so waiting further could be risky, the shortage in supply may start pushing prices up.
Gurugram is now the first preference for both Indian and Multinational companies as the availability of modern buildings suits the requirements of companies as compared to other areas of NCR.
Gurugram already has the presence of over 500 MNC's and more than this number is that of Indian corporate giants. It offers a good choice of luxury housing, world-class educational centres and healthcare facilities,” said Ramesh Nair, country head of JLL India.
Some well-known names in Delhi’s central business district are expected to move to AeroCity, located on the Delhi-Gurgaon Expressway close to the airport, JLL said.
The improvement in the connectivity with the Capital by the widening of NH-8, and the completion of NPR and SPR which is also in progress plus the presence of high-end malls, shopping centres, multi-cuisine restaurants and the Rapid Metro System have also played a huge role in the city’s growing importance in the corporate world.
With RERA in place, buyers are showing enhanced interest in ready-to-move-in properties, says Ashwinder Raj Singh.
The residential real estate industry is registering significant changes on the ground after RERA came into force across the country.
Other reasons attracting buyers to this asset class in today's market environment:
and above all the above
Your home will not only give you stability and peace of mind but also make you emotionally much stronger to take higher risks in life.
The National Highways Authority of India(NHAI) will start the work to complete the remaining 8-km portion of the 28-km-long Dwarka expressway in next three months. NHAI had given the national highway status to Dwarka expressway, which starts from Shiv Murti in Delhi and ends at Kherki Daula in Gurgaon, a few months ago.
The 18.1-km stretch of the road is in Gurugram, while the rest is in Delhi. According to NHAI, it will have to construct 1-km stretch of the highway in New Palam Vihar and a 400-metre stretch in Kherki Daula village to complete the Gurugram portion of road.
In Delhi, while the 6.5-km stretch from Shiv Murti to Bharthal Chowk is part of Urban Extension Road (UER-II), which doesn’t need to be constructed, the remaining 3.4-km part of the road from Bharthal Chowk in Dwarka to Delhi-Haryana border needs to be built.
The Income-Tax Appellate Tribunal (ITAT) has held that a taxpayer can invest capital gains for the second or third time towards the same ‘new’ house property. Tax benefits cannot be denied on this ground, provided the cost of the new house is within capital gains that have arisen to the taxpayer.
ITAT also held that as the new property was under construction, it cannot be counted towards the number of houses already owned by the taxpayer.
Various provisions of the Income-Tax (I-T) Act grant a tax benefit, where long-term capital gains (LTCGs) arising out of a sale of certain assets are invested in acquiring a new house property. To the extent of investment in the new property, the taxable component of LTCGs is reduced, which results in lower I-T outgo. But if the taxpayer owns more than one house, other than the ‘new’ residential property, on the date of transfer of the original assets, the I-T benefit is not available.