Reading-Berks Association of Realtors installs 2016 officers, directors

 

Reading Eagle: Jeremy Drey | The Reading-Berks Association of Realtors installed its 2016 officers and board members Dec.18 during a dinner at the DoubleTree by Hilton, 701 Penn St. Seated, from left, are: Jack Evans, director; David Mattes, past president; Angela Tolosky, director; and Sharon Kehres, president-elect. Standing, from left, are: Craig Stringer, director; Jaime Perez, director; Kate Steffy, director; Eva Eisenbrown, president; Mark Mohn, director; Merlin Weaver, vice president; Glenda DeLillo, secretary and Jerry Buffa, treasurer

Marvel Realtors buys German Consulate's land in Pune for Rs 168 crore

MUMBAI: In the most expensive land transaction in Pune, realty developer Marvel Realtors has acquired a 3-acre land parcel auctioned by the Federal Republic of Germany for Rs 168 crore. The developer has paid Rs 56 crore per acre price for the land parcel at Pune's Boat Club Road, a prime location in the city.

Around 10 real estate developers from Pune and Mumbai had shown initial interest in the property that used to house hostel for students of Goethe-Institut Max Mueller Bhavan, Pune. However, the hostel has been shut for more than five years now.

The land parcel was put on the block nearly six months ago by the Consulate General of Germany. Out of the initial 10 entities, five were shortlisted and were asked to send in their revised closed bids.

"We are planning to develop a luxury residential project on the land parcel and with total development potential of 3.80 lakh sq ft, it will offer us revenue worth Rs 800 crore over the next four years," Vishwajeet Jhavar, CEO, Marvel Realtors, told ET. The company is aiming to complete the project in four years after receiving the approvals that are expected in the next six months, he said.
The developer has partnered Piramal Fund Management for the project and both the entities will hold  ..

"We are pleased to deepen our ties with Marvel in Pune and are even more pleased to have secured an attractive and extremely well located development site. We constantly endeavor to deepen our funding relationships with existing partners and Marvel has delivered on our expectations across previous investments," said Khushru Jijina, Managing Director, Piramal Fund Management. "We are happy that we are Marvel Realtors' strategic partner not only in land acquisition but also in project related deci ..

This is Piramal Fund Management's fourth equity transaction in Marvel Realtors' projects over the past three years. Since February 2013, the fund has invested more than Rs 430 crore in the developer's projects including this investment.

While Marvel Realtors emerged as the highest bidder, the deal was concluded on Tuesday following an approval from the Parliament of Germany. India's ministry of finance has also approved the transaction.

Currently, Marvel Realtors' has a total of 15 million sq ft under construction in Pune and this will be the developer's ninth project in Boat Club Road and Koregaon Park locality of Pune. It also has few projects in Bengaluru and Goa.

HDIL sells Mumbai land parcel to DK Realtors for ₹649 crore

Listed real estate player Housing Development and Infrastructure Ltd (HDIL) has sold a land parcel in Kurla, a Mumbai suburb, to DK Realtors for ₹649 crore.

Sources close to the development said the company has sold the four-acre plot to the Dheeraj Realty subsidiary, which is planning a residential project there.

Sources in Dheeraj Realty said that the residential project will have 8 lakh sq.ft of saleable space.

HDIL’s Vice-Chairman and MD Sarang Wadhawan had earlier said the company was looking to pare debt by 15 per cent by selling its non-core assets. Its debt as on September 30 stood at ₹2,908.11 crore.

Non-core assets

“We are looking to achieve debt reduction by largely selling non-core assets. We have put land banks outside Mumbai for sale. And, we hope to close some transactions in Mumbai soon,” Wadhawan had said.

The company had also spoken of plans to sell land parcels in Vadodara and Hyderabad as part of the strategy.

The company is investing about ₹150 crore in the first phase of its upcoming affordable housing project at Virar in Mumbai. The project is spread over 550 acres.

The real estate company had reported a 7 per cent decline in its consolidated net profit to ₹57.79 crore for the quarter ended September.

Realtors find new home in Vancouver

For nearly 30 years, Windermere Stellar's Vancouver office was housed among the historic buildings of Officers Row at Fort Vancouver.

That changed recently, when the firm packed up and moved its 44 real estate brokers, along with staff and managers, to a new home in the former Vancouver City Hall building at 210 E. 13th St. That building has been completely remodeled and now features an open floor plan and plenty of natural light thanks to floor-to-ceiling windows.

There are also private offices and a cafe area that brokers use as a gathering spot.

Windermere occupies the entire first floor, though there is room for additional brokers to join as needed. Stewart Title is on the second floor of the building and Penrith Home Loans, Windermere's mortgage arm, also has an office within Windermere's new home.

“We couldn’t be more excited about the synergy this office will bring to the team. While we loved our charming former setting, we were divided between two buildings,” said Gerry Dowdy Latshaw, managing principal broker of Windermere Stellar’s Vancouver Metro, in a release.

“The location connecting us to downtown is a plus for brokers who are endlessly on the go.”

Traders, realtors seek reduction in Collector’s rates

Representatives of traders, industrialists and property consultants on Thursday urged Deputy Commissioner Ajit Balaji Joshi to immediately reduce the Collector rates in Chandigarh.

The Deputy Commissioner, along with Assistant Estate Officer Prince Dhawan had called the meeting of various associations representing traders, industrialists and property consultants for discussions and seeking their suggestions on reduction of Collector rates in Chandigarh.

Kamaljit Singh Panchhi, president of the Chandigarh Traders’ Association, Sector 17, said, “Traders, industrialists and residents of Chandigarh have been demanding for long to reduce the Collector rates in Chandigarh as the existing rates were not in sync with the actual market rates. “In fact the rates in the adjoining areas are much below the rates in Chandigarh which is evident from the revenue receipts during the last three-four years,” he pointed out.

LC Arora, general secretary of the Chandigarh Traders’ Association, Sector 17, said in Chandigarh, the Collector rates were increased by 10 per cent in September, 2012. However, the increase to the extent of 50 per cent in August, 2013, shooting the rates up from Rs 54,912 per square yards to Rs 82,368 per square yard was “unwarranted and much higher than the market price”.

Panchhi further said, “We would like to put on record that Panchkula, Mohali and Zirakpur had decreased the Collector rates after experiencing downfall in the registration of properties. The UT Administration must not delay the revision and reduce the rates to the extent of 40 to 50 per cent in the larger public interest,”

The Deputy Commissioner assured the meeting that the suggestions would be considered and decisions would be taken accordingly

Realtors rush to drawing board to plan townships

Major city developers have rushed to the drawing board to plan suburban townships following a state urban development department notification that offers various concessions to such projects on land parcels of 50 acre or more.

"We were waiting for a policy on land in excess of the 24.2-acre ceiling. The new township policy has clearly outlined what needs to be done. This is a great opportunity for developers focused on affordable housing segment.We have begun evaluating opportunities towards Kalyani Expressway," said Siddha Group managing director Sanjay Jain.

Apart from the minimum 50-acre stipulation, the policy states that 75% of the land must be used for residential units and rest can be developed commercially to set up markets, hospitals, schools, offices etc. Of the 75% earmarked for residential, a quarter has to be earmarked for houses for economically weaker sections (EWS) and another quarter for a socio economic activity like healthcare or sports infrastructure or any theme for that township. The remaining half of this pie can be used for MIG and HIG housing.

The policy allows a single party to procure land after procuring prior permission from the government or aggregation of land parcels by multiple land holders. It also allows purchase of land by a company with a declaration that no force was used to procure it. The policy also allows inclusion of vested land on long-term lease.

The state government itself plans to auction government land for development of such townships by private firms. "The state government has identified 447 acre for six theme-based townships in Kalyani, Bolpur, Dabgram, Asansol, Dumurjala and Baruipur.Tenders have already been floated for 'Uttam City' in Baruipur," an urban department official said.

Win-Win Situation for Home Buyers, Builders in 2016: Realtors

HYDERABAD: The year 2016 is expected to see a ‘win-win’ situation for both home buyers and builders in Hyderabad, opine realtors and real estate associations.

As real estate scenario in the city picked up momentum this year, realtors expect that further progression will occur in 2016, thus leading to rise in home sales and creating a buzzing market.

“There has been a revival of realty sector this year with both home sales and launches rising. While realty sector got back from brink this year, we expect it to regain its vibrancy next year. We are expecting a growth of about 20 percent in 2016,” said S Ram Reddy, president of Confederation of Real Estate Developers Association of India (CREDAI), Hyderabad.

For the sector troubled with various reasons for the past half decade, a 20 percent growth expectation is a positive sign. But what makes real estate insiders come up with such a promising forecast?

Already there is shortage of office space in Hyderabad now and more multinational companies are setting up their shops here.

As a result more jobs will be created, more people from other areas will come to Hyderabad, leading to rise in home sales.

Already there has been good activity in office space and we hope the same will be replicated in terms of residential segment, opined P Dasharath Reddy, president of Telangana Real Estate Developers Association (TREDA).

Over the past year reputed companies of international fame including Google, ICICI bank, Amazon, Wipro, among others have scaled their operations in Hyderabad, thus creating enormous demand for office space.

It is a natural consequence that demand for office space automatically leads to demand for homes. Besides government’s eagerness to cater to these companies by adopting ‘ease of doing business’ approach is expected to further help the cause of Hyderabad realty.

Therefore real estate developer bodies are forecasting a tremendous rise in home sales and planning accordingly.

“We are sure of rise in home sales in the coming year. However, instead of going for new launches immediately, we are urging our members to first clear existing inventory if any. We are also urging builders not to increase prices and are taking steps to ensure that prices remain stable for the home buyers,” stated Ram Reddy 

 

According to estimates of realty sector bodies, while there is shortage of office space in Hyderabad, the quantity of unsold inventory is also very less when compared to other cities.

With the prices in Hyderabad being cheaper when compared to several ‘Tier 2’ cities, industry experts believe that 2016 will see buzzing activity in Hyderabad in near future.

Transfer of Property to Relatives

Special care should be taken by a person while transferring property to his relatives from the point of income tax. These aspects are discussed in this tip. The sections referred to are of the Income Tax Act, 1961.

If a person transfers only income from a property and not the property itself, then he continues to be assessable to income tax for the income from such property, despite the transfer, whether revocable or irrevocable. This is as per Section 60. Hence any person interested in a bonafide transfer of property to a relative should transfer it so that, not only the income of the property but the property itself is transferred to the transferee.

It is provided by Section 61, that if there is a revocable transfer of assets, then all income arising to any person would be chargeable to income tax as the income of the transferor and be liable to be included in his total income. However, even in respect of a revocable transfer of property, there is an exemption, viz. Where any income arises to the transferee by virtue of a transfer by way of a trust, which is not revocable during the lifetime of the beneficiary or in the case of any other type of transfer, such as by way of gift, etc., where it is not revocable during the lifetime of the transferee. However, one essential condition to be fulfilled in such a case (u/s 62), is that the transferor should not derive any direct or indirect benefit from such income in either case. It should be noted that, as and when the power to revoke the transfer arises, all income by virtue of such transfer would be chargeable as the income of the transferor and would be included in his income. The expression “transfer” includes any settlement, trust, covenant, agreement or arrangement. The expression “relative” for the purpose of the Income Tax Act, Section 2(41), in relation to an individual, means the husband, wife, brother or sister or any lineal ascendant or descendant of that individual, like father, son, etc.

Normally, the income of any property irrevocably transferred by the transferor to the transferee, should be assessed in the hands of the transferee only. But there are certain exceptions provided in Section 64(1) for the clubbing of income, where the transfer is made to certain close relatives without any adequate consideration. For example, where the transfer is without any adequate consideration, made by way of gift, then the transferor should not make any transfer of a property to his spouse and daughter-in-law, either directly or indirectly. Thus, if a property is gifted to any of the aforesaid persons by an individual, then the income from the property transferred, would continue to be includable in the total income of the transferor as per Section 64(1). It may be noted here, that a person can now make gifts of immovable property to one or more persons without any upper limit. But care must be taken to avoid the clubbing provisions as mentioned earlier. However, there is a tax planning device by which the clubbing of the income of an asset transferred to a close relative can be avoided. Thus, a married lady should not receive any gift from her husband, father-in-law and mother-in-law. If, however, gifts are received by a lady just before marriage, as pre-nuptial gift of property, it will not be liable to be included, as held in Philip Thomas vs CIT 49 ITR (SC) 97 by the Supreme Court, where such pre-nuptial gifts are made to an unmarried lady only.

Under the Hindu Law, a co-partner can impress his self-acquired property with the character of a joint Hindu property by making a declaration to that effect. However, Section 64(2) provides, that from January 1, 1970, if any person transfers his self-acquired property to his Hindu Undivided Family (HUF), then the income from such transferred property would still be included in his own individual assessment. Hence, this should be avoided. However, a transfer can still be made to a separate branch of the HUF, i.e. of the married son, grandson or brother, etc., without attracting Section 64(2). In this manner, a separate income tax file of the separate branch of the HUF of the married son or the married brother, etc. could be created by an individual through a special gift of property.

Sometimes, properties are transferred for the benefit of a future relative, like the would –be wife of a son or would-be husband of a daughter, etc. Such a trust, for the benefit of an unborn or future relative is valid under the Transfer of Property Act. It has also been held by Courts in India, that such trusts for unborn persons are also valid. However, it is provided under Section 164(1), that where such a transfer is made, the income from such a transfer generally made to close relatives, unborn, indeterminate or unknown at the time of transfer, are liable to tax at the maximum rate of tax. But an exception is provided under clause (1) of first proviso to Section 164(1) whereby, if such a trust is the only trust made for the benefit of the unknown person and the beneficiaries do not have any other taxable income, then the income of such a trust is assessable at the normal slab rates applicable to an Association of Persons, that is, like an individual. This is also confirmed by the CBDT circular No. 577, dated September 4, 1990.

A discretionary trust can be created through the provisions of a ‘Will’ in such a manner, that it is the only trust so declared by the Will, so that it becomes assessable as a separate taxable entity, liable to tax at the slab rates applicable to an AOP or an individual and not at the maximum rate of tax. Such a trust could provide for property to be given to the wife, children,

Taxation : Transfer of Property to Relativesgrandchildren, future grandchildren, great grandchildren, etc., of the testator, i.e. the person making the Will.

While making a transfer of immovable property to relatives in general and other taxpayers in particular, a person would derive immense benefit by observing the aforesaid principles of Income Tax Law.

Commercial Real Estate

కమర్షియల్స్ హౌసింగ్
2015 సమయంలో భారతదేశం యొక్క ఆఫీస్ స్పేస్ శోషణ 35 మిలియన్ చదరపు అడుగుల వద్ద నిలిచింది - దేశం యొక్క చరిత్రలో రెండవ-అత్యధిక సంఖ్య 2011 తరువాత 2011 లో ఆఫీస్ స్పేస్ కోసం డిమాండ్ ప్రపంచ ఆర్థిక సంక్షోభం తర్వాత తక్కువ అద్దెలు యొక్క ప్రయోజనాన్ని ఆక్రమించే నుండి వచ్చింది. ఈ సమయంలో, అయితే, అది వారి పెరుగుదల ప్రణాళికలు అమలు కార్పొరేట్లు ఫలితమే.
బాణలిలో భారతదేశం ఖాళీ ఇప్పటికీ 16% వద్ద నిలుస్తుంది అయితే, వాస్తవిక ఖాళీ నిజానికి చుట్టూ 8-9% ఉంటుంది - మొత్తం ఖాళీగా సరఫరా ఎల్లప్పుడూ కార్పొరేట్ ఆక్రమించే కోసం సంబంధిత కాదు. వాటిని చాలా వర్గాలలో విక్రయించి స్వాభావిక ప్రతికూలతలను మరియు కనెక్టివిటీ సమస్యలు స్థలాలలో లేదా ఉన్నాయి, లేదా ఇటీవలి కాపురస్తుడు నిష్క్రమిస్తుంది నుండి వైదొలగాడు చేశారు మరియు ఇకపై గ్రేడ్ ఎ అవసరాలు మ్యాచ్ గ్రేడ్ ఎ భవనాలు పరిగణలోకి లేదు ఎందుకంటే ఈ ఉంది.
ఇటువంటి పూనే, బెంగుళూర్, హైదరాబాద్ మరియు చెన్నై వంటి నగరాల్లో కేవలం 5-10% ఒక ఖాళీ రేటు, పెరుగుతున్న డిమాండుకు తాజా సరఫరాను అవసరాన్ని ప్రాంప్ట్ కలిగి. భూమి మరియు నిర్మాణ వ్యయం పెరుగుతున్న మాత్రం, అద్దెలు డెవలపర్లు గురించి 20% IRR పొందవచ్చు ఇక్కడ ఒక పాయింట్ చేరుకున్నారు లేదు, ఎందుకంటే డెవలపర్లు వాణిజ్య ప్రాజెక్టులు నుండి దూరంగా shying చేశారు. కనీసం మంచి మార్కెట్లలో - అద్దెలు వేగంగా అధిరోహించిన అయితే, డెవలపర్లు నిర్మిస్తోంది ప్రారంభమౌతుంది.
రెంట్స్ పేస్ వేగంగా టైర్-నగరాలలో ద్వితీయ వ్యాపార జిల్లాలుగా (SBDs) మరియు కొన్ని పరిధీయ వ్యాపార జిల్లాలుగా (PBDs) లో స్థాపించబడిన కేంద్ర వ్యాపార జిల్లాలు (CBDs) లో కంటే 2015 లో భారత నగరాల్లో పెరిగింది. 2015 లో వివిధ నగరాల్లో మరింత లీజింగ్ చర్యను సూక్ష్మ మార్కెట్లు తక్కువగా యిష్టపడే ప్రాంతాల్లో అధిక ఖాళీ రేటు చూస్తారు, 2016 లో చర్య చూడండి కొనసాగుతుంది. సరఫరా ఎండిపోతుంది మరియు ఖాళీ మరింత పడిపోతుంది రాగానే ఆక్రమించే అలాగే, ఈ స్థానాల్లో ఖాళీలు చేపట్టడానికి ప్రారంభమౌతుంది.
2015 లో, ఆఫీస్ స్పేస్ డిమాండ్ ప్రధానంగా ఐటి / ITES, కామర్స్, మొదలు పెట్టడంతో మరియు పెద్ద కన్సల్టింగ్ సంస్థలు నడిపారు. అయితే, ఈ కూడా నిర్మించారు టు దావా (BTS డిమాండ్ చూస్తారు 2016 మరియు 2017 తదుపరి సంవత్సరంలో ఏం చేయాలి - ఎఫ్ఎంసిజి, బిఎఫ్ఎస్ఐ (ఫ్రంట్ ఆఫీస్) వంటి అనేక ఇతర రంగాలలో ప్లేయర్స్, తయారీ, టెలికాం, ఫార్మా మార్కెట్ లోకి రాలేదు ) లక్షణాలు, పెద్ద ఐటి ఆక్రమించే ముఖ్యంగా నుండి. 2015 లో శోషణ 2011 వరకు పోలి ఉంటుంది, ఇది కొత్త మరియు పాత భవనాలు అంతటా పంపిణీ చేయబడుతుంది; గతంలో, అది ఎక్కువగా కొత్తగా పూర్తయిన భవనాలు ఉంది.
డిమాండ్ ఆక్రమించే సానుకూల బయాస్ వెలువడ్డాయి, 2016 యొక్క అత్యంత నిలకడగా ఉండిపోతుంది. వాణిజ్య ప్రదేశాలు తక్కువ సరఫరా మరియు డిమాండ్ కారణంగా, కార్పొరేట్ ఆక్రమించే వారి విస్తరణ ప్రణాళికలు సంస్థ కొనసాగుతుంది. 2016 కిరాయి ఖాళీలు కొనసాగుతున్న డిమాండ్ తెచ్చే, నాణ్యత సరఫరా తక్కువగా ఉంటుంది. ఈ అన్మెట్ డిమాండ్ గ్రేడ్-బి కార్యాలయ సముదాయాలను అధిక occupancy ప్రతిబింబించేలా ఉంటుందని అర్థం.
ఎఫ్డీఐ డెవలపర్లు ప్రొఫైల్, అలాగే యాజమాన్యం నమూనాలను రియల్ ఎస్టేట్ రంగం పుంజుకోవడం తరువాత, మారుతున్న ప్రారంభమౌతుంది. ఈ భారత డెవలపర్లు యాజమాన్యం అవసరాలు ఒక డ్రాప్ మరియు PE నిధులు మరియు MNC డెవలపర్లు యాజమాన్యం పెంపుకు దారి తీస్తుంది.

Government of Andhra Pradesh