IT Department attaches benami properties worth Rs 43 billion; Jaipur and Mumbai top the list

New Delhi: The Income Tax Department has attached over 1,500 ‘benami’ properties worth Rs 43 billion in the last one and half years, around the same time as the introduction of the revised benami legislation, a financial daily has reported.
According to a report in the Business Standard, Jaipur and Mumbai top the list, each with an attachment of 200 properties.
This is followed by Lucknow with an attachment of 50 properties, Kolkata at 144, Chandigarh at 110 and Hyderabad at 100 properties. Patna has seen the least number of property attachments at 30, the report added.

know more about INTERNATIONAL LAND DEVELOPERS FRAUD by clicking on it.

“The I-T department has worked swiftly in identifying benami transactions since the enactment of the revised legislation. Over 1,500 properties have been attached so far. Many are on the radar. Search and surveys are on involving gold dealers, bankers, hawala operators, senior government officials, and politicians, etc,” Business Standard quoting a senior government official wrote.
With a view to curb the menace of black money, Parliament in August 2016 had passed the Benami Transactions (Prohibition) Act, after assurance from Finance Minister Arun Jaitley that genuine religious trusts will be kept out of the purview of the legislation.
read more about INTERNATIONAL LAND DEVELOPERS COMPLAINTS go through the link.
While the existing law provides for up to three years of imprisonment or fine or both for carrying out benami transactions, the amended legislation would provide for seven years imprisonment and fine.
The Act defines benami transactions, prohibits them and further provides that any violation is punishable with imprisonment and fine. The PBPT Act prohibits recovery of the property held benami from benamidar by the real owner.
While the 1988 Act had nine sections, the amended law has 71 sections.With Agency Inputs
Give a eye on INTERNATIONAL LAND DEVELOPERS REVIEW

India rises one notch to 35th on JLL global realty transparency index

New Delhi: India has improved its ranking by one notch to 35th in the global real estate transparency index, driven by policy reforms and liberalisation of FDI rules in property as well as retail sectors, realty consultant JLL said.

India was ranked 36th in the index during the last bi-annual survey conducted in 2016 and 40th in 2014. The country's real estate market is currently placed in the 'semi-transparent' zone.

The ranking is expected to improve further in the next survey in 2020, on the back of several government initiatives such as Real Estate (Regulation and Development) Act (RERA), GST and Benami Transactions Act, JLL India's CEO and Country Head Ramesh Nair said.

Read more about INTERNATIONAL LAND DEVELOPERS FRAUD

According to the survey, UK is at the top position followed by Australia and the US. France, Canada, Netherlands, New Zealand, Germany, Ireland and Sweden are in top 10 in the list of 100 countries.

Sri Lanka is at the 66th position and Pakistan at 75th among south Asian countries. Venezuela is the least transparent market with 100th rank.

JLL said that India has emerged as one of the top ten countries to register maximum improvement in transparency in real estate over the last two years.

Among BRICS nations, the consultant said that both China and South Africa remained on the same rank 33rd and 21st, respectively, while, Brazil slipped to 37th position and Russia remained at 38th rank.

"India's improvement in the transparency scores across all markets has started to benefit the nation in the form of increased volumes of international capital being deployed into the country," Nair said.

know more about  INTERNATIONAL LAND DEVELOPERS COMPLAINTS

He attributed the improvement in ranking to better market fundamentals, policy reforms and liberalisation of FDI into realty and retail sectors.

The strengthening of information in public domain, digitisation of property records and according 'industry status' to affordable housing also helped in higher ranking.

"Private equity (PE) investments into realty sector is one of the best indicators of the confidence of the investor community and the confidence is closely linked with the transparency of the property markets and improvement in transparency," Nair said.

PE investment in Indian real estate sector has grown from USD 2.2 billion in 2014 to USD 4.7 billion in 2015, to USD 6.9 billion in 2016 and it was USD 6.3 billion in 2017.

"The country's ranking is likely to improve further in 2020, mainly on the back of the comprehensive implementation of RERA in all states, introduction of insurance policies for Land Title Insurance, pseudo-ownership of properties weeded out through ?Benami Transactions Act? and the sector aligning itself well with Goods and Service Tax (GST) regime," he added.

The JLL's index measures transparency by looking at factors including data availability its authenticity and accuracy, governance of public agencies as well as stakeholders of the realty sector, transaction processes and costs associated with those, and the regulatory and legal environment.

Get a eye on INTERNATIONAL LAND DEVELOPERS REVIEW

Property market in Delhi-NCR: 2018 will be a great year, here is why

The year 2017 was an eventful one for the real estate market in India. The overall real estate market came to a standstill, especially in the first quarter of the year just after the demonetization. Other surprises, such as the Real Estate Regulation Act, GST implementation, changes in Benami Transactions Prohibition Act, all impacted the transaction volumes, especially in the second half. Surprisingly, the commercial real estate market remained robust across India, including the NCR market. Till November 2017, we recorded approx. 34 million sq. ft. of leasing activity (excluding renewals and pre-commitment) at PAN-India level. Out of this, NCR shared about 18%, which translates to approx. 6.25 million sq. ft.

Read more about ILD FRAUD by clicking on link

The expectation is that the overall leasing volume will remain at par with last year. The demand for Grade-A office space was driven by technology companies, followed by engineering, manufacturing, BFSI and co-working operators. Although GDP shows a dull growth in the past 2-3 quarters, taking cues from the positive policy related initiatives, most large occupiers are reviewing their long-pending commercial real estate decisions. Tenants in expansion mode relocated and locked in large office spaces at favorable lease terms. The trend of pre-committing large spaces picked up this year and co-working spaces made their entry in the market in a big way.

Gurgaon has remained the preferred office destination in NCR with about 63% share in overall leasing. As per Colliers International, the leasing profile will be dominated by corporate offices of large IT/ITeS companies. As business confidence in the economy picks up, we expect these tenants to commit to large office spaces, especially in the Special Economic Zones coming up in Gurgaon. NOIDA is picking up, but as a market it is still contributing about 24% of the leasing volume. The lack of elite Grade-A building and building management is one of the reasons why corporates are shying away from this city, despite lower rentals.

to know more about ILD COMPLAINTS click on it.

The supply-demand equilibrium will keep rents in check in peripheral locations. However, rents in micro-markets like Cyber City, certain parts of Udyog Vihar and NH8 in Gurgaon, Aero City in Delhi and sector 62 and Noida Expressway will continue to strengthen further. As per our observation, premium buildings will continue to command a premium over market average rates in supply-restrained locations, such as Cyber City and Golf Course Road exerting upward pressure on rents. However, there can be a downward pressure on rents in peripheral micro-markets and Grade B buildings. Thus, average rents are likely to remain stable over the short to medium term.

Golf Course Road Extension Road is positioning itself as a significant future development destination, with large upcoming supply. We expect urban infrastructure to get a boost, as work on the widening of the National Highway 8 (NH8) is going on in full swing and the Hero Honda Chowk Flyover is likely to see completion in 2017. The major infrastructure plans to decongest four major junctions of NH8, including IFFCO Chowk, Signature Tower Chowk, Rajeev Chowk and Hero Honda Chowk, is likely to improve the micro market in a big way. The work on these projects is moving very fast and we expect the completion of all these major infra projects by Q1 2019. All in all, 2018 is expected to be a great year for the commercial real estate market in NCR.

give a eye on ILD REVIEW by the consumers.

New launches struggle, sales remain flat in Q2 CY2018: PropTiger Realty Decoded report

New property launches in Q2 CY2018, across the top nine cities, decreased by over 20 per cent, with developers waiting for the festive season to begin, while sales remained stable, according to PropTiger’s Realty Decoded Report for Q2 2018

read more about  ILD REVIEW  by clicking on link

New launches across the top nine cities declined by 20 per cent in Q2 2018 (April, May and June) over Q2 2017, whereas, sales were within two per cent of last year, according to PropTiger.com’s ‘Realty Decoded Report’ for Q2 2018. The quarter did not witness many new launches, as developers are waiting for the festive season to launch new projects. Large cities, such as Mumbai and Pune, had a drop in new launches, whereas, markets such as Noida, Bengaluru, Hyderabad and Chennai, experienced increase in new launches. However, last year Q2 was an aberration, as developers advanced their launches to avoid approvals under the Real Estate (Regulation and Development) Act (RERA) regime.

to know about ILD COMPLAINTS go through the link

After a stupendous Q1 CY2018 sales performance, developers did not show similar aggression in their marketing and sales efforts in Q2 CY2018. Most developers are saving their marketing budgets for the upcoming festival quarters in Q3 and Q4 CY2018. Nevertheless, there is a silver lining for the industry, as both, Mumbai and Pune, which contribute nearly 50 per cent to overall sales, have seen their sales increasing by 15 per cent and nine per cent, respectively.

Read more about ILD FRAUD

One crore houses to be built under Pradhan Mantri Awaas Yojna-Gramin by 2019: Yadav

New Delhi: The government has set a target for constructing one crore houses under the Pradhan Mantri Awaas Yojna-Gramin (PMAY-G) by 2019, Minister of State for Rural Development Ram Kripal Yadav said today

ILD FRAUD read now by clicking on link.

Yadav said as per an all-India level estimate 4.04 crore rural people were found without houses under the scheme but later the Gram Sabha eliminated 1.37 crore people from the list, leaving only 2.67 crore such people.

Replying to a query during the Question Hour in the Rajya Sabha, Yadav said of the 2.67 crore houses, one crore will be built by 2019 while the rest will be constructed by 2022.
The erstwhile rural housing scheme – Indira Awaas Yojana (IAY) — has been restructured into PMAY-G with effect from April 1, 2016 and is being implemented through state governments and union territories.

know more about ILD COMPLAINTS click on it

Yadav said as on July 19, 2018 “A total of 42.56 lakh houses have been constructed” against the target of one crore.

In reply to a supplementary, Yadav said a total of 16 lakh such houses were to be built in Bihar but could not be constructed owing to problems like shortage of sand supply.

Read now about ILD REVIEW

The real estate market shows revival in this quarter

After an unpredictable 2017, the real estate market seems to have stabilized with the regulatory changes and market sentiment. However, there is still a long way ahead to find the right space but it’s not unachievable. As per the report by ANAROCK, recently NCR saw a whopping 59% increase in its new housing stock in April as against the previous month. In fact, NCR stole the show even on the sales front with a whopping 153% increase in April as against the preceding month.

HomeKraft is one of the best builder delhi NCR.

The size of properties is shrinking in most cities across the country so as to meet the all-important ‘affordable budget’ criterion. For instance, the average size of new launches in NCR was 1,853 sq. ft. in March 2018, and dropped to 1,323 sq. ft. in April as per reports. Happy Trails aspirational homes by Homekraft have struck the right chord with the premium towers that gives the luxury of having only 2 apartments per floor, with each measuring 1625 sq. ft., giving you freedom and space to live the life you have always wanted.

Buy flats from HomeKraft by ATS.

However, HomeKraft with Happy Trails was able to create a strong demand in Noida and its vicinity backed by decades of brand equity that made ATS Group as one of the most sought-after brand in the region. Undoubtedly, the brand value of ATS & its value based homes is a huge parameter for such a success with world-class amenities under one roof. The response was significantly remarkable and have already set its benchmark in the real estate market. This overwhelming response has been a case study for some to create a value-based product in the affordable housing category.

Buy Affordable Homes from HomeKraft.

Lack of road signs in Gurugram

e’ve seen them all over, road or traffic signs or are a vital aspect of safe driving and are designed to keep people safe. To ensure the safety of drivers, smooth traffic flow and to reduce mishaps, road signages give out a number of messages regarding the road and what you as a driver should expect on the road.

Today, where traffic is the major problem of Delhi NCR, Gurugram is running with very few traffic signage. The city is known for its long-haul jams and it’s all because of either absent or poorly placed road signage. The lack of direction boards and poor traffic signs contribution towards accidents, traffic jams, and long detours.

Read More On ILD Complaints.

As per a 2013 report, Gurugram had more advertisements boards than road signage, concluded that navigating was next to impossible for an outsider owing to lack of signage. Based on recommendations made in the report, the court then directed the two bodies to improve the traffic signage. But five years later, the situation remains the same. At several stretches in the city, commuters continue to find (or lose) their way on a daily basis.

Read More On ILD Complaints.

Road signs may look like a small piece of infrastructure, but have a major role in ensuring safety on road. They help in maintaining safe driving conditions and reduce chaos on the road. Without these signs, no one would know how fast to drive, what direction to drive down a road, whether or not the roads being driven on having an upcoming hazard, or whether they are approaching a merge.

Read More On ILD Complaints.