Two Major Road Projects Initiated in Gurugram

Construction for an underpass to facilitate U-turn towards Ambience Mall and an elevated U-turn flyover at Shankar Chowk on the Delhi-Gurugram Expressway started here on Friday. The two projects are likely to be completed in 18 months.

National Highways Authority of India (NHAI) project director Ashok Sharma said the two projects would be constructed at a cost of ₹161.90 crore, including the civil construction cost of ₹107.85 crore. The projects will include utility cost of ₹30 crore, besides the other costs of around ₹24 crore.

Underpass near Delhi-Gurugram border to facilitate traffic Underpass near Delhi-Gurugram border to facilitate traffic

Four-lane underpass

The 377-metre four-lane underpass will facilitate U-turn for traffic coming from direction of Jaipur towards Ambience Mall, cutting down travelling time for motorists who curren...

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L&T starts work on Gurugram stretch of Dwarka Expressway

Recently, company workers carried out soil testing of the entire stretch and are now establishing temporary structures, which will aid them during construction.

GURUGRAM: Infrastructure major Larsen & Toubro has started work on the Gurugram portion of Dwarka Expressway (nearly 20km).

Recently, company workers carried out soil testing of the entire stretch and are now establishing temporary structures, which will aid them during construction.

The company has taken up packages 3 (Haryana border to Basai railway overbridge) and 4 (Basai railway overbridge to CPR/SPR/NH-8 junction). The Dwarka Expressway project has been divided into four packages, two of which lie in Delhi.

A senior official from L&T said: “Not a single day has been lost since we were awarded the project...

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GST Council to consider 5% GST on under-construction homes

NEW DELHI: The GST Council is likely to consider lowering GST on under-construction flats and houses to 5 per cent in its meeting next month, an official said.

Currently, the Goods and Services Tax (GST) is levied at 12 per cent on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale.

However, GST is not levied on buyers of real estate properties for which completion certificate has been issued at the time of sale.

An official said that this 12 per cent GST rate ideally would have been partially offset by way of taxes paid on inputs by builders and hence the actual incidence of GST on under-construction home buyers would have been  around 5-6 per cent...

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Narendra Modi & Arun Jaitley want to revive housing with a big GST rate cut.

The Prime Minister’s Office & Finance Ministry are in favour of a big GST rate cut on housing and are working to build consensus with states to push this through at the next GST Council meet on December 22, ET Now learns from reliable sources. The intent is to be consumer friendly, and bring home buyers back to the market with a much cheaper GST rate.

Sources say there are currently two proposals on the table.

The first proposal is to slash the 12% GST on housing to 8% and bring it at par with affordable housing under the Credit Linked Subsidy Scheme of the Modi govt.

The second proposal is far more bold. It is to slash GST on housing from 12% to 5% but it does away with input tax credit (ITC) for builders...

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Why elections spell trouble for real estate sector

Over the past two decades, every pre-election year has seen a decline in investments in the real estate sector, which does not bode well for job creation

At a time when India’s real estate sector is yet to find its feet under a new tax (GST) and legal (RERA) regime, the liquidity squeeze in the non-banking financial sector has morphed into a liquidity crunch for the real estate industry, which had turned to NBFCs (non-banking financial companies) for support after bank lending to the sector began to stagnate.

However, even with the worst of the liquidity crisis behind us, the road ahead for the real estate sector appears bleak and one big reason is the uncertainty around the 2019 elections, a Mint analysis suggests.

Data from the Reserve Bank of India (RBI) show that NBFCs emerged as a l...

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What is a sale deed and terms and conditions that home buyers should be aware of..

What are the main components that a sale deed must have and how should it be executed, to protect the interests of the home buyer? We explain..For a home buyer, the much awaited sense of ownership of the dream home, follows the execution and registration of the sale deed.

The sale deed, from the seller to the buyer, is the primary document evidencing ownership and vesting absolute title to the property. Hence, the buyer is advised to scrutinise the terms of the sale deed carefully, to ensure that his rights are protected and absolute title to the property is conveyed.

Terms_conditions_home_buyers

Important aspects of a sale deed

Section 54 of the Transfer of Property Act, 1882 (TP Act), defines a sale as a transfer of ownership of an immovable property for a consideration...

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Realtors can’t lure investors by promising ‘assured returns’: H-RERA

​​ Terming such schemes as “fraud”, the authority said SEBI has already declared “assured returns” as illegal Ponzi schemes.

GURUGRAM: Haryana Real Estate Regulatory Authority (H-Rera) is going to issue notices to developers who are trying to lure people to invest in their residential and commercial projects, promising “assured returns”.

Terming such schemes as “fraud”, the authority said SEBI has already declared “assured returns” as illegal Ponzi schemes.

To lure people to invest in their real estate projects, many developers are offering “assured returns” schemes, in which investors in residential projects are assured of a fixed rental income, while in commercial projects, those assured returns go up to as much as 12%.

“It has come to our notice that many rea...

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Homebuyers write to PM: Don’t entertain changes in RERA for 3 years

Model rules must include penalties for officers of state administration who delay real estate projects

Homebuyers have alleged that state departments handling real estate matters are trying to dilute the enforcement of the Real Estate Regulatory Act ‘designed to be a lifesaver for home buyers’ and reached out to the Prime Minister and the Minister of Housing and Urban Affairs to ensure that no changes in the RERA be entertained for at least three years after all states have implemented it in letter and spirit.

“There is rampant corruption in the administration of departments handling real estate in states...

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A Guide to Paying Property Tax in Gurugram

Property tax is a recurring charge that home owners have to pay every year. However, the tax amount varies from one location to another. This is a guide to paying property tax in Gurugram

Owners of residential properties in Gurugram, are liable to pay property tax to the Municipal Corporation of Gurugram (MCG) every year. The MCG follows a simple system for property tax calculation that mainly takes into account the size and use of the property.

In November 2018, the MCG issued notices to the owners of paying guest (PG) accommodations in the city, asking them to pay Rs 1,000 per year per bed in their property...

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Real Estate is Fastest-growing Business in India and the Opportunities are Huge

Business is much easier to do after GST. It will add considerably to growth over the next few years!

Your brand has been one of the best managed corporates and you have guided the group higher during even the licence raj. In approximately 50 years, you have been active in India Inc. You have seen different economic cycles, different governments and leadership transitions. How has been the journey for you?

We have grown very well. During the license raj period, growth was more difficult. After 1991, post liberalisation, growth has been better and we now have 750 million consumers who use our products in India and about 1.15 billion consumers globally. We might very well be the group with the largest number of consumers headquartered in the developing world...

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