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    Ar. Keval Valambhia, COO, CREDAI-MCHI [email protected] / [email protected] +919870985061       With the Union Budget 2024-25 on the horizon, the real estate sector eagerly anticipates the Modi 3.0 regime’s response to its pressing needs. The sector is hopeful for measures to boost the sentiment. The future of the sector hinges on comprehensive infrastructure development to enhance urban living standards and promote new growth areas. The talk in the real estate sector is, ‘will the government finally grant industry status to the entire housing sector? And will it take effective steps to rejuvenate the affordable housing segment, which has been struggling since the pandemic?’ According to research by CREDAI-MCHI, the Indian housing market has shown remarkable resilience in 2024. Housing sales have reached unprecedented levels in the top seven cities, with sales hitting a record 4.93 lakh residential units in FY23-24, and 4.47 lakh units launched. Nevertheless, sustaining this momentum is crucial, especially as the current growth is skewed towards mid-range and premium housing. It is very important to note that the housing needs of India’s lower-income groups cannot be met if the focus remains solely on higher-priced homes, while affordable housing continues to decline. Affordable housing has seen a significant downturn since 2021, dropping from over 26% of the market in 2022 and over 38% in 2019, to approximately 20% in Q1 2024. The share of affordable housing in the overall supply in the top seven cities also plummeted to 18% in Q1 2024, from nearly 40% in 2019. Many incentives for buyers and developers of affordable housing have lapsed in the last two years, exacerbating the issue. High-impact measures such as tax breaks are needed to revitalize this crucial segment. Furthermore, it is suggested that the government reintroduce the 100% tax holiday for affordable housing developers. This benefit, previously available under Section 80-IBA of the Finance Act, 2016, provided significant tax relief on profits from affordable housing projects. Such incentives are crucial to encourage developers to focus on affordable housing. Reviving the Credit-Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana (PMAY) is essential. This scheme, which expired in 2022, provided subsidies to first-time buyers of affordable homes and should be reinstated. The CLSS was available for housing loans to Economically Weaker Sections (EWS) and Lower Income Groups (LIG) for new constructions and home improvements. Reintroducing this subsidy will stimulate demand in the affordable housing segment. There is also a pressing need to redefine the criteria for affordable housing to broaden the benefits for home buyers. According to the Ministry of Housing and Urban Poverty Alleviation, affordable housing is defined by property size, price, and buyers’ income. Currently, it is described as a house with up to 90 sq. m. of carpet area in non-metropolitan cities and 60 sq. m. in major cities, priced up to Rs 4.5 million. However, these price caps are not viable in many cities. For instance, in Mumbai, a budget of Rs 4.5 million is unrealistic. Even the government-owned MHADA houses start at a threshold of Rs. 6 million The threshold should be increased to at least Rs 8.5 million for Mumbai and Rs 6.0-6.5 million for other major cities. This adjustment would allow more homes to qualify as affordable, enabling buyers to benefit from lower GST rates and government subsidies. By taking a practical viewpoint, I would rather suggest removing the price cap from the definition of affordable housing and declaring all homes under 60 sq m as affordable homes to boost the affordable housing sector in India.  CREDAI-MCHI’s research underscores the urgent need for the government to implement these changes. By addressing these issues, the government can ensure inclusive and holistic development, help Mumbai maintain its economic leadership, and meet the housing needs of an urban population projected to reach 590 million by 2030. The real estate sector stands at a critical juncture, and the upcoming Union Budget provides an opportunity for transformative measures. By adopting these recommendations, the government can foster a more balanced and inclusive housing market, benefiting millions of citizens.   The author is an urban planner and an architect and is the Chief Operating Officer of CREDAI-MCHI and the bravery award winner from the United Kingdom.

  Small Intro of project – (50 words) :-  GERA’s only Pune Metro-connected project, featuring Grade A commercial spaces in the prime location of Pimpri Chinchwad.   Configuration – Office Spaces and Retail Showrooms    Price Bracket –Starting from 70 Lakh up to 4.50 Crore.   Specification: Office Spaces available for startups, doctors, clinics, pathlabs, and multinational companies.   Amenities:- Grade A commercial spaces have all the necessary facilities to enhance your business. We have 5 escalators coupled with direct access paths to the Metro Station. ⁠ Connectivity:   IT: Infosys, TCS, Hinjewadi IT Park.  Manufacturing: JCB, TATA Motors, Force Motors, M&M, Bajaj.  Entertainment: Ozone Mall, Elpro Mall.  Hotels: Corporate hotels nearby include Taj Gateway, DoubleTree by Hilton.   Project Elevation – in drive   QR Scan of project –        P52100030184        P52100030167

“By ensuring seamless MahaRERA compliance and providing efficient grievance redressal, RERA Easy empowers developers for sustainable growth and success. Trust RERA Easy to confidently navigate regulations and build a strong foundation for your real estate ventures.” In Maharashtra’s dynamic real estate sector, RERA Easy helps developers navigate the complexities of the Real Estate (Regulation and Development) Act, 2016 (RERA). RERA Easy ensures regulatory compliance, smooth project execution, and enhanced credibility for developers. Understanding MahaRERA’s Grievance Redressal Mechanism MahaRERA recommends promoters set up a Home Buyer/Allottee Grievance Redressal Cell with a designated officer to handle complaints. This mechanism aims to resolve issues promptly, enhancing customer satisfaction and improving project ratings.   RERA Easy: Streamlining Grievances, Elevating Trust RERA Easy offers developers a comprehensive web-based solution for grievance redressal. The platform addresses complaints and analyzes grievances with the help of expert technical and legal teams, providing effective solutions. Our legal professionals help developers avoid future legal issues and handle compliance matters, enhancing customer satisfaction and boosting the overall brand image. About RERA Easy Founded in 2017, RERA Easy is a leading consultancy firm in Maharashtra specializing in RERA compliance. The firm has a team of Chartered Accountants, Advocates, and Engineering Experts. With a 10% market share, over 2,000 clients, 3,000+ registered projects, and 10,000+ Quarterly Progress Reports (QPRs), RERA Easy has managed projects exceeding 200 million sq. ft. The firm’s team of over 80 professionals ensures timely delivery, enhanced customer satisfaction, and a strong brand image for developers. Key Services Offered RERA Registration: Ensures hassle-free registration of real estate projects with MahaRERA. Successfully registered over 3,000 projects. Compliance Updates: Manages RERA’s quarterly reporting requirements, having submitted over 10,000 QPRs on behalf of clients. Legal and Documentation Services: Offers robust legal services, from title verification to litigation support, ensuring developers meet all regulatory standards efficiently. Conciliation Forums and Dispute Resolution: Leverages MahaRERA’s conciliation forums to resolve disputes quickly and cost-effectively.   Benefits for Developers Prompt Resolution of Grievances: Maintains project timelines and minimizes disruptions. Enhanced Reputation and Trustworthiness: Effective grievance redressal enhances credibility. Cost-Effective Solutions: Reduces financial risks associated with legal battles and regulatory non-compliance.   Strategic Partnership with RERA Easy RERA Easy’s expertise and comprehensive support make it an invaluable partner for developers. The firm provides tailored guidance and streamlined management of all registration and compliance-related activities.   About Shantanu Kuchya Shantanu Kuchya, Founder and CEO of RERA Easy, is a seasoned expert in real estate with a profound understanding of RERA legalities. As a civil engineer and lawyer, Shantanu combines technical and legal expertise, offering unparalleled insights into the real estate sector. His leadership and visionary outlook drive RERA Easy’s success, ensuring top-notch compliance and client satisfaction.   For more information, please contact Shantanu Kuchya at [email protected]

  In an increasingly globalized economy, property investment has become a key avenue for financial growth. One promising destination for real estate investment is Thailand, a market with significant potential for high returns. World Wide Properties Limited Company, registered in Thailand, alongside Aardishi Enterprises LLP, a RERA-registered company in India, has been at the forefront of promoting awareness about property options in Thailand for over a decade.  The Vision Behind World Wide Properties  The journey of World Wide Properties began in 2010 when three partners—Nikhil Nagarkar, Ashutosh Dole, and Sandeep Sahasrabudhe—embarked on a trip to Thailand. Their initial investment there sparked interest among their relatives and friends, leading them to establish a firm that now represents Thai real estate interests in India. Their mission is clear: to educate potential investors about the lucrative opportunities in Thailand’s property market.  Why Invest in Thai Real Estate?  Whenever the subject of overseas real estate arises, everyone looks at Dubai. However, Thailand, specifically Pattaya, is an excellent alternative destination for investing in condominiums. The reasons to invest overseas include higher rental yield, moderate capital appreciation, and the game-changer of currency appreciation. On the conservative side, one can expect more than a 15%* ROI on investment, provided the proper project is selected. The advantages of investing in Thailand start with easy travel requirements like no visa, comparatively affordable currency exchange rates, and being a world city, one can enjoy all types of cuisines, attracting more and more people every year.  Legal Framework and Investment Security  Thailand’s property laws are designed to protect foreign investors. Investors can purchase flats or invest in properties under the foreign quota, which remains secure even during governmental changes. These properties can also be passed down to the next generation, ensuring long-term security for investors and their families.    Indian Regulations and Investment  Under the current regulations of the Indian government and the Reserve Bank of India (RBI), individuals can invest up to USD 250,000 in immovable property abroad using a single PAN card every year. This allowance provides a substantial opportunity for Indians to diversify their investment portfolios internationally.  Comprehensive Support from World Wide Properties  World Wide Properties offers a complete range of services to facilitate property investment in Thailand. From currency exchange and banking transfers to property management and rental services, their Thailand office provides end-to-end support. This one-stop solution ensures that investors are guided through every step of the process, making international property investment seamless and stress-free.    The Promise of High ROI  The core message from World Wide Properties is clear: Thailand offers one of the highest ROIs for property investment compared to India. For potential investors, it is crucial to consider the long-term benefits and financial growth opportunities that come with investing in Thai real estate.    Conclusion  For those looking to expand their investment horizons, Thailand presents a compelling case. With the expertise and comprehensive support of World Wide Properties and Aardishi Enterprises LLP, investors can navigate the Thai property market with confidence. As awareness grows, more investors are likely to recognize the untapped potential of Thailand’s real estate, unlocking significant financial returns and long-term security.   Nikhilesh Nagarkar Director, WorldWide Properties [email protected]

  Introduction to Section 54 Section 54 of the Income Tax Act provides relief to taxpayers who sell their residential property to acquire another suitable house, aiming to ease the burden of capital gains tax.   Basic Conditions for Section 54 Applicable to individuals and HUFs only. The property sold must be a long-term capital asset, specifically a residential house. Within one year before or two years after selling the old house, the taxpayer must purchase another residential house. Alternatively, construction of a new house must commence within three years from the sale date.   Limitations and Eligibility Exemption can be claimed for the purchase or construction of one residential house property in India. It does not apply to houses purchased outside India.   Amendments and Additional Options From Assessment Year 2021-22, amendments under the Finance Act, 2020 allow exemption for investment in two residential properties if the long-term capital gains do not exceed Rs. 2 crores. This dual-property exemption option can only be exercised once in the taxpayer’s lifetime, precluding any future claims.   Illustrative Example Example scenario involves Mr. Swapnil, who sold his residential house in January 2023 and purchased two new houses in February 2022 and March 2024, respectively. Emphasis on the conditions of timing for purchasing the new house to qualify for Section 54 exemption.   Conclusion Section 54 serves to mitigate tax liabilities arising from the sale of residential property, enabling taxpayers to reinvest in residential real estate without immediate tax consequences. Amendments enhancing flexibility by allowing exemptions for two residential properties under specific conditions ensure the fair application of tax laws while supporting taxpayer objectives. In summary, Section 54 of the Income Tax Act provides crucial relief to individuals and Hindu Undivided Families (HUFs) facing capital gains tax upon the sale of residential property. By reinvesting the proceeds in another residential property within specified timelines, taxpayers can mitigate tax liabilities effectively. The section ensures that the primary objective of such transactions is to facilitate residential relocation rather than generate taxable gains. Recent amendments have expanded the scope of this provision, allowing exemption for investments in up to two residential properties under certain conditions, thus offering greater flexibility to taxpayers. This measure acknowledges the practicalities of real estate transactions while maintaining the integrity of tax policies.   Key Takeaways Section 54 of the Income Tax Act exempts individuals and HUFs from capital gains tax on the sale of a residential property if the proceeds are reinvested in another residential property within specified timelines, promoting residential relocation without immediate tax implications. Recent amendments allow exemption for investment in two residential properties under certain conditions, up to a total long-term capital gain of Rs. 2 crores, but this dual-property benefit can only be availed once in a taxpayer’s lifetime. This provision aims to balance tax liabilities with the incentive to invest in residential real estate in India, ensuring fair application of tax laws while supporting taxpayer objectives and real estate market dynamics.   CA Amit Deepak Chordia Partner, SMC & Associates [email protected]