Author name: dreamspersqftmagazine

“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]

  Dr.Atul Goel The story of settlement and property ownership began when our ancestors decided to abandon the nomadic life of hunter-gatherers. They settled down, built dwellings, and marked spaces as their own. The story unfolded further as ownership of land or space became a marker of wealth and fortune. Empires came into existence by acquiring more and more land. India is no different in this regard. The story of modern-day real estate started with the advent of private land and property ownership. It no longer remained within the purview of only the wealthy. The Industrial Revolution, urbanization, and progress impacted its evolution, with infrastructural development coming into the picture. India’s real estate sector underwent major changes in the post-independence era. Public housing projects were launched by the government in the 1950s and 1960s to provide housing. Cities expanded, and the urban population grew manifold. No wonder housing remained a problem that needed a solution. The emergence of private developers brought a huge relief. A major shift happened. Apart from private housing gaining more and more popularity, the development of new real estate segments like luxury housing, commercial real estate, etc., also occurred. Today, the real estate sector is the second-highest employment-generating sector in India. Valued at USD 477 billion, it contributes approximately 7.3% to the country’s GDP. It is showing an exponential growth trend and is expected to reach USD 1 trillion by 2030. From retail to hospitality, commercial space to infrastructure, the sector is contributing immensely to our country’s growing needs. Experts predict that it will contribute about 15.5% to India’s GDP by 2047. As I always say, every development we think of is related to real estate. From housing to infrastructure, real estate is the solution to every problem we have. Take the example of Pune, my own city. It transformed from a quaint town into a happening city ever since it became an IT hub—a real estate development. It experienced phenomenal growth over the years with a real estate market driven by a strong demand for home ownership, a supportive business landscape, and large-scale infrastructure development. Last but not least, real estate has always been one of the best tools for wealth creation. From the great emperors to modern-day billionaires, every wealthy person has created their wealth through real estate. A tangible investment of low risk with the potential for consistent appreciation and income generation, it has always been a pillar of wealth creation. The implementation of the Real Estate Regulation & Development Act 2016 (RERA) in India has made it the safest tool for investment ever. When we invest in real estate, we not only create personal wealth but also invest in the growth of our city and contribute to our nation’s progress. That’s how it works!

Affordable housing is a critical issue in India, especially considering the country’s vast and growing population. Addressing this issue involves understanding various government measures, economic factors, and the distinction between affordable and low-cost housing. This article delves into these aspects to provide a comprehensive view of the affordable housing scenario in India.   Government Initiatives and Economic Measures for Affordable Housing The Indian government has promoted affordable housing for urban migrants and the economically weaker sections (EWS) through initiatives like the Pradhan Mantri Awas Yojana (PMAY). PMAY provides affordable rental housing complexes for migrant laborers, the urban poor, and students, converting government-funded houses into rental units. The Modi government has implemented key policies such as the Real Estate (Regulation and Development) Act (RERA) and the Goods and Services Tax (GST) to enhance transparency and organization in the real estate sector. Additionally, the government is upgrading infrastructure through affordable housing corridors and smart city plans. Economic measures include a Rs 50,000 crore fund to ensure liquidity for developers and the completion of affordable housing projects. This includes Rs 540 crore for 14 projects and partnerships with private builders. A Rs 25,000 crore fund was approved to revive stalled housing projects. Tax benefits and reduced GST rates further incentivize affordable housing, with GST on under-construction affordable homes reduced from 8% to 1%.   Affordable Housing vs. Low-Cost Housing Affordable housing is defined by the ratio of housing expenditure to household income, designed for lower and middle-income groups (LIG and MIG). These units, ranging from 300 to 800 square feet, provide essential services and high-quality construction at affordable prices. Low-cost housing targets the Economically Weaker Section (EWS) and is typically found in peripheral city areas. These units are smaller, often under 300 square feet, and offer basic amenities with minimal facilities, focusing on cost reduction.   Conclusion India’s affordable housing landscape is shaped by government initiatives, economic measures, and the clear distinction between affordable and low-cost housing. The government’s collaboration with private builders and international funds underscores its commitment to providing quality housing for all, enhancing living standards, and fostering economic growth.   Dr. Adv. Harshul Savla Managing Partner – M Realty Chairman – Statistics & Research, CREDAI National

Pimpri Chinchwad Municipal Corporation (PCMC), under Commissioner Shekhar Singh, is ambitiously advancing towards becoming a model city in urban living, integrating infrastructure, healthcare, mobility, education, and environmental sustainability.       Healthcare Advancements PCMC plans to enhance healthcare with the upcoming 750-bed Moshi General Hospital, featuring a cancer unit and an MBBS college. The ‘Jijau Clinics’ initiative aims to provide primary health care across wards, easing hospital burdens. PCMC partnered with UNDP to launch India’s first Social Impact Bond, strengthening healthcare. Educational Excellence PCMC operates 128 schools, educating 55,000+ students. Starting 2024-25, the Direct Benefit Transfer system enhances transparency. Initiatives like master trainers, digital classrooms, and school safety audits ensure quality education. Augmented Water Supply The Chikhali Water Treatment Plant, handling 200 MLD, started last year. Currently, 100 MLD is sourced from Andra dam, with 167 MLD expected from Bhama Askhed soon. Pavana Dam meets the city’s 510 MLD water need. PCMC aims for 24×7 water supply, covering 40% of its network. Urban Mobility and Infrastructure Prioritizing urban mobility, PCMC proposes the Wakad-Chakan metro and collaborates with NHAI on Nashik highway development. Nigdi-PCMC metro extension began, promising a better commute. An elevated Pune-Mumbai highway corridor is planned to cut congestion.   Smart Sarathi and ICCC Smart Sarathi, a citizen-centric digital platform, has revolutionized urban governance by making services more accessible. The Integrated Command and Control Centre (ICCC) enhances city management through real-time monitoring and data-driven decision-making, improving civic services and response times.   Sports and Recreation PCMC boasts the highest number of sports facilities per capita, with new developments like the Annasaheb Magar stadium and the Moshi cricket ground aiming to nurture athletic talent.   Environmental Initiatives With a 48% green cover, PCMC is enhancing this through the ‘Connected Green’ initiative under ‘Harit Setu,’ supported by a $400K grant from the Bloomberg Initiative for Cycling Infrastructure. This project connects parks with safe walkways and cycle paths. Recreational spaces like the ‘Safari Park’ in Moshi and ‘Bird Valley’ in Chinchwad blend nature and amusement. PCMC recently received a Platinum rating from the Indian Green Building Council (IGBC) Green Cities Evaluation. Sustainability and Inclusivity New initiatives include a 3-Wheeler EV Policy, Sustainability Cell launch, and Non-Motorised Travel Strategy. Adopting the Urban95 framework with the Bernard Van Leer Foundation aims to create child-friendly urban environments.   Affordability and Governance PCMC has not raised property taxes since 2013-14, maintaining affordability for residents. The city is a top performer in the ‘Majhi Vasundhara’ initiative, Municipal Performance Index, e-Governance, and Citizen Feedback Awards.   “Pimpri-Chinchwad is on a trajectory of becoming one of India’s most preferred cities to live in, reflecting a commitment to holistic and sustainable urban development. Our mission is to create a city that offers the highest quality of life for all its residents.” — Shekhar Singh, PCMC Commissioner