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Mumbai, July 18, 2024 — Indian cricketer KL Rahul and his wife Athiya Shetty, daughter of Bollywood star Suniel Shetty, have acquired a luxurious apartment in the upscale Pali Hill area of Bandra, Mumbai. The property, valued at ₹20 crore, spans 3,350 square feet and is situated on the second level of the Sandhu Palace building, an 18-floor structure. The purchase details, accessed via property registration documents from IndexTap, reveal that Rahul and Shetty paid ₹1.20 crore in stamp duty and an additional ₹30,000 in registration costs. The transaction, which includes four automobile parking spaces, was officially registered on July 15. The Sandhu Palace building has received a partial occupation certificate from the Brihanmumbai Municipal Corporation (BMC), ensuring compliance with local regulations. This prestigious address in Pali Hill is home to numerous Bollywood stars and affluent individuals, with luxury apartment projects in the area often costing ₹1 lakh or more per square foot, according to local brokers. In addition to their new residence, the couple has much to celebrate as the Board of Control for Cricket in India (BCCI) recently announced a ₹125 crore prize money award to the Indian cricket team’s players and coaching staff for their World Cup victory. For more information, please contact: Indextap About KL Rahul KL Rahul is a prominent Indian cricketer known for his exceptional batting skills and leadership on the field. He has represented India in various international tournaments and plays for the Indian Premier League (IPL). About Athiya Shetty Athiya Shetty is a Bollywood actress and the daughter of renowned actor Suniel Shetty. She has made a significant mark in the film industry with her performances and continues to be a prominent figure in Indian cinema.

Pune, [26 July 2024] – In a bold move to enhance post-possession customer service, Kohinoor Group has launched the “The SSR Helpdesk,” a state-of-the-art support system designed to ensure a seamless living experience for its residents. This innovative initiative is set to significantly benefit the 12,000 residents across Kohinoor’s properties, aligning with the company’s “Sada Sukhi Raho” philosophy. The SSR Helpdesk promises 24/7 availability running on a robust technology platform, allowing residents to reach out via calls, WhatsApp, and emails. A unique feature of this service is that complaints can only be closed through an OTP received on the customer’s mobile phone, ensuring customer satisfaction and control over the resolution process. With a dedicated team in place to address any issues, Kohinoor Group emphasizes personalized support and care tailored to each resident’s needs. This initiative highlights Kohinoor’s commitment to providing exceptional customer service and maintaining trust with its residents. Residents can easily raise tickets by calling the toll-free number, through WhatsApp or by emailing their concerns. The SSR Helpdesk was inaugurated today by the Chairman Mr. Krishnakumarji Goyal and Joint Managing Director Mr. Vineet Goyal, in the presence of the entire Kohinoor team. This customer-centric approach is expected to set a new benchmark in the real estate industry, showcasing Kohinoor Group’s dedication to enhancing the living experience of its residents. For further information, please contact: ssr@kohinoorpune.com

FM said, “We wanted to simplify the approach to taxation also for the capital gains. The average taxation has actually come down when we say it is now 12.5%. Because, we worked it out for each of different asset classes each varied with indexation. We brought it down below the average which is lowest in the last several years. It will encourage investment in the market.” Ranjeet Naiknavare, President, CREDAI Pune Metro on the newly reduced Capital gain tax This move by Hon FM is done to rationalise the capital gains tax across all financial and non-financial assets. The market is ready for reforms considering the fact that the Indian economy is growing. It may be noted that in India, the Long Term Capital Gain Tax (LTCG) rate is lower than the income tax and is also lower than the similar taxes in other countries like the USA, UK, China, Brazil and Australia. Now, with the simplification of capital gain tax calculations buying and selling would be easier. Secondly, the reduction of LTCG Tax to 12:5% from 20% is likely to create a positive sentiment in the market. Such a flat rate for capital gain taxes will result in a formalized economy and also in faster transactions. Now onwards, investors will not have to wait longer for indexation benefits wherein appreciation is lower than indexation and can sell anytime due to flat capital gain tax rate. As far as Pune is concerned, it will not have much impact because the home buying is largely done by the end users. However, this decision may act as a catalyst for increasing investments in the real estate sector because now the tax slabs are the same as stock market, gold and mutual funds but real estate is a more secured and proven investment asset with year on year good monthly returns in capital appreciation too. Capital gain tax is still not applicable when money is used to buy another home. Sellers can continue taking exemption under section 54 of the income tax act. The section provides an exemption on the long term capital gain tax from sale of residential property if sale proceedings are used to purchase or build another residential property. However, it will impact investors who would sell their house (investment) and reinvest in other asset classes. It will impact relatively shorter-term investments of less than 5 years where market price growth is less than 10% per annum. For a longer holding period it will be beneficial where the appreciation is about 5-6% per year. Basis on calculations it seems that if inflation is low and property price increase is faster then the new system is beneficial for sellers. It may be also noted that the Hon Finance secretary said that 95% of sellers won’t be effected by this change. Just for the quick reference the capital gain taxes in some countries are USA capital gain tax is 0-20%, UK 10-24%, China & Japan it is 20%, Brazil is 22% and in Australia it is 15%.

Ranjit Naiknavare, President Credai Pune-Metro Budget 2024 is an inclusive budget focused on the mission Vikasit Bharat 2047 with key focus areas of Inclusive development, manufacturing & MSME’s, Women & agriculture, Urban development, Energy security, Infrastructure, Innovation & next generation reforms. Hon FM has announced a long term investment of 10 lakh crore and subsequent affordable loan rates for PMAY 2.0 which will boost affordable housing and bridge the difference in demand and supply of affordable homes. Transparent rental housing policy, boost for water supply & sewage for 100 cities, focus on TP schemes, TOD zones, infrastructure boost & simplification of GST is a welcome move. The Hon FM’s call to reduce stamp duties especially for women buyers in states which charge a higher stamp duty is appreciated. The reduction of GST & basic custom duty (BCD) on steel will be a relief in the input costs provided the steel manufacturers pass on the benefit to the real estate industry. The digitization of urban land records being one of the demands of the industry will greatly help us bring more transparency in transactions. The increase of the standard deduction in income tax to INR 75,000 from INR 50,000 will put more money in hands of the home buyers enabling them to pay EMI’s earlier and close their loans Credai had placed below as its main demands for the real estate sector on behalf of the home buyers, mainly being introduction of Credit guarantee schemes for affordable home loans, to change the affordable housing definitions to enable vast outreach especially in metro cities like Pune, Interest deduction for home buyers, reduction of long term capital gain taxes, employment generation and skilling, Urban infrastructure development funds & policy support for Environmental clearances for projects. While the majority of the demands have not been fulfilled in the budget, we would still say that overall it’s a good budget in the long term for development and putting more money in the hands of the home buyers. Kapil Gandhi, MD Sigma One Universal Real estate has seen a significant rise in prices over the past seven years due to the increased input costs including land and material costs. Data from the National Housing Bank reveals a 24% increase in housing rates in India since June 2018 alone. The industry was hoping for better reforms and benefits, however its an overall inclusive good budget with a fair focus on Infrastructure, Innovation, next generation reforms & urban development The announcement of increase in the income tax standard deduction to 75,000 INR will put more money in the hands of the home buyer to enable payment of higher EMI’s. The Hon FM’s focus on TP schemes, TOD zones, infrastructure boost & simplification of GST was much awaited and appreciated. The most important announcement related to real estate seems to be the call to reduce stamp duties with benefits for women buyers in states which charge a higher stamp duty. We await the state governments action on the same and it will greatly be helpful if they reduce the stamp duty from 7% to 5% by waiving off the metro cess and LBT in Pune which will benefit homebuyers, especially the first time buyers majority of whom are in the age group of 25-35 years!

Mumbai, 23rd July 2024: The Union Budget 2024-25 has garnered praise from various sectors, including the real estate industry. Prashant Sharma, President of NAREDCO Maharashtra, lauded the budget’s comprehensive approach towards job creation and boosting consumption, which he believes will have positive implications for the real estate sector. “We commend the Union Budget 2024-25 for its comprehensive approach towards job creation and boosting consumption, which are positive developments for the real estate sector,” said Sharma. “The Finance Minister’s announcement of a PM Package with five schemes focused on employment and skilling, with an allocation of ₹2 lakh crore, and a significant provision of ₹1.48 lakh crore for education, employment, and skilling, is a welcome move. These initiatives will undoubtedly create a ripple effect, enhancing the economic landscape and increasing demand for residential and commercial properties.” Sharma highlighted the government’s commitment to making housing more affordable through the PM Awas Yojana-Urban. “The government’s commitment to making housing more affordable, with a ₹2.2 lakh crore push under the PM Awas Yojana-Urban, is a significant step forward. Addressing the housing needs of one crore poor and middle-class families with an investment of ₹10 lakh crore, including central assistance of ₹2.2 lakh crore over the next five years, reflects a robust and inclusive approach to urban development.” He also praised the proposal to encourage states to moderate high stamp duty rates and consider further reductions for properties purchased by women. “The proposal to encourage states to moderate high stamp duty rates and consider further reductions for properties purchased by women is a progressive measure. Incorporating these as essential components of urban development schemes will promote greater inclusivity and accessibility in the housing market.” Sharma commended the GST reforms, which he believes have eased compliance and reduced tax burdens, driving economic growth. “The GST reforms, which have eased compliance and reduced tax burdens, have been instrumental in driving economic growth. The proposed rationalization of the tax structure, coupled with the new tax regime changes, including the increased standard deduction, will further benefit the salaried class and boost disposable income, positively impacting housing demand.” The budget also includes strategic moves to enhance urban infrastructure and support industrial growth. “The sanctioning of 12 industrial parks under the National Industrial Corridor Development Programme, the facilitation of rental housing with dormitory-type accommodation for industrial workers in PPP mode, and the formulation of transit-oriented development programmes for 14 large cities are strategic moves that will enhance urban infrastructure and support industrial growth,” Sharma stated. Sharma anticipates a multiplier effect from the significant infrastructure investments outlined in the budget. “With significant infrastructure investments continuing over the next five years, including a provision of ₹11,11,111 crore for capex, we anticipate a multiplier effect that will drive private investment in infrastructure. The introduction of a market-based financing framework and simplified rules for Foreign Direct Investments will further facilitate economic growth and stability.” In conclusion, Sharma expressed optimism about the budget’s impact on the real estate sector and the overall economy. “Overall, the Union Budget 2024-25 is a forward-looking and balanced approach towards Viksit Bharat that addresses key areas of employment, housing, urban development, and economic growth. We at NAREDCO Maharashtra look forward to the positive impact these measures will have on the real estate sector and the overall economy.”

Mumbai, 22nd July 2024: A total of 5,260 candidates have completed preliminary training in the real estate sector to qualify themselves for an online exam to be conducted on July 29 at 24 centres across Maharashtra, shared Maharashtra Real Estate Regulatory Authority (MahaRERA). Of the 5,260 candidates, 3,081 are from the Mumbai Metropolitan Region, 1,533 from Pune, 518 from Nagpur, 40 from Nashik, 28 from Sambhajinagar, 21 from Kolhapur, 20 from Sangli, and 7 each from Amravati and Jalgaon, along with 5 from Nanded. So far, the test has been held four times and about 9,295 candidates have cleared the exam. There are around 47,000 agents registered across Maharashtra. Of these, registrations of 13,785 agents have been cancelled due to non-renewal. Subsequently, in April-end, MahaRERA suspended registration of over 20,000 agents who failed to comply with the training and certification requirements by December 31. They will have to comply with the mandatory requirement to resume operations in the real estate sector. Due to the action initiated, the number of candidates appearing for the upcoming test has increased to over 5,000 from around 1,700 in the previous edition. In the real estate sector, the ‘agent’ is a crucial link between homebuyers and developers. Often, homebuyers’ first point of contact is agents who share primary information about various projects. Their role and importance in the real estate sector cannot be undermined and has to be recognised. They need to be well-versed in the provisions of the Real Estate (Regulation and Development) Act. Through the agents, a flat purchaser receives details such as provisions in the agreement for sale, stamp duty and registration, allotment letter, carpet area, payment schedule, regulatory provisions, etc. Hence, it is essential that agents provide all of this information consistently and with utmost clarity. Based on this set of information, the investor makes an informed decision about purchasing a home. Therefore, to safeguard customer’s interests is of utmost importance for which it is mandatory for the agents to undergo such training and certification time-to-time. MahaRERA Chairman Ajoy Mehta said, “In the real estate sector, an ‘agent’ plays a crucial role for homebuyers and developers. Therefore, it is imperative for the agents to be well-versed in the provisions of RERA Act. They are expected to have credible primary information about the developer and the project, land rights, RERA carpet area, project’s commencement certificate, clearances from local authorities, developer’s liabilities, and much more. A homebuyer processes this set of information to make an informed choice on their flat’s purchase. Therefore, MahaRERA has made it mandatory for the agents to undergo training, pass an exam to obtain certification. Failure to comply within the stipulated time frame to obtain this certification will result in tough decisions such as discontinuing dealing in real estate transactions. Recently, MahaRERA suspended registrations of over 20,000 defaulting agents who did not comply with the mandatory due diligence. So far, 19,403 people have completed the training and 9,295 candidates have cleared the examination. Test for 5,260 candidates will be conducted this month end. Securing and protecting homebuyers’ interests is MahaRERA utmost priority. It is MahaRERA’s resolve not to tolerate any harm done to the homebuyers.”