Realty Blogs

Vishrambaug Wada:- A Historical Marvel Of Pune Vishrambaug Wada is a historical building located in the heart of Pune City. It was constructed during the Peshwa Supremacy and has played a significant role in the history of the city ever since. The Wada has been beautifully conserved over time and serves as an excellent illustration of the architectural style common during the Peshwa Reign. The Wada witnessed the rise and fall of the Peshwa Era, the British Raj, and the Indian Independence Movement. Peshwa Bajirao II ordered the building of Vishrambaug Wada in 1807. During the Peshwas’ travels to Pune, it was meant to be their home. The Marathi words “vishram,” which means “rest,” and “baug,” which means “garden,” are combined to form the name “Vishrambaug.” The Wada served as a tranquil retreat for the Peshwas and was constructed amid a large garden. The architecture of Vishrambaug Wada mixes Mughal and Maratha elements with magnificent carvings and embellishments that are unique to each. The Wada has a variety of courtyards, each serving a specific purpose, such as housing, kitchens, and stables. The Wada also has a substantial ceremonial hall that was used for important events and rituals. There are two primary entrances to the Wada. On the east side of the structure, the first entry has a lovely wooden door with elaborate carvings. On the north side of the structure, the second entry includes a sizable gateway and a sizable wooden door. The interior of Vishrambaug Wada is just as beautiful as the exterior. The Wada has a large number of rooms, each with its unique features. The rooms are decorated with beautiful carvings, paintings, and artifacts. The walls are adorned with intricate frescoes, while the ceilings have elaborate stucco work. One of the main attractions of Vishrambaug Wada is its museum. The museum is located on the first floor of the Wada and showcases a large number of artifacts and antiques. The museum has a vast collection of coins, pottery, textiles, and weapons from the Peshwa period of influence. The Wada has been described as a “living museum” by historians, and it continues to attract tourists from all over the World. In recent years, there have been efforts to preserve and restore Vishrambaug Wada. The Government of Maharashtra has taken various steps to ensure the maintenance and upkeep of the building. The Archaeological Survey of India (ASI) has declared the Wada a protected monument. As the city of Pune has grown over the years, Vishrambaug Wada has become an integral part of the city’s history and growth. As rightly quoted by historian James Fergusson “The Architecture of India is not only the finest of all the eastern types but also one of the noblest and most beautiful in the World”.   Author Details Mr. Chaitanya Rohini Raje Manager, Dreams Per Square Feet    

MOVEMENTS MADE EASY :  KNOW YOUR RELOCATOR Have you ever shifted your house? A home which is close is close to heart. YOUR HOUSE, YOUR WAY. An ISO 9001-2015 company, Associated CARGO MOVERS & PACKERS PVT LTD (ACMP). We are a 22 year company for Relocation without any tension. You can rely on us for any movement for Household Goods, Automobile shifting, Office Shifting, Warehousing, Plant Movements, Industrial Packing & all Destination Services. Movement of IT Assets like Laptops, Desktop and Monitors are handled with utmost care at ACMP. Services available at ACMP: Packing, Door to Door Delivery & Insurance. Movement of goods through Air/Surface with dedicated tracking of 24*7*365. Coverage across cities in India. Economical Rates available & free warehousing for 7 days. Skilled & Trained Manpower with sensitivity towards packing and handling of Goods to be moved. Containerized vehicles available for movement which benefit the Safety of Goods, Pilferage, damaging of goods due to climatic conditions. GPS tracking is available. Best packing material techniques used for wrapping the goods. A fabric sheet reduces waste and provides additional protection. Rubber Sheets used as a shock absorbing material. Dedicated person assistance available on long routes. Differentiating between goods: Fragile stickers, Religious Stickers, Room wise colour coding and detailed inventory of contents. Silica Gel used for eradicating foul smell and fungus. All the goods transported are insured and claim settlements (In case of damage/loss/theft/pilferage) are settled directly from the insurance company to the consumer bank account. How to choose the best relocator & differentiate between Relocators available in the market? Nationwide coverage Safety Professional packers Single window manager Containerized vehicle Insurance facility Warehousing facility Our Vision: To be a one stop destination for all relocation needs. We aspire to be the final destination and not a milestone. Core Values: Transparency, Ownership & Honesty. Brand Line: An Association of Assurance. A company you can trust for Relocations. We are just a call away 9822000088. Toll Free no 18002334560. Email us:- acmppune@associatedpackers.com Happy shifting.   Author Details Name: Mr. Abhishek Sharma Designation: Director Email: abhishek@associatedpackers.com Business name: Associated Cargo Movers & Packers Pvt Ltd

Real Estate Job Opportunities for Freshers India’s real estate sector is experiencing exponential growth and is poised to become a 1 trillion USD market by 2030. The construction of residential complexes, commercial hubs, offices, warehouses, and convention centers indicates the industry’s continuous expansion. This growth not only presents opportunities for the industry itself but also for individuals seeking promising careers. Contrary to popular belief, career opportunities in real estate extend beyond traditional roles like real estate manager, construction manager, realtor, or civil engineer. The sector has evolved significantly, offering extensive and versatile career paths. Some of the diverse options include surveyors, project and construction managers, property valuers, property inspectors, estate and property managers, urban and rural planners, real estate asset managers, procurement experts, subject matter experts, quantity surveyors, construction project managers, home loan consultants, investment managers, warehouse experts, facility managers, and real estate digital marketing experts. Working in the real estate and construction space also provides an opportunity to build high-profile connections. Interacting with potential property buyers and investors can help professionals forge valuable relationships that may lead to further career advancements and entrepreneurial opportunities. Moreover, the real estate sector offers creative satisfaction, particularly in planning and development. Creating innovative and useful residential and commercial structures that enhance people’s lives can be immensely fulfilling. One of the key attractions of the real estate industry is its potential for high earnings. Realtors and other real estate professionals can earn substantial commissions or fees. The size of the deal directly impacts the commission earned, providing significant earning potential. Additionally, professionals in managerial positions can command handsome salaries, which vary based on experience, expertise, employer’s capacity, and location. Considering India’s increasing demand for real estate, the industry’s investment and growth are expected to continue. The emergence of Tier-2 and Tier-3 cities further expands opportunities in the real estate and construction sectors. These factors make the real estate sector a promising field for sustainable career growth. To excel in the real estate and construction industry, aspiring professionals should develop and refine a range of skills. These include excellent communication skills, attention to detail, technological proficiency, negotiation skills, teamwork, ability to work under pressure and meet deadlines, high social quotient, active listening skills, resilience, patience, local market knowledge, supplier and vendor development skills, honesty, integrity, problem-solving skills, and networking abilities. To sum up my opinion, India’s real estate sector offers extensive career opportunities and tremendous growth potential. Individuals can explore diverse roles and benefit from high-profile connections, creative satisfaction, and potentially high earnings. With India’s continued investment in real estate and the emergence of new cities, the sector promises sustainability and a bright future. Developing the necessary skills and qualities will help aspiring professionals thrive in this dynamic industry. Author Details: Abhay Kumar BE, MBA, and MLW (SYMBIOSIS) Founder Director Institute of Real Estate and Finance , Global Management School

 Vinit Parmar Parmar Constructions and Properties  We have been in the Real Estate and Construction business for over four decades, having built residential and commercial projects. Since childhood, I wished to follow in my grandfather’s footsteps and become a successful Chartered Accountant (CA). But, as I went deeper into the CA Course and was just a step away from becoming one, I had an intuition and a feeling that I am more of an outdoor person. My father was into Real Estate and Construction, and this field started fascinating me a lot. Being the extrovert, adventurous, dynamic and passionate person I am, I knew I would be happier doing this kind of business. So, I joined my father in his business and started going for on-site visits to buy and sell land and other properties. It is how my journey in this industry began. The turning point in my career came when I started visiting properties in Mahabaleshwar and Panchgani. We have our farmhouse and villa in Mahabaleshwar, so we would travel there for a holiday often since childhood. I have a very close affinity with this place. Having started visiting there for business, I started enjoying and loving the work even more. By then, I had my calling – trading in lands best suited for holidays, weekend homes, resorts, and hotels. It has been more than 15 years since we mainly trade into such properties. Over this period, we have acquired properties at almost every location with a river, dam, lake or other water body. It is now my USP – water touch and water view properties. We own lands in Panchgani, Mahabaleshwar, Mulshi, Varasgaon, Panshet, Khadakwasla, Lavale, and other locations. The pandemic has made people realize the importance of living a quality life. Indians love to holiday, no doubt, but somehow our holidays end up being stressful instead of relieving us from the stress. So shorter and more frequent holidays are the new norm and each day we are seeing a surge in demand for lands within three hours of driving distance. Hence, post-pandemic people are all the more on the lookout for peaceful, calm and serene locations to own a farmhouse or a private villa. It helps to take shorter and more frequent holidays to stay happier and live a better quality of life. Buying land is not as easy as buying an apartment. It involves a lot of legalities, title searches, permissions, and feasibility which need to be taken care of in detail before buying any land. So, it is critical to check the ownership title of the land before going ahead. Hiring a good lawyer to do this on your behalf is a necessity. Never compromise on hiring a well-reputed lawyer for a detailed title search of the land before buying it. The important factor, other than ownership title, in any real estate, whether it be land, apartment or villa, is the location. If the location of the property is correct, sooner or later, it will fetch good returns, without a doubt. Having said this, a good location will mean higher acquisition cost, no doubt, but then you will be assured of a certain growth and appreciation over some time. So never compromise on the location of the property you buy. As I mentioned earlier, people will take shorter and more frequent holidays in the coming times. Lives have become more stressful, and more hectic, and with the polluted environment around, the cost of travel and holiday is on the rise constantly – this will lead to people buying properties within driving distance so that they can go on a holiday, on-demand and whenever they wish to; may it be, even for short weekends. With the rise in working from home, this demand and need have surged even further. So, a major change we will see is more people owning farmhouses and villas nearby to their locations. People having tighter budgets will opt for fractional ownership of such properties and share them based on usage and number of nights. In the holiday home market, the next big thing is fractional ownership. The only advice I would like to give to entrepreneurs is to be patient. Unfortunately, we are still living in the world of fast food and instant gratification. The younger generation is short on patience and results, hampering stability and growth. To have a successful and robust business, you need to learn to have patience and gratitude.  

Lower Tax Deduction Certificate in case of NRI’s selling property in India TDS Applicability On Property Sale Transactions By Non Residents (NRIs) As per Indian Tax Laws, TDS provisions apply on various financial transactions in India. TDS is also applicable on Property Sale Transactions in India. In relation to property sale matter, If the seller is Resident Indian, TDS rate is 1% and governed by section 194IA. However, if the seller is Non-Resident (i.e. NRI, OCI, Foreign Residents), TDS is governed by Non-Resident TDS provisions i.e. section 195. Under the Non-Resident TDS Provisions i.e. Section 195, TDS rates apply at the maximum rates on the Sale amount of Property. This rate is 20% if property is long term capital asset. The rate is is 30% if property is short term capital asset. Applicable surcharge and 4% cess is extra. TDS Rate and Difficulties On Non-Resident Property Seller Generally, in all property sale transactions, it happens that the actual tax liability in the hands of tax payer (non-resident seller) is lesser than the proposed TDS on that transaction. The pain of Non-resident property seller can be understood by an example. E.g. An NRI agrees to sell a property @ Rs 1 Crore, and property purchase cost (after indexation) in the hands of NRI is Rs 95 lakhs. Hence, a capital gain arises for Rs 5 Lakh only. Now, as per Non-Resident TDS provisions (Sec 195), considering property is long term asset (i.e. holding period exceed 2 years) the applicable TDS is 22.88% (20% + SC 10% + cess 4%) of sale amount i.e. Rs 22.88 Lakh. Though actual tax liability is Rs 1.04 Lakh only i.e. 20.80% of Rs 5 Lakh (20% + 4% cess; SC not applicable on below 50 Lakh Rs gain). Hence, in the above situation, as per applicable NRI TDS provisions 22.88 Lakh TDS will be deducted against actual tax liability of Rs 1.04 Lakh. Though, NRI can claim the excess TDS refund (Rs 21.84 Lakh) through filing of ITR. However, it is a time taking process. If TDS deducted on full amount, Non-resident money will be blocked with Income Tax Department for a long time, which causes loss of bank interest also. Hence, this is a Genuine Hardship on the Non-residents(NRIs, OCIs) in relation to their property sale matter transactions in India. To overcome this situation, Income Tax Act provides for Lower TDS Certificate (or also called as TDS Exemption Certificate) under section 197 of Income Tax Act NRI Lower TDS Certificate or TDS Exemption Certificate – Section 197 To seek relief in the Withholding Tax Rates, NRI/Foreign Citizen can apply for Lower TDS Certificate (TDS Exemption Certificate) with the Jurisdictional Income Tax Authority. On submission of documents, the application moves to the Jurisdictional TDS Certificate Officer. The officer review the application and raises observations & further requirements if any. On satisfying all the concerns, the officer processes the certificate and allow Lower TDS to the NRI/Foreign citizen in relation to the transaction. On receipt of the Lower TDS Certificate (or TDS exemption certificate) the buyer deducts the TDS as per Certificate. Hence, through this process NRI/Foreign citizen gets TDS relief before the sale transaction, and avoid blocking of their money with Income Tax Department. Synopsis To reduce TDS on a property sale by NRI he is needed to furnish the application within the income tax department to provide the certificate for Nil/ Lower Deduction of TDS. the same certificate assists the NRIs in reducing the TDS liability, and hence most NRIs chooses for the same certificate. But furnishing the form is a tough chore also Communication with Income Tax Authorities for getting Certificate is also tough task thus the majority of NRIs opt for the chartered accountant to furnish the application. Author Details: CA Anand Sham Chandak Proprietor, CA. Anand Sham Chandak & Co. Chartered Accountant ca.anand.chandak@gmail.com

 You must be wondering how networking is connected with a tree? Well, Read on and see how even nature shows us in its infinite wisdom how growth is connected with your network. NETWORKING AND THE CHINESE BAMBOO TREE One of the tallest trees in the world is a tree called the “Chinese Bamboo”.  This tree grows to a height of 80 feet or so. It takes the tree almost 5 years and 3 months to grow to its full height. Here is the fun fact – for the first 5 years, this tree only grows less than 1 feet tall. It shoots up from 1 feet to all of 80 feet in just the next 90 days. So, what is it doing for the first 5 years? – It is building its NETWORK of roots under the ground so that it can support the entire tree. I believe there is no better way of learning than by nature and even nature teaches us that for achieving the best of things, we need a network to support the same like the Chinese bamboo shows us. So, what if we became impatient in between and removed the tree and tried to check as to why it was not growing? Would it grow any faster? Not really and in fact it might just slow the growth or kill the tree. So if your networks are not working as you wanted them to, finding a new network or a new set of friends or people seems like a solution at times instead of taking the efforts to deepen our relationships and invest better time there to help them grow faster. This is the network who will help you to achieve your goals in life. So, we need to choose the set of people we network with carefully rather than randomly and we need to make sure these set of people become your referral partners across time. You need to feed and cultivate such relationships and then wait for them to grow and bloom just like any farmer.