Tuesday, 4 April 2017
At any given point of time, and regardless of any economic conditions, it is a fact that there will always be people who are not content with just any kind of home. This results in the demand for luxury homes in India. This, however, may rise and fall but for sure will never fade away.
It is purely driven by the increase in the standard of living and increasing disposable income between the entrepreneurs, corporate executives, and IT professionals, and not to forget the scions of traditionally wealthy families. They have a desire for more than just four walls and a parking slot.
Indian luxury home buyers have many sound reasons for choosing to live in premium rather than ‘normal’ homes, here is why –
It’s a status aspiration
Buying a luxury home is a matter of prestige, and of course, it is. After all, most luxury home owners have bought their pride and joy with their hard-earned money.
They want to live in bigger space that announces their arrival and offer a higher lifestyle rather than just a postal address.
The modern luxury homes provide all types of comforts. Even the basic ones come with features like swimming pools, themed buildings, landscaped gardens, gyms zone, meditation centers, modern manicured lawns, complete electronic security, touch-button responsive fixtures, and also the entertainment and shopping space which together makes the living experience more comfortable.
One best feature of any luxury homes is that they have top-notch security, both in terms of trained security personnel and electronic security devices installed.
Also, in the case of any accidents and medical emergencies, it can be quickly taken care of with immediate response triggered by technology, and the availability of hospitals and emergency rooms in proximity.
Technology and IT innovation have gone through a tremendous makeover in the recent times; they have in fact made the living experience in high-end homes extraordinary. Right from solar generators to remote controlled window shutters, everything is perfectly directed at meeting the demands of homebuyers looking for an ultra-modern lifestyle.
The benefits of moving into in a luxury apartment do not only extend to conveniences, the luxury housing projects are also seen as the perfect environment for one’s family to live in and socialize. After all, such projects basically form a society with a degree of culture, education, and beliefs.
Great investment value
Lately, the increasing demand for properties in India rivals that of gold. However, properties present the advantage of being an asset that rises in terms of value at every instance and it is also a ‘performing asset’. Given the fact that luxury homes are in high demand even in the secondary market, their net worth individuals (HNIs) see them as the perfect investment opportunity that guarantees higher returns in the future.So now we know why luxury housing is the new emerging trend but it is also important to choose the right provider for such properties. Give us a call or reach us at www.jainheights.com and know how much better are our luxury homes compared to other competitors.
Tuesday, 28 March 2017
The Congress government in Karnataka on Wednesday introduced its last full budget before taking a leap into the state the polls in May 2018. However, theSiddaramaiah government seems to have taken great inspiration from populist schemes that belong to other states and other governments like in Tamil Nadu and Delhi.
So here are the highlights of our new budget 2017 –
- There have been huge grants to OBC, SC and ST communities who belong to the largest chunk of Karnataka's population. About 6,000 crore rupees has been allocated for different programs, subsidies, and incentives to them.
- The capital gains tax liability has been changed for Joint Development Agreement and has been signed for the development of property.
- 'Namma’ canteen is on the list on the similar lines of Amma canteen in Tamil Nadu that provides breakfast, lunch, and dinner at an affordable price. It has been strategically planned to have one canteen located in every ward of Bruhat Bengaluru Mahanagara Palike (BBMP).
- Infrastructure status to affordable housing is a boost for an affordable residential sector.
- Government to provide free laptops to 1.5 lakh students getting into engineering, medical, polytechnic and other first-grade colleges.
- LPG connections to be provided to over 2 lakh BPL families of SC/ST communities, in addition, LPG connections will be availed to about 5 lakh poor families to those who do not get covered by central schemes.
- Up to 10,000 liters of free water supply to urban poor for those living in homes built on plots less than 600 square feet land.
- The government also declares 10 million homes to be built by 2019 for the homeless and those living in kutcha houses.
- The grants for effective English language teaching from Class I, and IT education in high schools and colleges to be made mandatory.
- The government will distribute food grains under Anna Bhagya scheme; this scheme will see an upgrade from 5 to 7 kg per person.
- By 2018, 10 lakes to be developed at cost of Rs 42 crore. Including the infamous Bellandur and Varthur lakes known for their contamination and frothing.
- There will be a one-time incentive of Rs 2 lakh each to students from minority and OBC community who make it to premier institutes like IIM, IIT, IISc.
- Government announces tax breather for notional rent income on unsold or unoccupied completed projects by any real estate builder.
- A strict ban on all two-stroke autos from April will be in action to reduce air and noise pollution. These are to be replaced with 10,000, 4-stroke LPG-enabled auto rickshaws and it’s subsidies to be given to auto owners.
- The National Housing Bank (NHB) will refinance individual housing loans of about INR 200 billion in 2017-18.
- The increase in investment in infrastructure and development projects will be seen in action after this budget plan.
- The state government also allocates Rs 26,000 crore for the second phase of 72 km of Bangalore Metro. The phase 1 of 42.3 km to be completed by April 2017.
- To regulate ticket fares in multiplexes by making maximum entry fee at Rs 200.
- Tech-based apps for an early response against crimes towards women and children to be built.
However the above glimpse of the budget plan for 2017 made by the state government looks promises, we would love to see how well the real estate sector can support the government and vice versa. Jain Heights supports this wonderful budgetary plan from our state government and is looking forward to a better tomorrow.
Visit our site to know more insights about current situations in real estate sector, www.jainheights.com
Thursday, 23 March 2017
GST has been one of the long awaited tax reforms in the country that got unanimous approval of both houses of parliament this monsoon session. The union government of India has planned a deadline of April 2017 for its roll out. Currently, 3 states have already ratified the bill which later will be quickly followed by the others. How this might impact taxes in residential real estate transactions has got many views from the industry experts. Let’s understand it in brief –
Taxation and real estate industry
If we quickly take a look at the real estate industry, we find there has been a major tax change in the last few years. These taxes, however, are not uniform all over the country, different practices and regulations are followed to their respective states in India.
In the case of land, property and other kinds of work contracts, there are different kinds of taxes that are levied by the State Government and the Central Government. These transactions are categorized into three parts –
• The value of services
• The value of goods and materials
• The value of land
VAT is applied by the State Government on the goods portion and the value of services is framed by the Central Government. However, other than stamp duty, there are no clear taxes on the transactions regarding the value of land. This situation leads to confusion and eventually can result in dual taxation.
Here, the real estate industry has justifiably been feeling jittery during such confusing tax calculations. For a real transaction, multiple taxes need to be paid and this also has a negative effect on the industry. The ultimate need for the industry’s demand to bring GST on board is primarily to get a clear and transparent taxation rule for the real estate sector in India which will help the overall economy of the country.
Expected GST effects on the real estate industry in India
The implementation of GST can prove to be a solid step in reforming indirect taxation in India. Though there are chances of double taxation, it would be diminished, as some of the Central and State Government taxes will be amalgamated as one. This will indeed ease the process of taxation at a considerable rate, making its enforcement and administration much simpler.
Talking about the real estate industry in this context, there are a few things that we have to know and understand. In the current scenario, a builder or a real estate developer incurs many kinds of expenses in the construction phase of a project. Here, different kinds of taxes are involved with these expenses, like VAT/CST, customs duties, the service tax, and excise duty. But the majority of these taxes are expenses that derive from within the policies of the system. This is because they are not creditable to the developer or end-customer by any means. They are usually non-creditable expenses that lead to tax inefficiency.
But the one positive impact that might result from GST is by monitoring the credit utilization. This will for sure help in strengthening the credit chain in the whole system. If the property developers and builders properly manage this aspect, they will see some profits in the near future.
There is an expectation that the proposed GST structure will have a progressive and streamlined approach. Also, it is anticipated that the tax compliance rules might not have any serious impact on real estate builders and developers. In the present condition, builders running projects in different states are to comply with State-specific VAT laws, as well as other kinds of service taxes. Introducing GST will therefore not bring any additional burden on real estate builders present in the country.
However, much depends on what rate of GST will finally be confirmed by our government. If it is more than the existing cumulative taxes then it means that the overall cost to consumers of buying an under-construction flat will likely increase along with the additional cost of stamp duty and registration. At the same time, developers have to keep an eye on costing policies, as price competitiveness is very important in the current real estate market scenario.
Get more updates and news about the real estate markets and new implementations from around the country exclusively on www.jainheights.com also visit our site to view our upcoming projects.
Tuesday, 7 March 2017
Women are celebrated all across the globe, indeed they are the most beautiful creation of god. But over time, comes complication! Her vivid roles in the society have caused a tremendous amount of stress and pressure. This eventually has led to new and worse health problems in them.
Worst case here is the ‘Breast Cancer’ that has been in the light at an alarming rate. It is important to rectify and begin treatment in the early stage in order to fight out of it, but unfortunately, 45% of the breast cancer victims don’t even notice it until they are in stage 2 or 3.
But there is the dependable amount of good news about breast cancer these days. Treatments keep getting better and better, but it is important from our side also to maintain a healthy lifestyle to prevent such mishaps. These few simple steps can help lower the risk of breast cancer. Though everyone does not directly apply to every woman, but together they can have a bigger impact.
Keep Your Weight in Check
It’s very easy to put on some weight or shed incredible, but maintaining a healthy weight is an important goal for everyone. Especially being overweight can increase the risk of many other forms of cancers, including breast cancer, especially after menopause.
Being Physically Active Is Important
Exercise is as close to a silver bullet for good health as there is, and those who are physically active for at least 30 minutes in a day have a lower risk of breast cancer. So make it a habit of exercising regularly, it is, in fact, one of the best ways to help keep weight in check.
Eat Plenty of Fruits & Vegetables & Avoid Alcohol
A healthy diet can keep the risk of breast cancer at bay. Make sure you eat lots of fruits and vegetables and get rid of those fancy whiskey or vodka bottles. While moderate drinking can be good for the heart in older adults but it’s hard to keep it moderate. But even at low levels of intake, it can increase the risk of breast cancer eventually.
Quit Smoking Right Now!
Smokers and non-smokers both know how dangerous smoking is. On top of lowering quality of life, it also increases the risk of heart disease, stroke, and close to15 types of cancers (including breast cancer). Now that’s motivation to stay smoke-free if you find it hard get professional help from your doctor.
Breastfeed, If Possible
Breastfeeding for a year or more depending on the number of children you have lowers the risk of breast cancer. It also holds great health benefits for your child.
However, a women’s health is very important to her family. So it’s time you begin to take good care of yourself. On this beautiful Women’s Day, Jain Heights wishes you a healthy and happy life ahead to all those wonderful women out there.
Chase your dreams and achieve greater milestones, because you can do it!
Tuesday, 28 February 2017
If you are looking for a new home, an open floor plan with a seamless transition from the indoor space to the outdoor veranda is a great feature to include. Open layouts are becoming more and more popular in the recent times as they give the illusion of a bigger space, provide more natural sunlight and outdoor views, this overall creates a more safe and social environment. Some of the positive aspects we would like to make a mention of are –
Connection to the outdoor living space
Today most luxury homes make use of an open floor plan to create a connection between the indoor and outdoor spaces;they do this by expanding the indoor space outside to an expansive veranda. This result in a feeling of creating one large and connected space, eliminate any visual barriers or use floor to ceiling glass and use a similar flooring mat or rug in both the indoor and outdoor spaces. A veranda offers many benefits of its own;it can add value to a home and providing additional space and sustainability. There spaces shelters you from the heat on a hot day and can prevent the sun’s rays from heating up your home, which will decrease your air-conditioning bills.
By opening up a space and removing unnecessary visual barriers, the interior and exterior spaces appear much expanded and larger.
Increases more natural light
By removing extra interior walls to open up the space, the windows will bring more sunlight into the house and give you a better view of your outdoor landscape as well.
Trying to keep the guests occupied? Well, an open layout makes entertaining guests not only easier but also more enjoyable. If there is a party happening, you won’t miss a beat while cooking because you can still see and socialize with your guests, and with the flow between spaces, it gets a lot easier for voices to carry from the indoor living space to the outdoor veranda.
In regard to safety
If you have children running around all over the house then having an open floor plan in your home allows you to keep a close eye on them. Regardless if you’re cooking dinner in the kitchen or maybe just reading in the living room, you can still supervise your child who is playing outside or in a nearby room.
So yes, we need that open space in an apartment! Those big luxurious apartments with enough open space are just the ideal dream house that everyone craves for. So call us today or visit us on www.jainheights.com to visit our projects.
Sunday, 26 February 2017
When you’re looking at homes for sale in Bannerghatta road, C V Raman Nagar, or somewhere near Yeshwanthpur, certain factors top your list, they could be a large walk-in closet, a well-designed gourmet kitchen, or a private backyard. But what’s beyond the details of the house itself is your potential new abode’s neighborhood which will most likely be high on your list.
Maybe it is the community pool, or the nearby biking trails, or a walkability distance to elementary school or the grocery store. Or wait, it could be the overall curb appeal of the neighborhood on the whole. Who would not want their neighborhood’s entrance bursting with a welcoming feel, colorful flowers, and shrubs? So here’s a list of the neighborhood features that will satisfy your home-buying checklist and also boost your resale and property value in the future –
It is not that we drive or take public transportation everywhere these days, we do walk! But the truth is there’s something about being able to walk out your front door and head down the street to buy some groceries or to a local coffee shop that not only appeals to potential buyers but will boost your resale value significantly.
Whether you’re a youngster, corporate professional or a baby boomer, every homeowner wants to have the liberty to walk or bike to local eateries, bars, grocery stores, banks, and more.
The Luxurious Amenities
If the builders included a free pool in your apartment community, why wouldn’t you? I mean, homeowners love neighborhood amenities, right? Typically, new home communities offer pools, fitness facilities (gym aerobics and other areas of maintaining fitness), and parks and play areas, and also the well monitored security and gates. Amenities like tennis courts, walking and biking trails, and dog parks are simply incredible things to boost a home’s value, especially for families hunting for one.
Added Historic Charm
The historic character of a neighborhood adds a good portion to its resale value, as it is a feature that is difficult to replicate or create all over again. Many times, historical districts will aim to maintain a certain level of uniformity and have community commissions that help in the perseverance of the neighborhood aesthetic that in turn will help preserve values. So this indeed is a selling point or for new buyers a point to flaunt.
Uniqueness of Homes
Nobody wants to choose from the four models a builder offers, this is why neighborhoods offer you the choice of semi custom or custom homes and this at times holds a better resale value that other ones don’t.
Areas with custom and semi custom homes tend to show larger increases in value over time. More astute buyers ask for unique homes with character that adds to the charm of the neighborhood. In this case, buyers are more likely to own the property for longer periods of time, creating fewer turnovers in the neighborhood.
Schools and Colleges
In most cases, this does matter a lot. Indeed, it almost goes without saying that if a neighborhood is located in a great school district, it immediately boosts a home’s value. Say, if a home is in a quality school district, the surrounding communities tend to not only retain their value but appreciate it as well. All parents want to gift their children with quality education and when you live in a community that is close to a great school then why would you switch homes?
No matter which country, state or district you live, it is very mandatory and basic to have a great neighborhood. This, on the whole, increases your property value and your lifestyle as well. For more insights regarding properties and homes, please visit our site www.jainheights.com
Wednesday, 15 February 2017
The Union Budget of 2017 has been promising so far, it continues the economic reforms, control inflation, and prudent fiscal management. Moreover, it provides little impetus in the short term for the real estate sector other than just a boost to the affordable housing segment.
The infrastructure status on affordable housing and tax relief for real estate developers are getting to see the positive steps, however, this is not going to help short term sales. The government has provided up to Rs 12,500 income tax benefit to individuals, this is insufficient to provide the demand side push to the sector.
So here are few Budget proposals that we like to bring to your notice that brings the influence and the realty sector going ahead –
1) Infrastructure status to Affordable Housing, the boost for affordable residential sector
The impact of Union Budget 2017-18 has granted the much-demanded ‘Infrastructure’ status to the affordable housing. This decision is well aligned with the government agenda of ‘Housing for All by 2022’. Also, this will allow easier access to capital for developers, at a lower rate with a longer amortization period. This eventually allows developers access to viability gap funding and the tax incentives. For the affordable housing purpose instead of the built up area of 30 and 60 sqm, and the carpet area of 30 and 60 sqm will be counted. This will, however, apply only in case of municipal limits of 4 metropolitan cities, while for the rest of the country including the peripheral areas of metros; the limit of 60 sqm will apply.
The time period for such projects has been extended from 3 to 5 years by the government. Most buyers of affordable housing got a boost with the announcement of interest subvention, 4% and 3% on loans up to INR0.9 million (USD13,318) and about INR1.2 million (USD17,758), respectively. The proposed deduction of the IT rate to 5% for taxpayers below the income level of INR0.5 million per annum (USD7,400 million) will increase the disposable income of the common man which will, otherwise, raise spending power and increase investment in the affordable segment.
2) 10 million homes to be built by 2019 for the homeless and those living in kutcha houses:
Home for all is the concept, making the basic needs of life come alive. To stimulate the rural housing sector in India, about INR230 billion has been allocated under the Gramin Pradhan Mantri Awas Yojana (GPMAY). This began in the motive of promoting affordable housing not only in cities but also in rural areas.
At present the housing sector is active mostly in Tier-I and Tier-II cities in India; so this scheme will not only provide necessary housing to the poor but also promote the residential sector in other rural areas.
3) Tax breather for notional rent income on unsold, unoccupied or completed projects
At present, most houses that are unoccupied after getting completion certificates are subjected to tax on notional rental income. Builders for whose constructed buildings are stock-in-trade, the rule will be applicable only after one year of receiving the completion certificate from the government. The law will provide some breathing time for developers to liquidate their inventory; this indeed takes the pressure off their shoulders.
4) The National Housing Bank (NHB) will refinance individual housing loans of about INR200 billion (USD3 billion) in 2017-18
The demonetization drive almost coming to an end that started in 2016 has resulted in surplus cash within the banks; allowing major banks across the country to lower their lending rates.
The decrease in lending rate will be welcomed by not only new homebuyers but also will be a reason to rejoice for homebuyers who have already taken a flexible housing loan. This refinancing scheme from the NHB will improve the sentiment of current homeowners, for those subjected to high lending rates in the past.
5) Foreign Investment Promotion Board (FIPB) is under abolition
Lately, in the last two years, the government has implemented many reforms to encourage Foreign Direct Investment (FDI) in India. In fact, more than 90% of the total FDI inflows currently take place through an automatic route; hence the government has decided to do away with the FIPB in 2017-18.
This is in conjunction with the government’s understanding to further liberalize the FDI norms and attract foreign investors. Under this automatic route for FDI, all foreign investors will not require any prior approval from the FIPB and will only be subject to laws defined for each sector accordingly.
So the bottom line, it was indeed a positive budget for the sector and the government has done great to create awareness for the need to increase tax compliance. However, demonetization was a temporary strike at the economy and it may bounce back anytime sooner.