Square Foot Realty - January 2016

Your guide to the best property

January 2016 I `100

BANM exhibition is aBANM exhibition is acrowd pullercrowd puller

Creating Havens ofCreating Havens ofLuxuryLuxury

What is smart cityWhat is smart city

Scaling New HeightsScaling New Heights

Ed

ito

ria

lThe Squarefoot team takes this opportunity

to wish everyone a happy and prosper-

ous new year.

The past year saw a dull housing market through-

out the country. The big question is “will it revive

in 2016?”

The major factor for the sluggish market is the discontinuity between what the people

want and what many builders are willing to sell. The prices may have to drop for the

public to afford what is available in the market. The high land costs, construction

costs and taxation are also making it diffi cult for builders to give deep discounts,

leading to a stand-offi sh market scenario.

There seems to be a light at the end of the tunnel though, with the new guidelines for

building permissions being launched by Hon. Chief Minister Devendra Fadnavis bring-

ing down approval time to 60 days, and the environment ministry is planning to bring

down the number of approvals to 12-24 from the current 100 while also decentral-

izing approval authority. We must hope though, that the process is only simplifi ed and

not diluted. All this will bring down some costs for the builder community which must

be passed on to the customer. Along with this, the use of new and faster technology

and creation of more SPVs along with acclaimed funds will reduce the cost burden

on the builders while also increasing construction speed. We hope that 2016 sees an

upward trend in the market with maximum incentives provided by the government, or

“housing for all” might remain just a pipe dream.

New avenues for real estate investment may be clearer this year with the fi rming up

of guidelines for real-estate mutual funds, which have been in the works for long. This

will not only enable small investors to invest in the real-estate asset class, but also

spur reform in the poorly regulated property investor/owner market providing some

much needed boost in credibility to the industry.

Real estate aggregators and technology startups have started to stumble; grappling

with the problem of providing physical customer service after lead is generated on-

line. 2016 might see a consolidation of such service providers or the successful ones

being hyper-local with a backup physical footprint.

Finally, CIDCO plans to turn Navi Mumbai into a smart city with all modern equipment

and amenities. They must also bring out concrete measures to solve issues like pollu-

tion, traffi c congestion and overpopulation, which are being faced by most tier 1 cities

in India. Let’s hope that these initiatives help make one of the best planned cities in

India truly world class.

With warm regards,

Editor-in-Chief

Volume 1 Issue 4January 2016

Editor-in-chiefN.K.Bhupeshbabu

Managing EditorNineesh Babu

Production & CirculationSandeep Kanade

Subscription & SupportPranjal BhandarkarShilpa AvhadKartik IyerNitin Lade Pratik MadaneShreyas Kabale

Published and Owned By: Enkaymarcomm Pvt. Ltd. Real Tech Park, 5th fl oor, Sector- 30A, Near Vashi Railway Station, Vashi,Navi Mumbai, Pin: 400703 Tel: 02227777200 Email: [email protected]

Squarefoot Realty I january 2016

3

News

BANM exhibition is a crowd puller

Kamdhenu Realities-Creating Havensof Luxury

What is Smart City

Haware Properties-Discussion with Amit Haware

Do you really need a Real Estate agent?

Paradise Group-Creating Architectural Marvels

Let there be LED Lights!

Can Indian Real Estate rise from theashes ?

Misri Interview

Swachh Bharat Tax

Transition of Real Estate from 2015 - 2016

Arihant Superstructures Interview

2016 Design Trends to look out for

Aggregator Industry blooming rapidly in India

Are you paying your taxes right?

07131722262932353944464856586265

what’s

inside...

In December, CBRE Research’s semi-annual Global Prime Offi ce Occupancy

Costs survey revealed that Mumbai’s BandraKurla Complex (BKC) ranks as

the 18th costliest commercial enclave around the globe. Surprising, in the same

survey undertaken in June, BKC was three spots higher in order.

The rate in BKC is currently around Rs. 6,250 per sq. ft. Not only BKC, but

Nariman Point too witnessed a drastic downfall and now is at number 32 on the

list. The market value of Nariman Point has dropped to Rs. 4,789. On the other

hand, Delhi’s Connaught Place is still enjoying its position at number six making

it to the top 10 in the global list of most expensive offi ce markets.

New Year brings a bundle of

good news for potential

property buyers. If you are planning

to buy a property in this year, you can

save a lot of money on registration fee

and stamp duty if you make the deal

in the fi rst three months of 2016.

Usually, registration offi ces are packed

with crowd as everyone wishes to

avoid the hike in ready reckoner rates

which start from January 1. 2016 is a

different year though. For the fi rst time

in the history of states fi nancial affairs,

the new ready reckoner rates will be

applicable from the fi rst day of the

fi nancial year instead of the calendar

Wondering who made it to the top in the list? Consecutively, second time in a

row, it is London’s West End. Hong Kong and Beijing hogged the rest of the 4

spots on the list that included Hong Kong’s Central, Beijing’s Finance Street

along with Central Business District followed by Hong Kong’s West Kowloon.

The survey also declares the occupancy rates and offi ce rents dated September

2015. The report refl ects the changing dynamics of the real estate markets

around the world which impacts the ratings of the offi ces. Hence even though

overall costs have been stable, other components are said to be responsible for

BKC’s decline in the ranking.

Bandra- Kurla Complex18th costliest offi ce enclave in the world!

year. So, the current rates will be

continued till March 31 and the new

ones will be effective from April 1.

The offi cials have maintained a

silence over the rate hike, but experts

believe that hike could be anywhere

between 15-30%. The Governor will

be making a formal announcement

about the same soon. Also the hike in

ready reckoner rates will be majorly

for urban areas such as Vidharbha

and Marathwada, whereas the areas

of poor property registration, the hike

would be minimal. It is said that the

reason thedecision is to boost the

current property market.

Stamp Duty to remain

the same for next 3 months


7

In latest turn of events, National Green Tribunal (NGT) has strictly prohibited

the civic authorities to grant permissions for any new projects around 10Km

area from the boundary of Sanjay Gandhi National Park in the Borivali suburbs

of Mumbai.

The directive has been passed as an abundant precaution for an ad interim

relief. No further permission for construction of any new project shall be granted

until the proposal forwardedby the state government is duly notifi ed about the

protected area of National Park.

The total land of the National Park is spread over 25,400 acres of protected for-

est area. It lies between the northern suburbs of Mumbai and Thane. Therefore

the order has to be followed by the civic authorities of Mumbai and Thane.

Therefore, the areas that will be affected by this interim will be mostly the north

side of the city including Malad, Goregaon, Kandivali, Borivali, Dahisar, Powai,

Mulund, Bhandup and even areas of Thane district.

No new buildingsaround Borivali National Park

Squarefoot Realty I January 2016

8

Currently, the Municipal Corporation of Greater Mumbai (MCGM) has leased

certain properties for 30 years. However, the governing authorities are

planning to increase the period of lease to 99 years as the properties will be

approved for renewal and development.

Earlier, the properties were leased for a period of 999 years which later was re-

duced to 30 years. However, according to the new Draft Estate Policy 2015, the

2016 seems to become an eventful years for Mumbaikars in terms of

infrastructure developments. Many rail and road transport projects

have failed to see the light of the day last year, but all will soon change.

We all know that the Monorail project has been postponed for too long, but it is

said to open up in Jacob Circle in May 2016. Since February 2014, the Monorail

has been operating on an 8.8 Km stretch. In the coming year it will run on a

stretch of 20 KM.

Along with that, works will be carried out to start 12-car services on the Harbour

line in May. This will help the public transportation by increasing the capacity by

33%. The Harbour line will be extended to Goregaon in June.

period will be increased to 99 years

so that at least three generations can

avail the benefi ts. This change will not

be applicable to the 160 properties

belonging to the W category that was

leased out by the BMC on behalf of

the state government.

The civic body in Mumbai has cur-

rently leased over 4,177 plots out of

which the lease of 230 plots have

expired about 2 years ago. These

properties include Mahalaxmi Race

Course, the Life Insurance Corporation

Building and several others.

Along with the lease duration, the

annual rentals too will be decreased

from 2% of ready reckoner rates

to 0.5%. The agenda behind these

changes in the lease policy is increas-

ing the revenue of the fi nancial state

affairs.

BMCto leasecertain

propertiesfor 99 years

The phase III of Metro Corridor (Colaba-Bandra-Seepz) too will be initialized

by fl oating tenders and bids by the end of the fi nancial year. It is still unclear

whether Kanjurmarg-Seepz line will be integrated with this one.

The Mumbai Transharbour Link (MTHL) too will hit the fl oors as MMRDA has

been approved for the loan agreement with Japan International Cooperation

Agency (JICA). It will fund almost 80% of the project which will gain momentum

by March 2016.

2016might witness

many newinfrastructures


9

Real estate market has been sluggish that has forced the consultancy fi rm

Knight Frank to cut down the compounded annual growth rate projection in

the residential real estate sector to 7.2 to 14% only.

Since past three years,Ulwe in Navi Mumbai has given the annual returns of

14% whereas Hebbal in Bengaluru has given 19%. But in Dwarka Express way

and Noida Extension give returns only of 4% and 2% respectively in the same

duration. The results from many other places have been far better than the

above two mentioned.

The main reason behind the drop of return rates in these places in the last three

years has been delay in the infrastructure projects which further affects the

Upto 14%returnson residential realty

completion throwing buyers off the

track.

Knight Frank has identifi ed 11 loca-

tions spread across Mumbai, NCR,

Bengaluru, Pune, Chennai and Hydera

bad that are expected to provide the

maximum price appreciation in the

range of 41-94% over the next fi ve

years, which in CAGR term works out

to be between 7.2-14.2%.


10

Technology and digitization has reached every nook and corner of

our lives. Smart homes is the latest trend that has been catch-

ing the market. A recent survey states that the popularity of smart

homes is likely to grow 30% every passing year which only means

that it will potentially increase the market revenue.

In near future, a growth of smart home solutions will be seen as

there is an immense awareness about smart homes amongst urban

dwellers and high-end consumers. A smart home is an automated

house with various electrical connections, functions and facili-

ties that can be connected to a smartphone or a computer and

controlled by it.

Smart homes inhigh demand inthe residentialmarket

For buyers, security, convenience and energy

effi ciency are the biggest drivers for smart

homes, but at the same time, high cost could

cause hindrances in their decisions. Also low-end

consumers were not much informed about smart

homes and surprisingly 11% had no idea about

the concept even on being prompted.

To boost the demand of smart homes

in such sectors, proper awareness

and information should be given to

the public.


11

BANM exhibition is a

crowd puller

This annual event will tap on the city’s ‘smart’ quotient


13

The Builders Association of Navi Mumbai will hold its 16th annual

mega property exhibition at the CIDCO Exhibition Centre in Vashi

from January 8 to 11, 2016.

The exhibition is expected to have more than 143 stalls with top real estate

developers showcasing their latest innovative realty properties. Visitors will be

spoilt for choice as options vary from affordable to luxury homes in locations

as far as Lonavala and nearby nodes of Panvel and Karjat. For those with big

pockets and big dreams, villas and state-of-the-art commercial complexes too

will be showcased.

The fl at sizes vary from 300 sqft to

10,000 sq ft. The prices vary from as

less as Rs 11 lakhs to as high as Rs

20 crores. What’s more, you can avail

a home loan at reasonable price from

the fi nancial institutions who will put

up stalls here.

The unique point about this expo is

that it brings buyers, realtors, agents,

banks and associated experts together

and becomes a think tank for future

progress.

An average of 5 lakh persons visit

the exhibition every year to book their

dream home in a city they call their

own. The buyer always returns home

smiling.


14

“Chief Minister DevendraFadna-

vis gave a big boost to dreams of

NaviMumbaikars by announcing the

city’s participation in the Smart City

mission. Infrastructure projects like

Metro, NAINA, proposed airport and

Nerul-Uran rail link will highlight the

city on the world map.”

Dharmendra Karia

President

“The real estate market here is poised

for a fantastic growth due to three

reasons. One is pay commission

hike, second is increase in home loan

tenure and third is industrial growth.

Buyers will have ample choice to pick

from.”

Haresh Chheda

Secretary

“We ensure transparency and ensure

all builders get equal opportunity and

space to showcase their projects. Navi

Mumbai is truly smart and we aim to

make it smarter.”

Hemant Lakhani

Convener & Joint Secretary

“We have always maintained highest

professional standards and this is

what draws maximum builders to our

exhibition. Going ahead, our bench-

mark will only be higher, thus ensuring

better translation into realty sales.”

Bhupendra Shah

Member (Trustee Board)


15

CREATINGHAVENS OF LUXURYKamdhenu Realities prides over its fondness for perfection


17

Kamdhenu was established in 1955 under the leading guidance of Late

MrAnantramSabhlok. In it’s long tenure, the group (now Kamdhenu Reali-

ties) headed by MrSurinderSabhlok has been constructing exceptional

quality living and commercial edifi ces.

Karan S. Sabhlok, the Director of Kamdhenu Realities,being a 3rd generation

Sabhlok, construction and development is like second nature to him. Having

completed his Masters (International Business) from Brunel University, London.

He is the youngest ever committee member of Builders Association of Navi

Mumbai (BANM).His vision, team leading skills and foresight navigates Kamd-

henu Realitiestowards great success with continuous innovation in construc-

tion.

• What do you think is the future ofNavi Mumbai?

Navi Mumbai is all set to earn the tag of a Smart City. Besides, there are other

infrastructure projects lined up like the Trans harbor link and Nerul-Uran rail

route. The city has a bright future.

• What steps should the builders take to build a Smart

City?

Firstly, everybody needs to understand what smart city is. Developers should

join hands with the government in helping implement all the good schemes.

Charity begins at home. Developers should be united and resolve long pending

issues like double staircases, height clearance, environmental clearance etc.

• Prime Minister NarendraModihas promised ‘Housing for

all’ by 2020. Will that be possible in Navi Mumbai?

Private developers have shaped almost 70% of Navi Mumbai. CIDCO had-

shaped 30%. Affordable housing depends on availability of land at reasonable

cost and faster clearances. Ultimately, the customer has to bear the cost. Until

and unless developers get support from the government, there is no scope for

correction in rate.

Currently there was an issue going on of additional lease premium. Suppose

I purchased a plot for Rs.5 Cr./- & the additional lease premium penalty on it

was Rs.50L/- In this case I had to calculate the FSI charges, the construc-

tion costs & then the I would decide the saleable price. But then the scenario

changed. The govt. changed its policies. Because of that now a person has to

pay Rs.1Cr/- to even Rs.3Cr/- on the same plot instead of paying Rs.50L/- The

entire calculation has gone haywire. We used to get tender plots at a cheap

rate. But now CIDCO is making sure that tenders are reaching sky high prices.

So, if the developers have to pay

high prices the cost automatically in-

creases& ultimately the buyer suffers.

If there are quick clearances &govt.

is lenient on prices then there is no

question of prices going higher.

• Will customers get proper

amenities?

Yes, why not?Take the example

ofUlwe. Buildings are ready with oc-

cupancy certifi cates. Developers have

done their job but there is no sewage

system plant, no streetlights, no prop-

er drainage system, and no garbage

disposal. What are you going to do

with a swimming pool if there are no

street lights in the night to walk. But

in nodes likeDronagiri, these services

have been planned even before start-

ing construction. The biggest problem

right now according to me is govt.

clearances & infrastructure.

• As a developer what do

you have to say about Envi-

ronment?

I think the issue of environment is not

only vital in Mumbai, Navi Mumbai or

India but the whole world is putting

efforts for a cleaner & a better envi-

ronment. Everybody is moving towards

the concept of Green buildings. We

are more aware of our environment

now than we were ever. Nowadays

even customers are concerned about

a clean environment & prefer homes

with good view, greenery & fresh air

around them. So, I guess we should

never forget about our environment &

everyone should contribute to it.


18


19

The conceptof Smart City varies from city to city

What isWhat isSmart City?Smart City?Squarefoot Realty I January 2016

22

There is no universally accepted defi nition of a smart city. It means

different things to different people. The conceptvaries from

city to city and country to country, depending on the level of development,

What isSmart City?

willingness to change and reform,

resources and aspirations of the

city residents.


23

In the imagination of any city dweller in India,

the picture of a smart city contains a wish list

of infrastructure and services that describes his or

her level of aspiration. To provide for the aspira-

tions and needs of the citizens, urban planners

ideally aim at developing the entire urban eco-

system, which is represented by the four pillars of

comprehensive development-institutional, physi-

cal, social and economic infrastructure. This can

be a long term goal and cities can work towards

developing such comprehensive

infrastructure incrementally, adding on

layers of ‘smartness’.

The objective is to promote cities that

provide core infrastructure and give

a decent quality of life to its citizens,

a clean and sustainable environment

and application of ‘Smart’ solutions.

The focus is on sustainable and

inclusive development and the idea

is to look at compact areas, create a

replicable model which will act like a

light house to other aspiring cities.

It is meant to set examples that can

be replicated both within and outside

the smart city, catalyzing the creation

of similar smart cities in various

regions and parts of the country.


24

i. adequate water supply

ii. assured electricity supply

iii. sanitation, including solid waste management

iv. effi cient urban mobility and public transport

v. affordable housing, especially for the poor

The core infrastructure elements in a smart city would include:

Accordingly, the purpose of the Smart Cities Mission is to drive

economic growth and improve the quality of life of people by enabling

local area development and harnessing technology, especially

technology that leads to smart outcomes. Area- based development

will transform existing areas (retrofi t and redevelop), including slums,

into better planned ones, thereby improving livability of the whole

city. New areas (greenfi eld) will be developed around cities in order to

accommodate the expanding population in urban areas. Application

of smart solutions will enable cities to

use technology, information and data

to improve infrastructure and services.

Comprehensive development in this way

will improve quality of life, create em-

ployment and enhance incomes for all,

especially the poor and the disadvan-

taged, leading to inclusive cities.

vi. robust IT connectivity and digitalization

vii. good governance, especially e-Governance and citizen participation

viii. sustainable environment

ix. safety and security of citizens, particularly women, children and the elderly

x. health and education


25

Haware group is one of the most trusted brands in the real estate sector. They

have been active in Real Estate scene for over two decades now. Haware

group have built and handed over more than 45000 homes till today and hope

to deliver many more in the time to come. Althoughgroup cater to the entire

range of customers & make homes from 10 lacs to 10 crores,they create malls,

commercial projects, Infotech parks & offi ce spaces, but most of projects are

in NanoHousing. Haware group is proud to work towards this dream of making

homes foreveryone and the trust customers bestow upon them motivates to

work harder.Latest township project Haware Pinnacle was SOLD OUT within one

week of its launch, showing the immense faith customers have inthem.Haware

group are in the planning stages of launching many more nano housing projects

and smart cities& smart villages in the MMR region.

Interview with Mr.Amit Haware

Amit HawareCEO & Joint MD, Haware Properties

Whatare some ofyour

benchmark projects?

Firstly, I would like to congratulate

Squarefoot Magazine for the great

work its doing by providing important

news & articles related to Real Estate.

It is indeed a great initiative.

Nano housing is our speciality. It is

an innovation of our MD Mr.Suresh

Haware. In nano housing we reduce

the area of a house by upto 25% &

we reduce our rates by upto 25%

thereby signifi cantly reducing the

cost of house to the buyer. We have

created many benchmarks, but the

few I want to talk about is our nano

housing project Haware Citi,a project

of 2000 houses located at Godh-

bunder road,Thane and our nano

housing project Haware Pinnacle of

300 houses located in Kalyan. We

started Haware Citi in 2009-10, in the

era of a slowdown in the real estate

market.As soon as we launched,

there was a tremendous response

from everyone. We are fortunate for

the many blessings of our custom-

ers and we cherishthisgreat trust

amongst people. Our fi rst phase of

about 1500 houses was SOLD OUT

inonemonth, which was an unprec-

edented record. The reason it had a

big impact was that it was a concept

based on the vision of“Housing for

All”. The amenities were luxurious

whilethe price was affordable. This

is our specialty. We always work on

a big scale. We procureall construc-

tion materials directly from manu-

facturing companies & not from the

dealers. Our architectural planning

is optimized for effi ciently using the

available space. Haware group has

always believed in volume of work.

The margins arelow but the volume

is huge and thisimpacts the entire

turnover of the company.On-time pos-

session of houses is anotherquality.

We are proud to say that we fi nish our

projects before time. We handed over

the Haware Citi project before time.

Our project Haware Pinnacle is ahead

of its schedule by leaps and bounds

and we are sure to hand it over much

before our promised delivery date. It is

because of this achievementthat the

trust converts into credibility among

customers and generates a good word

of mouth in the market.


26

The Real Estate sector has earned a bad repute because of

irregularities in the media?

Every industry has its good and bad elements. Reputation is based on

performance. If you perform and deliver what you promised, you build a good

reputation. If you are transparent about the dealings the customers are going to

reward you with trust and blessings. When we are selling a house we make sure

that the entire process is transparent. We also see to it that we have zero hidden

costs. People see that we are being completely honest& that rewards us. We at

ensuring that we fulfi ll the expectations & promises to our customers no matter

what.

Is there any niche you need to create as far as theReality

market is concerned?

The niche that exists now is in nanohousing. We want to take the concept of

nano housing to the next level and go on to create affordable smart cities. Smart

City is a concept in which the city is self-suffi cient with all the services & ameni-

ties like shops, hospitals, houses, colleges, schools, offi ces, parks, recreation

centresetc. A smart city is also environment friendly & futuristic. We are working

on creating such smart cities to provide affordable housing for all in and around

Mumbai Metropolitan Region (MMR). Our Prime MinisterShri. NarendraModiji

has also taken the initiative of“Housing For All by 2022”. We consider ourselves

as soldiers for the development of India. It is a very diffi cult task,but defi nitely

not impossible. We are putting in our best efforts & working hard to fulfi ll these

dreams.

You are busy round the clock. How do you maintain balance

between work & home?

It is very important to maintain a balance between work & home. If you can’t

concentrate on one, you can’t concentrate on the other. I focus on keeping offi ce

and home separate. I don’t take offi ce to home and don’t take home to offi ce.

It’s about living in the present. At home my mother and my wife are my support

system. They give me strength and make me who I am. Also,I am fortunate that

I am working with my family itself. My father is my icon, my best friend &my

boss as well. Even with my brother, it’s the same. I love my brother and it’s fun

to work with him. It’s satisfactory to work in the company where you have an

environment where all employees work as a family. We enjoy what we do. This

enables us to give our one hundred percent each day. We are satisfi ed & happy

about our work &the positivity that it creates. Our efforts contribute not just to

the industry,but also to the society and the nation as a whole.

You spoke about how closely you treat your employees.

What do you want to say about the laborers/ skilled labors?

A laborer builds everyone’s house, but a laborer himself rarely hasone. He isa

nomadic person who moves from site to site.Their children do not get proper

education. We have taken the initiative to educate them and haveorganized

schools for children of laborers at all our sites. We also encourage the children

to attend school by giving them fruits, chocolates, etc. The kids are happy &

in return the laborers are happier for the welfare of their children. I think that

education is a very vital part for any child. If laborer’s kids were not educated

they would end up living the same life as their parents. But if we educate these

children, they will have a better future. And if our country stresses on education

then I don’t think anyone can stop India from being a superpower.

Another initiative that we have taken is for skilled laborers. Our education system

has degree courses for civil engineering. But for all the postsin the construction

industry under a civil engineer like civil supervisor, fi tter, carpenter, electrician,

plumber, mason, etc. there is no system of formal education. We started the Ha-

ware Real Estate Training Institute (HRETI) to turn the situation around. Eligibility

for admission was kept at passing the 10th standard. Five days a week the stu-

dents learnt by practically working on our construction sites as interns. The sixth

day was for theory education, provided by our heads of staff, world-class consul-

tants and associates. We didn’t charge any fee for this institute; we paid each

student a stipend instead to cover up for their basic expenses and travelling.The

students get to learn a lot by working in this practical environment. At the end of

one year of this institute, we give a job guarantee to every student. I am happy

to say that we have so far taken 4 batches of this institute and from amongst

200 students about 195 are placed in the industry for work and only 5 students

had to depend on this job guarantee. This is a heartening statistic. Some of the

supervisors are even getting jobs as project managers because their learning

has been immense. A few have started their own small fi rms for undertaking

labor contracts and have turned entrepreneurs. This is the people empowerment

that we are doing by skill development in the real estate sector and we are very

proud of this. Through this interview I urge all my fellow developers to start simi-

lar programs that will empower people and help the industry by getting skilled

manpower and also contribute to the nation with growing employment.


27

Another initiative that we have taken

is for skilled laborers. Our education

system has degree courses for civil

engineering. But for all the postsin

the construction industry under a

civil engineer like civil supervisor,

fi tter, carpenter, electrician, plumber,

mason, etc. there is no system of

formal education. We started the

Haware Real Estate Training Institute

(HRETI) to turn the situation around.

Eligibility for admission was kept

at passing the 10th standard. Five

days a week the students learnt by

practically working on our construc-

tion sites as interns. The sixth day

was for theory education, provided

by our heads of staff, world-class

consultants and associates. We didn’t

charge any fee for this institute; we

paid each student a stipend instead

to cover up for their basic expenses

and travelling.The students get to

learn a lot by working in this practical

environment. At the end of one year of

this institute, we give a job guarantee

to every student. I am happy to say

that we have so far taken 4 batches of

this institute and from amongst 200

students about 195 are placed in the

industry for work and only 5 students

had to depend on this job guarantee.

This is a heartening statistic. Some of

the supervisors are even getting jobs

as project managers because their

learning has been immense. A few

have started their own small fi rms

for undertaking labour contracts and

have turned entrepreneurs. This is

the people empowerment that we are

doing by skill development in the real

estate sector and we are very proud of

this. Through this interview I urge all

my fellow developers to start similar

programs that will empower people

and help the industry by getting skilled

manpower and also contribute to the

nation with growing employment.


28

Do you really needa Real Estate Agent?

Author: Sonal Waykar

With the technology taking

over each passing

day, buying, selling or

leasing an apartment is only a click away. It

will be one of the biggest transactions you

will make in your life. So would it be wise

to take a decision based on a few random

website searches? No. Even if you have

a fair amount of real estate knowledge,

making such a huge transaction could still

overwhelm you.


29

Hence, Squarefoot suggests that one must hire a professional real estate agent

you make you the right choice without any hindrances in the ride. Here are a few

reasons to help you make the decision

• Agents help you throughout the process

People would advise you not to hire a real estate agent as it saves money, but

how do you plan to replace the expertise an agent would bring along with him?

Every agent has fi ne details about all the properties under his area that help you

with the transaction. Also, the sellers you fi nd online could trick you with many

hidden charges. So if you choose to fi nd a house without an agent, hope you are

ready to face any curveballs thrown at you.

• Agents know the market value

Don’t we all always want to make the best property deal? Agents know how to

analyze the real estate market well, discover the property that fi ts right for your

who have access to databases of the

homes which isn’t easily accessible to

the public.

• Agent will handle all the paper

work

Property transactions are synonymous

to paperwork. However, if you hire an

agent, you can relax as he will take

care of all the procedures for you.

You can just take your decision, sign

the contract and ask your real estate

agent to fi nish the paperwork. So all

you need to do is back your boxes and

have a hassle-free journey.

budget or acquire you the best price

for your property. Not just that an

agent also helps you with all the legal

formalities. Since the onus does not

lie only on one party to pay the fees, it

is ends up being a great deal for both

buyer and seller.

• Agents have the background

details of the properties

Be it the year when the property was

built, information about the developer

or previous history of the place, a

professional real estate agent keeps

all the details of every property in

his area. They have house hunters


30

CreatingCreatingArchitecturalArchitecturalMarvelsMarvels

Managing Directorof Paradise GroupManish Bathijaspeaks to Squarefootabout future of therealty industry


32

The Paradise Group was founded by Madhu B. Bathija. It is his vision

to create a heavenly world of peace, prosperity and happiness.

This vision and motto is instilled in each and every member

of the Paradise Group.Over the last two decades, he led the company to new

heights.

Following his footsteps are his dutiful sons Manish and Amit, who are committed

to the same cause.Their knowledge of new-age technology and latest trends in

designing concepts has helped take the group to a whole new level. Indeed, they

are the ideal example of a perfect blend of knowledge and virtue.

The Paradise Group and its members are a harmonious combination of

deep-rooted values and modern dynamism. The team members are highly

experienced, easily approachable and always ready to serve. The company has

constructed 2.5 million sq. ft. of land area so far and provided home buyers best

places to live an enhanced life. At present, they are developing over 12.5 million

sq. ft. of land area across prime locations of Navi Mumbai like Kharghar, Panvel,

Nerul, Ulwe, Dronagiri, Ulhasnagar, Dombivali and Lonavala and providing highly

innovative, state-of-the-art construction for all.

The group has a massive land bank of another 12.5 million sq. ft. of land area

and they are committed to bringing in

a big change in present housing con-

cepts. “We are sure that our sincere

efforts towards making this world a

‘Paradise’ will defi nitely become the

pleasant reality in the near future,”

said Manish.

Their latest project is the Sai World

City in Panvel. They wish to develop

many more townships to cater to the

needs of the customers. “It’s been a

long yet a fruitful journey for the Para-

dise Group. We began two decades

ago with a clear aim of providing a

decent and appealing space for all

to dwell. Today, after 100 success-

ful projects across Navi Mumbai, we

are a highly experienced team of

construction experts,” said Amit.

Keeping abreast with the latest

technology and implementation of

world-class techniques is one of the

reasons why their structures are not

just luxurious design marvels but also

a perfect specimen of ‘beauty with

quality’.

“The great thing about magnifi cence

is that it speaks for itself. One cannot

create magnifi cence overnight. All it

takes is a strong belief to achieve it,”

he added.


33


Off lately you might see traditional bulb lights fading out,

since LED lights are offering many money and energy saving

options over others. While installing light fi xtures in our house, we

all should make sure that bulbs must be 30% more effi cient than

conventional bulbs.

LET THERE BELED LIGHTS!


35


36

So what exactly are LED lights?

LED or light emitting diode is a semiconductor in solid state that throws light out

when current passes through it. Unlike CFL bulbs, LEDs are 10% more effi cient.

They also have low maintenance and longer lifespan. So that means, if you use

a LED light for about a couple of hours every day, you might need to change

them after around two decades.

LED do costs more, but consider it as a long-term invest-

ment. So how do you choose a proper LED light for your

home?

Shapes

» Spotlight

» Also known as refl ectors since they focus on one area to brighten a

specifi c area.

» Floodlights

» Unlike spotlight, they throw in light for wider areas and are best suited for

outdoor lighting.

» Globe Lights

» As the name suggests it is shaped as a globe and emits lights in every

direction making it perfect for general purposes.

» A-line Bulbs

» Looks very similar to traditional bulbs, they spread light at wide angles

and help lighten the whole room.

» Decorative Bulbs

» Also called as Candle bulbs, they can be used for decorative purposes

and enhance the ambiance of the room.

Base Confi guration

» Now that you have decided which shape to go ahead with, base confi guration

is equally important thing to consider while making a decision.

» You can choose candle, medium, bi-pin, GU 10 and GU 24 confi gurations.

» Best way is to go to the store along with the bulb you intend to replace to

make the right choice.

Other features to consider

» Home Automation

» Now that everything is turning tech-savvy, why not LED lights? You can get

WiFi connected lights which can turn them on or off or change other settings

with a touch.

» Remote Controls

» If you don’t wish to opt for Wifi service, you can always go the conventional

way – Remote Control.

» Warranty

» The most important thing to ask for while buying LED lights is warranty as it

will help cover the costs if any malfunctions occur.


37

Can Indian Real Estate

rise fromthe ashes?


39


40


Since 2013, the real estate

market of India hasn’t

been good news for de-

velopers as well as buyers. Piled up inventories,

slowdown in the development and late deliveries

are a few terms that have been thrown around

a lot in the last two years. But it looks like the

situation is about to change soon.

Industry experts have predicted that in the

near future, real estate market will bring some

positive news. Everyone has been talking about

a silver lining despite having a rough patch last

year when many developers disappointed buyers

by ignoring deadlines year after year.

Recently, a report by a research team based

in Mumbai shares details about the past

drawbacks in the market as well as the signs

of revival in the future. The report explores on

detailed data from the industry, along with tidbits

from stakeholders who say that property prices

will be revised to enable ‘inventory liquidation’.

The research reports sketches out that in

metropolitan as well as small cities, property

rices have declined by 25% between April 2014

and 2015. Residents of New Delhi

indicated that many prime locali-

ties witnessed a drop of 20-25% in

property prices. Also, there has been

18% property price correction in

Greater Noida, 12% in Mahalaxmi in

Mumbai, 4% in Hazratjang in Lucknow

and 5% in Nipana in Indore. All the

statistics only indicate that it has been

a herculean task to fi nd buyers.

It has been revealed that many

property registration offi ces in Mum-

bai were deserted only to say that

transaction volumes have dropped

immensely. And these numbers don’t

suggest a slump in buying properties.

Renting and leasing numbers have

been almost constant over past two

years.

Property launches too have been

underplayed in the same duration.

Sharp changes in numbers have been

recorded. In 2014, 20,093 units were

launched in the initial three months in

National Capital Region and 23,508

during 2012 whereas in 2015, it was

only 3627. Mumbai too has shocking

fi gures. In 2012, 40,712 units were

launched and in 2014, it was 21,687

but in comparison, 2015 saw a low of

8,904 units.

But that is not even the shocking part.

What baffl es the people is that no one

is actually able to investigate the exact

reason behind this signifi cant slump

in the Indian real estate for such long

duration. The report, however, points

out that there is no one such reason

behind the slowdown, but it is an

amalgamation of many: no land ac-

quisition in rural parts of the country,

cutdown on subsidies, loan troubles of

banks against commercial realty, low

rentals, knowledge of inventory status

and lastly the hit on black money.

So, fi nally the question still remains

unanswered – Will Indian real estate

market rise from its slump?


41

Misri Properties

In conversation with Manish Shah


44

Navi Mumbai is on its way to become a smart city. How will Misri

Properties contribute to it?

For any smart city, there is a contribution of everybody like private developers, govt. and

other agencies. As a private developer, I will say that we are here since 1989, almost

24 years we have seen Navi Mumbai developing and in the beginning, we had only

Mankhurdstnand Vashistn. Now we have come to a point like a Smart city. So we are

happy about it. About Misri’s contribution, we will see to it that we can give more & more

affordable housing, more & more transparent leads, so that people feel it is a transparent

deal & in future as a private developer we will see to it that we can give the best from our

end.

What sets Misri Properties apart from other developers?

We believe work is worship. There are different developers with different thoughts. Some

think work is competition, some think work is money, we think work is worship. We are

not after money. Right now, whatever projects we have done like Dronagiri, Ulwe we are

only looking for low margin and more turnover. We see to it if a customer cannot buy a

particular fl at of a particular budget, then how I as an individual developer can help them

other than the housing loan. Housing loan can contribute to a certain limit, but other than

that I am the one who is going to take money from him. So if I am going to give him some

payment facilities then defi nitely in the end he will own a house for himself.

MTHL is said to boom the real estate prices in areas like Ulwe and

Dronagiri. How will the Sea Link add value to your current and

future projects in Dronagiri?

Sewri sea link is a major project. Till now we have been trying to sell the blocks with the

support of the International Airport, frankly speaking. But now we also have the advan-

tage of the Sewri sea link. Today it’s the best project for Dronagiri, JNPT, ONGC, BPCL. In

Dronagiri we see 60 big sectors coming up.

Ulwe and Dronagiri, once the construction is fi nished people will want to rush there to stay

as a drainage system, infrastructure, employment, schools, everything is already there.

Can you tell us about your upcoming projects?

I like to construct fl ats for the people who are really looking a house. I am not behind

money. My work is worship. We are working in Panvel, Dronagiri, Dombivali.

We are buying land seeing to it that NAINA is going to come up. So if NAINA comes up we

can build up a beautiful city with wider roads, trains, transport etc.

At Dronagiriwe are coming up with Affordable housing like Misri villa heights which is 14

storeys. Another project we are coming up with Misriempire which is 17 storeys and Misri

corner is of 7 storeys. In Panvel&Dronagiri also we have projects coming up.


45

With hardly any benefi ts trickling down to the streets,people are questioning the need for imposing yet another tax.The argument continues…

Was theSwacch Bharat CessUnavoidable?


46

Courtesy: Falguni Banerjee

For a huffi ng and puffi ng population bursting at its seams, the newly-

imposed Swacch Bharat Cess seemed like another nail on the

coffi n. Most criticized the BJP government for further burdening

their shoulders. Some said the government should be redefi ned to an organiza-

tion, which legally squeezes money out of people to fund its re-elections.

A few justifi ed the cess stating 0.5% means only 50 paise for Rs 100 and

argued that such a small amount donated for the sake of cleanliness in our

country can hardly create a dent. They pointed out that cleanliness will boost

Indian tourism.

The problem lies in the fact that the majority of the middle class population is

feeling pinched by the excessive taxation, especially after the ambit of service

tax was widened and a multitude of taxes was imposed on petrol to fund the

budget defi cit.

Moreover, people pointed out that aSwachh Bharat cannot be achieved by rais-

ing taxes but by changing mindsets and punitive laws. Proper utilization of funds

collected is really necessary and taxes should not be imposed blindly.Randomly

announcing this cess without any articulate communication is the wrong way to

go about it, said a source.

A few questions raised by alert and

frustrated citizens:

1. Is sanitationa subject under the governance of central government?

2. Do agencies currently responsible

for such works have no funds al-

located to them?

3. Has this concept of imposing

specifi c tax ever worked even at a

state level?

4. Do honest taxpayers have any

chance whatsoever to know how the

funds were spent? If not, why?

5. How will our everyday lives be

cleanerwhen the agencies are not

working effi ciently?

To most persons, the newcess is part

of the‘money is not enough’ narra-

tive. The drive has failed to inculcate

healthy habits in people to keep the

environment clean. Even public toilets

for slum dwellers are busy, forcing

people to continue to defecate in the

open.

Experts also pointed out that there

is no attempt to involve societies to

segregate their waste and facilitate

recycling. Dumpyards in Mumbai

continue to overfl ow. The worst deter-

rent is that no action has been taken

against polluting industries. A simple

action like ban on plastics would be

more effective than imposing any kind

of cess, they argued. “The govern-

ment lacks an intention to execute its

innovative plans,” said a source.


47

TRANSITION OF REAL ESTATETRANSITION OF REAL FROM 2015 TO 2016FROM 2015 TO 2016


48

Author: SonalWaykar

2015’s report card

Even though the real estate in India has been transporting

through a bad phase since long, last year it took tiny

measures to overcome it in any way possible. In 2015, we

saw that there was hardly any demand for luxury homes, but it was affordable

housing that dominated the market in a major way.

There is a need for quality homes placed at right location and priced aptly.

Government has announced its affordable housing scheme of ‘Housing for all

by 2022’. But private developers too should contribute to it to fulfi ll the rising

demand. Developers should include affordable housing as a part of every plan

and project of theirs. It is saddening to see that only a few developers are willing

to venture into affordable housing sector.

On the other hand, we witnessed many major investments last year. Like a

bungalow in Malabar Hill in South Mumbai was bought at whopping Rs. 425

crores and around the same time, Cyrus Poonawala bought the Lincoln House

for Rs. 750 crores.

10% of all the unit launches by the developers comprises of luxury and high-end

homes. But this market is immensely slow. If you make comparisons between

TRANSITION OF REAL ESTATE ESTATEFROM 2015 TO 2016


49

affordable housing and luxury homes,

the former fared well, especially with

houses worth 15 to 40 lacs.

With Government initiative, there is

an expectation that private developers

will take affordable housing a tad bit

seriously. Overall, in the coming year,

it is required that real estate market

picks up pace soon.

What to expect in 2016

The fi rst positive thing that happened

in 2016 is that due to the impending

elections in Mumbai, the government

put all the infrastructure projects in

the city on fast track. That’s one issue

to worry about less now. This will obvi-

ously boost the market with not just

property prices, but also will increase

the fl ow of demand and supply.

However, on the other hand there was some bad news. Government hiked the

ready reckoner rates by 40% burning a bigger hole in the pockets of Mumbai-

kars. Premium localities like Worli and BKC had to bear the brunt on a large

scale, whereas other places saw an increase of around 15-20%. But the silver

lining is this will bring down the black market transactions in the city.

Last year, there were abundant news reports about unsold inventory in Mumbai.

The total unsold stock was said to be reached about 77,000 and all them were

priced above 1 crore. This impacted the new project launches big time. In hope

to sell the stock, developers gave out various discounts and offers in festive

season, but in vain. It is believed that the market will stay subdued in the next

half of the year as well.

2015 ended with announcing the ‘100 Smart Cities’ initiative by the Govern-

ment. In2016, we can expect some planning to initialize. Smart cities will

redevelop the existing infrastructure for better transportation, energy effi ciency

and eco-friendly. Navi Mumbai, Thane and Greater Mumbai are selected to be

among the 100 Smart Cities Project.


50

90Degreewoldwide

Pleasure to introduce our another dynamic vertical event management company

90DEGREE WORLD WIDE alreadymaking in the fi eld of property marketing.

We organize property exhibitions, customized events nationally and internation-

ally with great passion, dedication and commitment.

Our biggest strength is our expertise in property management and marketing

since last 2 years. We are very much confi dence that this marketing experi-

ence will boost our confi dence to perform even much better in the fi eld of event

management.

In today’s competitive market selling a product is very diffi cult, unless support

from marketing inputs. so we have come up with these services to ease the

pressure from both ends, clients and developers. Our strength is our marketing

strategies and we always target genuine buyers through our expertise skill.

OUR OVERSEAS EVENTS;we conducted exhibitions at All India Property Expo

held at Marriot hotel, Singapore on 21st & 22nd February 2015 and Internation-

al Property Expo of Indian Pavilion on its 11th edition held at UAE Trade centre in

Dubai on 30th March 2015.At present we have a data base of 2000 interna-

tional clients and approx 5000 domestic clients. we can utilize these database to

promote the upcoming project launch.

We are also associated with many cultural organizations, clubs and institutions.

We have a good business relationship with leading brands like Godrej, Mahindra

& Mahindra, L & T, Ruparel, Koltepatil ,Shobha developers and many more.

We have tie-ups with all leading newspapers, TV channels, and advertising

companies to support our marketing needsaboard.

SERVICES

• Exclusive Branding in international market,

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HONG-KONG : Unit 702, Bangkok Bank Building No 18, Stran West, Hongkong

SINGAPORE : 10, Anson Road, 05-17, International Plaza, singapore - 079903.

DUBAI : M22, Karama Gold Building, Karama, dubai.

Thanking You

MR.Sajan Varghese - Director

ABOUT US

Hindustan realtors is a specialist real estate company providing expertise

and 20years of experience in the quality property search .It’s a profes-

sional fi rm offering specialized real estate services to clients seeking

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to overcome their challenges in fi nd their dream properties , and retain

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Any Property Dealings across India Rent, Sale and Purchase 1,2,3Bhk

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Trade Centre, 101, 1st fl oor, BandraKurla Complex,

Bandra(E), Mumbai – 400050. Ph:02261623839

SALES & MARKETING OFFICE ADDRESS

Goodwill Avenue, Unit No 8, Sector 40, Seawoods (W),

Navimumbai– 400706.

WEBSITE :www.hindustanrealtors .net

Email: [email protected]

HINDUSTAN REALTORSYour Trust Is Our Reputation


51

Hindustan realtors is a specialist real estate company providing expertise and

offering specialized real estate services to clients seeking dream properties in India and helps those who are interested to invest in Indian real estate’s market from other countries .We support our clients’ to overcome their challenges in

SERVICE

HINDUSTAN REALTORS

Pleasure to introduce our another dynamic vertical event

and marketing since last 20 years. We are very much sure that this

so we have come up with these services to ease the pressure

our expertise skill.

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OVERSEAS OFFICE ADDRESS

HONG-KONG :SINGAPORE :DUBAI :

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Mr.Sajan Varghese

CORPORATE ADDRESS: MUMBAI - INDIA

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WEBSITE : www.hindustanrealtors.netEmail:

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Should you wish to know further details about the project, please feel free to get in

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MANAS BUILDERS AND DEVELOPERSDirect: +91 (22) 6454 9999, +91 (22) 6563 2526

Mobile : 922222 4747 / 4848 /4949

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Under Construction 1BHK fl ats available at Karjat.


53

Scaling New HeightsScaling New HeightsDirector of ArihantSuperstructures AkshayAgarwal speaks toSquarefoot magazine about competing in the digital age and participating inBANM’s property expo


56

Please share the journey of Arihant Superstructures.

Arihant Superstructures is a major player in Mumbai, Navi Mumbai since 1988 and Jodhpur in Rajast-

han. We currently have 12 different ongoing projects in these areas. We have about 5000 houses under

production as of now. Recently, Arihant Superstructures was awarded Best Corporate Brand by Economic

Times.

Why should people invest in Navi Mumbai?

Recently, Chief Minister DevendraFadnavis announced CIDCO’s participation in Smart City mission. CIDCO

will invest over Rs 50,000 crore in building India’s fi rst Smart City. International airport, JNPT expansion,

affordable housing, Metro and other infrastructure projects will boost the economy of Navi Mumbai. There

is bound to be a big boost in property buying and investments in Navi Mumbai. This city could be amongst

the top 10 real estate destinations in the coming two decades. Real estate here is getting better and better.

What is Arihant Superstructures offering to the new age in terms of technology?

We provide world-class safe evacuation system to its customers and protect human life from fi re hazards

and emergency situation, Arihant Superstructures Ltd has introduced fi re chute evacuation system from

Sweden. This technology uses fi re-resistant and very high tensile material shaped in tunnel form to evacu-

ate about hundreds of people in just few minutes from the high-rise tower.

In our project ArihantAkanksha would be the fi rst ‘fi bre-to-home city residences’ in Navi Mumbai where

customer will have no hassles of wiring for their cable and Internet requirement within the society

Although we are stepping ahead into the future, environment is as important as

technology. How is Arihant Superstructures supporting this cause?

We also cater to whole green building concept. While purchasing all construction material, we always keep

You are one of the big guns at the BANM. Your comments

This is the 16th mega exhibition of BANM. Arihant will welcome all its prospective clients at the exhibition.

There is No lockin period for our projects or NO Transfer charges. We have never asked our clients for any

escalation cost while we are completing projects. BANM is one of the best real estate exhibitions and I

hope that everyone benefi ts.


57

2016 Desi gn Trends2016 Desi to look out for


58

2016 Desi gn Trends gn Trends to look out for to look out for


With New Year in sight, the most common

resolution everyone makes is starting

over and becoming a new person. Well,

it is equally known that the resolutions are broken within a

few days. So this year, Squarefoot suggests you to undergo

a makeover, but for your home. Now that’s a promise you

can fulfi ll.

2015 was a stylish year, but many noted designers have

shared that the coming year will surely top it with latest

décor ideas. So let us check out a few irresistible design

trends that will rock this year.


59

1. Black stainless steel

Move over pastel shades. Black is here to rule. Also gleaming steel appliances

in your kitchen can take a break. Black Stainless Steel is the future. It gives your

kitchen an elegant and classy fi nish.

2. Mismatched color combination

Setting up your home décor in one tone isn’t a crime, but famous experts

recommend adding a bit of pop in your interiors. Take a risk and add a little

colour to your home. Pair two mismatched coloured cabinets together and thank

us later.

3. Statement mirrors

Mirror is not even the last thing that we think about while doing the interiors. A

normal rectangular mirror is what we want to get the job done. But, this year add

statement mirrors in the house to add a fun factor.

4. Gadgetless family room

We know smart homes are gaining popularity, but technology need not pull your

family apart. More families are choosing to have a family room with no television

or gadgets that will let them quality time with each other.

5. Fabric wallpapers

Wallpapers are passé. Charming fabric wall art accentuates the home demand-

ing attention of anyone who enters the room. All the textiles are paper-backed

for easy installations.


60


62

Aggregator industry blooming rapidly

in India!Author: SonalWaykar

Times have changed drastically. Gone are those days when

you followed your dad carrying the tool box while he

repaired any minor changes that were needed in the

house; or when festive season was synonymous to cleaning your house where

your mother sparkle every nook and corner of the place after days of hard work.


63

Who has the time for all that in these fast-paced lives? And why should one go

through all that trouble when you can actually get help for every requirement

from just one source. Yes, there have many home-based services offered by

many companies in India. People now need everything at their door step. There

is a service industry in India that gets you anything at your convenience.

The slightest of house repair or cleaning works can now be outsourced. For

instance, Aapka Mistry is a venture that provides you hassle free maintenance.

Be it plumbing, electric works, carpentry, cleaning or contract based services..

you can obtain all under one roof of Aapka Mistry.

The reason behind this sudden change in the perspective of the public is that

everyone is well aware that the labourers of India are not professionally trained

unlike our international counterparts. To add to the woes, the infrastructure is

not built strong enough and needs repairing every once in a while. So people

now opt to pay a few bucks for these premium services instead of wasting their

own time on it.

Aggregator industry is a fl ourishing sector as ever-growing population, highly

demanding professional lives, need for convenience and latest technology have

been playing an integral part in boosting confi dence in to entrepreneurs to take

the leap of faith.

Startups such as Housejoy, TimeSaverz and Zimmber have immensely huge

demand during the festive season which demands cleaning and painting for

every house. Zimmber targets 4000 orders a day and expects to yield Rs. 10

croce profi t in a couple of months, whereas TimeSaverz had set themselves a

target of 10,000 orders and Rs. 6 income in last two months. More than 50

million people in our country shop online giving these organizations apotential

market to fl ourish.

As consumerism in India will grow, on-demand home services will witness a

massive growth. What is surprising that most of the startups are based in Mum-

bai and the tier two and three cities haven’t seen the magic of these services;

which means the market is yet being played by local fi rms and big international

player is still to enter the fi eld.

Squarefoot is betting high that with increasing migration dotted across major

metropolitan cities and the never-fading demand of smart technology, we will

surely envision big rewards in the future. All we can suggest is wait and watch!


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Buying an immovable transferrable asset brings many responsibilities

along with it. One of which is taxes. If you are a buyer of the

property, it becomes mandatory for you to look after tax withholding compliances

while making the complete payment to the seller.

Are you payingyour taxes right?


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Since June 2013, the Government announced that any property transactions

must not be undervalued and under reported to evade any taxes. A compulsive

practice has been introduced wherein you need to deduct taxes at 1% on the

amount of purchase which you paid to the seller. However, this rule is applicable

only if the transactions or the price of the property is equal or more than 50

lakhs.

For the above amount, if you plan to make the payments to the seller in install-

ments, then you need to deduct tax for each installment, not the whole amount

at once. This law is mandatory for all immovable assets with an exception of

agricultural land. So if you buy an agricultural land, you will be exempted from

tax deductions even if it costs more than 50 lakhs. Adding to it, this provision

also is not applicable if the seller is a non-resident as it is already incurred in

certain other tax provisions.

So what is tax compliance? Many confuse the concepts of tax evasion and tax

compliance. However it differs in a manner as tax compliance is seeking to

pay the right amount of tax in the right time. When we say right, it means the

economic substance of the transactions undertaken coincides with the place

and form in which they are reported for taxation purposes. It is the intent of the

taxpayer that plays the major role in creating a difference between the two. A

tax avoider tries to fi nd ways to pay less than the due tax amount whereas a tax

complaint person will pay the right amount.

The tax must be deposited to the Government within a week when it was

deducted. For the purpose, the buyer should login to TIN NSDL website and fi ll

out the 26QB form.

So here we mention the information you are

requested to fi ll out in the form.

• Permanent account number of buyer and seller

• Name and address details of both

• Date of agreement of the property

• Type of payment

• Purchase consideration

Once the form is submitted, the next step is to deposit the taxes only after which

you can generate Form 16B online. This document is issued within a fortnight.

Of lately, the Government is being stringent with buyers who are withholding

compliances and levying harsh penalties on them. If you pay less than the due

taxes, you need to pay interest at 1% per month from the date tax was deduct-

ible to the date tax was deducted.If you fail to deposit the tax amount, interest

would increase upto1.5% per month. And if you postpone fi ling the 26QB Form,

a late fee of Rs. 200 per day would be levied upon you.


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Square Foot Realty - January 2016

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Transcript of Square Foot Realty - January 2016