CREDAI Property Show

The Trivandrum chapter of CREDAI (Confederation of Real Estate Developers’ Associations of India) organized its sixth edition of the property show, which was began on Dec 17), 2015 (Thursday) at the Sri Mulam Club in Vazhuthacaud and ended on Dec 19, 2015 (Saturday). It was an ultimate destination for home buyers and this year more than real estate builders showcased their more than 125 residential projects.

The CREDAI Property Show, Trivandrum was inaugurated by S Krishnakumar (Nikunjam Constructions), the President of CREDAI, Thiruvananthapuram, Biju Jacob (PTC Builders), Secretary of CREDAI, Thiruvananthapuram and K Srikant (SFS), the Vice President, CREDAI Kerala. Apart from that other prominent real estate builders such as; T S Asok (Artech), A R Babu (Heera), V S Jayachandran (Mansions), P Pradeep (Powerlink), Dhanya Babu (Sree Dhanya), P Harikumar (Future) and many other were also present during the occasion. We all know that the main objectives of CREDAI are to promote stability, growth and upholding ethical business values in attractive investment environment. In simple words we can say that the CREDAI is the real voice of the real estate industry and it is more than knowledge sharing forum as it backup the real estate industry with latest technology, industry benchmarks and international developments.

The CREDAI Property Show, Trivandrum was an ultimate destination for home buyers as there wide range of choices were available. It was easy for home seekers to spot budgeted property at desired location with best contemporary designs and premium quality as per CREDAI standards. Apart from that CREDAI officials were also accepting the customer complaints and concerns. This time there only approved and genuine properties are exhibited at the show.

State Bank of India

According to latest reports, in Odisha SBI, a public sector lender had advanced home loans of worth Rs 400 cr for year 2014 – 2015 and now country’s largest public sector lender SBI (State Bank of India) has set a target to extend Rs 500 cr worth home loans in Odisha for the year 2015 – 2016.

As per the statement of the BVG Reddy, Chief General Manager of State Bank of India, Bhubaneswar circle, “At the end of November 2015, our bank has already extended Rs 280 crore home loans and at this point of time we are expecting the closer with Rs 500 crore advances to the sector. This public sector lender had advanced a home loan of worth Rs 400 crore in the year 2014 – 2015 however; the NPA rate for the same sector was about one to two per cent. State Bank of India has extended its finance portfolio with tune of Rs 3325 crore which comes under home loan portfolio on the current date.

According to reports, SBI is all set to organize its own property expo “Utsav -2015”on date December 11 to 13 at Bhubaneswar. In present, about 40 real estate developers and builders which are affiliated to CREDAI (Confederation of Real Estate Developers Associations of India), NAREDCO (National Real Estate Development Council), Real Estate Developers Association of Odisha and Association For Odisha Real Estate Developers are seems to participate in the property expo “Utsav -2015”.

Last year at the same event people has booked more than 200 housing units and loan of Rs 30-40 crore were sanctioned. Currentl y, SBI is operating in more than 800 branches in the state Odisha and has an NPA of more than 6 percent with maximum slippages in the agriculture sector, education loans, micro, small & medium enterprises (MSME) sector and others.

The Confederation of Real Estate Developers of India (CREDAI) has urged to abolish the levy of Value Added Tax (VAT) on property transactions.

CREDAI’s request comes in wake of a Supreme Court order in September last year making it mandatory for payment of VAT on property purchases in the State made from 2006 to 2010.

Shantilal Kataria, Vice President, CREDAI, Maharashtra told a newspaper that the latest blow to buyers has come from consumer rights group, Grahak Hitvardhini which has withdrawn its writ plea in Bombay High Court against the levy of VAT.

He said as a last resort, the builders’ lobby has insisted that developers should be asked to collect 1 per cent VAT on the sale cost instead of the construction cost.

“We have requested the sales tax commissioner to offer a more practical composite parallel scheme under which buyers have to pay 1 per cent VAT on the sale cost. This will be simpler compared to payment of VAT for an under construction flat. A decision on this is expected in the next two weeks,” said Kataria.

City-based developers till now have collected VAT from almost 40 per cent out of total flat buyers whose property transactions took place from 2006 to 2010. CREDAI’s request is based on the fact that property being immovable should not attract this tax, said Kataria.

CREDAI Maharashtra

“The writ plea by Grahak Hitvardhini was withdrawn almost two weeks back. If the State government does take a decision now, then, buyers will be forced to pay VAT. We have been fighting for buyers’ rights since 2006 and even went to Supreme Court against levying of VAT,” said Kataria.

Reacting on the recent 5 to 10 per cent increase in property prices as per the new ready reckoner rates announced by State government on Tuesday, Kataria said the calculation method for ready reckoner should be made more project specific than price zone centric. He said CREDAI will express its view on ready reckoner after studying it properly.