FATCA

Same as bank accounts and mutual funds, its not easy task for the Indian government to identify the property of NRIs and their earnings from them. There are many US based NRIs, who are planning to sell their property in India and for that they are ready to offer big discounts and the reason behind that is the implementation of FATCA (US Foreign Account Tax Compliance Act).

Recently, US and India have signed a new information sharing protocol which will bring the properties, assets, bank accounts, capital market investments and mutual funds under investments in India under the scan of US tax authorities. Now US if going to implement US Foreign Account Tax Compliance Act (FATCA), which aims to ensure that wealthy NRIs are paying tax on the income generated from overseas investments and properties. Due to FATCA, US have to share information about citizen’s assets in every other country. Now NRIs have to share details of their assets with US authorities.

According to BigDeals.in, a Gurgaon-based online property portal, “We have received several enquiries from NRI clients, which are from US in last two months. According to Ashwin Chawwla, CEO of BigDeals.in, “Some of these people are asking about more clarity on the issue as they are little confused about what’s happening and how they have to deal with this issue”. The more he added that while others are asking him to dispose their property in India in very short duration, and they are ready to offer big discounts, as law FATCA is not clear. It is well known fact that in past two decades many NRIs have invested in the real estate sector in India and now property market is on its peak, especially in the regions such as; Gurgaon and NCR. I bought a bungalow in Surat before three years ago for long term investment, but now am planning to sale it, as per the statement of Jignesh Shah, an engineer who works in Silicon Valley. Apart from that on the other side some of the US based NRIs are transferring their property to relatives instead of selling them.

According to one of the tax adviser, who help NRIs with property in India, “If property is first transferred and then sold, so the acquaintance or relative can emit back the money to the US citizen, as currently they are allowed to send $ 2,500,000 or Rs 16.6 crore per annum. And if the property is not transferred, so they can keep the cash in the separate account or tax paid on the amount received through the cheque. In present, there are two different schemes which are operational in US for NRIs with an aim to declare their wealth back home in India. First; there is no penalty for those, who will declare their liability, tax and income generated over the past three years from overseas properties. However; in other scheme; NRIs can pay tax of last eight years with interest and the penalty of 27.5 percent with an aim to compensate it.

According to one of the real estate experts, NRIs are not only selling their property in India, but at this point of time they are avoiding any kind of investment in India as this can lead them towards tax complications in the future. The more he added that Indian banks are reluctant to open accounts, which will help the US based NRIs to invest in India through different accounts because it can increase their reporting obligations.

JK House

Located right opposite to breach Candy hospital, Singhania’s 37-storeyed JK House tower is seems to be in trouble. Built against a floor space index of 2,570 square meters, JK House sprawls over 27,400 square meters. That means the total construction area is more than ten times the FSI calculation and as per shops and homes that can cause serious concerns from urban planning point of view. For all of you who don’t know, FSI is the ratio which decides the permissible area to be built on a plot.

In 2008 excessive concessions were sanctioned by then municipal commissioner Jairaj Phatak to the developer which is the extra covered spaces, which are non-permissible and totally in disregard of the spirit of development control rules. Although in 2012 BMC had stopped the work on construction site when concessions were found to be misused and excessive.

The JK House covers basement along with stilts, shops on the first and second floors, parking levels and two refuge floors between the third and 14th floors and also a museum between the 15th and 18th floors. While the floors from 20 to 36 are provided for residences, amenities, fire refuge, and AC plant room, 19th floor is a service area. The tower stands at 142.56 m in height.

 Shops and homes mention that only up to 4% of the built up area is allowed to be free of FSI and anything falling beyond this limit shall be considered in FSI as per the rules of National Building Code, still the JK House was allowing an area of 2,563 square meters just for fire refuge floors and refuge areas.

On top of that higher floors apartments of JK House were spread over 70 square meters in area and there were no proofs of approval from the state government supporting that. Hence, in order to get clearance from state government Raymond Ltd is required to submit modified plans in accordance with the applicable regulations.

Earlier “Brokers” was the backbone of the real estate industry, but in last few decades the rise of internet and web entrepreneurs has bring the revolution in real estate industry with the platforms, which helps the potential property buyers to search for property according to their need and requirement without the help of brokers. As a buyer or regular internet user if you will visit and real estate portal, so you will see that they are helping you with a lot of information about multiple properties, but they are not more than any property databases. In present any potential property buyer need more flexible, authentic and user friendly platform, which can help the concerned clientele.

Search your property through Map:

ShopsandHomes.com is one of the most creative, innovative and effective real estate portal and now this portal has become a boon for customers, who are in search for real estate projects in Mumbai. This online portal offer the wide range of choices such as; new projects on sale, renting apartments, old apartments for sale, commercial properties for sale/lease , land for sale/lease and more. ShopsandHomes offers the multiple real estate options at single platform, and ensure the customers that they will get best result for their property related search.

If you are looking for property in specific area, so with ShopsandHomes.com the search get easy, as on ShopsandHomes.com you can easily locate the property in specific area. For example if you are relocated to Mumbai and are looking for some apartments on rent in Mumbai, so all you need to do just browse with ShopsandHomes.com and within few seconds you will get the “n” number of possible rented apartments in that specific area. After obtaining the desired result you can trace the location easily and get a lot of info about that desired property.

ShopsandHomes making your property search more precise:

Now, it’s all about location, ShopsandHomes has introduce the new creative way of showing results by the use of maps. If you will compare the traditional real estate portal and ShopsandHomes.com, so you will notice that this new real estate portal can show you results directly through the location map. With the help of maps, you will get the correct location of property and also you can understand and analyze neighborhood in addition to make you sure that what will be the distance between office and home. Here the use of map is very easy as Google Map in style, function and appearance.

Advance search help you to get more accurate result:

If you want more accurate result, so use advance search as a option as ShopsandHomes.com provides you wide range of sense making filters and with the help of that owner and the customer both can get the appropriate property and tenant respectively.

Authentic and reliable listing:

Team ShopsandHomes.com has implemented the best functions and features to make is more friendly real estate portal on internet and provide online real estate results to customer. Our portal ensures you that you will get the most authentic and verified result with the special formatting or information’s such as;   images, location, price, location and more. ShopsandHomes.com also provides you option to subscribe for post requirements and newsletters so that you can get the latest news and info in your inbox at weekly basis.

ShopsandHomes is getting the maximum marks on each function, which is required to be the best real estate portal on the web. In present it is one of the best and most comfortable portal find the rental, apartment, hostel, plots and more. So if you are looking for the property in Mumbai and want to get the best experience for property search, than browse with ShopsandHomes.com.

You buy mobiles, cameras, laptops and even groceries online, so why not buy your dream residential flat on the net? If you were waiting for such a thing to happen, your wait is now over.

Online marketplace Snapdeal and Tata Value Homes, a subsidiary of Tata Housing with focus on affordable housing, recently announced partnership to enable users to buy houses online. As part of the partnership, about 1,000 homes across projects in cities such as Mumbai, Pune, Ahmedabad, Bangalore and Chennai will be put up for sale on Snapdeal. These houses are priced between Rs.18 lakh and Rs.70 lakh and range from 1 BHK to 3 BHK.

The idea was inspired by the fact that as per the reports, one in every two online real estate searches is to buy property and there is a $43 billion market opportunity here, said sources. We started selling homes through our own website last year in December and have already sold over 600 units. This partnership will help us take that to the next level,” Tata Housing Development Company Senior Vice President, Marketing and Sales, A. Harikesh, told a press conference to announce the deal here. Additionally, Tata Value Homes will continue to sell through its own portal as well, he added.

When you take possession of the house, customers buying the house through Snapdeal will get Rs.10,000 a month for a year as an assured rent whether they stay on premise or lease it out as part of the deal. “Details about the project and other things are shared on the website. Registered users can book a unit for Rs.30,000 and then our offline team takes over,” he said. However, the booking amount is not refundable in case the customer does not buy the house. E-commerce story is unfolding in a major way in India and it is predicted that more portals will embrace this idea of promoting realty. “We already have close to 50,000 merchants on our board. I think real estate, as a category, will do well on our platform because people trust our brand. We want to offer our customers the best deals,” Snapdeal co-founder and CEO Kunal Bahl said welcoming the home buyers on to his portal. Harikesh said the company also planned to launch new projects in Kolkata and Delhi-NCR before March 2015, which might also get added to the deal.