NK Bhupeshbabu Welcoming Sunita Williams at ICSW
NK Bhupesh Babu, MD & Founder Enkay Homes
Heartiest congratulations to Mr Niranjan Hiranandani for being elected Founder and first President of NAREDCO, Maharashtra. His leadership will help developers resole their difficulties with the government and other associated authorities. There are many difficult tasks ahead of you & Squarefoot wishes you success in all your endeavors.
The mood among real estate developers in 2015 has been anything but happy. Excessive taxes and over-regulations by both state and central government has affected the market and dampened their mood. Providing affordable housing is no longer an alternative but become a necessity. With the government imposing so many taxes, realty rates have shot up. Buying an apartment remains a dream for the common man.
In spite of economic slowdown, the Indian government insists on taxing the residential projects heavily, making the housing sector affordable. Not only has stamp duty rate for registration increased, the government has also begun collecting value added tax (VAT) and service tax. The 0.5% additional service tax for Swacch Bharat Abhiyaan is another burden on us.
Ready Reckoned is used to calculate the market value of a property for stamp duty and registration charges. Therefore, any escalation in RR results in higher stamp duty, Maharashtra government’s recent decision to increase the RR rates in the city has further impacted the housing demand.
Developers are forced to pay and recover VAT on the property sold after 2006 and feel it spoils relations with customers. Builder are forced to pass on the added burden of service tax to customers. This too has dampened the spirit of investors and realtors and deprived the realty sector of its shine.
Thane builder Suraj Parmar’s suicide was a blow to the morale of realtors. All this has dampened the mood but we home things will change for good in the days to come under the new leadership.
With warm regards
NK BhupeshBabu
The mood among real estate developers in 2015 has been anything but happy. Excessive taxes and over-regulations by both state and central government has affected the market and dampened their mood. Providing affordable housing is no longer an alternative but become a necessity. With the government imposing so many taxes, realty rates have shot up. Buying an apartment remains a dream for the common man.
In spite of economic slowdown, the Indian government insists on taxing the residential projects heavily, making the housing sector affordable. Not only has stamp duty rate for registration increased, the government has also begun collecting value added tax (VAT) and service tax. The 0.5% additional service tax for Swacch Bharat Abhiyaan is another burden on us.
Ready Reckoned is used to calculate the market value of a property for stamp duty and registration charges. Therefore, any escalation in RR results in higher stamp duty, Maharashtra government’s recent decision to increase the RR rates in the city has further impacted the housing demand.
Developers are forced to pay and recover VAT on the property sold after 2006 and feel it spoils relations with customers. Builder are forced to pass on the added burden of service tax to customers. This too has dampened the spirit of investors and realtors and deprived the realty sector of its shine.
Thane builder Suraj Parmar’s suicide was a blow to the morale of realtors. All this has dampened the mood but we home things will change for good in the days to come under the new leadership.
With warm regards
NK BhupeshBabu