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  • Developers welcome GST Implementation

    Elan Mercado 1

    Gurgaon: Real estate developers have welcomed the implementation of Goods and Service Tax. According to them, the GST will greatly improve a fractured tax system and help create an integrated Indian market.  The government has always made it clear that leasing of land, renting of buildings as well as EMIs paid for purchase of under-construction houses will start attracting the Goods and Services Tax. Sale of land and buildings will be however out of the purview of GST. Such transactions will, however, continue to attract the stamp duty.

  • Real estate sector also welcomes the inauguration of the Hero Honda Chowk flyover

    Hero Honda Flyover Inauguration

    The one side carriageway of the eight-lane Hero Honda Chowk flyover has finally opened providing a relief to the commuters heading towards sector-10, Kadipur, Sultanpu, Jhajjar. Haryana Chief Minister Manohar Lal Khattar inaugurated the flyover on Monday. The Union Planning and Urban Development MoS Rao Inderjeet Singh andstate PWD minister Rao Narbir Singh were also present in the function. People can now directly go for a straight route from Hero Honda Chowk without passing through the Kherki Daula Toll Plaza.

  • Court orders Gurugram Police to file two FIRs against PVR Cinemas and its promoters

    PVR Cinemas

    The Gurugram Court ordered to file two FIRs against PVR Cinemas and its promoters Ajay Bijli, Sanjeev Kumar Bijli, Niharika Bijli and other Directors for cheating and forgery U/s 420, 406 and 120B IPC for selling Stocks at inflated value of Rs 820 Crore illegally and causing loss of Crores to Gurgaon based Real Estate Companies.

  • Elan Group Exclusively Showcased -Elan Miracle with Nargis Fakri

    Elan Group

    Elan Group, one of the renowned and fastest growing real estate developers in Gurgaon, Exclusively Showcased their recently launched Project –Elan Miracle in Association with their Exclusive Channel Partner Geetanjali Homestate PVT LTD.  Nargis Fakri was the special Star guest for the night.

    The Project was recently launched and was unveiled by Shilpa Shetty and the event was hosted by Neha Dhupia. Urvashi Rautela and Kanika Kapoor were Star performers in the event.

  • FESTIVE SEASON: Developers offering offers to woo buyers

    Festive Season For Home Buyers

    Festival season begins from Navratras and lasts till Diwali in India. It brings happiness and optimism with it. It is the time when developers offer many offerings and freebies to attract buyers and push their selling. On the other hand buyers consider festival season as an auspicious time to own a property. Like every year, this year also developers are offering many gifts or offers to woo buyers across Delhi- NCR.

  • GMDA formulation to facilitate Gurgaon with planned structure

    GMDA Formulation

    The formation of Gurugram Metropolitan Development Authority (GMDA) is endorsing as a governing factor for the economic development and planning of Delhi National Capital Region (NCR). The organization will propagate the alliance between different governing agencies diminishing their directional disparities. GMDA will be impelling the strategic expansion for the infrastructure and the real estate development. The stakeholders in the real estate industry will be benefited by this anticipated growth. Earlier they were endured on account of lack in planned principle development. With the implementation of GMDA, India’s Millennium City may witness a balanced and sustained development in the coming time.

  • GST and RERA came in: what next for Realty Sector?

    GST And RERA

    In India, real estate is the second largest employer after agriculture and is slated to grow at 30 per cent over the next decade. India was much in need of a regulatory body which could monitor this sector uniformly. So for this, the Indian Government launched RERA and GST.

    RERA or Real Estate Regulatory Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The Act came into force on 1 May 2017. Very soon GST also kicked in on July 1, replacing the multiple taxes levied by the central and state governments and subsumed of all the indirect taxes, including central excise duty, commercial tax, octroi tax/charges, Value-Added Tax (VAT) and service tax.

    RERA along with GST is to bring transparency and better accountability in this sector. However, despite the arrival of the two the real estate sector is yet to get momentum.

    Industry experts are of the view that the industry will work properly only when there is an implementation of these new reforms (RERA and GST) are with true spirit and along with a time bound manner.

    "Both RERA and GST can be regarded as game -changer for real sector as they will provide a fillip to the sector by streamlining operations and ensuring transparency. However, the government still needs to put in place a single window clearance mechanism which is a long-awaited step for the industry,” said Ravish Kapoor, Director, Elan Group.

    Many states are still in the process of RERA implementation. Some have even deviated from main guidelines in their respective notifications, which dilute the essence of central law. More important is one area that needs attention - stamp duty. It will remain to continue into force even after GST came into force. The rates vary from state to state, which is from 5-7%. If this is abolished by the State Government, the final cost of the housing will reduce for sure.

    Though RERA and GST have been enacted as the transformative strategies in the real estate sector, the rules and regulations of the agendas are not clear. It may take 2-3 months for the clear understanding of the policies. Thus, there is a requisite on the part of the government to flourish the policies in a more systematic chain for the industry. Once the policies will be enacted in a consistent way, the Real Estate sector will get a positive push,” said Rahul Singla, Director, Mapsko.

    “Reforms like GST and RERA are fundamental reforms, which require substantial time for both implementation and results. Both these reforms are in preliminary stages of their implementation and we are yet to witness the real impact of these reforms. However in the short term, market is driven by parameters like interest rates, demand & supply and other economic drivers, all of which are currently in positive direction. We can expect a major upward movement in real estate in next two to three quarters,” said Pankaj Bansal, Director, M3M Group.

    Only future will reveal its impact in this sector, but let’s see what Indian Government will offer in the coming time.

  • Impact of GST on Real estate Sector

    Elan Miracle Sector 84 Gurgaon   Copy

    NewsMantra Bureau

    Goods and Services tax is going to be implemented from the 1st of July. GST is being considered as one of India’s most revolutionary tax-related reforms. GST will eliminate conflicting and cascading taxation structures like VAT and service charges in real estate. GST law will increase the margin in the hands of developer by eliminating the above-mentioned taxes.

  • NHAI to build NCR’s longest flyover on Dwarka Expressway

    Dwarka Expressway Gurgaon

    Dwarka Expressway is soon going to witness a new high. The National Highways Authority of India (NHAI) has planned to construct a 9 KM long elevated road in a bid to improve the connectivity between Delhi-Haryana border and the Basai railway overbridge. It will improve the connectivity to the area and cut short the travel time for both the commuters as well as residents in the area.

  • RERA's effect on ongoing projects

    Elan Miracle Sector 84 Gurgaon   Copy

    Gurgaon: The Real Estate (Regulation and Development) Act (RERA) which has come as a protector of home buyers, and as a much awaited change which will boost business in the real estate industry.

  • The long Delayed SPR finally sets up as reality: a move towards realty

    Elan Mercado Sector 80 Gurgaon

    Gurugram’s Southern Peripheral Road (SPR) comes at its final twitch with the removal of the last hurdle, Ambedkar Statue at Badshapur Chowk. The construction of SPR was almost completed in March with only a small stretch left incomplete due to the delay in shifting the statue. On Monday, Huda has removed the statue, which was hindering the completion of the road. The statue was planned to relegate to an adjacent place in April itself but due to some reasons it got delayed. Huda administrator Yashpal Yadav said “With the statue shifted, work on only a small stretch of the road remains. This important infrastructure project will now be completed in no time”. According to the authorities the Chief Minister Manohar Lal Khattar is expected to inaugurate the road.