OMAXE MULLANPUR- A NEW NAME FOR LUXURY LIVING

Omaxe-mullanpur

Mullanpur is in the midst of an exponential growth path and the demand for good residential projects is high. One such project is the Omaxe Project which gives a new meaning to the term luxury residential flats in Mullanpur, New Chandigarh.

Today where everywhere one doesn’t even want to open their bedroom windows as all you can see are dust, smoke and at the most the other residential or commercial complex nearby. Omaxe offers you a scenic view and a breath of fresh air like no other.

This most premium of projects offers new age 4 BHK flats in Mullanpur with a magnificence that is unparalleled. The facilities are all state of art and of international standards. New age lifestyle with amenities that rival the best of residential complexes anywhere in the world.

Omaxe, with its sprawling lawns, landscaped gardens; sculpted water bodies offers exquisitely planned 3 BHK flats in Mullanpur designed by the renowned architect.

Each apartment is designed with artistic perfection giving each of them a palatial essence with modern day aesthetics.

Omaxe, one of the most iconic residential projects in Mullanpur, Chandigarh is the most impeccably planned and promising project in the city. It offers a sprawling living cum dining area with new age classic design themes to suit your aesthetic tastes. The master bedroom has laminated wooden flooring.

Outdoor amenities includes a club, outdoor swimming pool, sports field, cycling tracks, senior citizen zones, community parks, Rain water harvesting, and well structured water bodies.

The Club has some excellent recreational options such as wellness spa, state of the art gym, health club, yoga and meditation centre, library with a reading room, cafeteria, kids’ zone, games room and play area.

 If you want to conduct your business in the luxury of the club then you can do so. The business centre provides conference facilities as well.

This exquisite and magnificent residential project in Mullanpur, Chandigarh has in proximity the Mohali International Airport, the Mohali Cricket Stadium and the World Trade Center.

This project has also taken into consideration all convenience and security aspects for home buyers. The project is well covered with CCTV Camera security for 24/7 safety, the building itself is built with seismic resistance materials.

Other features include vastu compliance, property staff, a shopping centre, an eco-friendly landscape garden, and rain water harvesting and sewage treatment.

If you are looking to buy best price flat in mullanpur please visit  http://omaxemullanpur.co.in/

Technology: The Game Changer for Real Estate in Indian Market

Technology: The Game Changer for Real Estate in Indian Market

The world is changing really fast due to technology, impact of which can be seen in every aspect of our life: be it at home, our work or shopping habits. The digital spin has made lives more dependent on technology. There has been tremendous growth of social media, e-marketing, web communication, advanced software, mobile apps, and sophisticated IT systems. The impact of these advancements can also be seen on real estate market. The technological online advancement has brought monumental changes in the Indian real estate market. From the real estate startups to property portals and developers, all are investing heavily in online advanced technology to ensure seamless customer experience.

Right from designing to the construction, marketing and sale of the residential and commercial projects, the impact of technology can be seen everywhere. People now a day’s take help of real estate apps to search and buy property in India. Technology in real estate sector has helped people find more economical and reliable ways to gather information. Some other facts of technology on Indian real estate market include:

Virtual realty videos: With the reducing global boundaries, there is more demand for residential property in India by NRIs. As these investors are not able to visit the sites physically, many developers in India are providing them real like experience through virtual realty videos of the flats. Some other examples of technologies used by the builders to give an overview of the upcoming project without even making a sample flat are 360 degree, Live-in-Tours, Retina, and Advanced Machine Learning.

Analysis, graphs and charts: Gone are the days when home buyers were dependent on the brokers or builders to get an overview of the location and project. Property apps provide them thoroughly analyzed and carefully designed graphs, comparison charts and other insights with just a few clicks. Cloud computing and data-driven statistical analytics are playing a vital role in making these charts interactive for home buyers.

Technology and Indian Real Estate

Technology and Indian Real Estate

Virtual sale: Now every person having a smart phone in his/her hand, so property sale is not limited to just the physical world. The investors now don’t hesitate in making transaction in the virtual world. Buyers also can explore various options virtually to short-list the properties. Builders are also taking help of real estate websites to reach out to the potential buyers with property details. Some brokers and developers are going a step further with customized and easy-to-use mobile applications for property search.

Quick and easy property selection: More than builders, the buyers and investors of real estate in India are getting benefited from the technological advancements. They now have an efficient flow of information at their fingertips. On the behalf of their preference of location, amenities, design and area, price they can choose a suitable project from thousands of residential projects listed on the real estate websites. This has also helped home buyers save their money, unnecessarily paid to the brokers.

Due-diligence: Easy and quick access to the up-to-date information, latest news, and important laws help investors and end-users make an informed decision. They now don’t rely on the information provided by the builders or brokers.

Since most of the real estate investors now use mobile phones to search right commercial and residential projects in India, it is the best time for the brokers, agents, and builders to leverage technology and gain maximum exposure. Further, the brokers need to keep a close eye on the emerging technologies and grab the opportunity at the right time to generate more revenue. The builder-broker community needs to realize that the investors are fast-adopting technology and they need to make up to this challenge in order to survive.

6 Points to buy property-investment in zirakpur

Here we do have smart tips to invest in Zirakpur….!!!

Zirakpur is a beautiful neighbouring city of Chandigarh. Zirakpur is witnessing the rapid growth in its real estate market because of numerous factors. So, if you are planning to shift from any city or investment. Looking for a lifestyle that matches up to your expectations, you can definitely o  pt Zirakpur, where you get capital appreciation as it is in developing stage like Gurgaon and Noida.

1-Amazing Connectivity: Zirakpur has a great connectivity with the major nearby cities of Punjab, Chandigarh(UT) and other states (Himachal Pradesh, Haryana). You can reach Shimla in 3 hours while Delhi in just 4 hours. It feels really amazing for outsiders in terms of moving to a new location.

2Healthy Environment: While planning to get a house for our family, it is very important to choose a place which is pollution free and has healthy surroundings. Zirakpur is a place fulfilling all these requirements. As its free zone from industries and Low Density Area i.e low rise buildings are permitted (example:-stilled+3 with lifts). You can get facilities like parks for children (Leisure Valley Park coming in 100 Acres) open areas, walking paths and more.

3Logistic & Warehousing Hub- Zirakpur – Tepla- Rajpura Belt to become logistic hub in Punjab. As Zirakpur is the intersecting point on the Shimla-Delhi-Patiala highway, so the state Government feels that it will develop as the typical hub for logistic & warehousing.  The state government to build cargo logistic centre in 725 acres in Rajpura, which in turn will make this region a Industrial hub and will also bring more employment.

4- Chandigarh International Airport– Chandigarh International airport now caters to 8 domestic flights (Indigo, Spice jet, Vistara, Air India & many more) & connects Chandigarh to 2 international destinations. (Sharjah & Dubai). As airport is now operating round the clock so more international flights to operate from Chandigarh Intl airport in coming months. 

-Expansion of runways from 9000 to 10,400 feet’s so that wide bodied aircrafts can operate from Chandigarh airport and can connect Chandigarh to International destinations like Europe, United States & Australia. More International Flights to operate from the airport in coming months Ex( Qatar Airways, Singapore Airlines, Thai Airlines, Sri Lankan Airlines, British Airways, Qantas Airlines. With International flights operating round the clock from Chandigarh airport will also bring more employment in Aviation/Cargo and ground staff sector.

-Chandigarh International airport will now be the hub for passengers from Himachal Pradesh, J&K, Punjab & Haryana. Passengers from these regions now don’t have to travel to Indira Gandhi International Airport ‘New Delhi’ to board the international flights.

– Instrumental landing system is getting installed so that flight can operate in low visibility from Chandigarh Intl Airport.

-When more flights will operate for International & domestic destinations, it will generate more employment in IT industry. IT employees/Professionals & clients can connect with Chandigarh easily and more IT employees will prefer to shift to this region.

5-Emerging City: Well reputed industries & corporates companies are coming up in this region which will definitely boost up the development of this region.

-HDFC corporate Office, Larsen & Toubro, Infosys Campus spread over 50 acres in IT City Mohali.

-Home to big shopping & Retail Outlets (Metro, Best Price/Wal-Mart Venture, Big Bazaar)

-Proximity to IT Hubs- Close to Chandigarh IT Park and Quark City Mohali, and IT city Mohali, Zirakpur is a reasonable housing option for office goers who are looking to buy flats in Zirakpur. 

-Educational Hub- Many Educational institution like SVIET(Swami Vivekanand College of Engineering & Technology), Chitkara University, SUS Tangori, & International School business in Mohali makes this region also the educational hub.

6- Master Plan Zirakpur -Municipal council has announced that Zirakpur will cut into 16 sectors. The map of each sector with the address of every house will also be available on Google. Now GMADA further acquire 5000acre to expand aerocity.

Happy Homebuyers, Karnataka RERA covers many ongoing plans

Homebuyers may stand to benefit from the provisions of the Real Estate (Regulation & Development) Act notified by the Karnataka government on Monday. It, among other things, brings a huge number of ongoing projects under the purview of the law.

The government had come under criticism for the draft rules published last week which said ongoing projects, where 60% development work had been completed or 60% of the apartments/houses/plots had been registered and executed, would not come under the purview of the Act.

 

If the OC has already been applied for, the building is exempt from RERA regulations.

 

 

 

Buyers felt that the provision gave a leeway to the developers to slip out and there was also confusion as to how a consensus could be reached on such an arbitrary number.

That part seems to have been addressed. As per the notification published on Monday, only ongoing projects “where all development works have been completed as per the Act and certified by the competent agency“are exempted from RERA. The 60% sale lease deed provision stays.

“We were not expecting this, “Shriram Properties managing director Murali said, when asked about his response about the rules. Sobha managing director JC Sharma said though the law is customer friendly, any retrospective law is bad and goes against natural justice. Most of my ongoing projects, where I have not applied for an occupancy certificate, will come under RERA, “Sharma said.

According to the notification, a builder can apply for an OC only if it has been certified by a competent agency -in this case by an architect. If the OC has already been applied for, the building is exempt from RERA regulations. “The rules are stringent because builders have to get in place waterlines, electricity lines and other things before applying for OC, “Suhail Rehman, director of Asse Builders, said.

E Suhail Ahmed, advocate and legal consultant at RERA Consultants, said the rules are not much of a dilution from the central legislation. “They are almost in line with the Act as far as its application to ongoing projects is concerned, “Ahmed said. If a project comes under RERA, buyers would be in a position to file a complaint in case there is a delay or if the building has not gone by the approved plans.

 

(This article was originally published in The Times of India)

What is GST? Goods & Services Tax Law for Beginners

What is GST?

Goods & Services Tax is a comprehensivemulti-stagedestination-based tax that will be levied on every value addition.

To understand this, we need to understand the concepts under this definition. Let us start with the term ‘Multi-stage’. Now, there are multiple steps an item goes through from manufacture or production to the final sale. Buying of raw materials is the first stage. The second stage is production or manufacture. Then, there is the warehousing of materials. Next, comes the sale of the product to the retailer. And in the final stage, the retailer sells you – the end consumer – the product, completing its life cycle.

So, if we had to look at a pictorial description of the various stages, it would look like:

 

Goods and Services Tax will be levied on each of these stages, which makes it a multi-stage tax. How? We will see that shortly, but before that, let us talk about ‘Value Addition’.

Let us assume that a manufacturer wants to make a shirt. For this he must buy yarn. This gets turned into a shirt after manufacture. So, the value of the yarn is increased when it gets woven into a shirt. Then, the manufacturer sells it to the warehousing agent who attaches labels and tags to each shirt. That is another addition of value after which the warehouse sells it to the retailer who packages each shirt separately and invests in marketing of the shirt thus increasing its value.

 

 

GST will be levied on these value additions – the monetary worth added at each stage to achieve the final sale to the end customer.

There is one more term we need to talk about in the definition – Destination-Based. Goods and Services Tax will be levied on all transactions happening during the entire manufacturing chain. Earlier, when a product was manufactured, the centre would levy an Excise Duty on the manufacture, and then the state will add a VAT tax when the item is sold to the next stage in the cycle. Then there would be a VAT at the next point of sale.

So, earlier the pattern of tax levy was like this:

 

 

Now, Goods and Services Tax will be levied at every point of sale. Assume that the entire manufacture process is happening in Rajasthan and the final point of sale is in Karnataka. Since Goods & Services Tax is levied at the point of consumption, so the state of Rajasthan will get revenue in the manufacturing and warehousing stages, but lose out on the revenue when the product moves out Rajasthan and reaches the end consumer in Karnataka. This means that Karnataka will earn that revenue on the final sale, because it is a destination-based tax and this revenue will be collected at the final point of sale/destination which is Karnataka.

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Why is Goods and Services Tax so Important?

So, now that we have defined GST, let us talk about why it will play such a significant role in transforming the current tax structure, and therefore, the economy.

Currently, the Indian tax structure is divided into two – Direct and Indirect Taxes. Direct Taxes are levies where the liability cannot be passed on to someone else. An example of this is Income Tax where you earn the income and you alone are liable to pay the tax on it.

In the case of Indirect Taxes, the liability of the tax can be passed on to someone else. This means that when the shopkeeper must pay VAT on his sale, he can pass on the liability to the customer. So, in effect, the customer pays the price of the item as well as the VAT on it so the shopkeeper can deposit the VAT to the government. This means that the customer must pay not just the price of the product, but he also pays the tax liability, and therefore, he has a higher outlay when he buys an item.

This happens because the shopkeeper has paid a tax when he bought the item from the wholesaler. To recover that amount, as well as to make up for the VAT he must pay to the government, he passes the liability to the customer who has to pay the additional amount. There is currently no other way for the shopkeeper to recover whatever he pays from his own pocket during transactions and therefore, he has no choice but to pass on the liability to the customer.

Goods and Services Tax will address this issue after it is implemented. It has a system of Input Tax Credit which will allow sellers to claim the tax already paid, so that the final liability on the end consumer is decreased.

How does GST work?

A nationwide tax reform cannot function without strict guidelines and provisions. The GST Council has devised a fool proof method of implementing this new tax regime by dividing it into three categories. Wondering how they work? Let our experts explain this to you in detail.

When Goods and Services Tax is implemented, there will be 3 kinds of applicable Goods and Services Taxes:

CGST: where the revenue will be collected by the central government

SGST: where the revenue will be collected by the state governments for intra-state sales

IGST: where the revenue will be collected by the central government for inter-state sales

In most cases, the tax structure under the new regime will be as follows:

Transaction New Regime Old Regime Comments
Sale within the state CGST + SGST VAT + Central Excise/Service tax Revenue will now be shared between the Centre and the State
Sale to another State IGST Central Sales Tax + Excise/Service Tax There will only be one type of tax (central) now in case of inter-state sales.

Example

A dealer in Maharashtra sold goods to a consumer in Maharashtra worth Rs. 10,000. The Goods and Services Tax rate is 18% comprising CGST rate of 9% and SGST rate of 9%. In such cases the dealer collects Rs. 1800 and of this amount, Rs. 900 will go to the central government and Rs. 900 will go to the Maharashtra government.

Now, let us assume the dealer in Maharashtra had sold goods to a dealer in Gujarat worth Rs. 10,000. The GST rate is 18% comprising of CGST rate of 9% and SGST rate of 9%. In such case the dealer has to charge Rs. 1800 as IGST. This IGST will go to the Centre. There will no longer be any need to pay CGST and SGST.

 

How will GST help India and common man?

The basis of Goods and Services Tax is the seamless flow of Input Tax Credit (ITC) along the entire value addition chain. At every step of the manufacturing process, businesses will have the option to claim the tax already paid in the previous transaction. Understanding this process is crucial for businesses. A detailed explanation here.

To understand this, let us first understand what is Input Tax Credit. It is the credit an individual receives for the tax paid on the inputs used in manufacturing the product. So, if there is a 10% tax that the individual must submit to the government, he can subtract the amount he has paid in taxes at the time of purchase and submit the balance amount to the government.

Let us understand this with a hypothetical numerical example.

Say a shirt manufacturer pays Rs. 100 to buy raw materials. If the rate of taxes is set at 10%, and there is no profit or loss involved, then he has to pay Rs. 10 as tax. So, the final cost of the shirt now becomes Rs (100+10=) 110.

At the next stage, the wholesaler buys the shirt from the manufacturer at Rs. 110, and adds labels to it. When he is adding labels, he is adding value. Therefore, his cost increases by say Rs. 40. On top of this, he has to pay a 10% tax, and the final cost therefore becomes Rs. (110+40=) 150 + 10% tax = Rs. 165.

Now, the retailer pays Rs. 165 to buy the shirt from the wholesaler because the tax liability had passed on to him. He has to package the shirt, and when he does that, he is adding value again. This time, let’s say his value add is Rs. 30. Now when he sells the shirt, he adds this value (plus the VAT he has to pay the government) to the final cost. So, the cost of the shirt becomes Rs. 214.5 Let us see a breakup for this:

Cost = Rs. 165 + Value add = Rs. 30 + 10% tax = Rs. 195 + Rs. 19.5 = Rs. 214.5

So, the customer pays Rs. 214.5 for a shirt the cost price of which was basically only Rs. 170 (Rs 110 + Rs. 40 + Rs. 30). Along the way the tax liability was passed on at every stage of transaction and the final liability comes to rest with the customer. This is called the Cascading Effect of Taxes where a tax is paid on tax and the value of the item keeps increasing every time this happens.

Action Cost 10% Tax Total
Buys Raw Material @ 100 100 10 110
Manufactures @ 40 150 15 165
Adds value @ 30 195 19.5 214.5
Total 170 44.5 214.5

In the case of Goods and Services Tax, there is a way to claim credit for tax paid in acquiring input. What happens in this case is, the individual who has paid a tax already can claim credit for this tax when he submits his taxes.

In our example, when the wholesaler buys from the manufacturer, he pays a 10% tax on his cost price because the liability has been passed on to him. Then he adds value of Rs. 40 on his cost price of Rs. 100 and this brings up his cost to Rs. 140. Now he has to pay 10% of this price to the government as tax. But he has already paid one tax to the manufacturer. So, this time what he does is, instead of paying Rs (10% of 140=) 14 to the government as tax, he subtracts the amount he has paid already. So, he deducts the Rs. 10 he paid on his purchase from his new liability of Rs. 14, and pays only Rs. 4 to the government. So, the Rs. 10 becomes his input credit.

When he pays Rs. 4 to the government, he can pass on its liability to the retailer. So, the retailer pays Rs. (140+14=) 154 to him to buy the shirt. At the next stage, the retailer adds value of Rs. 30 to his cost price and has to pay a 10% tax on it to the government. When he adds value, his price becomes Rs. 170. Now, if he had to pay 10% tax on it, he would pass on the liability to the customer. But he already has input credit because he has paid Rs.14 to the wholesaler as the latter’s tax. So, now he reduces Rs. 14 from his tax liability of Rs. (10% of 170=) 17 and has to pay only Rs. 3 to the government. And therefore, he can now sell the shirt for Rs. (140+30+17) 187 to the customer.

Action Cost 10% Tax Actual Liability Total
Buys Raw Material 100 10 10 110
Manufactures @ 40 140 14 4 154
Adds Value @ 30 170 17 3 187
Total 170 17 187

In the end, every time an individual was able to claim input tax credit, the sale price for him reduced and the cost price for the person buying his product reduced because of a lower tax liability. The final value of the shirt also therefore reduced from Rs. 214.5 to Rs. 187, thus reducing the tax burden on the final customer.

So essentially, Goods & Services Tax is going to have a two-pronged benefit. One, it will reduce the cascading effect of taxes, and second, by allowing input tax credit, it will reduce the burden of taxes and, hopefully, prices.

GST Law in India – A Detailed History

GST is not a new phenomenon. It was first implemented in France in 1954, and since then many countries have implemented this unified taxation system to become part of a global whole. Now that India is adopting this new tax regime, let us look back at the how and when of the Goods and Services Tax and its history in the nation.

France was the world’s first country to implement GST Law in the year 1954. Since then, 159 other countries have adopted the GST Law in some form or other. In many countries, VAT is the substitute for GST, but unlike the Indian VAT system, these countries have a single VAT tax which fulfills the same purpose as GST.

In India, the discussion on GST Law was flagged off in the year 2000, when the then Prime Minister Atal Bihari Vajpayee brought the issue to the table.

History of GST in India – Year by Year Events

 

Summary

The idea behind having one consolidated indirect tax to subsume multiple currently existing indirect taxes is to benefit the Indian economy in a number of ways:

  • It will help the country’s businesses gain a level playing field
  • It will put us on par with foreign nations who have a more structured tax system
  • It will also translate into gains for the end consumer who not have to pay cascading taxes any more
  • There will now be a single tax on goods and services

In addition to the above,

  • The Goods and Services Tax Law aims at streamlining the indirect taxation regime. As mentioned above, GST will subsume all indirect taxes levied on goods and service, including State and Central level taxes. The GST mechanism is an advancement on the VAT system, the idea being that a unified GST Law will create a seamless nationwide market.
  • It is also expected that Goods and Services Tax will improve the collection of taxes as well as boost the development of Indian economy by removing the indirect tax barriers between states and integrating the country through a uniform tax rate.