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‘Stamp duty cut makes ready-to-move-in homes attractive in Mumbai Metropolitan Region’

It noted that in MMR, out of the total 18,500 ready homes, around 46 per cent are in the affordable segment, followed by 18 per cent each in the mid-segment category, Rs 80 lakh to Rs 1.5 crore category and the luxury segment.

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New Delhi, Aug 28 : The recent decision of the Maharashtra government to reduce stamp duty has made ready-to-move-in properties more attractive in the two key property markets of Mumbai Metropolitan Region (MMR) and Pune, said a report by Anarock Property Consultants.

The Maharashtra government has announced to temporarily cut stamp duty on flats from 5 per cent to 2 per cent till December 31, 2020 and 3 per cent after that till March 31, 2021.

The report noted that with no GST applicable on them, ready-to-move-in homes are the most compelling option for homebuyers in MMR and Pune in light of the Maharashtra government’s limited-period stamp duty cut.

Both cities currently have a total ready-to-move-in inventory of 33,500 units. MMR has 18,500 ready units while Pune has 15,000 units.

Prashant Thakur, Director and Head of Research at Anarock Property Consultants said: “The combination of GST exemption, reduced stamp duty and the lowest home loan interest rates in almost two decades are a strong argument now favouring ready-to-move-in homes. If we additionally factor in the ongoing incentives being offered by developers, buyers in the state focused on zero wait/instant gratification homes are at a distinct advantage.”

In the under-construction category, properties due to be completed in the next 6-7 months are the next best bet, the report said, adding that while these are not exempt from GST, they are invariably priced 5-10 per cent lower than their ready-to-move-in counterparts.

Another 55,750 units are expected to be completed in MMR and Pune by March 2021, the time when reduced stamp duty rates revert to normal. Of this total supply, MMR has 32,850 under-construction units while Pune has 22,900 units.

Of the total 33,500 ready homes in MMR and Pune presently, nearly 44 per cent are in the affordable category priced under Rs 40 lakh, followed by 26 per cent in the mid-segment priced between Rs 40 lakh to Rs 80 lakh, 19 per cent in Rs 80 lakh to Rs 1.5 crore price bracket, and the remaining 11 per cent in the luxury segment priced over Rs 1.5 crore.

It noted that in MMR, out of the total 18,500 ready homes, around 46 per cent are in the affordable segment, followed by 18 per cent each in the mid-segment category, Rs 80 lakh to Rs 1.5 crore category and the luxury segment.

In Pune, out of the total 15,000 ready units, 42 per cent are in the affordable category.

“It is reasonable to assume that the government will be able to cover up for revenue lost in lower stamp duty and registration charges by way of increased sales, which will be highest in the affordable and mid-income segments. The festive season is off to a good start with this latest announcement,” it said.

Business

World becoming fan of our local products: PM Modi

He added that previously there were massive fairs (melas) on the occasion of Dussehra…but in present times, they took on a different form.

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Narendra Modi

New Delhi, Oct 25 : Prime Minister Narendra Modi on Sunday said that since India is opting for ‘vocal for local’, many of the local Indian products have the potential of becoming globally popular and are attracting a lot of attention.

“World is becoming a fan of our local products. One such example is Khadi. Our Khadi is being known as nature friendly fabric plus its becoming a fashion statement,” said Prime Minister Narendra Modi while addressing the Mann Ki Baat programme.

The Prime Minister also said that Khadi has since a long time been a statement of “simplicity”. He added that the fabric has health benefits as its body-friendly and is also an all-weather fabric.

He said that on Gandhi Jayanti, the Khadi store in National capital’s Connaught Place witnessed a massive sale of Rs 1 crore.

The Prime Minister also asked the citizens to opt for local products while going out for shopping during the festive times. “When you go out to buy something during these festive times, remember the vocal for local,” he said.

“During the lockdown, we closely came to know about those members of society, without whom our lives would be miserable. Sanitation workers, brothers and sisters working as domestic helps, local vegetable vendors, milkmen, security guards….we have now felt the significance of their roles in our lives in a better way,” the PM said.

The PM said that during this crisis, these people were with us, now during the festivities, we shall make these people a part of our celebrations.

“I earnestly urge you to ensure, in whatever way, in making them a part of your celebrations. Treat them as members of your own family…you will see for yourself how your joy rises by leaps and bounds,” PM Modi said.

The Prime Minister also wished the nation on the occasion of Vijay Dashmi or Dusshera. “On this auspicious occasion, heartiest greetings to all of you. The festival of Dussehra is one of the triumph of truth over untruth. But, simultaneously, it is also the festival of victory of patience over crises,” he said.

“Today, all of you are carrying on with immense patience, celebrating the festival with restraint…and hence, in our ongoing fight, our victory too is assured, he said.

He added that previously there were massive fairs (melas) on the occasion of Dussehra…but in present times, they took on a different form.

The festival of Ramleela too was one of its major attractions….but now, that too has been restricted to some extent. Earlier during Navratra, the notes of Garba of Gujarat would reverberate all over….this time all grand events have been curtailed. Many more festivals are on the way in the days to come, he said.

The Prime Minister also asked the Indian citizens to think of the braveheart soldiers who are firmly stationed on our borders in line of duty. “Even during these festive time, all in service, security of Mother India. We have to light a lamp at home in honour of these brave sons, daughters of Mother India,” he said.

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Tata Motors reaches 4 mn passenger vehicle production milestone

As of today, its ‘New Forever BS6’ range consists of the Tiago, Tigor, Nexon, Harrier and the Altroz.

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Ratan Tata

Mumbai: Automobile major Tata Motors has achieved the production milestone of 4 million passenger vehicles in India since its inception.

“Over the years, Tata Motors has produced legendary vehicles like the Indica, Sierra, Sumo, Safari and the Nano that have played a pivotal role in the shaping the country in its post-economic liberalisation era,” the company said in a statement on Saturday.

“These iconic vehicles have broken barriers across categories in the Indian automobile sector. With the launch of the Tata Safari, the company pioneered the concept of a ‘lifestyle SUV’ to the industry, thereby creating the most aspirational four-wheeler for its customers.”

The company had also introduced the first ever MPV in Tata Sumo.

In the more recent past, Tata Motors launched the entry level car and the compact SUV segment with the rollout of the Tiago and the Nexon, respectively.

“Tata Motors is also India’s largest EV manufacturer with 67 per cent market share and leading the way on electric vehicle adoption in India,” the statement said.

“The company had achieved the 1 million production mark for passenger vehicles in 2005-06, 3 million in 2015 and the 4 million production milestone was achieved this month.”

As of today, its ‘New Forever BS6’ range consists of the Tiago, Tigor, Nexon, Harrier and the Altroz.

Besides, Tata Motors has been India’s first car manufacturer to have received a 5-star Global NCAP rating for its model, the Nexon.

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Hotel industry’s recovery to pre-Covid levels profits 3 yrs away: ICRA

“This will keep revenues moderated, resulting in operating losses and stretched debt metrics during FY2021 and FY2022.”

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Park Hotel Delhi

New Delhi, Oct 24 : The Indian hotel industry’s recovery to pre-Covid levels profits is at least three years away, ratings agency ICRA has said.

The ratings agency said that road ahead for the industry is rough as revenues and margins are expected to post record decline in FY21 with losses mounting over the next two years.

The hotel industry has witnessed one of the worst revenue declines, in Q1FY21, with revenues for the industry sample declining by 85 per cent.

“Given the high operating and financial leverage in the industry, the revenue decline led to huge operating and net losses in Q1 FY2021 despite the extensive cost-cutting measures adopted by most entities in the industry,” ICRA said in a statement.

“Despite sharp weakening in interest coverage, recourse to the RBI provided moratorium on debt servicing as part of its Covid relief package announced in March 2020 supported the industry.”

As per the statement, about 66 per cent of ICRA’s hospitality portfolio applied for moratorium under this scheme and several of these will apply for restructuring under the K.V. Kamath committee too.

“Although hotels have been gradually allowed to reopen, occupancies have remained subdued in H1FY2021,” the statement said.

“This will keep revenues moderated, resulting in operating losses and stretched debt metrics during FY2021 and FY2022.”

The industry has reported a 2.7 per cent de-growth in topline with flat operating margins at 22 per cent in FY2020.

“With an 85 per cent YoY decline witnessed in revenues in Q1 FY2021 and subdued occupancies witnessed in Q2 FY2021 as well, industry wide revenues are expected to witness sharp de-growth of 60-65 per cent for FY2021,” ICRA said.

“Despite several measures taken by the companies to variabilise the fixed costs, the industry is likely to report massive operating and net losses in FY2021.”

–IANS

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