Friday, 29 December 2017

Govt Notifies More Planning Areas!

PANAJI: Three planning areas of Taleigao, Bambolim and Kadamba have been notified together with the Panaji planning area, while Arpora, Nagoa and Parra have been notified in the Mapusa planning area as part of a preliminary step to redefine existing planning and development authorities (PDAs) and constitute new ones.The notification, issued under Section 18 of the Town and Country Planning (TCP) Act, has been signed by the link secretary of the TCP department, Rupesh Kumar Thakur. It was notified in the official gazette dated December 21 this year, and came into effect from the date of its publication.

The TCP department will now stop processing files related to any development or construction in these planning areas with immediate effect. "The next step will be to notify PDAs under Section 20 of the TCP Act, wherein the new planning areas will be included and the members to constitute PDAs will be announced," an official said.
Speculation is rife that former TCP minister, Atanasio 'Babush' Monserrate, is likely to chair the Greater Panaji PDA.Activists are wary of the government's proposal to notify more planning areas and PDAs, as it would allow greater floor area ratio (FAR) to builders and lead to urbanisation of many pristine villages. "It is a runaway government that has been continuously and increasingly bringing out unconstitutional notifications with least regard to the Goan people," Reboni Saha, secretary of Goa Bachao Abhiyan (GBA) said.
As per the notification, the Panaji planning area is likely to comprise Miramar, Campal and Ribandar.
The Taleigao planning area is bounded by River Zuari in the south, Calapur (St Cruz) in the east, River Mandovi in the west and areas of Panaji in the north. Its core area comprises Dona Paula, Caranzalem and Taleigao.

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Source: Times of India

Right in the hotbed of development!

Tuesday, 19 December 2017

Wealth in real estate may double to Rs 121 lakh cr in 5 yrs: Karvy India Report

Individual wealth in real estate grew by 8.62 per cent to reach Rs 60.25 lakh crore in FY17.

Wealth in real estate in the country is likely to double to Rs 121 lakh crore in the next five years, signifying a turnaround for the sector in future, a report said.

Individual wealth in real estate grew by 8.62 per cent to reach Rs 60.25 lakh crore in FY17. Demonetisation, implementation of RERA and GST are transforming real estate sector in India, according to a study by brokerage Karvy India Wealth Report.

"Individual Wealth in physical assets grew to Rs 140 lakh crore in FY17, having grown by 5.92 per cent as against 10.32 per cent recorded in FY16. Individual wealth in gold stood at Rs 68.45 lakh crore, which is close to half of the total physical assets base. Similarly, wealth in real estate came in second at Rs 60.25 lakh crore," Karvy Private Wealth said in its 8th edition of the India Wealth Report.

Gold and real estate together form nearly 91 per cent of the physical wealth in India, it said.

"In the physical assets space, Indians love for real estate will continue. Wealth held in real estate is likely to double to Rs 121 lakh crore over the next five years. This indicates a revival of growth in real estate sector in coming years on the back of increased transparency in regulations along with renewed focus on affordable housing segment," Abhijit Bhave, chief executive officer of Karvy Private Wealth said in the report.

By FY22, the proportion for real estate will increase to 51.57 per cent against 43 per cent in FY17 growing at a CAGR of 15 per cent, the report said.

Despite contraction of physical assets base, real estate is likely to become the most preferred physical investment option for Indians in coming years, according to the report.

The report also covers the concept and need for having a Family Office among Ultra high networth individuals (HNIs).

Family offices bring together teams of legal, financial, investment and administrative experts to provide a wide bouquet of services to ultra HNIs, it says. These services cover two broad areas – managing the corpus and wealth of families and setting up structures and processes for smooth transfer of wealth through generations.

"Be it philanthropic investments or strategic equity investments, property management or personal tax advice, succession planning or M&A, children’s education or personal counselling…family offices are much more than just wealth management and investment advisory firms," the report said. PTI VVK NSK .

Source: Moneycontrol

Tuesday, 12 December 2017

RERA Restores NRIs’ Confidence in Indian Real Estate Projects

Non-resident Indians have been traditionally attracted to investments in the real estate sector because of currency exchange rate and easy laws for investments by NRIs under the Foreign Exchange Management Act.

After years of indecisiveness, the implementation of MahaRERA has helped Qatar-based Shibu and Josy Thomas make up their mind to invest in a realty project in Baner.

With Josy’s parents from Pune, the couple have been looking to invest in a project here for the last few years. “We always wanted a home in the city, our birthplace. We will finally have an investment in the realty sector and can do it with confidence,” Josy said.

Another US-based couple, who did not wish to be named, said they have asked their relatives to look for investment in the real estate segment here. “My sister-in-law, who would hesitate to invest in Pune till the other day, has asked us to be on the look out for RERA-registered projects,” said M Rao, whose brother and sister-in-law are in the US.

Non-resident Indians have been traditionally attracted to investments in the real estate sector because of currency exchange rate and easy laws for investments by NRIs under the Foreign Exchange Management Act. These potential buyers appear to have become all the more confident to invest in the post-RERA days.

Credai-Maharashtra president Shantilal Kataria said they were getting online inquiries NRIs and their exhibition in the coming month is a proof that the buyers were more confident of investing in the sector with RERA in place. “We are not hesitating to reach out to them,” he said.

Earlier, the lack of transparency in the realty sector, delay in execution of projects, no update from builders, misleading marketing strategies and the absence of accountability were some of the fears expressed by NRIs . Kataria said RERA took care of most of these issues.

Puranik Builders MD Shailesh Puranik said, “The NRIs are now inclined towards investing in residential projects — be it in the micro or luxury segment — because the act (RERA) allows the investors monitor all activities. This creates a transparency in transactions and provides better scope of attracting NRIs.”

Anuj Puri, chairman of Anarock Property Consultants, said the Indian real estate sector evokes a lot of interest from NRI investors. “This interest is driven by long-term fundamentals such as emotional connect, safeguarding retirement plans, better returns and yield on investments and depreciation in the rupee’s value. While there are around 30 million NRIs across the globe, investment in the Indian real estate is led by NRIs from the US, UAE and Saudi Arabia.”

Between 2000 and 2014, he said, NRI investments in the Indian real estate reached substantial levels ranging between 10% and 18% a year. But there was a drop because of the slowdown in the market from 2015 and that continued till last year.

“Besides, there was a slew of reforms and policy changes such as demonetization, RERA and GST. The combined effect was a decrease in investments by the NRIs in the sector. The worst hit was residential real estate market. But after RERA, the sector is finally reviving,” Puri said.

Source: ET Realty

Tuesday, 5 December 2017

Navi Mumbai airport: CIDCO likely to hand over work to GVK by May 2018

Officials from the CIDCO said the GVK-led Mumbai International Airport Limited (MIAL) would complete the remaining groundwork at the site and also commence work on building airport infrastructure.

THE CITY Industrial and Development Corporation (CIDCO), which is executing the Navi Mumbai International Airport (NMIA) project, is expected to hand over the work to the GVK group, which has won the bid to construct the airport, by May 2018. This will make the GVK in-charge of the pre-development work at the airport site, officials said. So far, the CIDCO has undertaken the first phase of cutting the Ulwe hill at the airport site, land development work, which includes land filling, and rehabilitation of as many as 3,000 families. Officials from the CIDCO said the GVK-led Mumbai International Airport Limited (MIAL) would complete the remaining groundwork at the site and also commence work on building airport infrastructure.

“We aim to novate the responsibilities of the airport work to the MIAL by the first half of next year. Within this time period, they are expected to complete their financial closure and have a masterplan ready for the airport. Within phase I, they will be completing the work of terminal building, runway and taxiway,” said Prajakta Verma, Joint Managing Director, CIDCO. The MIAL won the bid for constructing the airport in February this year. After a wait of almost eight months, it was handed over the Letter of Intent (LOI) for developing the airport by the CIDCO in October. Officials from the MIAL confirmed it would take four-six months to get financiers for the project and develop a plan.
“We will sign off from the concession agreement and hand over the work to our concessionaire agency, the MIAL, through novation by the first half of next year. What the CIDCO will be in charge of then would be to assess the quality of work being carried out by different agencies involved in the project. We will supervise the set-up,” Verma added.
With as many as 10 contractors and sub-contractors involved in ground-levelling work, the CIDCO aims to complete the pre-development work by December 2018. “We are eyeing a deadline of 18-24 months from now to complete the pre-development works at the airport site, which is ground levelling and river diversification. The monsoon could deter us from our target and we could then work three shifts for rest of the year to compensate the loss. The CIDCO is very much going to meet the deadline of flying the first aircraft from the airport by December 2019,” Verma added. MIAL officials said they would follow the concession agreement. “We will surely achieve financial closure by then,” said a GVK spokesperson.
Officials said as many as 250 families had shifted to the rehabilitated site, while 750 more had signed the land lease agreement. At least 2,000 plots were ready and the rest 750 would be ready by February-end, they said.

“As per the agreement, five per cent of the project-affected parties will get a job. We will also employ them in logistics training at the airport, employ them as documentation assistants at the airport or encourage them in contracting jobs required at the site. We are further helping their families with skill-based learning courses, including weaving,” Verma added.

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Source: Indian Express

Thursday, 30 November 2017

Why Goa’s famous Mapusa market is a perennial source of inspiration for artists

The market features in different projects at this year’s Serendipity Arts Festival, including in a virtual game by Orijit Sen.

The word market suggests a commercial place with buyers and sellers. But Goa’s Mapusa market on Fridays is a sensory experience of colours, flavours, smells and people.

A market of abundance, filled with vegetables, meat, fish, dry fish, fruits, rock salt, spices, sausages and even wooden furniture and lottery tickets, Mapusa also includes Goa’s unique and fresh produce: pyramid-shaped coconut jaggery, kokum butter, and chicken sold especially as an offering to Devchar, a local deity.

The market’s name, as also the name of the town where it’s located, Mapusa, is generally thought to be derived from the Konkani word maap, or to measure – an apt title for a space crucial for the local economy. Yet, for many people, the market is a lot more than a place of commerce.

Graphic artist Orijit Sen said that Mapusa market, unlike a museum, is a reflection of culture that is not static. “The sheer intensity of that place is amazing,” he said. “Previously the market had only traditional produce from the nearby villages, but today you get products from all over the world. That’s the reality of Goan life and culture for me. It is not static and that interests me as an artist.”

Sen has helmed a project called Mapping of Mapusa Market as part of Goa University’s Visiting Research Professors Programme, initiated in the year 2013 under the Mario Miranda Chair. A part of this project will be exhibited at the annual Serendipity Arts Festival, a multi-disciplinary event to be held in Goa from December 15 to December 22.

With the help of students and the general public, Sen managed to map Mapusa market down to minute details over three years. For him, mapping is akin to storytelling. “I read maps as narratives,” he said. “When I see maps, I enter into that world.” Sen’s father worked as a mapmaker and the artist spent his childhood travelling with him all over the country.

Mapusa market is an important reminder of the fact that Goa is an agrarian society, not just a tourist destination. Here, in the relatively small space, mainly women bring produce from their farms along with handmade things like chorizo, pottery, cane baskets, vinegar and pickles. Anyone can sell their produce here. One merely has to just pay a sopo or rent.

“The first thing you notice about Mapusa market is the riot of colours,” said Niyati Patre, a regular at the market. “Even though it is crowded and messy, I love to shop here mainly for the local produce, medicinal herbs, plant saplings, coconut jaggery. This place is a must-see during the purumed or provisions market, just before the monsoon. At that time it is filled with spices, kokum and local rice. The market has remained the same all these years.”

It was partly this vibrancy that inspired photographer Assavri Kulkarni, author of the book Markets of Goa, to begin documenting it over a decade ago.The market signifies different things to different people. For illustrator Fabian Gonsalves, the place is filled with nostalgia and inspiration. “You could bump into that old school friend or a relative, sit for five minutes for a cup of chai, exchange stories and continue shopping,” he said. “My favourite place is the pottery section, mainly to check out any new designs, or the small vendors who sell old Goan household items for low rates, like vintage plates, locks, keys and chains.”

The installations at Serendipity Arts Festival will focus on the Flower Market or Fulancho Bazaar, as it is locally known, where one can find local flowers but also food products, like the lane where you find traditional Goan bread.Elaborating on his installation, Sen said it will involve 12 artworks by him, each measuring 3 ft x 10 ft, and navigable like an actual market. Sen has also built a game around the installation. So when you enter the space, you will be given five questions related to market’s history and culture; a treasure hunt with answers hidden in the virtual market space.

Most of the vendors at Mapusa market are women, who were up in arms against the municipal council, when a plan to demolish the complex threatened their livelihood. “They feared that the new complex would increase the rent and also it would have taken at least three years to complete that project,” Sen said. “Where would sell their produce during that time?” The plan was shelved thanks to protests by the public, but Sen fears that it may be revived again.

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Friday, 24 November 2017

Indian reality: Real Estate Asia Pacific Report 2018

Foreign investors may be giving India's investment policies for the real estate market a thumbs-up, but Indian cities still have a long way to go to become A-listers in the Asia-Pacific region. Only 3 Indian cities find a place in the list of top-20 real estate markets in the region, as compiled by PwC and the Urban Land Institute and not one of them is on the top-10.

Source: MoneyControl

Source: PWC

Wednesday, 15 November 2017

Will bitcoin buy you property in India anytime soon?

With Benami Property Act now brought to the centre stage once more, any service or commodity purchased in a form of currency which is not accepted as legal tender in India represents a risk to both buyer and seller. This, perhaps, is the strongest argument against bitcoin in Indian real estate transactions for now

Bitcoin and other crypto-currencies have been in the news a lot if recent times, often for the wrong reasons but also because of the massive appreciation Bitcoin has been clocking up. To top it off, real estate has now been dragged into the bitcoin controversy, with a handful of projects in some parts of the US and Dubai actually inviting investments via the Bitcoin route. With the ongoing slump in sales, is it possible that developers in India will offer such an option to prospective buyers as well? Let us take a closer look at this.

We should begin by understanding that the viability of any currency as a means with which to transact in real estate in India obviously depends on whether or not the RBI and Government recognize that currency as valid tender in the country. So far, that is not the case with bitcoin. While the RBI was toying with the notion of launching an Indian crypto-currency, it apparently does not see much benefit in doing so. This is quite understandable.

The market needs transparency – not more opacity
The Indian real estate market is currently in the process of transiting from being an opaque and largely unregulated market to a more governed and transparent ne. This process has been kick-started by several policies and reformative regulations like the Real Estate (Regulation and Development) Authority or RERA Act, the unified Goods and Services Tax (GST) and the Benami Property Bill. As part of this process of increasing transparency and accountability for real estate and its related transactions, cash flows in and out of the sector need to trackable and accounted for at every level.

This is definitely not possible with money in the form of a currency whose origins and antecedents can, almost by definition, not be established in the majority of cases. The notion of crypto-currencies like bitcoin becoming legal tender for real estate transactions in India must first and foremost be considered in light of this fact.

No significant benefits, massive challenges
For the sake of an argument, let us assume that bitcoin transactions became acceptable in Indian real estate. Would this in any way affect the sector in a significant manner - for instance, would ROI on real estate be positively or negatively influenced? To arrive at an answer to this question, we must first consider that the value of real estate is determined by factors such as size, location, and most importantly local market rates – which, in India, are determined in rupees. This is how real estate is bought and sold in the country.

Hypothetically, If the RBI were to accept bitcoin as legal tender for real estate transactions at some point, it would be to the extent of allowing the rupee value of a property to be paid for in that currency. Remember, this would only happen if the RBI were able to establish the source of these funds to its complete satisfaction. Then consider that bitcoin has become such a popular mode of payment for crime-related transactions precisely because its sources cannot be traced if the person/s transacting in it do not want them to be traced.

Even if real estate deals transactions via bitcoin were to become legal in India, it would at best be extremely challenging - and there would be little or no real benefit to either seller or buyer. First of all, the Government levies statutory taxes on every real estate transaction and requires the payment of these dues to be clearly mentioned in Indian rupees for such transactions to be considered legal.

Likewise, market rates and property prices in India are calculated in rupees per square foot. From an ROI perspective, the currency used in transacting with it does not have any bearing on this value – and for a crypto-currency to become acceptable tender for buying a selling property in India, all these calculations would need to find a parallel monetary avatar that is acceptable to all stakeholders.

Difficult to swallow, harder to digest

Apart from the increased regulation in the real estate industry, the Indian banking and finance sector is extremely conservative and would find it very difficult to accept a currency which cannot be fully traced or regulated. Even if it did find a way to accept it, such a currency would also need to be comprehensible and acceptable to Indian end-users and investors. The currency would first need to be sanctified and accepted by various financial institutions - which is far from the case now. In fact, bitcoin has garnered itself a rather unsavoury reputation in financial circles which would make its adoption in India even more difficult.

Moreover, there is the question of safety of investment - a question which brings the Benami Property Act has now brought centre-stage once more. At the current time, any service or commodity purchased in a form of currency which is not accepted as legal tender in India represents a risk to both buyer and seller. Both end-users and investors want their real estate assets to be legal in every way so that ownership and resale do not become a problem for them. This, perhaps, is the strongest argument against bitcoin in Indian real estate transactions for now.

In short, crypto-currencies like bitcoin are very unlikely to take off in Indian real estate in the foreseeable future.

Anuj Puri
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Source: MoneyControl

Friday, 10 November 2017

NRIs switch to commercial realty as residential stutters

The preference is also being driven by better returns from the office assets and a fixed income that is being generated by such investments.

Non-resident Indians (NRIs) from the US and West Asia are now diversifying their asset exposure and investing more into commercial properties rather than residential due to high risk and the imminent slowdown in the segment.

The preference is also being driven by better returns from the office assets and a fixed income that is being generated by such investments.

“Its returns outperform those of traditional fixed deposits (FDs), mutual funds and Sensex, with an average rental return of 7-8% and overall returns of 18-22%.

Currently, 40% of our NRI clients are investing in Indian commercial real estate through fractional investment,” said Kunal Moktan, co-founder of Propertyshare.

Commercial office space vacancy has almost halved in the past six years due to robust demand from corporates. Office space absorption is not only strong, but pre-leasing is at an all-time high, which is an indication of sustained demand and occupiers’ interest in commercial spaces.

“Over the last one year, we have sold around 1 lakh sq ft of small offices in Navi Mumbai. Of this, 15-20% have been bought by NRIs and this is a significant jump compared to our earlier experience. ,” said Ashok Chhajer, CMD, Arihant Superstructures.

Commercial real estate investment in India is driven by leasing, which guarantees higher returns. Post-demonetisation, the NRI community is also focusing on mid-income and affordable residential segment along with a special preference for commercial segment.

“We have concluded a fairly good number of transactions between NRI and HNI clients last year for our commercial portfolio. NRIs are increasingly giving preference to invest in Indian commercial real estate market as comparative yield incomes are less in international markets like Dubai and London,” said Bijay Agarwal, MD, Salarpuria Sattva Group.

According to CBRE, a real estate consultancy annual absorption of office space also continues to be robust led by a growing number of mid-sized and smaller transactions with the segment clocking 18 million sq ft of absorption in the first half of the 2017.

In contrast, residential real estate is facing challenge of high inventory, lower consumer Interest and sales. The second quarter of 2017 marked a record low for units launched, over 20,000 new units, across India with unsold residential units recorded at 4.2 lakh, a fall after 30 months, showed data from Anarock Property Consultants.

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Source: Economic Times

Wednesday, 8 November 2017

How much tax do you pay on real estate?

While the new tax regime has kicked in, all stakeholders in the real estate sector are at their wits’ end. We spoke to taxation experts to find out if real estate can be fully brought under GST and how much tax you pay on real estate.

Union finance minister Arun Jaitley recently stirred up a debate on bringing the real estate under the ambit of Goods and Services Tax (GST). "The one sector in India where maximum amount of tax evasion and cash generation takes place is the real estate, which is still outside GST. I personally believe that there is a strong case to bring real estate into GST," he had said, while talking about India's tax reforms at the Harvard University.

While the new tax regime has kicked in, all stakeholders in the real estate sector are at their wits’ end. We spoke to taxation experts to find out if real estate can be fully brought under GST and how much tax you pay on real estate.

Disadvantaged buyers of under-construction properties

As far as real estate is concerned, under-construction properties are taxed at 12%. For instance, if a person buys a property worth Rs 1 crore, he has to pay Rs 12 lakh as GST. Additionally, he has to pay stamp duty in the range of Rs 4-8% (differs from state to state) on the entire amount. This means that a consumer pays GST, stamp duty, registration charges and property tax (annual municipal levy) on a property.

Before GST, service tax was applicable at 4.5% on under-construction properties. However, no credit of tax paid on goods namely on VAT and excise duty was allowed to developers. For a completed property, GST is currently not applicable.

Speaking at Magicbricks’ weekly digital show This Week In Property (TWIP), experts deliberated that the difference between the GST rate and service tax, in case of under-construction properties, was expected to be bridged by VAT and excise duty, factored by developers in the price. In other words, developers were expected to reduce the pre-GST sale price before applying the 12% GST.

Priyajit Ghosh, Partner (Indirect tax), KPMG, says that computation of revised sale price is a complex as well as time-consuming task. Developers have to depend upon their contractors to know the VAT and excise duty incidence and have to wait for the project to complete before they know how much price reduction can be done finally. While the incidence would depend upon the type of project, estimates suggest that price reduction, even if done on estimated basis, is unlikely to be sufficient to bridge the gap between GST at 12% and service tax at 4.5%.

Experts at Magicbricks also advised buyers of under-construction properties to re-negotiate with their developers on how much less amount they will have to pay in the wake of ITC (Input Tax Credit). This means that whatever construction takes place post-GST, the developer can claim ITC which can be passed on to the consumer.

Consumer veers towards ready-to-move-in projects

“From a consumer’s viewpoint, paying GST and stamp duty for an under-construction property leads to an overall tax outgo of 17-18%. If he buys a ready-to-move-in project, he only has to pay stamp duty,” says Pratik Jain, Partner (indirect tax), Pricewaterhouse Coopers. He adds that as of now, developers would not be able to claim input credit and it would become a cost to them. “But ITC is less than 12% because a large chunk of money in a project goes towards the purchase of land and there is no GST on land,” explains Jain.

Ghosh further says, “Consumers who have invested into projects that are almost complete will face the brunt of the new policy on the amount to be paid under GST. As a large part of the construction of their project is over beyond one year, their developer will not be able to claim input credit.” Although the government has allowed past one-year to claim credit, a majority of them either have not maintained the requisite documents such as invoices or have incurred the taxes beyond past one year.

Ghosh adds that complying with the anti-profiteering provision will be a big task. “While this is a good principle that can be applied in case of tax saving, if the same is mixed with change in the procurement cost it goes into a grey area. Will it be applied on a project basis, state basis or pan-India basis? Will there be any index for reference?” he wonders.

Experts at the Magicbricks show (TWIP) believe that the government has assured that when the books will be audited, it would be easy to point out if developers have passed on ITC to consumers or not.

One tax for real estate

There is a growing clamour from a large number of states to bring real estate fully under GST. This means that GST should be charged on the sale of completed buildings. “But this should be done in a logical manner. The government should either substantially reduce stamp duty or eliminate it because it can’t double tax the consumer. So, it can’t have stamp duty on sale of land as well as GST on it,” says Jain. Experts say that if GST covers the entire chain of transactions in the real estate, a lot of cash component will also vanish.

But how difficult is it for the government to bring real estate fully under GST? “Fairly easy,” says Jain. As per him the Centre needs to convince the states that it will help check tax-evasion.

Citing operational complications, Ghosh says that convincing the states may not be that easy. “Under the dual GST regime where the Centre and States currently share revenue in a 50-50 ratio, substituting stamp duty with the neutral GST may not be that easy.” He says that states may not agree to let go the stamp duty share and put it in the common pool because “if stamp duty is subsumed into GST the Centre will get additional mop-up, which will be a burden for consumers. This means that if the State’s share of GST is kept at 6% then automatically the Centre’s share becomes 6% as well, taking the total incidence to 12% as opposed to 4% to 8% stamp duty currently”.

So, what is the way out? Ghosh suggests two possible solutions, “However, both are likely to distort the current structure”. He advises on making the state’s share as 4% to 8% and exempt the Centre’s share. “It could lead to departure from the currently dual GST structure,” he says. Alternatively, the Centre taxes at 2% to 4% GST and convinces the states to go with the same rate making the overall incidence 4% to 8% and assure the states of compensating them for balance loss of stamp duty. “This would, however, result into another compensation claim apart from potential loss of revenue which is currently assured to the States for 5 years,” he sums up.

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Source: Economic Times

Friday, 3 November 2017

India receives real estate investments worth $2.87 billion, a 100% jump

Mumbai ranked 81 amongst all global cities on RE investment volumes; No.1 gateway city in terms of growth rates in the world

Real estate investments worth USD 2.87 billion poured into Indian cities of Mumbai, Bengaluru, Pune, Delhi–NCR, Chennai and Hyderabad in the one year period ending June 2017, recording an almost 100 percent jump in investments, says a new report by Cushman & Wakefield.

These markets were able to attract capital based on strong economic drivers, acceleration in reforms, high yields and rapidly modernising business base. Of the total real estate investment received by the various cities of India, the largest share of over 55 percent came in from North America, while domestic and regional sources saw a decline in share of capital invested in India, it says.

Funds from Europe, which had not made its presence in the previous year, were seen contributing approximately 14 percent. Mumbai has recorded real estate investments worth USD 1,749 million and is ranked 81st position in the global survey ranking cities by their success at attracting capital. The Indian financial capital took the top spot amongst gateways cities with a 194 percent increase from the previous year. Only Pune over stripped Mumbai in terms of investment growth at 285 percent, says the report titled Winning in Growth Cities that surveyed over 400 global locations.

The report also placed Bengaluru at 161 spot with the total real estate investment volume of USD 461 million.

“Current economic drivers are biased towards developed markets, but Indian cities are performing ahead of expectations and are clearly offering superior medium to long-term growth potential in real estate. While established markets of Mumbai, Bengaluru and Delhi NCR have seen the larger share of capital investments, cities such as Chennai, Hyderabad and Pune are also key destinations due to their inherent strengths as crucibles for multi-sector manufacturing activities for automobiles, engineering goods, white goods, pharmaceutical products, etc,” says Anshul Jain, country head and managing director, India Cushman & Wakefield.

New York (USD 51 billion) remained the top city in the survey followed by Los Angeles (USD 39  billion) and San Francisco (USD 32 billion). In Asia, Hong Kong (global rank of 8) received the highest volume of investment at USD 18.4 billion.

The global property investment market saw volumes rise 4 percent year-on-year to USD 1.5 trillion in a one year period ending June 2017. The rise compared to the previous 12 months reflects improving sentiment in 2017. The APAC region remains a very viable investment target for global capital. The region’s diverse development backdrop and deepening property markets will allow investors to turn their attention to secondary and tertiary markets and alternative property and set the stage for next core strategies, the report said.

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Source: MoneyControl

Thursday, 26 October 2017

Now, hop on to luxurious catamaran to reach city from Goa airport

The tourists arriving at the Goa airport will be able to take an inland waterway route to reach to their destinations after alighting from the flight from this year onwards.

The tourists arriving at the Goa airport will be able to take an inland waterway route to reach to their destinations after alighting from the flight from this year onwards. Goa’s premier lifeguard agency Drishti Lifesaving’s Drishti Marine will be operating private ferries across few points in Goa including one between Airport Terminal Ferry near the facility (airport) to Panaji. “The Airport Ferry Terminal is located at Baina beach, Vasco da Gama, and is approximately 5 km from the Goa airport in Dabolim. “A free shuttle service will be available between the ferry terminal and the airport for the convenience of passengers,” G Ravi Shankar, Chief Executive Officer of Drishti Marine said today. He said that tourists and local residents can now hop onto a 40 seater luxury catamaran and cruise along the sea to their next destination.
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Shankar added that the ferry services except that on airport route will be operational in Goa in November 2017. “Drishti Ferry has acquired two luxurious 40-seater, high-speed catamarans which will ferry commuters between designated pick-up points,” he said. “Designed to provide a smooth and steady ride, the passenger ferries, named Drishti Two and Drishti Three will enable passengers to hitch a ride between Panaji, Baga, Old Goa, Fort Aguada in Sinquerim and Dabolim in comfort, amidst the breath-taking view of the coast.

“The two passenger ferries will travel within the state daily,” Shankar said. “The luxurious ferries have plush seating, spacious interiors, clean bathrooms, charging points and safety belts. Air conditioned passenger lounge and waiting areas, on-board baggage assistance with free wifi, packaged snacks and beverages will be available on-board. “The crew on-board include trained lifeguards who are trained to carry out rescue operations,” he added.

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Source: Financial Express

Tuesday, 24 October 2017

GVK Power ‘set to’ bag ₹16,000-cr Navi Mumbai airport project

GVK Power & Infrastructure Ltd is close to bagging the mandate for the mega ₹16,000 crore Navi Mumbai greenfield airport project with the Project Monitoring Committee approving its financial bid.

The financial bid, which was made by the GVK-led Mumbai International Airport Ltd, which had developed the existing airport in Mumbai, was approved by the committee this week.

It now has to secure the government’s approval, which is likely in early November.

Letter of Intent
As per the procedure, the committee will recommend the GVK bid to the Maharashtra government and the Cabinet will provide its stamp of final approval. GMR was the other bidder.
The Letter of Intent, which the GVK management is anxiously waiting to begin works, will be issued y the City and Industrial Development Corporation.

The LoI has seen inordinate delay.

During the GVK Annual General Meeting in September, GVK Reddy, Chairman of the diversified GVK group, said: “We are awaiting the LoI for quite some time. There has been quite some delay. However, we expect this to be issued by middle of October.”

Development works
Significantly, couple of major pre-airport development works worth over ₹2,000 crore have been awarded. This includes site levelling, removal of a major rock, reclamation of land, changing water course and rehabilitation of people living in three villages.
The rehabilitation of villagers too, is at advanced stage and expected to be completed once the monsoon season is over.
The phase one of the project is expected to be ready within 36 months of commencement of work.

Reddy, during the AGM, had said the project would be developed by MIAL and there would not be any need for a special purpose vehicle.

This will be relatively easier to develop unlike the MIAL, which had to overcome a number of hurdles. The ₹16,000-crore PPP project will have equity of 74 per cent for MIAL, the Airports Authority of India and CIDCO 13 per cent each.

The construction work at the site may commence before the year.

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Source: Business Line, The Hindu

Wednesday, 18 October 2017

Soon pay property tax online in Goa

Online payments are a boon for NRI & non-residents who hold holiday homes. It eases challenges associated to buying and manintaining property 

PANAJI: Citizens in all the 14 municipal towns in the state will soon be able to avail of civic services and pay municipal bills by logging onto a website. The move to provide civic services and an online facility to urban residents is part of the reforms being undertaken by the urban development department in the state.

“Payment for services like house tax, property tax and other services will be available on a common service delivery portal which will be accessible for all urban local bodies in the state,” director for urban development and municipal administration, J Ashok Kumar said.

As of now just three civic bodies, including Corporation of the city of Panaji, provide online payment facilities to their residents. This service will be extended to other towns by November end, Kumar told TOI.

Payment of house tax, property tax and payment for other services will be through the online portal. Users will have to log in and select their municipality and the service or bill that they want to pay.

“There are three payment gateway providers which residents can select. They will be able to pay licence fees and also apply for trade licences in the future,” the director said..

Under the business reforms action plan for Goa, six parameters in the functioning of the directorate of municipal administration have been identified.

These include reforms in construction permissions, simplification in allotment of trade licences, clarity of the application and approval process for various permissions and other civic services.

“We have held interactive meetings with the councils and we have identified certain process reforms,” Kumar said.

To improve the ease of doing business, the department of industrial policy and promotion, which reports to the Union ministry of commerce and industry has asked all municipal and panchayat bodies to specify the information and fees levied by local bodies on an online portal.

Municipal bodies have been asked to develop an online system for payment of tax, duty, fee or any other levy as imposed by the state and local bodies.

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Source: EconomicTimes Realty

Friday, 6 October 2017

Set up your very own herb garden in the kitchen

There's nothing that adds a burst of flavour and aroma to food like freshly-picked herbs from the garden! But for people living in urban settlements, often, that's not an option.

But if you want to grow your own herbs, you can still do so, indoors. And you don't need to have a sprawling patch of land. All you need is a bright space, where you get plenty of sun and a list of the herbs you want to grow. Choose an area in your kitchen with good air circulation, preferable next to window.
When it comes to selecting the soil and containers in which you want to nurture your herbs, go for a pot which is at least six inches or larger and has drainage holes. The larger the pot, the more room there will be for the roots of the plant to grow. As for the soil, opt for a premium mix that includes lightweight ingredients like perlite or vermiculite.
Depending on the size and variety of plant, you will have to water it accordingly. Keep the soil slightly moist for herbs like basil, chives, mint and parsley. A good way to check if your plant needs more watering is by sticking your finger into the soil up to an inch. If it feels dry, it's time to water it.

Don't forget to use organic fertilizer in the soil every few weeks.

Here are the various kinds of herbs you can grow in your compact kitchen garden:

  • Basil
  • Bay
  • Chives
  • Cilantro
  • Dill
  • Mints
  • Oregano
  • Parsley
  • Rosemary
  • Sage
  • Thyme

Source: Times of India

Thursday, 5 October 2017

Tuesday, 26 September 2017

Reliance Communications to pick one from nine companies to develop Dhirubhai Ambani Knowledge Complex campus

KOLKATA: Reliance Communications is said to have shortlisted nine companies, including Blackstone Group, Brookfield Asset Management, Godrej Properties, Hiranandani Group and Larsen & Toubro, from which it will select one to jointly develop and transform its 133-acre Dhirubhai Ambani Knowledge Complex (DAKC) campus near Mumbai.

“RCom wants to work on the co-development project at its DAKC property with one out of the several potential developers who have expressed interest,” said a company spokesman.

The Anil Ambani-owned telco expects the new-look DAKC campus to start generating annual lease rental income of roughly Rs 1,500 crore after the next five years. After that stage, RCom expects to sell out and generate net proceeds upwards of Rs 12,000 crore, which will be used to cut debt to under Rs 10,000 crore, a person familiar with the matter said.

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Source: Economic Times

Monday, 18 September 2017

6 tips to add some drama to your home in no time

According to interior stylist Rubina Dhankar Qadir Din, "An easy way to lighten dark spaces is by strategically placing lights in innovative ways. Hang chandeliers or seat light fixtures on corner tables and then put a massive mirror opposite it to make them reflect doubly." According to Chawla, while a room looks warm and inviting with yellow light, it can also make an already dingy room look smaller. "To make a room seem fresh and bright, opt for white light bulbs," she adds.

Source: TOI Life

Thursday, 14 September 2017

Sold Properties To Buy A New House? Income Tax Ruling You Need To Know

Section 54F of Income Tax Act deals with exemption on long-term capital gains arising from sale of capital assets like plot of land and commercial house property.

In a significant ruling, the Delhi bench of Income Tax Appellate Tribunal has allowed tax benefits to a person who invested capital gains from sale of five properties to construct another property at Bhati Mines in New Delhi. In this case, the person had sold five properties during FY 2010-11 and had invested the sale consideration received in construction of another property. The person claimed deduction under Section 54F of Income Tax Act for investment in residential house against the capital gain on sale of house properties.

Section 54F deals with exemption on long-term capital gains arising from sale of capital assets like plot of land and commercial house property. To be eligible for capital gains tax exemption, the sale proceeds must be invested within stipulated time period (1-3 years) for purchase/construction of new property. Another condition to claim the benefit of this exemption is that on the date of transfer of the asset, the taxpayer should not own more than one residential house.

The income tax assessing officer disallowed the person's claim under Section 54F on the ground that the person he possessed more than one houses. The person owned a house property at Vasant Vihar and the other one at Bhati Mines was also considered another house property. However, the Delhi Tribunal allowed the claim to the person stating that since that Bhatti Mines property was not complete it cannot be considered a residential property.

And the tribunal also held that there is no bar in the section 54F of the Act for claiming deduction for second time or third time for the same property, if the cost of the property is within the capital gain arose to the assessee.

Commenting on the income tax tribunal's ruling, Sandeep Sehgal, director of tax and regulatory at Ashok Maheshwary & Associates LLP, said: "This is a welcome ruling as it will allow relief to people who are looking to consolidate their property holdings which may take a few years."

However, the income tax department can contest this ruling and it would be prudent to look at the stand of higher courts once the issue comes to them, he added.

Read More: 
Source: NDTV

Monday, 11 September 2017

Home trends to try out this monsoon

Romantic upholstery
The best way to do up your pad is by giving your upholstery a makeover. Instead of using plain bright linens, go for something soft and soothing this season. It can simply be a few big flowers in shades of red and green. From bedspreads to curtains, table mats and linens — there is no end to it.
Soul wall
Many a times most people use one single colour in their house as the focal point. This trend is passe. Instead use a printed wallpaper to liven up any space in your home — bedroom, living area or balcony as well! Further, these wallpapers are often washable and you can thus keep them clean during the monsoon. Bright colours in yellow, red and orange are in this season.

Go organic
This is also the time of the year when your house looks beautiful if you have greenery around. For those who are fond of a balcony garden, you can create a faux grass and have flower pots placed on the side. If you do not have a balcony, don't worry, you can still go for natural stuff like bamboo, jute etc. Open up the windows of your living room and have jute or bamboo chairs placed right in front of it. You can sip on your hot cuppa chai while watching the pitter-patter of rains.

Choose rugs and durries instead of carpets
While it is easy to have a carpet placed in your living area and bedroom, you can give it a rest this monsoon. Instead opt for small rugs and durries, which are easy to manage and can be washed during the monsoon, unlike carpets. Opt for ones which are light in texture and won't make your room look clustered.

Replace balcony chairs with bamboo swings
This is that time of the year when instead of sitting on the plastic or wooden chairs in your balcony, you can go in for swings which are made out of bamboo. There is nothing better than getting back home from work and then just sitting out on the swing in your balcony and reading your favourite book or just listening to songs. However, make sure that you don't have a swing which is made of wood, else it will get spoilt with the splashes of rain.

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Source: TOI Life

Tuesday, 5 September 2017

The Resale Advantage

Investing in a resale property has its own share of advantages. We highlight some of the benefits
Why should you invest in a resale property? Well, the reasons are aplenty but we list down top five reasons for you:


A resale property is already a `tested' one and the buyer can further investigate various aspects from the neighbours and people living in the same locality.The buyer needs to focus on the quality of construction and the property price while buying a resale property. “A resale property ensures on-time delivery with no unpleasant surprises,“ says Rohini Sarkar, a resident of Andheri (e).


People sometimes get cheated when they buy an undere construction property.

Though a developer may seem to be financially sound, it is most likely not possible for a property buyer to evaluate his balance sheet and therefore, the chances of a fraud increases in case of under-construction properties. The resale properties are mostly ready-to-move-in ones; thus, the buyer just needs to verify the authenticity of the property and its papers.


Dharti Kothari, a resident of Borivali (w) says, “A resale property gives you the option to move into your new home immediately. Also, the need to spend extra money on the rented accommodation is ruled out. Immediate possession keeps the buyer safe from construction delays and you know how your property looks like and what all would you get along with it.“


As a resale property comes with the ready-to-move-in advantage; banks are not hesitant to approve loans for such properties. The bank's duediligence takes very less time and you don't need to wait for the loan disbursement (that takes more time incase of an under-construction property).


It has been noted that in the last few years, the work on an under-construction property project is usually halted due to legal disputes, a lack of environmental clearances, etc.When you buy a resale property, you know the exact number of clearances you need.

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Source: The Times of India

Tuesday, 29 August 2017


Did you know that as a tenant you have certain rights, which can safeguard you from the harassment of your landlords? Here, we give you a lowdown about your rights, which you should be aware of.

1 As per the laws, you are entitled to have the agreement of tenancy registered, failing which the landlord can be jailed.

2 You are entitled for the rent receipt once you pay the rent.

3 You are entitled to utilise the tenanted premises for residence or commercial purposes.

4 You are entitled for carrying out repairs including shifting of the walls with municipal permissions, if a clause to this effect is mentioned in the agreement.

5 It is imperative that the tenancy agreement is prepared keeping in mind the provisions of the Maharashtra Rent Control Act.

6 You are entitled to be charged a standard rent and not an amount as per the sweet will of the landlord.

7 You can carry out repairs without changing the structure of the premises.

The author is an advocate and president of Co-operative Societies Residents Users & Welfare Association.

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Source: TOI

Thursday, 24 August 2017

Developers and home buyers in favour of smaller houses

Smaller units are more affordable for buyers, which, in turn, helps builders give a boost to sale volumes.

Given the high property prices in most part of the country, many home buyers are considering smaller units that are available within their budget. According to the India Realty Report released on 24 May by PropTiger, an online real estate consultancy: “Affordable segment (less than Rs.50 lakh) continued to command over 50% in launches and 52% in sales in financial year (FY) 2016.”

Developers are also reducing the average size of apartments to reduce per unit cost. The average apartment and villa unit sizes have fallen 3% and 18%, respectively, over FY14; to keep the overall units costs in an optimum range, the report stated.

“To increase velocity in a slow market, it makes sense for developers to come up with new offerings to attract fresh customers. One of the new offerings is smaller units. There is a large demand in the affordable segment and by bringing down the size of apartments, developers are able to attract and cater to them,” said Mudassir Zaidi, national director, residential, Knight Frank (India) Pvt. Ltd.

Developers have been reducing the average size of apartments for the past few years, especially in metro cities. According to a report published by JLL India in August last year, “Average apartment size in Mumbai saw a decrease of 26.4% in the past five years.” For the same time period, Bengaluru registered a 23.7% reduction in average apartment sizes, followed by Chennai at 22.2% and Pune at 7%, it stated.

The demand and supply of even 1-bedroom-hall-kitchen (BHK) units has increased. “Demand is better for small units like 1-BHK houses than for bigger units,” said Rajesh Prajapati, managing director, Prajapati Constructions Ltd, a Mumbai-based developer.

According to the PropTiger report, 1-BHK units accounted for 22% of the total residential sales in FY16 (up from 21% in FY15). The demand for such units was mostly concentrated in cities like Bengaluru, Pune and Mumbai. “Being a hub of IT industry, Bengaluru has a lot of migrant population because of which there may be higher demand for such houses,” said Mahesh Prabhu, executive director, Century Real Estate, a Bengaluru-based company.

But this may not be for all types of locations. “The developer tries to reduce the size of the house in locations where the per sq. ft prices are higher, to control the overall cost of units. In suburbs or locations where prices are low, we need not do so (reduce size),” said Prajapati.

Supporting factors

The increased demand for affordable houses also has to do with the new incentives that were announced in this year’s Budget for developers as well as home buyers. Service tax exemption was announced on affordable houses of up to 60 sq. meters constructed by central or state government, including public private partnership. Besides that, there is also 100% tax deduction for profits from housing projects that have apartments up to 30 sq. meters in four metro cities, and 60 sq. meters in other cities, and have been approved during the June 2016 to March 2019 period. Also, to get the tax benefit, the project has to be completed in three years. These factors can help developers reduce cost of construction.

For home buyers, additional tax benefit comes in the way of interest deduction of Rs.50,000 on a home loan. This will help many home buyers bring down the cost of purchase.

Moreover, with the real estate Act, the sector may see a positive response from home buyers over time. However, “in the present scenario, any sharp increase or decrease in prices is not expected,” said Zaidi.

If you plan to buy a property, stick to one that is completed or is near completion as cash flow issues persists for developers.

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Source: LiveMint

Tuesday, 22 August 2017

Indian real estate likely to attract $7 billion investments in 2017: Report

The sector had witnessed $0.8 billion investment in 2008, $1.2 billion in 2010, $3.2 billion in 2012 and $4 billion in 2014

MUMBAI: Rising institutional investor confidence and appetite for Indian real estate on the back of attractive asset valuations and a favourable regulatory environment is expected to push investments into the sector to $7 billion in 2017 from $6 billion in 2016, showed a report.

The sector had witnessed $0.8 billion investment in 2008, $1.2 billion in 2010, $3.2 billion in 2012 and $4 billion in 2014.

While office and residential are expected to remain traditional drivers for the industry; alternate sectors such as retail and warehousing will also come to the forefront in 2017.

The sector is witnessing unprecedented interest from offshore equity investors, large Indian corporates and high net worth individuals (HNIs) as investors believe that the sector now offers a level playing field with attractive returns, said a CREDAI-CBRE report.

“The above sentiment is further endorsed by a cyclical decline in interest rates in 2016. This has drastically reduced the cost of doing business for all investor classes. Even ‘structured debt’ has evolved from being a “high-cost source of funding” to being a very viable source of funding with successive interest rate cuts,” said the report.

The combination of measures including Real Estate (Regulation & Development) Act, 2016 (RERA), Goods & Services Tax, Real Estate Investment Trusts (REITs), easing of FDI norms, Demonetization are likely to help in catalysing ease of doing business in the country while supporting corporate entities entering or expanding their footprint in India.

“Government’s aggressive push to formalize, regulate and encourage investment to the sector with a slew of measures like RERA, REITs is consolidating India’s position on global map. We believe that these disruptions and encouraging trends will definitely manifest a more exciting future which will be full of possibilities and opportunities for Indian real-estate,” said Jaxay Shah, President, CREDAI National.

These policy moves are expected to improve transparency in the sector, increase the share of organized segment and enhance the overall investor sentiment. The breakthrough disruptions in four cornerstones of regulations, finance, customers and technology are likely to have positive insinuations on the sector and will facilitate a new ecosystem that will be more conducive.

“Real estate in India continues to be in a dynamic phase and the pace at which the four cornerstones – Regulation, Finance, Customers and Technology are evolving, a more than incremental transformation in the sector is expected in the coming years,” said Anshuman Magazine, Chairman, India & South East Asia, CBRE.

While majority of the focus in 2017 will remain on leased and completed assets, one can expect an increased appetite amongst developers/investors for development equity. Land transactions are expected to remain high, as new funds and institutional investors, foreign developers likely to pick up assets, even as corporates, smaller developers will be keen to monetize assets and retire debt.

The report also highlighted the changing disruption in customer preferences in office, retail, residential and warehousing space. The dynamics in office spaces are being disrupted with the entry of Millennials – over two-thirds of the Indian Millennials feel quality of ‘Office design’ impacts their productivity to large extent. While in warehousing segment - entry of international players is ensuring that better and larger warehouses emerge in key markets; in residential segment - customers will have a say in operations with effective grievance redressal.

Read More:
Source: ET Realty

Friday, 18 August 2017

Goa's new airport to be commissioned by May 2020: Manohar Parrikar

Parrikar said the process of meeting pre-construction requirements was in progress and the actual construction work of the Mopa Greenfield airport

PANAJI: The first phase of Goa's upcoming Mopa international airport will be operational by May 2020, Chief Minister Manohar Parrikar told the state assembly on Tuesday.

"GMR Goa International Airport Limited (GGIAL) has already started pre-construction work and, as per concession agreement, the first phase of the project is likely to be commissioned by May 2020," Parrikar said in a written reply tabled on Tuesday, during the ongoing monsoon session of the state assembly.

Parrikar said the process of meeting pre-construction requirements was in progress and the actual construction work of the Mopa Greenfield airport, located nearly 40 km north of Panaji, was expected to begin shortly.

"Mopa airport project is expected to create multiplier effect in the economy generating employment across various sectors," he said.

The Chief Minister said the existing Dabolim international airport in South Goa, which operates out of an Indian Navy base, will continue to be operational for civilian purposes.

Read More:
Source: ET Realty

Do check out our projects in Goa.
Vida Goa:
Uptown Vida:

Wednesday, 16 August 2017

Much more than sun and sand! Explore Goa's culinary delights

Unique flavours and use of local vegetables, fruits and fish is what defines Goan Saraswat cuisine. Earthenware, clay pots, slow cooking and home-ground fresh masalas with the right ingredients is the key to a perfect recipe.

Some traditional non-vegetarian recipes include kismoor, which is a popular coconut and prawn preparation, fish hooman, sukké, which is usually a side dish of vegetable or seafood and coconut masala, just to list a few.The vegetarian fare created in traditional Goan Saraswat style with fresh backyard vegetables and fruits blended with age-old spice mixtures includes khatkhatem, a blend of vegetables and lentils sautéed in coconut and flavoured with teffal.

Goa’s best kept secret, uddamethi is another delicacy to try out. Ambades (hog plums) and fenugreek seeds give this thick gravy a piquant taste that will tantalise the taste-buds. The subtle spicy flavours of moogancho gathi is balanced quite well with the sweetness of jaggery, enjoy it with soft puris, and not to forget the local popular, tambdi bhaji. Also, try varan, a non-spicy dal, accompanied with steamed rice. The classic salad of greens tossed in traditional masala, karam, and the tangy mango chutney adds zing to the well-balanced flavours. For dessert, try some traditional sweets like manggannem, creamy banana halwa and the patoleo with the subtle flavour of turmeric leaves. Finally, wash it down with a sol kadi, which is a typical Goan curry made of coconut milk and kokum.

Read More:
Source: Economic Times

While you are treating yourself to gastronomic delights, you may check out out Goa properties:
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Uptown Vida:

Friday, 11 August 2017

Second homes, your first choice?

Does buying a second home seem like an ambitious idea? Fret not, as we tell you how you could make the most of a weekend home. Read on...

Buying a home in a city such as Mumbai can prove to be a herculean task. Imagine you shelling out more money to buy one more home? Wouldn't it give you sleepless nights? We tell you why it's not such a bad idea. The concept of second homes has been gaining immense popularity among Mumbaikars seeking a peaceful abode, away from the noisy city life, to relax and unwind them.

"Different people have different reasons for buying a second home. While some may buy one to spend vacations with family, others may simply buy it to reap investment benefits in the future. One may not be able to always travel too far away from one's workplace for a vacation, due to time constraints. In such scenarios, a home close to your workplace or original place of residence turns up well as a probable solution. In case of investors too, it is quite simple to understand their reasons for investing in a second home. While some investors are simply looking for avenues to tie up their money, others are looking for investments, which will fetch them high and steady returns and it is no hidden fact that the real estate sector has been, for the last two decades, the best bet when it comes to good investments," feels Vi jay B Pawar, Founder and Director, Mirador Dwellers Pvt Ltd.

Why second homes?

Experts believe that Mumbai's real estate segment has witnessed a spree of changes in the last two decades. Mumbai, unfortunately hasn't turned out the way it was envisioned to, when the city was being planned decades ago.

Due to this, even though people own homes in the city, they are still on the lookout for second homes for a relaxing getaway away from the hustle and bustle. Anuj Puri, Founder, Anarock Property Consultants points out, "The primary objective for most Mumbaikars is to secure a self-owned home, which is in itself, a massive financial undertaking. For those fortunate enough to be able to afford a second home after this objective is fulfiled, it can be seen as a major income-generating asset, a source of financial security and if the second home is a weekend getaway, a significant lifestyle enhancement."

Location hunt:

A family looking for a short vacation or a young couple looking to blow off some steam after a hectic week at work, find their solace within the confines of their second home. There also exist those people who like to see a handsome ROI on every single penny that they invest anywhere and for such people, real estate investment is always seemingly lucrative and inviting. These people have started to move away from investing in open land and are slowly moving towards buying ready-to move-in homes or plots, which allow them to build a second home of their choice and their convenience.

"As there is a lack of greenery in cities, buyers opt for Matheran, Mahableshwar as potential second home options. Closer to the city, you also have places such as Lonavala, Murud, Karjat, Dahanu and others, which can act as weekend spots. People who prefer beaches over the mountains have Kashid, Goa as options," suggests Rushabh Vora, co-founder and director, SILA. Experts suggest that for rental income and capital appreciation purposes, areas in Navi Mumbai, Thane and Panvel are suitable. Locations like Kanjur marg and Mulund also work well.

For weekend homes, the obvious choices include Lonavala and Khandala, Alibaug, Igatpuri and the greener outskirts of Pune. Goa is also suitable for those who are not averse to long road trips or flying.

"In the holiday home segment, we have recognised two types of buyers one that loves the dense greenery of mountains and hills and the other that loves the vast expanses of the riv er and fields. For the mountain and hill lovers, the ideal location could be the Nilgiris and the de sign of the home can be designed keeping the colonial Britain in mind, whereas, for those who are interested in waterfront homes, the design should be adaptable to the given environment and meet the local needs and lifestyle of the residents," opines Nibhrant Shah, founder and CEO, ISPRAVA.

The buyer needs to ensure that the location where he wishes to buy a second home is safe and most importantly, a peaceful abode.

This can be an exciting second home for you:
Expat Sparsh: 

Source: MagicBricks

Monday, 7 August 2017

‘Smart’ Panaji to focus on transport

PANAJI: Goa's urgent need for an efficient transport system could become a reality with the Panaji Smart City mission taking up the task to prepare and implement the comprehensive mobility plan for the state.
With the Union urban development ministry's approval, Imagine Panaji Smart City Development Limited will study Goa's virtually non-existent transport system and prepare a comprehensive mobility plan.
According to documents assessed by STOI, Imagine Panaji Smart City Development Limited, the special purpose vehicle (SPV) formed under the smart city mission, will appoint a consultant to draw up an urban mobility plan that includes inland waterway transport, freight movement, last mile connectivity to railway stations and hybrid buses.
As part of the proposal, the consultant will have to study and review both, present and projected mobility needs through a traffic forecasting model and through a review of land use pattern and population density.
"The objective is to develop a perspective low-carbon mobility plan for sustainable regional transport over a 20-year planning horizon for the North Goa district and South Goa district," an official said.
A request for proposal was issued to 23 reputed urban design consulting agencies on July 24, with the Union urban development ministry giving its approval to bear 80% of the costs for the consultancy.
"The balance 20% will have to be borne by the state. The comprehensive mobility proposal will be based on the national urban transport policy," a senior government official said.
According to the official, the comprehensive mobility plan will provide direction for development of transport infrastructure in the state. Imagine Panaji Smart City Development Limited is keen on including measures such as public transportation system improvement plan at the regional and local level. The proposal also focuses on inland water and sea transport for passengers and freight movement.

"This is a study and strategy document which will define where we are going and how the comprehensive transportation proposal will be implemented in Goa. The regional plan will also be considered while the report is being prepared," mentor for the Panaji smart city mission, Sidharth Kuncalienker said.
The selection of the consultant to prepare the comprehensive mobility plan will be done through quality and cost based selection bidding.
Presenting the budget for the current fiscal year in March, chief minister Manohar Parrikar had said that his government would formulate and implement a comprehensive mobility plan for extensive connectivity across the state.
Some of the other aspects that the comprehensive mobility plan will address are traffic management, parking facilities and accessibility improvement of major tourist places.

Source: Times of india