From July 1 2017, Goods and Services Tax (GST) effectively cuts through a confounding Gordian knot of taxation complexity in the country. In other words, it will replace the multiple taxes levied by the state and central governments and will become incorporated of all the indirect taxes, including commercial tax, value-added tax (VAT), service tax, central excise duty and octroi tax/charges. The switch-over to the GST (Goods and Services Tax) regime is undoubtedly one of the biggest tax reforms in post-independence India.
GST has been primarily conceptualised as a ‘One Nation, One Tax’ philosophy and it will help:
• Eliminate the previous cascading tax structure
• Ease compliances
• Create uniform tax rates and structure
• Reduce additional tax burdens on consumers
The Indian real estate sector has been going through significant transformations in recent times. The latest Real Estate and Regulation Act (RERA) has already started addressing the issue of non-transparency and affixes a level of accountability on real estate builders and brokers which is exceptional in the history of the Indian property sector. For the real estate sector, the implementation of GST will definitely be a positive sentiment booster among property buyers. GST may not be instrumental over the short term in bringing down the prices of residential real estate. As the accountability being fixed at every stage and the perception of the residential real estate sector will improve on the back of a simplified tax structure, it will, however, benefit all the stakeholders of the sector.
A simple and transparent tax applied on the purchase price is the biggest advantage for property buyers. All under-construction properties will be charged at 12% under the GST regime (excluding stamp duty and registration charges) on property value, adding that it will not apply to ready-to-move-in and completed projects, as there are no indirect taxes applicable in the sale of such properties. In case of under-construction properties, levy of stamp duty and registration charges on the buyer will continue.
Under the current tax regime, a property developer is subject to central excise duty, VAT and entry taxes (levied by state) on construction material cost. On the services used (labour charges, architect fees, approval charges, legal fees, etc.), developers pay service tax of 15%. Real estate developers also grapple with the challenges of multiple-taxation and the cumulative burden eventually gets passed on to the buyer. As the benefit of input tax credit being considered as an added advantage, developers too will find the GST regime much simpler to work with.
Varma Homes is one among the best builders in Kochi offering high quality and new luxury apartments. We always create the best living spaces meeting the requirements of clients. If you are looking forward to buy new luxury flats and new apartments in Kochi, then contact us today. Call +91 9645 88 33 33 for more details.
If you have any plan to sell your apartment in a couple of years, then maintaining your apartment in a good condition is very essential. As it is significant to not only get a good value for the possessions but also to boost the life of the same. Let’s check out some simple ways to add more value to your home on a budget. Pick the right locality- The most thing is ensuring that your apartment fetches a good worth starts right from the point of purchase itself. Select for a locality that is fully packed on with facilities and accessibilities for a smooth and peaceful living. The clean and well-maintained neighborhoods boost the value of your apartment. Do thorough research and select for an area that bids good appreciation value. This is the first step in confirming that your property has a good worth at the time of sale. Ensure proper maintenance- Make the slightest of the repairs of the apartment as early as possible is the simplest method to enhance the value of a home. Any damage or even small cracks is best-taken care at the earliest. Negligence of these minor damages will lead to bigger damages to the apartment complex and which may take more time and money to correct. Upgrade the home based on the necessities- If you have any plan to renovate or remodel your apartment, first evaluate your present structure with the support of a competent engineer/ builder and then take the help of a good designer to ensure that your structure is upgraded to the best potential form of its self at a viable rate. At times, the structures are so beyond patch-up, it is not wise to renew it, as it can be a useless workout. Examine for damages periodically-Periodically check your apartment for any damages and services gadgets installed and other things to ensure that all are running smoothly. As we all know, prevention is better than cure. It is sensible to keep your apartment in a good working condition than wait for it to be subject to damages to take care of it. It will not only enrich the value of your apartment in terms of its monetary value, but it also enhances its lifespan. Paint your house every once in a while-One of the best ways to add value to your apartment on a budget is by painting it. Choose for simple and soothing colors when you desire to put the house on the niche realty market. Stunning interiors and colors with a heavy character regularly tend to put off purchasers. Make certain to hire capable painters to reach a charming and even coat of paint for your apartment. Being artistic- The inexpensive and the best improvement you can add to your apartment is by placing simple artistic elements. Adding artistic wall paintings, wooden racks to place books, designing walls with creative graffiti, bean bags and so on, these may seem simple, but you would definitely be amazed to see the results. Add greenery- Adding landscape and greenery can truly enrich the value of your home manifold. We all like a touch of nature in our living spaces. So, try to add a small garden to boost the aesthetic charm of your apartment. Even though each home has a personality of its own, and one must try to preserve the same-shaping your home to have a mass charm is the prime factor in enhancing the apartment value. It must hold a similar appeal to various potential buyers who may visit it as the first look and it may vastly define its real worth. Keep these simple tips in mind to ensure that your apartment is much in demand amongst various buyers from diverse walks of life. If you are looking to buy an apartment and enhance it, then do consider our exclusive range of residential projects at prime locations of Kerala like Kochi, Thrissur and Trivandrum. Being the top builders in Kerala you can trust Varma Homes for your dream home. So, contact us today or please visit our website for more information on our latest projects.Read More
Are you someone looking for new apartments or new flats in the metro city? Then this is just the right opportunity for you to purchase any of the under-construction projects progressing within the metro city limits. Under the Pradhan Mantri Awas Yojana (PMAY) scheme, a home loan subsidy interest amount of Rs 2.67 lakhs is provided to the beneficiaries and the amount is credited to their loan account. Thus, the home loan borrower is privileged to lower the EMIs and this lessens the principal amount of loan payable. The Government of India is planning to drop the GST rate for property purchases with an aim to push demand, under the Credit Linked Subsidy Scheme (CLSS) from 12% to 8%. On January 18, the GST Council had extended the GST concessional rate on projects constructed or properties acquired under the CLSS for the economically weaker section (EWS) of lower-income group and middle-income group. The home loan amount and interest subsidy rates are as follows: EWS - Individuals who are earning up to Rs 3 lakhs per annum are eligible for a maximum loan amount of Rs 6 lakhs. Interest subsidy is 6.50% per annum and maximum interest subsidy amount is up to Rs 2.67 lakhs. And the carpet area has no limit. LIG - Individuals who are earning from Rs 3 to 6 lakhs per annum are eligible for a maximum loan amount of Rs 6 lakhs. Interest subsidy is 6.50% per annum and maximum interest subsidy amount is up to Rs 2.67 lakhs. And the carpet area has no limit. MIG-1 - Individuals who are earning from Rs 6 to 12 lakhs per annum are eligible for a maximum loan amount of Rs 9 lakhs. Interest subsidy is 4% per annum and maximum interest subsidy amount is up to Rs 2.35 lakhs. And the maximum carpet area limit is 1291 sq. ft. MIG-2 - Individuals who are earning from Rs 12 to 18 lakhs per annum are eligible for a maximum loan amount of Rs 12 lakhs. Interest subsidy is 3% per annum and maximum interest subsidy amount is up to Rs 2.30 lakhs. And the maximum carpet area limit is 1614 sq. ft. A simple and transparent tax applied on the purchase price is the biggest advantage for property buyers. All under-construction properties will be charged at 8% under the GST regime (excluding stamp duty and registration charges) on property value, adding that it will not apply to ready to move in properties and completed projects, as there are no indirect taxes applicable in the sale of such properties. In case of under-construction properties, levy of stamp duty and registration charges on the buyer will continue. Under the current tax regime, the home builders are subject to central excise duty, VAT and entry taxes (levied by state) on construction material cost. On the services used (labour charges, architect fees, approval charges, legal fees, etc.), developers pay service tax of 15%. Real estate developers also grapple with the challenges of multiple-taxation and the cumulative burden eventually gets passed on to the buyer. As the benefit of input tax credit being considered as an added advantage, developers too will find the GST regime much simpler to work with. A move of bringing real estate under the purview of the new tax regime, would definitely come as a major boost for the real estate investors of the ready-to-move-in properties. As of now, only the buyers of under-construction projects are covered under the new tax regime. On booking Varma Homes, you can avail CLSS scheme under the PMAY on home loans and save upto 2.67 Lakhs (*Terms and conditions apply) and an additional 4% Goods and Services Tax (GST) deduction will also be available. If you are someone looking for new apartments in Kerala and to get more information about any of the projects of Varma Homes, please do visit our website at www.varmahomes.com. And to make a booking enquiry, please use the form on the website or telephone +91 9645 88 33 33 and we will get back to you as soon as possible.Read More
Lush greenery, spiritual aura, and delightful cultural displays within a safe and peaceful environment sound quite pleasing to your senses, doesn't it? Frankly, this is what the glorious city of Thrissur, the cultural capital of Kerala, has to offer. It is a city that’s emerging as the trendiest spot for residential properties due to certain winning factors. Learn why this boost and high rise in demand are happening.The Central BridgeThrissur is like the frosting on the cake because of its position in the center. North and South Kerala are connected by Thrissur, which acts as a bridge. Given the geographical location of Kerala's cities, not every city can claim to have easy access to the majority of its flats and apartments. It is simple to commute to different regions of the state as well as neighbouring states from Thrissur.FacilitiesLiving in an apartment in Thrissur puts you in close proximity to key facilities that a family requires. The neighbourhood provides easy access to major shopping facilities, commercial centers, medical facilities, schools, and colleges. Well-known landmarks and religious centers are close by, so you can re-energize your spirits. The railway station and the airport are also easily accessible. People who reside in the flats here have access to these amenities whenever they want. Excellent InvestmentDue to the fact that Thrissur is a thriving business center where thousands of people come in seeking work, there will always be a demand for real estate properties to rent or lease. As an investor looking for a consistent source of income, buying flats in Thrissur will provide a favourable cash flow. Return on InvestmentThrissur is a constantly developing region, and investing in its future is a solid bet, since the growing economy will only help your property's return on investment. If you decide to sell the property in the future, the price will only rise, and the longer you keep it, the bigger the profits will be. Favourable weatherThrissur is a green and sustainable city, noted for its economic development, environmental promotion, and conservation. It also enjoys the nicest weather, which appeals to potential property buyers. The steady temperature of the city helps towards the comfort and stability of modern life. Rich Cultural EloquenceThere is the added benefit of a rich cultural atmosphere in Thrissur, which is known for its festivals and celebrations. The Thrissur Pooram and Vadakkumnathan Temple attracts visitors from all around the world. The district's cultural significance makes it one of Kerala's top investment opportunities. A flat in Thrissur might be a great place to spend the holidays. Thrissur's properties are in great demand during festival seasons, with visitors and tourists flocking to the city. It can be used as a cost-effective solution by a person or rented out. Safe & De-stressing AtmosphereThis district has a wonderful ability to relax and calm people. Get away from the hustle and bustle of cities, pollution, violent crimes, monotony, and meaningless existence. Aside from that, this city is a secure location to live. The district is considered one of the safest in Kerala and South India. VARMA SPECTRUMVarma Homes invites you to take advantage of all this boon happening in the magnificent metropolis of Thrissur with Varma Spectrum apartments! Varma Spectrum is located in Poochatti, with its wonderfully composed first-rate construction, reflecting the enthusiasm of the location, which is near the NH bypass and Bhavan's Vidya Mandir. With a proven competence in delivering dream apartments in Kerala, built with state-of-the-art construction ideas and world-class amenities such as a fitness center, furnished lobby, library, and indoor play area, we thrive to provide you with the best. At Varma Spectrum, you are going to enjoy a trailblazing lifestyle. It is an essential asset for people looking for the greatest luxury flats in Thrissur that provide more than what any resident desires. Therefore, if you're seeking a unique living experience with globally acclaimed facilities, abundant flora, and a relaxing atmosphere, look no further. Thrissur, Kerala's cultural capital, is the hottest, happening place to own and live life. Seize the opportunity to call Varma Spectrum your ideal home, which is nearing completion by August 2022. To know more about this project, please visit our website or call us at +91 9539 29 33 33.Read More
It is possible that, as a first-time buyer while deliberating on purchasing a dream abode, choosing an apartment will cause you to second-guess your thoughts. After all, it's your hard-earned money and the secure future of your family that’s on line. There was once a time when different builders had different standards and principles applied to the purchase of an apartment, stirring confusion among home buyers. This is the reason why the Indian government brought about a revolutionary change in 2016 to safeguard the interests of existing and potential buyers. The Real Estate (Regulation and Development) Act was enacted in 2016 and the Real Estate Regulatory Authority (RERA) was born. The Kerala Real Estate Regulatory Authority (KRERA) was founded by the Kerala government to regulate and enhance the real estate industry in the state. KRERA is the new real estate champion, supporting accountability, citizen-centric policies, and greater financial discipline while defending the rights of investors. This Act is a sigh of relief for consumers as it makes real estate dealings transparent. Here are the positive RERA ACT benefits for why you can confidently buy an apartment now:? Exposure to comprehensive informationOne of the most essential benefits of RERA for house buyers is the right to property information. You get thorough information about the property that you are purchasing as a home buyer. When it comes to making prospective selections, this type of knowledge can be quite useful to a purchaser. The developer or builder should share with you all the project information, such as the layout plan, building phases, action plan, and completion status. ? A normalised carpet areaThe carpet area, or the area of the apartment apart from the width of the inner walls, is the space that can actually be covered by a carpet. Prior to the RERA Act, builders used their own technique or calculation for estimating the carpet area of a unit or property. RERA, on the other hand, has codified or standardised how a builder determines the carpet area. As a result of the RERA Act's implementation, a builder must now specify how much carpet space they are providing. Property prices in India are now determined by carpet area. ? No more holdups in projectsThe possession date for each flat must be specified by the property developer. The developer will face a flurry of penalties if the project is not completed by the deadline. If the developer fails to deliver on the specified date, the buyer has the option of either withdrawing from the project and receiving a complete refund, including interest, or continuing to work on it and receiving reimbursement and interest. ? Control over advances One of the great benefits of RERA is that a builder cannot charge more than 10% of the cost of the flat as an advance or application fee before entering into a sales agreement. ? Flaws are held responsible If a buyer discovers any flaw or problem in the structure, quality, or service of the flat within 5 years of ownership of the flat, the builder is required to rectify the deficiency within 30 days at no additional cost under the RERA Act. The buyer would be able to claim compensation if the builder failed to correct the fault. ? Mending broken promisesThe buyer has the right to litigate if the builder's obligations or promises regarding the actual project do not match. The buyer then has the right to decline the projects and receive a full refund of the initial deposit, plus interest and compensation. ? Approval before selling offBuilders may have sold projects without the necessary permission in the past. This is not the case under RERA now. Builders and real estate brokers will be obliged to register with the authorities, providing every detail about their projects, and only then will they be permitted to sell them after receiving the necessary approval. ? Prohibition to deviate fundsTypically, a developer will be working on multiple projects at the same time. They used to be able to divert funding between projects as they pleased. After the implementation of RERA, this will no longer be possible. The builder must set aside 70% of the project's proceeds in a separate bank account. He can only withdraw money from such an account after the project has been completed and certified by a civil engineer, an architect, and a practising chartered accountant. Because the funds can no longer be diverted to other projects or used for other purposes, they will be used for their intended purpose. ? Fast track grievance redressalComplaints against a builder can be brought to the state body established under RERA, which will have the jurisdiction to resolve all. If you disagree with the order, you may appeal to the Appellate Tribunal, which will resolve your case within 60 days. It will keep track of the reasons for any failure to do so also. The Varma PromiseWe at Varma Homes understand the buyer’s requirements and concerns. Therefore, all of our projects from the year 2019 are KRERA approved, following the industry norms, and are delivered as per our given commitments. We consider RERA as an opportunity to comply with a rule that warrants the hard-won endeavours and investments of many. If you aspire to buy an apartment in Kerala, Varma Homes is all set to take you ahead. We are a renowned real estate builder who specialises in providing accessible residential properties. You can select from a variety of alternatives to meet your needs and budget. We started with residential construction in Kochi and have since expanded to Trivandrum and Thrissur. Our major launches will be coming soon in Calicut and other important cities. Choose the option that best meets your requirements! For additional information, please contact us at 9645 88 33 33.Read More
The concept of luxury apartments is continually developing in Indian business sectors because of expanding buying power. The interest of luxury projects has been gradually moving from the high class to the middle-class populace implying the immense potential in this area. To cook this expanding demand, builders are thinking of luxury projects which focus on this growing upper-middle class. The high-end amenities, privacy ensured, super luxury apartments, collectable ideas, these are only a portion of the terms that you would be familiar with when you start your chase for a dream home. Nevertheless, do you really think about what actually defines a super luxury apartment? Is it only one of the modifiers that a real estate developer uses to trap the high-income people? What's behind the luxury apartment amenities? So, let’s take a peek into it! Strategic Location One of the most vital factors that must be counted while investing in your dream luxury apartment project is a convenient location. A centrally located super luxury apartment is preferable to the high-net-worth individuals who wish to stay close to the upscale neighbourhoods of the city like hospitals, malls, educational institutions, markets, railway stations, business districts and so on. Also, the window view available from an apartment is a prime aspect. Security & Safety Luxury apartments are just all about complete security. Residents expect to have the full guarantee that their whole family members & property are safe in all aspects. Therefore, luxury apartment projects should meet the best security provisions in terms of actual personnel to advanced technology in surveillance & monitoring. Also, it contains emergency buzzers, intercoms, & top-of-the-line security installations that ensure better safety. Top-Notch Amenities Those who wish to invest in a luxury apartment need the best that money can get. Luxury homes are carefully designed to grant supreme comfort, with beautiful interiors and cutting-edge amenities. Premium apartment projects must contribute state-of-the-art facilities such as rooftop swimming pool, home theatre, multiple parking, Wi-Fi, fast elevators, landscaped gardens, 24-hour security & gymnasiums. These are some relevant realities that you can guarantee while looking for the right luxury apartment to be certain that you settle on the ideal buy choice. With the huge rise in luxury apartments in cities, the word luxury is being abused by some real estate developers. Hence a tip to all the apartment purchasers is to do intensive research on the luxury aspect of the shortlisted projects and settle on the property that merits each money of the weight it carries in your pocket. Investing your money in a trustable builder who ensures top-notch construction quality and the best return on investment. Varma Homes, one of the most trusted and reliable builders in Kerala offer beautiful apartment projects in Kochi, Tripunithura, Trivandrum & Thrissur. If you are searching for a super luxury apartment project perfect that lines educational institutions, hospitals, markets, malls and many other conveniences in the heart of Trivandrum city then purchasing your dream super luxury apartment in Poojappura, would be most ideal. Here you can find Dr. Pai's Heritage at Poojappura, a major residential region for apartment-hunters in Trivandrum based on your preferences. It is a 2 & 3 BHK super luxury apartment with high-end amenities for comfortable living. So, come & experience the model apartment which will redefine the experience of luxury living!Read More