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More than 500 cases of undisclosed immovable #properties held by Indians in #Dubai have been identified by the income-tax department, with Delhi raids alone uncovering unaccounted transactions worth over 700 #crore. #Germany provided information on properties owned by Indians in the Middle East, revealing over a thousand such assets. This is just a tip of an iceberg.
Dear Connections, I'm delighted to announce the publication of our latest blog, which delves into the intricate legal landscape surrounding the assignment of loans and the rights of borrowers. In the landmark case of Gstaad Hotels Pvt. Ltd. v. Union of India, the Karnataka High Court scrutinized the loan transfer practices, highlighting key issues regarding the declaration of Non-Performing Assets (NPAs) and borrower consent. This has the following implications for the stakeholders: · Borrowers:Must remain vigilant about loan terms and potential assignments. Ensure awareness of their rights and the transparency of the process. · Lenders:Encouraged to adopt robust risk management practices. Must comply with statutory regulations to safeguard transparency and borrower interests. The judicial decisions and regulatory frameworks discussed in the blog streamline loan portfolio management, balancing the autonomy of lenders with the need for regulatory compliance and borrower protection. The RBI directions dated 13 July 2005, authorize banks to deal with debts inter se. Thus, the assignment of debts is permitted under the BR Act. Consequently, in essence, banks are empowered under the BR Act, along with RBI directions, to assign bad debts independently without borrower consent. Banks need not obtain borrower consent before assigning a loan but must inform the borrower of the assignment. This is supported by Section 39 of the ICA, which allows lenders to avoid contracts and assign or sell them to third parties if the borrower defaults on repayment. This contributes to economic growth and stability by promoting efficient loan management practices. Read the Full Blog Here: https://lnkd.in/dgJrhmR8 #Banking #Finance #LegalFramework #LoanAssignment #BorrowerRights #NPA #RBI #BankingRegulation #BlogUpdate
Maharashtra RERA mandates Broker Fee disclosure in property sale agreements #apartments #india #indianrealestate #investments #maharera #offices #pune #punecity #punekar #puneproperties #puneproperty #punerealestate #realestate #realty #showrooms
Mumbai real estate market reports 21% YoY spike in property registrations, stamp duty collections fall 22% Mumbai real estate market reported 11,742 property registrations in February 2024, 21 percent more than 9,684 property registrations in February 2023. On a month-on-month basis, there has been 7 percent increase as 10,967 properties were registered in January 2024, according to the data of the Maharashtra government. However, revenue from stamp duty collections dipped 22% YoY from Rs 1,112 crore in February 2023 to Rs 865 crore in February 2024. On MoM basis, the stamp duty collections increased from Rs 760 crore in January 2024. The decline in stamp duty collections is attributed to extraordinarily elevated stamp duty collections last year following the government's decision to limit tax deductions on capital gains earned from the sale of residential property after March 31, 2023, said Knight Frank India, a real estate consultancy firm that analysed the data. Further, of the overall registered properties, residential units constitute 80%, the remaining 20% constitute non-residential assets. #realestate #realestateagent #realestateexpert #realestateassociatebroker #realestateinvestor #realestateinvesting #realestatelife #realestateforsale #realtor #realestatetips #brokerage #realty #luxuryliving #luxuryrealestate #makethemove #investmentproperty #mansion #broker #realtorlife #housegoals #realestatetips #toprealtor #Realestate #mumbai #developer #market #copiedfromMC
Transparency in real estate just got a boost! Maharashtra RERA now requires brokers to disclose fees in property sale agreements, ensuring clearer transactions for buyers. #RERA #RealEstate #TransparencyMatters Read more at: https://lnkd.in/dt8-XJV4
What the hell is this 'B' Khata business anyway! One of the most complex aspects of buying #property in #Bangalore is understanding the difference between B Khata and A Khata. B Khata properties are often seen as high-risk investments. Here's the dope on it. So what really is a B Khata property? Any property where the land conversions were not done but a development was made on it, it qualifies as a B Khata property. Also if a property was converted to #residential use, but the project built on it did not have the necessary approvals in place, then the units in the project will not get A khata. Thirdly, if the project has the approvals, but a few units have been illegal constructed or deviated from the sanction plans, then those units will qualify for only B Khata. So what are the implications of having a B khata property? ❌ Restricted Construction: Getting construction approvals or completion certificates is difficult. ❌ Loan Restrictions: Most banks are reluctant to offer loans for B Khata properties. Loans, if available, may come with stricter terms and higher rates. ❌ Reduced Market Value: B Khata properties generally have lower market value and slower appreciation. ❌ Risk of Demolition: Illegal structures may face penalties or demolition. ❌ Property Taxes: Owners must pay taxes, but this doesn’t legalize the property. ❌ Cost Implications: Regularization involves paying penalties, charges, and legal fees. Understanding the Khata hierarchy is also critical. A Parent Khata is issued for the entire land or project, and once individual units are sold, each apartment is assigned an Individual Khata for property tax purposes. This is known as 'Khata bifurcation'. These nuances can impact #propertyvaluation, resale potential, and loan eligibility. Found this useful? Share it with your friends who might be looking to buy a property. It might just save them a lot of heartache! Our expert advisors at Propsoch can guide you through the entire homebuying process, ensuring you make informed and secure property decisions! #BangaloreRealEstate #PropertyBuying #BKhata #AKhata #RealEstateInvesting #PropertyRisks #Bangalore #PropertyLaws #HomeBuying #RealEstateTips #InvestmentRisks #Khata #LegalCompliance #PropertyValuation #BangaloreProperties #Propsoch Pic - Times of India
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Informative post on what is B Khata property and related nuances!!
What the hell is this 'B' Khata business anyway! One of the most complex aspects of buying #property in #Bangalore is understanding the difference between B Khata and A Khata. B Khata properties are often seen as high-risk investments. Here's the dope on it. So what really is a B Khata property? Any property where the land conversions were not done but a development was made on it, it qualifies as a B Khata property. Also if a property was converted to #residential use, but the project built on it did not have the necessary approvals in place, then the units in the project will not get A khata. Thirdly, if the project has the approvals, but a few units have been illegal constructed or deviated from the sanction plans, then those units will qualify for only B Khata. So what are the implications of having a B khata property? ❌ Restricted Construction: Getting construction approvals or completion certificates is difficult. ❌ Loan Restrictions: Most banks are reluctant to offer loans for B Khata properties. Loans, if available, may come with stricter terms and higher rates. ❌ Reduced Market Value: B Khata properties generally have lower market value and slower appreciation. ❌ Risk of Demolition: Illegal structures may face penalties or demolition. ❌ Property Taxes: Owners must pay taxes, but this doesn’t legalize the property. ❌ Cost Implications: Regularization involves paying penalties, charges, and legal fees. Understanding the Khata hierarchy is also critical. A Parent Khata is issued for the entire land or project, and once individual units are sold, each apartment is assigned an Individual Khata for property tax purposes. This is known as 'Khata bifurcation'. These nuances can impact #propertyvaluation, resale potential, and loan eligibility. Found this useful? Share it with your friends who might be looking to buy a property. It might just save them a lot of heartache! Our expert advisors at Propsoch can guide you through the entire homebuying process, ensuring you make informed and secure property decisions! #BangaloreRealEstate #PropertyBuying #BKhata #AKhata #RealEstateInvesting #PropertyRisks #Bangalore #PropertyLaws #HomeBuying #RealEstateTips #InvestmentRisks #Khata #LegalCompliance #PropertyValuation #BangaloreProperties #Propsoch Pic - Times of India
#Exclusive |Kerala property buyers: Check out the latest stamp duty and registration charges. Learn about current rates and payment procedures for 2024. https://lnkd.in/dsB2dh7j #RealtyNXT #IndianRealEstate #StampDuty #PropertyRegistration #KeralaRealEstate #KeralaProperty #RegistrationCharges #KeralaStampDuty
Buying property in India as an NRI? We simplify the process for you! From understanding legal requirements to choosing the right property, we’re here to help you at every step of the way! 📝🔑 #BuyingProcess #NRIProperty #PropertyInIndia #RealEstateForNRIs #InvestInIndia #HomeBuying #LegalRequirements #NRIHomeOwnership #RealEstateGuide #IndianPropertyMarket #NRIInvestments #PropertyJourney #iRealty247
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Needed Clarification for Residential Real Estate !! Facts of the case : The applicant constructs and sells residential flats under the affordable housing scheme, charging GST at 1% without claiming ITC. They must procure at least 80% of inputs and services from registered suppliers; otherwise, they must pay under RCM. They obtained construction finance from HDFC Bank Ltd, paying exempt interest on invoices. The applicant argues that HDFC Bank should be treated as a registered vendor for calculating the 80% procurement threshold. 🤔 Key Question before AAR : Whether interest charge by a Bank, a registered company, be considered an inward supply from registered suppliers when calculating the mandatory 80% threshold for Residential Real estate ? ✅ Ruling by AAR : ‣ Interest is exempt as per Notification 12/2017 CTR, and according to CBIC FAQs, exempted goods/services should be included as inward supplies from unregistered persons while calculating the 80% threshold. ‣ AAR clarified that despite the exempt status, if the supply is from a registered entity, it counts towards the 80% threshold for registered purchases. Further Question: Does the same apply to interest paid on unsecured loans or to partners in a partnership firm? 🤔 🔖Citation : West Bengal AAR | MANGALAM DEVELOPERS | Order No. 08/WBAAR/2024-25 Happy learning and Stay Curious ! #KMSIndia #GST #AdvanceRuling #RealEstate #Legalupdate
