[{"cat_name":"Awards & Recognition","posts":[{"post_link":"https:\/\/www.squareyards.com\/blog\/realty-40-under-40-conclave-awards-2021-grand-finale","title":"Realty+ 40 Under 40 Conclave & Awards 2021 Grand Finale","image":"https:\/\/www.squareyards.com\/blog\/wp-content\/uploads\/2021\/07\/Realty-40-Under-40-Conclave-Awards-2021-Grand-Finale.jpeg","author":"Nitin Kumar","authorimg":"https:\/\/secure.gravatar.com\/avatar\/3e3dd7a136f82bb46357489696b0a1dd?s=96&d=mm&r=g","date_published":"July 9, 2021","date_modified":"July 9, 2021","desc":"The inaugural edition of Realty+ 40 Under 40 Conclave & Awards took place on 26th June, 2021, with veteran and young real estate, construction and building industry leaders sharing the same platform for commemorating new leadership in the sector and its achievements. Dr. Annurag Batra, Chairman & Editor-In-Chief, BW BusinessWorld & exchange4media Group, gave the inaugural address with a quote from Franklin D. Roosevelt that summed up the tenor of the event-We cannot always build a future for our youth, but we can always build our youth for the future.\nThere were numerous impactful sessions taking place on various topics including futuristic strategies, social impact and how the youth are shaping the industry at large. Numerous innovative sessions included Youth for Change: Aligning Social Impact & Business, Next Gen Thinking: Strategies for the Next Normal and Leading the Way: Young Leaders Shaping Indian Realty. Thought leaders like Dr. Niranjan Hiranandani and Anuj Puri also came together for the closing of the industry conclave. The Realty+ 40 Under 40 Awards evening witnessed ample glamour with Shweta Shalini, BJP Spokesperson and Advisor to Former Chief Minister of Maharashtra & Former Executive Director of Maharashtra Village Social Transformation Foundation, delivering a highly emphatic special address.\nThe star-studded list of winners included the Co-Founder & COO at Square Yards, India\u2019s foremost real estate platform, Kanika Gupta Shori and other luminaries like Akshay Taneja, Managing Director at TDI Infratech Ltd, Binitha Dalal, Head-Fund Raising, Rustomjee, Keshav Bhajanka, Executive Director, Century Plyboards (India) Ltd, Yash Miglani, Managing Director, Migsun Group and Pavitra Shankar, Executive Director, Brigade Group.\nHere are the other winners featured at this exclusive event:\n\n\n \tAmanda Puravankara, Director, Provident Housing Ltd\n \tAngad Rajain, Global Head \u2013 IFM & CSO, Tenon Facility Management India Pvt. Ltd.\n \tAnshul Singhal, Managing Director, Welspun One Logistics Parks\n \tBhushan Palresha, Managing Director, VTP Group\n \tDr. Adv. Harshul Savla, Managing Partner, Suvidha Lifespaces (M Realty)\n \tDushyant Kishorekumar Goswami, Managing Director, Suvidha Group\n \tDanish Farook, Director, Silverline Realty Pvt Ltd\n \tGaurav Moudgil, Managing Partner, GLOBAL C\n \tHrishikesh Amar Manjrekar, Executive Director, Amar Builders\n \tLincoln Bennet Rodrigues, Founder & Chairman, Bennet & Bernard Group\n \tMayank Ruia, Chief Executive Officer, MAIA Estates LLP\n \tMrinal Golecha, Managing Director, Rajat Buildtech Pvt. Ltd.\n \tMitu Mathur, Director, GPM Architects and Planners Gian P Mathur & Associates Pvt. Ltd.\n \tMukul Bansal, Director, Motia Group\n \tNayan Raheja, Director, Raheja Developers Ltd.\n \tNeetish Sarda, Founder, Smartworks Coworking Spaces Pvt. Ltd.\n \tNishant Gupta, Associate Architect, Architect Hafeez Contractor\n \tPankaj Bansal, Director, M3M India\n \tParth Patel, Managing Director, Kavisha Corporation\n \tRavi Kumar Dugar, Director, PS Group\n \tRahul Kyal, Managing Director, Vinayak Group\n \tRam Raheja, Director, S. Raheja Realty Pvt. Ltd.\n \tSandeep Kumar S, Managing Director, TG Developers\n \tSaurabh Bansal, Joing Managing Director, Dorset Industries Pvt. Ltd.\n \tSourabh Bansal, Co-Founder & Managing Director, Magicrete Building Solutions Pvt Ltd\n \tSudarshan Lodha, Co-Founder & CEO, Strata\n \tTaral Shah, Managing Director, Shivalik Group\n \tTanmay Goyal, Director, Goyal & Co Constructions Pvt. Ltd.\n \tUddhav Poddar, Managing Director & Group CEO, Bhumika Realty Private Limited\n \tUamang Mittal, Executive Director, PRM Group\n \tVivek Mohanani, Managing Director & CEO, Ekta World\n \tYash Shah, Founder & CEO, The Address & Director, True Value Nirman Pvt. Ltd.\n \tYukti Nagpal, Director, Gulshan Homz Pvt. Ltd.\n \tZayd Noaman, Executive Director, Prestige Estates Projects Limited"}]},{"cat_name":"Cities","posts":[{"post_link":"https:\/\/www.squareyards.com\/blog\/top-10-localities-of-the-cosmopolitan-city-bengaluru","title":"Top 10 localities of the cosmopolitan city- Bengaluru","image":"https:\/\/www.squareyards.com\/blog\/wp-content\/uploads\/2021\/07\/bangalore-cosmopolitan-city-825x510.jpg","author":"Samarjeet Chauhan","authorimg":"https:\/\/secure.gravatar.com\/avatar\/3627d95df82238dac2baa77774a028a7?s=96&d=mm&r=g","date_published":"July 22, 2021","date_modified":"July 22, 2021","desc":"Bangalore is one of the cosmopolitan cities of India. The Bengaluru luxury market plays a significant role in a range of public sector enterprises, software firms, aviation, communications, and other industries across India. Bangalore is also regarded as India's Silicon Valley. It is an ethnically diverse city that has quickly risen to become one of the country's most important economic hubs and fastest-growing metropolises.\n\n\n\nBengaluru, India's information technology (IT) capital, provides chances for working adults, businessmen, and start-ups. However, this isn't the only reason driving real estate demand in this area. The city has also been popular among NRIs and ex-pats due to its growth potential. Bengaluru aka \u2018silicon city\u2019 offers a choice of residential properties for sale in Bangalore, and it is appropriate for people seeking settlement in a cosmopolitan city.\n\n\n\nBengaluru, as a city\n\n\n\nBengaluru has been the largest town of Karnataka. It is India's third-largest city and fifth-largest metropolitan area, with a population of over 8 million and a metropolis population of approximately 11 million. According to a stone inscription found just at Nageshwara Temple in Begur, Bengaluru, the capital's history dates to roughly 890 CE. 'Bengaluru Kalaga' is mentioned on the Begur inscriptions inscribed in Halegannada (old Kannada).\n\n\n\nThe British moved their cantonment from the old city to Bengaluru in 1809, and a town developed up around it that was ruled as part of British India. Bengaluru then became the capital of Mysore State after India's independence in 1947, and then it continued so when the new Indian territory of Karnataka was founded in 1956.\n\n\n\nBangalore's large metropolitan settlements, a city, and the cantonment evolved as separate entities, combined in 1949 to form a unified city area. Bengaluru, the city's pre-existing Kannada name, was designated the official term in 2006. The city is home to several Indian technical companies. Bengaluru is India's second-fastest-growing metropolitan metropolis, with a diversified population. According to recent estimations of its metro economy, Bengaluru is the 5th most profitable metropolitan area in India.\n\n\n\nThe city is home to several state-owned aerospace & automotive companies. The Kannada movie industry is also based in the city. The Ease of Living Index 2020 stated that Bengaluru is the most liveable Indian metropolitan area with over a million people. Apart from Kannadigas, the Telugus and Tamilians are two prominent communities in Bangalore with a long history in the city. They went to Bangalore in pursuit of a better life. Bangalore had a small number of Tamil and Telugu residents who spoke Kannada to do low-profile professions as early as the 16th century.\n\n\n\nBengaluru's culinary diversity reflects the city's social and economic diversity. Bengaluru offers a diverse range of restaurant styles and cuisines, and residents consider eating out to be an important part of the culture. Bengaluru is also home to a thriving classical music and dance scene in India. Due to Bengaluru's many ethnic groups, the arts community is quite diverse, as evidenced by its music events, dance shows, and plays.\n\n\n\n1. BASAVANAGUDI\n\n\n\nBasavanagudi is a residential and business community in Southern Bengaluru. The neighbourhood is one of the capital's oldest. It is a well-developed residential and retail district. It's a green town with prestigious institutions, bustling markets, plenty of parks with ancient trees, lakes, and a diverse range of eateries. Popular educational institutions in the region include the B.M.S. College of Engineering as well as the National College. Residents in the area benefit from good connectivity because of the National College and Lalbagh metro stations on the green line. The neighbourhood provides affordable housing options with good amenities. This area is dominated by single-family homes as well as luxury apartments. Basavanagudi is a residential\/commercial neighbourhood in south Bengaluru, adjacent to Jayanagar. It was once the centre of business and is one of the city's oldest neighbourhoods. The starting bid of property in Basavanagudi is Rs. 104 per square feet, with a typical price of Rs. 11,334 per square feet.\u00a0\n\n\n\n2. INDIRA NAGAR\n\n\n\nIndira Nagar is a well-established residential and commercial neighbourhood in Bengaluru. The area, located east of the city, is well connected to popular areas such as Jeevanbheemanagar, CV Raman Nagar, Koramangala, HAL Layout, Murugeshpalya, as well as Ulsoor. Indiranagar is a cosmopolitan neighbourhood with upscale stores, bars, cafes, diners, and educational institutions. Namma Metro has improved connectivity and boosted the area's real estate values. Horizontal developments, such as single-family homes, low-rise multi-storey flats, and villas, make up most of the residential landscape in the area.\n\n\n\nThis is the most popular location and appears to be one of Bengaluru's most posh and expensive neighbourhoods. Indiranagar is a known business neighbourhood in Bengaluru because it is home to many start-up enterprises. Indiranagar, situated in the heart of the city, has everything to do with amusement, including lively pubs, playgrounds, gyms, hospitals, and hotels, among other things. With a constant stream of retail malls, it is regarded as Bangalore's most popular retail destination. The price of properties in Indira Nagar for sale ranges from Rs. 3,348 per sqft to Rs. 26,032 per sqft.\n\n\n\n3. BENSON TOWN\n\n\n\nBenson Town is an affluent residential area in southern Bengaluru with both industrial and commercial establishments. It is one of the city's oldest and most affluent neighbourhoods, with a mix of single-family homes and multi-story apartment buildings. Benson Town is a historic neighbourhood in north Bengaluru that is home to the traditionally wealthy. Within Benson Town, the well-known suburbs include SK Garden as well as Byadarahalli. While the neighbourhood is pleasant, homeowners frequently confront waste disposal difficulties.\n\n\n\nBangalore's Benson Town is one of those areas in any city that exhibits the city's traditional culture and neighbourhood. The single-story houses and broad tree-lined streets are familiar to many who live here. This region, primarily populated by Kannada-speaking residents, is not very upscale but rich in traditional culture, iconic food, large marketplaces, and lovely parks. The asking price of a property in Benson Town is Rs. 549 per square foot, with a typical price of Rs. 10,527 per square foot.\n\n\n\n4. KORAMANGALA\n\n\n\nKoramangala is a posh area in Bengaluru's southeast. Adugodi, BTM Layout, Jayanagar, as well as Ejipura surround the region, which is located close to Hosur Road. Koramangala is a popular residential centre due to its strong social infrastructure, good physical connections, and a plethora of companies located inside and around. Luxury residential houses, apartments, buildings, houses, and low-rise multi-storey flats are all options for you. Furthermore, there is a nice mix of finished and under-development apartment in this area.\n\n\n\nKoramangala is a flourishing district with several premium residential units but is at the top of the list of finest locations in Bangalore, among other connected regions in south Bangalore. Koramangala is well connected to the city's key destinations, such as Electronic City, Hosur Road, Middle Ring Road, Airport Road, etc. It is a cosmopolitan district with several retail malls and restaurants, and it has many lively party places for the city's young. It is also a shopping attraction as it is home to the world-famous Forum Mall. There are numerous premium residential units in the neighbourhood, but there are also a few locations that provide less expensive lodging. The typical price of houses in Koramangala is Rs. 13,718 per square foot, with the asking price being Rs. 1,300 per square feet.\n\n\n\n5. MALLESHWARAM\n\n\n\nMalleshwaram or Malleshwara, located in the north-western section of Bangalore, is among the oldest neighbourhoods and a well-planned suburb. Its name comes from the renowned Kaadu Malleswara temple. As one of the traditionally affluent districts, it has taken on a cosmopolitan feel, with multi-storey flats replacing many big bungalows. It has a diverse population, with prominent families from the middle and higher middle classes. The 11th Cross Flower Market, wholesale and retail stores on Sampige Road, and legendary restaurants on Margosa Road have all drawn a diverse range of individuals. The asking price of a property in Malleswaram is Rs. 514 per square foot, with a typical price of Rs. 10,664 per square foot.\n\n\n\n6. RAJAJI NAGAR\n\n\n\nC. Rajagopalachari is the namesake of one of Bengaluru's major suburbs, Rajaji Nagar. Basaveshwaranagar, Malleshwaram, as well as Mahalakshmipuram are among the notable areas around Rajaji Nagar. Rental buildings, parks, gyms, education institutions, commercial centres, stores, worship sites, and restaurants make up the region. The BMTC bus, as well as Yeshwanthpur railway station, as well as the Namma Metro, serve the neighbourhood. Mantri Square, Orion Mall, as well as GT World Mall are just a few of the well-known malls in Rajajinagar. It is mostly populated by single-family homes, and the scarcity of land plots added to the town's value. The asking price of a property in Rajajinagar is Rs. 699 per square foot, with a typical price of Rs. 13,634 per square foot.\n\n\n\n7. Cooke Town\n\n\n\nCooke Town is a developed, well-located neighbourhood in South-East Bengaluru, between the ORR and Sarjapur Road intersection. The region is a major residential hub, with several finished and upcoming apartment complexes. The site acts as a significant crossroads between Bengaluru's southeast sides. Cooke Town is a diverse neighbourhood in the city. The neighbourhood, which is home to numerous HNIs and corporations, is also sought after by tenants. It was founded when the Madras Government oversaw the Bangalore Civil as well as Military Station in north-east Bengaluru. While this area is desirable in general, the small roadways may irritate some residents. Cooke Town is a significant technological centre with connections to ORR, Whitefield, as well as other significant information technology (IT) centres. As a result, it is a sought-after residential area for experts in these disciplines.\n\n\n\nCooke Town is another inexpensive neighbourhood in southeast Bangalore. Cooke Town was essentially a desolate wasteland until the early 2000s when IT infrastructure began to emerge. As a result of this growth, lodging in Bellandur is more inexpensive than in other sections of the city. The typical price of houses in Cooke Town is Rs. 10,646 per sqft, with the asking price being Rs. 1,016 per sqft.\n\n\n\n8. RICHMOND TOWN\n\n\n\nDue to its excellent connection to IT centres such as the Embassy Manyata Business Park and the Kempegowda Airport Terminal, Richmond Town has become one of the wealthiest areas in Bangalore, attracting many purchasers. The area is home to several businessmen, actors, and politicians. Richmond Town is a posh Bangalore suburb with various amenities, including retail malls, cinemas, eateries, education, and healthcare. With its tree-lined avenues and gorgeous mansions, the neighbourhood has one of Bengaluru's highest property prices. The price of Richmond Town properties ranges from Rs. 3,831 per sqft to Rs. 17,147 per sqft.\n\n\n\n9. RMV EXTENSION\n\n\n\nRMV Extension, regarded as one of the city's most important thoroughfares, is another well-connected neighbourhood in Bangalore. The area is home to some of the city's most prestigious institutions, including the IIM-B, HSBC, and Honeywell. It also has several pleasant and comfortable residences, shopping malls, hospitals, as well as schools. In addition, RMV Extension offers exceptional access to BMTC buses, a convenient, dependable, and inexpensive way to go about the city. The typical price of homes in RMV Extension Stage 2 seems to be Rs. 12,044 per square foot, with a price of Rs. 1,000 per square feet.\n\n\n\n10.\u00a0Ulsoor\n\n\n\nUlsoor, located in Bengaluru's south-eastern section, is a prominent residential neighbourhood. Ulsoor has witnessed a significant rise in residential housing due to the vicinity to commercial districts in the city around Koramangala, Hosur Road, and adjacent regions. It has a good mix of apartments and single-family houses. Ulsoor is now one of the most well-organized residential areas due to its real character of interior homes. You are well taken care of, with some of the greatest schools, hospitals, caf\u00e9s, restaurants, clubs, tree-lined streets, and so much more.\n\n\n\nUlsoor is the centre of India's largest electronics industrial areas, which span 800 acres. In this sector, there are around 200 IT firms, including several prominent names like Infosys, TCS, Wipro, HCL, and others. Ulsoor has been meticulously designed and, according to state governors, will soon be transformed into a \"living lab\" providing world-class urban services. This neighbourhood is a magnet for all people who work in and around Ulsoor, with several fancy residential areas and a plethora of culinary places. This neighbourhood is a little out of the way, but it rewards residents with a very high standard of living.\n\n\n\nConclusion\n\n\n\nThese 10 areas have become Bengaluru's most sought-after residential neighbourhoods due to ongoing infrastructural development, metro connection, and closeness to job centres.\n\n\n\nYou Might Also Like\n\n\n\nThe top five expensive neighbourhoods in BangaloreReasons to Invest in BengaluruCase Study Investing in North Bengaluru10 things to check before buying your first homeWhy should people live near Bengaluru\u2019s city centre?\n\n\n\nFrequently Asked Questions (FAQ's)"}]},{"cat_name":"Media Coverage","posts":[{"post_link":"https:\/\/www.squareyards.com\/blog\/adm-capital-invests-25-million-in-square-yards","title":"ADM Capital invests $25 million in Square Yards","image":"https:\/\/www.squareyards.com\/blog\/wp-content\/uploads\/2021\/07\/ADM-Capital-invests-25-million-in-Square-Yards.jpeg","author":"Nitin Kumar","authorimg":"https:\/\/secure.gravatar.com\/avatar\/3e3dd7a136f82bb46357489696b0a1dd?s=96&d=mm&r=g","date_published":"July 19, 2021","date_modified":"July 19, 2021","desc":"Square Yards, the country\u2019s foremost integrated real estate platform, based in Gurugram, has raised $25 million or approximately Rs. 185 crore from global investment manager ADM Capital which currently has $2.4 billion of assets under management throughout Europe and the Asia Pacific. This new infusion of growth capital is the first tranche of Square Yards\u2019 ongoing goals of raising more than $100 million in capital in the near future. The company will be using this capital to continue expansion and investments in several verticals throughout the entire value chain.\nThe Founder & CEO at Square Yards, Tanuj Shori, stated that Square Yard has been mostly capital efficient from inception with a clear emphasis on ensuring higher ROI. The company has met important operational benchmarks over the last year including profitability and also the pilot success of its new ventures like home interiors, property management and rentals among others. He added that Square Yards is now at the cusp of accelerating further growth while adding that with a stronger institutional partner such as ADM Capital, the company can push forward aggressively towards accomplishing both personal and brand investments with a view towards ensuring a swifter growth trajectory.\nSquare Yards is already developing an integrated service ecosystem both inorganically and organically. It acquired platform capabilities recently in data intelligence, VR and property management\/rentals while launching a full service platform that offers home interior and home furnishing solutions. The Co-Founding Partner and Joint Chief Investment Officer, ADM Capital, Christopher Botsford, stated that they are happy to back Square Yards in its future growth pursuits and will continue looking for more opportunities to support leading Indian corporates who are aiming at disrupting conventional industries. He added that the company is also happy with the willingness of Square Yards to scale up its social and environmental policies and can share expertise, taking ADM Capital\u2019s proven capabilities of enhancing borrower governance and mitigation of ESG risks into account.\nADM Capital was founded in 1998, offering flexible credit options to top midsized corporates in the Asia Pacific. ADM Capital forayed into the Indian market around 2004 and has since deployed more than $670 million throughout 18 private financings. ADM Capital emphasizes greatly on stronger corporate governance and social and environmental compliance alike. Integrated strategies have been influencing the proptech space globally and top entities like Compass, Zillow and Beike are building digital integrated consumer experiences spanning all transactional aspects involving the buy-and-sell part, helping them capture a bigger slice of the entire transaction. Square Yards has been pioneering an integrated ecosystem based model and is one of the few global realty platforms that provide the entire full stack digital realty journey encompassing transactions, search and discovery, home interiors, mortgages, property management, rentals and after-sales services. Square Yards also provides B2B SaaS solutions for real estate developers, banks, realty agents and financial institutions.\n\nTo find out what our Founder and CEO, Mr. Tanuj Shori has in the plan, please click on the following media coverages:\nmoneycontrol.com - https:\/\/bit.ly\/3z9KI0JThe Economic Times - https:\/\/bit.ly\/3xQPUGEInc42 - https:\/\/bit.ly\/3zanhV7YourStory - https:\/\/bit.ly\/3km8aUlVCCIRCLE - https:\/\/bit.ly\/3xKP26eOutlookindia - https:\/\/bit.ly\/3ilnw8XBW Disrupt - https:\/\/bit.ly\/3emp1STTechCircle - https:\/\/bit.ly\/3B8Yl1SAsian News - https:\/\/bit.ly\/2UiaCR1ConstructionWeekOnline - https:\/\/bit.ly\/36Ge4aURealty Plus - https:\/\/bit.ly\/3kt0Nu5Realty NXT - https:\/\/bit.ly\/3BgxJfg\nPublished Date: July 16, 2021"}]},{"cat_name":"General","posts":[{"post_link":"https:\/\/www.squareyards.com\/blog\/what-is-an-inheritance-and-who-is-an-heir","title":"What is an Inheritance and who is an Heir?","image":false,"author":"Samarjeet Chauhan","authorimg":"https:\/\/secure.gravatar.com\/avatar\/3627d95df82238dac2baa77774a028a7?s=96&d=mm&r=g","date_published":"July 23, 2021","date_modified":"July 23, 2021","desc":"Many people use the terms heir, inheritance, and beneficiary quite loosely without fully understanding the difference between them. Typically, in India, a person that acquires or inherits property and\/or assets can divide the same among all his\/her legal heirs under different laws as per the government. The person that receives this property or asset is called the heir while the actual property or asset is termed as an inheritance. In this article, you will get in-depth information and knowledge on the concept which will shed some light on all types of possibilities on heirs and their right to the said inheritance. It includes consequent rules on the same which include property rights, property rights of a daughter, property rights of a daughter-in-law, self-acquired property, property rights of a widow, and private property rights. \n\n\n\nWho is an Heir? \n\n\n\nAn heir is an immediate relative such as a son, daughter, brother, sister, aunt, uncle, the parent that is legally entitled to claiming or receiving an inheritance from the deceased owner's ancestral property and\/or assets in cases when a legal will has not been made. Sometimes, the heir can also be a far-off relative if no immediate family member is making any claims. There are numerous cases of disputed properties covering two-thirds of the pending cases in the Indian courts. If a will has not been made, a property ideally is transferred to the closest relative that is still living. This can be transferred to distant living relatives if the closest member is not alive either. Typically, a surviving spouse or a registered partner is given priority even though it is not a strict law. In terms of marital property, the spouse will get to be the beneficiary of that asset more often than not. \n\n\n\nThe Supreme Court of India (SC) has recently passed a law that owning an asset or property is a human right that no one can dispossess without a valid reason. Because of this, the law does recognize and give the benefit of giving the property to the legal heir. The Hindu property rights claim that this heir can be a man or a woman and no distinction is done for the same, independent of what religion, case, or other social norms he or she may believe in. Once the owner has met his death, any claims become the responsibility of this heir. \n\n\n\nIn order, the property is first given to the living partner and\/or the children and grandchildren, both adopted as well as biological. In case the children in question are not alive, their parents then get rights to the same. In cases where even the parents are not alive, then extended family members such as aunts, uncles, cousins, etc. get their hands on it. In cases where are no claims on the right to a property, it then goes to the state. This is called escheatment. \n\n\n\nIn terms of how much is to go to whom and how it is divided among the several heirs, if more than one, the government levied laws come into place and the court then decides based on information on who is the final appointed beneficiary. \n\n\n\nAn unmarried partner regardless of the length of the relationship is not entitled to anything legally. If a will is made, then he or she would get their right but in case of no will, only the legal partner will be the beneficiary. Friends, stepchildren, foster children, divorced partners, mother-in-law, father-in-law, etc. are also not entitled to any inheritance. \n\n\n\nWho is Termed as a Beneficiary? \n\n\n\nWhen a property owner makes a legal will, the person who has been named in it becomes the beneficiary. This is a person appointed by the property owner to legally possess his\/her assets after his death. While beneficiaries are often immediate family such as spouses, children, siblings, etc., this is not necessarily the case. A beneficiary need not be an heir and can be a friend, unmarried partner, adopted child, foster child, cousin, etc. Funnily enough, even a family pet can be the beneficiary if stated in the will! While heirs are legally entitled to unclaimed property, beneficiaries trump heirs, meaning if the will is made, a property can go to a romantic partner instead of a legal spouse and a friend instead of a son. This makes the process of making a legal will extremely important. \n\n\n\nWhat is an Inheritance? \n\n\n\nQuite obviously, an inheritance is termed for the ancestral property, asset, jewelry, cash, shares, and other things that are transferred to the beneficiary or heir when the owner dies. The actual tangible assets and immovable property are referred to as inheritance. Exclusively used in the context of succession, inheritance directly related to the Hindu Succession Act is an essential law to understand and is explained in detail below. \n\n\n\nHindu Succession Act \n\n\n\nApplying to all Hindus, Jains, Sikhs, and Buddhists, the Hindu Succession Act (HSA) covers inheritance-related issues as per religion. People who have been born out of wedlock as well as those who have voluntarily converted their religion are included and considered as heirs according to the Hindu Succession Act. However, certain communities like Muslims and Christians are not covered under this act as those religions have their laws to determine who would be the heir in their cases. Essentially, this action is taken into consideration when a Hindu person dies without leaving a legal will after which the succession is completely dependent on the ruling as per the act. The following mentioned bullets will give you a clearer picture of how HSA classifies different levels of heirs thereafter making the final decision. \n\n\n\nClass 1 Heirs \n\n\n\nClass 1 heirs are considered the top of the line in terms of priority and the people falling into this category include;\n\n\n\n\u00d8 Daughter\n\n\n\n\u00d8 Son\n\n\n\n\u00d8 Mother\n\n\n\n\u00d8 Son of a deceased son (i.e grandson)\n\n\n\n\u00d8 Widow\n\n\n\n\u00d8 Daughter of a deceased son (i.e granddaughter)\n\n\n\n\u00d8 Widow of deceased son \n\n\n\n\u00d8 Son of a deceased daughter (grandson)\n\n\n\n\u00d8 Daughter of a deceased daughter (granddaughter)\n\n\n\n\u00d8 Great-grandson (in case fathers are deceased)\n\n\n\n\u00d8 Great-granddaughter (in case fathers are deceased)\n\n\n\n\u00d8 Widow of great-grandson \n\n\n\nClass II Heirs \n\n\n\nThe second highest priority goes to the following mentioned relatives; \n\n\n\n\u00d8 Son's daughter's son (grandson)\n\n\n\n\u00d8 Father\n\n\n\n\u00d8 Son's daughter's daughter (granddaughter)\n\n\n\n\u00d8 Brother\n\n\n\n\u00d8 Sister\n\n\n\n\u00d8 Daughter's son's daughter (granddaughter)\n\n\n\n\u00d8 Daughter's son's son (grandson)\n\n\n\n\u00d8 Daughter's daughter's son (granddaughter)\n\n\n\n\u00d8 Daughter's daughter's daughter (granddaughter)\n\n\n\n\u00d8 Brother's son \n\n\n\n\u00d8 Sister's son \n\n\n\n\u00d8 Brother's daughter\n\n\n\n\u00d8 Sister's daughter\n\n\n\n\u00d8 Brother's daughter\n\n\n\n\u00d8 Sister's daughter \n\n\n\n\u00d8 Father's father (grandfather)\n\n\n\n\u00d8 Father's mother (grandmother)\n\n\n\n\u00d8 Brother's widow \n\n\n\n\u00d8 Father's widow \n\n\n\n\u00d8 Father's brother \n\n\n\n\u00d8 Father's sister \n\n\n\n\u00d8 Mother's father\n\n\n\n\u00d8 Mother's mother \n\n\n\n\u00d8 Mother's sister \n\n\n\nAgnates \n\n\n\nAgnates refer to all relations through males but neither by adoption nor by blood. In the case of two heirs, the nearer in line in terms of hierarchy is given the preference. This depends on the closeness to the common ancestor. In case it is not determined that which of the heirs are rightfully near, the inheritance gets equally divided. \n\n\n\nCognates \n\n\n\nCognates refer to all relations through females, just like in agnates. In this case, also, the nearer of heirs are given the preference, or then the property is equally divided. \n\n\n\nDaughter's Inheritance According to the Hindu Succession Act \n\n\n\nSince 2005, daughters are given equal rights as sons as per the Hindu Succession Act, eradicating the patriarchal mindset of the country. Now whether the daughter is married or unmarried, she is entitled to be an heir to ancestral property. Earlier, this would stand true if the father, as well as the daughter, were alive until 2005 but since 2018, daughters can now hold the same right even if their father has passed away. \n\n\n\nInheritance of a Mother on her Son's Property \n\n\n\nA son's property can be claimed by his mother in case of his death. These property rights entitle the mother to an equal share of the said property even though he has left a wife and child\/children behind. Under this rule, in case the mother who has acquired the property does not make a will, that property can then be claimed by her legal heirs. \n\n\n\nThe Right of an Adopted Child to a Property Inheritance \n\n\n\nProperty inheritance of an adopted child is the same as that of a biological child. Considered within the Class I category, an adopted child would legally be entitled to the property, unless the father was involved in a crime that disqualified him from succeeding any owned property to any heir. \n\n\n\nThe Rights of an Abandoned First Wife \n\n\n\nIf a Hindu man remarries without divorcing his first wife, his first wife along with any children would be considered the lawful heirs. In case of the divorce is official, then the separated partner would have no claim. \n\n\n\nThe Rights of the Second Wife \n\n\n\nInheritance of the second wife stays intact under the Class I category as long as the first wife is either divorced or deceased before the marriage took place. Her children would also have the same rights to their father's inheritance. \n\n\n\nIn Case of Religious Conversion \n\n\n\nThe impact of religious conversion on inheritance would not affect the heir in claiming his\/her inheritance. The Cast Disabilities Removal Act has eradicated the concept of waiving inheritance rights in case someone decides to change their faith. Only if the son or daughter converts to a faith outside of Hinduism, they then lose their rights to any inheritance. \n\n\n\nThe difference between an heir and what we call an inheritance has deeply been explained in this article. The different laws stated by the government safeguard many family members from losing what is rightfully theirs and ensures protection.\u00a0\n\n\n\nYou Might Also Like\n\n\n\nHindu Daughter Holds Equal Rights to Ancestral Property: SC ClarifiesMumpreneurs keeping their chins up to balance entrepreneurship and motherhoodPROBATE OF A WILL AND ITS VALUECasino heiress buys second most expensive property in AsiaA Sneak Peek Into Kapil Sharma\u2019s Homes in Mumbai and Punjab\n\n\n\nFrequently Asked Questions (FAQ's)"},{"post_link":"https:\/\/www.squareyards.com\/blog\/writers-building-kolkatas-gem-worth-%e2%82%b9-653-crores","title":"Writer\u2019s Building: Kolkata\u2019s Gem Worth \u20b9 653 Crores","image":"https:\/\/www.squareyards.com\/blog\/wp-content\/uploads\/2021\/07\/Kolkatas-Writ-825x510.png","author":"Samarjeet Chauhan","authorimg":"https:\/\/secure.gravatar.com\/avatar\/3627d95df82238dac2baa77774a028a7?s=96&d=mm&r=g","date_published":"July 23, 2021","date_modified":"July 23, 2021","desc":"From all over India, tourists visit Kolkata to view the spectacular first colonial building which is none other than Writer\u2019s building. Thousands of visitors visit Kolkata's Writers' Building every year, lured by its magnificent architecture and design. This building has a Greco-Roman appearance with a portico in the center bay and its sculptures are carved by William Fredric Woodington (in 1883).\n\n\n\nHistory of Writers Building\n\n\n\nThe Lal Dighi, a magnificent edifice standing tall in the BBD Bagh region (Dalhousie Square) encompassing the whole width of the water body, serves as the administrative building of the State Government of West Bengal. The Writers' Building is located here.\n\n\n\nGovernor Warren Hastings proposed the concept of erecting the first three-story structure in former Calcutta under British rule due to the rising demand for a facility to carry out different administrative paper duties. In 1777, East India Company (EIC) clerks moved into this structure, which was designed by Thomas Lyon.\n\n\n\nWhat began as a writer's residence, earning it the moniker Writers Building, subsequently became an important trade port for the British invaders. The Writers Building began to serve the Bengal government after Calcutta became the capital of British India in the 19th century. There were 19 living sections in the simple building, each with three sets of windows.\n\n\n\nThe Writers' Building complex is a masterpiece of traditional European design that began as shanties for the company's clerical workers and evolved into the apex of British imperial authority in the east. The Writers' Building became a symbol of bureaucratic authority and red tape, and corruption to the Bengali people.\n\n\n\nWhen British colonial state authority, bureaucratic splendor, lobbying, and corruption were described, this structure regularly appeared in literary works throughout British India and beyond.\n\n\n\nConstruction\n\n\n\nThe Writers' Building was built with a basic construction in mind. In 1776, Thomas Lyon was granted the site of the destroyed St Anne's church and the surrounding region to create facilities for the East India Company's junior writers. When Warren Hastings was Governor, Lyon was assigned on behalf of Richard Barwell, a member of the Council. The Writers' Building is considered to be Calcutta's first three-story structure. The Company leased these properties from Barwell to offer lodging for the writers.\n\n\n\nFort William College was relocated to this structure in 1800. A lot of structural modifications occurred during the next 20 years. A hostel for 32 students and an exam hall were erected, both of which are still in use today. In addition, a lecture hall and four libraries were built. The college was moved from the Writers' in 1830, and private persons gained possession of the structure, converting it into living quarters, godowns, and stores.\n\n\n\nLieutenant Governor-General George Campbell was the first to recognize the necessity for a secretariat to expedite the completion of official tasks. The then-Lieutenant Governor of Bengal, Ashley Eden, was ordered to relocate the principal offices of Chowringhee and Sudder Street to Writers' House. Because the East India Company already occupied a large section of the Writers', two additional buildings were constructed to address the space issue. The Minerva statue was placed atop the central portico. Originally, Writer' had a seven-block-long courtyard. All 13 blocks were completed by 1870. The rotunda and five prime blocks of the main block are historic buildings.\n\n\n\nThe Rotunda part of the structure was finished in 1883, and the Bengal Legislative Council relocated here until 1910. The statue of Minerva stands atop the enormous pediment in the center. Several other statues can be found on the terrace, including four clusters of statues titled \"Justice,\"  \"Science,\" \"Commerce,\" and \"Agriculture,\" with the respective Greek gods and goddesses of these four disciplines \u2013 Zeus,  Athena, Hermes, and Demeter flanked by a European and an Indian practitioner of these vocations.\n\n\n\nWith a built-up area of about 550,000 Sq. Ft, the structure has been dubbed a mini-township. Before the relocation of the state secretariat, the building contained 34 departments and other state government offices, employing roughly 6,000 people.\n\n\n\nValue\n\n\n\nMany wonder about the monetary value of the Writer's Building. The entire facility covers around 10 acreages of land or 4,35,600 Sq. Ft commercial land in the prestigious Benoy-Badal-Dinesh Bagh office neighbourhood that costs between \u20b914k and \u20b915k per Sq. Ft on average. Assuming a price of \u20b915,000 per Sq. Ft for this ancient property, the total comes to \u20b9653 crores and 40 lakhs. The value is likely to be significantly greater when considering the structure's legacy and archival significance.\n\n\n\nRenovation\n\n\n\nThe structure was renovated in late 2013 at a total cost of 2 billion (US$28 million). To make this possible, the state Secretariat and Chief Minister's office were temporarily relocated to Nabanna, an abandoned skyscraper in Howrah held by the Hooghly River Bridge Commissioners Office.\n\n\n\nThe project was put on hold in February 2014 when conservationists and the state Public Works Department deemed the design presented by an architect company inadequate. Meanwhile, before the rehabilitation could begin, a team of architects from Jadavpur University and the Indian Institute of Engineering Science and Technology, Shibpur, was called to undertake tests on the building.\n\n\n\nThe Indian National Trust for Art and Cultural Heritage was also involved in the renovations (INTACH). Before proposing a comprehensive plan in late 2015, the team sought talks with historic conservationists from countries such as Australia and Germany. However, due to government indecision and bureaucratic red tape, construction on the ground had yet to begin by mid-2016.\n\n\n\nBefore the East-West Metro Tunnel, which is part of the Kolkata Metro's expansion, was excavated past the building in November 2017, engineers had to strengthen it. As of the end of 2018, tenders for civil engineering work on various portions of the main structure were being launched.\n\n\n\nWriter\u2019s Building Library\n\n\n\nThe West Bengal Secretariat Library, located in Kolkata's Writers' Buildings, is one of the state's oldest and biggest libraries. It has historical and cultural importance. The library contains a large collection of literature ranging from the British era to the present day. Some of them are quite uncommon. In 1867, the West Bengal Secretariat Library, formerly known as the \"Bengal Secretariat Library,\" was founded. It was once linked with the Bengal Secretariat and was relocated to many locations in Kolkata (then Calcutta) with the \"Bengal Secretariat.\"\n\n\n\nSince 1921, this library has been under the administrative jurisdiction of the Bengal Government of undivided India's Education Department. It was taken over by the Chief Minister's Secretariat in 1945. After the United States gained independence on August 15, 1947, this library was transferred to the Home Department's Writers' Buildings, where it remains today. Dr Bidhan Chandra Ray, the then-Hon'ble Chief Minister of West Bengal, took the initiative to build and renovate the library.\n\n\n\nDr. B.C. Roy opened the library on the ground level of the Writers' Buildings' F- Block on June 9, 1961. The West Bengal Secretariat Library includes a collection of works from the 18th and 19th centuries, mainly in English.\n\n\n\nThis library houses around 2 lakh volumes, with 60,000 classified as rare, ancient, worn-out, or fragile.\n\n\n\nThe Library's Main Holdings\n\n\n\nThe following are the key characteristics of the WBSL holding:\n\n\n\nReports on General Administration from the mid-nineteenth century.Annual reports on the activities of the various government agencies.Debates in the legislature.Acts, Rules, and Manuals.Since 1845, there has been a civil list.Report of the Committee and the Commission.Since 1881, there have been census reports.From 1874 through 1898, reports on publications registered in India and other regions.\n\n\n\nDevelopment and Modernization\n\n\n\nThe Secretariat Library did not receive much attention from the authorities in terms of development and modernization from 1961 to 2010. However, in 2011, the Secretariat Library received an upgrade with the addition of a computer lab with LAN and Internet access. Following that, the Secretariat Library embarked on a digitization and lamination project with the help of the National Archives of India and the State Government. The project is now complete, with 3000 volumes and 12500 million pages completely scanned.\n\n\n\nInteresting Facts\n\n\n\nThe Writers' Building is regarded as Kolkata's first three-story structure.The West Bengal State Government's Secretariat is housed at the Writers' Building.The West Bengal Chief Minister's office is also located in the Writers' Building.The Authors' Building was originally home to Fort William College, which educated younger writers in Oriental languages.Three legendary liberation warriors, Benoy Basu, Dinesh Gupta and Badal Gupta, dressed in European clothing, invaded the Writers' Building on December 8, 1930. They assassinated the notorious Inspector General of Police, Colonel N.S. Simpson mercilessly tormented the imprisoned inmates. They murdered Simpson, and when he refused to submit, Badal killed himself with potassium cyanide while Benoy and Dinesh shot themselves.Even though the area's name has changed throughout time, the Writer's Building has retained its original name. Originally named Tank Square, it was renamed Dalhousie Square in honour of India's then-governor general and later BBD Bagh in honour of the three independence fighters who assassinated a British colonel in 1930.Extensions eventually resulted in the establishment of 13 linked blocks.Mamata Banerjee, West Bengal\u2019s current chief minister, rose to notoriety in 1993 after her protest march to the landmark Writer's Building was openly fired on by the police.The building is now being repaired as a result of her work, and several new blocks may be destroyed in the future.The statue of Minerva was erected atop the Writers' Building's central portico.With over 3,000 out of 4,500 workers, the chief minister has already relocated to Nabanna in Howrah, across the Hooghly River.\n\n\n\nConclusion\n\n\n\nThe Writer's Building is the administrative and political birthplace of Kolkata and West Bengal, closely tied to the city's historical progression and power corridors throughout the years. Even though it is undergoing repair and is now disused, the structure retains its magnificence and overpowering sentimentality, which is not only associated with its renowned days but also with the time period in which it was built.\n\n\n\nYou Might Also Like\n\n\n\nNational Library Kolkata: A Monolith Amidst Digital HorizonsHow to check whether a property is RERA registered and find other vital dataPackers and Movers in DelhiGuide to West Bengal Property Registration: Everything you need to knowWest Bengal State Lottery 2020: Things you need to know\n\n\n\nFrequently Asked Questions (FAQ's)"},{"post_link":"https:\/\/www.squareyards.com\/blog\/everything-you-need-to-know-about-kutcha-houses","title":"Everything You Need to Know About Kutcha Houses","image":"https:\/\/www.squareyards.com\/blog\/wp-content\/uploads\/2021\/07\/kutcha-house-825x510.jpg","author":"Samarjeet Chauhan","authorimg":"https:\/\/secure.gravatar.com\/avatar\/3627d95df82238dac2baa77774a028a7?s=96&d=mm&r=g","date_published":"July 22, 2021","date_modified":"July 22, 2021","desc":"Are you pondering what a kutcha house is? Well, Kutcha houses have structures constructed of bamboo, clay, grass, flax, pebbles, mulch, crop residues, twigs, and unburnt bricks. These aren't stable constructions like apartments or buildings. These kutcha houses are referred to as need-based dwellings, and they may be converted into more permanent buildings.\n\n\n\nThe resources needed to construct kutcha houses may be found conveniently in the forests and other surrounding environments of the region where they are built. Since the materials used to construct kutcha homes are natural, they are unable to prevent environmental penetration, but they do manage to provide shelter for individuals who live there.\n\n\n\nKutcha houses are typically found in rural regions or towns where labourers choose them for temporary housing. A pucca house is an expensive undertaking, and that is why the impoverished choose to live in makeshift constructions.\n\n\n\nTypes of Kutcha Houses\n\n\n\nKutcha houses can range in appearance based on the materials utilized. They are, however, a semi-permanent or transient structure that is vulnerable to natural catastrophes such as floods, hurricanes, earthquakes, and other environmental disasters.\n\n\n\nThere are two types of kutcha houses: serviceable and non-serviceable. Kutcha houses with strong mud walls and thatch roofs are considered serviceable. Non-serviceable kutcha huts are those with both walls and roofs composed of materials like hay, twigs, reeds, or bamboo. Houses of this type must be replaced at regular intervals. Depending on the climatic circumstances, they may endure a season or a year.\n\n\n\nPucca Vs Kutcha House: What\u2019s The Difference?\n\n\n\nKutcha HousePucca HouseMade using readily accessible resources such as clay, reeds, pebbles, and wood.Solid construction made of iron, bricks, concrete, metal, and other materials.The proprietors belong to the socially and economically disadvantaged sectors.The proprietors are well-off.Natural catastrophes and criminal acts frequently cause damage to these unstable structures.These buildings are solid and concrete and are difficult to break into.Frequently constructed as improvised lodgings.Permanent homes are considered an investment.The amenities available to the owners are quite limited.Owners\/residents get access to facilities based on their income level.There may or may not be room demarcations.In such residences, rooms are delineated and distinct bedrooms, corridors, living areas, kitchens, and bathrooms are provided.\n\n\n\nAdvantages of Kutcha Houses Made out of Mud\n\n\n\nPresently, there are more than 65 million homes in India that can be considered kutcha or mud houses. While most are clearly a result of poverty and economic constraints, there are several people who prefer mud houses because of the benefits they provide. While they are certainly not better than pucca houses, kutcha houses do have a few advantages over cement or steel, including ease of access and reduced prices. They also, unlike contemporary materials, remain stable over decades and do not emit carbon when destroyed. Many people in urban regions are surprisingly opting for mud houses owing to the environmental benefits they offer.\n\n\n\nStrong, durable, and disaster-proof\n\n\n\nIf stabilized, mud-brick may be a strong and long-lasting building material for floors and walls. It can withstand earthquakes and floods for decades without cracking.\n\n\n\nWhile kutcha houses made of mud may present challenges during rainy seasons, these difficulties may be handled throughout the construction process. To prevent any damage, stabilizers such as wheat fiber, straw, gypsum, and agricultural waste can be used.\n\n\n\nMud constructions, despite popular belief, do not degrade quickly if they are effectively managed. Long-established mud-building practices have been abandoned or disregarded, which contributes to mud's negative impression. Despite the fact that humans have been constructing mud houses for thousands of years, the technology has not yet matured or become generally recognized.\n\n\n\nThermal Insulation\n\n\n\nHave you ever pondered why, regardless of the weather, houses with mud walls have mild temperatures?\n\n\n\nThis is due to the fact that mud walls are inherently insulating and provide thermal comfort within the home. The interior temperature will be cooler during hot summers, while the warmth of the mud walls will keep you warm during cold winters. Furthermore, the pores enable pleasant air to permeate the home.\n\n\n\nRecyclable\n\n\n\nWhilst recycling has been the new mantra for environmental sustainability in recent years, mud huts have been doing so quietly for centuries. Mud huts are recyclable or reusable once they have been demolished.\n\n\n\nThe material is re-usable, and mud may simply be returned to nature if broken down. So, if your family member needs to construct a house, he or she may reuse all of the materials instead of buying new ones. This environmentally friendly element also significantly reduces the building cost.\n\n\n\nBiodegradable\n\n\n\nWe are besieged by materials that take ages to degrade, such as plastics, steel, glassware, and copper, owing to rapid consumerism. Tons of trash have accumulated on our globe and in our water bodies as a result of this. They continue to damage the environment because they have no other option.\n\n\n\nMud is a brilliant example of a bio-economy in action. It quickly returns to its origins in nature.\n\n\n\nCost-Effective\n\n\n\nMud or rammed earth may be obtained at affordable prices attributable to its availability. Furthermore, because it is a locally accessible resource, it lowers or eliminates shipping expenses.\n\n\n\nThis reduces the entire building cost by up to 30%. If a square foot in a typical house costs \u20b91,000, the same space in an eco-friendly house will cost \u20b9600.\n\n\n\nCarbon Footprint\n\n\n\nDid you know that the cement sector accounts for around 8% of worldwide carbon dioxide (CO2) emission levels?\n\n\n\nCement became the most preferred resource for most builders in the twenty-first century as an alternative for mud. Mud, on the other hand, has a very low carbon footprint since it is reusable and can be dug out from the ground. Furthermore, it is supplied locally, obviating the need for carbon-emitting transit.\n\n\n\nKnow These Terms Used in The Housing Sector:\n\n\n\nHousehold: A household is often a group of people who dwell together and eat their meals from the same kitchen unless job obligations restrict them from doing so. A household's members might be related, unrelated, or a mix of both. If a number of unrelated people live in a residence but do not eat from the shared kitchen, they are not considered members of the same household. A shared kitchen was a crucial element in determining whether it was a household or otherwise.\n\n\n\nInstitutional Household: An Institutional Household is a grouping of unrelated people who reside in a facility and eat their meals from a shared kitchen. Dorms, messes, hostels, hotels, rehabilitation centers, prisons, and orphanages are examples of Institutional Households.\n\n\n\nHouseless Households: Households living in the open on the roadway, sidewalks, beneath fly-overs and stairs, or in the open in religious sites, train stations, etc. are classified as Houseless Households.\n\n\n\nHouse: House was described in the 1971 census as \"a building or portion of a structure with a distinct entrance gate from the road or shared courtyard or stairway case, etc.\" A house is used or identified as a distinct unit. It might be occupied or unoccupied. It can be utilized for residential, non-residential, or both purposes.\n\n\n\nIndependent House: An independent house has its own structure and entrance, as well as self-contained facilities. In other terms, an independent house is one in which the housing unit and the whole foundation of the house are physically identical. Living rooms, kitchens, bathrooms, latrines, storage rooms, and verandahs are all considered housing units.\n\n\n\nPucca House: Pucca houses are sturdy structures. Wood, bricks, concrete, iron poles, and steel are used to construct them.\n\n\n\nSemi-Pucca House: A structure with permanent walls made of pucca material but a roof constructed of a different material than that used for pucca houses.\n\n\n\nFlat: A flat is a section of a building that contains one or more rooms with self-contained configurations and standard housing amenities such as water, latrine, and restrooms that are used solely by the family staying within or shared with other families. It also includes self-contained rooms or rooms that may or may not have access to other housing options.\n\n\n\nSlum: Slums are described as compact communities comprising at least 300 people, or roughly 60-70 families, of poorly constructed, packed settlements, sometimes with insufficient infrastructure and sanitation and water supply services.\n\n\n\nThe State of Housing in India\n\n\n\nAccording to a preliminary survey report issued by the Centre, a lot of families in Odisha's villages reside in one-room or two-room kutcha huts. As per the poll, at least 41.9 percent of families in rural regions of the state live in one-room kutcha huts. In Kerala, the number is merely 3.5 percent, whereas, in Jammu and Kashmir, it is 8.6 percent.\n\n\n\nRoughly 47.8% of families live in kutcha houses with two rooms. In Kerala, the rate is barely 18 percent. In Kerala, 38%, 27.6%, and 18.5% of families dwell in three-room, four-room, and five-or-more-room homes, respectively, whereas in Odisha, the percentages are just 14.2% (three-room), 5.2 (four-room), and 2.6 (five-or-more-room-houses).\n\n\n\nAs per the census 2011, there were 91,84,785 dwellings in Odisha, with 77, 22,226 in rural areas and 14, 64,559 in urban areas.\n\n\n\nThere were 27,94,395 dwellings in good condition, with 28,33,289 having concrete roofing and 16, 60,563 having asbestos roofing. Straw, timber, and bamboo-made roofs accounted for 42,00,272 of the overall dwellings, while tile roofs accounted for about 30 lakh and plastic roofs for over 50,000.\n\n\n\nDue to poverty and underdevelopment, a lot of communities are denied the opportunity to live in better-equipped homes, according to the census and survey report.\n\n\n\nWhen it comes to tribal and socially marginalized groups, the situation is even poorer. In the meantime, the State Government has initiated a special programme to upgrade all kutcha houses into pucca houses. The Pradhan Mantri Awas Yojana (PMAY) is a government of India programme to offer low-cost housing to the underprivileged, with a goal of constructing 2 crores (20 million) affordable homes by March 31, 2022.\n\n\n\nThe following are the major objectives of this centralized housing scheme:\n\n\n\nProviding eligible candidates with low-interest housing loans in order to boost the building and purchase of homes.Slum residents can be rehabilitated by building cheap homes and providing financial help.Bringing the public and private sectors together to guarantee that all Indians have access to affordable housing.Affordable home renovation and development for qualified households.\n\n\n\nThe Pradhan Mantri Awaas Yojana \u2013 Gramin (PMAY-G) was created to support the \"Housing for All\" initiative. The central government has set a goal of completing the \u201cHousing for All' project by 2022.\n\n\n\nThe PMAY-G scheme's major goal is to offer pucca housing with some essential facilities. This programme is for those who do not possess a home and reside in kutcha dwellings or houses that have been badly impacted. The minimum size of dwellings to be developed under the PMAY-G programme has been extended from 20 to 25 square meters.\n\n\n\nYou Might Also Like\n\n\n\nInnovative Ideas to Sprinkle your Pearly Walls with Bountiful Sun raysWhy green housing is the future of real estate?Pradhan Mantri Awas Yojana 2019-20: A Housing for All initiativeGovernment Pushes Housing All ProgrammesPMAY - Pradhan Mantri Awas Yojana: Things You Should Know About\n\n\n\nFrequently Asked Questions (FAQ's)"},{"post_link":"https:\/\/www.squareyards.com\/blog\/top-10-localities-of-the-cosmopolitan-city-bengaluru","title":"Top 10 localities of the cosmopolitan city- Bengaluru","image":"https:\/\/www.squareyards.com\/blog\/wp-content\/uploads\/2021\/07\/bangalore-cosmopolitan-city-825x510.jpg","author":"Samarjeet Chauhan","authorimg":"https:\/\/secure.gravatar.com\/avatar\/3627d95df82238dac2baa77774a028a7?s=96&d=mm&r=g","date_published":"July 22, 2021","date_modified":"July 22, 2021","desc":"Bangalore is one of the cosmopolitan cities of India. The Bengaluru luxury market plays a significant role in a range of public sector enterprises, software firms, aviation, communications, and other industries across India. Bangalore is also regarded as India's Silicon Valley. It is an ethnically diverse city that has quickly risen to become one of the country's most important economic hubs and fastest-growing metropolises.\n\n\n\nBengaluru, India's information technology (IT) capital, provides chances for working adults, businessmen, and start-ups. However, this isn't the only reason driving real estate demand in this area. The city has also been popular among NRIs and ex-pats due to its growth potential. Bengaluru aka \u2018silicon city\u2019 offers a choice of residential properties for sale in Bangalore, and it is appropriate for people seeking settlement in a cosmopolitan city.\n\n\n\nBengaluru, as a city\n\n\n\nBengaluru has been the largest town of Karnataka. It is India's third-largest city and fifth-largest metropolitan area, with a population of over 8 million and a metropolis population of approximately 11 million. According to a stone inscription found just at Nageshwara Temple in Begur, Bengaluru, the capital's history dates to roughly 890 CE. 'Bengaluru Kalaga' is mentioned on the Begur inscriptions inscribed in Halegannada (old Kannada).\n\n\n\nThe British moved their cantonment from the old city to Bengaluru in 1809, and a town developed up around it that was ruled as part of British India. Bengaluru then became the capital of Mysore State after India's independence in 1947, and then it continued so when the new Indian territory of Karnataka was founded in 1956.\n\n\n\nBangalore's large metropolitan settlements, a city, and the cantonment evolved as separate entities, combined in 1949 to form a unified city area. Bengaluru, the city's pre-existing Kannada name, was designated the official term in 2006. The city is home to several Indian technical companies. Bengaluru is India's second-fastest-growing metropolitan metropolis, with a diversified population. According to recent estimations of its metro economy, Bengaluru is the 5th most profitable metropolitan area in India.\n\n\n\nThe city is home to several state-owned aerospace & automotive companies. The Kannada movie industry is also based in the city. The Ease of Living Index 2020 stated that Bengaluru is the most liveable Indian metropolitan area with over a million people. Apart from Kannadigas, the Telugus and Tamilians are two prominent communities in Bangalore with a long history in the city. They went to Bangalore in pursuit of a better life. Bangalore had a small number of Tamil and Telugu residents who spoke Kannada to do low-profile professions as early as the 16th century.\n\n\n\nBengaluru's culinary diversity reflects the city's social and economic diversity. Bengaluru offers a diverse range of restaurant styles and cuisines, and residents consider eating out to be an important part of the culture. Bengaluru is also home to a thriving classical music and dance scene in India. Due to Bengaluru's many ethnic groups, the arts community is quite diverse, as evidenced by its music events, dance shows, and plays.\n\n\n\n1. BASAVANAGUDI\n\n\n\nBasavanagudi is a residential and business community in Southern Bengaluru. The neighbourhood is one of the capital's oldest. It is a well-developed residential and retail district. It's a green town with prestigious institutions, bustling markets, plenty of parks with ancient trees, lakes, and a diverse range of eateries. Popular educational institutions in the region include the B.M.S. College of Engineering as well as the National College. Residents in the area benefit from good connectivity because of the National College and Lalbagh metro stations on the green line. The neighbourhood provides affordable housing options with good amenities. This area is dominated by single-family homes as well as luxury apartments. Basavanagudi is a residential\/commercial neighbourhood in south Bengaluru, adjacent to Jayanagar. It was once the centre of business and is one of the city's oldest neighbourhoods. The starting bid of property in Basavanagudi is Rs. 104 per square feet, with a typical price of Rs. 11,334 per square feet.\u00a0\n\n\n\n2. INDIRA NAGAR\n\n\n\nIndira Nagar is a well-established residential and commercial neighbourhood in Bengaluru. The area, located east of the city, is well connected to popular areas such as Jeevanbheemanagar, CV Raman Nagar, Koramangala, HAL Layout, Murugeshpalya, as well as Ulsoor. Indiranagar is a cosmopolitan neighbourhood with upscale stores, bars, cafes, diners, and educational institutions. Namma Metro has improved connectivity and boosted the area's real estate values. Horizontal developments, such as single-family homes, low-rise multi-storey flats, and villas, make up most of the residential landscape in the area.\n\n\n\nThis is the most popular location and appears to be one of Bengaluru's most posh and expensive neighbourhoods. Indiranagar is a known business neighbourhood in Bengaluru because it is home to many start-up enterprises. Indiranagar, situated in the heart of the city, has everything to do with amusement, including lively pubs, playgrounds, gyms, hospitals, and hotels, among other things. With a constant stream of retail malls, it is regarded as Bangalore's most popular retail destination. The price of properties in Indira Nagar for sale ranges from Rs. 3,348 per sqft to Rs. 26,032 per sqft.\n\n\n\n3. BENSON TOWN\n\n\n\nBenson Town is an affluent residential area in southern Bengaluru with both industrial and commercial establishments. It is one of the city's oldest and most affluent neighbourhoods, with a mix of single-family homes and multi-story apartment buildings. Benson Town is a historic neighbourhood in north Bengaluru that is home to the traditionally wealthy. Within Benson Town, the well-known suburbs include SK Garden as well as Byadarahalli. While the neighbourhood is pleasant, homeowners frequently confront waste disposal difficulties.\n\n\n\nBangalore's Benson Town is one of those areas in any city that exhibits the city's traditional culture and neighbourhood. The single-story houses and broad tree-lined streets are familiar to many who live here. This region, primarily populated by Kannada-speaking residents, is not very upscale but rich in traditional culture, iconic food, large marketplaces, and lovely parks. The asking price of a property in Benson Town is Rs. 549 per square foot, with a typical price of Rs. 10,527 per square foot.\n\n\n\n4. KORAMANGALA\n\n\n\nKoramangala is a posh area in Bengaluru's southeast. Adugodi, BTM Layout, Jayanagar, as well as Ejipura surround the region, which is located close to Hosur Road. Koramangala is a popular residential centre due to its strong social infrastructure, good physical connections, and a plethora of companies located inside and around. Luxury residential houses, apartments, buildings, houses, and low-rise multi-storey flats are all options for you. Furthermore, there is a nice mix of finished and under-development apartment in this area.\n\n\n\nKoramangala is a flourishing district with several premium residential units but is at the top of the list of finest locations in Bangalore, among other connected regions in south Bangalore. Koramangala is well connected to the city's key destinations, such as Electronic City, Hosur Road, Middle Ring Road, Airport Road, etc. It is a cosmopolitan district with several retail malls and restaurants, and it has many lively party places for the city's young. It is also a shopping attraction as it is home to the world-famous Forum Mall. There are numerous premium residential units in the neighbourhood, but there are also a few locations that provide less expensive lodging. The typical price of houses in Koramangala is Rs. 13,718 per square foot, with the asking price being Rs. 1,300 per square feet.\n\n\n\n5. MALLESHWARAM\n\n\n\nMalleshwaram or Malleshwara, located in the north-western section of Bangalore, is among the oldest neighbourhoods and a well-planned suburb. Its name comes from the renowned Kaadu Malleswara temple. As one of the traditionally affluent districts, it has taken on a cosmopolitan feel, with multi-storey flats replacing many big bungalows. It has a diverse population, with prominent families from the middle and higher middle classes. The 11th Cross Flower Market, wholesale and retail stores on Sampige Road, and legendary restaurants on Margosa Road have all drawn a diverse range of individuals. The asking price of a property in Malleswaram is Rs. 514 per square foot, with a typical price of Rs. 10,664 per square foot.\n\n\n\n6. RAJAJI NAGAR\n\n\n\nC. Rajagopalachari is the namesake of one of Bengaluru's major suburbs, Rajaji Nagar. Basaveshwaranagar, Malleshwaram, as well as Mahalakshmipuram are among the notable areas around Rajaji Nagar. Rental buildings, parks, gyms, education institutions, commercial centres, stores, worship sites, and restaurants make up the region. The BMTC bus, as well as Yeshwanthpur railway station, as well as the Namma Metro, serve the neighbourhood. Mantri Square, Orion Mall, as well as GT World Mall are just a few of the well-known malls in Rajajinagar. It is mostly populated by single-family homes, and the scarcity of land plots added to the town's value. The asking price of a property in Rajajinagar is Rs. 699 per square foot, with a typical price of Rs. 13,634 per square foot.\n\n\n\n7. Cooke Town\n\n\n\nCooke Town is a developed, well-located neighbourhood in South-East Bengaluru, between the ORR and Sarjapur Road intersection. The region is a major residential hub, with several finished and upcoming apartment complexes. The site acts as a significant crossroads between Bengaluru's southeast sides. Cooke Town is a diverse neighbourhood in the city. The neighbourhood, which is home to numerous HNIs and corporations, is also sought after by tenants. It was founded when the Madras Government oversaw the Bangalore Civil as well as Military Station in north-east Bengaluru. While this area is desirable in general, the small roadways may irritate some residents. Cooke Town is a significant technological centre with connections to ORR, Whitefield, as well as other significant information technology (IT) centres. As a result, it is a sought-after residential area for experts in these disciplines.\n\n\n\nCooke Town is another inexpensive neighbourhood in southeast Bangalore. Cooke Town was essentially a desolate wasteland until the early 2000s when IT infrastructure began to emerge. As a result of this growth, lodging in Bellandur is more inexpensive than in other sections of the city. The typical price of houses in Cooke Town is Rs. 10,646 per sqft, with the asking price being Rs. 1,016 per sqft.\n\n\n\n8. RICHMOND TOWN\n\n\n\nDue to its excellent connection to IT centres such as the Embassy Manyata Business Park and the Kempegowda Airport Terminal, Richmond Town has become one of the wealthiest areas in Bangalore, attracting many purchasers. The area is home to several businessmen, actors, and politicians. Richmond Town is a posh Bangalore suburb with various amenities, including retail malls, cinemas, eateries, education, and healthcare. With its tree-lined avenues and gorgeous mansions, the neighbourhood has one of Bengaluru's highest property prices. The price of Richmond Town properties ranges from Rs. 3,831 per sqft to Rs. 17,147 per sqft.\n\n\n\n9. RMV EXTENSION\n\n\n\nRMV Extension, regarded as one of the city's most important thoroughfares, is another well-connected neighbourhood in Bangalore. The area is home to some of the city's most prestigious institutions, including the IIM-B, HSBC, and Honeywell. It also has several pleasant and comfortable residences, shopping malls, hospitals, as well as schools. In addition, RMV Extension offers exceptional access to BMTC buses, a convenient, dependable, and inexpensive way to go about the city. The typical price of homes in RMV Extension Stage 2 seems to be Rs. 12,044 per square foot, with a price of Rs. 1,000 per square feet.\n\n\n\n10.\u00a0Ulsoor\n\n\n\nUlsoor, located in Bengaluru's south-eastern section, is a prominent residential neighbourhood. Ulsoor has witnessed a significant rise in residential housing due to the vicinity to commercial districts in the city around Koramangala, Hosur Road, and adjacent regions. It has a good mix of apartments and single-family houses. Ulsoor is now one of the most well-organized residential areas due to its real character of interior homes. You are well taken care of, with some of the greatest schools, hospitals, caf\u00e9s, restaurants, clubs, tree-lined streets, and so much more.\n\n\n\nUlsoor is the centre of India's largest electronics industrial areas, which span 800 acres. In this sector, there are around 200 IT firms, including several prominent names like Infosys, TCS, Wipro, HCL, and others. Ulsoor has been meticulously designed and, according to state governors, will soon be transformed into a \"living lab\" providing world-class urban services. This neighbourhood is a magnet for all people who work in and around Ulsoor, with several fancy residential areas and a plethora of culinary places. This neighbourhood is a little out of the way, but it rewards residents with a very high standard of living.\n\n\n\nConclusion\n\n\n\nThese 10 areas have become Bengaluru's most sought-after residential neighbourhoods due to ongoing infrastructural development, metro connection, and closeness to job centres.\n\n\n\nYou Might Also Like\n\n\n\nThe top five expensive neighbourhoods in BangaloreReasons to Invest in BengaluruCase Study Investing in North Bengaluru10 things to check before buying your first homeWhy should people live near Bengaluru\u2019s city centre?\n\n\n\nFrequently Asked Questions (FAQ's)"},{"post_link":"https:\/\/www.squareyards.com\/blog\/what-are-the-registration-stamp-duty-charges-in-tamil-nadu","title":"What are the Registration & Stamp Duty Charges in Tamil Nadu?","image":"https:\/\/www.squareyards.com\/blog\/wp-content\/uploads\/2021\/07\/stamp-duty-1-825x510.jpg","author":"Samarjeet Chauhan","authorimg":"https:\/\/secure.gravatar.com\/avatar\/3627d95df82238dac2baa77774a028a7?s=96&d=mm&r=g","date_published":"July 22, 2021","date_modified":"July 22, 2021","desc":"The Chennai office of the land registration department is all set to implement the TN registration charges 2020. Whether it is E-stamping in Chennai, stamp duty for partition of property- these can be done in the offices of the registrar or sub registrar. \n\n\n\nDetails of individual stamp duty and registration charges for all types of documents have been listed. Well, stamp duty charges and registration charges were the highest out of all the states in India, second only to Bihar. \n\n\n\nIn a recent revision, however, the government of Tamil Nadu has taken note of the economic weakness in society especially after the successive lockdowns due to COVID-19 and have brought down the stamp duty and registration fee which was as high as a combined 11% to 6%. Applicants are requested to check on the portal www.tnreginet.net whether the discounted rates are temporary or whether these rates will prevail in the foreseeable future as well. \n\n\n\nStamp duty and registration charges for various documents in Tamil Nadu \n\n\n\nRegistration and stamp duty charges in Tamil Nadu are higher than those in most states. The stamp duty for sales, exchange or gift of property is 7% of the market value and registration charges are 4% of the market value of the property. \n\n\n\nMortgaged Property- There is a mandatory requirement that property under mortgage must also be registered. Stamp duty on property under a simple mortgage is 1% of the borrowed amount subject to a limit of \u20b940,000. Registration charges of property under a simple mortgage is also 1% of the loan amount but up to a maximum of \u20b910000. The stamp duty on a mortgage of the property which the owner has in his or her possession is higher at 4% of the borrowed capital. The corresponding registration charges 1% of the loan amount up to a maximum of \u20b92 lakhs.\n\n\n\nProperty under the agreement- There are different rates of stamp duty and registration fees for agreements. For a sale agreement, the registration charge is 1% of the token money given for the agreement. The registration charge is, however, 1% of the total consideration amount if possession of the property has already been given. For agreements relating to constructing a building on a plot, the stamp duty and registration charges are both 1% of the higher value out of the cost of construction or the cost of consideration made in the document. The stamp duty and registration fees on any type of cancellation document are \u20b950 each.\n\n\n\nProperty under partition- There are stamp duty and registration fees for individual registration of property after partition. For a split of property between members of a family, the rate is 1% of the market value of the property for both. Though, there is a maximum limit of \u20b925000 stamp duty for each partition and a maximum limit of \u20b94000 registration fee for each unit of partition of the property. For partition among people who are not related, however, the stamp duty is 4% of the present valuation of separated shares and the registration fee is 1% of the market value of the separated shares.\n\n\n\nProperty with the power of Attorney- There are different stamp duty and registration fees for property under a power of attorney. In the case of a general power of attorney for the sale of immovable property, stamp duty is \u20b9100 and the registration fee \u20b910000. In the case of a general power of attorney for immovable property given to a member of the family, the stamp duty remains \u20b9100 but the registration fee is \u20b91000. In the case of a general power of attorney given for selling mobile property not considered immovable and for other purposes, stamp duty on this document is \u20b9100 and the registration fees \u20b950. There is a fourth type of power of attorney which is given for the purpose of considering action on a property. The stamp duty on this is 4% of the consideration amount and a registration fee of 1% up to a maximum of \u20b910000.   \n\n\n\nSettlement -The next set of documents are settlements. For registration of a document of settlement among family members, there is a stamp duty of 1% of the market value of the property up to a maximum of \u20b925000. The registration fee is 1% of the market value but up to a maximum limit of \u20b94000 only. Documents of settlement in other cases attract a stamp duty of 7% of the market value of the property while the registration fee is 4% of the property\u2019s market value. \n\n\n\nRegistration of Deeds- The stamp duty on partnership deeds is \u20b9300 and the registration fee 1% of the capital invested. If a memorandum of title deeds is to be registered, the required stamp duty is 0.5% of the loan amount up to a maximum of \u20b930000. The registration fee on the memorandum is 1% of the loan amount up to a maximum of \u20b96000. \n\n\n\nRelease\u2013 There are two kinds of release documents: those among family members and those among non-family members. In the case of release among family members who are coparceners to the property, the stamp duty and registration fees are both 1% of the market value of the property though with a limit of \u20b925000 on the stamp duty and \u20b94000 on the registration fee. In documents of release among members who are not related by family, stamp duty is 7% and registration fee 1% of the total market value of the property.\n\n\n\nLease Documents- Lease agreements of different types need to be registered and so requires the payment of stamp duty and registration fees. The stamp duty and registration fee are both 1% of the rent, fines and premium though there is a limit of \u20b920000 on the registration fee. For leases up to 99 years, the registration fee remains at 1% of the rent with a cap of \u20b920000 while the stamp duty is 4% of the rent plus any premium or fine. For lease agreements beyond 99 years, also known as perpetual leave, the registration fee is again 1% with a limit of \u20b920000 while the stamp duty is 7% of the rent and any advance or premium.      \n\n\n\nStamp Duty and Registration charges for women in Tamil Nadu\n\n\n\nThere is no difference in the rate of registration fee and stamp duty on any kind of property for women. The rates are the same for men, women, and joint buyers in the state of Tamil Nadu.\n\n\n\nStamp duty and registration charges impact the price of a property\n\n\n\nLet us calculate the effect of stamp duty and the cost of registration on the price of a property. If a person is buying a property that has a market value of \u20b950 lakhs, the stamp duty at 7% of the market value works out to \u20b93.5 lakhs. The registration charge of this property at 4% works out to \u20b92 lakhs. \n\n\n\nThe total cost of stamp duty and registration fees is \u20b95.5 lakhs. Thus, the impact of stamp duty and registration fees is an 11% increase in the cost of the land. \n\n\n\nThe registration charge for resale property in Tamil Nadu\n\n\n\nThe fee for registration for a resale property is 1% of either the market value of the property or the sale agreement value. The stamp duty remains the same at 7%. \n\n\n\nTamil Nadu may make registration compulsory for joint Ventures\n\n\n\nThe fee for registration for joint ventures in Tamil Nadu is high at the rate of 7% of the market value of the joint venture. As registration of joint ventures was not compulsory in Tamil Nadu and most of the projects for commercial and residential buildings are joint ventures, most of these projects remained unregistered due to the high registration cost.\n\n\n\nThe Tamil Nadu government is debating whether to reduce the registration fee to 2% down from 11% while making registration of joint ventures mandatory. This will help reduce unauthorised construction and help revenue collection for the Tamil Nadu government.\n\n\n\nProperty registrations in Chennai amid COVID-19 \n\n\n\nThere was a dip in property registration due to the crippling effects of the COVID-induced Lockdown. There was an increase in property registration during August 2020 after the easing of restrictions. Additionally, 17,000 more properties were registered in Chennai alone as compared to August 2019.           \n\n\n\nRecord high registrations - October 2020\n\n\n\nThe day of October 29, 2020, was a memorable day for the Tamil Nadu land registration department. On that one day alone, a record collection of \u20b9123.35 crores was collected in the form of stamp duty and registration charges. \n\n\n\nThe 575 offices of sub registrars across the state of Tamil Nadu together achieved 20,307 registrations for the month. This looked like a good recovery, and no one thought a devastating second wave would cripple the progress a few months later.\n\n\n\nWill the state reduce the Stamp duty?\n\n\n\nThe deputy chief minister of the state of Tamil Nadu had a meeting with the Association of Real Estate Developers in India to reduce the combined 11% stamp duty and registration fees to 6%. This move is being sought as a relief for the people of Tamil Nadu who have still not recovered from the devastating effects of the floods in 2015 and the pandemic-driven lockdowns during 2020 and 2021. There had also been a request to keep the total stamp duty and registration fees down to 5% as an interim measure of relief till the end of March 2021. This was reportedly accepted and implemented by the government of Tamil Nadu.\n\n\n\nThe Government of Tamil Nadu gave relief to MSMEs by exempting the 0.5% stamp duty on loans availed under the Pradhan Mantri Atma Nirbhar Bharat scheme. There has been a proposal for providing 20% provisional loan to units with outstanding loans due to loss of operations on account of the lockdowns caused by COVID-19. \n\n\n\nAs of June 2021, stamp duty for registration of property in Chennai is 7% of the market value of the property and registration fee at 1%. The rate is presently prevailing for both urban as well as rural property.\n\n\n\nYou Might Also Like\n\n\n\nTamil Nadu Property Tax Online Payment: Know DetailsThe Maharashtra Stamp Act 2020 and Stamp duty and registration charges on immovable propertyMaharashtra Stamp Duty Cut May Significantly Boost the Realty SectorProperty Registration Charges in Bangalore: Know DetailsEverything You Need to Learn About Guideline Value in Tamil Nadu\n\n\n\nFrequently Asked Questions (FAQ's)"},{"post_link":"https:\/\/www.squareyards.com\/blog\/a-sneak-peek-into-deepika-padukone-and-ranveer-singhs-posh-home","title":"A Sneak Peek into Deepika Padukone and Ranveer Singh\u2019s Posh Home","image":"https:\/\/www.squareyards.com\/blog\/wp-content\/uploads\/2021\/07\/deepika-ranveer-house-825x510.jpg","author":"Samarjeet Chauhan","authorimg":"https:\/\/secure.gravatar.com\/avatar\/3627d95df82238dac2baa77774a028a7?s=96&d=mm&r=g","date_published":"July 22, 2021","date_modified":"July 22, 2021","desc":"The most adored celeb couple Deepika Padukone and Ranveer Singh have a luxurious home in Beaumonde Towers in Prabhadevi society, Mumbai. This swanky home is 2776 Sq. Ft 4 BHK apartment on the 26th floor of Beaumonde Tower B. \n\n\n\nThe couple is a hit pair in Bollywood and has been seen together in blockbuster films like Bajirao Mastani, Ram Leela, and Padmavat. The duo has established themselves as not only good actors in their own calibre but a successful leading screen pair.\n\n\n\nJourney in Bollywood\n\n\n\nBollywood\u2019s top actress Deepika Padukone started her career as a model. In no time, she bagged a TV commercial for soap \u2018Liril\u2019. Another star in her modelling career was her award of \u2018model of the year\u2019 at the Kingfisher Fashion awards in 2005. \n\n\n\nIn 2006, Deepika moved to Mumbai and gained the limelight from a music video of a Himesh Reshmaiyya song. By this time, she was working with the noted fashion designers Sunit Verma and Wendall Rodricks. Her film career was set to begin and she was humble enough to admit her inexperience and joined the Anupam Kher School of acting. Her first major film offer was the Farah Khan film \u2018Happy New Year\u2019. This film was shelved to be revived later and Deepika Padukone made her Bollywood debut with \u2018Om Shanti Om\u2019 which was not only a success but it got her a Filmfare Award for best debutante and a Filmfare award nomination for best actress.\n\n\n\nThere were regular film offers after these and Deepika found herself nominated for another Filmfare best actress award for her work in \u2018Love Aaj Kal\u2019 in 2009. Along the way, there were the flop films \u2018Chandni Chowk to Delhi\u2019, \u2018Karthik Calling Karthik\u2019, \u2018Khelein Hum Jee Jaan se\u2019, \u2018Break ke Baad\u2019, \u2018Arakshan\u2019 and \u2018Desi Boyz\u2019. In the midst of these flops, Deepika Padukone managed to win the hearts of the public by giving a phenomenal performance in the film \u2018Lafangey Parindey\u2019.  \n\n\n\nFrom 2011 onwards, Deepika Padukone had commercial success and got recognized for her acting skills in the films \u2018Chennai Express\u2019, \u2018Tamasha\u2019, \u2018Yeh Jawani Hai Deewani\u2019 and \u2018Piku.\u2019\n\n\n\nRanveer Singh- A Phenomenal Actor & Husband of Deepika Padukone\n\n\n\nRanveer Singh Bhavnani is from a Sindhi family and completed his education at Indiana University. He also had a brief stint as a model and also won the best debut actor for his entry film \u2018Band Baaja Baraat\u2019, like Deepika who had also won the best debut award. Ranveer Singh went on to play a memorable role of a thief in the 2013 \u2018Lootera\u2019.\n\n\n\nBy the year 2014, he teamed up with Sanjay Leela Bhansali to work on three films back to back along with Deepika Padukone and won several Filmfare awards.\n\n\n\nIn 2014, both Deepika and Ranveer received acclaim for their roles of Padmavati and Alauddin Khilji. This couple has now been added to the list of most successful leading pair and compared to Dharmendra-Hema Malini, Amitabh Bachchan-Jaya Bhaduri and Ajay Devgn-Kajol.\u00a0\u00a0\u00a0\u00a0\n\n\n\nAbout Deepika Padukone and Ranveer Singh\u2019s Property in Prabhadevi\n\n\n\nDeepika Padukone\u2019s 26th floor flat in Beaumonde Towers is nothing less than a luxury. The Beaumonde Towers project is a venture of Sheth Developers. The complex consists of 3 towers and has 2 tennis courts, a badminton court, a squash court and exercise areas. The complex has 2, 3, 4 and 5 bedroom hall kitchen apartments   \n\n\n\nThe apartment was designed by Vinita Chaitanya in an East meets West theme. There is a very good blend of the vintage with the modern in a style known as the Modern-Retro vibe.\n\n\n\nThe apartment comes with 3 parking spaces where the couple parks their Mercedes, Audi A8 L and their first car, the Audi Q7.\n\n\n\nThe Beaumonde towers in Prabhadevi are next to the Shivaji Residential Zone in the north and the posh locality in the South. The Siddhi Vinayak Temple is close by and Deepika is seen visiting this temple to offer prayers before the release of each of her films.\n\n\n\nSheth Creators, the developers of the iconic Beaumonde Towers is proud of its venture as it has won them several awards including the Asia Pacific Residential property awards as best high rise architecture in India and CityScape awards real estate for a best residential developer in Asia. Sheth Creators has followed up its success in Prabhadevi with a new project of four towers in Sion, Mumbai. \n\n\n\nPrabhadevi has emerged as a posh area in south Mumbai connecting the business district of Nariman point with the developed areas and new emerging business hubs of lower Parel and the Bandra Kurla area. There are posh residential towers for the rich and famous with most apartments facing the Arabian Sea. Excellent connectivity with almost all the major roads of south Mumbai converging at Prabhadevi. The Bandra \u2013 Worli 8 lane link road going over the sea is an architectural marvel and connects Prabhadevi and Worli to the areas of Bandra, Andheri, Khar and SantaCruz.\n\n\n\nThe area around Prabhadevi has some of the best hospitals in Mumbai. The most well-known hospitals in the vicinity are the Seven Hills, Lilawati and Breach Candy Hospitals. There are great shopping malls- Sobo near Mumbai Central and Atria in Worli. The presence of a large number of movie stars, playwrights and celebrities have attracted upmarket car showrooms and includes the Lamborghini showroom from where Ranveer Singh got his new prized possession. \n\n\n\nPrabhadevi is a harmonious blend of old-world charm and ultra-modern living. Some of the city\u2019s renowned Parsi, Jewish and Jain communities live here in their colonial houses and bungalows. \n\n\n\nInside Deepika Padukone and Ranveer Singh\u2019s Plush Abode\n\n\n\nDeepika Padukone and Ranveer Singh\u2019s house has a simplistic touch with a dash of elegance. Her apartment is stylishly decorated and has a sprinkling of potted plants and floral design curtains that blend well with the overall theme of the house.\n\n\n\nThe first possession that attracts attention is a customary grand piano which the diva is learning to play and she is still taking lessons. The 3 portraits of the diva in golden frames above the piano look elegant.\n\n\n\nThe design theme used by the interior designer Vinita Chaitanya is a modern-retro vibe which is an interior decoration term and modernizes vintage style from the 1960s and 1970s into a modern amalgamation. Some typical features of modern-retro vibes are dreamy floral patterns, whimsical eclectic mixes of bright coloured furniture with light coloured walls, antique chandeliers, open living rooms, arched french doors, muted shades and bold print.\n\n\n\nEvidence of this classic style is seen everywhere in the Deepika, Ranveer home. Even the lush bedroom with an antique 4 poster bed reflects the majesty of the Victorian era. There is a walk-in closet which is almost the size of the bedroom.  \n\n\n\nThe innovative modern-retro vibes can be found everywhere in the Deepika-Ranveer home. The opulent yet vintage-style living room has wall-mounted golden candle stands and a grand opulent chandelier. The living room leads to an equally simplistic and elegant dining room which is furnished with a mirrored dining table from Milan Italy. This ornate dining table has velvet-covered high backed dining chairs.\n\n\n\nDeepika Padukone and Ranveer Singh\u2019s home worth\n\n\n\nThe Deepika Ranveer Singh home, originally bought at a cost of \u20b916 crores in 2010, is worth \u20b9 20 crores today. It was rumoured that the couple has paid a whopping stamp duty of \u20b979.826 lakhs for their dream home. \n\n\n\nWhat else does the celeb couple do?\n\n\n\nThe beauty of Bollywood- Deepika Padukone was at the first position on the Indian Maxim Hot 100 List in 2008. Four years later, the Indian edition of People\u2019s magazine named her as India\u2019s most beautiful woman. The Times of India has labelled her as the most desirable woman consecutively in 2012 and 2013. She was the world\u2019s sexiest woman for FHM and Asia\u2019s sexiest woman for the English magazine Eastern Eye. Filmfare found her to be one of the few actresses that work with cuts, colours and silhouettes. Deepika Padukone was recognised for her work in fitness and was featured in the four-week countdown diet as a role model for a healthy, fit and active lifestyle.\n\n\n\nDeepika Padukone endorses Coca Cola, Loreal, Tissot, and Maybelline. Duff and Phelps have assessed her brand value to be more than US $ 100 million. Ranveer Singh endorses several brands such as Make My Trip, Adidas, Head and Shoulders, Ching\u2019s, Jack and Jones and Thums Up.  Duff and Phelps have estimated his brand value to be US $ 63 million \n\n\n\nDeepika Padukone does dance shows, writes for Opinion columns and works with women\u2019s health and fitness magazines. She has also run in the world 10K marathon in Bangalore which raised over \u20b913 million for 81 NGOs. She went on to adopt the Maharashtra village of ambegaon in a greenathon campaign to provide this village with electricity. In a motivating endeavour, Deepika Padukone visited Indian Jawans in Jammu as a part of the NDTV reality show Jai Jawaan.\n\n\n\nRanveer Singh has appeared on the Forbes India Celebrity 100 list and attained the 7th position in 2019. He has also been featured in the list of the top 50 most influential Indians by the magazine GQ (Gentlemen\u2019s Quarterly) in 2017 and 2019. The India Today group included Ranveer Singh in their list of 50 most powerful people in India. Like his wife, Ranveer Singh has also launched his own production company Maa Kasam Films.\n\n\n\nYou Might Also Like\n\n\n\nAll you need to know about Home loan balance transferAbout Home Loans: Authored Article by Amit Prakash Singh, Square CapitalSteel ministry plans low-cost, durable affordable housingSneak peek into Archana Puran Singh and Parmeet Sethi's luxurious paradiseHere\u2019s checking out Yuvraj Singh\u2019s premium Mumbai apartments\n\n\n\nFrequently Asked Questions (FAQ's)"},{"post_link":"https:\/\/www.squareyards.com\/blog\/basics-of-greenfield-projects-2","title":"Basics of greenfield projects","image":"https:\/\/www.squareyards.com\/blog\/wp-content\/uploads\/2021\/07\/greenfield-project-1-825x510.jpg","author":"Samarjeet Chauhan","authorimg":"https:\/\/secure.gravatar.com\/avatar\/3627d95df82238dac2baa77774a028a7?s=96&d=mm&r=g","date_published":"July 22, 2021","date_modified":"July 22, 2021","desc":"What is the meaning of the greenfield project, and what is its implication? What is a brownfield project, and what is greenfield land? In this post, we will answer all these questions that require some clarification. Before we venture into the world of real estate, which is full of complicated jargon, we should familiarize ourselves with some of these basic concepts.\n\n\n\nIn millennium cities such as Delhi and Mumbai, these greenfield lands are a very important facet of development and infrastructure. While we will go into detail, it is better to begin by stating that a greenfield project is a new project, whereas a brownfield project is an existing project that is being improved. Greenfield and brownfield locations both have benefits and drawbacks. The site you choose will be determined by the scale of the project and whether the company has a team of specialists who know how to design for each. When picking a site for a building project, architects and project administrators sometimes have an option between a greenfield or a brownfield site, but it is important to know what they are and what is the difference between the two.\n\n\n\nBasic aspects of greenfield projects\n\n\n\nIn simple words, a greenfield project is one where the construction is started from scratch. It is a piece of land where no previous construction has taken place, and there has been no activity of demolishing or reconstruction.\n\n\n\n A greenfield project is one where the land on which the project is built has never been utilized before, and no existing structure must be rebuilt or demolished. It is a project that is created from the ground up without the restrictions of previous work on the land, such as an existing building or infrastructure.\n\n\n\nIt can include infrastructure, industrial, manufacturing, and urban development projects created on undeveloped greenfield land. Examples of greenfield projects are new factories, power plants, and airports developed from the ground up on greenfield land.\n\n\n\nGreenfield projects provide several advantages:\n\n\n\nGrowth: Within crowded cities like Mumbai and Delhi, greenfield lands are scarce. As a result, most greenfield developments are located on the fringes of cities. Due to the increased commercial activity in the region, there is a potential for infrastructural and economic growth. This will ensure that these underdeveloped areas get enough exposure to development and can compete with these metropolitan cities.\n\n\n\nVersatility: The major benefit of a greenfield project is that it allows developers to start from scratch and create a project that fits both present and future demands. They also have total architectural freedom when it comes to the project since they will not have to demolish or alter anything on the property. They have freedom of choice and are not limited to a few options, which is not the case in brownfield projects. When it comes to site development, it is a clean slate that allows architects to be more creative and forward-thinking.\n\n\n\nSustainable: When you do not have to spend time, effort, or money decontaminating the area, it will be easy to establish an ecologically conscious atmosphere. Greenfield projects, therefore, can be more ecologically sustainable.\n\n\n\nBeneficial to the community:  It creates more opportunities to create initiatives that benefit the community. Greenfield plots are generally found in suburban or residential settings. These sites are ideal for constructing schools, healthcare facilities, and civic centres that are conveniently accessible to community members.\n\n\n\nHigh quality of living ratio for home buyers: Residential greenfield projects are frequently built as self-contained townships, with smart homes equipped with the latest in-home automation and community living with new residents, rather than sharing the premises with existing tenants, as in a redevelopment project. Greenfield residential projects create a luxurious standard of living.\n\n\n\nDrawbacks of greenfield projects:\n\n\n\nEcological consequences: The expansion of green areas and the destruction of natural green cover seen in sparsely inhabited places, where untouched land is generally accessible, is one of the primary drawbacks of greenfield developments. They are not ecologically best because they destroy virgin land areas for commercial purposes.\n\n\n\nCost of capital: Development of a new project on a greenfield site must commence from the foundation, including the application for different permits and licenses necessary to begin construction on a fresh piece of property. When this is combined with the construction of basic infrastructure in the region, the cost of development skyrockets.\n\n\n\nLonger time to complete a new development on a greenfield site: The time it takes to complete a major construction on a greenfield site, from the first approvals stage to the final building stage, can be significantly longer than it takes to complete a brownfield project. While the lack of existing infrastructure on a new facility might be regarded as a benefit and a creative opportunity, it also means that the developer will need to secure a slew of government permissions for the new site. If these permissions are not obtained in a timely way, a project might be put on hold for years.\n\n\n\nWhat is a brownfield project?\n\n\n\nA brownfield project has restrictions due to the site's existing status. In other words, the site may be polluted or contain existing structures that architects must demolish or alter in some way before moving on with the project. In layman terms, brownfield projects are those previously used for industrial or commercial purposes and have a high chance of being contaminated. The place can be used for other purposes if the land is adequately cleaned up and the pollution is remedied. Brownfield facilities can be huge (for example, manufacturing factories and industrial plants) or small (for example, abandoned dry cleaners and petrol stations), and they are not always polluted. The place merely needs to be suspected of pollution to be classified as a Brownfield.\n\n\n\nThe distinction between greenfield and brownfield projects?\n\n\n\nIn terms of cost:\n\n\n\nGreenfield projects are larger projects that start from scratch. Therefore, the project cost is higher than brownfield projects, even though the property cost is far cheaper.\n\n\n\nWhereas brownfield projects are often modest in scale, the overall amount of money invested is typically lower.\n\n\n\nLimitation of space: \n\n\n\nIn brownfield projects, such as refinery projects, space is limited. Therefore, each element, such as pipes, equipment, and building, must be meticulously scrutinized and put. Furthermore, due to a lack of space, pipe routing becomes essential since the designer must use the existing area to consider all construction operations, as bigger construction equipment may not be accessible. \n\n\n\nOn the other hand, because the initial complete area is vacant, there is a lot of design flexibility in new projects. As a result, identifying equipment and determining pipe routing is considerably easier. Greenfield developments can also benefit from greater planning and optimization.\n\n\n\nThe necessity of investment:\n\n\n\nBecause greenfield projects are new and often take place in undeveloped areas, the necessary infrastructure must be built during the project's execution, which will have an influence on the project's timeline and delivery.\n\n\n\nBrownfield projects are typically expansions or improvements to existing projects. Thus, the basic infrastructure is already in place. Labors are simple to organize in previously established areas. Delivery locations are easily accessible. Previous design data, soil studies, and other documents are readily available.\n\n\n\nFurther Differences:\n\n\n\nBrownfieldGreenfieldDue to a lack of room, future growth will be challenging.There is a lot of room here, and future expansion is possible.Local vendors are easily accessible.In underdeveloped areas, there are few local providers.Easy Accommodation for crew membersBecause lodging may be difficult to come by, it must be constructed ahead of time.The cost of a project might be increased if demolition is required.There will be no demolition because it is brand new.Normally, there are no limitations imposed by the government.If deforestation or another environmental concern occurs, the government may impose limitations.Local interference might cause projects to be delayed.There is not any danger of local intervention.Brownfield redevelopment concentrates communities in a crowded area.Greenfield development reduces traffic and congestion while providing a more pleasant environment.\n\n\n\nIt is straightforward. A Greenfield project is anything that will be built from the ground up in a barren, forested, or agricultural area. In contrast, a Brownfield project is an extension, renovation, or rebuilding of an existing facility or unit.\n\n\n\nGreenfield investment:\n\n\n\nConstruction projects started by companies on new land which has previously not been altered in any wayis known as greenfield investment. These are often global firms that start a new business from the scratch, particularly in regions where no existing facilities exist. A firm may opt to develop a new facility rather than acquire or lease an existing one for various reasons. The main reason is that a new facility allows for more architectural freedom while also being more efficient in meeting the project's requirements. Because of an existing facility, the firm is forced to make changes based on the current design. Maintaining new facilities is generally less expensive than maintaining used facilities. New facilities are also more beneficial if the firm wishes to publicize its new activity or recruit personnel.\n\n\n\nThere are also drawbacks to building new infrastructure.\n\n\n\nBuilding from the ground up entails more risk and higher expenditures. When a firm decides to construct from the ground up to complete feasibility studies, for example, it may have to invest more money at first.There may also be issues with local labour, local legislation, and other stumbling blocks that come with brand-new building projects.\n\n\n\nBrownfield investment:\n\n\n\nCompanies seek suitable buildings in the host nation that are compatible with their business models and\/or manufacturing processes when they invest in brownfields. The brownfield facility may be up to code if the current national or municipal government demands permits or permissions. Brownfield investments may be a great win for the appropriate firm if the facility previously supported a comparable industrial process. Brownfield may refer to the fact that the land on which a facility resides may be polluted by the previous owner's actions in an environmental context. This is not to be confused with a brownfield investment plan.\n\n\n\nThe obvious benefit of a brownfield investment plan is that the structure is already built, lowering startup costs. It is also possible to reduce the amount of time spent on building.\n\n\n\nDisadvantages: Brownfield investments have the potential to cause buyer's regret. Even if the premises had previously been used for a comparable business, it is uncommon for a firm to locate a building that has all the capital equipment and technology that it requires. If the property is leased, the kind of modifications that can be done may be limited.\n\n\n\nGreenfield vs Brownfield Investments: What's the Difference?\n\n\n\nCompanies that seek to expand their interests worldwide typically invest and buy physical assets in another country. This is a foreign direct investment (FDI). They buy, lease, or otherwise acquire assets in their host nation, including plants, office space, and other sorts of structures. These purchases might be made of new or existing facilities. Greenfield and brownfield investments are the terms used in the business world to describe these types of investments.\n\n\n\nGreenfield and brownfield investments are two separate forms of foreign direct investment.  Both involve businesses and manufacturing plants in various nations. However, that is where the parallels between the two stop.\n\n\n\nA greenfield investment is when a parent firm establishes a subsidiary in a different nation. Rather than purchasing an existing facility in that nation, the business embarks on a new endeavour by building new facilities. A production facility is not the only thing that may be built in a construction project.\n\n\n\nOn the other hand, Brownfield investments occur when a company buys or rents an existing facility to start producing new goods. Because there is no need to go through the steps of creating a fresh new facility, companies may view this method to be a significant time and money-saver.\n\n\n\nWith this, we conclude all the basic information regarding these commonly used terms in real estate.\n\n\n\nYou Might Also Like\n\n\n\nBasics of greenfield projectsMajor Upcoming Airports in IndiaWork moving steadily on New Greenfield Noida International AirportFixed Rate Vs Floating Rate of InterestWill the new GST rates be applicable if you have already bought a home?\n\n\n\nFrequently Asked Questions (FAQ's)"},{"post_link":"https:\/\/www.squareyards.com\/blog\/stamp-duty","title":"Stamping Your Way to Ownership","image":"https:\/\/www.squareyards.com\/blog\/wp-content\/uploads\/2021\/07\/stamp-duty-825x510.jpg","author":"Samarjeet Chauhan","authorimg":"https:\/\/secure.gravatar.com\/avatar\/3627d95df82238dac2baa77774a028a7?s=96&d=mm&r=g","date_published":"July 22, 2021","date_modified":"July 22, 2021","desc":"Stamp Duty is a charge levied by the state government for registering any kind of property each time there is buying, selling, leasing, or renting. Stamp duty is calculated based on the circle rate. It can be done offline on non-judicial stamp paper and online by the franking method through banks. The registration fee also has to be paid along with stamp duty. There is a ready reckoner for paying both the stamp duty and registration charge. These procedures need to be followed each time there is a transfer of property.\n\n\n\nWhat is Stamp Duty?\n\n\n\nStamp duty is the duty charged by state governments as per the provisions of the Stamp Duty Act 1899. There is a wide variation in Stamp duty in different states. Stamp duty needs to be paid each time there is a property transaction.\n\n\n\nJudicial and Non-judicial Stamp Duty\n\n\n\nThere are two types of stamp duty. Judicial Stamp duty is also known as court fees that are charged to litigants for conducting their cases. Non-judicial stamp duty is charged on the transaction of property and is one of the chief sources of revenue for states.\n\n\n\nWhat is Registration Charge\n\n\n\nA registration fee is a charge whose rate is fixed by the Central and collected by state governments. Registration charge is the amount charged by the government to update transaction records of a property in the government data bank. \n\n\n\nWho Imposes Stamp Duty?\n\n\n\nStamp duty is imposed by state governments as per the Stamp Duty Act 1899.\n\n\n\nThe state-wise difference in property registration charges\n\n\n\nProperty registration charges vary from state to state and are high in the states of Tamil Nadu, Assam and Madhya Pradesh and as low as 3% in Maharashtra. A study and survey by IIM Bangalore along with the National Housing Board has reported that stamp duty and registration charges in India are among the highest in the world. These organisations have urged state governments to reduce stamp duty charges which continue to remain high although there are several housing schemes for the poor such as the PMAY (Pradhan Mantri Awas Yojana)   \n\n\n\nWho should pay stamp duty and registration charges?\n\n\n\nStamp duty and registration charges are mostly paid by the buyer of a property though it is not specified who has to pay.                                                    \n\n\n\nStamp Duty Calculation\n\n\n\nStamp duty is calculated as a percentage of the circle value of a property. Circle value is imposed by the government and may be higher than the market value of the property. The percentage varies from state to state. If there is both a market value and circle value, the higher of the two is considered for calculation.\n\n\n\nFactors considered for stamp duty calculation\n\n\n\nThe different criteria on the basis of which stamp duty is calculated are the location of the property, age and gender of the owner, type of property (residential, commercial or agricultural) and amenities within the residential complex of the property.\n\n\n\nStamp Duty for women\n\n\n\nAt present, there is a stamp duty concession permitted in the states of Delhi and Uttar Pradesh only. In Delhi, stamp duty is reduced from 6 % to 4% if the property is registered in the name of a woman. In Uttar Pradesh, a rebate of 1% is permissible for women upto a property value of \u20b910 lakhs only. \n\n\n\nStamp duty in the Key Indian States\n\n\n\nStamp duty rates vary from state to state. A few states have reduced stamp duty due to the COVID-19 pandemic. The Stamp Duty is highest at 9.5% in Madhya Pradesh followed by 8.25% in Assam and 8% in Kerala. Stamp duty rates are 7% in Tamil Nadu, Punjab, Haryana, Uttar Pradesh and West Bengal. However, stamp duty rates are 6% in Himachal Pradesh, Rajasthan, Chandigarh and Bihar. Stamp duty rates are lesser at 5% in Andhra Pradesh, Uttarakhand and Odisha, 4.9% in Gujarat, 4% in Jharkhand and Telangana. The lowest stamp duty is in Maharashtra.\n\n\n\nStamp Duty Rates in Top Cities\n\n\n\nStamp duty rates vary in different cities. It is highest at 7% in Chennai, 4% to 7% in Kolkata, 3% in Mumbai and Pune, 4% to 6 % in Delhi, 2% to 5% in Bangalore, 4% in Hyderabad and 4.9% in Ahmedabad.\n\n\n\nStamp duty and registration charge example\n\n\n\nHypothetically, if a person is buying a property for 25 lakhs in Delhi. The stamp duty will be charged 6%, the person will need to pay \u20b91.5 lakhs. If he buys the property in his wife\u2019s name, the stamp duty becomes 4% and comes down to \u20b91 lakhs. However, the registration fee is \u20b940000 either way. \n\n\n\nDocumentation required for payment of stamp duty\n\n\n\nThe documents that are required for stamp duty payment include the sale deed, khata document, NOC from house owner\u2019s society, conversion order from agricultural to residential property, last 3 years\u2019 tax paid receipts, encumbrance certificate, joint development agreement between builder and owner, the record of rights or 7\/12 extract, possession of occupation by builder, sanctioned building plan (For building or apartment), copies of previous agreements (for a resale property), title documents of the landowner and bank statements in case of any outstanding loan on the property.\n\n\n\nHow is Stamp duty paid?\n\n\n\nStamp duty can be paid by the following methods:\n\n\n\nBy non-judicial stamp paper offline- In this method, the property details are mentioned in an application form on non-judicial stamp paper, signed by the executants and submitted to the sub registrar\u2019s office. Once approved, the applicant will need to buy stamp paper of the value of the duty from the treasury of the state if the value is more than \u20b950000. \n\n\n\nFranking Method- In this method, the agreement for the sale of a property is made on plain paper and submitted to a bank authorised for this purpose. The bank processes the documents through a franking machine and then stamps the property purchase document with a seal, authenticating the payment.\n\n\n\nE-Stamping Method- The E stamping method is becoming very common and is being implemented by most states. The states have developed their own portals where stamp duty and registration charges can be calculated and paid online. The documents and receipts can then be downloaded and presented to the sub registrar\u2019s office for authentication. \n\n\n\nWhy is stamp duty evasion so common in India?\n\n\n\nStamp duty evasion in India is common for two reasons. The first is the high rate of stamp duty which varies from state to state. Stamp duty has become all the more expensive because they are calculated on the basis of circle value. As the circle value is set by the government and circle values of the property are mostly higher than the actual market value, this is another reason for stamp duty being so high. \n\n\n\nThe second reason for the evasion of stamp duty is the low legal power it enjoys. Paying stamp duty is not considered proof of ownership and other documents such as a deed and an encumbrance certificate have more legal weightage in legal disputes over ownership.\n\n\n\nThe government needs to reduce the high rate of stamp duty and provide more legal weightage to this document to eliminate evasion of payment.\n\n\n\nCapital Gains and Stamp Duty\n\n\n\nStamp duty rates have become the basis of capital gains valuation. This was introduced as section 50C of the income tax act in 2017. There were subsequent amendments to this section and today a variation of upto 10% difference stamp duty value and actual sale value is allowed for the calculation of capital gains.\n\n\n\nWhat if you Evade Stamp Duty?\n\n\n\nThere are often attempts to evade stamp duty by undervaluing property. This is a form of tax evasion and leads to penalties if and when detected. With the introduction of circle values, however, it has become difficult to undervalue the property.\n\n\n\nThere are heavy fines and penalties on evasion of stamp duty. The penalty rates vary from state to state. The penalties are between 8% to 20% of the actual stamp value. In some states, penalties can include imprisonment as well.   \n\n\n\nHow to save on Stamp duty charges?\n\n\n\nThere are several ways to save on stamp duty charges. The first is to register property in the name of a woman relative, thus, stamp duty will become less.\n\n\n\nAnother way is to buy property in an area when there are options and choose the area where stamp duty is the least. Stamp duty can also be saved by buying property in areas where there are less facilities. For instance, stamp duty will be more in residential colonies with swimming pools, games courts, gyms, and elevators. One can save on high stamp duty by buying property in areas where there are lesser amenities.\n\n\n\nStamp duty can be saved by buying property in rural areas. There are several states such as Haryana where stamp duty charges are much less for property in rural areas.\n\n\n\nAnother way to save stamp duty is to look for property in areas where there are waivers and rebates on stamp duty. A good time to buy property is when stamp duties have been reduced in many states as relief from COVID -19.\n\n\n\nTax benefits on Stamp Duty Registration Charges\n\n\n\nThere are tax benefits for payment of stamp duty and registration charges. Tax benefits are given under Section 80C of the income tax act. There is, however, a limit upto \u20b91.5 lakhs only. Moreover, Section 80C covers investments in LIC premia, national Savings certificates, deposits in provident funds and children\u2019s education. The rebate on payment of stamp duty and registration charges are acceptable only if the homeowner has paid from his or her own funds.  \n\n\n\nHome Loan, Stamp Duty & Registration Charges\n\n\n\nHome loans do not cover the cost of stamp duty and registration charges. In fact, home loans do not even cover the cost of the property. Most home loans pay 80% of the property cost. This means that prospective home buyers need to arrange for the cost of stamp duty and registration charges as well as 20% of the property cost.\n\n\n\nThe rate is presently prevailing for both urban as well as rural property.\u00a0\n\n\n\nYou Might Also Like\n\n\n\nShould you be buying property at values lower than stamp duty?Maharashtra Stamp Duty Cut May Significantly Boost the Realty SectorThe Maharashtra Stamp Act 2020 and Stamp duty and registration charges on immovable propertyProperty Registration Charges in Bangalore: Know DetailsMaharashtra considers 1% increase in stamp duty for immovable property deals\n\n\n\nFrequently Asked Questions (FAQ's)"},{"post_link":"https:\/\/www.squareyards.com\/blog\/all-you-need-to-know-about-indian-accounting-standard-ind-as-109","title":"All You Need to Know about Indian accounting Standard (Ind-AS 109)","image":"https:\/\/www.squareyards.com\/blog\/wp-content\/uploads\/2021\/07\/Indian-Accounting-Standard-825x510.jpg","author":"Samarjeet Chauhan","authorimg":"https:\/\/secure.gravatar.com\/avatar\/3627d95df82238dac2baa77774a028a7?s=96&d=mm&r=g","date_published":"July 22, 2021","date_modified":"July 22, 2021","desc":"There is a uniform accounting standard practised all across India. The foundation for the need of a common Indian standard was laid down with the formulation of the Indian Companies Act 1956. The corporate affairs ministry revised the rules in 2015 and introduced a standard accounting format that includes the Indian Accounting Standard. The Indian Accounting standard (Ind-As) 109 is exclusively for financial instruments. This standard covers recognition, classification and procedures of measurement of all financial assets and liabilities. Care has been taken to keep the Indian Accounting Standard (Ind-AS) compatible with the IFRS for international financing reporting standards.\n\n\n\nThe objective of having a uniform standard for accounting is to have fair and uniform financial statements in a common format. The standard provides recognition to financial events and quantifies all types of financial transactions. Another objective is to provide financial clarity about prospective companies, individuals or property to creditors and investors. The clarity includes providing and settling loans and also holding, buying or selling equity and any other debt instruments. The financial information provided by these standards provides a tool for boards to make crucial decisions about the use of any economic resource.\n\n\n\nThere are two sets of accounting standards presently being followed in the country. The first is the accounting standard 2006 and the second is the Indian accounting standard (Ind-As). There was an overwhelming need to have an accounting standard that could be read, understood and followed by a large number of multinational companies in India as well as Foreign Direct Investors (FDI) and Foreign Institutional Investors (FII). The Government took cognizance of this genuine requirement and introduced the Indian accounting standards (Ind-As) to closely match the International Financial reporting standards (IFRS).\n\n\n\nThere are 40 different Ind-AS standards of which Ind-AS 109 is for financial instruments. Other related standards are Ind-AS 107 for financial disclosures, Ind-AS 32 and Ind-AS 110 for consolidated financial statements. Ind-AS 32 is the standard for definitions of financial instruments and Ind-AS 109 uses many of these definitions in its own standard. \n\n\n\nThe Indian accounting standards (Ind-AS) are drafted and prepared by the Institute of chartered accountants of India (ICAI). The ministry of corporate affairs acts on the recommended details for the standards given by the National Financial Reporting Authority (NFRA). There is even a supervising body within the ICAI known as the Accounting Standards Board (ASB).       \n\n\n\nAdoption of the Indian account standards are mandatory for listed companies as well as outside India, unlisted companies that have a net worth of over \u20b9250 crores and unlisted non-banking financial companies (NBFC) with a net worth between \u20b9250 to 500 crores.   \n\n\n\nThe Indian accounting standards are also compulsory for subsidiaries, holding companies and joint ventures of NBFCs (Non-banking financial companies) with a net worth above \u20b9500 crores.\n\n\n\nThe Ind-AS standards are formulated with the objective of making foreign investment in India attractive as well as for multinational companies to set up factories in India. This is part of the strategy of the government of India in its \u2018Make in India\u2019 strategy. The best part of the Indian accounting standards (Ind-AS) is that there are provisions for adverse economic conditions including recession. For instance, the Ind-AS standard 29 is exclusively for preparing financial statements in a hyperinflationary environment. \n\n\n\nThe 2015 ruling for companies by the ministry of corporate affairs, will bring about a reconsideration of the difference between equities and liabilities and many financial instruments will get reclassified from equity to financial liabilities.  \n\n\n\nFinancial Instruments are themselves classified into 3 categories. They are derivatives, equity instruments and debt instruments.\n\n\n\nA derivative is a name given to a contract that derives value from market values or any other valuation technique. Forward contracts, swipes and future contracts use the derivative method.\n\n\n\nDebentures, bonds, treasury certificates and redeemable capital are common examples of debt instruments where the company issues these instruments with the ledge of repaying the value along with interest on redemption. The interesting part is that the company selling these instruments will record them in its financial statement as a liability whereas the company or entity buying them will interpret them as financial assets. \n\n\n\nThe equity form of financial instrument has different connotations on the basis of the percentage of equity that a company owns in another company. If the percentage is more than 50, the company has a controlling authority in the investee company and the owner of the stock will need to consider the investee company as its associate or subsidiary. It will need to issue a financial statement including the performance of both companies. If company A owns 20% to 50% of the equity of company B, company B becomes an associate of A. In this case, company A will need to use the equity accounting method to include the performance of its associate in its financial statement. If, however, company A owns less than 20% of the stock of Company B, the calculation of earnings from its investment in company B will be by the fair value through profit and loss or fair value through other comprehensive income (FVTCI) depending on the specific mode. \n\n\n\nWhat are financial assets?\n\n\n\nA financial asset is that part of a contract that assures the flow of cash to an individual or a company or body. A financial instrument is a contract that guarantees or generates a financial asset to one of the parties in a contract. The Ind-AS standard 109 is specifically about such financial instruments.\n\n\n\nFinancial assets are measurable and this is done in a balance sheet. Financial assets can be current or noncurrent. It can be used to show the company management\u2019s intent with the financial asset. In a nutshell, this factor is used to measure the value of a financial asset. Market value would be a good yardstick of the measurement of financial assets in the form of equity shares of another company. But the market value of equity would not be a recommended unit of measurement if the company that holds the shares of another company would be more interested in building share capital for voting rights or management control in the other company.\n\n\n\nFinancial assets include the following:\n\n\n\nA right by contract to receive or even exchange financial assets or cash in the form of loans, trades or bonds from another party.Equity documents, shares or stock of another companyCash reserves in any financial institution including banks\n\n\n\nClassification of Financial assets\n\n\n\nBusinesses including companies need to categorise all their assets based on the type of model of business that they operate. The categorisation would be measured on the pattern of cash flow as per the contract of business. The classification is thus based on the type of cash flow pattern which is categorised into fair value through other comprehensive income (FVTOCI) and on the basis of amortised cost. The fair value method is used for a future plan to sell the asset and is not for intended ownership.\n\n\n\nThe measurement at amortised rate is when there is a contractual agreement to collect cash flow on specified dates. The cash flow is the interest on the due principal amount\n\n\n\nThere is another classification of fair value through fair value in profit and loss accounts. All financial assets that are to be used for selling or trading come under this category. \n\n\n\nWhat are financial liabilities?\n\n\n\nA financial liability is an obligation under the contract to deliver, transfer or hand over cash, dividends, bonds or any asset to another party or individual, often at a loss to that individual. An example is of a mortgaged property that is bequeathed to a descendant. The value of the mortgage that is to be paid back is more than the value of the property and becomes a financial liability for the descendant.\n\n\n\nThus any unfavourable exchange of property or assets can be a financial liability. Experts give the example of financial liability as to the use of a credit card. The going is good as long as one uses the credit card company\u2019s money but good times come to an end when it is time to pay up.\n\n\n\nFinancial liabilities may usually be legally binding to an agreement having been made between 2 parties but they are mostly not legally enforceable.\n\n\n\nFinancial liabilities mostly include past debts, unpaid rents and even interest on the dues. However, financial liabilities show up on the balance sheet of a company.\n\n\n\nFinancial liabilities are measured by different ratios which are the debt ratio, the debt to equity ratio, the capitalisation ratio, cash flow to total debt ratio, interest coverage ratio, current ratio and quick ratio.          \n\n\n\nClassification of financial liabilities\n\n\n\nMost financial liabilities are assessed on amortised costs. Other liabilities include the commitment of interest below the market rate, consideration of contingent and contracts of financial guarantee.\n\n\n\nAnother classification of financial liabilities is long term and short term. Long term liabilities are long term debts. Long term debts are payable for long periods upto a decade. Long term liabilities exist in the form of debentures, loans, pension obligations and deferred tax liabilities.  \n\n\n\nShort term liabilities include due payment to vendors and monthly payroll dues to employees. It may be noted that any payment that is deferred can become a long term liability.\n\n\n\nFinancial liabilities are a good subject for analysis by financial and even stock analysts who study how much value can be created from a financial liability and advise investors accordingly.\n\n\n\nYou Might Also Like\n\n\n\nNRI : Capital Gain Tax or TDS The larger concernPower Of Attorney for Property in IndiaWant to know about stamp duty? Make a pit stop hereEverything to Know About \u201cFair Value of Land\u201d Before Purchasing a Property in KeralaFinancial Stability in Unprecedented Times with Convertible Notes\n\n\n\nFrequently Asked Questions (FAQ's)"}]}]