Realty Newsfor PRIVATE CIRCULATION ONLY Close at 3.5 Million Sq
Total Page:16
File Type:pdf, Size:1020Kb
A Comprehensive Page -> 2 Page -> 3 Page -> 4 Update On Realty Scenario In And Around APPCCAssociation of Professional Property Consultants Chennai Chennai Realty Chennai’s office supply during TAX PLANNING Data the 2nd half of 2021 will be Gifts received from Chennai continues to attract approximately 5.4 m sq. ft. non-relatives too can also leading developers to come and The yearend absorption may be completely exempt invest in commercial projects. from income tax. Realty NewsFOR PRIVATE CIRCULATION ONLY close at 3.5 million sq. ft Vol.1, Issue 8, August 2021 During his 100-day sojourn in the office, Investors Conclave chief minister MK Stalin has begun well with an influx Boosts Investment of Rs 28,508 crore Tamil Nadu. This digital accelerator programme sanctions grant to the start-up projects engaged investment for 49 proj- in innovation, research and development. The government has sanctioned a sum of Rs 5 crore ects that will generate for this programme. In all, 75 applications have been received, out of which five organisations employment for 83,482 have been selected for sanction of the grant. Chief minister MK Stalin has handedover the people in the state, sanction orders to the five companies. General Electric has proposed to establish a reports V Nagarajan. centre of excellence to enhance of production of aircraft and aeronautical components for indus- tries in the aerospace and defence sector using advanced manufacturing technologies. An MoU fter assuming power as chief minister was signed between the General Electric of Tamil Nadu, MK Stalin has been Company and TIDCO in the presence of chief planning to inject a fresh lease of life minister. to the state in many sectors to restore The MoUs were exchanged for 35 projects with its glory. During the Investors a cumulative investment of Rs 17,141 crore and Conclave organised by the Industries employment opportunities to 55,054 people. ADepartment recently, 35 MoUs were exchanged The investments are in the fields of power involving a cumulative investment of Rs 17,141 plants, electronics, auto components, industrial crore that will provide employment opportuni- parks, IT/ITES, general manufacturing, food ties to 55,054 people. processing, footwear, pharmaceuticals, textiles Chief minister MK Stalin also laid the foundation people. The total investment commitment in the cessing of clearances, virtual meeting with de- etc. stone for nine projects with an investment com- above 49 projects has been estimated at Rs partments, artificial intelligence based Chatbot Chief minister MK Stalin has laid the foundation mitment of Rs 4,250 crore which will generate 28,508 crore which in turn will generate employ- facility and deemed approval for select clear- stone for nine projects with an investment com- employment opportunity for 21,630 people. ment opportunities for 83,482 people. ances. mitment of Rs 4,250 crore and employment po- In a related development, CM Stalin has also During the occasion, a single window portal 2.0 The Guidance Bureau of Tamil Nadu has en- tential for 21,630 people. He has also inaugu- inaugurated five projects with an investment with 100+ services spread across 24 depart- tered into an MoU with American Tamil rated five projects with a cumulative investment commitment of Rs 7,117 crore that will contrib- ments for existing and new investors was Entrepreneurs Association (ATEA) to promote of Rs 7,117 crore and employment potential upto ute to the employment opportunities for 6,798 launched. It will have features like parallel pro- start-ups in the fields of innovation and R&D in 6,798 people. A PRAGMATIC Investors’ Confidence APPROACH TO KEY ISSUES Remains Intact India’s GDP grew 1.6% in Q4 Defying all odds, India drew PE investment of US$2.7 billion FY2021, contracted 7.3% in FY2021. during H1, 2021, a clear indication of the India story • India attracted the highest ever remains strong globally, says Savills India FDI of USD 81.7 billion (INR 5.9 trillion) during FY2021. rivate equity investment inflows into the Parks REIT and Mindspace Business Parks • Union Cabinet approves Produc- Indian real estate sector amounted to REIT declined marginally by 1-2 percentage tion Linked Incentive Schemes USD 2.7 billion (INR 143 billion) during points at the end of March 2021, as compared for white goods and battery PH1 2021. Equivalent to 41% of the investment to December 2020, the rents remained stable Join APPCC today for manufacturing. inflows that the sector witnessed in the entire during this period. Brookfield India REIT ex- • Union Cabinet approves the Model year 2020, this indicates that investors’ confi- ecuted a successful IPO with an 8X subscrip- For Tenancy Act, that is likely to dence remains intact despite the pandemic tion and witnessed strong participation from overhaul the legal framework con- struck slowdown period. However, with USD a diverse mix of marquee investors. Education Networking cerning rental housing in India. 865 million (INR 63 billion) of inflows during During Q1 2021, the consumption pattern * * Q2 2021, we witnessed a decline of 54% across investable grade retail assets im- • The Union Government announc- Recognition QOQ. proved and recovered swiftly to pre-COVID es an additional stimulus package * Despite the prevalence of remote working levels of Q1 2020. We witnessed renewed of USD 86.5 billion (INR 6.3 tril- culture, commercial office assets remained interest in retail segment by private equity lion) to support Indian economy the frontrunner during Q2 2021, garnering institutional investors as the segment ac- in its fight against the effects of For more details contact: about 40% share of the investment pie. This counted for the second highest share (33%) COVID-19 pandemic. is backed by resilience displayed by the in- of investment inflows during Q2 2021. • SEBI reduces the minimum appli- B Prabhu, Secretary vestable grade office assets in these difficult Foreign investors such as CPPIB and GIC cation value of REITs and InvITs times, as reflected in the successful listing formed platforms to invest to the tune of USD and revises the trading lot to one 9941945554 and operations of the three REITs in India. 285 million (INR 21 billion) in retail assets in unit. While occupancy levels in Embassy Office the cities of Kolkata, Mumbai and Pune. APPCCAssociation of Professional Property Consultants Chennai 2 Realty News August 2021 Realty Data CHENNAI OFFICE MART – MARKET STATISTICS Submarket Inventory (sft) Vacancy YTD gross leasing Planned & under YTD net absorp- Grade A weighted activity (sqft) construction (sqft) tion average rent CBD 2,685,809 11.95% 141,690 377,415 5,500 77.27 Off-CBD 544,110 29.91% 7,281 50,000 7,281 74.48 South-west 12,948,937 9.98% 1,023,426 5,650,462 128,301 73.56 North-west 3,232,000 23.58% 16,687 - - 39.78 Suburban South 18,250,412 6.84% 497,764 1,196,416 -39,828 76.86 Peripheral South 11,882,105 16.07% 916,799 170,000 69,675 49.70 Peripheral South-west 4,292,000 10.01% 17,887 3,592,239 -4,000 54.75 Total 53,835,373 11.38% 2,621,534 11,036,532 166,929 57.50 Emerald Court Co-op Housing Society Ltd could be no sale by the Co-operative TAX UPDATE is a Co-operative Housing Society (CHS). Housing Societies to its own permanent CHENNAI RESIDENTIAL SCENARIO It looks after the upkeep of the society members, for doctrine of mutuality would Key Micromarkets Rental Values Capital Values and its members. The CHS provides ser- come into play, fo elaborate, CHS treated Average Average Determination vices to its members in the form of facili- itself as the agent of the permanent ties or benefits like security, cleaning, members in entirely and advanced the quoted rent quoted rate of the liability repairs, water, common electricity etc. It stand that no consideration passed for Oragadam 8,500 – 11,500 3,810 also arranges to pay for the ancillary ser- the services rendered by the society to its to pay GST on vices like accounting, auditing, caretaker, members and there was only reimburse- Perumbakkam 11,000 – 17,000 4,425 Maintenance etc. ment of the amount by the members and Guduvanchery 9,500 – 17,500 4,000 Presently, the CHS is raising monthly bills therefore no GST could be levied. Avadi 5,500 – 11,500 3,930 charges on its members which consist of 2 parts, Answer:- The applicant is liable to pay Perambur 13,500 – 19,000 6,290 one is property tax on which GST is not GST on maintenance charges (by what- being charged and another is ever name called) collected from its Source: Anarock ‘Maintenance charges’ on which GST is members, if the monthly subscription or being charged. contribution charged from the members GROUND REALITIES Hence we seek opinion on the chargeabil- ia more then Rs. 7,500/- per month. ity of GST on such transaction since there (Source: taxguru.in) Inheriting immovable property by NRIs Technically, any individual is entitled to receive, including by inheritance, property situated in India regardless of his residency or citizenship. However, the transfer of ownership and the holding of the property must adhere to the following regulations: Foreign exchange regulations 1. NRIs and PIOs are permitted to acquire any immovable property in India by way of inheritance from a person resident outside India who acquired such property in accordance with the provisions of the for- eign exchange law in force at the time of the acquisition or from a person resident in India. 2. PIOs may acquire any immovable property in India by way of inherit- ance from a person resident in India or a person resident outside India who acquired such property in accordance with the provisions of the foreign exchange law in force.