GST Council okays draft rules, agrees to refund mechanism for central and state tax holidays

NEW DELHI: The Goods and Services Tax (GST) Council approved draft rules for the proposed levy and agreed to a refund mechanism for central and state tax holidays that will continue under the new regime, marking further progress toward rolling out India’s biggest indirect tax reform by April 1next year.

The GST Council will now meet for three days next month (October 18-20) to settle the few remaining issues and the big question of the tax rate, which is likely to the subject of intense debate.

The Centre doesn’t want GST to be too high that it’s inflationary while the state governments don’t want it so low that they lose out on revenue.

The discussion on Friday related to five subordinate items of legislation dealing with issues such as registration, invoicing and tax payments under GST. These rules will be finally notified only after the GST legislation is passed.

“Once the Act is passed by Parliament or by the state legislatures as the case may be, we want the draft rules to be ready so that the rules can be notified immediately,” said Finance Minister Arun Jaitley, chairman of the council.

The council, a representative body of both Centre and states, also agreed on the treatment of exemptions and incentives under GST. These are largely excise breaks to 11 states mostly in the north-east and hilly areas and also some benefits given by states to promote industry.

“There would be levy of tax on all exempted entities. Once collected, the levy would then be reimbursed to the exempted entity by state or central government,” Jaitley told reporters on Friday.

There were some differences on decisions reached at the first meeting of the GST Council on service tax assessment because of which its minutes could not be adopted. The differences on decisions taken by the council at its first meeting were with respect to oversight of service tax assessees.

At least two states disagreed with the formulation that the Centre will have jurisdiction over 11 lakh service tax filers already registered. New filers were to be jointly supervised through cross empowerment after state officials were given due training.

“With regard to one item recorded in the minutes (on) service tax assessments in the new dispensation, there was a long discussion on the interpretation of the decision taken at the last meeting and that discussion consumed a lot of time today,” Jaitley said.

“That discussion was inconclusive and therefore it will continue in the next meeting on 18th (of October).” The issue could have been put to vote but Jaitley wanted to ensure decisions were carried by consensus and so the matter was postponed.

All decisions of the council need to be passed with at least a three-fourths vote. The Centre has a onethird vote in the council while the states have a two-thirds vote. As many as six issues have been settled by the council in two meetings in a span of one week.

A committee of officials will thrash out the matter cited above and also what happens when goods and services are bundled together. The revenue increase formula for compensation is also to be finalised. Both the issues will be taken up at the next meeting.

Jaitley said the government is targeting November 22 for completing the major tasks of deciding the tax rate, exemptions and draft legislation by the council. “Now after this, two items remain. The rates would be the big item to discuss,” Jaitley said.

APRIL ROLLOUT ON RADAR
The government is working towards rolling out GST on from April 1, 2017, Jaitley has said. In his opening remarks at the fourth meeting of the parliamentary consultative committee meeting on Friday, he said progress on GST was “as per schedule,” the finance ministry said in a statement.

Jaitley said that till September 16, 2017, one year after the provisions of the Constitution (101st Amendment) Act, 2016, being brought into force, the Constitution empowers the central government to levy excise duty on manufacturing and service tax on the supply of services.

Similarly, the Constitution Amendment Act empowers the state governments to levy sales tax or Value Added Tax (VAT) on the sale of goods till that time September 16, 2016.

Members of consultative committee sought various clarifications with regard to the goods and services tax law and offered suggestions for its implementation, the statement said.

SOURCE: ETRealty

100 Smart Cities mission to bring in foreign investment: Colliers

 NEW DELHI: The government's flagship '100 Smart Cities' mission, if executed with focus and regulation, can bring in foreign capital as investors will have more confidence investing in successful business models, according to international property consultancy Colliers International.

“The planning of smart cities in India will bring benefits to the country at a vast level, providing an opportunity for suppliers to offer better products. Inclusion of Tier II cities and satellite towns of metro cities in the list of smart cities will siphon funds into these smaller cities improving their overall quality of life," said George McKay, South Asia director, office and integrated services, Colliers International India.

The government proposes to develop 100 cities as Smart Cities over the next three years. A total of 60 cities have been chosen so far, while the process for selection of the remaining 40 cities would start in January.

The Cabinet has approved ₹48,000 crore, that is ₹100 crore per city per year for five years for the mission. States have to match this amount and gather funds through public-private-partnership and other schemes.

According to some estimates, $1 trillion is needed to fast track projects that are either already underway or are to be launched soon, majority of which is expected to come through foreign investment.

Smart cities would not only help in attracting foreign investment, but also abet advancement of real estate in tier II cities as well, according to Colliers.

"Commercial and residential spaces are getting scarce in tier I cities like Mumbai and Delhi leading to congestion and higher densities. The upgrade in technology at commercial spaces offering services such as high speed internet, smart workstations and automated systems along with competitive rates may push some enterprises to expand to tier II cities," the consultancy said in a release.

SOURCE: ETRealty

DEVELOPERS EYEING FESTIVE SEASON FOR A BOOST

In India, each year during the last quater of the calendar year after Pitrupaksha gets over, from Navratras till Diwali, real estate sector becomes extremely active. Prime reason being the religious sentiments of the public that drives them towards making the most important purchase; property. Buying a property is not an overnight decision and requires a lot of research and allocation of funds. Making the work easier for the buyers, developers across the country come out with various offers, schemes and discounts to lure the customers during the festive season. As this season is crucial from the buyers perspective, even the developers wait for these months throughout the calendar as maximum sales are witnessed during this time.

Right Time To Buy

At present, the real estate scenario has been on the rough side of the graph with not many buyers and takers of property across major realty regions of the country. Project launches declining and inventory getting piled up are two major parameters that prove this sector is reeling under tremendous pressure of performing well during the festive season. Thus, as a buyer this time of the year can yield the best results as the developers sit ready to negotiate and crack a deal that best suits their customers. “With sentiments running positive and buyers willing to make the purchase of their lifetime, festive season serves as the backbone for the real estate sector of our country each year. It is believed that buying a property during Navratras brings good luck in family, due to which real estate sector observes highest sales during the festive months. Developers are also seen proactive with respect to the deals they offer during this time as buyers will have a pool of options to choose from”, states Dhiraj Jain, Director, Mahagun Group. Adding further, Kushagr Ansal, Director of Ansal Housing says, “This time of the year is considered auspicious for purchases such as property, automobile, jewellery and others that are expensive in nature, and Indian buyers hold a belief that making purchases during such occasions can bring a good fortune. Industries and sectors across the country plan out big and offer the best deals during the nine days of Navratras and even Diwali, as revenue and sales are generated the most. Speaking about the real estate sector, developers take this time as a boom, since footfalls and conversions take place highest during these days.”

A Look At The Deals

With the onset of the festive season, developers in the NCR region are gearing up to offer their best during the festive season in order to generate highest sales. For instance, Gaursons India Ltd. has come out with a couple of offers for its customers. For its first offer, which is valid across 500 ready to move in flats in four of Gaursons projects namely, Gaur City and Gaur Saundaryam in Greater Noida West, Gaur Sports Wood in Sector 79 Noida and Gaur Cascades in Raj Nagar Extension; the company has offered six benefits that include, loan availability upto 90 percent (80+10), no registry charges, no service tax on select units, EMIs to begin from next financial year, 21 assured gifts and a customised payment plan. For the second offer, 21 - 21, which is valid only on Gaur Yamuna City, located along Yamuna Expressway, the company is providing benefits such as; booking amount of Rs. 21,000 to be paid for the first ten months and no EMIs till possession. Since this being Gaursons 21st anniversary year, the company is assuring 21 gifts and all the bookings made during this offer will qualify for a lucky draw to be held on Christmas Day this year, where the grand winner will get a brand new car. Manoj Gaur, President CREDAI-NCR & MD, Gaursons India Ltd. says, “For a property purchase decision, this is the best time in the market as developers offer the best deals which cannot be witnessed throughout the year apart from the festive months. As a result, buyer turnout tends to be more along with higher sales.”

On the other hand, NCR realty major Paramount Group has a bouquet of offers for its buyers interested in three of its ongoing projects namely; Paramount Floraville at Sector 137 Noida Expressway, Paramount Emotions at Greater Noida West and Paramount Golf Foreste at Greater Noida. Its bouquet of offers includes; free modular kitchen, 1 Air conditioner free (1.5 Ton), free wardrobes, price guarantee, double delayed penalty charges, 1 free car parking, no loan processing fee, free maintenance for 2 years, customised payment plan, first transfer fee free, free club membership and 1 KVA power back up free. “We have offered a variety of benefits for all of our prospective buyers across our three major ongoing projects. We are anticipating the market to perform strongly during the Navratras as sentiments are positive and most buyers prefer this time to invest in property”, shares Ashwani Prakash, Executive Director, Paramount Group.

With a huge list of ongoing projects, Ajnara India Ltd. has great deals in offer for nine of its projects namely; Ajnara Homes and Ajnara Le Garden at Greater Noida West, Ajnara Integrity in Raj Nagar Extension, Ajnara Gen X in Crossings Republik, Ajnara Ambrosia, Grand Ajnara Heritage and The Belvedere in Sectors 118, 74 and 79 Noida respectively, Ajnara Daffodil and Ajnara Elements in Sector 137 along Noida Expressway. The offer by Ajnara India Ltd. includes; free modular kitchen, free wardrobes, free club membership, no bank loan processing fee, free installation of electric meter, no first transfer fee, no price escalation, EEC & FFC charges waived off, booking at a cost of mere Rs. 50,000, referral benefit for new customers and customised payment plan. “Every year during this time, we witness a steep rise in footfall of the customers along with sales queries. By offering freebies and schemes, we intend to offer the best deal for the customers who prefer festive season for buying a property”, feels Ashok Gupta, CMD, Ajnara India Ltd.

Saya Group has come out with two separate offers for two of its projects, Saya Gold Avenue in Indirapuram and Saya Zion in Greater Noida West. For Saya Gold Avenue, there is a special payment plan (40:20:30:10) in offer where, 10 percent amount needs to be paid on booking, 30 percent within 45 days, 20 percent on casting of 16th floor, 30 percent on casting of top floor and 10 percent remaining at the time of offer of possession. For Saya Zion, an exclusive flat rate of Rs. 3,599 per sq. ft./ Rs. 38,740 per sq. mtr. is on offer that will include everything barring, electric meter, power back up, IFMS, club development fee along with lease rent. “We understand and value our customers’ hard earned money, and it is extremely vital that spending is worth the cost. Most buyers wait for this time of the year to make their property purchase and it is imperative that the market should respond equally well. Keeping this in mind, we have offered schemes that should either help buyers looking for flexibility of payments or those who are looking for a budget housing in developing regions of NCR”, avers Vikas Bhasin, MD, Saya Group.

“With the government bringing changes to promote the market sentiments in the form of flexibility towards affordable and rental housing during the budget speech and implementation of RERA, buyers queries have started to increase significantly as they feel more secured towards transacting. This added with developers offering unique payment plans and freebies will help the market to bounce back this year. This time we are predicting 5-10 percent growth in NCR’s realty market’s sales numbers against last year’s festive season which will help the market to gain back the lost momentum”, elucidates Deepak Kapoor, President CREDAI-Western U.P. & Director, Gulshan Homz. Gulshan Homz has introduced a subvention scheme on their ongoing project Gulshan Bellina, located at Greater Noida West. The offer will allow buyers to pay just 10 percent as the booking amount and rest at the time of possession.

Airwil Infra Ltd. has come out with an offer that will assure all the customers of its project Conac, located in Sector 113 Noida with an exciting deal. The project offers 180 villas and thus, all the 180 customers will be the winners from a lucky draw. Each customer will be a part of one of the three lucky draw deals. First lucky draw will announce 40 winners, where 2 winners will get 90 percent discount, 80 percent discount for 3 winners, 70 percent for 4 winners, 60 percent for 5 winners, 50 percent for 6 winners and 20 percent for 20 winners. The next set of draw will declare 100 winners, where 30 will get Audi A4 car, next 30 will get Audi A3 and remaining 40 will get Mercedes B Class. The final set of draw will see the remaining 40 customers getting fully furnished villas. The total amount to be spent on this entire festive season deal will cost the company, more than Rs. 100 crores. “By coming out with such a deal we wanted all our customers of our project Conac to have a memorable festive season this year. All the 180 villas in the project will see 180 winners. Sentiments are positive during festive season and buyers prefer this time of the year for property purchase and if they get the desired deal, they buy the property without giving a second thought”, explains Vikash Bhagat, Director, Airwil Infra Ltd.

Antriksh India has come out with an interesting offer during this festive season where the company is offering fully furnished/loaded apartments for its project, Antriksh Grand View, located at Sector 150 along Noida Expressway. The apartments will come loaded with air conditioners in all rooms, electrical fittings, lights, modular kitchen and woodwork. “Rather than offering a property, we want to gift a home to all our customers willing to make a purchase at Antriksh Grand View. By offering a fully furnished home, the property will welcome the buyers rather than the buyers welcoming the property. Like every year, we are expecting the market to perform better than other months in the calendar year and real estate sector of NCR is sure to reap out the benefits in the upcoming few months”, enlightens Rakesh Yadav, Chairman, Antriksh India.

Possessions Getting Lined Up

Festive season is a time when people not only plan property purchase, but those who have ready units, take possession or conduct house warming. Considering this aspect of the festive season, developers across the NCR region are fast pacing their construction and are making sure to deliver flats in the next couple of months. “Festive season is not only about higher sales, but also a time when ready units observe their rightful owners taking possession. Here also, we are planning to bring smiles as we will have around 4,000 units to be offered for possession in the next couple of months during the festive season, for our project Gaur City”, adds Manoj Gaur.

Ajnara India Ltd. has plans to offer possession of about 5,000 units in the next few months across its several projects, riding strong on the festive season. “We and our customers will have a lot of reasons to smile as not only will we witness better sales, but a lot of homes will lit up this festive season”, shares Ashok Gupta. On the basis of a report and almost a dozen projects to get completion certificates, Manoj Gaur stated that almost 15,000-20,000 units across Noida and Greater Noida are expected to see possession by Diwali this year. Adding further, Deepak Kapoor has recently shared that almost 45,000 units across Noida and Greater Noida might get possessed by this financial year closing, i.e. March 2017. Thus, with so much in pipeline, real estate scenario is sure to see the bright side as the current festive season advances.

Small real estate developers in Ghaziabad set to benefit from new building by-laws

NEW DELHI: The latest amendments to building bye-laws by the Ghaziabad Development Authority (GDA) are expected to benefit small builders present in the region.

Under the new bye-laws, apart from changes to the minimum size of plots of which a builder can construct apartments and the heigh of such buildings, GDA has also also introduced the concept of purchasable Floor Area Ratio (FAR) for developers on economical rates near metro train systems.

Istiaq Ahmed, chief architect and town planner at GDA said that the new amendments will not offer any significant benefits to big developers and for large group housing projects but it will definitely benefit small developers in the region.

"The move will also help in optimum utilization of available land," he said.

According to recent amendments, the minimum plot size to construct stilt parking plus four floors has been increased from 120 sq metres to 150 sq metres. The provision to make the setback area a function of the plot size has also been added.

Gaurav Gupta, general secretary of industry body CREDAI Raj Nagar Extension said the new changes now define how many units are allowed to be constructed on a particular plot which brings in the much needed clarity for construction over plots.

Further, the purchasable FAR factor for commercial land use is reduced from 0.80 to 0.50, and office/institutional land use has been cut down from 0.60 to 0.45. The purchasable FAR factor for mixed land use near the metro train systems has been reduced to 0.45.

Amit Modi, director, ABA Corp and vice president of CREDAI Western UP said, that the move to introduce purchasable FAR for developers on economical rates, which in another words means more economy to procure purchasable FAR, will be very beneficial.

Apart from this GDA has also taken certain measures to improve the civic infrastructure of the region. In order to address the problem of roadside parking, stilt parking has been made mandatory in all buildings being developed in plots measuring 150 square meters and above. The ‘roads’ have been redefined with ‘roads, pathways and cycle-tracks’ which means construction from now on will include all three to be developed simultaneously.

SOURCE: ETRealty

DLF is India's top real estate brand, followed by Godrej Properties & Lodha Group: Report

NEW DELHI: Realty major DLF has been ranked as the country's most reputed real estate brand, followed by Godrej Properties and Lodha Group, according to a study by BlueBytes in association with TRA Research.

Hiranandani Developers and Tata Housing grabbed the third and fouth place, out of the total 57 real estate brands listed in the report. 

Other top brands in the top 10 include Bangalore-based Prestige Estates at the sixth spot, followed by K Raheja Corporation, Shapoorji Pallonji, Oberoi Realty and Indiabulls Real Estate.

The maximum 28 real estate companies featured in the list were from Mumbai, followed by 14 from Delhi, 10 from Bangalore, three from Pune, and one each from Chennai and Hyderabad.

“Realty in India is intimately connected to progress, to growth, to business success, and to the asset building of its populace. Though real estate investments in the coming years may not give the returns it has been giving for the last two decades, this can only be seen as a sign of the maturity of the industry. Maintaining a good reputation in this competitive sector is a tough task, as the industry is intricately connected to social status, finances, and foresightedness. Consequently, brands need to be certain about the risks they take, as it may just result in them losing their hard-earned and hard-fought Reputation,” said Pooja Kaura, chief spokesperson, India’s Most Reputed Brands.

In the Delhi-NCR market, Jaypee Group followed DLF grabbing the second spot, followed by Supertech, Amrapali Group and Ashiana Housing in the top five.

Emaar Group, Gaursons India Limited, Ansal Housing, Unitech Limited and Parsvnath Developers also featured in th top 10 best brands in the Delhi-NCR market.

Source: ET Realty 

13 investors in race for 75 road operation contracts

Over a dozen investors, including HDFC Bank, JP Morgan India, Macquarie Infrastructure and Real Assets (India) and Brookfield Asset Management, are interested in executing maintenance contracts for 75 highway projects over 4,500 km.

Highway ministry officials met representatives of these companies last week in Mumbai.
The government collects Rs 3,000 crore toll from these 75 highway projects. The projects the government wants to farm out will be a bundle of two or three stretches of roads offered as operations and maintenance contracts.

The Cabinet Committee on Economic Affairs had in August authorised the National Highways Authority of India (NHAI) to monetise highway projects constructed through the toll, operate transfer method that are generating toll revenues for at least two years.

The government feels monetisation of public-funded highways will attract long-term institutional investment because of future toll receivables.

Other investors in the fray are Mizuho Asiainfra Capital, Mizuho Bank, SBI Macquarie Infrastructure Management, CPP Investment Board, Crisil Risk Infrastructure Solutions, ONMONE, Accuracy, JICA Mountainous Highway Project and TransAsia Infrastructure (India).

The highway ministry plans operations and maintenance contracts for 75 road projects, of which projects that came up in the engineering, procurement and construction method will be bid out in the first phase. EPC projects are fully funded by the government.

This will be followed by bidding for hybrid annuity mode projects. "HAM projects operational for two years will be eligible for tendering," a ministry official told Business Standard. Under the HAM model, the government contributes 40 per cent of the project cost. In the final phase, highway projects on the build, operate and transfer annuity model will be auctioned. In the BOT Annuity model, the cost of laying the road is paid to a developer on a six-month basis after the project starts commercial operations.

SOURCE: CREDAI NCR

#NoHouseNoVote protest by Noida homebuyers hits 25,000 tweets

Started a few weeks ago, from the first weekend of September, the hashtag movement of home buyers of Noida have taken the twitter world by storm. Today, the tweets from Noida and Greater Noida home buyers have touched a count of 25,000.

1200 home buyers from the twin cities mass tweeted on the hashtag NoHouseNoVote on Sunday. Buyers posed with the slogan written on paper in front of them and tweeted the pictures. They also tagged, #AkhileshYadavGharDilaao; #CMAkhileshGharDilao apart from #NoHouseNoVote.

"We have been mass tweeting every weekend since September 4. We have coupled this with a signature campaign. We target upon accelerating the online protest to the maximum till October 18 when we shall present the signed docket with the chief minister's office," Abhishek Kumar, president Nefowa told TOI.

The buyers under the umbrella of Noida Extension Flat Owners Welfare Association (Nefowa) have been shoring up support against delayed completion and possession of apartments across Noida and Greater Noida. They have been demonstrating and hosting organised protests at various apartment complexes in the twin cities for months.

"We are presently accelerating our protests. The buyers' agenda should be central to the issues pertaining to the upcoming elections. Thousands of home buyers are invested in these two cities. Besides a sizeable number of people are shifting in. There are infrastructure problems, completion issues. With so much left to be done, the home buyers are left with no choice but to rake up protests against the election system in the area. No leader has done anything for the home buyers, we might as well not vote at all in 2017," Shweta Bharti, General Secretary, Nefowa added.

SOURCE: ETRealty

Sebi relaxes norms for real estate & infra investment trusts

Aiming to develop the corporate bond market to attract more foreign investments into the India, markets regulator Sebi on Friday allowed a select categories of foreign portfolio investors (FPIs) to directly trade in the debt segment of the market, bypassing brokers. The markets regulator also relaxed norms for real estate investment trusts (REITs), globally one of the popular vehicles to invest in the real estate sector. It also relaxed rules for investing in the infrastructure sector through Infrastructure Investment Trusts (InvITs), also a popular invest vehicle for investors in developed markets.

The Sebi board also approved foreign investors to hold up to 15% in stock exchanges in India. In July the government had hiked this stake from the earlier ceiling of 5%. Foreign banks, insurance companies and depositories are now allowed to have higher stakes in Indian bourses.

For the first time, the Sebi board met at the National Institute of Securities Markets campus in Patalganga, about 80 kilometres from the city. Sebi is setting up the NISM campus for imparting training and certification services for the capital markets.
V. The easier rules for these investment products are expected to attract more companies to take these routes to raise money which in turn would give investors more options to invest in these sectors.

On the issue of allowing FPIs in corporate bond markets, after the initial phase once the regulator and stock exchanges get feedback from FPIs, these entities may be allowed to trade directly in stocks also, market players said. Currently, while all FPIs have to compulsorily route their trades through brokers, but most of the large ones take the direct market access (DMA) route that allow them to put trades using brokers' terminals in their own office.

The move, however, is sure to have negative impact on brokerage houses, domestic and foreign, since these entities stand to lose out on broking commissions from their FPI clients.

The Sebi is also in favour of companies taking minority shareholders' nod before assigning special rights to private equity players. The regulator feels there is a corporate governance issue in such deals and has floated a concept paper on the same for market's views.

Sebi also allowed permanent registration to credit rating agencies, merchant bankers, registrar to issues and some other market intermediaries. At present these entities have to renew their registration every three years.

Sebi also floated another consultation paper on amending its investment advisory rules. Among the issues which this consultation paper will address are if mutual fund distributors can continue to act as investment advisors, restrictions on trading tips via electronic forms like SMS, email etc. and also advertisement codes for investment advisors.

SOURCE: ETRealty

4,000 buyers may get Greater Noida flats by Diwali

The Greater Noida Industrial Development Authority is planning to fast-track the completion certificates of 21 group housing societies in an attempt to address homebuyers' problems and hand over the much-delayed dream homes to them. If all goes according to plan, the GNIDA will hand over occupancy certificates to nearly 4,000 residential units before Diwali.

Speaking to TOI, Deepak Agarwal, chief executive officer, GNIDA, said, "We have scheduled a meeting with the 21 developers on Friday to sort out issues first-hand and expedite the process of issuing completion certificates," he said. "We have urged the developers to join hands with us in this endeavour so that during this festive season, scores of homebuyers will be able to have possession of their homes," he said.

Agarwal said he had reviewed each of the 21 projects in detail. "I am confident of handing over the completion certificates to 90% of the projects by October 15. If any are left out, we will surely hand over the certificates by October 31," he said. "If the developers have in place all the clearances and mandatory prerequisites including no dues certificates, which are linked to respective default amounts, deposit of labour cess, pollution consent and payments for compoundable variation in layout plan, we will have no problems in issuing the completion," he said.

"Once the developers have the completion certificates, they can issue the occupancy certificates, after which the homebuyers can register their properties," he said.

Officials said the 21 projects included some leading developers' projects. The 21 projects are Sam India, Le Residencia, Nirala, Ajnara, Exotica, Gaur Hitech, Panchsheel, Eldeco, Proview, Earthcon, Eros, Galaxy, AIG, Supertech, AVJ, Spring Meadows, MSX, County Homes, etc.

According to officials, on reviewing the situation on Thursday, which was the last date for application of the rescheduled payment plan, it was found that out of the 95 defaulting group housing builders, 95% had submitted their applications to the GNIDA. In the last 15 days, the GNIDA has collected nearly Rs 100 crore from the defaulters, officials said.

"The situation is expected to improve and look up by the end of this month and by October end we have targeted a collection of Rs 200 crore," Agarwal said.

SOURCE: ETRealty

WHY SHRAADH IS A NO MISS

Ridhi Bahl 

Shraadh, originally a Sanskrit word, is a combination of two words ‘Sat’ meaning truth and ‘Adhar’ meaning basis. So it means anything or any act that is performed with all sincerity and faith. It is a ritual that Hindus perform to pay homage to their ancestors (pitrs) especially to one’s dead parents. It is a way for people to express their heartfelt gratitude and thankfulness towards their parents and ancestors, for having helped them to be what they are and praying for their peace. As per Garuda Purana, after thirteen days of death, the soul starts its journey for Yamapuri for another eleven months and only in the twelfth month it reaches to the court of Yamraj. During the period it has no access to food and water. It is believed that Pind Daan and Tarpan done by the son and family members satisfy this hunger and thirst of the soul during its journey till it reaches the court of Yamraj. Hence Shraadh rituals are considered very important during the first year of death.

Every year in the month of Ashwin (Hindu month) Krishana Paksh, that is 15 days commencing from Purnima (full moon night) to Amavasya, Shraadh is performed. One has to perform certain rituals this day like preparing pure vegetarian food, one can also prepare the favourite food of the departed soul. This food is offered to the Brahmins or pundits and is known as Brahmin Bhoj. Prayers should be offered for the peace of soul of our ancestors.  The food should also be offered to cows, dogs and crows. One can also indulge in serving the needy like beggars and old people for the peace of the ancestors’ souls. The ritual is performed on the death anniversary of the departed member of the family or a particular day from Shraadh during Pitr Paksh which is dedicated to that departed member. It is believed that if the rituals are performed with full faith, love and respect, our ancestors get happy and protect us from all the evil powers of the universe. They don’t let anything harm us, be it natural or supernatural.

Ritual of Tarpan or Pind Daan is considered very important in cases of unnatural deaths, as these rituals help in removing the effects of unnatural death and attaining divine peace for the departed soul.

According to Mahabharata, when Karna died, his soul was sent to heaven. There he was offered only gold and silver ornaments in food. He asked king Indra ,the reason for serving him ornaments in food and not edibles. Lord Indra told him that he had only donated gold and silver ornaments to the needy but never donated food to his ancestors. Indra gave him a 15 day period to go back to earth and donate food and other offerings in the name of his ancestors. Post this, Karna came back and performed the rituals of Shraadh or Tarpan for the peace of his ancestors’ souls.

Pitr Paksh or Shraadh is considered as an inauspicious period for starting of any new venture and shopping of new clothes or any household items. Every year, as per the Hindu calendar, the days of performing Shraadh fall on different dates. The last day of Pitra Pakash is known as Pitr Amavasya Shraadh which can be used to perform the Shraadh of anyone.

There are certain things which can be avoided while one is performing Shraadh:

1) Do not use non-vegetarian items for preparing food.

2) Do not consume alcohol while performing the rituals.

3) Never use iron vessels for preparing or serving food

4) Do not perform rituals at dusk or dawn or even after nightfall.

Author is a renowned Vastu consultant & expert. Views expressed in the article are her own.

WHY SHRAADH IS A NO MISS

Shraadh, originally a Sanskrit word, is a combination of two words ‘Sat’ meaning truth and ‘Adhar’ meaning basis. So it means anything or any act that is performed with all sincerity and faith. It is a ritual that Hindus perform to pay homage to their ancestors (pitrs) especially to one’s dead parents. It is a way for people to express their heartfelt gratitude and thankfulness towards their parents and ancestors, for having helped them  to be what they are and praying for their peace. As per Garuda Purana, after thirteen days of death, the soul starts its journey for Yamapuri for another eleven months and only in the twelfth month it reaches to the court of Yamraj. During the period it has no access to food and water. It is believed that Pind Daan and Tarpan done by the son and family members satisfy this hunger and thirst of the soul during its journey till it reaches the court of Yamraj. Hence Shraadh rituals are considered very important during the first year of death.

Every year in the month of Ashwin (Hindu month) Krishana Paksh, that is 15 days commencing from Purnima (full moon night) to Amavasya, Shraadh is performed. One has to perform certain rituals this day like preparing pure vegetarian food, one can also prepare the favourite food of the departed soul. This food is offered to the Brahmins or pundits and is known as Brahmin Bhoj. Prayers should be offered for the peace of soul of our ancestors.  The food should also be offered to cows, dogs and crows. One can also indulge in serving the needy like beggars and old people for the peace of the ancestors’ souls. The ritual is performed on the death anniversary of the departed member of the family or a particular day from Shraadh during Pitr Paksh which is dedicated to that departed member. It is believed that if the rituals are performed with full faith, love and respect, our ancestors get happy and protect us from all the evil powers of the universe. They don’t let anything harm us, be it natural or supernatural.

Ritual of Tarpan or Pind Daan is considered very important in cases of unnatural deaths, as these rituals help in removing the effects of unnatural death and attaining divine peace for the departed soul.

According to Mahabharata, when Karna died, his soul was sent to heaven. There he was offered only gold and silver ornaments in food. He asked king Indra ,the reason for serving him ornaments in food and not edibles. Lord Indra told him that he had only donated gold and silver ornaments to the needy but never donated food to his ancestors. Indra gave him a 15 day period to go back to earth and donate food and other offerings in the name of his ancestors. Post this, Karna came back and performed the rituals of Shraadh or Tarpan for the peace of his ancestors’ souls.

Pitr Paksh or Shraadh is considered as an inauspicious period for starting of any new venture and shopping of new clothes or any household items. Every year, as per the Hindu calendar, the days of performing Shraadh fall on different dates. The last day of Pitra Pakash is known as Pitr Amavasya Shraadh which can be used to perform the Shraadh of anyone.

There are certain things which can be avoided while one is performing Shraadh:

1) Do not use non-vegetarian items for preparing food.

2) Do not consume alcohol while performing the rituals.

3) Never use iron vessels for preparing or serving food

4) Do not perform rituals at dusk or dawn or even after nightfall.

27 MORE CITIES ON THEIR WAY TO BECOME SMART CITY

In an exclusive press conference organised by the Ministry of Urban Development, Shri M Venkaiah Naidu, the cabinet minister for Urban Development announced the third set from the 98 listed regions which are to be developed as Smart Cities under the Smart Cities Mission. The competition at this platform is tough as all the regions are being picked on a strict numbering basis where they have to pass through a lot of parameters and being marked for the same. Basis these marks, the top ones are selected for list to be announced. Compared to the previous of counts of 20 in the first list and 13 in the second list, the count was very high this time, making it to 27 inclusions in the current list. The current list notably features 5 regions from Maharashtra, 4 from Tamil Nadu and Karnataka, 3 from Uttar Pradesh, 2 each from Punjab, Rajasthan and Madhya Pradesh along with 1 each from Andhra Pradesh, Odisha, Gujarat, Sikkim and Nagaland. With the list now totalling to 60 regions, the proposed investment has risen to INR 1,44,742 Crore.

Industry Reactions

1. Ashok Gupta, CMD, Ajnara India Ltd.

The complete list of 98 cities boasts of some of the most strategically located regions in the entire country. Due to unorganised developments, proper attention could not be given to these regions even though they carried huge potential. Now with the government at centre recognising the importance of developing these regions and bringing them at par with the prominent Tier 1 cities, the Smart Cities Mission will hold key. Several key regions such as Agra, Kanpur and Gwalior have made inroads through this list and which in turn will help create a ripple effect in their neighbouring regions reaping the fruits of development.

2. Kushagr Ansal, Director, Ansal Housing

With more and more regions being added to the list of regions being selected to be developed as Smart Cities, a lot of planning and execution will be witnessed in the upcoming 3 – 5 years. This will mean a lot of infrastructural developments in these regions which in turn will provide space for employment and economy revival. As has already been disclosed, a total of INR 48,000 Crores would be pumped through the central government during the course of the entire project along with the respective state governments adding their contributions.

3. Deepak Kapoor, President CREDAI-Western U.P. & Director, Gulshan Homz.

With the list now reaching up to 60 from the shortlisted 98 regions, it sets the tone right straight from the central government which was always doubted to perform on the much hyped Smart Cities Mission. This accompanied with the mission of Housing for All by 2022 is sure to do wonders for the real estate sector of the country. Major developments would also be seen on infrastructural fronts which will mean a completely changed landscape of the country.

4. Vikas Bhasin, MD, Saya Group

The declared cities in future will be well equipped with basic infrastructure, efficient urban mobility and public transport, IT connectivity and e-governance mechanisms. The standards of living will be enhanced drastically which will promote sustainable development as well. The government must now work diligently for upbringing of the private sector through important decisions in the Union Budget such as, Industry Status, Single window clearance and execution of RERA for the realty sector. 

Next set of smart cities to be announced today

The Centre will announce the next set of cities for financing under the Modi-government flagship Smart City Mission on Tuesday.

As per the Mission guidelines, as many as 40 cities have to be announced during this financial year. As the government had already announced 13 cities in May, a slot of 27 cities remains vacant against which the announcement would be made by Urban Development Minister M Venkaiah Naidu on Tuesday.

In January, the government had announced a list of 20 cities for partial funding to be developed as smart cities which would have facilities such as assured water and power supply, sanitation and solid waste management systems, efficient urban mobility and public transportation, IT connectivity and e-governance, among others.

Each city will receive Central assistance of Rs 200 crore in the first year and Rs 100 crore over the three subsequent financial years.

State governments and respective urban local bodies will also match the Centre's contribution.

The Modi-government aims to transform about 100 cities by 2019-20, with the Centre providing financial support of Rs 48,000 crore over five years.

SOURCE: ETRealty

RERA to pull down number of project launches in India in short term: Colliers

New project launches are likely to witness a drop in the short term largely due to the fact that fewer projects will be ready for registration as developers will wait to see how the new norms pan out and how other projects fare with the Real Estate (Regulation & Development) Act (RERA) coming into force, said property consultant Colliers International in its latest report "Developers, get on Board".

Surabhi Arora, Senior Associate Director, Research, at Colliers India, said, "The key issue for developers is to prepare for the changes at the earliest as the Act applies to all existing projects as well. Based on our analysis, an improvement in project planning should help developers to avoid delays and manage project funds efficiently. Adopting the process early on will give developers an edge over their competitors and generate trust among buyers".

One of the major impacts of the RERA is that currently, all major cities in India have high unsold inventory, so lower new project launches should ensure equilibrium in demand in the residential sector. However, this may lead to price rises in preferred and under-supplied mature markets, whereas over-supplied markets should be less impacted.

Over time, RERA should weed out speculators in the Indian property market and push it towards maturity. It is important for developers to prepare for the changes promptly since the Act applies to existing as well as future projects, said Colliers report.

An improved project planning will help developers avoid delays and manage project funds efficiently, said the report, adding that it would be prudent to hire planning professionals to take all steps to ensure timely project completion. Making such preparations early should give developers an edge over rivals and boost buyers' trust.

Over the past two years, the real estate sector, especially the residential sector, has been reeling under pressure. This is the same sector which had witnessed a golden era in the past decade. However, currently, buyers are hesitating from buying despite the fact that there is a shortage of about 29 million houses in India. Buyers' sentiment in the last two years has been at an all-time low primarily due to delay in delivery of projects, quality-related issues, escalated prices, and availability of limited recourse for a real estate consumer in case of conflicts with the developer.

"Buyers' sentiment is already uplifted based on several expectations from the Act. We have started witnessing a lot of positivity among buyers now, which will eventually convert into demand," says Sumit Jain, National Director, Residential Services at Colliers India. "On the supply side, we expect a drop in new project launches in the short term because, developers may adopt a wait and watch approach. However, as all the major cities in India have high unsold inventory, so the drop in new project launches should help the residential sector to maintain supply-demand equilibrium."

SOURCE: ETRealty

SC stays NGT order asking metro, freight corridor to get green nod before pressing on

The Supreme Court on Friday stayed National Green Tribunal orders that had made work on the Noida-Greater Noida metro and the Mumbai-Delhi-Kolkata freight corridor conditional on getting green clearances. The court ruling clears the legal hurdles, at least for now, in way of these projects.

The NGT had in orders passed in May and July ruled that these projects required clearances under the environment ministry's Environment Impact Assessment Notification of 2006, issued under the Environment Protection Act.

The ministry insisted that these projects were not covered by the notification, but the NGT ruled otherwise. On Friday, the issue was raised by Attorney General Mukul Rohatgi before a bench comprising Chief Justice TS Thakur and Justice AM Khanwilkar.

"Roads have been dug up throughout the country in most cities. By getting people to travel by the metro, the metro is actually reducing pollution," he said.

Both the metro and the freight corridor corporations had challenged the NGT orders through advocate ADN Rao.

The AG said these the projects figured on the list of those excluded from the notification.

The NGT had passed the orders on pleas filed by activist Vikrant Tongad who had drawn its attention to the fact that work on these projects had commenced without the green nods and that these were seriously prejudicial to the environment.

Some of the work would affect the Hindon river bed and plains, he argued, besides the flora and fauna in the area. The NGT had directed that these projects either get post-facto clearances or stop all work.

The NGT had asked the project proponents to obtain environmental clearances within three months and asked the authorities to consider both remedial as well as precautionary measures that were required to be taken before allowing work to go ahead.

SOURCE: ETRealty