VISAKHA VISION Vol- January-February, 2018 Issue- 3...

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VISAKHA VISION

THE AMAZING YACHT FESTIVAL, FIRST OF ITS KIND, WAS ORGANISED ON THE BLUE WATERS OF BAY OF BENGAL IN VISAKHAPATNAM RECENTLY. THIS AWESOME FESTIVAL WAS CONSIDERED ONE MORE STEP IN THE DIRECTION OF “CITY OF DESTINY” DOUBLING UP AS “TOURIST HUB”.

R. R. AGENCIES #28-15-21, Opp. police Club, Surya bagh, Visakhapatnam, Ph No. 6673322/44, Email. [email protected],

Rakesh Jain 9848140876,Rosan Jain9948335151

Authorised Distributors for

Switch Gear, MCB, DB + Wires.

With the launching of RERA Website by the authorities concerned on February 5th, the new ERA of RERA has begun. Generally, when a reform is proposed and made an Act, there would be teething troubles, new challenges and also new opportunities, The professed objectives of the Real Estate (Regulation and Development) Act 2016 are, among other things, financial discipline, transparency and accountability. In fact, these are incorporated in the ‘code of conduct’ of CREDAI-VSP and its members of have been adhering to them meticulously. The only difference is they have become mandatory now. Let us welcome the new era and endeavour to achieve the objectives with verve and vigour. There would be some tough situations but let us get going.

Regards,

K. S. ChandranBulletin Editor

EDITORIAL BOARD K.S. Chandran, LAYOUT & DESIGN ideafirst, #9-18-1, 1st Floor, Vinayagar Enclave, CBM Compound, Siripuram,

Visakhapatnam, Ph: +91 891 2508150., PRINTED AT Sathyam Offset Imprints, Brindavan, #49-28-5, Madhuranagar, Visakhapatnam.,

PUBLISHED BY CREDAI VISAKHAPATNAM, #9-6-43, Flat No-2, Ground Floor,

MVV Bhavan, Sivaji Park Road, Sivaji Palem, Visakhapatnam-530017, Ph: 0891-2739612, Mob: 98488 54448, 99120 54448

Email : [email protected], [email protected]. Website: www.credaivisakhapatnam.org

All the Members are requested to get their address updated with the association in order to ensure timely delivery

of magazine also your email ID for speedy communication. If you are not receiving a copy of magazine of CREDAI,

VISAKHAPATNAM chapter. please contact @ 9848854448

CREDAI VISAKHAPATNAM (Regd. No : 231of 2010)

WHEN THE GOING GETS TUOUGHTHE TOUGH GETS GOING.

CREDAI VISAKHA VISION | JAN-FEB, 2018 5

EDITORIAL

Dear Readers

Greetings to all fellow developers!

You must be aware of the important issues and developments that CREDAI-Vizag has diligently articulated through its unflinching efforts, both at the State and City levels. It is emerging as the only unified and potent force for the construction industry to voice its concerns in the upscale residential and commercial apartment complexes environment in Vizag. We at CREDAI-Vizag are glad that we have been able to make a mark with the untiring efforts of the entire Executive Committee and recent Chairmen.

Hard times come and go. You are aware of the provisions of Real Estate (Regulation and Development) Act 2016 and GST (Goods and Services Tax) that came into force. Both have had a profound impact on the construction sector. We welcome the reforms proposed in the new Acts as they ensure transparency, financial discipline and accountability.

At the same time, CREDAI has strongly

represented to Sri Hardeep Singh Puri, Hon’ble Minister for Housing and Urban Affairs, Govt. of India u/s 91(1) (Power to remove difficulties) of RERA that warranty period should be limited to one year instead of five years; the provision of workmanship should be withdrawn from the warranty period: the service providers and sanctioning authorities, suppliers of technical equipment like lifts, switch gear, generators etc. should be brought under the purview of RERA, and several other issues

Now the second phase of uploading projects in the RERA website has begun. With a view to help our members, an awareness program on registration of application in the website was organized by our team, and important functionaries like AP RERA, Director Planning, Sri Ch. Sambasiva Rao, Chartered Accountant and subject expert, Sri T. Vinay and advocate Sri Sohail Ahmed were invited. They spoke on the subject and the Q&A session that followed greatly helped our fraternity.

Let me mention here that project registration under RERA will help bridge the trust deficit between buyers and developers.

Also I wish to mention that RERA registered projects are likely to witness price appreciation in the future and escalation of price in the market.

Now let me deal with the biggest post-independence tax reform of GST. Persistent efforts by CREDAI had resulted in GST charges getting fixed at the rate of 8% on affordable housing and low housing on the total value of under-construction properties which is 4% lesser than the earlier effective rate of 12%.

CREDAI-Vizag, through CREDAI National has been pursuing the issue with the government to get the GST rate fixed at 8% for the entire construction industry.

Real estate was considered most unorganized despite it being well organized. Because of CREDAI’s efforts, it has now been extended the status of infrastructure to the affordable housing schemes in the industry. This status can reduce the gap between mortgage rate and funding rate and will be a boost to the real estate industry. Now I would like to mention a few of the achievements that helped our fellow members.

NALA TAX: As result of relentless efforts of CREDAI Vizag, the Government issued the GO.98, dated 19/02/2018, reducing NALA Tax from 5% to 2% in municipal corporation areas and from 9% to 3% in other areas.

REPRESENTATION TO DEPARTMENTS CONCERNED: Fire Department: We have also presented considerations to the Fire Department with respect to relaxation in height and setbacks to apartments as per the provisions of GO No.119.

Director of Town & Country Planning (D.T &C.P) MA &UD Govt. of A.P.

PRESIDENT’S MESSAGE

CREDAI VISAKHA VISION | JAN-FEB, 20186

PRESIDENT’S MESSAGE

We have been rigorously pursuing the department for withdrawal of the provision of 10% mortgage on approved built up area when the projects are registered in the RERA.

It is indeed a matter of great privilege and honor to be associated with CREDAI, the apex body of real estate developers, whose foremost aim is to promote fair business practices and protect the interests of its customer. CREDAI-Vizag willingly accepted a “code of conduct” for self-regulation and it had also unanimously resolved to set up Consumer Grievances Redressal Committee to attend to customer’s problems. CREDAI-Vizag would earnestly endeavor to enroll and bring to its fold more members so that a healthy and fair environment is built, leading to building a strong world-class “City of Destiny”.

These steps indicate CREDAI-Vizag’s commitment for fair play in the business. Now I am happy to inform you that CREDAI-Vizag has been chosen to host the EC GC (Executive Committee and Governing Council) meeting of CREDAI National, scheduled for October 5th and 6th 2018. It is both a privilege and challenge. Stated to be one of the biggest events, large players from the national real estate sector would attend. It is great opportunity for all of us to build CREDAI-Vizag’s brand image at the national level. Let us work hard in this direction and make the event a grand success and worthy of treasuring for a long time.

Also, the 18th NATCON, scheduled to be held on August 2nd, 3rd and 4th in Berlin (Germany), is knocking at our doors. It is an opportunity to interact with top people in the industry, keep abreast of latest techniques and trends in other countries. Many of our members have been participating in the NATCON organized in different countries and enjoying the participation professionally and personally. I strongly suggest that you make it a point to attend.

Before I conclude, I wish to express my earnest gratitude to all members for their support and kind cooperation without which I could not have made even

the modest contribution that I had, as President of CREDAI-Vizag.

I wish to express my special thanks to the entire executive committee for its valuable support in all organizational activities. I also appreciate Treasurer Sri E. Ashok Kumar, whose stellar efforts had resulted in an FD of Rs.1 Crore for the organization. I greatly appreciate the efforts of Property Expo Conveners, Sri P.Dharmender, Sri B.Srinivasa Rao and Sri E.Ashok Kumar for making the Expo 2017 a great success.

I would like to recall with gratitude the hosting of AP CREDAI MC meeting at the Fairfield Marriott Hotel and the hospitality provided by CREDAI-AP Chairman Sri K.Subba Raju and the release of Property Expo brochure by the Honorable Chief Minister, Sri N.Chandra Babu Naidu at the same venue. The release of brochure by the Chief Minister was a matter of pride for the organization and helped boost the brand image of CREDAI-Vizag.

I am very happy to inform you that all the exhibitors and fellow members who had showcased their products at the Property Expo are well satisfied, because they have been getting new leads to promote their business and build their brands as well. Let us build upon the good will that we established by successfully conducting the expo. I greatly appreciate the participation of SBI as our principal sponsor, the managements of RINL (Visakhapatnam Steel Plant), and Apollo Hospitals which had offered 25% discount on OPD services and health checks to the members of CREDAI-VSP.

Before I close, I wish to recall the yeoman services rendered by the CREDAI Youth Wing, headed by its coordinator Sri KVR Raju (Ramesh) and his energetic team, in making the Annual Family Picnic a memorable event.

I once again thank you all and wish you the very best in all activities.

P Koteswara Rao

Chairman G.V.V.S Narayana 9848130272 [email protected]. Koteswara Rao 9908600005 [email protected] B. Srinivasa [email protected]. Govinda Raju 9848521789 [email protected]. Sivaji 9052544555 [email protected] Hon. SecretaryK.S.R.K. Raju (Sai)[email protected] SecretariesChilukuri Srinivas9676849999, [email protected] Shivanand9963322000 [email protected] Srinivas Rao 8897495679 [email protected]. Ashok Kumar 9133188807 [email protected] MembersP Rama Krishna 9848414051 [email protected]. Dharmender 9000387878 [email protected]. Vijay Kumar 9966877999 [email protected]

D. Siva Govindam 9866228662 [email protected]. Bhoja Raju 9849841875 [email protected] K. Nagendra 9666161616 [email protected]. Murali Krishna 9393101811 [email protected] Gopal 9848125925 [email protected] Sharief9848194986 [email protected]. Vamsi Mohan 9390030633 [email protected] Sreenu 9866010679 [email protected] Past ChairmanK Rama krishna [email protected] Wing Co-ordinatorK.V.R. Raju (Ramesh)[email protected]

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SMART CITIES AND SECURE INFRASTRUCTURE

By S. Vasudeva Rao, I.P.S (Retd) Visakhapatnam

CREDAI VISAKHA VISION | NOV-DEC, 20178

SMART CITY

Smart Cities mission, launched by India in 2015, is a revolutionary program of urban renewal and retrofitting ever undertaken by any government in recent times. These technology- driven cities improve quality of life and would be citizen-friendly as well as sustainable. The 100 cities selected under the scheme will have a core area development plan as a model. The 5-year collaborative program between the Centre and States covers Visakhapatnam too.

Each city will have a C.E.O. who with about ₹ 1,000 crore executes innovative and impactful joint ventures, PPP and other turnkey projects. He should coordinate with agencies/individuals with deep urban policy expertise and networking for implementation of the best urban management practices as part of the Mission. The smart city’s core infrastructure elements include adequate water supply, assured power, sanitation, solid waste management, efficient urban mobility and transport, affordable housing, robust IT connectivity and digitalisation, good e-governance, effective citizen participation, safety, security, health and education. The four critical pillars of entire urban eco system- institutional, physical, social and economic need proper attention from urban authorities.

Associations of builders in smart cities have a special responsibility to show sensitivity, imagination and integral perspective in responding to the needs of a dynamic city that operates on intelligent connectivity. While undertaking the construction of their projects, they will have to focus on more intensive real estate services, harmony of new layouts with mixed land use, higher FSI, high ground coverage, better use of technology, information and data, smart parking, innovative use of open spaces, meticulous compliance with building bye-laws, walkable localities, reduction of congestion and pollution, local resource conservation, vertical greenery, seamless security coordination with local police, smart lighting, preservation of local culture, disaster mitigation and greenfield development.

Builders should ensure their buildings are designed in such a way that the scope for crime is minimised. Installation of critical security devices, use of ICT in surveillance, alarm and alert systems, automated access control, fire safety, emergency exit and other services, provision for security posts and clear guidance maps on layout are essential requirements of any big building- be it commercial or residential. Availability of information on network of systems in each building is equally critical for police intervention for evacuation in emergencies. Builders can never afford to cut corners in security and safety of residents. The association of builders must have a visionary perspective and play a pro-active role in regular review of matters affecting citizens and communicate with other agencies in promotion of awareness of systemic knowledge concerning their work. They can’t afford to play a ceremonial role in this as stakes are too high for all.

A smart city is unsustainable in the absence of a sound, smart and secure infrastructure. Government agencies bring in only skeletal structures but it is builders that add flesh and blood for bringing them alive. A smart city is skin to a human body in more ways than one. Like sub-systems in human body operating in unison, cities must have unity of direction in seamless coordination of multiple functional agencies. Both technology and people are important in a smart city. Insights from data should drive learning in constant upgradation of systems. Builders must fully exploit benefits of computer simulations in solar energy, natural ventilation, climate changes, wind flows, green-house gases, soil tests, advances in building technology and cost-effective and efficient construction methodologies.

Unless and until builder firms become learning organisations, smart cities remain deprived of opportunities for reaching their full and true potential.


SMART CITY

Mr Y. K. K. Sastry Area Manager, Visakhapatnam 8332928335 | Mr H. Raghavendra Area Manager, Gajuwaka 9848403558

REAL ESTATE & DEMONETIZATION

What is Demonetisation? To begin with let us understand, what is Demonetization? When a currency note of a particular denomination ceases to be a legal tender, it is termed as demonetisation. Legal tender refers to money which can be legally used to make payments of debts or other obligations.

2016 Demonetisation Facts Prime Minister Narendra Modi on 8th

November 2016 announced that all currency notes of denominations of Rs.1000 and Rs.500 would be invalid from the midnight of that day. The government’s aim was to root out counterfeit currency, fight tax evasion, curb inflation, eliminate black money and terror-funding, and to promote a cashless economy. The latest round of demonetisation has undoubtedly affected the common public and bankers as these notes

accounted for 86 percent of the country’s cash supply by value. It has had many short-term effects which were visible, disrupting ordinary life across the country are for several weeks. The hardest-hit were those in rural areas, where access to banking and the internet are quite low.

Where we stand on the objectives of Demonetization. Demonetization had its impact on counterfeit currency,

A Chartered Accountant by profession, Sri Ramakrishna Sangu has specialized in Indirect Tax laws, presented papers on this subjects at national forums and acquired good reputation as CA.

He has also been delivering lectures on RERA and GST and established himself as a competent authority on the subjects.

He lives in Visakhapatnam and can be contacted @8897509489.

Rama Krishna Sangu, Chartered Accountant.


Tax Revenue, Inflation, Black Money, Terror Funding, Digital Economy, GDP, Daily Wage Workers and a host of other aspects.

It had also Impacted the Real Estate Sector A sudden ban on the existing Rs. 500 and Rs. 1000 currency notes shook the Indian economy and real estate sector which was evident after the third quarter of the financial year 2016-17. The announcement of demonetization and implementation of the Benami Properties Act for unregulated properties took place in the same year. Economists predicted the growth rate of the real estate sector to slow down more than ever as result. The sector has been ridden with many challenges for the past few decades owing to lack of a uniform framework. Poor sales leading to flat prices, heavy liquidity challenges and high unsold inventory have colluded to keep real estate sector away from fulfilling its potential and provide necessary residential stability to average citizens.

With more money getting into the system analyst thought banks will have more money to lend, interest rate would come down, which would help the sector growth. As expected interest rates were reduced and the demand has been surprisingly steady due to many factors. Recently banks have increased the housing loan interest rate, exemption of housing loan interest is restricted as per Income tax Act 1961 this has adverse effect on the sector.

More Regulations alongside Demonetisation It will not be wrong to say that the Real Estate Sector of our country has seen a lot of developments in a short span of time. While demonetization did stump the

sector for a while, The Real Estate (Regulation and Development) Act, 2016 (RERA) & Goods and Services Tax (GST) soon gave it the strength to be functional in an efficient way. Highlighting the three biggest initiatives, Demonetization, RERA & GST together are stimulating the existing uncertainty in the market. It is ensuring transparency, efficiency; promote growth of buyer’s confidence and boosting investments in the real estate industry.

Demonetisation has particularly boosted foreign funding. The transparency brought in by demonetisation, aided by RERA, GST reforms and liberalisation of FDI norms, and has boosted the confidence of foreign investors, which is clearly evident from the spurt in foreign investments, particularly from pension funds.

The ban on pre-launching of projects under RERA will also check artificial spurt in pricing. GST has come to tackle the flow of cash in the purchase of building materials by introducing input credit tax. Further, the government’s plans to liberalise FDI norms, especially for affordable homes, and rationalising stamp duty will have a sobering effect on property prices.

Post Demonetisation Post demonetization, there has been an increased transparency in the purchase and payment system of property. The paper or market value of most properties in India until recently was very less as compared to the cash or ‘black’ value. Since cash transactions were unregulated and unrecorded, it was almost impossible for the government to levy taxes on them. Real estate had become a heaven for people to park their unaccounted cash. However, a shift

towards the cashless economy has brought transparency in the valuation system as people could no longer buy property using cash. Property prices which were skyrocketing earlier stabilized considerably. Moreover, it enabled the government to detect frauds more easily because it now kept a track of extremely large cashless transactions.

Conclusion Demonetisation has been praised as well as criticised on various grounds. There has been a lot of opposition regarding the implementation of this policy. In the short run, there have been problems related to liquidity crunch, unemployment, loss of growth momentum, and a temporary halt to major economic activities. All this is evident from the data provided by the RBI.

The long term effects of Demonetisation are yet to be ascertained. It is expected that it can improve the Indian economy in the long run by increasing tax compliance, financial inclusion, consequently improving the state of the economy. It can boost the GDP by increasing the availability of funds for lending and also by reducing transaction costs if the economy moves to digital modes of payments.

We salute to all citizens of India for their sacrifice and tolerance during the implementation of demonetisation. Indians are expecting good governance and the present government vision is “Minimum Government and Maximum governance”with the able support of bureaucrats government should make a 360 degree analysis before implementing major policy decisions, so that the implementation would at ease.


CREDAI-VSP Chairman Sri G.V.V.S. Narayana (with mike in hand) addressing a joint press meet organised by CREDAI-VSP, AP Chamber of Commerce, AP Tours and Travels and IT Park Association, held on 6th January 2018. (From left) Sri K. Vijaya Mohan (AP Tours and Travels), Sri O. Naresh Kumar (IT Park) Sri G. Sambasiva Rao (AP Chamber of Commerce) and Sri P. Koteswara Rao, president CREDAI-VSP are seen in the picture.

Chairman Sri G.V.V.S. Narayana, cutting the cake at the regular meeting on the occasion of New Year. (From left) Past Chairman Sri M.V.V. Satyanarayana, President Sri P. Koteswara Rao, Hon Secretary, Sri K.S.R.K. Raju (Sai), Treasurer, Sri E. Ashok Kumar and Vice President, Sri Ch. Govinda Raju are seen in the picture.

CREDAI-VSP President Sri P. Koteswara Rao (with mike in hand) addressing a joint press meet organised by CREDAI-VSP, AP Chamber of Commerce, AP Tours and Travels and IT Park Association, held on 6th January 2018. (From left) Sri K. Vijaya Mohan (AP Tours and Travels), Sri O. Naresh Kumar (IT Park) Sri G. Sambasiva Rao (AP Chamber of Commerce) and Sri G.V.V.S Narayana, Chairman CREDAI-VSP are seen in the picture.

BJP MLA and its floor leader in the Assembly Sri P. Vishnu Kumar is felicitated at his house by members of CREDAI-VSP for his untiring efforts in getting the GO in respect of NALA Tax passed. (From left) Vice President, Sri Ch. Govinda Raju, EC member Sri D. Sivagovindam, Chairman CREDAI-AP Sri K. Subba Raju, Immediate Past Chairman Sri K. Ramakrishna Rao, Hon Secretary Sri K.S.R.K. Raju and EC member Sri N. Vamsi Mohan are seen in the picture.

PHOTO GALLERY

Members of the CYW, who were presented mementos in recognition of their services in making Annual Family Picnic a grand success, are seen with the past Chairmen Sri K.S. Chandran and Sri K Ramakrishna Rao ( 6th and 7th from left) at the regular meeting. Standing behind them are (from left) are CREDAI-VSP President, Sri P .Koteswara Rao, Chairman, Sri G.V.V.S. Narayana and Hon Secretary Sri K.S.R.K. Raju.

Senior officials of ICICI bank, along with CREDAI-VSP Past Chairman Sri Ramakrishna Rao (3rd from the right), seen after product presentation at the Regular Meeting on 5th February 2018. Standing behind are President Sri P. Koteswara Rao and Chairman Sri G.V.V.S. Narayana.


PHOTO GALLERY

VISITS TO VIPsCalling on the VIPs, Dignitaries and other important officials in the city on New Year’s Day and wishing them HAPPY NEW YEAR has been the practice of CREDAI-VSP since its inception. Here is an optical presentation of CREDAI-VSP leaders’ meeting with VIPs and other dignitaries on January 1st 2018.


4/16/2017 Credai warns of work holiday Times of India

http://timesofindia.indiatimes.com/city/visakhapatnam/credaiwarnsofworkholiday/articleshowprint/58198215.cms?null 1/1

Credai warns of work holidayTNN | Apr 16, 2017, 06.00 AM IST

Printed from

Visakhapatnam: Slamming manufacturers for hiking cement prices, builders associated with Credai-Visakhapatnam have

warned that the construction industry would be forced to declare a 'work holiday' to counter the steep surge in prices.

Addressing a media conference in the city, Credai-Visakhapatnam chairman GVVS Narayana said, "There is absolutely no

justification for such a unilateral decision by cement manufacturers. The price hike is having a very adverse impact on

construction activity and housing programmes of both the government and private sectors. This would be an unbearable

burden on builders and unless the government intervenes and controls the price, builders would be forced to declare a 'work

holiday' which would throw several lakhs of skilled and unskilled workers in the construction industry onto the roads."

Slag cement price rose from Rs 230 to around Rs 320 a bag, while OPC cement rose from Rs 270 to around Rs 390 a bag.

Unable to absorb the rise, builders will pass it on to the consumer and it will become very difficult to buy a house.

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ENGINEERING STUDENTS CONVERT DEBRIS INTO BUILDING BLOCKS

CHENNAI: The concrete waste after a building is demolished mostly ends up in landfills, in unauthorized places or simply dumped on the roadside. If the attempts of a team of engineering students from Erode succeed, then this concrete waste could well turn out to be building block to a new structure. The team from Kongu Engineering College, Erode recently won an award in the Carbon Zero Challenge competition organised by IIT Madras for developing blocks from concrete debris.

Professor of civil engineering, G S Rampradheep, said the debris can

be recycled into construction material like hollow or paver blocks. “We have tested the blocks for compressive strength and found that they are stronger and more durable than conventional bricks and concrete blocks.”

The professor said they have come up with a simple and economical process where concrete waste is carefully segregated from the C&D debris and is crushed to produce recycled aggregates of different particle sizes. The crushed material is then mixed with sodium silicate, which will act an agent to reduce

porosity, increase durability and for help the material bind well. The mixture is then put through carbonation process where carbon dioxide is injected into it at varying pressures in a chamber. It is then mixed with cement and water, moulded into blocks before they are sprayed with water again and sundried for curing.

“Injection of CO2 will improve the physical properties including the density of the aggregate. Such properties are important for the durability of the block, as most recycled bricks are known to crack faster,” said Rampradheep. “Also, there is no need to add water for curing, as we have added sodium silicate to the crushed particles.”

The city generates about 1,200 tonnes of C&D waste every day. Recently, the Chennai corporation identified two erstwhile landfill sites in Athipattu and Pallikaranai to process the waste. The technology of converting debris to construction material has been widely adopted in the West while civic body officials said less than 1% of the C&D waste is processed or recycled in the city.

Rampradheep said the technology, if adopted, will convert waste into wealth and also cut down on CO2 emissions.

The team has applied for a patent for both the technology and for the equipment used for processing the waste.


BUILDING BLOCKS

One of the basic necessities of a human being is a house to stay in. It is a place where your mind and soul relaxes and rejuvenates for the next day. But this is still a dream for majority of population in India. Government of India initiated a major step in this area by announcing a scheme known as “Pradhan Mantri Awas Yojana”. It is a scheme that runs nationwide to ensure that people get

affordable houses within their financial capabilities. What are the phases of Pradhan Mantri Awas Yojana Scheme? What are the benefits of Pradhan Mantri Awas Yojna scheme?

BENEFITS OF PRADHAN MANTRI AWAS YOJANA SCHEME.


PM’S BENEFITS

What are the Phases of the Pradhan Mantri Awas Yojana Scheme? The scheme was launched on 25th June 2015 with an estimated target of constructing 2 crore affordable houses in a span of seven years i.e. year 2022. Targeting the Low Income Group (LIG) and Economically Weaker Sections (EWS) of the urban areas, the scheme is designed to build houses across the length and breadth of the country.

The Pradhan Mantri Awas Yojana is designed to be completed in three phases. The target of all the three phases of the scheme is just the development and completion of affordable houses under the scheme.

Phase I- Phase I start from April 2015 to March 2017 and cover the selected 100 cities of the country. Phase II- Phase II begins from April 2017 to March 2019 and covers 200 cities of India. Phase III- this phase is the last phase commencing from 2019 to 2022adn covers all the remaining cities of the country.

Features and Benefits of Pradhan Mantri Awas Yojana Scheme

For the purpose of this scheme, the economically weaker section (EWS) has been defined as the people having income below 3 lacs per annum and Low income Group (LIG) as the people having income between Rs. 3 lacs to Rs. 6 lacs per annum. However, the definition can change depending upon the particular state government and in consultation with the central government. One important point to take a note here is that one should not own a

pucca house in his own name or in the name of his family members

in any part of the country to avail this scheme. (Here family means husband, wife and unmarried children.) There are many benefits and advantages of the scheme which are indicated below.

1) Subsidy A subsidy will be granted to people from LIG or EWS segments. It will come from the central government treasury and will range between Rs. 1,00,000 to 2,30,000. The subsidy can be used only for possessing a house under this scheme.

Also Read: Should you opt for Pradhan Mantri Suraksha Bima Yojana with Rs 12 Premium?

2) Subsidized rate of interest The Pradhan Mantri Awas Yojana comes with a promise of substantial decrease in the rate of interest. If you avail a loan under this scheme up to the amount of Rs. 600,000, the applicable rate of interest would be 6.5% as against the current market rate at 10.5%. This will drastically reduce the amount one has to pay in EMI. This interest subsidy will last for a period of 15 years from the date on which the loan has been dispersed. In case the loan amount is greater than Rs. 6,00,000, the borrower has to pay the normal rate of interest on that increased amount. An important to note is that one has to be from EWS or LIG category to avail this loan.

3) Preference to females Female members will be given the preference in case of allotment of houses. In other words, female applicants will be given the

priority over male applicants. This makes the scheme a pro-women scheme.

4) Ground floor houses For ground-floor houses, preference will be given to the people who are disabled or who are aged.

5) Eco-friendly It has been strictly instructed that the housing enclaves developed newly should strictly follow the eco friendly construction technology.

6) Renovation or extension A person from EWS or LIG category can also avail this loan if he /she already possesses a house but that needs renovation or extension or he/she actually wants to build a new house on his own instead of purchasing a house from the government-made homes. If the loan is taken for extension or renovation of an old house, the carpet area has to be 30 sq meters for EWS category people and 60 sq. meters for LIG category people. If this condition is not fulfilled, the loan would not be granted.

7) Development of slum areas The slum areas to be developed using land as a resource with the help of private participation.

Conclusion: There are millions of people who are covered under this scheme. Everyone dreams to have his own house, but financial constraints stop them. This can prove to be like a ‘dream come true’ scheme for many of those. So, grab this golden opportunity to own a house of your own

If you enjoyed this article, share it with your friends and colleagues through Facebook and Twitter.


PM’S BENEFITS

Clinical trials have started for a miracle drug that could help us live into their 120s. The Food and Drug Administration in America has given the green light to the trials of cheap drug metformin, which is used to treat people with type 2 diabetes, on older people, the Daily Express reported.

The pill’s developers hope that it could one day wipe out diseases like Alzheimer’s and that they can slow down the ageing process in humans, making those in their 70s as healthy a 50 year old.

“If you target an ageing process and you slow down ageing then you slow down all the diseases and pathology of ageing as well,” said ageing expert Prof Gordon Lithgow, of the Buck Institute for Research on

Ageing in California, and one of the study advisers.

Researchers have already proven that the diabetes drug metformin extends the life of animals. Now experts want to see if the same effects can be replicated in humans.

Last year researchers at Cardiff University found that when patients with diabetes were given the drug they lived longer than others without the condition, even though they should have died eight years earlier on average.

The trials are expected to take five to seven years. The drug will aim to attack the process of ageing, rather than individual diseases, one of the project’s members, Stuart Jay Olshansky, has explained.

THIS DIABETES DRUG IS YOUR ANTI-AGEING PILL, COULD LET YOU LIVE PAST 120’.


”SATHAMAANAM BHAVATHI”

The sector, which has seen some path breaking changes with demonetisation and the RERA Act since 2016 was hoping for a revival felt dejected with lack of emphasis and further reforms in the Union Budget 2018-19.

BUDGET 2018: TOO LITTLE FOR REAL ESTATE SECTOR, SAY STAKEHOLDERS


TOO LITTLE

New Delhi: Though housing for the masses is a key objective of the government, a budget which had multiple schemes for the poor and farmers did not have enough for the real estate sector, stakeholders say. The sector, which has seen some pathbreaking changes with demonetisation and the RERA Act since 2016 and was hoping for a revival felt dejected with lack of emphasis and further reforms in the Union Budget 2018-19.

“... Real Estate (Regulation and Development) Act, 2016, Credit Linked Subsidy Scheme under PMAY (Pradham Mantri Awas Yojana); extension of income tax benefits up to 60 square metre-sized apartments, amendments in Real Estate Investment Trusts and Goods and Services Tax (GST). While these steps have already paved the way for overall growth of the sector, the long-standing demands for industry status and single-window clearance would have benefitted the sector the most,” real estate company Sobha said in a statement.

Finance minister Arun Jaitley on Thursday said no adjustment shall be made wherein the circle rate value does not exceed 5 per cent the considertation.

“Currently, while taxing income from capital gains, business profits and other sources in respect of transactions in immovable property, the consideration or circle rate value, whichever is higher, is adopted and the difference is counted as income both in the hands of the purchaser and seller... Sometimes, this variation can occur in respect of different properties in the same area because of a variety of factors including shape of the plot and location,” Jaitley said.

“In order to minimise hardship in real estate transaction, I propose to provide that no adjustment shall be made in a case where the circle rate

value does not exceed 5 per cent of the consideration,” he added.

This announcement evoked mixed reaction from the sector.

“The government move of the 5 per cent deviation from circle rates to remove hardship is not enough as in many cases the actual deviation of circle rates to prevailing market is as high as 30 per cent,” Nagaraju Routhu, CEO, Hero Realty, said.

Abhishek Bansal, Executive Director of Pacific India Group, however, said: “Though there is not much in terms of addressing the problems faced by the realty sector but the move towards no adjustment in case of the circle rate not exceeding 5 per cent of sale consideration is a welcome move.”

“Standard deduction for transport, medical reimbursement for salaried taxpayers and incentives for senior citizens will help increase disposable income at hand (hence raising the demand),” he added.

Anuj Puri, Chairman, Anarock Property Consultants described the budget as balanced but not a boon for real estate.

“If the circle rate does not exceed 5 per cent of transaction value, no adjustment is required towards the capital gains on a real estate transaction... It will help in terms of some extra savings if there is parity between the market rates and the ready-reckoner rates,” he said, adding that, “cities which are not under the heavy influence of real estate investors and where prices are rational may benefit from this announcement.”

The push for affordable housing however, was taken postively by the sector, hoping for the scheme to prop up demand.

The Finance Minister in his budget speech said, the government will establish a dedicated Affordable Housing Fund in National Housing Bank, funded from priority sector lending shortfall and fully serviced bonds authorised by the government.

“Having a dedicated affordable housing priority sector fund under the National Housing Bank will open up new avenues for the developers planning to offer budget homes. The ambitious target of providing 51 lakh rural houses and 37 lakh urban houses under the Pradhan Mantri Awas Yojana will be positive for the ancillary industries, as construction will pick up the pace,” Irwin Preet Singh Anand, Chief Operating Officer, OLX India (Real Estate) said.

While praising the decision to lower the corporate tax of companies having a turnover of upto Rs. 250 crore, Farshid Cooper, Managing Director, Spenta Corporation expressed his disappointment that “stamp duty was not incorporated in GST to ease pressure on homebuyers.”

Sarjan Shah, MD, Group Satellite said: “(The) budget has unfortunately ignored the stressed and vilified real estate sector that is in desperate need of government support through specific targeted tax breaks that help make building affordable homes in India viable.”

Although the market participants praised the emphasis in infrastructure, smart cities farmers and lowering of corporate tax, which would indirectly push up demand in the realty sector among others, dismay regarding no specific and direct steps for the reform of the sector was evident.


TOO LITTLE

The government will take reform measures with respect to stamp duty regime on financial securities transactions in consultation with the States and make necessary amendments in the Indian Stamp Act.

A dedicated affordable housing fund under NHB (National Housing Bank) and priority sector lending accorded to achieve this goal.

In the year 2018-19, for creation of livelihood and infrastructure in rural areas, total amount to be spent by the Ministries will be Rs 14.34 lakh crore, including extra-budgetary and non-budgetary resources of Rs 11.98 lakh crore. This expenditure will create 3.17 lakh kms of rural roads, 51 lakh new rural houses, 1.88 crore toilets, and provide 1.75 crore new household electric connections besides boosting agricultural growth.

Smart Cities Mission aims at building

100 Smart Cities with state-of-the-art amenities. Projects worth Rs 2350 crore have been completed and works of Rs 20,852 crore are under progress.

The government to complete National Highways exceeding 9000 KMS length during 2017-18.

Bharatmala Pariyojana has been approved for providing seamless connectivity of interior and backward areas and borders of the country to develop about 35000 kms in Phase-I at an estimated cost of Rs 5,35,000 crore.

NHAI will consider organizing its road assets into Special Purpose Vehicles and use innovative monetizing structures like Toll, Operate and Transfer (TOT) and Infrastructure Investment Funds (Invites).

Government’s estimated budgetary and extra budgetary expenditure on

infrastructure for 2018-19 is being increased to Rs 5.97 lakh crore against estimated expenditure of Rs 4.94 lakh crore in 2017-18.

The unlocking of excess railway land by the government will lead to lower property prices for housing in general. The government has also announced on outlay of Rs 2.04 lakh crore for smart cities which is a boost to infrastructure.

A national programme in artificial intelligence means more jobs will be created which in turn will create more demand for commercial space. Increase of customs duty rates by 20 % will promote the government’s “Make in India” Scheme.

The allocation of Rs 17,000 crore for the suburban rail network and metro rail in Bengaluru will ease traffic as well as make peripheral lands more accessible and thereby drive growth.

TOP BUDGET ANNOUNCEMENTS FROM REAL ESTATE PERSPECTIVE


GOVERNMENT OF ANDHRA PRADESH ABSTRACT

THE A.P AGRICULTURAL LAND (CONVERSION FOR NON-AGRICULTURAL PURPOSES) RULES, 2018. ================================================================

REVENUE (DA&LR) DEPARTMENT

G.O.MS.No. 98 Dated: 19-02-2018 ORDER:

The following notification will be published in the Andhra Pradesh Gazette:

NOTIFICATION

In exercise of the powers conferred by sub-section (1) of Section -14 of

the Andhra Pradesh Agricultural Land (Conversion for Non-Agricultural Purposes) Act, 2006 (A.P. Act No. 3 of 2006) as subsequently amended and in supersession of the Andhra Pradesh Agricultural Land (Conversion for Non-Agricultural Purposes) Rules, 2006, the Government hereby make the following rules, namely:

1.Short title:- These rules may be called the Andhra Pradesh Agricultural Land (Conversion for Non-Agricultural purposes) Rules, 2018. 2. Definition:- In these rules, unless the context otherwise requires:-

(a) “Act” means the Andhra Pradesh Agricultural Land (Conversion for Non -Agricultural purposes) Act, 2006 as subsequently amended.

(b) “Basic value” means the land value entered in the Basic value register

notified by Government from time to time and maintained by the Sub- Registrar.

(c) “Competent authority” means Sub-Collector / Revenue Divisional

Officer of the Revenue Division or any other officer authorised by the Government.

3. Procedure for conversion:-- (i) The Owner of the land, desiring conversion of Agricultural land for Non-Agricultural purposes, shall pay requisite One Time Conversion tax in any Mee-seva centre through online system duly filling all details in Form given in Annexure-A where upon Annexure-A would be transmitted online to the concerned Tahsildar as well as to Competent authority for further changes in the revenue record that the land is converted as non-agricultural land. (ii) Notices for payment of deficit One Time Conversion tax, shall be issued by the Competent authority in form at Annexure-‘B’. (iii) If any person desires to ascertain the basic value, such person shall apply to the Competent Authority for furnishing of such basic value for such Survey No., Area etc., and the competent authority shall furnish such information within three days from the date of receipt of application. 4. Conversion: On payment of requisite One Time Conversion tax, the Land stands converted and can be used for non-agricultural purpose by the declarant.

Contd.,2


::2::

5. In case of Lands allotted to APIIC: In the case of lands allotted to the Andhra Pradesh Industrial Infrastructure Corporation Limited, the lands stand converted to Non-Agricultural purpose. The Andhra Pradesh Industrial Infrastructure Corporation Limited shall issue Certificate to individual Industrial Units that the lands allotted to them are converted for Non -Agricultural purpose. 6. Powers of Competent authority / Tahsildar for inspection etc:- The Competent authority or any other officer authorized by him shall have power to enter upon, inspect, measure the land and do such other act or acts as are necessary for verification of the area applied for conversion and deficit payment of conversion tax under the Act, lands prohibited for conversion and to ascertain about the title of the land after the above procedure duly giving advance notice to the applicant. 7. Review of use of lands converted for Non-Agricultural purposes:- The District Collector concerned shall review every three months the use of the lands so converted and check whether converted lands are used for intended purpose and make quarterly report to the Government and the Special Chief Secretary and Chief Commissioner of Land Administration in the form at Annexure ‘C’. 8. Powers of Spl .C.S & CCLA :-

Any aggrieved person can file complaint before the Special Chief Secretary & Chief Commissioner of Land Administration, who should cause enquiry especially on issues of deceitful conversion of prohibited lands, under payment, non payment of fee etc., and redress the grievance/complaint at the earliest. Such enquiry and corrective measures can be taken by the Special Chief Secretary & Chief Commissioner of Land Administration Suo-motu also to protect the interests of the Government. The Special Chief Secretary & Chief Commissioner of Land Administration shall also direct the Competent authority to file Criminal case against the wrong doer/offender, if situation so warrants. The Special Chief Secretary & Chief Commissioner of Land Administration shall send quarterly reports to the Government on the complaints/grievances received and action taken on them in the form at Annexure ‘D’.

(BY ORDER AND IN THE NAME OF THE GOVERNOR OF ANDHRA PRADESH)

Dr.MANMOHAN SINGH SPECIAL CHIEF SECRETARY TO GOVERNMENT

To The Commissioner, Printing Stationery, A P., Vijayawada. (with a request to supply 100 copies of the notification) The Special Chief Secretary & Chief Commissioner of Land Administration, A .P., Vijayawada. The Collector & District Magistrate of all (13) districts in the State of A .P. (Through the CCLA ) Copy to: The P.S to Spl . C.S to Hon'ble C.M The OSD to Hon'ble Dy.C.M., Revenue. The P.S to Spl. C.S, Rev (Lands) Dept. The P.S to Secretary to Govt., Law Dept. All the Departments of the Secretariat SC/SF

//FORWARDED::BY ORDER//

SECTION OFFICER


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