Lower GST will lead to greater alignment in real estate: SBI Chairman

Lower GST will lead to greater alignment in real estate: SBI Chairman

A lowering of goods and services tax for under-construction houses would bring about greater alignment in the real estate sector, said SBI Chairman Rajnish Kumar.

In an exclusive interview with ETNow, the SBI chief said: “GST on non-affordable housing rate may fall to 5 percent and that of affordable housing to 3 percent. The move will bring alignment in the real estate sector.”

His remarks come against the backdrop of a panel, headed by Gujarat Deputy Chief Minister Nitin Patel, favoring a cut in GST on under-construction residential properties to 5 percent, from 12 percent currently. In its first meeting, the group of ministers (GoM) also pitched for slashing GST on affordable housing from 8 percent to 3 percent.

The GoM was set up last month to examine tax rates and issues and challenges being faced by the real estate sector under the GST regime.

The Chairman of the largest state-owned bank hoped that any such decision by the GST Council in its next meeting will lead to faster clearance of houses.

A build-up in inventory and subdued prices have long been a pain for the realty industry. Reflecting the state of affairs, industry body Credai said people are postponing their decisions to buy under-construction flats because of high GST rate of 12 percent and 8 percent on affordable homes.

About RBI’s recent surprise policy move to slash benchmark lending rate in a bid to boost lending and lift economic growth, Kumar said the benefit will be passed on to borrowers “if our marginal cost of funding comes down”.

Bankers are reluctant to pass on all of 25 basis point rate cut because of loads of bad loans and the high cost of deposits, according to Reuters. For the banks, any cut in loan rates will have to be accompanied by a corresponding fall in deposit rates, which is linked to a significant improvement in cash conditions.

Banks price their benchmark loan rates, known as the marginal cost of funds based lending rate (MCLR), mainly based on the cost of deposits.

Source: Economic Times

How to find some extra space in your home – 360 Property Mgmt

How to find some extra space in your home

Chennai

Are all your closets and drawers already way too occupied? Irrespective of how big your home is, some extra space is always a boon. Most homes overlook spaces that would be ideal for storage. Here’s how you can find that space in your home.

While growing up, weren’t you enticed by stories of secret nooks and hidden compartments in homes and attics mentioned in your favourite mystery books and movies?

These days, however, with living spaces in the city getting smaller, hidden spaces have become a necessity. They take care of the extra stuff and make your home appear clutter-free. Here are a few ways through which you can incorporate some secret storage spaces in your home. The target here is to utilise your visible space for storage without making it look like a storage space.

Raghav Kapur, Region Head – South India, SILA gives us a few hidden storage ideas:

Under the bed and headboard – With rolling bin and drawers, the area under the bed can be utilised for off-season clothes and footwear. The headboard too can be used for multi-storage purposes; above the toilet – Install a traditional medical cabinet or hang a wicker basket to store your towels or toiletries. Hang it right above the toilet seat;

Inside the cabinet doors – Install hooks on the inside of your cabinet doors, which can be used to hang utensils and measuring cups in the kitchens, cleaning supplies in the bathrooms and clothes in the bedroom;

Corner of the walls – The corners of walls are spaces that are usually overlooked. They can be capitalised on by adding a shoe rack, book table, or a cabinet for electronics. This can be done for every room in the house.

Gita Ramanan, Co-founder and Designer of Design Café helps us with the pros and cons of hidden storage spaces

Pros:

You can hide valuables and important documents; an intelligent way to organise spaces and give the illusion of a clutter-free home; for families with children it helps store their toys and can also be utilised to keep a few things out of their reach.

Cons:

Hidden spaces have to be customised into your furniture and may not meet the space expectations; they tend to be a bit unwieldy and might not be very handy in an emergency; you may end up cluttering the home in order to store more. Make a design plan and follow it to make your home look organised as well as attractive.

DIY ideas to create storage spaces

Staircase

Use removable ply or drawers to make storage spaces under each step;

Tuck-into innovations

Use pullouts and pushaway furniture for those units, which don’t have high utility;

Furniture storage

Opt for storage ottomans and closet cradles to turn your functional items into storage spaces. You can also build a drawer under your dining table; this way all your cutlery items would be where you require them. You can also do this under you coffee/ centre-table and use it to store remote controls, magazines, etc;

Floating shelves

Incorporate floating shelves with drawers under them on one of the walls of the room. You can utilise the shelf to display books, artifacts or plants;

Wall cavities

Make sure you have all the permission required to make cavities in your wall. These cavities can be used to store a variety of things. Just add a photo frame over it to cover up the hole in the wall.

Slides next to the kitchen counter

A sliding vertical drawer next to the kitchen counter or kitchen can be used to store spices or utensils. A similar drawer next to the wardrobe can be used to store dupattas, neck ties, socks and much more.

Pooja Mahimkar, Times Property, The Times of India, Chennai

Points to consider before investing in a villa

Points to consider before investing in a villa

Chennai

An independent house was what K Sathya Anand was looking for, and hence the villa at Thalambur was his best option.

There are many points to be considered before investing in a house. There is no rulebook dictating these guidelines since it will vary according to the personal choices of a person. For example, a person who loves the company of neighbours and prefers the amenities, which are provided within various apartment complexes, would choose to buy a flat that is located in a building, among other houses.

But for some, like K Sathya Anand, the Vice-President of a global financial technology company, it is essential to have some space around the house. He was not too comfortable with living in an apartment, in a building. So he opted to buy an independent home in Navalur.

He purchased a villa in Thalambur, in December 2017. “We wanted to live in a place that was not too cramped. And we wanted a good amount of space around it, and that’s why this villa perfectly fit the bill. Both, my children and parents now have enough space. Kids have the space to play. The house is well ventilated and well-lit. All these were driving factors behind the investment,” he says.

He wanted to buy a house in a place where there was no water logging. He also ensured that the roads in the particular area were wide. “Besides, this place is a serene spot. There is so much of green cover in the neighbourhood,” he adds.

The 4-BHK house costs approximately Rs 4,000 per sqft. He believes that the decision to buy a home should be well-thought and people should not rush to purchase a property. He advises, “Check and assess your finances, only then purchase a house. Have some savings left in the bank and do not put all your money in one place.”

Ranjitha G, Times Property, The Times of India, Chennai

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TIPS: To enhance positive vibes, good health and usher in prosperity

TIPS: To enhance positive vibes, good health and usher in prosperity

Decorate the southeast part of the house with colours of green or shades of orange. Place green plants like a money plant because it symbolises wealth; Keep the southeast sector of your living room well-lit to enhance your earning power; Focus on the entrance to your home to welcome good energy (Chi) and avoid clutter in this area; place a bamboo plant near your front door, as it will attract good energy and financial security; Place a purple coloured smooth crystal ball or that of amethyst at southeast part to enhance wealth and luck.

A Rose Quartz smooth ball will attract a partner or strengthen your relationship with a loved one; To improve your children’s health and well-being, place small pebbles or stones in the west corner of your living room.

Source: Times Property, The Times of India, Chennai