Real Estate Act Comes Into Force. How It Will Protect Homebuyers

New rules under RERA or the Real Estate (Regulation and Development) Act are applicable to residential and commercial development. Under RERA, realty developers and agents have to register with respective state regulatory authorities

New rules under RERA or the Real Estate (Regulation and Development) Act to regulate the real estate sector, protect home buyers and ensure the timely execution of projects with an aim to boost investor confidence and stamp out illegal practices will apply from today. They are applicable to residential and commercial development and make it mandatory for all projects and brokers to be registered with the real estate regulator who will oversee transactions and settle disputes. Only seven states have, however, moved to implement the new rules as yet.
Here’s your 10-point cheat-sheet:
  1. RERA is a model law, which means the Centre can recommend it but it is up to the states to formulate and pass their own laws, since land is a state subject.
  2. Till last weekend, only six states had notified the rules – Uttar Pradesh, Gujarat, Odisha, Andhra Pradesh, Maharashtra, Madhya Pradesh and Bihar. The Housing Ministry had last year notified the rules for the five Union Territories and for the National Capital Region of Delhi.
  3. The Centre has described RERA as the beginning of a new era where the consumer will be king. Union housing minister Venkaiah Naidu said rights and obligations of buyers, developers and real estate agents are clearly defined in the Act and any aggrieved party can seek redressal for violation of terms of agreement by the other party.
  4. On reports that some states have diluted key provisions of RERA, Mr Naidu said that the states have assured his ministry that these will be corrected.
  5. Under RERA, real estate developers and agents have to register with their respective state regulatory authorities by July 30. They must also deposit 70 per cent of the funds collected from buyers in a separate bank account to be used only for the construction of the project, to ensure timely development. New projects must have all approvals before launch.
  6. Promoters must have the consent of two-thirds of the buyers in a project before making any change in the number of units or other structural changes. RERA prescribes penalties, including imprisonment on developers who delay projects or do not deliver on promises. Developers are required to disclose their project details on the real estate regulator’s website, and provide updates on construction progress.
  7. RERA also states that any structural or workmanship defects brought to the notice of a promoter within a period of five years from the date of handing over possession must be rectified by the promoter. For delayed possession, developers need to pay an interest rate of 2 percentage points above State Bank of India’s lending rate.
  8. RERA also prescribes imprisonment of up to three years for errant developers. A developer can sell only on the basis of carpet area which will help home buyers understand what they will be paying for each square foot they will get for use.
  9. In the last few years, sluggish economic growth and delays in getting approvals stalled several projects, leaving buyers waiting for their homes and developers holding high debts. It also put a strain on investors such as banks, private equity firms and non-banking financial companies.
  10. Analysts say the real estate sector will be able to attract higher institutional funding as the Act will bring in much desired transparency in the sector, which contributes about 9 percent of India’s gross domestic product, boosting buyer confidence.

Source : NDTV

out-of-the box developments in the real estate industry

Flex it!

Homes that can transform as per the requirements of its owners might have seemed like a dream up until a few years back. But with the concept of flexi-homes catching up that is no longer the case.

Cities are expanding at an unprecedented rate by the day.

But surprisingly, spaces seem to be shrinking. To address this growing concern, there have been a number of out-of-the box developments in the real estate industry over the years. And the concept of flexi-homes seems to be the top contender in the race.

Like the name suggests, flexi-homes are homes that provide innovatively designed living spaces which enable home owners to alter and customise internal layouts like floor plans, sizes of rooms and other architectural elements, depending on their needs. According to Siddhart Goel, senior director, research services, India, Cushman & Wakefield, the trend has caught on in India and is likely to grow in the future. “Earlier, customers hardly had a say when it came to home buying. They had to accept the designs offered by the builders and after possession and customise their homes at additional costs. These costs would often mount up to quite a lot and would also take up months of their time, plus the added inconvenience. The advent of flexi-homes helps them save on both these elements,” he says.

For developers who offer such projects, this is a win-win scenario since a niche segment like this not only helps them stay ahead of their counterparts but also brings in more customers, especially from the HNI segment where customers give high priority to the options available to them in terms of how they want their house to be. Flexible interiors use both architectural elements as well as innovative furniture to incorporate multiple uses. Spaces that can extend like a collapsible wall that make extra room when you have company over or bed rooms that double up during the day, flexi-homes are catering to home buyers seeking living spaces to suit specific spatial needs, together with the right ticket size, social infrastructure, connectivity and amenities.

“Evolving customers are interested in adaptable homes that can meet changing spatial and privacy requirements over time while repurposing spaces to suit multiple utilitarian requirements. For this, homes need to be designed smartly so as to use all available area efficiently. At the same time, interiors, including furniture, should be planned intelligently, in order to facilitate flexibility and utility within smaller unit areas,” says Vivek Sharma, business head, Mahindra World City, Chennai.

Expandable homes have the advantage that the customer is able to invest in spaces in the preferred residential communities of their choice and later, according to future requirements, add to the existing layout. “The construction plans of such homes are required to provide, in advance, the specific structural details and specifications needed to easily accommodate subsequent additions with the least amount of disruption to daily family activities and limited retrofitting of the existing building,” adds Sharma.

For the home owner, these flexi options have given the word ‘space’ a new meaning altogether. One that can be altered and transformed whenever required and often in a matter of minutes. “Investing in a home is a big step. It will definitely make a big difference in buying trends if even a compact residential unit can meet multiple needs. Young families usually do not need a lot of space. But in the future, additional space will become a necessity and having an expandable home eliminates the hassles of selling the existing home and relocating to a larger place,” says Avantika Prabhu, an IT consultant. The concept of both these options together might seem a little farfetched in the current scenario, but with many developers toying with the idea, one can hope that it will soon be a valid option.

Source – Divya Menon, Times Property, The Times of India, Chennai

Rent from residential premises may be exempted from GST | 360 Property Management

Govt seeks powers to levy GST on all rental income

HIGHLIGHTS

  • GST unlikely to be impoised on individuals renting out homes
  • Currently, service tax is levied on rental income from commercial property only
  • GST rate on housing is expected to be pegged at 18%

Rent from residential premises may be exempted from GST.

Rent from residential premises may be exempted from GST.
The government is arming itself with powers to levy goods and services tax (GST) on all rental income but is unlikely to impose the tax on individuals renting out homes. Currently, service tax is levied on rental income from commercial property, but not levied on residential property.

The Central GST (CGST) Bill — one of the four legislations introduced in Parliament — provides that any lease or letting out of the building, including a commercial, industrial or residential complex for business or commerce, either wholly or partly, is a supply of services.

Waman Parkhi, a senior tax consultant at KPMG, however, said that in the final rules, the government may exempt residential rental income from GST. The government has introduced the bill which will be followed by detailed rules where exceptions and exemptions are likely to be built in, he said. If the existing system of not taxing rental incomes from residential property under service tax has to be continued, then the same provision of exemption has to be introduced in GST too.

“Any law has to be read with the rules. It should not be seen in isolation,” said MS Mani, senior director at Deloitte. He said that at best the government can impose GST on residential property taken on rent by companies, which can then use it as a tax credit. In any case, GST kicks in at Rs 20 lakh and only some residential property fetches that kind of annual rent.
GST, which is likely to be rolled out from July 1, will subsume central excise, service tax and state VAT among other indirect levies on manufactured goods and services. A senior urban development ministry officer clarified that GST will not lead to any additional tax on end-users. He said finance ministry has already accepted it inprinciple.GST rate on housing is expected to be pegged at 18% with a final decision expected to be announced over next few weeks. Developers and tax experts said this rate will be acceptable to all the stakeholders as it will not lead to any increase in the final price of property. CREDAI president Getamber Anand said that at present the levy is around 12% of project cost paid as excise and Vat. In addition, at the time of sale, buyers pay around 6% of the price as service tax and Vat. So, the total net outgo is around 18%.

At present, while levying service tax on constructed house, an abatement of 60% of the total value is allowed to exclude the value of land and other goods such as bricks, cement and other material from the ambit of service tax. But under the new regime, a consultant said, this would not be required.

Affordable housing is exempted from service tax. To pass on current benefits to buyers, Parkhi said that GST on the ready to move-in houses in the affordable segment will have to be pegged at zero. The GST Bill has also clearly defined that the tax will not be levied on sale and purchase of immovable property like land, house and other real estate assets, which are not under construction.

Tax incentive on second home misused, won’t extend it beyond Rs 2 lakh: Govt

Tax incentive on second home misused, won’t extend it beyond Rs 2 lakh: Govt

HIGHLIGHTS

  • The Finance Bill 2017 restricts set-off of loss towards second home against other heads of income up to Rs 2L under Sec 71 of the I-T Act
  • Currently, there is no such limit for set-off of loss from house property, which is mainly the difference between the rental income and interest on home loan

Representative image.

NEW DELHI: Ruling out rollback of the proposal to restrict tax incentive for second home+ to Rs 2 lakh per annum, revenue secretary Hasmukh Adhia on Saturday said there is no point in subsidising purchase of second property by those who have surplus funds.

Moreover, he added that the tax incentive for second home loan borrower is being “virtually misused.”

Citing limited resources, he said it is prudent to subsidize first-time buyer and not the second property owner who is not staying in that but earning income from the second unit.

The Finance Bill 2017+ has restricted set-off of loss towards second home against other heads of income up to Rs 2 lakh under Section 71 of the Income Tax Act.

Under the present dispensation, there is no such limit for set-off of loss from house property, which is mainly the difference between the rental income and interest on home loan. In other words, a buyer could deduct the entire net interest paid on the home loan.

“Government resources are very very limited. The question is should the government be subsidizing first-time home owners who are occupying own house or should the government be subsidising the second acquisition of the property by people who have got surplus money to invest in real estate,” Adhia said while addressing industry representatives here.

He cited an example: “If I have already my own house, I buy a new property by taking a bank loan of Rs 1 crore, the interest on it is Rs 10 lakh per annum and I rent it out to somebody who gives out Rs 3 lakh as rent, the remaining Rs 7 lakh you could offset against your salary income or business income.”

The loss to the government for the second house were almost one third of that, he said, adding that it came to about Rs 3 lakh in addition to Rs 2 lakh advantage.

“So, why should the government bear the cost of second house acquisition, that was the question. We have a lot of people to be given affordable housing, we need to help them out… so the revenue loss was huge and people were virtually misusing it,” he said.The Finance Bill, 2017, proposes to restrict such set-off of house property loss to Rs 2,00,000 per annum only. Balance loss, if any, will be carried forward to be set off against house property income of subsequent 8 years.
Hence, individual tax payers having loss of more than Rs 2,00,000 will now have a higher tax outgo.

 “In line with the international best practices, it is proposed to insert sub-section (3A) in the said section to provide that set-off of loss under the head ‘Income from house property’ against any other head of income shall be restricted to Rs 2 lakh for any assessment year,” the Finance Bill 2017 said.

“However, the unabsorbed loss shall be allowed to be carried forward for set-off in subsequent years in accordance with the existing provisions of the Act.”

Timesofindia

Infra status to boost low cost housing – Budget 2017

Builders will be eligible for tax and subsidy incentives, and institutional funding at affordable rates.

Union Finance Minister Arun Jaitley, in the Budget 2017-18, has proposed to grant ‘affordable housing’ the coveted infrastructure status to facilitate higher investment in the sector and, in turn, achieve the government’s ambitious goal of ‘Housing for All’.

The grant of infrastructure status would mean builders will be eligible for many government tax and subsidy incentives, and institutional funding at affordable rates for low cost homes.

The move has evoked mixed response from the sector. Tushad Dubash, Director, Duville Estates, said, “With the infrastructure status, the sector can look at funding through insurance companies, which is a huge alternate sector and opens up a new avenue for real estate funding.”

Issue of land cost

However, Rohit Gera, Managing Director, Gera Developments & Vice President, Confederation of Real Estate Developers’ Associations of India (Pune) said, “The infrastructure status will truly see a big impact only if these lower cost funds are actually made available for acquisition of land. Without this, a large part of the funds required for the affordable segment for the construction will be provided by the end consumer. Large scale capital is not required once the land acquisition is completed and approvals are in place.”

Pointing out that in his Budget proposals last year, he had announced a scheme for profit-linked income tax exemption for promoters of affordable housing scheme and that it had received a good response, Mr Jaitley said he intended to make this scheme more attractive.

In a bid to boost affordable housing, the Budget 2017-18 proposed to ease the condition of period of completion of the projects from current three years after commencement to five years. Besides, measurement norm of affordable housing has been amended to carpet area from built-up area — a move that will expand the area and make more projects eligible.

The Budget also proposes to modify the affordable housing scheme by stating that “instead of built up area of 30 and 60 sq.mtr., the carpet area of 30 and 60 sq.mtr. will be counted. Also the 30 sq.mtr. limit will apply only in case of municipal limits of four metropolitan cities, while for the rest of the country including in the peripheral areas of metros, limit of 60 sq.mtr. will apply.

Refinancing loans

The National Housing Bank will refinance individual housing loans of about ₹20,000 crore in 2017-18, Mr Jaitley said. He added, “Thanks to the surplus liquidity created by demonetisation, banks have already started reducing their lending rates, including those for housing. In addition, interest subvention for housing loans has also been announced by the Prime Minister.”

There are also tax sops for developers struggling with completed but unsold homes, estimated at around six lakh units in eight major cities. “At present, the houses which are unoccupied after getting completion certificates are subjected to tax on notional rental income. For builders for whom constructed buildings are stock-in-trade, I propose to apply this rule only after one year of the end of the year in which completion certificate is received so that they get some breathing time for liquidating their inventory,” Mr Jaitley said. He also proposed to make several changes in the capital gain taxation provisions in respect of land and building. “The holding period for considering gain from immovable property to be long term is three years now. This is proposed to be reduced to two years,” the Finance Minister said.

“Also, the base year for indexation is proposed to be shifted from April 1, 1981 to April 1, 2001 for all classes of assets including immovable property. This move will significantly reduce the capital gain tax liability while encouraging the mobility of assets,” he added.

The Hindu 

Top 10 expectations of real estate sector from Budget 2017

Developers have for long been demanding single window clearance to remove bureaucratic delays, which in turn delay delivery of homes.
Developers have for long been demanding single window clearance to remove bureaucratic delays, which in turn d… Read More
 Real estate industry has high expectation from the upcoming budget 2016-17. Stakeholders are demanding that central government gives relaxation in income tax rate, provide clarity on GST, raise House Rent Allowance (HRA) deduction and announce policies to standardize construction materials in order to uplift the real estate industry.

Take a look at some of the major expectations that stakeholders have from the upcoming Budget 2016-17:

Industry status
Directly or indirectly, the real estate sector contributes to over 15% of India’s GDP. It has been asking for industry status for quite some time now. In its absence, developers are forced to borrow at high interest rates and comply with a stringent evaluation process. Unavailability of funds at a reasonable rate of interest delays the construction process and increases the final cost of homes, negatively impacting the end consumer.

Giving industry status to the entire real estate sector, instead of granting infrastructure status only to the affordable housing segment, would help in pushing the housing demand in India.

Single window clearance
For the real estate sector to really grow and execute its projects on time, various government approvals should be given in a timely manner. Developers have for long been demanding single window clearance to remove bureaucratic delays, which in turn delay delivery of homes.

Clarity on beneficiaries under PMAY
The government recently announced that interest rates of 3% would be applicable on loans of up to Rs. 12 lakh and 4% on loans of up to Rs 9 lakh, under the Pradhan Mantri Awas Yojana (PMAY). Now, two new income categories can avail higher loans with interest subsidies. The Budget should give more clarity on the actual definition of beneficiaries who can avail of these benefits.

For example – would young urban professionals hoping to buy their own apartments but not belonging to either the EWS (Economically Weaker Section) or the LIG (Low Income Group) segments be allowed similar subventions? Also, affordable housing is largely available in the fringe areas of metros and tier-II, III cities. Would certain redevelopment projects within metros meeting the affordable housing definition be granted similar benefits?

Financial protection from project delays
The deduction on interest of self-occupied houses is capped at Rs 2 lakh. For under construction residential units, however, if the construction is completed after 3 years, then the deduction is just Rs 30,000. This 3-year period starts from the end of the year in which the loan was taken. Lately, there have been many delays in the completion of many housing projects beyond the 3-year period.

This has caused hardships to property buyers. To provide them some relief, the government may consider allowing interest deduction in such cases without the cap of Rs. 30,000, and from the year in which the possession was due to the buyer as per the terms of the agreement.

I-T sops for first-time home buyers
Can a first-time home buyer looking at an affordable project get additional income tax incentives for at least five years? The Budget should throw more light on this. Any efforts in this direction would help the government move closer to its objective of delivering ‘Housing for All by 2022’.

Also, given the lack of institutionalized rental housing in Indian cities, such a move could spur many fence-sitters into moving out from their rented apartments to owned homes. It could also encourage more developers to come up with products suiting these segments.

Simplified tax norms for REITs
We have not seen a single REIT listing till date because of the presence of multiple taxes. Until tax hurdles are removed for developers and asset holders, it is highly unlikely that we will see any REIT listing. The government should recognize the capacity of REITs to improve market conditions for the real estate sector and remove the policies constraining their growth. The government should look at:

Reduced level of taxation of REIT income
Waiver of capital gains for the developer at the time of transfer of property into REIT
Removal of service tax on lease premises

Higher tax saving on home loan & home insurance premiums
The government should increase the tax deduction limit for housing loans, especially for buyers in metropolitan cities. The current limit of Rs 2 lakh is insignificant, given the ticket sizes in cities like Mumbai where most houses are priced at Rs 1 crore and above. Also, tax concessions on house insurance premiums could be introduced to encourage end-users to insure their homes.

Similarly, the tax exemption limit should be increased by about Rs 1 lakh and be auto-set to match inflationary trends in a financial year.

Clarity on GST

While the goods and services tax (GST) tax structure has been announced, the real estate industry is waiting with bated breath to see which tax rate is applied to the real estate and construction industry. Clarification would also be needed on the abatement scheme, and whether credit for input tax would be allowed if the composition scheme has been availed by developers.

Raise house rent deduction limit

Salaried persons get house rent allowance (HRA) as a component of their total salary, and can therefore claim a deduction. This deduction can be substantial in cases where the salary and its HRA component are higher. However, self-employed persons and those who draw lump sum pays without an HRA component can only claim a maximum deduction of Rs 2,000 a month under Section 80GG. The Budget can and should address this anomaly.

Digitize all land records

Digitize all land records and registration process to make them easy to do and transparent.

TimesofIndia

Home decor is not just plain old furniture and drab old wall.

 

Home decor is not just plain old furniture and drab old wall. There is so much that can be done, if only there is a change in perspective.

Customization is no longer the prerogative of a select few. It has become the mantra young adults live by. And this seems to have permeated into every aspect of life. Customisation dictates their taste in everything from what they wear to where they go, even where they live and the interiors of that space.

Adding a quirky touch to things makes it easy to bring out one’s personal style while allowing one to experiment with a variety of materials and styles; be it with wall hangings, cushions or even rugs. It breaks the monotony from the usual and plain patterns, adds spice, fun and life to the entire space. “A lot of clients come looking for interesting items with a twist to add a fun element to their homes. Quirky has almost become a fashion statement today and for most curios and décor items, the hype seems to be more around how high the quirk factor is, rather than understand the concept of the piece,” says Darsha, owner, Glamorama Furnishing Studio, a Chennai based design firm that specializes in customised designer soft furnishing solutions.

What makes this concept even more exciting and easy to adapt is the fact that, when it comes to quirky designs, there is no formula or guideline that needs to be followed, nor does it have a set module like classic design concepts. Being almost a reflection of one’s personal self, quirky interiors can call for all sorts of experimentations.

“We recently did an entire space with a fascinating colour scheme of emerald and mustard with a bit of fuchsia and some interesting decor pieces with Ikat and Bandhni prints. As unorthodox as it may sound, the space looked extremely vibrant with an unexpected twist”, she adds.

With this trend becoming popular by the day, a lot of designers have emerged in this segment to cater to the needs of the masses. While designers incorporate their personal style into their work, they also take inspiration from everyday things that the customers can also relate to.

“I’m inspired by India and her quirks, our culture, and simple elements that could go unnoticed. I also love to mix and match things and bring starkly different elements together seamlessly. From a cup of chai to street typography to nouveau art can be my muse”, says designer Nida Mahmood, who is often called the queen of Indian kitsch.

“There are a few trends to look out for at the moment a quirky printed wall covering can go well with simple under stated furniture. And if one loves to mix and match then mix different prints together. It’s fun to work with geometrics mixed with florals, like using a chevron bold wall paper that can be offset with beautiful botanical printed chairs”, she adds.

Another unique object that can be added to a room is a pouf a movable cushion that can act as a stool or a single seater. This piece could act as an accent piece in any room or can also be converted to a fun element, by covering them in bright colors, patch work upholstery or in different kinds of prints.

The trick with quirks is to fill the room with something simple and changeable, with pieces that can be easily moved around to work together as well as separates. It gives you multiple elements to play around with and gives the space a new and fresh look every day. All it takes is a new perspective and the right combination.

Veena Balakrishnan, Times Property, The Times of India, Chennai

Chennai among India’s top 5 hotspots for residential property investment

These cities have shown consistent performance year after year and attracting new business and industry.

The top five hotspots for residential property investment in the country today are Mumbai, Bengaluru, Hyderabad, Ahmedabad and Chennai. These cities are more or less regulars on most hotspots lists, but there is a sound rationale behind their consistent performance year after year. Not only are these cities attracting new businesses and industry, their respective governments are also investing resources in building adequate infrastructure to attract capital.

With their local economies growing, the influx of talent and skilled workforce into these cities is inevitable, and this naturally results in increased demand for residential properties. Also, the earlier slowdown in the economy and glut in the real estate sector has ensured that prices in these cities have come down, and developers active there have now invested in launching affordable housing projects that are in high demand. With the economy now on the growth path, more people will have money to invest in real estate which still remains the investment preferred asset class for most Indians.

These cities boast not only of availability of basic infrastructure in terms of electricity, water and other amenities, but are also improving in terms of communication and commuting facilities such as metros and road development. They also offer a better quality of life because they have a good saturation of leisure and entertainment facilities. This factor boosts the potential for outright sales and increased rentals.

While Hyderabad, Bengaluru and Chennai are the IT hotspots, Mumbai is seeing Navi Mumbai’s advancement as a growth corridor due to the increasing saturation of the mainland. These cities are seeing a constant growth in employment opportunities, attracting people from all over the country. This has naturally led to a lot of new residential projects being launched, especially in the high-demand affordable segment. As a result, NRIs looking for lucrative returns in new developments in these cities can expect handsome growth in capital values over the mid-to-long term, and steady rental income in the meantime. Also, the regulatory environment turning pro-consumer on the back of RERA imminent deployment, investing in residential property is all set to become even more attractive for NRIs.

Other cities as strong contenders

Since the time the government announced the list of Smart Cities in 2016, quite a few other cities have also moved front and center on the investment charts. They are particularly on the radar of NRIs focused on residential property investment. These cities include Pune, Kochi, Vishakhapatnam and Indore. The IT/ITeS sector strong and growing in these cities, and they have the added attraction of being commercial hubs and educational hotspot of their respective regions. These cities will show a lot of potential for lucrative property investments in the future.

2017 a year of change

By April, 2017, the entire country will be covered by the revolutionary Real Estate Regulation and Development Act, which has been designed for absolute consumer-friendliness. This Act will infuse a massive dose of transparency and efficiency into the entire Indian real estate sector. NRIs looking to invest into residential property in 2017 should focus on States where RERA is already active. If they have other cities in mind, they will not have to beyond May 2017, after which the real estate sector will be uniformly level playing field for everyone.

The recent currency demonetisation exercise may keep a certain segment of buyers and investors away from the market for a while, but for those planning to invest in projects developed by reputed builders and using formal and legal channels of financing, this is the right time to invest. Also, a lot of developers will be looking to achieve better liquidity for their future projects, making the first 1-2 months of 2017 an ideal period for buyers to negotiate favourable terms. It should be kept in mind that the expected nation-wide implementation of RERA by mid-2017 will bring with it a lot of compliance-related cost escalations for developers, forcing them to raise prices even if they do not wish to.

Ashwinder Raj Singh – CEO Residential Services, JLL India

Source: Times Property, The Times of India, Chennai

A vintage elegance

 

 

The Victorian theme lends a grand look to the interiors of your home. For a sophisticated and classic look, opt for the Victorian theme for your home decor. This theme can be infused in several doses to impart opulence in layers in the various areas of the home.

The Victorian look can, at times, appear heavy because of a profusion of trimmings and fuss, but a contemporary twist can also make it suitable for modern living.

Design elements

You can begin with designing a stunning Victorian living room with arched windows and doorways, and double height French windows with heavy teak wood panelling. Keep the walls uncluttered. Instead of having a number of paintings, opt for a single one along with an antique wall clock, accentuating the look of the polished wood.

Tonal quality

Use rich, jewel-toned colours to accessorise, such as strong blues, deep reds and rich greens. Opt for floral prints for your wallpaper and for sofa upholstery.

Furniture flair

In the Victorian theme, furniture should be of mahogany or teak, with ornate carving and tables with marble tops. Use round or oval backs for your chairs.

Fabric factor

Even standard decorations are done in excess here, be it the fabrics reflecting elaborate patterns, walls covered with intricate and vibrant textures, large flowers in dark colours, or curtains the décor exudes extravagance that typified the era rich, heavy, and opulent.

Accent aura

Some of the characteristic features of this style are marble faux fireplaces, large chandeliers, heavy mirrors, stained glass and chinaware. These can be easily adapted to feature in a modern home.

Picture frames

Victorian picture frames are a great way to make the walls of your room look elegant. They can magically transform any corner. Victorian pictures frames are mostly of brass with varying finishes. Antique finish, copper finish and silver finish are some of the popular finishes for a frame.

Lampshades

Lampshades are elaborate, with brass and etched glass fittings. Glass featured elsewhere too in the form of decorative stained glass used as panels on front doors as well as for windows. Collections of antique dolls impart are very Victorian.

Chandeliers

Light up with Tiffany-style lamps, wrought iron or brass chandeliers and even heavy candelabra.

Living room

The living areas can have large vases with floral arrangements and plant stands with potted palms. Grecian busts and statues also go well with this theme.

Bedroom

For your bedroom, furnish it with huge pieces of furniture and beds with elaborate canopies or huge head and footboards. Opting for chests and almirahs that are large and ornately carved will complete the look.

Source: Times Property, The Times of India, Chennai

Demonetisation slows down Chennai real estate sales

This fourth quarter saw a slowdown in real estate sales in Chennai with a 55% drop in housing units sold year-over-year.
This fourth quarter saw a slowdown in real estate sales in Chennai with a 55% drop in housing units sold year-over-year.
CHENNAI: The fourth quarter of the calendar year is usually the most hectic time when it comes to real estate sales in Chennai. With the festive season, fat Diwali bonuses, the auspicious day of Dhanteras, real estate developers usually see a lot of prospective home buyers queuing up.

This fourth quarter, however, saw a massive slowdown in real estate sales in Chennai with a 55% drop in housing units sold year-over-year.

In Q4 of 2016, only 757 units were sold compared to 1,673 units in the same period the previous year. Number of project launches in the city fell to 58 from 93 in the year ago period.

“Demonetisation has definitely impacted sales in Chennai. The cash crunch along with cyclone Vardah were a downer when it came to people taking decisions on property,” said Sridhar Srinivasan, managing director, Chennai, Cushman & Wakefield.

However, this is part of an overall trend in Chennai real estate market, which got exacerbated with the cash ban. For instance, the fourth quarter of 2013 saw a high of 2,554 units being sold. After which there has been a decline to 1,629 units in 2014 to 1,673 in 2015.

However, Cushman & Wakefield expects the phenomena to be temporary and won’t last beyond the new two quarters.

As to the “cash” or “black money” component of real estate sales, Srinivasan said this has not impacted mid-segment sales. “Middle-level housing units have seen a high impact. The high-end and luxury segment, which use a higher component of cheque vs cash, saw lesser impact. We are expecting this trend to continue for the next two-three quarter,” he said.

Mid-level housing units saw a 21% dip to 662 units in the fourth quarter of 2016, compared to 840 sold units in the comparable quarter last year. High-end units, however, saw sales nearly double to 91 in Q4, from 49 in the year-ago.
Another reason as to why transactions are being hit is because of stamp duty and registration fee that need to be paid at offices. Given the role of the “cash” component in property deed clearances, demonetisation has definitely thrown a wrench in the works.
For the full-year, the number of projects in 2016 dipped 24% to 57 from 75 last year. The number of housing units also dipped 21% to 6,419 from 8,174.