THE real-estate sector in the city is bracing for a major property rate hike following the new excise and service tax rates announced in the Union Budget. Even though there is only 2 percent increase in service tax and ex-cise duty, the impact is set to increase property rates between Rs 50-1(K) per square feet. Property developers in the city said they will pass the burden of increase in tax rate on to consumers, but pointed out that there will be no hike in rates of properties for which bookings had already been made. Director of B U Bhandari Landmarks, Anuj Bhandari, said that the "increase in duty rates will be passed on to consumers." Developers and CREDAI officials said that the impact of the increase in service tax and the excise duty is actu-ally much higher than what came as an announcement. "It is not only cost of labour which is increasing after the hike in service tax, but cost of fuel and transportation will also increase and the impact should be much higher. The rate of property will increase by Rs 50 to 100 per square feet. While the cost of residential property should increase between Rs 50 and 70 per square feet, it could increase between Rs 75-100 per square feet for com-mercial properties," said vice presi-dent of the Confederation of Real Es-tate Developers Association of India (CREDA1), Pune-Metro, Rohit Gera. The increase in service tax and ex-cise has come at a time when the con-struction activity in the city is on in full swing and the demand for construc-tion material is huge, pushing up cost of construction material. "There is a demand pressure which increases input cost of construction industry. The developers are trying their best to complete projects ahead of the moonsoon which adds as a pres-sure for prices. But increase in cost of construction material has been very high" said, Tejraj Patil, Owner of Tejraj Promotors and Builders. Gera said that besides the increase in service tax which developers have to pay, buyers have also to pay half percent increase in service tax. " The service tax for people who purchase property has increased from 2.5 to 3 percent. The service tax has to be paid directly by buyers to the government. So the increase in service tax of con-sumers will only add to the cost of the property," said Gera. He added that the hike in the ser-vice tax and excise has come after a gap of over two years and in the Bud-get the tax rate has been brought at par with the rate that was exsisting at the time of recession.
First of all I would like to thank you and the Gera team for organizing different workshops at our doorstep.
The best thing I have done to my kids is that I took a right decision to buy a flat in Gera.
Because of this decision , Vishnu could attend the development workshops that were conducted.
Vishnu was a shy child who didn't like to participate in any of the programmes.
As far as Dale Carnegie workshops is concerned it has given him a lot of confidence and was presenting things in a much better way and I can see a lot of improvement in him.In simple words u made a person(..
My son Tattva had been enrolled in the intermediate level and has been coached by the Vishwanathan Anand Chess Academy coach . Tattva has made remarkable strides and will be on his way to get his FIDE rating in November. A lot of credit goes to the mentor for his unique way of handling his students. He has been very patient while working with Tattva on his areas of improvement. In addition before the tournament the coach had voluntarily added additional classes and doubled his efforts to get a better performance out of Tattva. He has shown complete ownership which is commendable. I hope he continues to develop more and more chess players in the coming days...
It's a wonderful experience with the tennis academy and my daughter liked it. Also she is getting good training and love for the game.
The coaches are good and we would continue using their expertise for Nishita going onwards. We are also looking forward for signing (actually instrument) and dancing coaching too.
This is to share with you that both my little girls (Aditi Anisha) are really enjoying their Tennis classes at the Mahesh Bhupathi Tennis Academy.
I always find them very excited whenever there is TENNIS CLASS, and this excitement matters to both of us, as the kids seems to be interested.
It’s nice to see them constructively engaged, and coming home happy and having felt productive in their own child little way. It’s a great way for them to bond with other young ones and feel belonged to a larger community.
Thanks to You, Gera Developments and MBTA for giving our young ones, an opportunity for a wonderful learning experience.
Now they are looking forwar..
Regarding the workshops & different academy sessions, it has been wonderful experience so far for Shlok and we’re looking forward for the new opportunities.
It’s absolutely fantastic to have all these academies in the premises, and that too from the renowned personalities, so we can send kids without worrying about other factors like safety & all.
And most importantly, a big thanks to you for the lovely follow-ups & timely updates about the upcoming/ongoing sessions.