Prashant Sharma, President, NAREDCO Maharashtra:

Sharma underscores the need for enhanced tax incentives for homebuyers, advocating for increased limits on deductions under Section 80C and Section 24(b) to boost housing demand. He also calls for a single window clearance system to streamline project approvals and incentives for affordable housing, including extending benefits under the PMAY and redefining affordable housing to include properties up to Rs. 1 crore in metro cities. Addressing liquidity issues by ensuring easier access to financing and expanding the SWAMIH stress fund is also crucial. Simplifying land acquisition and promoting rental housing policies are essential for urban development. Mr. Sharma believes these measures will revitalize the sector and contribute significantly to economic growth.

Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Vice President, CREDAI-MCHI:

Chivukula highlights the importance of increasing tax deductions on home loan interest to stimulate residential demand. He advocates for a single-window clearance system to expedite approvals and incentives for affordable housing, such as extended tax holidays and increased PMAY allocations. Rationalizing GST rates and granting infrastructure status to the real estate sector will facilitate easier access to funding. He emphasizes the need for sustainable development policies and incentives for rental housing to meet urban housing needs. Special provisions for reviving stalled projects are also essential for market stability.

Vedanshu Kedia, Director, Prescon Group:

Kedia calls for a rethinking of the GST structure, advocating for input tax credit and rationalization of GST rates to make real estate more affordable. He urges revisions in capital gains taxation, reducing the holding period for long-term gains and increasing exemptions under Sections 54 and 54EC. Enhanced infrastructure development and incentives for NRIs to invest in Indian real estate are also critical. Supporting millennial homebuyers with incentives and focusing on senior living solutions are necessary to address demographic trends. Overall, he seeks policies that enhance transparency, reduce regulatory bottlenecks, and promote sustainable development.

Samyak Jain, Director, Siddha Group:

Jain emphasizes the need for tax benefits, easier access to credit, and improved liquidity to sustain the sector’s growth. He advocates for targeted schemes for millennials and first-time homebuyers to boost demand. Increased budgetary allocation for infrastructure development in cities like Mumbai is essential to unlock new development regions. These measures will foster a conducive environment for real estate growth, contributing to overall economic development.

Shraddha Kedia-Agarwal, Director, Transcon Developers:

Kedia-Agarwal anticipates policies that stimulate the housing market, such as tax benefits for homebuyers and reduced GST rates. Simplifying FDI processes and making them more attractive to foreign investors is crucial for bringing capital into the sector. She calls for policies that make it easier for NRIs to invest in Indian real estate, alongside substantial budget allocations for infrastructure development. These steps will benefit ancillary industries and create numerous job opportunities, supporting overall economic growth.

Rohan Khatau, Director, CCI Projects:

Khatau stresses the importance of enhancing the tax deduction limit on home loan interest and investing in social infrastructure to drive real estate demand. Simplifying FDI norms and promoting sustainable development practices are also key. He advocates for substantial budget allocations for infrastructure improvements, which will open new areas for development and provide more opportunities for both developers and homebuyers.

Himanshu Jain, VP – Sales, Marketing & CRM, Satellite Developers Private Limited (SDPL):

Jain highlights the need for continued support for affordable housing initiatives, especially in metro cities. Enhancing tax benefits for homebuyers and increasing budget allocations for infrastructure development are crucial for the sector’s growth. He also calls for reforms and incentives to boost commercial real estate and promote REITs, which will bring in much-needed capital and provide investment opportunities.

In summary, the real estate sector looks forward to a budget that addresses these critical areas, fostering growth and stability while contributing significantly to the nation’s economic recovery and development.

The post Real Estate Sector anticipates growth and stability from Union Budget 2024-25 appeared first on Square Feat India.

Amazon Data Services recently leased a premises in Thane for 15 years which can be further extended for 14 years.

The annual rent for the first year is Rs 74.91 crore, fir the second year the rent goes up to Rs 77.15 crore, for third year the rent is Rs 79.47 crore, the fourth year the annual rent is Rs 81.85 crore, the fifth year annual rent is Rs 84.72 crore, the sixth year annual rent is 87.68 crore, the seventh year annual rent is Rs 90.75 crore, the rent for the eight year is Rs 93.93 crore, the rent for ninth year is Rs 97.22 crore, the annual rent for the 10th year is Rs 100.62 crore, the rent for 11th year is Rs 104.14 crore, whereas the rent for the 12th year is Rs 109.79 crore, it goes to Rs 111.56 crore for the 13th year and the rent moves to Rs 115.46 crore for the 14th year and the annual rent for the 15th year is Rs 119.51 crore.

The total rent comes to Rs 1426.83 crore for the 15 years including the escalation, apart from this there’s an annual operating charges is Rs 23.39 crore, thus taking the total rent and operating charges for over 15 years to Rs 1450 crore.

According to details provided by Propstack, Amazon has leased a total are of 4.5 lakh sq ft spread across ground plus seven storey building along with a terrace in Thane’s MIDC from New Found Properties.

The land was leased by MIDC for 100 years in 1966 leased to a company, a part of this land was then leased to New Found Shelters, which is building an integrated Information Technology Township. It has already completed three buildings of the phase wise development.

Earlier this year, in one of Indians big ticket lease deal, a 2.39 lakh sq.ft. of land area was leased out for a whopping Rs 3.57 crore per month for a period of 258 months. Amazon Data Services India Pvt Ltd rented a 2.39 lakh sq.ft. space for a period of 258 months in Powai. The rental figure and the rented area both are huge and and in many ways amongst the biggest rental deals for the year 2022. The premises rented is a land parcel in Powai owned by Larsen and Toubro Ltd.

“Amazon continues to ramp up their data centers in India and Mumbai has emerged as one of their preferred locations. The new data centers will allow Amazon’s domestic and global customers to utilize AWS infrastructure to securely build their businesses in India and run their applications in the cloud. Clearly the cloud services business is an important one for Amazon while it prepares to locally expand their data centers to service Indian clients instead of servicing them from counties like Singapore,” said Raja Seetharaman, co-founder, Propstack.

Also Read: Amazon leases 2.3Lac Sq Ft for 258 months at a rental of Rs 3.57 Crore per month

The post Amazon to pay Rs 1.4k Crore rent over 15 years for a data center in Thane appeared first on Square Feat India.