Stamp Duty and Registration Charges in Pune 2023

 

Stamp Duty and Registration Charges are one of the taxes the property buyers pay to the government while buying a property, flat, or apartment. Understanding the different charges according to the area, district, and state helps potential buyers understand the best investment opportunities.

Today we shall understand the specifics of Stamp Duty and Registration charges in Pune and comprehend the current rates in Pune.

Real Estate Opportunities in Pune

Pune is one of the fastest-growing residential hubs in the country. With growing infrastructure, renowned business presence, and culturally rich surroundings, Pune has emerged as one of the best choices for individuals and families. With the rapid development of areas like Hinjewadi, Bavdhan, and Hadapsar among others, Pune is proving to be the ideal location for investment and living. This article will help you understand the Stamp Duty and Registration charges in the Pune area which will help you plan your investments better.

What is Stamp Duty?

Stamp Duty is a tax levied by the government on property buyers, similar to Income Tax. Stamp Duty and Registration charges are paid when there is a transfer of ownership of a property. The payment of Stamp Duty on property documents confers them legally, and they can be ad as evidence in a court of law.

Who has to pay Stamp Duty?

In the case of the first sale from the developer, the purchaser pays the Stamp Duty. In the case of a resale or lease, the transferee or lessee has to pay it. With an exchange of property, both parties equally bear the charges.

How is the rate of Stamp Duty decided?

The rate of Stamp Duty differs from state to state. The gender of the purchaser/transferee/lessee also plays a part in the charges. Stamp Duty is charged based on the market value or agreement/registration value, whichever is higher.

What is Registration?

After the payment of the Stamp Duty, it is dated, signed by parties, and attested by witnesses wherever required. The document then needs to be registered under The Registration Act, of 1908. The registration process is done to make an official record in Government books. This also makes you the official property owner.

What are the Stamp Duty and Registration charges in Pune?

Maharashtra State government decides the Stamp Duty and Registration rates in Pune. It is a significant form of revenue for the government. The rates for the year 2022–23 are as follows:

Stamp Duty Rate (Male): 7% (5% Stamp Duty + 1% Local Body Tax + 1%Metro cess)

Stamp Duty (Female): 6% (4% Stamp Duty + 1% Local Body Tax + 1% Metro cess)

Registration: For properties above Rs.30 Lakh, Rs.30,000. For properties below Rs.30 Lakh, 1% of the property value.

These rates will help you understand the total amount required for property purchase in the Pune area. Shapoorji Pallonji’s Joyville in Hadapsar provides spacious 1, 2, and 3 BHK flats in Hadapsar with value for money starting at Rs.42.9 Lakh.

Originally published at http://realestateandepc.wordpress.com on February 9, 2023.

All You Need to Know about the Bhadla Solar Park

Spanning a total area of 14,000 acres in Bhadla village, the Bhadla Solar Park is the largest solar park. It gets its name from the Bhadla village where it is situated. The region is known for its soaring temperatures, which makes it ideal for a solar project.

In its totality, the Bhadla Solar Park is a 2245 MW (2.25GW) solar power plant with over 10 million solar panels. It is also the world’s largest photovoltaic project and involves an investment of about Rs. 98.5 billion. The project is carried out under the Ministry of New and Renewable Energy (MNRE) and is in line with the Rajasthan Solar Energy Policy, 2011.

Phase-wise Construction of the Bhadla Solar Park

The construction of the Bhadla Solar Park began in 2015 and was completed in four phases:

• - Bhadla Solar Project Phase I: 65 MW
• - Bhadla Solar Project Phase II: 680 MW
• - Bhadla Solar Project Phase III: 1000 MW
• - Bhadla Solar Project Phase IV: 500 MW

Construction of the solar park began in 2015, and the first phase was commissioned in October 2018. The second phase was completed in 2019, and the third and fourth phases began in 2020.

About the location of the Bhadla Solar Park

The Bhadla village is considered inhabitable with torrid heat. But due to its high temperature, it is an ideal place for a solar park. The solar panels require regular cleaning due to frequent sandstorms. The solar panels are cleaned by robots and supervised by workers.

Bhadla Solar Park Phase Undertaking

Several entities have undertaken different phases to deliver this solar project. According to Mercom India Research, Phases I, and II were developed by Rajasthan Solar Park Development Company (RSPDC). Surya Urja Company, a joint venture between the government of Rajasthan and IL&FS Energy Development Limited, developed the third phase. The fourth phase was developed by Adani Renewable Energy Park — a joint venture between Adani Enterprises and the government of Rajasthan.

Features of the Bhadla Solar Park

• The Bhadla Solar Park is a large-scale effort to help India reduce its use and dependence on fossil fuels.
• The Bhadla Solar Park has resulted in an increase in job opportunities due to the large nature of the project.
• The 10 million solar panels have a generation capacity of about 2245 MW.
• The auction for this park received surprisingly lower bids than NTPC, with a per-unit price of INR 2.62.

Sterling and Wilson Renewable Energy’s Contribution to the Bhadla Power Plant

Sterling and Wilson Renewable Energy has contributed to the 580 MWp Solar Power Plant in Bhadla, Rajasthan by deploying an automated robotic cleaning mechanism over 2084 acres that enhances power generation and reduces water consumption and operating expenses. This has also resulted in the development of employment and growth in the areas of Bhadla, and Rajasthan.

Originally published at http://realestateandepc.wordpress.com on February 9, 2023.

What is the Balance of System (BoS) in Solar Plants?

In a photovoltaic system, solar panels are the most important part of the plant. However, solar energy needs to be effectively channelled with the help of other components. The components which allow the proper flow of energy from the solar panels to the grid are called the Balance of System (BoS).

What components make up the BoS?

BoS components include all the fittings and equipment apart from the photovoltaic panels. They usually make up about 10–50% of the total solar purchasing and installation cost and require high maintenance.

The following are some components included in the BoS:

• Specified cables and wires to allow proper current flow
• Sturdy mounting systems to hold the panels
• Solar inverters that invert DC to AC
• Battery banks to store and supply energy when required
• Battery chargers to send solar energy to devices or batteries
• Charge regulators to prevent high voltage
• Protection devices like fuses, earth leads, and switches

These are components that usually make up the BoS. Some additional equipment in the BoS based on the nature and requirement of the project could include:

• GPS solar trackers that keep the panels always in a position to receive maximum power from the sun
• Power management software to work on all the parts of the plant
• Wind speed sensors
• Circuit breakers to prevent electrical circuit damage
• Other task-specific accessories

Why is understanding the BoS important?

As mentioned, the BoS makes up for expenses as high as 50% of the total solar purchasing. Hence, a proper understanding of the components, the size of its requirements, and finding cost-effective ways to source these helps solar firms understand the best ways to spend to acquire the optimum BoS. Even though the price of solar panels and inverters has dropped considerably, the cost of BoS components remains steady. Customised planning ensures a cost-effective and energy-efficient BoS environment.

Sterling and Wilson Renewable Energy provides top-quality BoS solutions that fit every scale of solar plants.

Originally published at http://realestateandepc.wordpress.com on February 9, 2023.

Stamp Duty and Registration Charges in Bangalore 2023

Bangalore is one of the most decorated cities in India, with historical evidence that signifies the prominence of this city on the Indian map for generations. Bangalore is known for its pleasant weather, business opportunities, and cultural diversity. Bangalore is also home to some of the biggest tech companies in the country and is known as the Silicon Valley of India.

Culturally speaking, Bangalore has many reasons why the city has always been among the top cities in India to live in for job seekers, families, and individuals from all walks of life. This article will dive into the Stamp Duty and Registration charges on properties in the City of Lakes.

What do Stamp Duty and Registration charges in Bangalore mean?

Stamp Duty is the charge levied by the State government, quite similar to Income Tax, on property buyers. Once stamped, real estate investors and buyers should register the documents with the government. This registration officially records the buyers as legitimate owners of the property. These documents can be used as evidence in a court of law upon completion of Stamp Duty and Registration.

The charges of Stamp Duty and Registration differ from state to state. Additional taxes and charges may be levied on the rates by the local governing body or the state government directly. These taxes depend on the property age, purpose of the purchase, buyer’s gender, location, additional amenities, and other factors.

What are Stamp Duty and Registration Charges in Bangalore?

These rates are usually revised annually by the government of Karnataka on 31st January. The rates help potential buyers understand the amount they would need to pay for properties of different configurations. Let us look at the Stamp Duty and Registration rates in Bangalore for 2023 as listed by 99acres.com:

Stamp Duty Rate (Male):

• 5% on property above 45 lakh
• 3% on properties between 21–45 lakh
• 2% on properties less than Rs 20 lakh

Stamp Duty (Female):

• 5% on properties above Rs 45 lakh
• 3% on properties between Rs 21–45 lakh
• 2% on properties less than Rs 20 lakh

Stamp Duty (Joint Male+Female):

• 5% on properties above Rs 45 lakh
• 3% on properties between Rs 21–45 lakh
• 2% on properties less than Rs 20 lakh

Stamp Duty (Joint Male+Male):

• 5% on properties above Rs 45 lakh
• 3% on properties between Rs 21–45 lakh
• 2% on properties less than Rs 20 lakh

Stamp Duty (Joint Female+Female):

• 5% on properties above Rs 45 lakh
• 3% on properties between Rs 21–45 lakh
• 2% on properties less than Rs 20 lakh

Registration: 1% of property value

Why should you consider investing in Bangalore in 2023?

Compared to other states, the Stamp Duty and Registration charges in Bangalore for 2023 are lower for male buyers. Bangalore is also one of the most desired cities to move to, with many people relocating to Bangalore through the years. For the characteristics already mentioned above, and for many other reasons, Bangalore is proving to be a happy city to move to if you are looking for investment or residential opportunities in the country.

Shapoorji Pallonji Real Estate offers luxurious residential spaces with which is in the Binnypet area, one of the best places to live in Bangalore.

Originally published at http://realestateandepc.wordpress.com on February 9, 2023.

Different types of Construction Projects

 

All around us, we see different kinds of buildings and construction projects of different shapes and sizes. But each of them differs in their essence and purpose. If you’re looking to know which type of project or construction undertaking will best suit your interest, you also need to understand the different types of construction projects and what they mean. In this article, we will look at the different types of construction projects, in detail.

What are the different types of Construction Projects?

Four different sorts of construction projects are frequently seen. They include:

1. Residential Construction Project
2. Commercial Construction Project
3. Industrial Construction Project
4. Infrastructure Construction Project

Understanding these projects help us delve into the nature of the constructions and the purpose of these undertakings. All of these projects are supervised by a project manager in collaboration with the construction engineer, project architect, and construction manager. Let us look at what each of these means and what purposes they cater to.

These could comprise privately owned and commercial single- or multi-home housing developments. The project is modest in scope when compared to other types of buildings. They must adhere to a specified code as well as the regulations set forth by the local or regional building authority. They typically also require fewer construction teams and finances. Residential construction projects can include, for instance:

These projects facilitate building structures commissioned by private individuals, organisations, or even state or national governments. Due to their size and frequency, they require highly skilled staff. For those that develop and lease them, these construction projects provide investment potential. These projects could also include the building of multi-use projects that provide spaces for varied offerings. Here are a few examples of commercial construction projects:

These kinds of undertakings are frequently carried out over huge tracts of land, involve significant financial outlays, and are typically complex to undertake. As a result, significant specialization is needed in the structure’s planning, building, and design. These projects are usually completed by EPC companies on behalf of large corporations. A few examples of the projects in this category:

• Warehouses
• Oil Refineries
• Nuclear and other power plants
• Manufacturing facilities
• Solar farms

Infrastructure constructions are typically larger in scope as compared to the ones mentioned. These projects are usually commissioned by local and national governments and sometimes even large private companies. The nature of these projects is substantially bigger, and the aim is usually to provide services to a lot of people. Some examples of these endeavors include::

The different types of construction projects will help you understand the difference in scale, budget, complexity, approximate timelines, and risk rewards of these projects. Shapoorji Pallonji has been at the forefront of construction in the country and worldwide for over 150 years, and we have contributed to some of the most well-built projects.

Originally published at http://realestateandepc.wordpress.com on January 17, 2023.

FPSO Project by Shapoorji Pallonji Oil and Gas

 

What is Shapoorji Pallonji Oil and Gas (SPOG)?

A fully-owned subsidiary of Shapoorji Pallonji and Company Private Limited, Shapoorji Pallonji Oil and Gas aims to be the global leader in the oil and gas industry in floating solutions and regasification while aiding to meet the energy demands worldwide. 

SPOG has successfully contributed to the construction of FPSO Armada Sterling and FPSO Armada Sterling II, while engineering and constructing FPSO Karapan Armada Sterling III, the world’s largest FPSO. The Armada Sterling I & II contribute 20% of India’s crude oil production.

With the constant goal of aspiring to be at the forefront when it comes to achieving new milestones in the Oil and Gas industry that have never been seen before, Shapoorji Pallonji Oil and Gas have always used innovative technologies that have high benchmarks and strict adherence to Health, Safety, and Environment.

 What is the FPSO Project by SPOG?

Shapoorji Pallonji has proved itself as one of the fastest-growing entities in the Floating Production Storage and Offloading sector with impressive work done in the construction and maintenance of the FPSO Armada Sterling I & II projects. 

The FPSO Armada Sterling was ONGC’s first FPSO project delivered in a record time of 20 months by SPOG. On the other hand, FPSO Armada Sterling II, delivered in 23 months, provides around 30,000 oil barrels daily and yields 1.8 million cubic metres of natural gas.

Shapoorji Pallonji took a step further in their FPSO venture when they engineered the world’s first floating facility with a large sulphur processing plant. It is capable of producing approximately 25 tonnes of sulphur per day. 

SPOG has impeccable in-house expertise in Design and Engineering, Procurement and Construction, Transportation and Installation, Commissioning, and Operation and Maintenance of assets.

According to S. Ravi Shankar, Director and Group Business Head of SPOG, “At Shapoorji Pallonji Oil and Gas Private Limited we want to be a world-leading designer, fabricator, owner and operator of cutting-edge floating technologies and production and storage assets aimed at serving the global Offshore Mid and Up-stream Oil & Gas and Floating LNG markets.”

To know more about Shapoorji Pallonji Oil and Gas and their FPSO ventures, amidst their groundbreaking contributions in other sectors, please visit – https://www.shapoorjipallonji.com/company/SPOilAndGas