.
The month of July and August were focused towards two big events in the Real Estate Industry; NAR India 8th Annual Convention in Delhi and RE/MAX Asia Pacific Convention in Bangkok. As much as I am content with the mammoth efforts in the last 2 months for these two events, I rewind and realize the worth of the Networking, Learning, Recognition and Motivation that we gain from such events. Revisiting and recollecting the memories from the month of July and August, I see the sheer hard work put in by the Convention’s Host Committee comprising of Association of Property Professionals( APP) members to organize the grand & successful NARIndia 8th Annual Convention with 1000+ attendees from across the globe. Each and every delegate took back with him/her an experience that stands unmatched to any other Real Estate event in the country so far. I am thankful to all my fellow REALTOR® friends for putting in their trust in me and as I take up the role of President at NAR-India, I look forward towards your continued support and cooperation to change the image of the realtors from a mere salesperson to a professional consultant. As a firm believer of the Convention motto “TODAY TOWARS TOMORROW”, we all need to work towards the upliftment of our present business practices and put our focus on customer satisfaction and experience. RE/MAX Asia Pacific Convention and RE/MAX Realty Rendezvous-7 in Bangkok are in full swing. Attending
such international conventions always highlights THE POWER OF BRAND RE/MAX. Affiliates from 30+ countries are here and are busy acquiring knowledge, business referrals and revisiting the RE/MAX Passion that is common to all the attendees. It’s always a very emotional yet proud moment to represent our Country, India on any foreign land. I could see that our regions and offices were busy in conducting events, seminars and helping each other in promoting RE/MAX across the length and the breadth of the country. I would like to wish all the best to RE/MAX Greater Vaisakha & RE/MAX Bangalore for expanding their network by getting good number of leads from the events they conducted. A great round of applause for RE/MAX Chennai for being the title sponsor of the property fair in their region. I would also like to thank and congratulate RE/MAX MetroAhmedabad, RE/MAX Realty Solutions- Ahmedabad, RE/MAX Matrix-Mumbai and RE/MAX Professional Realtors-Ludhiana for successfully completing their first stint of 5 years with RE/MAX India and all the very best for the next 5 years journey. In the end, I would like to say In Union there is Strength and our strength is each and every broker associate, Broker owner and regional owner who have vested their trust in us. Happy Selling! Sam Chopra
A big hello to everyone from Bangkok! The month of July and August have been power packed for all of us at RE/MAX India as we were engrossed preparing and contributing towards the 2 big real estate events. I was pleased to meet RE/MAX Affiliates from all over the country at the NAR-India convention attending sessions, networking with national and international realtors and having a gala time. It gave me a feeling that we are not confined to our boundaries but are making an effort to be a part of the REALTOR® community at large.
motivated and willing to start yet another inning with RE/MAX. On this note, I would like to congratulate and wish all the very best to Manisha, Shreya, Vivek, Nirav, Harit, Manpreet and Joginder on successfully completing 5+ years with RE/MAX and moving on for another 5. Kudos to the untiring efforts put in by RE/MAX Greater Vaisakha, RE/MAX Bangalore and RE/MAX Chennai to hold the RE/MAX balloon high in their regions. A special mention for the efforts put in by Anmol, RE/MAX Delhi NCR to travel to RE/MAX Greater Vaisakha in order to support them in their mass discovery day event and for Nethra & Dinesh, RE/MAX Southern Karnataka for supporting their neighboring region of RE/MAX Bangalore during the FRO.
It was a very emotional moment for us to see the love and affection bestowed on Sam while he was taking up the role of President NARIndia. With our absolute trust in Sam’s leadership, I feel proud to stand beside him and support him in all his accomplishments, challenges & initiation. And the biggest reason to be proud of, is to be associated with a network and brand as big as The month of July and August gave me a lot of RE/MAX which has now spread its wings in reasons for being Proud of the network that we more than 100 countries across the globe. I have all built together with a lot of hard work would sincerely like to thank the team at the and persistence. I am very proud of the fact world headquarters for their constant support that now we have entered a next stage in and expanding the network of RE/MAX for all RE/MAX Franchise cycle where broker owners of us to reap benefits from it. have completed their 1st stint of 5 years with us and I could see that they are even more Regards, Saloni Chopra
Content: _____________________________________________________________________________________________________________________________ _________________________________________________________________________________________________________________________ ____________________________
1) From the Chairman’s Desk
2) From the Vice Chairman’s Desk
3) Events to Look Forward to
4) News from RE/MAX India
5) News from the Regions
6) News from Broker Office/ RE/MAX LLC
7) News from RARE
8) Power of RE/MAX
9) Press Buzz
10) ) RE/MAX Anniversaries
11 RE/MAX New Joinees
12) Realty Bytes
Events to look forward to in September!
With the ever changing dynamics of the real estate industry, comes the time when you are presented with grander responsibility to contribute your efforts towards the upliftment of the industry. A proud moment for all of us as Sam Chopra, Founder & Chairman, RE/MAX India takes up the role of President NAR-India The realtors in India and even outside India have always seen a good leader in Sam who believes in the principal of leading by example. Sam has always strived hard towards shifting the paradigm of unorganized realty market to organized and professional real estate sector and has been instrumental in driving various initiatives for a complete image makeover of realtors from unprofessional brokers to professional realtors. Glimpses from the NAR-India 8th Annual Convention and installation ceremony of Sam taking over as President NAR-India
Glimpses from NAR-India Convention were Sam is being honored by various member associations for his extraordinary contribution to NAR-India.
Looking at the lack of formal training available in real estate in India, RICS (A global professional body for charted qualifications and standards in built environment) and NAR-India have collaborated for a skill development initiative to train real estate brokers in real estate sales and marketing.
Throughout the 2 day event, Sam’s presence was felt across by his widespread participation in various sessions and panel discussions such as RERA Bill discussion and How Startups are forcing Change in Retail &Commercial Real Estate. Glimpses from the sessions
The senior leadership team at RE/MAX India also participated in full swing at the NAR- India Convention by participating in panel discussions & conducting training workshops on topics such as Transform the Client Experience from Ordinary to Legendary – Good Buy rather than Good Bye, Securing Mandates, Journey from a Broker to a Consultant etc.. Sahil Kapoor, Executive Director, RE/MAX India moderated a panel discussion on “Transform the Client Experience from Ordinary to Legendary – Good Buy rather than Good Bye”. The panel had esteemed dignitaries from the real estate industry. He also conducted an expert session on one of the burning topics in real estate that is “Securing Mandates”. The session highlighted the advantages of working on exclusive mandate for both the parties that is the broker and the seller. Sahil also elaborated on the 7 steps guide to secure a mandate. The session was very well received by the audience and on the basis of special request received from the delegates, Sahil repeated the session the 2nd day as well. Glimpses from Sahil’s Panel Discussion and session on Securing Mandates
Understanding the pulse of the real estate industry and the way forward, Shipra Sharma, National Manger- Network Training & Development, RE/MAX India conducted a session on “Journey from a Broker to a Consultant”. The session highlighted the much needed 360 degree image transformation of a real estate agent from a mere mediator to a real estate consultant. Keeping abreast with the changing trends of the brakeage industry the session was very informative for the professional realtors.
We would also like to thank our International RE/MAX colleagues for their participation in the NAR–India Convention and sharing their view point in various panel discussions to investment opportunities in their countries. Glimpses from Chip Brekken, Director-RE/MAX Global Department, RE/MAX International & Eddie Santos, Regional Owner, RE/MAX Philippines as a panelist in a panel discussion on “Mastering Lead Generation, Lead Conversion and Client Follow up” and Alex J. Gomez, Chairman, RE/MAX Malaysia presenting on Investment Opportunities in Malaysia
Moving towards another awaited event of the year‌RE/MAX Asia Pacific Convention 2016 & RE/MAX Realty Rendezvous-7 took place in Bangkok from 31st August – 2nd September, 2016 at the Grand Fourwings Convention Hotel. Regional Owners, Broker Owners, Broker Associates and RE/MAX India Team have landed in what is called as the land of smile i.e. Thailand. The event has painted the city of Bangkok red-white-blue. With representation from over 30 different countries, the attendees experienced the great hospitality and gained whole lot of learning and networking over the spread of the event. Snippets from RE/MAX Asia Pacific Convention 2016 & RE/MAX Realty Rendezvous-7
This is just the opening. Stay tuned for a full coverage on the event in the next Newsletter!
RE/MAX Greater Vaisakha The month of July and August saw a lot of productive activities happening in the region of RE/MAX Greater Vaisakha. In the month of July, The Regional Owners Mr. K B R Praveen and Mr. Atul Jain conducted a special training session for their Broker Offices, Agents and Regional Office staff. The training session was spearheaded by Atul and was very well received by audience.
The vibrant team of RE/MAX Greater Vaisakha under the leadership of its regional owners conducted a mass discovery day in the month of August. The prime focus of the event was to launch the 3 Broker Offices at different locations in the region and to meet like-minded people looking to join RE/MAX as an agent or a franchise and to further expand the presence of RE/MAX in their region. The event was very well received and attracted attention from the media and was highlighted in leading newspapers. Mr. Anmol Aggarwal, Assistant Regional Director of RE/MAX Delhi NCR flew down to Vishakhapatnam to support the Region in their endeavor to promote brand RE/MAX and its broker offices.
RE/MAX Delhi NCR Anmol Aggarwal, Assistant Regional Director, RE/MAX Delhi NCR participated in an event R&M Podium, organized by Realty & More, at Hotel Radisson Blu in Greater Noida on 26th August, 2016 and moderated a session on “How to Get the Buyer Back”. The panel comprised of esteemed and prominent figures in real estate like Manoj Gaur, MD, Gaursons; Deepak Kapoor, Director GulshanHomz and Salil Kumar, ED, Assotech.
It’s the constant efforts and belief in one’s self that paves your way to success and makes you come out like a winner. The team at RE/MAX Solution Specialists, Delhi NCR celebrating their achievement on closing transactions. A special mention and congratulations to Ashish Shrivastava on purchasing a new bike from the first earned commission.
RE/MAX Bangalore The regional team of RE/MAX Bangalore along with the regional Owner Mr. Siva Kyasa participated in Franchise & Retail Opportunity show by Franchise India to exhibit about the opportunities presented by RE/MAX in their Region. The neighboring region of RE/MAX Southern Karnataka supported them and both the regions together put up a great show.
RE/MAX Chennai RE/MAX Chennai going the big way by becoming a title sponsor of a property fair “Real Dream Home Property Expo 2016 in Chennai
RE/MAX Realty Services, Bhopal The Broker Office organized a special training session on Importance of Technology in Real Estate for their Broker Associates and invited prospects to be a part of it. They continue to organize such training sessions on regular basis.
News from RE/MAX LLC
News from RE/MAX Academy of Real Estate This month we had following webinars organized by RE/MAX Academy of Real Estate.
Date
Topic
Presenter
06-Jul-16
It’s all about Sales
Shipra Sharma
13-Jul-16
Team work and 10 Demandments
Shipra Sharma
20-Jul-16
Traits of a sales Person
Shipra Sharma
27-Jul-16
Use of LinkedIn for Realtors
Shipra Sharma
Power Of RE/MAX This journey of RE/MAX India began 7 and a half years ago when Sam Chopra, Founder and Chairman, RE/MAX India decided to bring the brand RE/MAX in India. As it is rightly said, to reach the pinnacle you need to atleast start moving in the right direction. This is exactly what RE/MAX India and our Regions did, with a lot of persistence and perseverance it moved on and choose like-minded people who were willing to invest in the dream of making RE/MAX the biggest and the strongest real estate network in India. In this special section, we are covering those broker offices that have been with us for more than 5 years and have shown their trust in the Power of Brand RE/MAX by renewing for another 5 years tenure. RE/MAX India would like to congratulate Broker Owners and Broker Associates of RE/MAX Matrix – Mumbai, RE/MAX Metro & RE/MAX Realty Solutions - Ahmedabad and RE/MAX Professionals Realtors - Ludhiana on achieving the 5 years + milestone with RE/MAX.
Press Buzz - News Paper Coverage
Expert Quote by Sahil Kapoor, ED, RE/MAX India on GST and its impact on Real Estate
Expert Quote by Sahil Kapoor, ED, RE/MAX India on the importance of technology in Real estate for home buyers
Expert Quote by Sahil Kapoor in Mail today.
Author Article by Sam Chopra in Metro Realty Magazine Publication:Metro Realty Magazine
Expert Quote by Sahil Kapoor on GST Publication:Mail Today
Author Article by Sahil Kapoor, Executive Director, RE/MAX India on Challenges in Building Affordable Housing Publication:Realty Plus
Author Article by Sahil Kapoor on “ 2016 is the good year in Real Estate” Publication:99acres.com
RE/MAX Anniversaries, Regions (July) Name of the Region
Name of the Regional Owners
Number of Years
RE/MAX North Gujarat
Manan Choksi, Aashil Patel & Pranjal Patel
7
RE/MAX South Gujarat
Manan Choksi, Aashil Patel & Pranjal Patel
7
RE/MAX Delhi NCR
Samir (Sam) Chopra
7
RE/MAX Anniversaries, Broker Offices (July - August) Name of the Region
Broker Office Name
Broker Owner's Name
Number of Years
RE/MAX Mumbai RE/MAX West Bengal
RE/MAX Matrix RE/MAX Realty Solutions
Shreya Mody &Manisha Mehta Jaydip Mehta
6
RE/MAX Punjab A
RE/MAX Royal
Vishal Sharma
3
RE/MAX North Gujarat
RE/MAX Dreamz
Munish Gupta
3
RE/MAX Mumbai
RE/MAX Property Exchange
Siddhanth Shah
1
RE/MAX Greater Vishakha
RE/MAX Vision Solutions
Surya Narayana
1
RE/MAX ROTN
RE/MAX First Choice
P Venkat
1
RE/MAX Telangana
RE/MAX Realty services
Srinivas Raju Adluri
1
RE/MAX UP-East
RE/MAX Genesis Realty
Saurabh Saxena
1
4
RE/MAX Anniversaries, Broker Associates (July - August) Name of the Region
Broker Office Name
Broker Associate Name
RE/MAX Mumbai
RE/MAX Matrix
Shreya Mody
RE/MAX Mumbai
RE/MAX Sun REALTORS
Abhishek Chopra
RE/MAX North Gujarat
RE/MAX Realty Solutions
Rupesh Bhatt
RE/MAX West Bengal
RE/MAX Realty Solutions
Vikram Doogar
RE/MAX Southern Karnataka
RE/MAX Heritage
Sunil Kumar V S
RE/MAX Telangana
RE/MAX Realty Resources
Rahul Manchikanti
RE/MAX Mumbai
RE/MAX Matrix
Shreya Mody
RE/MAX Delhi NCR
RE/MAX Solution Specialists
ShubhamMakhija
RE/MAX Bangalore
RE/MAX Home Care
Zia Ulla
RE/MAX Greater Vishakha
RE/MAX Vision Solutions
Ashok Kumar.G
RE/MAX India Welcomes its New Broker Associate(June) Name of the Region
Broker Office Name
Broker Associate Name
RE/MAX Southern Karnataka
RE/MAX Landmark
Johan Chris Antony Lewis
RE/MAX North Gujarat
RE/MAX Realty Solutions
Vijay Soni
RE/MAX Mumbai
RE/MAX Estates
SACHIN DINANATH KHATOO
RE/MAX Mumbai
RE/MAX Estates
DHANANJAYAN E. CHANDRAN
RE/MAX North Gujarat
RE/MAX Realty Solutions
Sahil Shah
RE/MAX MP 1
RE/MAX Realty Services
M.L. Biswas
RE/MAX MP 1
RE/MAX Realty Services
Abhishek Nagar
RE/MAX Southern Karnataka
RE/MAX Landmark
Manoj Kumar Shetty M
RE/MAX Greater Vaisakha
RE/MAX Diamond Group
TOLETI VENKATA RAMAKRISHNA
Realty Byte Here's how GST will impact the real estate sector in India GST, which has been one of the longest awaited tax reforms, got unanimous approval of both houses of parliament this monsoon session. Union government of India has set a deadline of April 2017 for its roll out. As of now 3 states have already ratified the bill and others will quickly follow. How it might impact taxes in residential real estate transactions has got varied views of industry experts. Through this article we will try to detail out the issues involved to give a better understanding of these varied views. Lets first understand the various taxes applicable in a residential real estate transaction. 1. Service Tax – If you are purchasing an under-construction property, developer will have to charge you service tax and deposit it with central government. This tax was not applicable till 1st July 2010. The key reason for the same was contract between builder and buyer for construction of residential unit was disputed as works contract as it also includes value of land. Hence rules regarding taxes on work contract was not applicable on residential complex construction. In finance act 2010, government added an explanation to definition of construction of residential complex and made it deemed service. For the simplicity sake government has given abatement of 3/4th of cost of unit as land and goods for construction and only 1/4th of the cost of unit is treated as service. Hence presently most homebuyers are paying 3.75% of cost of unit as service tax (1/4th of 15%). Recently service tax on under construction property has again been put under question as Delhi High Court ruled against this and matter is sub-judice at Supreme Court of India. 2. VAT (Value Added Tax) – If you are purchasing an under-construction property, you will have to pay additional VAT in some states such as Karnataka, Haryana and Maharashtra. Developers charge this value added tax and deposit it with state government. VAT has also been under dispute for long time and still there are many states such as UP who do not charge VAT. Also unlike service tax there is no uniform way of computing VAT across states. E.g. in Maharashtra under composition scheme VAT is charged as 1% of agreement value whereas in Haryana the same proposal was passed but not yet agreed by developers. In Karnataka VAT is charged ......
at 5% of agreement value of unit. To calculate accurate value of VAT and not use composition scheme, developers will have to maintain proper accounts of goods purchased for construction and VAT paid by them for the same to get input credits which is cumbersome and makes it tough for buyers to understand. 3. Stamp Duty – Stamp duty is charged by state government, again at varying rates, for registration of sale agreement for real estate transactions. Incidentally if you are buying a ready to move-in property directly from developer after he has obtained completion certificate from authority, you don’t need to pay service tax and VAT hence saving 3.75% to 9% of property cost depending on state where you are buying property. Now let's understand how GST will impact these three taxes. Service Tax and VAT will be replaced by Central GST and State GST whereas stamp duty stay unchanged as it is out of purview of GST. There are two open items because of which at present it is difficult to predict accurately the impact of GST on real estate transactions. One is the GST rate and second is abatement for land value in total agreement value of under construction residential unit. Let me take assumptions on these two items to estimate impact of GST. These assumptions might be off but has a high probability of being true as well. GST rate might be set at 18% as many experts back this rate and abatement of land might be only 25% of agreement value as 50% is assumed to be cost of goods and remaining 25% as cost of service. Based on these assumptions the effective GST on under construction property transaction will be 13.5% (3/4th of 18%). Now this rate is significantly high compared to 3.75% - 9% currently being paid. Hence we can assume cost of buying under-construction property will significantly increase after GST becomes applicable from 1st April 2017. But this might not be true. Currently developers pay service tax and VAT on services and goods they procure for construction of residential complex but are not allowed to take input credits of this tax because of which end customer pays tax on tax. As per estimates given by developer community this tax on tax adds up to 20 – 25% of the cost of residential unit. Hence if GST is implemented and developers are allowed to take free credits of input tax paid, the cost of unit should reduce by 20% at least. To understand this better lets take an example, a residential apartment which is sold at Rs 100 today finally cost end customer 103.75 in Uttar Pradesh excluding stamp and registration duty. If post GST price of unit is reduced by 20% i.e., it becomes Rs 80 then final cost to end customer will be 80 + (13.5% of 80) i.e., Rs 90.8 which is much less than Rs 103.75. So in fact if developers pass the benefit, which they will get from GST, cost to end customer actually will reduce. But it is easier said than done. First of all current under construction projects are at different stages of construction and developers would have already paid service tax and VAT for procurement of goods and services for which they will not get input credit. Hence cost reduction will be lesser than 20% for current under construction project. Second model GST law clearly mentions input credit will not be available for goods and services purchased for execution of work contracts. Presently we have seen two different interpretations by courts of whether construction of residential complex is a work contract or not. If it is treated as a work contract cost of developer will not reduce at all after GST implementation. Another issue which needs to be kept in mind is, presently government does not allow input credit if the composition scheme (i.e., abatements for cost of land and goods) is used by developers for calculating service tax and VAT. Therefore at present, we are more likely to believe that cost of under construction residential unit will increase post GST implementation. This will be a hefty blow to industry, which is already suffering from slow sales. Industry bodies need to urgently engage with government to minimize this impact by clarifying position on works contract, composition scheme and already paid service tax and VAT by developers on under construction property. SOURCE:http://realty.economictimes.indiatimes.com/realty-check/here-s-how-gst-will-impact-the-real-estate-sector-in-india/1740