Real Estate — ✅ خرید وی پی ان ❇ ip ثایت vPn آی پی اختصاصی ◐

سپتامبر 27, 2022

India widens overseas investment options for high net-worth individuals

As per a recent report, the number of ultra-high net worth individuals (HNIs) in India stood at over 11,500 in 2021. These include first- and second-generation entrepreneurs, who are constantly looking to diversify their portfolio. Overseas Investment Regulations notified by the Reserve Bank of India on 22 August have opened new avenues for investment by HNIs outside India, and go beyond the much talked about ODI-FDI (overseas direct investment-foreign direct investment) structure relaxation. Business families in India have been setting up family offices as part of their estate and succession planning. The new regulations facilitate family offices to invest overseas.

Family offices always found it difficult to set up holding company/fund structures overseas due to the erstwhile ODI regulations which required such entities to be necessarily approved by a regulatory authority in the host country. Most developed economies (which were the jurisdiction of choice for setting up such holding company /fund) did not regulate such entities as they were using their own funds. As per new regulations, an approval is essential only if required under the host country’s laws. Further, a family office should now be able to set up a fund overseas, through its operating entity also, because under the new regulations, an Indian Entity (IE) which is not engaged in Financial Services (FS) activities is now allowed to make ODI in an entity engaged in FS (except banking and insurance) activities. Resident Individuals (RI) can purchase a house outside India out of the remittance under the Liberalised Remittance Scheme or LRS (i.e. $250,000 per annum). Practically, an RI has to pool remittances from other family members in order to acquire the house. Earlier, in such cases, the property was required to be jointly owned by all family members who have made the remittance. This created practical difficulties for HNIs to acquire their coveted overseas home. Under the new regulations, an RI can simply consolidate LRS remittances made by resident relatives to acquire a house outside India. Under the erstwhile regulations, RIs were allowed to make ODI in a foreign entity, however, Overseas Portfolio Investments (OPI) was not clearly spelled out. The new regulations have drawn a clear line of demarcation between ODI and OPI. Investment, wherein less than 10% paid-up capital and/or voting rights is acquired, by an RI in a listed entity is automatically classified as an OPI. Further, acquisition of shares under ESOP scheme resulting in acquisition of less than 10% of equity capital of a listed/unlisted foreign entity without control shall also be classified as an OPI. It may be noted that OPI is not subject to sectoral restrictions and, therefore unlike ODI, it can be in sectors such as real estate, gambling and specified financial products. It may be noted that acquisition of shares through ESOP scheme have been specifically carved out of the LRS limit and hence remittance without any limit can be made by an RI on these accounts. However, remittances made for such ESOP shall go on to reduce the LRS limit of that year. So ostensibly, you can make a remittance of say $1 million for exercising an ESOP, but you would not even be able to travel overseas in that year, as you would have exhausted your LRS limit. The regulations however do not seem to suggest a roll-forward of the excess remittance, hence the LRS limit of $250,000 should get restored in the next financial year.
For an IE, limit of ODI and OPI remains at 400% and 50% respectively of its net worth—the definition of net worth has now become empirical. Net worth was earlier defined as share capital and free reserve and did not include securities premium. The incongruity has now been removed. Now, unambiguously, limits of ODI and OPI shall be reckoned based on the ‘real’ net worth (as defined under Companies Act which includes securities premium) of a company, which would in most cases enhance the limit of overseas investments. The government has been progressively rationalizing provisions of the Foreign Exchange Management Act. Taking a pragmatic approach, the government has clarified certain key issues under the existing ODI framework as well. The new regulations should promote overseas investment and should expand the sphere of influence of Indian entrepreneurs globally. Vishwas Panjiar is partner at Nangia Andersen LLP. Shubham Jain, manager, Nangia Andersen LLP, contributed to this article.

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می 27, 2022

A look inside the Boca Raton mansions commanding Miami Beach prices

The $28.5 million mansion that recently hit the market in Boca Raton, FL located at 2633 Spanish River Rd.Danny PetroniUltra-high-end real estate in Boca Raton, Florida, is on a stratospheric rise, breaking record sale prices every year for five consecutive years. And the price per square foot of the town’s top-end homes is now on par with Miami Beach pricing. “People tend to think of Miami when the subject turns to high-end South Florida real estate,” said Douglas Elliman real estate agent Senada Adzem, “But Boca Raton is, without question, one of the region’s premier luxury residential markets.”The all-time top sale in the town, located about 45 miles north of Miami and 28 miles south of Palm Beach, traded last year for $24.5 million, delivering a price per square foot of more than $2,800, according to public records. That’s more than four times the average $670 price per square foot for a luxury home, representing the top 10% of sales, in Boca.The record sale also tops the average price per square foot achieved in Miami Beach, at $2,766, according to the most recent Elliman Report for Q1.”Trophy properties have gained momentum in the South Florida market over the past three years — for tax benefits, for safety reasons, and because of the pandemic,” Adzem told CNBC.The great room at 2633 Spanish River Rd in Boca Raton, FL.Danny PetroniThis year’s already seen three more mega-homes hit the Boca market, each one priced to break last year’s record and push the town’s high-end even higher.Here’s a closer look at the three highest-priced homes for sale in Boca Raton:169 West Key Palm RoadThe twilight view of 169 W Key Palm from the waterway.Danny PetroniThe waterfront home at 169 West Key Palm Road was listed this week for $26.9 million. It’s located behind the private gates of Boca’s swanky Royal Palm Yacht & Country Club community, and the asking price is just shy of $3,000 a square foot.Living room with marina views.Danny PetroniThe almost-9,000-square-foot residence is being sold fully furnished. Dustin Nero at Douglas Elliman, who co-lists the home with Adzem, says high-end buyers moving from places like California and New York are wiling to pay a premium for a turnkey mansion.Sunset view from infinity pool and dock.Danny Petroni”It overlooks the Royal Palm marina. You don’t look at a house — it’s a very premium view,” said Nero, who believes the home’s unique view will help it break the town’s sale price record.Owner’s suite overlooking waterway and marina.Danny PetroniThe six-bedroom home sits on 104 feet of waterfront with deep water dockage on the Fishtail Palm Waterway and includes five full baths and two half-baths.One of two walk-in closets in the home’s primary suite.Danny PettroniNero, who represents clients in both Miami and Boca, believes a trophy home in Boca is still a relative bargain compared to the very top-end in Miami.”This home in Miami would list at $4,000 or $4,500 a square foot,” he said.The pool and hot tub situated above the home’s dock and overlook the community’s marina.Danny PettroniAnother selling point for Boca: Buyers can land their private jets here. The private airport in Boca recently added its own customs office, Nero said, the ultimate convenience for local residents traveling internationally by private jet.2633 Spanish River RoadThe view of 2633 Spanish River from over the Intracoastal Waterway.Danny PetroniThis almost-10,000-square-foot home located on the Intracoastal Waterway in the Estate Section of Boca was listed this month for $28.5 million. That puts the price per square foot just under $2,900.The home’s entryway is flanked by a water feature that spans the entire walkway on one side and lush vegetation on the other.Danny Petroni”It’s like a work of residential art that manages to walk the line between artful splendor and resort-style comfort,” said Adzem, who is a co-listing agent on the property with Nero.The view from the cantilevered primary suite.Danny PettroniThe contemporary home, which is also being sold fully furnished, unfolds over two floors with six bedrooms, eight baths and one half-bath. The owner’s bedroom is cantilevered over the deck, so when you’re laying in bed the room appears to float over the water.Owner’s suite terrace overlooking pool and waterway.Danny PettroniThe home’s great room has a double-height wall-of-windows that deliver panoramic views and drench the room in sunlight.The ground-level glass panels slide away blurring the lines between indoor and outdoor space.The room also includes a 12-foot double-sided fireplace clad in grey and black porcelain.A retractable glass wall opens the great room to the outdoor lounge and pool.Danny PetroniAdzem told CNBC the home also includes an ultra-high-end, hospital-grade air filtration system that’s tied into the central air system.”It’s designed specifically for a Covid-free home environment, with separate zones of HVAC for every room,” she said. 298 West Key Palm RoadThe night view of 298 W Key Palm from the pool area.Living ProofThe highest priced home for sale in town is a $35 million mansion spanning almost 11,500 square feet, built by developer SRD Building Corp.”We’ve been setting new highs consistently,” said SRD’s president, Scott Dingle.The newly constructed modern residence, also located on West Key Palm Road at the Royal Palm Yacht & Country Club community, is situated on the Butterfly Palm Waterway. It includes a private dock and more than 166 feet of waterfront. The waterfront home’s private dock.Living ProofThe view into the garage from the home office.Living ProofThe home’s five-car garage doubles as a supercar showcase that’s visible through a floor-to-ceiling glass wall from a desk in the home office.Roberts, who sold $545 million worth of homes in the community just last year, said the spec builder’s record-breaking strategy is simple.”They buy premium [lots], and they put premium on it,” he said.The pool deck and lanai areas.Living ProofThe home’s $3,050-per-square-foot asking price is a high bar for Boca Raton, which has yet to see a sale breach $3,000 a square foot. But Dingle, who said he’s built 160 homes in the community over the past 28 years, is confident it can happen.The spec builder told CNBC he has another home in the community under contract for $26.5 million, scheduled to close later this year at a record-breaking $3,200 per square foot.”This year you are going to see some new records set,” he said.The modern interiors at 298 W Key Palm include a mix of stone & wood finishes with a dramatic floating staircase.Living ProofDingle says 95% of the homes he’s built are in this one community and, after almost three decades, he continues to bet on Boca breaking records.”With a country club, marina, championship golf course, direct access to the beach, it’s a special spot,” Roberts said. “We have all our cards and chips in.” .

آوریل 5, 2022

Tata Housing plans Rs 1,200 crore investment for premium housing

Tata group’s real estate arm Tata Housing plans to invest around Rs 1,200 crore over the next two years to acquire land outright and through joint ventures across major cities to develop group housing projects as well as for plotted development, which has gained traction amid the COVID pandemic.

In an interview with PTI, Tata Realty and Infrastructure CEO & MD Sanjay Dutt noted that the demand for plots has increased significantly during the pandemic and highlighted that the company has sold all 157 plots in Bengaluru for Rs 130 crore.

Tata Housing Development Company Ltd and Tata Realty and Infrastructure Ltd are 100 per cent subsidiaries of Tata Sons.

Tata Housing has recently launched a project ‘Swaram’ at Devanahalli in Bengaluru, Dutt said, adding that the plots were sold out within 36 hours of its launch. “We sold all 157 plots for Rs 130 crore,” he said.

The project is a part of Tata Housing’s 140 acre township ‘Carnatica’ developed by One Bangalore Luxury Projects LLP, a joint venture between Tata Housing Development Company Ltd and M S Ramaiah Realty LLP.

This is the second plotted development project of the company after Crescent Enclave in Chennai.

Buoyed by the success of its plotted development projects, Dutta said: “We are now looking to launch plots across all major cities like Delhi-NCR, Mumbai, Bengaluru, Pune and Kolkata.””We are planning to invest Rs 1,200 crore over the next 12-24 months to acquire lands for premium residential spaces along with plotted development,” he said.

The company is open to go for outright acquisition of land parcels as well as forming joint development agreements (JDAs) with land owners. It is exploring land banks ranging from 12 acres to 200 acres.

Tata Realty is aggressively focusing on large-scale developments in both commercial and residential segments.

A land parcel of 20 acres near Sohna Road, Gurugram, Haryana has also been earmarked for plotted development. Tata Realty is targeting 20-30 per cent revenue from plotted developments by FY 2023-2024.

Elaborating on the new Bengaluru project, Dutt said: “Driven by Innovation, we have been sprinting towards creating properties that offer greater value to the evolving needs of new-age home buyers. Carnatica is one of our biggest projects in Bengaluru that will redefine the millennial home buyer’s demand in the region.”

The 140-acre site will house residential complexes, commercial institutions, parks, green spaces, clubhouses, and other amenities.

Tata Realty has developed around 16.8 million square feet of commercial projects and has around 12 million square feet of projects under development and planning.

Tata group is one of India’s largest conglomerates, with annual revenue of over USD 100 billion, and 107 operating companies in seven business sectors, employing over 750,000 people worldwide.(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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مارس 31, 2022

Hong Kong Government Introduces Premium Free Building Covenant Extensions As Part Of Anti-Epidemic Measures – Real Estate and Construction

Hong Kong:

Hong Kong Government Introduces Premium Free Building Covenant Extensions As Part Of Anti-Epidemic Measures

28 March 2022

Mayer Brown

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Introduction

As part of the government’s relief measures in response to
the fifth wave of COVID-19 outbreak in Hong Kong, the Development
Bureau announced on 14 March 2022 that extensions to the building
covenant (BC) period for up to six months at nil premium
will be granted.

On 18 March 2022, the Lands Department (LandsD) issued a
Practice Note (LAO No.2/2022)¹ (2022 PN) to provide
further operational details of such relief measure. This legal
update summarizes the eligibility under the new measure and how the
real estate industry may make use of the measure to plan for
development progress.

What Developments are Eligible?

We summarize below the types of developments which are eligible
for free BC extension:

Eligible

NOT
Eligible

All types of developments with
unfulfilled BC as at 14 March
2022, including cases with BC period already expired or
not yet expired.

The 2022 PN specifically includes cases with BC period
previously extended by LandsD and such extended
BC period has already expired or not yet expired.

On types of development, the 2022 PN specifically covers:

Developments under the Buildings Ordinance (Application to the
New Territories) Ordinance (Cap. 121).
Completion of building works for conversion of an entire
existing industrial building as required under a special
waiver.

Developments with:

Leases executed after 14 March 2022.
BC periods not imposed by LandsD (e.g., BC
period imposed by the Lands Tribunal in an order for sale pursuant
to the Land (Compulsory Sale for Redevelopment) Ordinance
(Cap.545).
BC already fulfilled before 1 January 2022 but
formality of BC extension previously applied has not yet been
completed.

How to Benefit?

As opposed to the BC concession introduced by LandsD in 2020,
no application is required from landowners this
time around. Instead, LandsD will issue a letter offering BC
extension for eligible cases:

BC period not yet
expired
as at 14 March 2022

BC period already
expired
as at 14 March 2022

When
will LandsD’s letter be issued?
Within 3
calendar months before expiry date of the BC
period
Not
specified

How long
to extend?
6 calendar
months
6 calendar
months

Extension from when?
Commencing on
the expiry date of the BC period

Commencing later part of the

expiry date of the BC period; and
1 January 2022

Premium
for the 6-month extension

Nil

Premium
beyond the 6-month extension

May be subject to premium. Example in PN:

Original BC expire date: 31 March 2022
Landowner applies for a 1-year extension (up
to 31 March 2022)
First 6-month extension (1 April 2022 to 30 September 2022):
Premium Free.
Remaining 6-month extension (1 October 2022 to 31 March 2023):
if granted, still subject to premium under LACO Practice Note
2/2021².

Take Care of Your Construction Loans!

Separately, landowners who have taken out construction loans to
finance development of buildings should also note that the BC
extension does not necessarily entail a matching
extension to the development completion deadline required under the
relevant finance documents. Such deadline may be stated as a fixed
date independent of the expiry date of the BC period.

In such case, if a delay in development completion is expected,
while the new measure may address this from a government lease
perspective, landowners are reminded to seek the financier’s
consent for a corresponding extension of the development period or
a waiver for a potential breach of the relevant development
covenant under the finance documents.

Exclusion of BC Granted in Compulsory Sale Cases

The 2022 PN provides that the new measure does
not apply to BC period which is
not imposed by LandsD. On this, the 2022 PN
specifically mentions that the BC imposed by the Lands Tribunal in
compulsory sale applications made pursuant to the Land (Compulsory
Sale for Redevelopment) Ordinance (Cap. 545) (LCSRO) is
NOT eligible for the new measure. We consider that
BC imposed under LCSRO should also be eligible:

According to s.9 of the LCSRO, each condition specified in
Schedule 3 thereto is deemed to be a condition of
the government lease of the lot the subject of an order for sale
granted by the Lands Tribunal under the LCSRO.
The conditions in Schedule 3 to the LCSRO impose a BC period of
up to six years, to be specified by the Lands Tribunal in the sale
order, within which the redevelopment shall be completed, subject
to extension as may be granted by the Lands Tribunal on
application.
Given that, as a matter of law, the conditions under Schedule 3
to the LCSRO (being the building covenant), are
“deemed to be” conditions of the
government lease where the LandsD is entitled to take enforcement
action against the landowner in case of breach, we consider that
the new measure on BC extension should equally apply to government
leases of the lots acquired through compulsory sale under the
LCSRO.

Conclusion

Although no application is required for this round of free BC
extension, it may be a bit “too late” if LandsD only
issues its confirmation letter within three calendar months before
expiration of the BC date pursuant to the PN. It is because
landowners do require certainty at the early stage of the
development to ensure that they are entitled to the free BC
extension in order to plan ahead for their projects (e.g.,
construction progress, milestone dates for pre-sale consent,
etc.).

We recommend that landowners of eligible developments take the
initiative to seek early confirmation from LandsD to ensure they
are eligible for the requisite BC extension. We also suggest the
government (through LandsD) to issue a list of those government
land grants and lease modification cases with BC date not yet
expired as at 14 Mar 2022, so as to provide more certainty to the
real estate industry.

We would also strongly suggest the government to expand the
scope of application of the 2022 PN to lots acquired through
compulsory sale under the LCSRO.

Footnotes

1. LandsD Lands Administration Office
Practice Note No. 2/2022 “Concession to Building Covenant
Extensions” (18 March 2022).

2. LandsD Lands Administration Office
Practice Note No. 2/2021 “Streamlined Application Process for Extension of
the Period in the Building Covenant for Over One Year and Other
Matters Related to Building Covenants” (3 June
2021).

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مارس 28, 2022

Hong Kong Government Introduces Premium Free Building Covenant Extensions as Part of Anti-Epidemic Measures

Introduction
As part of the government’s relief measures in response to the fifth wave of COVID-19 outbreak in Hong Kong, the Development Bureau announced on 14 March 2022 that extensions to the building covenant (BC) period for up to six months at nil premium will be granted.
On 18 March 2022, the Lands Department (LandsD) issued a Practice Note (LAO No.2/2022)¹ (2022 PN) to provide further operational details of such relief measure. This legal update summarizes the eligibility under the new measure and how the real estate industry may make use of the measure to plan for development progress.
What Developments are Eligible?
We summarize below the types of developments which are eligible for free BC extension:

How to Benefit?
As opposed to the BC concession introduced by LandsD in 2020, no application is required from landowners this time around. Instead, LandsD will issue a letter offering BC extension for eligible cases:

Take Care of Your Construction Loans!
Separately, landowners who have taken out construction loans to finance development of buildings should also note that the BC extension does not necessarily entail a matching extension to the development completion deadline required under the relevant finance documents. Such deadline may be stated as a fixed date independent of the expiry date of the BC period.
In such case, if a delay in development completion is expected, while the new measure may address this from a government lease perspective, landowners are reminded to seek the financier’s consent for a corresponding extension of the development period or a waiver for a potential breach of the relevant development covenant under the finance documents.
Exclusion of BC Granted in Compulsory Sale Cases
The 2022 PN provides that the new measure does not apply to BC period which is not imposed by LandsD. On this, the 2022 PN specifically mentions that the BC imposed by the Lands Tribunal in compulsory sale applications made pursuant to the Land (Compulsory Sale for Redevelopment) Ordinance (Cap. 545) (LCSRO) is NOT eligible for the new measure. We consider that BC imposed under LCSRO should also be eligible:

According to s.9 of the LCSRO, each condition specified in Schedule 3 thereto is deemed to be a condition of the government lease of the lot the subject of an order for sale granted by the Lands Tribunal under the LCSRO.
The conditions in Schedule 3 to the LCSRO impose a BC period of up to six years, to be specified by the Lands Tribunal in the sale order, within which the redevelopment shall be completed, subject to extension as may be granted by the Lands Tribunal on application.
Given that, as a matter of law, the conditions under Schedule 3 to the LCSRO (being the building covenant), are “deemed to be” conditions of the government lease where the LandsD is entitled to take enforcement action against the landowner in case of breach, we consider that the new measure on BC extension should equally apply to government leases of the lots acquired through compulsory sale under the LCSRO.

Conclusion
Although no application is required for this round of free BC extension, it may be a bit “too late” if LandsD only issues its confirmation letter within three calendar months before expiration of the BC date pursuant to the PN. It is because landowners do require certainty at the early stage of the development to ensure that they are entitled to the free BC extension in order to plan ahead for their projects (e.g., construction progress, milestone dates for pre-sale consent, etc.).
We recommend that landowners of eligible developments take the initiative to seek early confirmation from LandsD to ensure they are eligible for the requisite BC extension. We also suggest the government (through LandsD) to issue a list of those government land grants and lease modification cases with BC date not yet expired as at 14 Mar 2022, so as to provide more certainty to the real estate industry.
.