Real Estate Mumbai

Deepika Padukone and Ranveer Singh Lease an Apartment in Beaumonde, Prabhadevi

Bollywood’s power couple, Deepika Padukone and Ranveer Singh, have leased a spacious luxury apartment in Beau Monde Towers, Prabhadevi, for ?7 lakh per month. This decision reflects their need for more space and convenience as they prepare to welcome their new baby, while also awaiting the completion of their Bandra home.

Inside the Apartment

The apartment spans a built-up area of 3,245 sq. ft. with a carpet area of 2,319.50 sq. ft., providing ample living space for their growing family. It also comes with three dedicated car parking spaces, perfectly catering to their high-profile lifestyle.

The lease, registered in November 2024, is valid for 36 months, with the rent starting at ?7 lakh per month for the first 18 months and increasing to ?7.35 lakh for the next 18 months. A security deposit of ?21 lakh underscores the exclusivity of this premium property.

Why a Bigger Home?

With their growing family, the couple’s current apartment in Beau Monde Towers might feel too compact, especially with the additional paraphernalia that comes with a newborn. Opting for a larger rental is a practical choice, ensuring they have adequate space to comfortably manage their daily lives and childcare.

This trend isn’t new among Bollywood stars. When Alia Bhatt and Ranbir Kapoor welcomed their daughter Raha, they bought another apartment in Vastu Bandra, prioritizing more space for their family. Similarly, Deepika and Ranveer’s move is a thoughtful decision to accommodate their evolving needs.

Why Prabhadevi and Beau Monde Towers?

Beau Monde Towers, located in Prabhadevi, is renowned for its luxurious amenities and excellent connectivity. The newly constructed Mumbai Coastal Road Project, along with the Worli-Bandra Sea Link and Western Express Highway, makes traveling across the city seamless.

The area is also close to iconic landmarks like the Siddhivinayak Temple, Dadar Beach, and high-end shopping destinations such as High Street Phoenix. Additionally, proximity to five-star hotels in Worli, including the St. Regis Mumbai and the Four Seasons, adds convenience and luxury to their lifestyle.

Mumbai’s Growing High-End Lease Market

This move highlights the rising trend of high-value leases in Mumbai, especially among HNI (High Net-Worth Individuals) and celebrities. Premium rentals provide the flexibility to upsize quickly without the long-term commitment of buying, making them an ideal choice for stars like Deepika and Ranveer.

Luxury Meets Practicality

This spacious rental not only meets the couple’s immediate needs for more space but also ensures they maintain a luxurious, well-connected lifestyle. As Mumbai’s premium rental market continues to thrive, this move underscores the city’s evolving real estate dynamics, catering to the ever-changing aspirations of its elite residents.

For Deepika and Ranveer, this isn’t just a new address—it’s a strategic and thoughtful choice to support their growing family while maintaining their luxurious standard of living.

Managing a CHS involves understanding the roles of key office bearers, adhering to statutory compliances, conducting meetings, and handling property transactions. Here's a comprehensive guide to assist you:

Roles and Responsibilities of Office Bearers:

1. Chairman:

   • Leadership: Oversees the overall management and functioning of the society.
   • Supervision: Ensures that the society operates within the framework of the Maharashtra Co-operative Societies Act, 1960, and the society's bye-laws.
   • Decision Authority: Holds the final decision-making power in the committee meetings.

2. Secretary:

   • Administration: Manages day-to-day operations, including maintaining records, correspondence, and documentation.
   • Meetings: Calls and records minutes of committee and general body meetings.
   • Compliance: Ensures adherence to statutory requirements and timely submission of necessary documents to authorities.

3. Treasurer:

   • Financial Management: Handles the society's finances, including budgeting, accounting, and financial reporting.
   • Fund Management: Oversees the collection of maintenance charges and other dues, and manages the society's bank accounts.
   • Audit Coordination: Coordinates with auditors for the annual audit of the society's accounts.

4. Managing Committee Members:

   • Support: Assist office bearers in their duties and participate in decision-making processes.
   • Sub-Committees: May be part of various sub-committees formed for specific functions like maintenance, cultural activities, etc.

Statutory Compliances:

• Registration: Ensure the society is registered under the Maharashtra Co-operative Societies Act, 1960.
• Bye-Laws: Adopt and adhere to the Model Bye-Laws as prescribed by the Maharashtra government.
• Audits: Conduct annual audits and submit audit reports to the Registrar within the stipulated time.
• Annual Returns: File annual returns and other required documents with the Registrar.

Meetings:

• Managing Committee Meetings:

  • Frequency: Typically held monthly to discuss and manage the society's affairs.
  • Notice: The Secretary should provide at least 3 days' notice to committee members.

• Annual General Body Meeting (AGM):

  • Timing: Must be held before September 30th each year.
  • Notice: Members should receive a minimum of 14 days' notice prior to the AGM.
  • Agenda: Includes approval of accounts, budget discussions, election of committee members (if due), and other significant matters.

Property Transactions:

• Transfer of Flats (Sale):

  • Application: The seller must submit a transfer application to the society along with the necessary documents, including the sale agreement, NOC from the society, and transfer fees.
  • Approval: The managing committee reviews and approves the transfer as per the society's bye-laws.
  • Documentation: Update the share certificate and membership register to reflect the new member's details.

• Society NOC for Lease:

  • Application: Members intending to lease their flats must apply to the society for a No Objection Certificate (NOC).
  • Documentation: Provide details of the tenant, lease agreement, and police verification.
  • Approval: The managing committee grants the NOC after verifying compliance with the society's rules and regulations.

Additional Considerations:

• Maintenance Charges: Ensure timely collection and proper utilization of maintenance funds for the upkeep of the society.
• Dispute Resolution: Establish a grievance redressal mechanism to address member concerns amicably.
• Insurance: Consider insuring the society's building and assets against potential risks.

Adhering to these guidelines will facilitate the smooth functioning of your Co-operative Housing Society in Mumbai. Regular communication, transparency, and compliance with statutory requirements are key to fostering a harmonious living environment.

Selling a flat or any immovable property can lead to significant financial gains, but it also comes with tax implications. Understanding capital gains, the associated tax deducted at source (TDS), reinvestment rules, and the impact of incomplete projects is crucial for making informed decisions.

What are Capital Gains?

Capital gains are the profits earned from the sale of a capital asset, such as real estate. These are classified into two types:

1. Short-Term Capital Gains (STCG):

   • If the property is held for less than 24 months before selling, the profit is considered a short-term capital gain and taxed as per the seller's income tax slab.

2. Long-Term Capital Gains (LTCG):

   • If the property is held for more than 24 months, the profit qualifies as a long-term capital gain. LTCG is taxed at 20% with the benefit of indexation, which adjusts the purchase price for inflation.

What is TDS on Property Sale?

When selling a property worth ?50 lakh or more, the buyer is required to deduct 1% TDS (Tax Deducted at Source) on the sale price. This TDS is deposited with the government and can be claimed by the seller when filing income tax returns.

Key Points About TDS:

• The seller must provide their PAN details; otherwise, TDS may be deducted at 20%.
• The buyer is responsible for depositing the TDS and issuing Form 16B to the seller.

Reinvestment to Save Tax on Capital Gains

Section 54 of the Income Tax Act allows you to save tax on LTCG if you reinvest the gains in specified assets. Here’s how it works:

Eligible Reinvestment Options:

1. Purchase of a New Residential Property:

   • You must purchase a new house within 2 years from the date of sale or construct a house within 3 years.
   • The property must be located in India.

2. Capital Gains Account Scheme (CGAS):

   • If you're unable to reinvest within the specified time frame, you can deposit the capital gains in a CGAS account before the due date of filing your income tax return. The funds must be utilized within the prescribed period.

Is it Mandatory to Invest Only in Residential Property?

Yes, under Section 54, the tax exemption is available only if the reinvestment is in a residential property. Investments in other types of properties, such as commercial real estate, do not qualify for the exemption.

What if I Invest in a Project That Does Not Complete in 3 Years?

If you invest in an under-construction property and it is not completed within the 3-year timeline, the tax exemption claimed under Section 54 may be reversed. Here's what happens:

1. The exemption is treated as invalid, and the LTCG becomes taxable in the year the 3-year period lapses.
2. You may face penalties or interest for non-compliance.

Tips to Avoid Issues:

• Opt for ready-to-move properties or those with a strong track record of timely completion.
• Consider investing in a completed property if you’re nearing the 3-year deadline.

Other Key Considerations:

1. Can I Invest in Multiple Residential Properties?

   • Yes, but tax exemption under Section 54 is limited to one property. However, under certain conditions (e.g., if the LTCG does not exceed ?2 crores), you can claim exemption for up to two properties.

2. What Happens if I Miss the Reinvestment Deadline?

   • If you fail to reinvest within the prescribed period or deposit the gains in a CGAS account, the LTCG becomes taxable at 20%.

Conclusion

Navigating the complexities of capital gains tax, TDS, and reinvestment rules requires careful planning. Reinvesting your gains within the stipulated timelines in a residential property can help you save significantly on taxes. However, investing in under-construction projects carries risks if they fail to meet the completion deadlines.

When selling or reinvesting in property, consulting a tax expert or financial advisor can ensure compliance with tax laws and maximize your benefits.