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Kanakia Rainforest by Kanakia Group in Andheri East, Mumbai, RERA No. P51800000224

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Kanakia Rainforest by Kanakia Group in Andheri East, Mumbai, RERA No. P51800000224

Last updated: July 15 2019
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  • Re : Kanakia Rainforest by Kanakia Group in Andheri East, Mumbai, RERA No. P51800000224

    Originally posted by dr_achal View Post
    Dear KK0099 I have one confusion that CRM has sent vat notice to pay 1% paid till date but that is inclusive of ST but actually other builders are asking only for principle part and not for ST.in case of registration also earlier we were paying 1% of agreement value which does not include ST so in my opinion only 1% of principle part we have to pay now and not ST as if we pay 1% of st then it will be 4.545. Pls give your opinion. Thanks.
    I had raised same concern and in reply I got below email.

    ...
    "Greetings from Kanakia Spaces!!!

    Referring to the below trail email kindly note that VAT is applicable for all the clients who’s registration is pending. Calculation of VAT is applicable on the total payment done( installment + service tax) and is payable before 30th June."
    ...


    For now I have paid VAT on installment + service tax , things are not very clear to all now so may be in future we would get rebate for VAT paid and difference amount is not huge (less than 8K) so not worried too much.

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    • Re : Kanakia Rainforest by Kanakia Group in Andheri East, Mumbai, RERA No. P51800000224

      Thanks KK0099 but Wadhwa Marathon and Hiranandani is asking for MVAT only on principle part and not on service tax also it is not must to pay MVAT before 30th June as per the mailers rcvd by them GST is another notebandi implementation without preparation.
      Last edited June 23 2017, 05:39 PM. Reason: user tag

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      • Re : Kanakia Rainforest by Kanakia Group in Andheri East, Mumbai, RERA No. P51800000224

        This is from Times of India today

        Incomplete projects

        If a project is in the initial stage, there is a higher chance that a consumer will get the benefits of the lower-cost pass over. But if a project is 80% complete, any major benefit is unlikely. On completed projects, buyers might not get any benefit of cost reduction but will have to pay 12% GST if the property is not registered before July 1. If a consumer has registered a property, the old tax rates will apply. For those registering after July 1, the 12% GST will be applicable. For benefits of the low rates to be passed on, the consumers might have to wait for at least 3 months.


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        • aadu25072016
          aadu25072016 commented
          Editing a comment
          anyone know will this will increase our unit cost as we have not registered the property yet?

        • KK0099
          KK0099 commented
          Editing a comment
          As per my understanding Registration doesn't play much role here.
          What matters is Demand/ Invoice raised for % of work completed and paid till 30th June.
          Anything paid till 30th June would attract Service Tax + VAT (5.5%) and anything paid after 30th June would attract GST of 12% ( NO ITC as this Project is completed more than 80% and all raw materials and services are paid under pre GST regime)

          So all future payments would increase by 6.5% (12 -5.5)

          I am not sure what if you have paid more than due (% of work completed)

          Can somebody add more or correct if any of above is not correct.

      • Re : Kanakia Rainforest by Kanakia Group in Andheri East, Mumbai, RERA No. P51800000224

        Hello KK0099, I have learnt that Club charges, Municipal charges and Parking are now part of Agreement value. Earlier it was part of Other Charges and had to be paid at the time of possession, and if this is the case then stamp duty and taxes will increase. Any view on this will be highly appreciated.
        Last edited July 7 2017, 09:40 AM.

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        • Re : Kanakia Rainforest by Kanakia Group in Andheri East, Mumbai, RERA No. P51800000224

          Originally posted by Arytri View Post
          Hello KK0099, I have learnt that Club charges, Municipal charges and Parking are now part of Agreement value. Earlier it was part of Other Charges and had to be paid at the time of possession, and if this is the case then stamp duty and taxes will increase. Any view on this will be highly appreciated.
          Parking was always part of Agreement Value (Basic Cost) and Club charges, Municipal charges and other charges payable at the time of possession were too included in Sale agreement but as other charges and did not form part of Basic cost so Stamp duty was payable on Basic Cost.

          I have not seen new Post RERA Sale Agreement (it was in draft when last discussed with CRM) yet so not sure if they have included Club Charges and other charges in Basic Cost thus increasing Stamp Duty.

          Service Tax / GST is Payable on all charges anyways (doesn't matter if part of Basic cost or not)
          Last edited July 7 2017, 09:40 AM.

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          • Re : Kanakia Rainforest by Kanakia Group in Andheri East, Mumbai, RERA No. P51800000224

            In my view if post RERA they are allowed to add Club Charges and Other Charges to Basic Cost it would save 1% tax as below

            GST payable on Agreement Value (basic cost) is 12% + 5% SD = 17%
            GST payable on Club and other charges = 18%

            Can someone correct if above is not correct.

            Comment


            • Arytri
              Arytri commented
              Editing a comment
              KK0099! Thank you so much for your input. Yes, post RERA they are adding club charges and municipal charges into Agreement value (basic cost) and we have to pay stamp duty and taxes as per new agreement value.

          • Re : Kanakia Rainforest by Kanakia Group in Andheri East, Mumbai, RERA No. P51800000224

            Originally posted by KK0099 View Post
            In my view if post RERA they are allowed to add Club Charges and Other Charges to Basic Cost it would save 1% tax as below

            GST payable on Agreement Value (basic cost) is 12% + 5% SD = 17%
            GST payable on Club and other charges = 18%

            Can someone correct if above is not correct.
            Yes, you are correct in your analysis.

            Comment


            • Re : Kanakia Rainforest by Kanakia Group in Andheri East, Mumbai, RERA No. P51800000224

              This Project is now registered with RERA

              Looks like Developer (Kanakia) has sold around 70% of it's share ( ~280 units out of 395)

              Anybody has any idea what Land Owner / Co promoter (Guru Prerna) is going to do with ~200 units?

              Click image for larger version

Name:	KRF RERA Registration.PNG
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              • aadu25072016
                aadu25072016 commented
                Editing a comment
                Thanks KK0099

                Do you see any changes in RERA approval agreement to what we had been committed from Amenities or Carpet area?

              • KK0099
                KK0099 commented
                Editing a comment
                Amenities comparison posted below, regarding Carpet area it should not matter.
                We'll have to check carpet once we get soft possession.

              • aadu25072016
                aadu25072016 commented
                Editing a comment
                Thanks KK0099

            • Re : Kanakia Rainforest by Kanakia Group in Andheri East, Mumbai, RERA No. P51800000224

              RERA agreement looks better and more balanced as expected.
              Regarding External Amenities three things are missing as compare to earlier agreement (Cabanas ,Net Cricket Pitch & Sunset Café) however as per latest Club House Plan submitted to BMC for approval I can see few things which were not there in earlier or this RERA agreement copy ((Steam / Sauna / Spa room, Golf Simulator & Multipurpose Hall)

              This multipurpose Hall must be AV room they had promised initially.

              Total Built Up / usable area of Club House is approx 9000 sq. feet [ 6800 (ground + 1st floor) + 2200 sq feet of Swimming Pool + Terrace on top.

              As per current plan Kids Swimming Pool is on ground of back side of Club house.

              Comment


              • Re : Kanakia Rainforest by Kanakia Group in Andheri East, Mumbai, RERA No. P51800000224

                Rera details of the project.
                ​​​​​​
                https://maharerait.mahaonline.gov.in...NFQVJDSA%3d%3d

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