Latest news with #WhitelandCorporation
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Business Standard
a day ago
- Business
- Business Standard
Property sales by NRIs: Experts explain tax rules & life without indexation
For many non-resident Indians (NRIs), real estate has long been a preferred investment back home. But selling the property could be tricky for the uninitiated, especially after the recent changes introduced in the Finance Act, 2024. While the government has simplified long-term capital gains (LTCG) tax by introducing a flat rate, the removal of indexation benefits and mandatory tax deduction at source (TDS) on the full sale value have added fresh challenges. What are the current tax rules? The tax liability for NRIs selling property in India depends on how long they've held the asset. 'If the property is held for 24 months or less, the gains are treated as Short-Term Capital Gains (STCG) and taxed at the applicable income slab rates, which could go up to 30 per cent,' says Ritika Nayyar, partner at Singhania & Co. 'For properties held beyond 24 months, the gains are considered Long-Term Capital Gains (LTCG) and taxed at a flat 12.5 per cent from July 23, 2024 onwards, but without indexation benefits,' she noted. 'Properties held for over 24 months now attract a flat 12.5 per cent long-term capital gains tax plus applicable surcharge and cess. However, the key change is the removal of indexation benefit, meaning inflation is no longer factored in to adjust the purchase price,' says Sudeep Bhatt, director strategy, Whiteland Corporation, a real estate company. 'Importantly, the buyer must deduct tax at source (TDS) and issue a TDS Certificate. That said, exemptions are available if the capital gains are reinvested in another property or specified bonds,' he adds. SR Patnaik, partner (head-taxation), Cyril Amarchand Mangaldas, adds, 'Earlier, NRIs could opt for a 20 per cent tax rate after adjusting their purchase price for inflation using indexation. That option is now gone, which means those who've held property for many years could see a higher taxable gain despite the lower headline rate.' Why is TDS deducted on the full sale value? One of the biggest pain points for NRIs is tax deduction at source (TDS). Under Section 195 of the Income Tax Act, the buyer of the property must deduct TDS on the entire sale price, not just on the profit. 'The TDS rate is 12.5 per cent (plus surcharge and cess) for LTCG and up to 30 per cent for STCG,' explains Nayyar. This can lead to significant cash flow issues, as the deducted amount often exceeds the actual tax liability. 'NRIs can apply in advance for a certificate of lower or nil TDS from the tax department to avoid excessive deduction,' advises Adil Altaf, managing director at Trinity, a real estate developer. Real-life example To explain how this works, Altaf shares an example: 'If an NRI sells a property in India in August 2025 for Rs 3 crore that was purchased in 2010 for Rs 1 crore: The capital gain is Rs 2 crore. At a flat 12.5 per cent tax rate (without indexation), the base tax comes to Rs 25 lakh. Adding a 10 per cent surcharge and 4 per cent cess, the total tax liability is about Rs 29 lakh. However, under Section 195, the buyer must deduct TDS on the full sale value, not just the gain: The applicable TDS rate, including surcharge and cess, is around 14.95 per cent. This means a TDS deduction of approximately Rs 44.85 lakh on the Rs 3 crore sale price. 'The NRI can claim a refund of the excess TDS by filing an income tax return or avoid high deduction by applying for a lower TDS certificate in advance,' Altaf added. How can NRIs reduce their tax outgo? There are some strategies NRIs can use to ease the tax burden. According to Nayyar, 'Under Section 54, LTCG is exempt if the money is reinvested in another residential property in India within specified timelines. Section 54EC also allows exemption if gains are invested in certain bonds within six months, subject to a limit of Rs 50 lakh.' Patnaik cautions, 'The conditions for these exemptions are stringent. NRIs should plan the reinvestment carefully and keep all documentation in place to avoid denial of exemption claims.' The indexation blow The removal of indexation benefits is particularly harsh for NRIs who bought property many years ago or inherited it. 'Without indexation, the original purchase price cannot be adjusted for inflation, leading to steeper taxable gains,' says Altaf. Nayyar suggests NRIs 'evaluate potential tax liability before finalising a sale and explore exemptions or a lower TDS certificate to avoid unnecessary cash flow crunches.'
Time of India
09-07-2025
- Business
- Time of India
Whiteland Corporation onboards construction giants for landmark Gurugram project
Whiteland Corporation has announced a strategic partnership with two of India's most respected construction firms—Kalpataru Projects International Ltd. (KPIL) and Ahluwalia Contracts (India) Ltd. (ACIL)—for its upcoming premium residential project, Westin Residences Gurugram, located in Sector 103 along the Dwarka Expressway. This collaboration marks a significant milestone in the delivery of one of India's largest hospitality-led residential developments. Construction for the first phase is now underway, with these construction giants onboarded as execution partners—both widely recognised for their precision, legacy, and pan-India scale. Kalpataru Projects International Ltd, part of the Kalpataru Group, brings over five decades of global EPC (engineering, procurement, and construction) experience, with a strong workforce and project execution across more than 75 countries. 'We look forward to our association with Marriott International and Whiteland on this landmark project—one that promises to set new benchmarks in premium living,' said Shailendra Kumar Tripathi, deputy managing director of the company. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dubai's Next Icon: Experience Binghatti Aquarise Luxury Binghatti Developers FZE Learn More Undo ACIL, which currently has a presence in 19 Indian states and nearly 80 million sq ft under construction, echoed similar optimism. 'Our partnership with Whiteland reflects a shared commitment to timely execution and purposeful construction,' said Shobhit Uppal, deputy managing director of the company. Spread across approximately 20 acres, Westin Residences Gurugram will offer around 1,700 premium three- and four-bedroom homes. The project represents a global collaboration of design and technical expertise, featuring acclaimed names such as architect Hafeez Contractor, Cooper Hills (Singapore), ASA Lighting Studio (Vietnam), and designer Bobby Mukherjee (Italy/India). Navdeep Sardana, founder of Whiteland Corporation, noted, 'With the scale and ambition of this development, it was critical to onboard execution partners known for safety, innovation, and technical excellence. This project isn't just about building homes—it's about elevating everyday living.' Penny Trinh, vice president, Mixed-Use Development, Asia Pacific (excluding China), Marriott International, added: 'We are excited about the progress that Whiteland has been making, and their partnership with qualified development and construction partners in the region for Westin Residences Gurugram. We look forward to seeing their vision in branded living come to life, bringing Marriott International's global benchmarks in design, service, and quality to the market. ' The project uses the Westin brand under licence from Marriott. Marriott is not involved in its development or sale. About Whiteland Corporation Whiteland Corporation is an emerging force in the Delhi-NCR real estate landscape, focused on creating distinguished residential and commercial spaces. With over 4.5 million sq. ft. currently under development, the company is known for its emphasis on quality, timely delivery, and a design-first approach that blends global perspectives with Indian values.
Time of India
09-07-2025
- Business
- Time of India
Whiteland Corp raises Rs 250 crore for housing project in Gurgaon
Real estate developer Whiteland Corporation has raised Rs 250 crore from three financial institutions and is in advanced discussions to secure an additional Rs 400 crore to fund a branded residences project in Gurgaon, the company said. It is investing a total of Rs 4,000 crore in the 20-acre project, Westin Residences Gurugram , which entails building 1,700 three-bedroom and four-bedroom homes. 'We have raised Rs 250 crore at the group level, which has been used for land and approval payments. We are raising another Rs 400 crore construction line for this project only, while the balance can be funded through sales receivables,' said Navdeep Sardana, founder of Whiteland Corporation. The developer has awarded Rs 2,000 crore in construction contracts to Kalpataru Projects International and Ahluwalia Contracts (India). The project has a saleable area of 6 million square ft and it is expected to yield revenue of Rs 15,000 crore. Live Events Whiteland Corporation has so far delivered 1,300 homes and commercial spaces spanning 4.5 million sq ft. India's branded residences segment has started drawing the attention of real estate developers and hotel chains. Marriott International, Radisson Hotel Group and Wyndham have said they are exploring opportunities in this segment.
Economic Times
06-07-2025
- Business
- Economic Times
Whiteland corporation awards Rs 2,000 crore for Westin residences in Gurgaon
Whiteland Corporation has awarded construction contracts worth Rs 2000 crore to Kalpataru Projects International and Ahluwalia Contracts for its Westin Residences project in Gurugram. This 20-acre development, featuring 1,700 homes, marks the city's first branded residences. The project involves partnerships with global design firms and aims to deliver high-quality living standards. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Realty developer Whiteland corporation has awarded Rs 2000 crore construction contracts to Kalpataru Projects International Ltd and Ahluwalia Contracts (India) contract has been awarded for the development of Westin Residences at Sector 103, Dwarka Expressway in total construction value of the project stands is Rs 4,000 crore.'Having successfully executed over 300 projects across 75 countries, our legacy is built on trust, uncompromising construction standards, and operational excellence. We look forward to our association with Marriot International and Whiteland Corporation on this project,' said Shailendra Kumar Tripathi, Deputy Managing Director, Kalpataru Projects International Ltd With a strong presence across 19 states, Ahluwalia Contracts (India) Limited (ACIL) is currently constructing nearly 80 million sq. ft. across the entire spectrum of the building industry - residential, airports, hotels, healthcare, educational, commercial and industrial segments.'We are proud to contribute to a development of this scale and ambition—one that redefines residential excellence in India. Leveraging advanced construction technologies, BIM integration, digital monitoring systems and innovation-led methodologies, we aim to deliver an iconic address that exemplifies engineering finesse and future-ready design,' said Shobhit Uppal, Deputy Managing Director, Ahluwalia Contracts (India) 20 acres with 1,700 3- and 4-bedroom homes, Westin Residences Gurugram is first branded residences project of the city.'By partnering with industry leaders like Ahluwalia Contracts and Kalpataru Projects, Whiteland has demonstrated a commitment to excellence, precision and scale. Together, they bring the capability to deliver a Rs 4,000 crore vision in branded living—aligned with Marriott's global benchmarks of design, service and quality,' said John Herns, Vice President, Global Residential Operations, Marriott International 'With design stewardship from global visionaries such as Marriott International, architect Hafeez Contractor, Cooper Hills from Singapore, ASA Lighting Studio from Vietnam, Bobby Mukherjee from Milan and Mumbai, Vintech Consultants, and Planet F&B from London—this project demanded execution partners who could match that pedigree. It was imperative for us to onboard construction firms with a proven legacy of timely delivery, robust safety protocols, and technical brilliance,' said Navdeep Sardana, founder, Whiteland Corporation.
Hindustan Times
05-07-2025
- Business
- Hindustan Times
Whiteland awards ₹2,000 crore Westin Residences contracts in Gurugram to Kalpataru Projects and Ahluwalia Contracts
NCR-based Whiteland Corporation has awarded construction contracts worth ₹2,000 crore to Kalpataru Projects International Ltd (KPIL) and Ahluwalia Contracts (India) Ltd (ACIL) for Phase 1 of Westin Residences in Sector 103, Dwarka Expressway, Gurugram. NCR-based Whiteland Corporation has awarded construction contracts worth ₹ 2,000 crore to Kalpataru Projects International Ltd (KPIL) and Ahluwalia Contracts (India) Ltd (ACIL) for Westin Residences in Gurugram. The total construction value of the project stands at ₹4,000 crore, the company said. Whiteland Corporation is a real estate developer in Delhi NCR and its portfolio includes developments covering approximately 4.5 million sq. ft of area under development, comprising 1300+ homes and commercial spaces that have already been delivered and are highly appreciated by the market. Spanning around 20 acres with 1,700 three and four bedroom homes, Westin Residences Gurugram, is a branded residential development that merges Marriott's global wellness philosophy with hospitality-inspired living, the company said. 'It was imperative for us to onboard construction firms with a proven legacy of timely delivery, robust safety protocols, and technical brilliance. Their scale, precision, and commitment to sustainability perfectly align with our vision of creating world-class spaces that elevate everyday living through thoughtful design and uncompromising execution,' said Navdeep Sardana, founder, Whiteland Corporation. Kalpataru Projects International Limited (KPIL), a part of the Kalpataru Group, is a diversified engineering and construction company. 'Having successfully executed over 300 projects across 75+ countries, our legacy is built on trust, uncompromising construction standards, and operational excellence. We look forward to our association with Marriot International and Whiteland Corporation on this project,' said Shailendra Kumar Tripathi, Deputy Managing Director, Kalpataru Projects International Ltd. 'Our collaboration with Whiteland Corporation to develop India's most iconic residential lifestyle development, Westin Residences Gurugram reflects a shared commitment to purposeful construction, benchmark-setting quality and timely execution,' said Shobhit Uppal, Deputy Managing Director, Ahluwalia Contracts (India) Ltd. 'By partnering with industry leaders like Ahluwalia Contracts and Kalpataru Projects, Whiteland has demonstrated a commitment to excellence, precision and scale. Together, they bring the capability to deliver a ₹4,000 crore vision in branded living—aligned with Marriott's global benchmarks of design, service and quality,' said John Herns, vice president, Global Residential Operations, Marriott International. Also Read: Trump's Big Beautiful Bill explained: What NRIs need to know about remittances, rentals, and property investments The designers for the project include Marriott International, architect Hafeez Contractor, Cooper Hills from Singapore, ASA Lighting Studio from Vietnam, Bobby Mukherjee from Milan and Mumbai, Vintech Consultants, and Planet F&B from London. The Westin Residences Gurugram are not owned, developed, promoted or sold by Marriott International, Inc. or its affiliates. Whiteland Corporation Private Limited uses the Westin trademarks and trade names under a license from Marriott, the company's statement added.
