Good morning, Rivian, the electric vehicle startup which IPO’d last Wednesday, already has a market cap of over USD100 billion, making it more valuable than Ford and GM.
Reminder: As of October 1, it had delivered just 11 vehicles.
Don't let the fear of not-enough-money get in the way of your big plans, we say.
More power to you this week. 🚀🚀
Dubai Real Estate Bounces Back
In Dubai's real estate market, an imbalance between housing demand and supply had led prices to drop more than 30% since 2014.
In 2019, this led the government to set up a committee to check oversupply.
The pandemic compounded the unsold inventory problem last year with many non-residents leaving Dubai, depressing housing demand to new lows.
But the last few months have acted like first rain on dusty windowpanes.
A Solid Comeback
Per Khaleej Times, with a strong recovery on cards, Q3, 2021 witnessed the highest-ever housing transactions since 2009 with 15,926 deals worth Dh42.35 billion.
Also, by the end of September, about 43,299 transactions amounting to Dh104.3 billion have been recorded in the year 2021.
Who's Buying?
During 2020, when the Covid-19 was at its peak, the Dubai property market still showed resilience and continued to attract foreign investment.
By countries, Indians topped the charts, while Chinese, British, Pakistani and French investors also held on to top slots in terms of real estate investments.
Lately, data indicates that Israeli investors have entered the market this year big time, and may join the top-10 club with significant buy ins.
And Why?
Experts believe that recent visa reforms, successful pandemic management, and vaccination drive are among the top reasons that supported the return of foreign investors to Dubai's property market in 2021.
Losing Track Of Time
Electricity consuming, tree hugging, eco-friendly tram service in Mumbai, 1950. Complete with billboards advertising night lamps and laxatives. 👀
[pic - @UWM Libraries]
On The House
The inclusion of the word house property in your portfolio changes the way the folks at the income tax department look at you.
Wait...wait, there's nothing to worry about there but just some FYIs.
Zooming In
1️⃣ Get Your ITR Forms Right - If you have income from a house property, report the same using all available ITR forms. However, if you own more than one house property, you cannot file your income tax using the ITR-1 and ITR-4 forms.
2️⃣ Claim Tax Deductions On Home Loan Repayment - You can claim deductions in your income tax for your housing loan principal and interest payments for the fiscal under section 80C and 24 respectively.
3️⃣ Additional Deductions For Affordable Housing Owners - First time home buyers can claim an additional deduction of INR 1.5 lacs in income tax per year, if fully compliant with section 80EEA.
4️⃣ Joint Owner Eligible For Deduction - A co-owner in a property can claim deductions in income tax under sections 80C, 24 and 80EEA separately, subject to set limits.
5️⃣ Carry Forward Loss Under Property - House property loss can be adjusted against other sources of income, while unadjusted losses in a particular year can be carried forward for 8 subsequent years.
⚠ Please note that such carried forward loss can be offset by income from property only.
On The House
The empathetic folks at the Income Tax office do not differentiate between a commercial and residential property.
A 'house property' could be your home, an office, a shop, a building or some land attached to the building like a parking lot.
All types of properties are taxed under the head 'income from house property' in the income tax return.
*Information sourced from a cool email campaign by ClearTax.
Half A Cup Extra
- China’s Slowdown Poses Threat for Global Recovery.
- Bengaluru civic body to act against 5,000 illegal buildings in the city.
- Baffled by air pollution, Delhi bans construction activity till November 17, CM says lockdown proposal to be sent to the Supreme Court.
WFH Paradise
Last Friday, we told you that Portugal has made it illegal for bosses to send text to employees after work hours.
Today, we thought it apt to follow up with a housing option for the more serious ones among us.
Yess! Tell Me More
In what was once believed to be the farthest edge of the known world: Lisbon, Portugal, we hunted down a completely cool 1 BHK just for our discerning readers.
Let this luxury fifth-floor penthouse be the final kick you need to book a one-way ticket to a WFH paradise.
Amenities include:
- 1 bed, 1 bath
- Main-character view from your two terraces
- Panoramic elevator (boy the things you can do in those)
- 15-minute walk to the city center. P:S: We've never been there but going by real estate advertisements anywhere in the world, read it as 30-minute please 😅
How Much To Run Away From All My Problems?
Umm, just about 545,000 Euros. A tad over INR 4.6 crore.
Think that's a lot? Heck, we reckon they're throwing in a Golden Visa with that penthouse too.
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Due to bad weather and shipping nightmares, coffee prices have risen about 5% lately, so we recommend you hold back on the brown beans and try some Ginger Chai instead.
See you all tomorrow with more blurbs on the latest critical events.
Cheers 💚
☕ The Crew@Ginger Chai