Reaction of Mr. Tapan Sangal, top real estate and regulatory specialist, on Union Budget 2017-18
“The granting of Infrastructure Status to affordable housing will give impetus to the accomplishment of the stated goal of “Housing for All”. The Infra status will provide access to easier financing and associated tax benefits for such projects. The change in norms for constructed area from built up to carpet will also result in many more projects coming under the affordable housing tag, especially in the four metros. The increase of time limit for completion from three to five years for availing 100% profit deduction for affordable housing will encourage more realtors to take up such projects.
Some of the other benefits accruing to the segment included the lowering of the holding period for built-up properties for availing long term capital gains from 3 years to 2 years as well as granting respite in the notional rental income for property for a year. For the property being developed under JDA, one is now liable to pay capital gains tax only in the year of completion. The addressing of these small but crucial issues that were being demanded are likely to benefit the sector tremendously.
However one major disappointment was the non granting of industry status to the Real Estate sector.”
Profile of Mr. Tapan Sangal
Mr. Tapan Sangal is one of the top real estate and regulatory specialists in India.
Mr. Sangal has led the Strategy, Planning, Regulatory, Funding, Business Development and Strategic Alliances (JD/JV/DM) functions across the realty companies that he has been associated with and provides strategic counsel and direction to the top management/board of the organizations.
Since September 2014, Mr. Sangal has been leading Lotus Greens Group towards better process management and transparency. With Regulatory Risk Management as his core specialisation, he has been focused on Project Planning, Sales Strategy, Corporate Brand Strategy functions as well as overseeing all partnerships including as the KMP (key managerial person) for respective funding institutions.
Prior to taking up the current assignment, Mr. Sangal had set up a boutique management consulting firm Karban partners in 2012 (June 2012 – September 2014) with offices in India and Singapore, with a few dedicated professionals from the Big 4 Consulting firms. At Kabran he had led its client, Orris’s largest project – the launch of its 147 acre of development through relevant JVs. Mr. Sangal also initiated the restructuring of the Group, by consolidating businesses in its Land companies and Developing companies.
From August 2006 to June 2012, Mr. Sangal worked with Management Consulting firms in senior roles: At BDO, he was a Partner with responsibility to set up a fully integrated National Regulatory practice. This involved working across Real Estate, Retail, Financial Services and Education sectors. Cross Border investments and funding in Realty sector was a focus area.
At Price Waterhouse Coopers, NCR & Mumbai, he spent 5 years as an Associate Director and was involved in monitoring business and regulatory environments across Real Estate, Retail, SEZs & Finance sectors. Core focus was on regulatory interpretations, Advice on sectoral legislations, funding advisory and Risk management and regulatory compliances. Mr. Sangal advised clients like DLF, Unitech, Uppal, Ansals, Orris, Landmark, Tata Realty, amongst others.
Mr. Sangal began his career as an independent legal practitioner with a host of domestic and global clients, advising on corporate and regulatory law – Trade marks, Litigation, arbitration, taxation, FERA/SEBI matters, and the whole gamut of legal issues.
Mr. Sangal completed his graduation in Commerce from Meerut University in 1990 and his LLB in 1994. He also has his MBA from Bimtech in 1995.
Mr. Sangal was born on June 14, 1969 and is married to Primala, an HR consultant. He has two sons, Kabir and Ranbir. He enjoys reading and travelling. Currently, he is the Executive Director of Lotus Greens, a leading Delhi-NCR based conglomerate with interests in Real Estate and Education.
“The granting of Infrastructure Status to affordable housing will give impetus to the accomplishment of the stated goal of “Housing for All”. The Infra status will provide access to easier financing and associated tax benefits for such projects. The change in norms for constructed area from built up to carpet will also result in many more projects coming under the affordable housing tag, especially in the four metros. The increase of time limit for completion from three to five years for availing 100% profit deduction for affordable housing will encourage more realtors to take up such projects.
Some of the other benefits accruing to the segment included the lowering of the holding period for built-up properties for availing long term capital gains from 3 years to 2 years as well as granting respite in the notional rental income for property for a year. For the property being developed under JDA, one is now liable to pay capital gains tax only in the year of completion. The addressing of these small but crucial issues that were being demanded are likely to benefit the sector tremendously.
However one major disappointment was the non granting of industry status to the Real Estate sector.”
Profile of Mr. Tapan Sangal
Mr. Tapan Sangal is one of the top real estate and regulatory specialists in India.
Mr. Sangal has led the Strategy, Planning, Regulatory, Funding, Business Development and Strategic Alliances (JD/JV/DM) functions across the realty companies that he has been associated with and provides strategic counsel and direction to the top management/board of the organizations.
Since September 2014, Mr. Sangal has been leading Lotus Greens Group towards better process management and transparency. With Regulatory Risk Management as his core specialisation, he has been focused on Project Planning, Sales Strategy, Corporate Brand Strategy functions as well as overseeing all partnerships including as the KMP (key managerial person) for respective funding institutions.
Prior to taking up the current assignment, Mr. Sangal had set up a boutique management consulting firm Karban partners in 2012 (June 2012 – September 2014) with offices in India and Singapore, with a few dedicated professionals from the Big 4 Consulting firms. At Kabran he had led its client, Orris’s largest project – the launch of its 147 acre of development through relevant JVs. Mr. Sangal also initiated the restructuring of the Group, by consolidating businesses in its Land companies and Developing companies.
From August 2006 to June 2012, Mr. Sangal worked with Management Consulting firms in senior roles: At BDO, he was a Partner with responsibility to set up a fully integrated National Regulatory practice. This involved working across Real Estate, Retail, Financial Services and Education sectors. Cross Border investments and funding in Realty sector was a focus area.
At Price Waterhouse Coopers, NCR & Mumbai, he spent 5 years as an Associate Director and was involved in monitoring business and regulatory environments across Real Estate, Retail, SEZs & Finance sectors. Core focus was on regulatory interpretations, Advice on sectoral legislations, funding advisory and Risk management and regulatory compliances. Mr. Sangal advised clients like DLF, Unitech, Uppal, Ansals, Orris, Landmark, Tata Realty, amongst others.
Mr. Sangal began his career as an independent legal practitioner with a host of domestic and global clients, advising on corporate and regulatory law – Trade marks, Litigation, arbitration, taxation, FERA/SEBI matters, and the whole gamut of legal issues.
Mr. Sangal completed his graduation in Commerce from Meerut University in 1990 and his LLB in 1994. He also has his MBA from Bimtech in 1995.
Mr. Sangal was born on June 14, 1969 and is married to Primala, an HR consultant. He has two sons, Kabir and Ranbir. He enjoys reading and travelling. Currently, he is the Executive Director of Lotus Greens, a leading Delhi-NCR based conglomerate with interests in Real Estate and Education.