Association of South Asian Real Estate Professionals hold meet-and-greet

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The Association of South Asian Real Estate Professionals (ASARP) convened its monthly meet-and-greet event on Friday, February 9, 2024, in Des Plaines, Illinois.

The meeting was attended by about 50 professionals from various sectors of the real estate industry including Tarun Bhatia, past president of NAR, India; Tim Ryan, president, and John Gormley, CEO, both from Main Street Organization of Realtors; and representatives from DLF property developers of India.

Shirin Marvi, president of ASARP (Association of South Asian Real Estate Professionals) welcomed the guests and highlighted the role played by ASARP in increasing professionalism amongst South Asian community members. She also briefly explained the need to be more vigilant in view of what is going on in the profession.

Pradeep B. Shukla, chairman gave a brief update on tax legislation and cautioned members to be aware of many of the tax provisions/incentives introduced under TCJA (Tax Cut and Jobs Act), 2017 that are sunsetting by 2025- either wholly or in a phased manner. Significant amongst these are Bonus Depreciation, Tax Credits and Base exemptions under Estate Tax provisions. 100% Bonus Depreciation allowed on new acquisitions under TCJA is being phased out with 20% reduction each year, sunsetting fully by 2027. Also, significant increase in base exemption in Estate Tax from $ 5 ml to $ 10 ml also sunsets in 2025 and the exemption will return to its original level in 2026. He explained that if you want to live longer beyond 2026 and still want to save on taxes, you need to start planning today! He also highlighted the new provision under CTA (Corporate Transparency Act) that mandates Beneficial Ownership Information (BOI) reporting for corporations that becomes effective from January 1, 2024. He explained that ASARP is ready to guide all the members in filing requirements with FinCEn (The Financial Crime and Enforcement Network).

Harsha Shukla threw light on legal updates in the state laws that affect real estate profession. These include Radon Disclosures, inclusion of “Immigration Status” as a protected class under The Illinois Human Rights Act, and amendment in The Illinois Vehicle Code prohibiting drivers from participating in video conferencing while operating a motor vehicle. She said that the days of attending zoom calls or video calls while driving are now gone!

Main Street Organization of Realtors, the nation’s fifth largest real estate association and the largest one in Chicagoland area welcomed international guests under leadership of Tarun Bhatia. President Tim Ryan and CEO John Gormley lauded the role played by ASARP in increasing professionalism and global influence.

Another highlight of the meeting was the presentation by Tarun Bhatia on the growth of the Indian economy. The world’s fifth largest economy is rushing for the fourth number, affording tremendous potential for foreign investors, Bhatia noted, adding that the real estate sector is open for non-resident Indians and persons of Indian origin, and that there was a huge domestic market, rising global affluence, rapid increase in middle class population, etc. He also highlighted importance of strengthening influence of Real Estate Regulations Act of India in protecting investors’ interests.

Bhatia introduced team DLF- one of the largest property developers of India – including Pankaj Sharma, Neha Dhall. The team gave highlights of their projects and explained the intricacies of investing in real estate sector in India.

Bhailal Patel of Desi Talk Chicago newspaper, and founder member as well as senior advisor of ASARP explained the need for more and more educational events and congratulated his fellow board members and guests for such a vibrant session.

Directors present included Rajesh Patel, Harsha Shukla, Marsha Collins, Nick Verma, Bimal Pandhi, Jyothi Pallapothu, Madhu Dave, Malti Pandhi and Divya Dave. Also present were Phani Krishnan and Prachi Jaitley who coordinated the event.