The Association of South Asian Real Estate Professionals, ASARP, (asarphome.com) hosted an event Friday, Sept. 16, 2022, at the organization’s office in Des Plaines, Illinois. The theme was – 1031 Exchange for tax planning on sale of commercial real estate and creation of DST- Delaware Statutory Trusts.
Shirin Marvi, president of ASARP greeted the guests. Harsha Shukla, director, introduced the speaker, Dan Wagner of Inland group. Others present at the meeting introduced themselves, a press release from ASARP said.
Wagner, who is senior vice president of government relations at Inland Group, briefly introduced the activities of the Inland Group over more than 50 years. The Inland Group of companies employ more than 1,000 high profile commercial experts in various fields including REIT- Real Estate Investment Trusts, Institutional Capital, Mortgage and National Development. He also explained how National Association of Realtors and the Inland group have jointly canvassed for sustenance of 1031 exchange provisions in the Internal Revenue codes that has been instrumental in tax saving strategy and growth of wealth nationwide. At this juncture Mr Shukla explained the need of real estate community to participate in the RPAC- Realtor Political Action Committee for advocating and canvassing regulations that are more congenial to real estate industry.
Wagner elaborated on how DSTs- Delaware Statutory Trusts– are created and how they allow multiple investors with the percentage of beneficial ownership on large investment properties which normally would not come within the purview of an individual investor. Three processes of investment and tax saving strategies involve Acquisition and Subscription, Operational and Property management and Disposition and distribution of liquidity. He also clarified how qualified intermediaries could facilitate section 1031 exchanges and what role the realtors could play therein.
Pradeep B. Shukla, chairman, and founder member of ASARP, briefly discussed the outcome of his recent visit to India for attending NAR- India convention, and then C-5 commercial summit held by National Association of Realtors in New York in mid-August. He suggested that ASARP should later introduce detailed information on Metaverse- a fast growing technology field that could be of tremendous help to the real estate community.
Due to time limitations, attorney-directors Paul Chawla and Al Haroon Hussain could not elaborate in detail on the subject of Slander and Libel Act, preliminary knowledge of which could assist real estate community in a big way.
Other directors who attended were Bhailal Patel, Marsha Collins, Bimal Pandhi, Nick Verma, Malti Pandhi and Kanti Patel.
Babu Patel of Patel Realty, Madhu Dave, Raj Thakkar, Vitahalbhai Patel, Jayesh Patel, Pathik Parikh from PMICHItown Properties were some of the attendees who thanked ASARP for the event.
Bhailal Patel thanked all the attendees and reminded them of the upcoming annual event of November 4, which is expected to include a delegation from India.
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