Should you Invest in Yamuna Expressway? | Doubt solved!

Planning to invest in Yamuna Expressway? In this article we have shared some interesting facts which you should know before investing near Expressway.

Yamuna Expressway has evolved as one of the largest real estate hotspots in the last three years. It is proving to be one of the best choices for home buyers and investors. The six-lane 166 km expressway is the longest motorway in India. It has opened up a pristine area for economic development and expansion of the NCR region. For the past 1-2 years, several integrated warehouses, logistics hubs, and integrated townships have been developed here.

The Expressway has shortened travel time between Agra and New Delhi. It has unfold opportunities for industrial and urban development in the region and laid the foundation for convergence between tourism and other related industries. The Expressway stretches 166 km to Agra from Greater Noida through Aligarh and Mathura. Several projects are under development and approval of two metro routes, i.e, Noida City Center to Sector 62 and Noida City Center to Greater Noida, have led to extensive development in this zone.

With growth opportunities in mind, several leading developers are already taking advantage of the investment opportunity along the expressway. However, developments today may seem a bit slow. The new proposal for infrastructure development, including the metro, will give a new boost to the demand for residential properties.

Top 5 reasons to invest in Yamuna Expressway | Investing in Yamuna Expressway

Properties from reputed developers-

There are several housing projects along the Yamuna Expressway, built by leading developers. Gaurs, Ajnara, Skyline, Supertech, ATS, and Lotus are some of them. On average, you will find properties of different configurations in places like sectors 19, 22, 24, 25, 17A, and 22D on the expressway. Prices of affordable housing units at Yamuna Expressway starts from Rs 10 lakhs and Rs 2.25 crore for luxury projects. In the middle class category, there are several projects ranging from Rs 40 to 80 lakhs too.

Perfect Investment option- 

According to a number of real estate experts, the Yamuna Expressway will become a popular place to live in the future. It will flourish once Jewar Airport is completed and metro connectivity is fully developed on this section. Jewar Airport once completed, will further increase the connectivity with Delhi and is perfect reasons to invest in Yamuna Expressway. The new infrastructure will emerge to connect the Jewar airport with Indira Gandhi International Airport. Yamuna Expressway Industrial Development Authority (YEIDA) has also revamped its master plan for 2031 to stimulate further development along the Expressway.

Also Check:- plots in Yamuna Expressway

Upcoming Jewar Airport-

Yamuna Highway is an ideal place for potential real estate investments. It is one of the longest expressways with controlled access in India, directly connecting the metropolitan area of ​​Noida with Agra thus increasing the prospects for neighboring regions. The area is witnessing a significant boom in property values due to the proposed Noida International Jewar airport. Another benefit of investing in Yamuna expressway projects is the highway runs through the main road of Yamuna. Thus it can benefit those traveling from Noida, Gaur Yamuna City, and Greater ​​Noida.

Offers Seamless Connectivity-

The Yamuna Expressway to UP and Haryana areas and is connected to the Agra ring road. This further connects it with other regions of the NCR, such as Gurgaon, Sonipat, Manesar, Rohtak, Ghaziabad, Meerut, and Hapur. It also connects some major cities like Lucknow, Kanpur, and Gwalior shortening distances and travel times. Hence, connectivity is one of the main reasons to invest in Yamuna Expressway.

The Expressway offers a good proximity to basic amenities, such as schools, hotels, hospitals, etc. Future development on Yamuna Expressway includes the construction of an IT park, and a planned railway station. F1-track at Buddha International Circuit is another feature at Yamuna Highway. The UP government has also designated the Expressway as manufacturing hub of electronics. The Noida authorities have also planned a transport hub that will include various modes of transport, including an Inter State Bus Station and a Railway station.

Affordable Housing Hub-

Yamuna Expressway, considered an accessible location, currently filled with projects with a small number of units. However, the market share for 2 BHK units is really high compared to 1 and 3 BHK units. 1 BHK units are much smaller in size and account for about 18% of the market share. The area is dominated by 2 BHK units with 39% availability, followed by 3 BHK units with 33%. About 38% of Yamuna Expressway projects launched in the price range of Rs 3,000 to Rs 3,500 per square foot. About 18% of the projects in the price range of Rs 2,000 to 3,000 per square foot and Rs 3,500 to 4,000 square foot each. So, these are some of the reasons to invest in Yamuna Expressway.

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UP-RERA to give nine month extension for registration of projects

Invest in Sector 93 Noida

6 month extension to builders to deliver projects-MahaRERA

6-month-extension-to-builders-to-deliver-projects-maharera

On Friday, the Maharashtra Real Estate Regulatory Authority (MahaRERA) gave builders a six-month relaxation to complete projects. Authority has accepted the demand to apply the force majeure clause due to the second wave. This is the second time during the pandemic that the authorities have provided such assistance to developers in the state.

“All projects registered by MahaRERA for which a completion date, revised completion date or extended completion date expire April 15, 2021 or later. The validity period for such projects is extended by six months, authority said in a notification.

Further authority said it would issue revised project registration certificates and revised timelines for such projects as soon as possible. It also made it clear that the renewal will not apply to projects that were to be completed by April 15th.

The notification said that on April 13, the state government issued instructions to restrict the movement of people due to another wave of infection, adding that the wave was more deadly. The lockdowns halted the construction activities due to labor shortages and impact on the movement of building materials. A six-month period of “force majeure” has been announced from April 15 to October 14.

Other authorities should also follow same process

The order was issued to help the government control the damage caused by COVID-19. Also to ensure that the implementation of the project is not affected.

The conditions or time limits for the implementation of projects that expire at any time during the force majeure period will be automatically extended till the expiration date. However the rights of allottees will not get affected through the order. The notification said that an association of promoters had presented themselves before the authority for help in view of another disruption ravaging the industry.

Developer Niranjan Hiranadani, National president of realty industry body Naredco, said, “This is a step in the right direction and the sector hopes that other authorities besides MahaRERA will follow the same thought process and provide the same relief.”

Also Read:-

MahaRERA restricts about 644 projects across Maharashtra from sales

Supertech to deliver over 8,000 flats by December 2021

UP-RERA to give nine month extension for registration of projects

up-rera-to-give-nine-month-extension-for-registration-of-projects

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has decided to grant an additional nine months of registration extension for projects with first registration ending December 31, 2021 or earlier. In the NCR region this extension is of nine months and for six months in a non-NCR region.

The decision was made to remove restrictions and facilitate the development of stagnant real estate projects. This will speed up construction and help the allottees of these projects deliver their homes within a reasonable time frame.

However, the extension is subject to the authority’s close monitoring of these projects and will be granted under certain conditions.

If the project completion date is after 31 December 2021. The developer will be instructed to speed up development work and complete the project within the existing registration period. These extensions can only be granted at the request of the promoter of the project, accompanied by an affidavit. The affidavit states that the developer must complete the project during this extended registration period. Also provided that the developer presents a compelling financial plan from project financing or from own sources to complete the project.

Authorities said giving a little extra time to complete projects would help complete a series of projects that would result in a large number of pending home buyers being handed over for delivery.

Sign MOU if developer is not in state to complete project

Before taking any decision on the promoter request, the authority first checks the physical progress of the project. The project must be verified through its technical division to ensure the authenticity of the promoter’s commitment in this regard.

In the event, the promoter is unable to complete the project during the additional extended registration period. Then he needs to enter into an agreement or memorandum of understanding (MOU) with the Association of Allottees (AOA). In addition, he also needs to contact the authorities for additional time to complete the project in accordance with the terms agreed between AOA and the developer.

The authority, after receiving such a joint request from the developer and the AOA, makes an appropriate decision to allow the developer to complete the rest of the project.

Also read:-

MahaRERA restricts about 644 projects across Maharashtra from sales

UP-RERA rejects super-tech projects registration

MahaRERA restricts about 644 projects across Maharashtra from sales

maharera-restricts-about-644-projects-across-maharashtra-from-sales

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has banned the sale of a total of 644 residential projects in Maharashtra. Several units were stopped due to late completion and delivery, with Pune accounting for almost 30%.

According to data released by MahaRERA, most of the blacklisted project developers are smaller players with less than 100 units per project. Apart from some projects of well-known developers in the region most of them belong to small developers. Approximately 85% of blacklisted projects had an average of 70 units in each project. Such a blacklisting means that the project cannot be advertised, marketed or sold in any condition.

The list also consists some of the Maharashtra Housing and Area Development Authority (MHADA) projects promoted by the state government.

Most apartments are sold!

Anarock real estate analysts report that 80% of the apartments in 644 projects have already been sold. According to MahaRERA, 16% of the projects were to be completed in 2017 and the rest were to be completed in 2018. Due to market size, Mumbai topped the list with 274 blacklisted projects, or about 43% of the total, followed by Pune with 29%. The rest are in smaller markets like Aurangabad, Nagpur, Kolhapur, Nashik, and others.

A developer in the region states the condition of small or new developers. He said “ the smaller developers are increasingly struggling with RERA compliance, e.g. proof of capital and due diligence for land. Banks, NBFCs and housing finance companies are often reluctant to lend capital to such agents for fear of low or inadequate securitization.

Anuj Puri, the chairman of Anarock, said, this move by MahaRERA is a strong signal for disobedient developers who are constantly delaying projects. Homebuyers have been waiting to take over home ownership since 2017 or 2018. In the Mumbai Metropolitan Region (MMR) there are at least 496 projects (launched in 2014 or earlier) that have been delayed or stalled so far, while in Pune almost 171 projects have been delayed or stopped.

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Supertech to deliver over 8,000 flats by December 2021

Investing in Noida Sector 93

Supertech to deliver over 8,000 flats by December 2021

supertech-to-deliver-over-8000-flats-by-december-2021

On Friday, developer Supertech said it will deliver about 8,460 apartments to buyers by December 2021. More than 16,000 units in the ongoing projects in Noida, Greater Noida and Meerut by 2023. Supertech has a total of 13 projects in the NCR region. Four projects are located in Greater Noida, five projects in Noida, two projects in Meerut and Yamuna Expressway. According to Supertech, they are planning to hand over about 16,041 properties from December 2021 to June 2023.

The announcement came two days after Supertech met with UP-RERA officials who reviewed the developer’s pending projects. Supertech Group said in a meeting with UP RERA that it will deliver around 8,463 units by December 2021. About 7,347 units by December 2022 and 231 units thereafter for their various projects in Uttar Pradesh.

RK Arora, Supertech Group President said, the delay was due to two unprecedented waves of the COVID-19 pandemic, which affected all real estate projects. The Group will implement these projects through internal accruals, and the group has a positive net worth to meet its financing needs.

Every Homebuyer should get a home

Projects that completed and ready to deliver include Crown Towers, North Eye, Supernova, Romano, and ORB in Noida. Eco Village I, Eco Village II (Phase I), Eco Village II (Phase II) and Eco Village III in Greater Noida. Upcountry and Golf Country along Yamuna Expressway,  Meerut Green Village, and Meerut Sports City. 

UP RERA chairman Rajive Kumar said, RERA’s goal is to ensure that all buyers get their home on specified time. We occasionally check the status of all projects and this month met 60 promoters who have participated in about 150 projects in the state. “Supertech projects have also been reviewed and verified in relation to RERA orders. This group announcement was part of RERA’s work.”

According to the schedule provided by the real estate company, 8,463 units will be delivered in December 2021. About 2,308 units by March 2022, 1,132 by June 2022, 3,907 by December 2022 and 231 in 2023. Many of these projects in Noida and Greater Noida have long been delayed, as Supertech often faces protests from home buyers and harsh legal orders.

Also read:-

Buyers may face a delay upto two-year in delivery of flats in Delhi-NCR

Tamil Nadu government plans to boost revenue via property registrations

Should you Invest in Sector 93 Noida? | Investing in Noida Sector 93

should-you-invest-in-sector-93-noida

In this article we have explained some of the reasons to invest in sector 93 Noida. So, if you are looking for a property for sale in sector 93 Noida, then read this article. Below we have mentioned some of the reasons which might affect your buying decision.

From connectivity to metro to robust physical and social infrastructure, Noida is currently one of the favorite destinations for home buyers. The area has become a center for residential and commercial development. More people are moving from densely populated cities to this place. As a future investment outlook for sector 93 Noida and Noida Extension, it is the focal point of affordable housing with a large supply. In addition, compared to other popular regions in the NCR, Noida is considered affordable for buying a flat or house. Several multinational companies have taken over commercial space here providing opportunities for both investors and end-users.

Sector 93 has better conditions and availability of significant housing and land. The area is close to some important employment and commercial centers. As a result, the maximum number of working professionals and business people are seeking real estate in sector 93.

The 93 sector is divided into two parts: Sector 93 (A) and 93 (B). Sector 93 (A) is a centrally located luxury residential market. The area offers 2, 3 and 4 BHK luxury apartments at prices varying from Rs 7,000 to 10,000 per. sqft. While Sector 93 (B) is relatively located further away from the expressway.

Reasons to invest in sector 93 Noida | Investing in Noida sector 93 

Ideal from Investment viewpoint-

In terms of investment, the properties in Sector 93 Noida are good, as they offer a good rental income. The current rental value is between Rs 14,000 and Rs 21,000 for a 2 BHK apartment. The network of Metro Rail in Noida is expanding at a fast pace which makes it ideal for investment. With the opening of the Aqua metro line, the demand for properties for sale in Noida sector 93 has reached to astronomical heights. However, the area may soon see a price increase of five percent. If the state government considers a project to connect the expressway to Botanical Gardens via a metro line

Well-planned infrastructure-

Sector 93 offers a well-developed infrastructure. This includes the wide roads like Noida-Greater Noida Expressway, that provide excellent connectivity throughout the NCR region. Real estate prices in NCR have risen sharply in recent years. But Noida still offers investment opportunities at an affordable price. As a result, middle-class home buyers are also investing in Noida. Sector 93 has well-planned areas with a vision of good infrastructure development. 

Location Advantage

The sector 93 is located between the southern and southeastern parts of Noida. It is located along the Noida-Greater Noida Expressway, which has spurred growth in properties and opened opportunities for many builders. Some of the well-known and reliable developers like Unitech, Parsvnath, Omaxe, Purvanchal, etc have projects in this area. Proximity to Noida-Greater-Noida Expressway, has dramatically accelerated property development in sector 93 and has opened up opportunities for excellent builders.

Close to commercial hubs-

Another important factor in the decision to buy the flat in Noida sector 93 is easy access to many office buildings and commercial centers. Shopping malls attract the attention of a number of home buyers. Hence, its a key aspect in driving investment in this sector. There are many companies in the immediate vicinity of this sector, such as InfoEdge, Wealth Clinic, Matrix and Sify technologies, and Oracle. 

A Growing Locality-

With affordable housing, efficient public transport networks, planned metro accessibility and major infrastructure projects, Noida sector 93 is growing rapidly. The prospects for real estate here are promising. As the region has recently experienced high demand for housing and continues to be a popular area for new housing openings. 

Conclusion-

When it comes to getting more appreciation for the money invested, people still believe in real estate. In general, people prefer to invest in real estate because of the higher profitability and minimal risk factor. Those with good savings and enough capital can choose this option for a long-term investment. Above we have explained some of the reasons to invest in sector 93 Noida. So, if you are also looking for a flat for sale in sector 93 Noida, you can visit our portal. We have over 100 properties listings in sector 93 and you can also contact agents.

Further if you have any query then feel free to contact us!

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Buyers may face a delay upto two-year in delivery of flats in Delhi-NCR

UP-RERA rejects super-tech projects registration

Buyers may face a delay upto two-year in delivery of flats in Delhi-NCR

two-year-delay-likely-in-delivery-of-flats-in-delhi-ncr

According to real estate associations Naredco and Credai, the completion time of apartments in different phases of construction in Delhi-NCR could be extended up to two years. The impact is primarily from two consecutive waves of the pandemic and the consequent disruptions in financing and employment.

It also prolongs the wait for the delayed apartments for a longer time. According to a recent survey by real estate consulting firm Anarock, there are more than 3 lakhs of such apartments in the major cities of Delhi-NCR. Apartments are considered delayed if they were launched in 2014 or earlier. Construction started after this period is in progress.

Delivery times for “ongoing” projects will also be affected. Completion time for more than 3 lakh apartments in the NCR may be affected by a two-year delay due to two waves of Covid-19. Real estate agencies Credai and Naredco say buyers and regulators should be ready to face at least a two-year delay. According to Anarock, around 50% of the delayed apartments are located in Greater Noida alone.

Relief package may help to boost construction

Real estate companies cited labor and supply chain problems during the pandemic as cause for the delay. The lack of cash flow also affected the construction work. This was reported by R.K. Arora, CMD of Supertech and President of Naredco, UP. “Since March 2020, project implementation has developed very slowly due to labor shortages, raw material shortages and related problems. Delivery time is delayed by approximately two years.”

Pankaj Bajaj, president of Credai (Delhi-NCR), said, Real estate is one of the worst hit sectors as a result most projects are likely to be delayed by about two years. We hope for relaxation to help us tackle this problem. In addition, to give construction a boost, the government should announce a relief package and provide last-mile funding through banks.

Additional six months registration validity

Prashant Thakur, head of research at Anarock said, According to a survey by Anarock, about 3.29 lakh flats launched in the NCR region in 2014 or earlier have now been stuck or delayed. The pandemic is one of the major reasons for the delay. All were to be delivered by June 2021. 50% of these units are in Greater Noida, Noida has about 16%, Gurgaon has about 12%, and Ghaziabad has about 10%. The remaining 12% are in Delhi, Faridabad and Bhiwadi.

UP-Rera member Balvinder Kumar said the solution was invented. Last year, we gave builders a six-month relaxation or waiver for registration restrictions when the pandemic broke out. According to current rules, all registrations can be valid for one year from the expiration date. We decided to extend the additional six months validity extension to registration of builders.

Also read:-

Tamil Nadu government plans to boost revenue via property registrations

UP-RERA rejects super-tech projects registration

Tamil Nadu government plans to boost revenue via property registrations

tamil-nadu-government-plans-to-boost-revenue-via-property-registrations

P. Murthy, Tamil Nadu Minister for commercial Taxation and Business Registration held a review meeting with registration officials to discuss the possibilities of increasing income through property registration after the second wave of Covid-19. Last year the land registrations were affected for four months during the first wave of Covid-19.

During the meeting, the focus was on the measures to be taken to increase revenue. As the resumption of the work of the registration offices took place faster than in 2020.

The pandemic fiscal year 2020-21 recorded revenue of Rs. Rs.10,643 crores from stamp duty and registration fee between April 2020 and March 2021. Revenue decreased by approx. 3.6% in the corresponding financial year 2019-2020, when Rs 11,028 crore was generated as revenue.

According to the sources, officials were ordered to ensure that temple properties under the jurisdiction of the Hindu Department of Religious and Charitable endowments department, and poramboke land are not registered under Section 22-A of the Registration Act (Tamil Nadu Amendment Act). The law makes it easier to re-register land if in a previous land transaction they were called “house site”. The sources added that the return of documents on the same day was also considered to stop any delays. Measures to prevent staff from arriving late at the office and the newly opened grievance control room were also reviewed.

According to the official statement, the meeting was attended by the Registration secretary B Jothi Nirmalasamy, the General Registrar MP Sivanarul and senior officials of the registration department.

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UP-RERA rejects super-tech projects registration

YEIDA announce 2 new policies to help stalled projects

UP-RERA rejects super-tech projects registration

up-rera-rejects-super-tech-projects-registration

The decision was taken in light of the fact that the developer did not carry out a large number of its projects on time specified by UP-RERA. They also did not comply with a large number of orders from the authorities on complaints from home buyers projects from promoter companies.

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has rejected an application for registration of two proposed Supertech projects under RERA Section 5 with Section 11 (4)(B) and Section 4 (2)(B).

Rejected projects applications are Supertech Golf Country GH01-Phase-1B and Supertech Golf Country GH01-Phase-1A.

Authorities asked the developer for a detailed report on the fulfillment of his orders and a convincing action plan to complete its projects. However, the authorities also decided to give the developer a second chance to apply for registration of the two projects again, after it can largely comply with the authority’s previous orders.

UP-RERA didn’t receive any written or oral responses

During the trial, R.K. Arora, Supertech Chairman, told authorities the company was trying to complete projects as well as enforce government orders.

However, UP-RERA did not find the promoter’s written or oral response satisfactory. The authorities concluded that it would be inconvenient and that it is not proper and not in the interests of home buyers to register the company’s two new projects. The company was unable to complete a large number of its projects already registered with RERA, nor was it able to complete a large number of orders approved by the company’s affected homebuyer’s assistance authority.

UP-RERA chairman, Rajiv Kumar, said, The organizer did not comply with the authorities’ orders and there was no noticeable improvement in the status of unfinished orders at the end of the promoter. They also failed to come up with a convincing action plan to implement their ongoing projects. As a result, a large number of home buyers with the developer forced to approach the authorities with claims for compensation. Not only did the developer fail to speed up its projects, it also did not comply with government orders, further exacerbating the homebuyer’s suffering.

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YEIDA announce 2 new policies to help stalled projects

Real estate agents in UP seeking for new insolvency resolution policies

YEIDA announce 2 new policies to help stalled projects

yeida-announce-2-new-policies-to-help-stalled-projects

In order to revive stagnant projects in Greater Noida, The Yamuna Expressway Industrial Development Authority (YEIDA) has announced two policies. These policies can be used by construction companies until 31 August. The decision to propose a restoration and reschedulement policies was taken at a meeting of YEIDA’s Board of Directors on 28 June.

According to the deferral or reshedulement policy, the developer must pay 5% of the amount owed in advance. Once the revised payment plan is established, the developer must pay an additional 5% of the amount due to YEIDA. To restore the canceled land or plot, the developer must pay 10% of the current land premium to the authority.

According to YEIDA officials, all payments must be made till August 31. The applications asking for restoration of land will be discussed at the next board meeting.

For the past four year the developers who took YEIDA’s land to build skyscrapers owed about Rs 4,000 crore to authorities. There are currently 10 public and municipal housing projects in various construction stages in addition to the Jaypee Sports City project near the expressway region. About 16,000 buyers have invested in these projects and are waiting to receive possession. While 12,000 housing units were placed in 10 housing projects. About 5,000 units were offered under the Jaypee Sports City project.

Policies at a glance

Reschedulement Policy– This policy states-

  • Developers must pay 5% of the amount owed in advance. The remaining 5% will be paid within 30 days of the proposed revised payment schedule.
  • In case of non-compliance with three installments after taking reschedulement, the lease will be canceled.

Restoration Policy- This policy states-

  • Restoration charges at the rate of 10% of the prevailing plot premium to be paid. The transfer of the plot is not allowed until the winning bidder receives a proof of completion.
  • The request for restoration of the plot will be sent before the next board meeting for decision after the payment is made.
  • Applications must be submitted by August 31st.

Projects don’t have basic amenities-

RK Arora, Uttar Pradesh president of realtor’s body, Naredco, said, Shortly after the filing of the Gajraj case in October 2011, where it was decided that farmers should be paid a compensation of 64.7%. About 700 landowners who had to manage their land in the Yamuna highway area moved to various courts and forums. YEIDA was unable to provide land to developers for four to five years.

For some projects, connections to basic services such as sewerage or electricity were not provided on time.

YEIDA has consistently requested a land premium along with interest. We have asked the UP government to give developers zero-period benefits so that they are exempt from paying interest during the period when they could not take over the land that was provided to them.

No estimate of sold lands-

Arun Vir Singh YEIDA chief executive officer said, Construction companies and Developers must pay a certain amount in advance. We process requests as soon as we receive the minimum amount, and then issue a revised payment schedule for them.

From August 2012, shortly after the commissioning of the 165-kilometer expressway. Private developers began implementing projects in the Greater Noida and Dankaura districts. Between June 2010 and March 2015, 31 developers, including the Jaypee Group, purchased land from YEIDA to build skyscrapers along the road.

But later, many builders left their land or lost it because they were unable to clear dues. The Jaypee Group could also benefit from the restoration policy. Another three developers who have lost their project due to non-payment of fees are also eligible to participate. But payment must be made by August 31st. YEIDA does not currently have an estimate of the number of apartments sold by the three developers.

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Investing in Dwarka Expressway!

Builders in Pune can use credit notes for wider payments

Why Ahmedabad realtors convert commercial projects into residential?

Real estate agents in UP seeking for new insolvency resolution policies

real-estate-agents-in-up-seeking-for-new-insolvency-resolution-policies

Several real estate developers and industry associations have called on the government of Uttar Pradesh to develop pragmatic policies for industrial development bodies. The policy is especially for the cities of Noida and Greater Noida, so that they can quickly resolve insolvency projects.

Decisions on multiple projects have been put on hold as the authorities want to be financial lenders, not operational lenders. So they can make an impact and not take commissions on projects that are stuck.

According to the Confederation of Real Estate Developers Associations of India (CREDAI). Approximately 190,000 properties stuck in Noida, Greater Noida and Ghaziabad, worth 1 lakh crore. At least 36 property projects are facing bankruptcy or insolvency proceedings in Greater Noida alone. This has affected about 50,000 home buyers and withheld about Rs 7,000 crore in administration fees.

Investment cycle may resume!

Insisting on interest rates, fines and other fees can ultimately make full settlement plans financially unstable, experts say. In addition, the investment cycle in these areas will be resumed if the established insolvency cases are resolved.

Developers will have to pay around Rs 40,000 crore dues to three different NCR authorities, including Noida, Greater Noida and Yamuna. The dues have been pending since 2010, but given the new interest rate, the amount likely to reduced to Rs 25,000 crore.

According to the CREDAI’s letter, several property developers involved in the insolvency process. The list consists of big and reputed developers including Jaypee Infratech, Amrapali, BPPL, Granite Gate, Subhkamna Buildtech, etc. CREDAI also stated that if development authorities continue to challenge settlement plans in court without applying a pragmatic decision-making structure that addresses the issues described above, it will not only delay the process but ultimately lead to settlement.

Proper policy framework needed

Sahil Vachani, MD and CEO at Max Ventures and Industries Ltd said, “To accelerate the process of insolvency proceedings, in the Greater Noida and Noida area and to cope with the high land dues of industrial development authorities, a pragmatic policy framework is needed. In the absence of such a policy, the restructuring of insolvent corporate debtors is not economically feasible.”

Abhishek Tripathi, managing partner, Sarthak Advocates and Solicitors said, “Authorities like Noida and Greater Noida need to aware of the fact that dues paid to them by developers have the character of an operating debt and make them acting creditors. Past commission fees or dues must reviewed in accordance with a resolution plan approved by the Creditors Committee and the NCLT.”

Other links-

Builders in Pune can use credit notes for wider payments

Authorities planning to increase circle rates in Noida

4 Reasons to invest in Dwarka Expressway!

4-reasons-to-invest-in-dwarka-expressway

In this article we have discussed 4 simple reasons to invest in Dwarka Expressway. If you are considering investing in Dwarka Expressway real estate but confused whether it is worth it or not, then you will find this article relevant.

Dwarka is one of the most popular residential cities in Delhi that thrives with impeccable social infrastructure, affordability, and excellent connectivity. It is a well-planned city and offers every type of service to its residents. In recent years, the Dwarka real estate market has improved significantly and it is getting better day by day. Those who have invested in Dwarka, will have great benefits in the coming years. This area has developed a lot in recent years. It is still improving and will be even more favorable in upcoming years.

In today’s scenario, investing near the Dwarka Expressway is considered one of the best investment opportunities right now. The area offers several benefits for both investors and buyers. Delhi International Airport is close to the Expressway and also next to the Dwarka Metro. The area also offers connectivity to some important areas in Manesar and Noida. 

The demand for properties near Dwarka Expressway is increasing at a fast pace. Also the property prices are expected to rise, according to real estate experts. There are many reasons why it is not only good for people living in Delhi but also for NCR and Haryana. In addition to connecting several roads in Delhi, this highway also connects many small towns in Haryana.

Why is Dwarka Expressway a good investment option in Delhi-NCR? | Reasons to invest in Dwarka Expressway

Growing Connectivity-

Under the new master plan, a well-constructed 100-meter-wide road will be built. The road will connect the area with the metro corridor and the proposed diplomatic enclave. The 18 km expressway runs alongside some special economic zones approaching Kherki Dhaula. This expressway shortens the travel times of passengers coming from West Delhi. It runs in parallel with NH-8 until it merges ahead of IFFCO Chowk.

Higher Appreciation rate-

Dwarka belongs to one of the most elegant and famous areas of Delhi and has good infrastructure as well. Properties in Dwarka, are the most convenient and have proximity to Delhi metro. Apart from metro connectivity it also has good public transport facilities as well. Dwarka also consists of a large number of reputed educational institutions as well. Hence, for investors this can be one of the reasons to invest in Dwarka Expressway.

According to various real estate experts, the demand for property in Dwarka has grown by 6% within a year. The current price trend in Dwarka shows a positive signal for investors or home buyers. However before investing in Dwarka expressway one should have proper real estate knowledge of price trends. Otherwise they won’t be able to make the right profit when buying and selling real estate.

Related link:- 2 BHK flat in Dwarka Expressway

Less Traffic Hustle-

The main motive for constructing the new expressway was to reduce the NH-8’s traffic during peak times. As a significant part of the workforce in Gurgaon’s office centers comes from Delhi. For daily commuters it is one of the best reasons to invest in Dwarka Expressway. The Dwarka Expressway offers easy flow and traffic and helps in ensuring a smooth commuting between the two districts. The Expressway will ease congestion on the Delhi-Gurgaon Expressway and highways that have experienced heavy traffic, mainly due to residents of West Delhi. Approximately 40,000 vehicles will be relocated to the new expressway, which will improve traffic flow on Sohna Road and Golf Course Road.

Less Pollution-

This section is 18 km long and 150 meters wide. Sectors 81-115 have developed throughout its length with sectors dedicated to housing projects, shopping malls and utilities. Dwarka Expressway literally has low pollution levels and feels like a breath of fresh air. With its low population density, the right combination of urban planning, aesthetic and ecological design and additional greenery, it has become a promising investment destination.Conclusion-

Conclusion

So, these are some reasons to invest in Dwarka Expressway. It is a growing area and it will definitely gives you good return on investment in future. Sometimes it can be challenging to estimate the exact cost of buying a property near Dwarka Expressway. Therefore, before buying a property, one should consult to real estate experts.

Consulting an agent helps you in planning your budget accordingly. Tax implications can be difficult to analyze in a real estate transaction. If you buy a flat in Dwarka Expressway for investment purpose then ensure you are comfortable paying EMI even if there is no rental income from the property. Before buying real estate, you should also analyze the extent of the income from it. In addition, you must also calculate the risks associated with the property.

If you have any query then feel free to contact us!

Other links:-

Builders in Pune can use credit notes for wider payments

Affordable plots on Dwarka Expressway

Why Ahmedabad realtors convert commercial projects into residential?

Builders in Pune can use credit notes for wider payments

builders-in-pune-can-use-credit-notes-for-wider-payments

Pune Municipal Corporation (PMC) assured to extend or renew the credit notes offered to developers after the standing committee approved the proposal.
From now onwards these notes can be used to pay property taxes, sky sign department tax, water taxes, and road digging charges. The proposed roads and bridges built through this initiative are located in Hadapsar, Kharadi and Mundhwa.

The civic body only allowed credit notes for building permits when they were first approved in the month of January. These notes are provided to road contractors in public-private partnerships. Roads are being built without paying cash to developers, as Pune Municipal Corporation has lost a good chunk of revenue due to the pandemic. The PMC only planned to allow the exchange of these credit notes for the payment of a building permit or charges.

Developers can pay different charges / fees

PMC planned to develop roads and bridges on the basis of public-private partnerships. As part of this initiative, credit certificates issued for the development of facilities. Developers can use these certificates to pay a range of fees. These fees associated with building permits, such as development fees, building permit fees, and surcharges fees.

If land is not available in the PMC, then developers must take it from private landowners using FSI or TDR. To avail these notes the developer should have possession on at least 80% of the land. The PMC said that the credit notes issued in stages depending on the progress of the road works. Developers will be able to spend approximately Rs 200 crore annually via credit notes.

Chairman of the standing committee, Hemant Rasane, said, the sources of income for the civic body is limited for now. We need to find options like credit notes because they can help to boost the development projects.

BJP corporator Mahesh Wable, who gave the supplementary note, said. “In order to encourage the developers, we need to allow different modes of payments through credit notes. This helps to get a good response to the policy.”

Also read:-

Why Ahmedabad realtors convert commercial projects into residential?

Authorities planning to increase circle rates in Noida

Why Ahmedabad realtors convert commercial projects into residential?

ahmedabad-realtors-convert-commercial-projects-into-residential

As the Covid-19 pandemic has affected the demand for commercial real estate, several real estate agents have turned their commercial projects into residential projects. This year, about 25 commercial projects in Ahmedabad have been transformed into housing schemes.

There is demand for housing and this segment has also provided some cash flow to developers. As a result many developers convert their commercial projects into housing projects. A new reform in the building plans has been approved for 20 commercial projects. These commercial projects comes under Ahmedabad Municipal Corporation (AMC). Also five more projects in Ahmedabad Urban Development Authority (AUDA) areas transformed from commercial to residential.

AMC and AUDA added that there were many commercial projects in 2018 and 2019. However the trend completely changed in 2021. Currently, approx. 80% of the building plans, which must be approved by both AMC and AUDA, are for housing projects.

According to some real estate industry experts, work from home, high inventory levels, lets companies hold their expansion. Also the territorial restrictions and lower crowds in showrooms and shopping malls due to Covid-19 have affected the demand for commercial and office space projects. Building plans were revised for three commercial projects in 2018-19, up to seven in 2020. However, in 2021, their number will increase sharply, AMC officials said.

Project location is ideal for residential purpose

Venus Infrastructure, Ahmedabad based real estate company, converted its commercial project behind the Rajpath Club in Bodakdev into a luxury housing project after receiving approval for a revised building plan.
Rajesh Waswani, CEO of Venus Infrastructure said, we have invested heavily in our commercial project however the demand for commercial space dropped dramatically after the outbreak of the pandemic. The location of the project has always been suitable for living. So we decided to change our plan and switched to the housing project.

Apartments as well as Showrooms

Chitrak Shah, a city broker, also vice president of CREDAI-Ahmedabad GIHED said, we have transformed our commercial project at the Panjrapole crossroad into a housing project. The project currently offers 3 BHK plus work from home flats as well as showrooms. We revised our plan because there was a good demand for housing units in the area. 

Converting commercial units to residential is a smart step for now

Balbirsingh Khalsa, national director of industry and logistics and director of the Ahmedabad branch to knight Frank India, said. Converting a commercial project to a housing project whenever possible is a smart step in the right direction.

On the one hand, office vacancy is high, rents are falling, and the prospects for commercial space remain weak due to fear of pandemic. On the other hand, the demand for housing is good and the number of residential units is also very low today. So, for now it makes sense to shift from commercial to residential real estate.

Also read:-

Authorities planning to increase circle rates in Noida

Government to link e-court with land records to ease registration

Authorities planning to increase circle rates in Noida

authorities-planning-to-increase-circle-rates-in-noida

Homebuyers should be prepared to raise more money to buy real estate in Gautam Budh Nagar, as the administration may raise circle rates in Noida after a four-year hiatus.

Circle rates in Noida, Greater Noida and other parts of the area have remained largely unchanged since 2017. But this time there is a need to revise them upwards because of three industrial development authorities. The three development authorities Noida, Greater Noida and Yamuna Expressway have increased real estate rates over the course of the last three years. At UP, the government collects 7% of the value of the property as a stamp duty.

In fact, at a recent board meeting during the first fiscal year, the land allotment rates in Noida, Greater Noida and Yamuna Expressway areas have increased by three authorities. The Noida authority raised rates for Phase II industrial and institutional sites. These sites include sectors 80, 81, 83, 84, 85, 87, 138, 140, 154, 155 and 158 by 20%. While GNIDA and YEIDA reported increases of about 4.15% and 5%.

Property value continue to rise

The Greater Noida Authority has increased real estate rates for all categories for two consecutive years. Rates on all types of real estate, except commercial, have now risen in price by at least 20%. Noida authorities revised circle rates in Noida for sectors near Aqua Line and Highways in 2019, but refrained from raising rates for non-industrial and non-institutional property.

YEIDA raised rates in 2016 and 2020 both times by 5%. Again, YEIDA raised rates by 5%. Therefore, the value of real estate in these villages along the Yamuna Expressway, which has not yet been built or acquired, will continue to rise.

Final Decision after Evaluating Market Condition

The three regional magistrates and tehsildars will check the value of the transactions in different places to determine if there is a discrepancy between authority rates and circle rates. And the decision to increase the rates could also lead to an increase in the budget for land acquisition for more public projects carried out in Jewar and Dadri.

authority plot near jewar airport 

District Judge Suhas L.Yu. said that “the decision has not yet been made.” “Circle rates remain unchanged until July 31st. We will finalize the decision after analyzing the market conditions.

Rakesh Kumar Srivastava, Deputy Inspector General of the District Press and Registration Department, said. “The final decision in this case will be made by the District magistrate. We share our contributions with administrative officials. ”

However, real estate experts believe that any price increase could affect the area’s real estate market.

Also read:-

Goa Government increases property registration fee by 0.5 to 1%

Publicly Disclose the Apartment Sales: MahaRERA

Greater Noida authority reduces transfer fee on real estate transactions

greater-noida-authority-reduces-transfer-fee-on-real-estate-transactions

Greater Noida’s authority has lowered the real estate transfer fees charged for resale properties, making life easier for thousands of home buyers.

At a board meeting, the authority decided to reduce the transfer fee from 10% to 5% in institutional, commercial, and industrial categories. The allottees or buyers in Greater Noida must pay a transfer fee on the full resale value of the property along with the registration fee.

Dhiraj Jain, Director, Mahagun Group said, one of the decisions made at the meeting was to reduce transfer fees from 5% to 2.5% for residential areas, townhouses, shops / kiosks. The transfer fees are set at a maximum of one percent to 2.5 percent. This decision will definitely uplift the resale real estate market in different categories.
For group housing societies or companies, the government has limited transfer fees to 1%.

Yash Miglani, Managing Director, Migsun Group said, the board meeting of the Greater Noida Authority proved fruitful for the real estate industry. It is expected that many issues will be resolved. The decision made to reduce the transfer fees, which will increase the resale market. The sector needs constant support from the authorities, especially in the current challenging environment.

Also read:-

Goa Government increases property registration fee by 0.5 to 1%

Publicly Disclose the Apartment Sales: MahaRERA

Government to link e-court with land records to ease registration

government-to-link-e-courts-with-land-records-to-ease-registration

The government plans to link e-courts with land registration databases and land records. By this way bonafide buyers can find out if the land they plan to buy is in a legal dispute or not. Also this will reduce suspicious transactions and help limit disputes and reduce barriers to the court system.
A pilot project to connect e-courts with land records and registration database has been successfully implemented in Maharashtra, Uttar Pradesh and Haryana and soon launched across the country.

Improves Ease of Doing Business-

The Department of Justice in the Law Ministry has asked the registrars of all high courts to allow state governments to integrate land registration databases and land records with e-courts and the National Judicial Data Grid (NJDG). This helps in reducing and quickly resolving property disputes. So far, eight higher courts have answered including Tripura, Rajasthan, Madhya Pradesh, Assam, Mizoram, Himachal Pradesh, Arunachal Pradesh, and Nagaland.

A letter from the Department of Justice sent in April this year stated. “We would appreciate it if you could facilitate prompt action on your part by giving the state government the necessary permits to enable nationwide implementation of e-courts related to land records and registration database and other related tasks.”

Simple and transparent registration of property one of the parameters assessed by the World Bank. To determine the performance of 190 global economies on the EoDB (Ease of Doing Business Index).

Buyers can identify disputed land

The Department of Land Resources (DoLR) is the focal authority responsible for registering the property index. It received only 3.5 points against 13 points for the quality of the Land Administration Index.

A committee was set up with the Supreme Court’s E-committee to link electronic courts with registration databases and land records. This will facilitate the registration of land titles and create a supportive ecosystem.  If the legal status of a land / plot properly registered and published. Then it will be a transparent guide for the honest buyer in the execution of the sale and purchase agreement.

The “Electronic Courts” project being implemented in the district and lower courts of the country. With the aim of providing certain services to plaintiffs, lawyers and judicial authorities through universal computerization of district and lower courts.

Also read:-

Goa Government increases property registration fee by 0.5 to 1%

Publicly Disclose the Apartment Sales: MahaRERA

How Model Tenancy Act benefit Tenants and Landlords?

7 Amazing Reasons to Invest in Hinjewadi | Benefits of Hinjewadi

7-amazing-reasons-to-invest-in-hinjewadi-benefits-of-hinjewadi

Planning to invest in Hinjewadi, Pune? But wondering whether it’s worth investing in? When it comes to investing in Hinjewadi, buyers often face a dilemma, as Pune has several thriving localities. So, to make things easier for you we have described the 7 amazing reasons to invest in Hinjewadi.

Hinjewadi is one of the fastest-growing cities and is highly regarded as the state economic center. Generally, it is considered to be a prominent and well-known location for the IT sector throughout India. Today it is one of the most popular real estate centers in the city along with Wakad, Balevadi, Kothrud, Aundh, and Baner.

Due to its continuous development, investing in properties in Hinjewadi can fetch you a good amount of returns. Also, it is considered one of the largest IT centers in Pune and ideal for real estate investments. Apart from high returns, there are several other reasons why the area is suitable for real estate investment. Below we explain the reasons to invest in Hinjewadi or the benefits of investing in Hinjewadi.

Why should you invest in Hinjewadi? | Reasons to invest in Hinjewadi

1- INFRASTRUCTURE dEVELOPMENT | Connectivity

The area offers connectivity to the other localities in Pune and IT institutions situated in Baner and Aundh. Hinjewadi also has proximity to two most popular highways i.e, Mumbai-Pune Expressway and Pune-Bangalore Bypass. The area also offers rich green areas and natural beauty as well as ample opportunities for high return on investment. The area consists of some well known hospitals including Lata Mangeshkar Hospital, Medpoint, Sahyadri Hospital, and Aundh Chest Hospital.

2- Profitable Deal

Real estate considered one of the smartest and reliable investments after gold. However, in the case of real estate, it is crucial to invest in the right place at the right time. Talking about the present scenario of Hinjewadi, it is absolutely an ideal destination for property investment. The area is witnessing high economic and infrastructure development and is one of the reasons to invest in Hinjewadi. It offers a pretty good price appreciation and you can definitely expect a higher return on investment in the future.

3- Education and Commercial Institutions

The presence of educational institutions plays important role in determining the demand of real estate in an area. Hinjewadi also known as an education center because there are many national, international schools and universities around it. Recently, many business schools, law colleges, engineering and art colleges have opened here. As a result, you can see a crowd of students from different parts of India. Some of them settle here with their families as they get permanent jobs after higher education. Ultimately, results in a surge in the demand for housing sector. Some notable educational institutions here include Indira College, Sinhgad College, MIT, and parts of Pune University.

Check out:- flat for sale in Hinjewadi

4- Ideal for rental income

No doubt Hinjewadi is an ideal destination for people looking for passive or rental income source. Rental incomes can be one of the reasons to invest in Hinjewadi. Both commercial and residential real estate segments can fetch you good rental incomes. Many companies looking for office space and working professionals looking for rental apartments for themselves and their families. Hence, both commercial and residential sectors are in great demand.

5- Excellent Growth Potential

Another advantageous aspect of real estate investing in Hinjewadi is that it has a high growth potential. Several business centers want to expand their office in Hinjewadi, ultimately creating more employment opportunities. This will lead to the immigration of potential buyers from different parts of the country. As a result, increasing the demand for real estate in the upcoming year.

6- Prominent Business Parks

There are several business centers located in Hinjewadi with office space and with highly developed infrastructure. Several leading MNC companies have offices here, resulting in an increase in employment, which in turn has led to an increase in demand for residential properties. Some prominent IT parks include Quadron Business Park, Embassy Techzone, and Blueridge. Hinjewadi also well connected with other parts of the city, close to the Pimpri-Pune railway junction and Pune airport.

7- Varied Housing Options

Hinjewadi offers a varied range of housing options to investors as well as end-users. There are apartments, bungalows, townships, villas which are also built for residential purposes only. The price of an apartment in Hinjewadi varies from Rs 4,200 to 6,800 per sqft. There are many residential properties in different segments including luxury and affordable properties for living and investment purposes. So, these are some reasons to invest in Hinjewadi . Further if you have any query or doubt, then feel free to contact us!

Also read:-

Publicly Disclose the Apartment Sales: MahaRERA

Investing in Panvel

Goa Government increases property registration fee by 0.5 to 1%

Goa Government increases property registration fee by 0.5 to 1%

goa-government-increases-property-registration-fee

Customers now have to pay about Rs 74,000 more depending on the property’s market value to register their sale deeds.

To support its dwindling income, the state government increased the property registration fee from 0.5% to 1% in the affordable segment from 50 to 75 lakhs. A notice issued by the law department requires home buyers to pay 3% of the property’s market value. The buyers have to pay when registering the purchase, where the property value is not more than 75 lakhs.

Currently, the registration fee for up to 50 lakhs is 2% and over 50 lakhs, and up to 75 lakhs is about 2.5%. State government sources said this was done to optimize registration fees. However, according to Credai it would have a big impact on sales.

Only exemption in property registration will create demand

The decision from the state government came at a time when the real estate sector was facing a sharp decline in demand for apartments and flats. Builders and developers in the state want the government to lower registration fees. If possible, even lower stamp duty to increase property sales.
Builders, led by Credai, will meet with the law minister and submit a representation and try to convince authorities to cancel the announcement. Credai will try to convince by stating the example of Maharashtra, which briefly lowered registration fees to stimulate demand.

Covid-19 has hit the real estate sector a devastating blow as apartments and houses become more expensive and delayed. Credai’s investigation showed that this had an impact on construction activity and that buyers delayed purchases due to the second wave.
The developers estimate that exemption on stamp duty or reduction of registration fees can help in creating demand.

The decision will spoil the market

Nilesh Salkar, Credai, Goa President said, the hike in property registration is counterproductive and completely unexpected for us. The government believes it can absorb the revenue. But a well known fact that lower the taxes, higher will be the revenue. This step will definitely affect the real estate sector and ruin the market for some upcoming years.
In simple terms this fee increment means that customers buying an apartment under 75 lakh have to pay an additional 1% for registration.

Also read:-

Publicly Disclose the Apartment Sales: MahaRERA

How Model Tenancy Act benefit Tenants and Landlords?

Publicly Disclose the Apartment Sales: MahaRERA

publicly-disclose-the-apartment-sales-maharera

Due to a growing number of complaints about developers illegally transferring the same apartment to multiple buyers. The MahaRera Real Estate Regulatory Authority (MahaRera) ordered them to publicly disclose whether the apartment was sold or reserved.

To avoid more than one transaction with apartments / plots, it is mandatory to provide information immediately once a flat is booked or sold. According to experts from the real estate market, there are cases where builders only issue an allotment letter to the buyer. (A letter of allotment kind of confirmation that the apartment is booked). 

The apartment can be resold to another buyer and the first buyer remains unknown of this. Also the same apartment can even be mortgaged to banks or financial institutions. Ultimately, neither the first nor the second buyer is aware of the sale of the apartment. Also the bank is not aware of this kind of sale. Thus, the developer illegally collects funds for the same apartment from two or even three different buyers.

Difficulties to lenders and consumers

Pankaj Kapoor, an official from a real estate firm, Liases Foras, said, the main purpose of RERA was to suppress such threats and actions. The law stipulates that developers upload information about mortgaged and sold properties on the RERA website. Previously, it was noticed that many builders’ projects were stuck in the NCR and MMR trap and practiced similar approaches. It had caused several difficulties to lenders and consumers. These builders need to severely be punished as this undermines consumer confidence and discredits the entire industry.

Shop Sold Multiple Times

Manohar Shroff, Navi Mumbai based builder said, Navi Mumbai has become “a villain’s port”. The whole industry suffers from some dishonest brokers and builders.
In one case, Shroff said a developer cheated or misled several investors and fled to Pune. In another case, a builder fled with Rs 100 crore, and a third sold a shop several times in Belapur’s CBD and misled buyers. So, to avoid these kinds of fraud, buyers should register their documents as soon as possible.

Must Register Sales Agreement-

Property law expert, Lawyer Anil Harish said, it appears that even after the arrival of RERA, some developers continue to issue more than one allotment letter for a single property. This is obviously wrong in both civil and criminal law.
Buyers should also check the MahaRERA website to see if the project registered and if building permits have been received. Also search sub-registrar registrations to check ownership and mortgages.

According to experts, buyers must register an agreement if more than 10% of the apartment price is paid. Stamp duty for a letter of employment, a letter of intent or a memorandum of understanding (MOU) can be 1% of the price to encourage people to sign up. This 1% must credited to the stamp duty specified in the contract, so you only have to pay the remaining 4%.

Also read:-

BRERA wants separate teams to help home buyers

CREDAI-MCHI urges Maharashtra Government to cut stamp duty to 2%

Gujarat government offers property tax waiver for restaurants, hotels, resorts & water parks for FY21-22

Reasons to Invest in Panvel

How Model Tenancy Act benefit Tenants and Landlords?

how-model-tenancy-act-benefit-tenants-and-landlords

Following the publication of the draft in 2019, on Wednesday the Union Cabinet approved the Model Tenancy Act (MTA) model. This will simplify the rental process in India and help the rental economy in the real estate sector.
According to the government, the law will help reform the legal framework for rental housing throughout the country, which will contribute and improve the overall economy growth.

What’s the purpose of this law?

According to the 2011 census, more than 1 crore of houses were empty in urban areas. Existing rent control laws had restricted the growth of the rental housing sector. Also homeowners avoid renting their homes due to fear of repossession. One of the possible steps to unlock the vacant house and to remove fear of homeowners is to bring transparency and accountability into the existing system for renting premises. While considering the interest of both homeowner’s and the tenant’s in a balanced manner.

The Model Tenancy Act 2021 seeks to create a sustainable, dynamic, and cost-effective rental housing market. The law will institutionalize rental housing, progressively move it towards the formal market and is aimed at meeting the demand of both owners and tenants. The Act also promotes the opening of houses that have been untenanted for several years.

How does Modern Tenancy Act benefit tenants?

  • Limit the security deposits:- The tenants have to pay at least one year’s rent as security deposit in cities like Bangalore and Mumbai. However with the new Act homeowners cannot demand for rent for more than two months as security deposit.
  • Restrict frequent rent hikes:- Throughout the rent agreement or lease period, homeowners cannot increase their rent. The homeowner must give the tenant three months’ prior notice before increasing rent.
  • Stop’s homeowner’s invasion:- The homeowners entering premises whenever and wherever they want, is a frequent complaint of various tenants. To prevent this from happening, the policy says owners must give 24 hours written notice before visiting. In addition, they can not come after 8 pm and before 7 am. Also, if there is a dispute between a tenant and homeowner of some nature then the homeowner cannot cut water and power supply to tenants. 
  • Responsibility of structural maintenance:- While the policy states that both parties will be responsible for maintaining the leased property. However the responsibility for maintaining the property structure lies on the owner. In case of any repair or replacement work, the owner must give a prior 24 hours notice to the tenant.

How does Modern Tenancy Act help landlords?

  • Overstaying of tenants:-
    Now tenants who do not follow or do not comply with the tenancy clause, like staying longer than specified in the lease period. Or late payment of rental payment will be fine heavily. Especially in case of a delay in the stay even after the expiration of the lease. The tenant must compensate the homeowner by paying a double rent for 2 months, which in some cases can increase up to 4 times.
  • Subletting the home/flat
    The tenant is not allowed to sublet all or part of the rental property without prior permission from the owner.
  • Eviction of tenants made easier
    According to the model tenancy act 2021, homeowners can apply for the right of rental for eviction in the rent court, if tenants have not paid their rent for two consecutive months.

Opinions of real estate experts on the Model Tenancy Act 2021:- 

Improves quality of housing.-

Ramesh Nair, former CEO, JLL India said. Housing for everyone cannot succeed without a strong rental housing model. The Model Tenancy Act not only reduces the slums quantity but it also improves the quality of housing. All government efforts have focused exclusively on home ownership. 

Build better tenancy market.-

Managing Director of Poddar Housing and Development, Rohit Poddar said. The Act will regulate and promote rental housing and play a critical role in increasing the supply of rental housing. This will become an important requirement in the near future as the population grows. The rental terms are clear to both tenants and homeowners and reduce a number of disputes due to unwritten agreements. So, the decision benefits both tenants and homeowners. The Act will also improve the growth of the rental housing market in India as a whole.

Encourage Investors participation.-

Managing Director and Chairman of Knight Frank India, Shishir Baijal said. GST, REIT, RERA, and now tenancy laws will help transform the real estate sector into a more transparent and consumer-oriented sector. Thus, attract the best investors and institutional developers in the world to wider participation in the country’s real estate sector.

The Act contains provisions that regulate the rights and obligations of both homeowner and tenant. We believe that this law is a step in the right direction and we are pleased that the law has become a fundamental reality during the pandemic time.

Increased trust between tenants and homebuyers.-

Vice-Chairperson and Sr VP of NAREDCO, Manju Yagnik said. The Model Rental Act will undoubtedly be a game changer, resulting in increased trust between homeowners and tenants. This helps to create a suitable rental market without ambiguity. With the formation of a separate leasehold and tenancy law there will be a speedy resolution of disputes. In the short term, this law will lead to an increase in the supply of rental housing. It benefits all those seeking to migrate in search of work to an urban area.

Create new rental housing.-

National President of NAREDCO, Niranhan Hiranandani said. A new law is needed to make life easier for tenants, landlords and investors. The Model Tenancy Act 2021 will help reform the legal framework for rental housing across the country, thus helping in stimulating overall growth.
The law will make it easier to remove the blocking of vacant rental homes. This is expected to provide impetus to private sector participation in rental housing as a business model to tackle the huge housing shortage. The law will institutionalize rental housing and gradually push it towards the formal market. This Act ensures the creation of new rental housing for all segments of the population and tackles the challenges that housing seekers face.

Also read:-

Greater Noida development body starts new industrial plot scheme

Best Area to buy Flat in Pune

Chandigarh Housing board set up help desk for property auction

Top 6 Benefits of Investing in Panvel | Reasons to Invest in Panvel

benefits-of-investing-in-panvel-reasons-to-invest-in-panvel

In this article we have discussed the 6 incredible benefits of investing in Panvel. If you are considering investing in Panvel real estate but concerned whether it is worth it, please go through the below pointers. The benefits discussed in this article are based on feedback from builders, brokers and clients living in Panvel.

The Panvel residential market has witnessed a significant growth in the past few years. The area offers a wide range of real estate investment opportunities. Properties in Navi Mumbai are really modern and known for luxury living. Of all the locations in Navi Mumbai, Panvel is the hotspot for the real estate boom. It offers a mix of fresh and spectacular scenery, robust infrastructure, connectivity and more! Here are some of the reasons to invest in Panvel real estate. 

The 6 amazing Benefits of investing in Panvel

1 Infrastructure-

Panvel is 40 km from Mumbai and falls in the Raigad district. It has proximity to Thane and Navi Mumbai, two well-planned cities with robust infrastructure and attracts a lot of attention due to its proximity to major upcoming infrastructure projects. It is highly regarded for its connectivity as it is the intersection of various highways including Sion-Panvel Expressway, Mumbai-Pune Highway, National Highways 66, 4 and 4B.

The railway department is also executing crucial tasks in Panvel, and Panvel’s CST high-speed rail corridor is seen as an important game changer. As it will significantly reduce travel time and improve the overall transport connectivity of this region.
Also the long awaited Navi Mumbai International Airport is very close. The new airport expected to be operational by the end of 2021. It also includes the project NAINA – Navi Mumbai Airport Notified Influence Area, developed by CIDCO. Another project that is attracting more investors to Panvel is a corridor of over 100 km from Alibaug to Virar.

2 Connectivity

One of the main benefits of investing in Panvel is the seamless connectivity to other areas of Mumbai. It is well connected to the major localities nearby, thanks to its amazing rail/road connectivity. The area also connected to the western and eastern highways and also in the center of Konkan, which can easily connect to other countries.

Connectivity of Mumbai Pune Expressway and Sion-Panvel exit further improves the reach to Panvel. As such, these roads provide easy access to all parts of Mumbai, making Panvel a great place to invest in real estate.

Check out:- flats for sale in Panvel

3 Profitable investment

Real estate is considered one of the smartest and most reliable investments. However in the case of real estate investing in the right position at the right time is very crucial. Otherwise you won’t get the desired output or profit. In terms of profit there are many benefits of investing in Panvel. When buying a property, the amount of potential major infrastructural and economic improvements in that location should be considered. Nowadays, it is profitable to buy a new home somewhere like Panvel where you can expect a better return on investment in the future. 

4 Less Traffic Hustle-

Panvel is a well-structured and well-planned place as a result people can move without any hustle even during peak rush hour. Since two decades, it has witnessed an amazing social and physical infrastructure growth. Although the recent breakthrough came later than Thane, making it an excellent investment destination.

5 Educational Institutes

Panvel has well-known educational institutions as well as many famous schools and colleges. The presence of prestigious schools and colleges are one of the benefits of investing in Panvel. Some of the most prominent educational institutions are Mahatma School of Academic Sciences and Sports, New Horizon Public School, Media Studies and Research and St. Joseph High School.

6 Less Pollution 

Low pollution is one of the main reasons to invest in Panvel. It is the perfect place for those who want to live in peace, who want to enjoy landscapes and greenery. It offers accommodation at very reasonable prices compared to Mumbai and has both affordable and luxury homes. Also the level of pollution very low in Panvel compared to other areas thus, making it the most desirable place to invest in a home. 

Conclusion-

When buying a property you should consider the amount of potential major infrastructural and economic improvements in that location. One should definitely consider Panvel, as the benefits of investing in Panvel are many. It is already a well planned city and has most of the amenities ideal for a perfect living. There are many banks, gyms, popular restaurants, clubs, amusement parks, shopping malls, etc. It also has some well-known and famous educational institutions. Considering all these factors, Panvel is definitely going to be one of the best areas to invest in real estate. 

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BRERA wants separate teams to help home buyers

brera-wants-separate-teams-to-help-home-buyers

The Bihar Real Estate Regulatory Authority (BRERA) urges the state and central government to form an interdisciplinary team to ensure that real estate companies reimburse buyers money with interest or to get the building registered and give possession to buyers.

The bench of chairman Naveen Verma and members Nupur Banerjee and RB Sinha made the above suggestion on Monday. During a series of cases against Shine City Infraproject Private Limited, the directors of this company supposedly have gone to Dubai. They have cheated several people to register property in their name despite taking money against a housing project in Naubatpur, Patna. 

The bench noted that in addition to Patna, the company committed a similar infringement against home buyers in other cities like Odisha, Uttar Pradesh, and Jharkhand.

Help of ED will be beneficial

The bench has ordered all plaintiffs to file an FIR to the State Police Economic Offence Unit (EOU) with all the facts and documents related to the company and submit them to RERA.

The bench has requested Bihar DGP to set up a dedicated investigation team to look at the consequences of the case. And explore the possibilities of seeking help from key investigative authorities such as the ED (Enforcement Directorate) to catch offender. As the company’s activities span several states and directors have gone abroad. It has also ordered RERA’s secretary to send a letter to DGP, with facts in the case so investors can register FIR against the company. It also instructed the RERA Secretary to discuss the matter with the Registrar of Companies in Lucknow for details of the company.

The authority is also taking help from a retired police officer with experience in financial crime. The role of officer is to investigate complaints from more than 90 people, who paid money to buy a property in Naubatpur but never brought to justice.

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Gujarat government offers property tax waiver for restaurants, hotels, resorts & water parks for FY21-22

gujarat-government-offers-property-tax-waiver-for-restaurateurs-hoteliers

The move brings tremendous relief to the hotel industry, which is recovering from a severe income crisis following the pandemic. The property tax exemption is welcome after the industry has experienced a downturn with the first and second wave of Covid-19 cases. This step will definitely boost the hospitality sector and a good step by the state government.

On Monday the state government announced full exemption from property tax for hotels, restaurants, resorts and water parks in the fiscal year 2021-22.

The state also announced the revocation of flat electricity bills. So the hotel owners, restaurateurs, resort and water park owners only have to pay for the electricity they use.

It will ease financial burden on hoteliers

Jay Sudhakaran, general manager, Novotel Ahmedabad said, the industry felt neglected due to staff restrictions in companies and hotels that are not considered frontline workers. The news is a welcome change and would help many businesses who are struggling with COVID situation.

The Hotels and Restaurants Association (HRA) and the Gujarat Food Entrepreneurs Alliance (FEA) in Ahmedabad have issued statements and representations to the state government in this regard. On Monday afternoon, a meeting held between HRA representatives and Chief Minister Vijay Rupani, after which the decision was announced.

Narendra Somani, president, HRA, Gujarat said, rising rents, rising operating costs and lack of revenue due to the restrictions have severely impacted the restaurant and hotel businessess. The decision to abolish fixed electricity costs and property taxes will reduce the financial burden on hoteliers.

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CREDAI-MCHI urges Maharashtra Government to cut stamp duty to 2%

credai-mchi-urges-maharashtra-government-to-cut-stamp-duty-to-2%

Real estate association CREDAI-MCHI on Tuesday requested the Maharashtra government to cut the stamp duty to 2 percent in Mumbai to revive housing demand amid the COVID-19 pandemic.

The association wrote separate letters to Udhav Thackeray, Chief Minister of Maharashtra, Ajit Pawar, Minister of Finance, and Balasaheb Thorat. Deputy Chief Minister of Maharashtra and Minister of Revenue of Maharashtra.

Drastic reduction in stamp duty collection

In September 2020, the Maharashtra government announced a 2-3 percent reduction in stamp duty. The exemption became ineffective in March this year.
In support of its claim, the association cited a slowdown in housing sales and a sharp reduction in stamp duty collection for the state government.

CREDAI MCHI, which has more than 1,800 developer members, has asked the state government to reduce stamp duty to 2 percent in Mumbai by March 2022. In addition, authorities said the downward trend will continue and many potential buyers are hesitating due to higher transaction costs.

The industry authority noted that the decision to reduce stamp duty in August 2020 has helped the sector incredibly.
However, the decision not to renew the stamp duty refund after March and the outbreak of another wave has led to extremely low-key sentiment from home buyers. Revenue collection for the authorities has also fallen. Property registration and stamp duty collection fell by 70 percent in May compared to March.

Low inquiries since past few months!

Deepak Horadia, president of CREDAI-MCHI, said, the association has called for an extension of the cut beyond March. So that the momentum of this industrial and economic revival does not fade. “However, we have seen a strong downward trend in inquiries and sales in recent months. Which not only hampers the sustained progress made in the real estate sector but also the more than 250 aid industries that come into play. Goradia said the state government should be aware of the need to return stamp duty reduction. So to regain the confidence of home buyers as well as increase its own revenue collection.

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