Karnataka High Court orders the state to retrieve stalled homebuyers’ funds in four months.

Under the guidelines of the Karnataka RERA, homebuyers in Bengaluru projects with up to four years of delays are waiting for the state to reimburse them for their money. According to experts, the government should expedite recovery as they pinpointed the crucial issue. 

The Karnataka High Court has given the state government of Karnataka four months to recover the money the buyers of the Ozone Urbana project in Bengaluru paid. It happened due to the state government’s inability to comply with an order from the Karnataka Real Estate Regulatory Authority (RERA) requiring it to recover the funds starting in 2022.  

The delayed execution of the Karnataka RERA order to recover the money by the state government is the homebuyer’s grievance, according to the high court order. As per the high court order uploaded last week, “The order shall be complied with within four months.”

The Real Estate (Regulation and Development) Act 2016 stipulates that if a builder fails to provide buyers with apartments, the regulatory authority may issue a revenue department to start a recovery against the builder. If the builder does not reimburse or compensate homebuyers, the recovery department may commence against the builder. 

Legal experts state the deputy commissioner’s (DC) office will collect the funds from the developer as revenue from land arrears once an RR order has taken effect. 

Homebuyers, some of whom have invested crores of rupees, are stuck because of the state government’s sluggish recovery. 

Sluggish rebound

Based on the most recent information available, the revenue department has only been able to collect roughly Rs 26 crore from builders in the state as refunds or compensation for delayed apartment deliveries to buyers. It is still necessary to recover more than Rs. 245 crore. 

Moneycontrol claims that the state government still needs to retrieve 114 orders issued by KRERA for the Ozone Urbana projects, worth more than Rs 50 crore. 

“This project alone still has over Rs 50 crore that needs to be recovered. Homebuyers who have been waiting since 2020 have turned to the high court in hopes of receiving relief due to the delayed recovery process, according to homebuyers’ advocate Akash Banita. 

The requirement for substitute remedies 

Ani Kalagi, the founder of the Bangalore City Flat Owners’ Association, who is also working with the DC office, says that the main problem with this case is that the RRC orders attach the projects that have already been delayed and put up for auction. Most of these projects are still ongoing or involve unresolved land title issues. Most of these projects are still ongoing or involve unresolved land title issues. The state government is having difficulty selling the properties at auction to recoup the funds.”

Experts claim that in recovery cases in states like Maharashtra and Uttar Pradesh, the RERA has frequently acted suo moto. However, Karnataka has never enacted any legislation of this kind since 2016. 

One feasible way to solve this issue is to identify the auctionable assets builders own and provide a list to the DC office and tahsildars for attachment. The state government will be able to auction these assets and get the money much quicker in this way, Kalgi continued. 

The president of the Karnataka Home Buyers Forum, Dhananjaya Padmanabhachar, claims that the absence of a recovery timeline indicates that the state department fails to provide buyers with adequate support. He says the state government must set a deadline for the revenue department’s and the RERA’s procedures. 

These considerations are crucial for real estate investors before purchasing property in Noida and Greater Noida.

Experts in real estate advise investors to proceed cautiously and investigate the developer’s standing, project approvals, and timeliness records.

Over 6500 apartments could be registered shortly in Greater Noida after at least thirty developers consented to settle their debts following the Uttar Pradesh government’s 2023 real estate policy. Here are some things real estate investors who wish in the real estate market should know about.   

By the policy, the realtors of thirty housing projects in Greater Noida currently on hold will receive authorization to complete the registry of 6,500 apartments in their projects after paying Rs 350 crore. 

“A minimum of thirty developers in Greater Noida have signed an agreement to pay 25% of the outstanding balance and execute registries of available units in delayed housing projects.” To alleviate suffering for homebuyers, we are pursuing all realtors to encourage them to utilize the program and obtain registry permission,” said Saumya Srivastava, an additional chief executive officer of the Greater Noida Authority.  

Thirteen realtors in Greater Noida who have accepted the government deal in Noida have also agreed to the policy of coming forward to settle their debts.  

What policy does the UP government have? 

It is not penal interest for real estate developers to halt construction during the two-year COVID-19 period or in response to a court order.

Officials say that another thirty realtors will most likely consent to pay their dues. These developers have agreed to contribute 25% of the total dues, minus penal interest, to be eligible for the registry of apartments. 

How much do developers owe the authority in total? 

The stalled housing projects under this policy are 57 housing projects with 32,000 units in Noida and 96 housing projects with 75,000 units in Greater Noida.  

About Rs 8,000 crore is estimated to be owed by Noida realtors, and roughly Rs 5,500 crore is due by Greater Noida realtors for the abandoned projects. 

The authority can take away the developers’ allocations under the policy. 

If defaulting realtors refuse to pay their dues and take over the unfinished project, the government cancels their allotment. The policy also gives the three industrial bodies—Noida, Greater Noia, and Yamuna Expressway— the ability to put the defaulting developer on a five-year. 

Officials claim that out of the 75,000 units in Greater Noida, at least 96 projects are stalled and may benefit from the 2023 policy. 

The process should take one or two months to finish. 

Upon the authority’s completion of the process and granting the required permission, the procedure will be finished in two to three months.  

Three committees, led by deputy general managers, have been established by the authority to go after the remaining realtors and force them to settle their debts before they can register authorization. 

Registry in Noida 

Of the 57 real estate developers of housing projects in Noida that have stalled, only 13 have stepped forward to make payments after obtaining interest waivers under the new policy.

Realtors are under pressure from the Noida authority to either pay land dues by the new real estate policy deadline of December 21, 2023, or face consequences. 

Reason for action: of the 57 realtors of housing projects put on hold, only thirteen came forward to pay the balance after using the interest waivers provided by the new policy. 

Of these 13, seven have already paid the fees; the other two have consented and are now processing payments to obtain registration authorization. 

Thirteen stalled housing projects in Noida are among the developers who have accepted the government deal in exchange for permission to register. 

Why don’t developers in Noida show up to pay their bills as frequently as they do in Greater Noida? 

Developers in Greater Noida are paying their dues in large quantities because the policy that allows for waivers reduces the amount they owe the Authority. Major developers in Noida with debts exceeding Rs 100 crore include Supertech Group, ATS, Prateek Group, and Gardenia Glory. 

Officials from the Noida authority claimed, “These developers also demand more waivers before they decide to pay up the dues.”

However, Greater Noida authority officials stated that more developers are coming forward to settle their debts because they are less than Rs 100 crore. 

Do you want to buy property in Greater Noida or Noida? Observe the following information. 

More developers have agreed to pay their debts, which could lead to progress and a quicker completion date for the project, according to Prashant Thakur, Regional Director & Research, ANAROCK Group. Prospective buyers should, however, proceed cautiously and thoroughly review the developer’s standing, project approvals, timely completion record, and financial standing before investing. He advised doing extensive due diligence at all times and sticking with reputable, well-organized developers. 

To navigate the complexities of the market and make wise decisions, it makes sense to seek professional guidance from a qualified real estate advisor if there is any cause for doubt. Reputable consulting firms will be able to provide accurate information. He asserted that small brokers, unrestricted by industry best practices, often give misleading information to close deals. 

“It is important to monitor the policy’s progress and the developers’ compliance to obtain a clearer picture regarding its effectiveness in expediting project completion,” he went on.

Noida’s five most expensive residential areas

The National Capital Region (NCR) includes Uttar Pradesh state’s Gautam Buddh Nagar district, which is home to Noida. Over time, Noida has become one of the most affluent and luxurious residential areas. Noida is a popular destination for singles, families, and professionals. Numerous people opt to live here because it is less expensive than Delhi or Gurgaon. 

These upscale neighborhoods in Noida offer opulent homes, first-rate amenities, and an unparalleled culture. Every resilience shows dedication to sophistication and elegance, from opulent estates to modern penthouses. Discover the allure of these affluent communities, where residents take advantage of the best facilities available and a majesty that reflects the high-end Noida residential area. Would you like to learn more about the city? Continue Reading!

Modern infrastructure, everyday comforts, public services, and state-of-the-art facilities are all available in Noida. Numerous schools, IT companies, and residential areas with both low- and high-rise buildings are in Noida. 

Sector 44, Noida 

Sector 44 lies near the Okhla Bird Sanctuary in the northern region of Noida. It surrounds the communities of Sector 45, Sector 18, Sector 29, Sector 43, and Sector 40. It lies between Dadri Road and the Noida — Greater Noida Expressway on the north and south sides. This area has easy access to public transportation that connects it to different parts of Noida and Delhi. The closest metro station is Botanical Garden, a stop on the Delhi—Noida metro’s Blur line. There are many parks and gardens around Sector 44, one of the most well-known being the Botanical Garden. The Noida Golf Course, a well-liked destination for golf enthusiasts, is located nearby. 

Important Elements 

  • Connectivity: Sector 44 enjoys good access to the Noida golf course, as well as to the other recreational facilities and sectors 18, 29, and 45.  
  • Transportation Facilities: Buses and metro stations are among the public transportation options available in the neighborhood.
  • Investment: Within a 10-kilometer radius of the area are parks, retail centers, business parks, and software firms, among other places that draw in investment. 
  • Extracurricular activities: The Botanical Garden and the Flim City project are fantastic visitor attractions.  

Sector 72

Sector 72’s advantageous location in the city allows it to enjoy excellent connectivity within Noida. Getting around the city is easy because of the well-designed roads, efficient public transportation, and close-by metro stations that guarantee easy access. Everyone can readily utilize transportation in Sector 72, Noida, whether they commute a long distance or work nearby. A community’s attractiveness frequently depends on the presence of prestigious educational institutions. Gyandeep Public School and The Banyan Roots, two well-known institutions, are located in Sector 72, which enhances the area’s standing as a center for high-quality education. 

Important Elements 

  • Connectivity: Because Sector 72 lies in a posh, well-established neighborhood, it has good access to Noida’s key cities. 
  • Transportation Infrastructure: This region offers excellent access to well-maintained roads, adjacent metro stations, and public transportation facilities. 
  • Investment: This location regularly provides first-rate infrastructure and everyday essentials like excellent services, medical facilities, and educational institutions. 
  • Extracurricular activities: There are numerous exciting extracurricular activities available in this perfect location, like Snow World, Buddh International Circuit, Asquare Mall, Shopprix Mall, and many more, that will keep you occupied and never get old. 

Sector 18, Noida 

Sector 18 is one of the most sought-after locations in Noida. This neighborhood is a fantastic choice for everyone because it provides residents with the ideal mix of commercial, residential, and recreational spaces. Access to public transportation and other parts of the city is convenient from this area. Many banks, insurance providers, and financial institutions, including National Insurance, AOV Forex, Birla Sun Life Insurance, and Bajaj Capital, are located in Sector 18. Visitors can explore a well-rounded living environment, entertainment venues, and the Gurudwara Sahib.   

Important Elements 

  • Connectivity: This area stands out because it provides quick access to some locations, including Dr. Ambedkar Park, the Sector 16 metro station, the Mahmaya overpass, the DND Flyover, and many more.  
  • Transportation Facilities: First-rate buses and metro stations are available for public transportation. 
  • Investment: Many of the neighborhood’s locations, such as hotels, shopping malls, business parks, and schools, attract interest from potential investors. 
  • Extracurricular activities: The Radisson Hotel, Mosaic Hotel, Mall of India, The Great Inia Place Mall, Garden Galleria, Wave Mall, and Sri Guru Singh Sabha Gurudwara are nearby attractions. 

Noida’s Sector 87

Noida’s Sector 87 is a busy neighborhood that skillfully combines commercial and residential development in the heart of the energetic city. This rapidly growing center offers the best of both worlds: contemporary amenities, thoughtfully designed infrastructure, and convenient access to the entire city. A component of the NCR, Noida has expanded dramatically in the past ten years. Sector 87 is one of the most sought-after neighborhoods for renters and homeowners. Due to its prime location, Dadri Main Road, the Noida-Greater Noida expressway, and the FNG Motorway (Faridabad-Noida-Ghaziabad) are just a few of the main thoroughfares that are easily accessible from this area. 

Principal Elements 

  • Noida’s Sector 137, the Jaypee Underpass Flyover, the Mahamaya Flyover, and other significant places are easily accessible. 
  • Transportation Facilities: First-rate buses and metro stations are available for public transportation.
  • Investment: One of the main things that attracts people to Sector 87 is the multitude of amenities available to cater to the diverse needs of the local population. 
  • Extracurricular activities: With plenty of new activities coming soon, including Barbeque Nation, Noida Golf Course, Smash Noida, and more, Sector 87, Noida, is a great place to be. 

Sector 132, Noida 

Enter Sector 132, one of Noida’s most sought-after neighborhoods. The established neighborhood is a popular choice for both renters and buyers due to its peaceful surroundings, first-rate connectivity, and luxurious amenities. Noida’s Sector 132 is a great place to settle down. With some of the best schools in Noida, it is especially great for families with children.  

Essential Elements

  • Connectivity: Sector 132 in Noida is a thriving community that offers exceptional living conditions to its residents.
  • Transport Facilities: NSEZ metro stations, taxis, and autorickshaws are good examples of the public transportation services provided by this sector. 
  • Investment: By placing these ATMs in prime locations, locals can ensure that cash withdrawals and other financial services are easily accessible. 
  • JPS Galleria, Starling Edge, Uptown Square, PK Boutique Hotel, and many more venues offer a range of fun activities. 

Conclusion

The most expensive residential area in Noida represents a sense of exclusivity and luxury. It provides a modern lifestyle with abundant amenities, a feeling of wealth, and attractive architecture. The rising cost of real estate in this sought-after neighborhood reflects the high demand for real estate in the bustling metropolis and the allure of living in luxury. 

What is the procedure for paying land tax online in Kerala?

Here’s how users can pay land tax online in Kerala by visiting the official website of the State Revenue Department.

Sanchaya, the online portal of the state government’s local self-government department, has simplified the method for paying land taxes in Kerala. To pay land tax, users can sign up for the official revenue department website of the Kerala government. 

Describe the land tax. 

When you buy real estate, the state and union territories impose a land tax. In Kerala, the revenue department has jurisdiction over any land parcels, and the owner is responsible for paying a tax based on how the land is used. The annual tax is the responsibility of the property owner.

The money each panchayat and local urban body earns to maintain and grow public amenities for residents and tourists. Kerala’s revenue department calculates and examines the online land tax. 

Kerala’s land tax rate

By the new budget, land valued at over 20 cents will be subject to a tax rate of Rs. 8 per acre in the village panchayat divisions.

Here, R denotes a 1,000 square foot area. 

The price of municipalities is Rs. 10/R for each centimeter of land. However, a tax rate of Rs 15/R will apply to land valued at more than 6 cents. 

Land has a price of Rs 20/R for corporations, accurate to the nearest 4 cents. Lands worth more than 4 cents are subject to a tax of 30/R.  

How does land tax work in Kerala?

When calculating land tax in Kerala, factors such as the land area, property age, and current cycle rates exist.

How can I pay the Kerala land tax online? 

Step 1: Create an ID and password after registering on Sanchaya’s official website. The Revenue Department of Kerala’s official website is also accessible.  

Step 2: Select “Citizen Login” for Sanchaya and enter the generated ID and password. It will take you to the Local SelF Government of Kerala (LSG) website.

Step 3: Register on this website if you are yet to do so. If you are already a user, select “Payment for Registered User.” 

Step 4: Enter the necessary information and the Captcha code. Verify your enrollment. A new page will appear. 

Step 5: After finishing, access the “Citizen Login” page on the Sanchaya website. The local self-government of Kerala (LSG) will be where you go. 

Step 6: Select the applicable district, corporation, or municipality. Press the submit key.

Step 7: The webpage will display the local organizations. Press the E-pay button. You’ll be sent to a different web page. 

Step 8: Select “Property Tax” and enter the necessary details, such as the ward number, door number, and sub number. 

Step 9: A display of the verified property tax information alongside the tax balance will appear.  

Step 10: Input your email address, mobile number, and Captcha code. 

Sep 11: Select the “Pay Now.” Choose a suitable payment method, then pay the Kerala land tax online. 

The finest cement for plastering a home

Plastering with cement is the most common way to achieve a perfect finish, a smooth surface, and more durable building walls in any construction project. Plastering is the application of a thin layer of cement mortar adhesive material to the walls and roofs. Plastering comes in different forms, such as lime, gypsum, cement, and clay plastering.  

Cement is a crucial component and a common material in construction projects in the real estate industry. Plastering houses is one of its uses, among other things. The longevity of your home or any other building depends on the type of cement you use, so make the right choice for the best plastering experience. Tell us which plastering in India is the best. 

The best plastering cement 

The two cement grades most frequently used for plastering are Portland Pozzolana (PPC) and Ordinary Portland Cement (OPC). The types of cement used can vary based on the needs of the building or home. PPC cement is considered the best over the former grade because of its numerous advantages. PPC cement is better than the prior grade due to its many benefits. Its ability to repel water keeps the structure from fracturing. PPC cement is softer than OPC cement, but it offers better finishing. The cement plastering ratio is another crucial element for the best cement plastering outcomes. The type of building can affect the plaster requirements. In general, if the thickness of the plaster is more than 15 mm, two coats are applied. For your home’s exterior plaster, you can use masonry or white cement for decoration. In short, the best plastering cement will depend on the requirements of your project.  

Various cement grades 

Various cement grades indicate the mix’s strength. The different cement grades are necessary for this reason. The market offers three grades of cement: Grade 33 (IS: 269), Grade 43 (IS:8112), and Grade 53 (IS: 12, 269) for purchase. Plaster requires cement grade 33, while flooring, precast, and plastering typically use grade 43 cement. 

Cement mortar is another essential component for a smooth plaster finish. Sand, cement, and water are the ingredients of mortar. The proportion of cement to sand determines the strength of cement mortar. To plaster walls with precision, cement mortar is essential. In addition to plaster, masonry blocks like bricks, plaster walls, and slabs consist of cement mortar. 

What is making Kanakpura Road a sought-after residential area?

Bengaluru’s most sought-after real estate area is Kanakapura Road, hidden in the quiet suburban charm. This growing neighborhood, which attracts investors and homeowners due to its convenient location, offers a modern urban lifestyle in a tranquil setting. Kanakapura Road is a testament to Bengaluru’s dynamic real estate market, ready to draw in buyers looking for convenience, affordability, and peaceful surroundings. Its varied housing options, quick market appreciation, and dedication to maintaining its nature also contribute to this. 

Advantages of Location

The advantageous location of Kanakapura Road provides its residents with many advantages. Its outstanding connectivity, which offers simple access to significant thoroughfares like Hosur Road via NICE Road and the Outer Ring Road, is among its most notable attributes. The city’s inhabitants are used to traveling to neighboring cities like Mysore and around it.  

There are plenty of choices when it comes to transportation. There is an extensive network of autorickshaws, buses, metros, and app-based taxi services accessible. Moreover, the neighborhood’s proximity to Banashankari Bus Terminus is noteworthy and contributes to the ease of commuting for its residents within the city. Whether you are a professional, a family man, or an adventurer, Kanakapura Road offers a comprehensive solution by fusing modern conveniences with metro connectivity to keep you ready for the future. 

Infrastructure developments 

The infrastructure surrounding Kanakapura Road has undergone a dramatic change. Significant modernization of the road network has improved living standards and made commutes more comfortable. The attractive metro (Green Line) line, which promotes intra-city connectivity and unleashes additional potential for this region, is noteworthy. Kanakapura Road is becoming a lively and well-connected community due to the convergence of better infrastructure and increased connectivity, providing an enticing mix of contemporary convenience and exciting investment opportunities. 

Adaptable residential environment 

Homebuyers and developers alike are taking notice of Kanakapura Road as it has become a highly sought-after residential hub. Its advantageous position in IT parks, medical centers, and entertainment hotspots has improved its standing in the real estate market. Prospective homeowners can choose from options that fit their needs and budgets. 

You can look at housing options in this area, from luxurious gated communities to reasonably priced apartments. It is the best option for anyone looking for a home in popular communities like Banashankari, JP Nagar, Jayanagar, Basavanagudi, Konanakunte, Tlaghattapura, Kumaraswamy Layout, ISRO Layout, Uttarahalli, Padmanabhanagar, Bannerghatta Road, and RR Nagar because the price range varies to suit a variety of budgets. Whether you want to upgrade or buy a home for the first time, Kanakapura has a residential option that meets your needs. 

Peaceful balance between ease and quiet 

Kanakapura Road is the ideal location for individuals seeking a harmonious lifestyle because it skillfully combines the comforts of city living with a tranquil setting. There are plenty of options for entertainment nearby, including cinemas, busy shopping centers, and delicious restaurants. Due to the area’s advantageous location, residents have easy access to top-notch healthcare and education options. Notable educational institutions in the area include Sri Kumaran Public School-ICSE, Jnana Sweekar Public School, and The Valley School. Prominent healthcare facilities are also located nearby on Bannerghatta Road and Jayanagar. Furthermore, IT workers benefit notably from the location’s closeness to bustling IT parks and tech corridors like Global City Tech Park, which allows them to shorten commutes and achieve a better work-life balance. For individuals in Bengaluru looking for the ideal blend of city conveniences and peaceful living, Kanakapura Road is a great option. 

Investment Quality 

Kanakapura Road is a bright spot for investors. Property values in this area have been steadily rising due to the area’s advantageous location and the rising demand for housing. With continuous infrastructure improvements, the future appears more promising due to real estate prices staying up and, as a result, offering a superior return on investment. 

Kankapura Road is a tempting option for people looking for a second home because it provides a calm atmosphere and lots of green space. Gated communities and opulent apartments enhance the appeal by offering a first-rate lifestyle that pleases discriminating purchasers.  

Potentials 

As Bengaluru develops and grows, Kanakapura Road has a lot of promise for the future. The general quality of living will rise with the construction of parks and recreational spaces, adding to the neighborhood’s aesthetics. Kanakapura Road’s residential real estate is in high demand due to Bengaluru’s growing business and startup scene, making it an excellent investment option. The region is a great place to invest because it provides a prosperous present and a promising future.  

Conclusion 

A vibrant community that perfectly captures the spirit of contemporary urban living exists along Kanakapura Road. Convenience and peace of mind coexist here thanks to its advantageous location, excellent connectivity, and thriving infrastructure developments. Kanakapura Road is a great place to live, whether you are a savvy investor searching for deals or a potential homeowner looking for a cozy home. Bengaluru’s growth indicates that this region has a promising future and is a great investment opportunity. By purchasing real estate on Kanakapura Road, you are also investing in a way of life that blends the finest living standards with a tranquil setting. 

Hyderabad’s growing need for 3-BHK Houses

Bigger homes, especially 3BHK units, are in high demand in Hyderabad due to changing lifestyles, financial concerns, and investment strategies. In keeping with this trend, IRA Realty has 3-BHK units at Rs 99.28 lakh available at an IRA Miracle in Kollur. Propertywala explains how IRA Realty meets the changing needs of Hyderabadi homebuyers. 

Hyderabad’s biopharmaceutical, IT, and Special Economic Zones (SEZ) sectors are well-known, and the city’s pearl trading and processing industry is growing. The real estate market in Hyderabad is also booming. The city remains one of the top locations for real estate investments, drawing clients from domestic and foreign markets. But in the post-COVID era, buyer’s preferences for homes have evolved. Buyers are now willing to upgrade from the formerly 2 BHK to larger units that accommodate their hybrid work models. 

The declining interest rates on home loans are another factor supporting this trend in investing. To meet the changing needs of contemporary consumers, IRA Realty is building IRA Miracle, a 3BHK housing community in Kollur, Hyderabad. Let us examine the factors causing Hyderabad to see a rise in the demand for larger spaces alongside the options currently available to potential homeowners.  

Why are Hyderabadi people starting to prefer 3 BHKs? 

A large living area is required. 

Particularly in the aftermath of the pandemic, the need for additional living space has become apparent. The emergence of hybrid work models has led to a rise in demand for apartments that provide warm living, flexible workspaces, and a separate home office. 3-BHK configurations were, hence, the best option. Aside from that, the fact that both adults and children value privacy has led to the need for more rooms. Because of this, IRA Miracle by IRA Realty sticks out from other projects. 

In the up-and-coming Kollur neighborhood, close to the Outer Ring Road, IRA Miracle provides luxurious 3-BHK apartments with contemporary amenities that meet modern living standards. These Vastu-complaint apartments are priced between Rs 99.28 lakh and Rs 1.35 crore and have sizes ranging from 1,655 sq ft to 2,455 sq ft. Every housing unit at IRA Miracle has an independent wall, giving each family a peaceful and private area. It is one of the community’s most noteworthy features.  

Enhanced accessibility 

There has been a noticeable change in the preferences of urban residents when it comes to purchasing homes, as disposable income has been steadily rising. A greater variety of prospective homeowners can now afford the 3-BHK apartments. Lower rates on home loans and the construction of larger projects in the outlying areas that provide more open spaces and improved lifestyle amenities are the primary causes of the fad. Due to their desire to work from home and benefit from the modern amenities and greener surroundings, homebuyers are also willing to invest in such projects. 

One such project, IRA Miracle, aims to cater to the expectations of contemporary homebuyers by providing fully developed landscaped gardens, greener surrounds, and modern amenities, like a library, spa, and pool table, among others, to break up the monotony after a long day at work. 

Regarding facilities, IRA Mriacle offers a lavish multilevel clubhouse spanning 20,500 square feet with premium features to provide an upscale living experience. IRA Miracle is a project currently under construction with a completion date of December 2024. Its RERA number is P01100002811. 

A higher return 

Choosing the right kind of property is essential for maximizing returns on real estate investments, which are considered long-term strategies. In the real estate market, larger units—like 3BHK houses—generally have a higher resale value. The property’s versatility makes it appealing to a broader range of buyers. 

3-BHK homes have a high resale value, showing their enduring appeal and financial benefits. These apartments stay relevant and appealing as families expand and lifestyles change, guaranteeing a steady demand in the real estate market. 

Possibilities for rentals

Hyderabad’s expanding industries, particularly in the IT/ ITeS sector, are driving up demand for rental housing. Professionals and students searching for a comfortable and spacious rental property often choose 3-BHK apartments because they can accommodate multiple inmates, lowering the monthly cost per person. Therefore, homeowners can investigate renting out all or part of their 3-BHK apartments to generate rental income.  

Because tenants prefer buildings with better amenities and less maintenance, newer developments—like IRA Miracle, which will be ready for occupancy by the end of the year—are also much easier to lease out than older ones. 

Long-term financial commitment 

These larger apartments provide adaptability that meets homeowners’ changing needs, whether they want to upgrade their lifestyle or prepare for a growing family. Larger units also raise one’s status and are seen as an asset. 

In conclusion, the changing tastes of contemporary homebuyers have shaped the rising demand for 3-BHK homes in Hyderabad. These bigger apartments provide an all-encompassing answer, meeting demands for roomy living areas and the possibility of higher profits and rental income.   

Can a crisis similar to China’s Evergrande occur in the Indian real estate market?

Evergrande: One significant distinction between the real estate markets in China and India is that the former has steady buyer demand. 

A Hong Kong court ordered on January 29th the liquidation of the troubled Chinese real estate giant Evergrande. This decision will likely impact the nation’s financial system and the trust of foreign investors. This article looks at the tremendous strides the Indian real estate market has made since the collapse of Infrastructure Leasing & Financial Services, which caused a crisis of non-banking financial companies (NBFCs). 

Experts in real estate claim that there are parallels and differences between the Infrastructure Leasing & Financial Services (IL&FS) debacle and the Evergrande crisis. Both have significant adverse impacts on their respective markets, including high debt levels and inadequate financial management. However, in contrast to China, India’s real estate market recovered gradually due to national initiatives and the creation of the Real Estate Regulatory Authority.

“Thanks to government initiatives and regulatory changes like RERA, India’s real estate market has gradually recovered following the IL&FS disaster. India’s real estate market is more stable than China’s, falling despite challenges like capital shortages and regulatory barriers. The IL&FS crisis was mainly limited to India; Ever grande’s problem has global implications due to its size and exposure to foreign debt, according to ANAROCK Capital’s MD and CEO, Shobit Agarwal. 

Global implications of the Evergrande issue are more extensive. 

China’s real estate market is slowing down, but India’s is more secure despite ongoing challenges like capital shortages and regulatory barriers. According to Agarwal, the IL&FS crisis mainly applied to India, but the scope and exposure to foreign debt of Evergrande’s problem have global implications. 

It is noteworthy that Evergrande owes over $300 billion in debt. Thousands of homebuyers stood in a bind over building and financial mismanagement regarding unfinished apartments. According to agency reports, High Court judge Linda Chan’s ruling on January 29 essentially starts a drawn-out process that includes selling off the developer’s assets and changing the management to ease the worries of its creditors. 

According to agency reports, Ever Grande’s demise came in 2021 when Beijing tightened its lending policies to real estate developers to curb the bubble. 

What distinguishes the two real estate markets? 

Nearly 40% of all home sales in China are due to Chinese real estate developers, who have struggled with severe debt default since 2021. Of the $175 billion in outstanding dollar bonds, they have defaulted on over $114.6 billion. The ongoing COVID-19 impact and government regulations governing financing methods are among the factors. Gulam Zia, Senior Executive Director at Knight Frank India, explains that these actions have developers’ funding options while preserving financial stability and controlling property price surges. 

With 3,100 real estate projects, almost four times as many as Evergrande, and $ 191.7 billion in total liabilities, another real estate developer, Country Garden, has been struggling financially. As per a report published in the South China Morning Post last week, troubled Chinese developer Country Garden Holdings has listed some assets for sale in Guangzhou to clear a significant amount of debt due within the next six months. 

Zia continued, saying another factor to consider is that Chinese homebuyers need more confidence due to unfinished projects and lax laws allowing developers to withdraw funds from escrow accounts.

Furthermore, the real estate industry in China makes up roughly 30% of the country’s GDP, compared to only 7% in India. Real estate experts predict it will not increase by more than 15% even over the next 20 years. 

At $477 billion in valuation, the real estate industry in India accounts for 7.3% of the country’s GDP. According to projections, the economy will grow significantly, reaching $5.8 trillion by 2047, or 15.5% of total output. This growth is due to the increasing demand for better living spaces brought about by rapid urbanization, according to a Knight Frank and Naredco report from the previous year.

RERA: Revolutionizing the real estate industry in India 

The industry has been made cleaner by the real estate regulatory bodies that have been established around the nation to control the real estate market and safeguard homebuyers. 

China faces many challenges, but urbanization will continue to grow India’s market. Thanks to changes in regulations and lessons from past failures, the Indian market has become more resilient and customer-focused. Compared to its Chinese counterparts, India’s real estate market has a brighter future, which puts it in a more stable position, says Zia. 

Persistent demand for housing 

The consistent end-user demand is the primary distinction between China and India. 

Even in times of economic recession, such as the Lehman crisis in 2008, the demand for real estate in India has remained steady. In India, the main issue was developers abusing the money that buyers purchased homes with. China, on the other hand, faced challenges with many builders finding it difficult to make timely payments, which were made worse by limited access to funds due to the global economic situation, as Zia points out in his research paper titled India’s Resilient Real Estate Market Amidst China’s Real Estate Woes: A Comparative Analysis.

In India, is a beach considered private property? How does possession vary from ownership?

The complex issue of private beach ownership exists in India. Although there are some private coastal areas, it’s uncertain if beaches in India fall under the category of private property. State-by-state variations in beach ownership and public access laws give rise to discussions about the effects on the environment. In this article, Propertywala goes deeper into the subject and attempts to comprehend it.  

The ownership rights debate surrounding beaches has connections with historical precedents and current concerns, spanning from the pristine shores of Goa to the picturesque coasts of Kerala. In India, exclusive beach ownership raises questions about cultural heritage, public access, and environmental preservation. The interaction of social dynamics, legal disputes, and tourism-related effects illustrates the depth of the problem. 

Can a beach be private property in India? We will examine this topic and how difficult it is for the nation to balance development and preservation. 

What constitutes private property ownership?

In India, “private ownership of property” refers to the sole legal authority that a person, business, or other entity has over a plot of land, real estate, or other tangible assets. It gives the owner the right to keep, use, give away, and bar others from using the property.  

Within the parameters of Indian property laws, the owner gets to use the property as they see fit and to assume specific responsibilities. Ownership typically occurs through legal documents such as titles, deeds, or conveyances. However, what distinguishes possession from ownership? In this article’s next section, let us find out. 

The distinction between ownership and possession 

Possession and ownership are two different legal concepts in India. The act of physically controlling or occupying a piece of property is called possession. One does not necessarily own property when it is in their possession; tenants are individuals who look after property on behalf of owners. Ownership is a more expansive legal concept than possession, and it refers to actual physical control or occupation. 

The legal right to possess, use, and dispose of property, including real estate or land, in any way that’s allowed by law is, in essence, what ownership refers to. It includes the authority to manage the asset and reap its rewards. 

Let us see whether a beach in India can be considered private property in the next phase. 

Does India allow a beach to belong to someone else? 

While beaches are usually open to the public, some coastal states in India may identify some areas as “Private Access Beaches” to attract tourists. Many hotels and resorts have private beaches that are by local ordinances. Owners may limit access to be exclusive to guests, but under certain circumstances, some laws allow limited public use. 

The Supreme Court ruled in 2022 in a landmark decision that the public has the right to the unimpeded and undistributed enjoyment of natural resources like beaches, forests, rivers, and water bodies. It is thus feasible to say that while you can own a beach, you can also possess it. 

In conclusion, the debate over beach ownership in India is akin to balancing ownership flights with ecological necessities. India’s ability to navigate this complex situation highlights the need to strike a balance between regulations and ensure that the coastline develops sustainably. 

CEO of Bhartiya Urban’s Residential: “Bengaluru Real Estate Stands Out As One Of Most Sought-After in India”

Due to urbanization, changing demographics, and a renewed emphasis on affordable housing, the Indian real estate market is undergoing significant transformation. The emergence of integrated townships, combining housing with community, sustainability, and other amenities to create holistic living experiences, is a clear example of this evolution. The CEO (Residential) of real estate company Bhartiya Urban, Ashwinder Singh, provides insights on investor opportunities and the state of the Indian real estate market, particularly in Bengaluru, in an interview with News18.com. Edited excerpts: 

What effects on investor confidence, security, and transparency are the implications of Sebi’s legalization of fractional ownership? 

By enhancing transparency and security measures, Sebi’s recent move to formalize fractional ownership has the potential to boost investor confidence. Place these platforms under the regulatory purview of Sebi guarantees compliance with strict guidelines, equitable procedures, and the protection of investor interests. The regulatory framework mandates exhaustive and transparent disclosures to give investors the information they need to make well-informed decisions.  

Enacting investor protection measures will also provide recourse if any issues arise. These measures include fund segregation and dispute-resolution mechanisms.  

SEBI oversight should encourage thorough due diligence on assets put up for sale, lowering the possibility of encouraging illiquid or fraudulent investments. 

Give your thoughts on the state of the Indian real estate market right now. 

In recent times, India’s real estate industry has undergone notable changes. The need for residential real estate is increasing due to several factors, including population growth, urbanization, and a strong focus on affordable housing. The advent of integrated townships signifies a movement towards all-encompassing living situations involving housing, community, amenities, and sustainability. 

What makes the Bengaluru real estate market unique, and why would you advise investors to focus on it first? 

One of the most sought-after real estate markets nationwide, Bengaluru continuously produces strong returns for established and emerging markets. In Bengaluru, there were almost 2 lakh home sales in just the first three quarters of 2023. The city is a popular place to settle down because of its thriving startup scene and well-established IT sector, which draws millennials. The real estate market in Bengaluru will continue to grow, providing end users and their families with a wide range of well-designed homes in handy locations. 

With the expected expansion of the economy and the growing demand for housing, investing in the Indian real estate market offers a bright future. Notably, non-resident Indians (NRI) are increasingly looking to invest in the Indian market and find retirement homes or second homes for travel. In light of these elements, real estate investing in 2024 presents an opportunity to take advantage of market conditions and generate long-term gains.

Describe Bhartiya Urban, its projects, and the reasons behind its prominence as a Bengaluru residential area. 

Bengaluru’s Bhartiya Urban is a massive integrated city constructed close to Hebbal. Spread across multiple districts such as residential, commercial, IT SEZ, hotels/ convention centers, and retail, it is projected to be the largest project of any Indian metro area. The city’s layout blends Indian architectural flairs with international urban planning. 

With features like Central Park, schools, easy access to the airport, and other areas of Bengaluru, Bhartiya Urban hopes to become a thriving center for residential, commercial, entertainment, and cultural activities. With many different formats and price points, the residential options offered under the Nikoo Homes brand appeal to a diverse group of Indian families.  

What do you think the future holds for the real estate industry for trends? 

I aim to reinvent Indian urban living by developing integrated townships and residential projects. Our attention is now more on creating entire ecosystems, which includes beautiful homes, meeting people’s varied needs, and fusing modernity with sustainability and communal living. 

Here’s how to update your name on the MCGM portal property tax records.

Do you want to update or change the name on your Mumbai property tax records? It is something you can easily do via the MCGM portal. You can expedite the process using our thorough guide, which covers everything from obtaining the necessary information to utilizing the portal. Continue reading to find out how to register, log in, and change your name in property tax records on the MCGM portal. 

Concerning the MCGM portal 

Residents of Mumbai can pay their property taxes online through the Municipal Corporation of Greater Mumbai (MCGM) portal. On the MCGM website, property owners in the city can also conveniently access and review their property tax details, compute the tax amount and make online payments. This easy-to-use portal streamlines the entire tax payment process for residents and provides essential information on property tax exemptions and regulations.

How can I sign up and access the MCGM portal as a user? 

The following instructions will walk you through the process of creating an account and logging in to the Municipal Corporation of Greater Mumbai (MCGM) portal: 

Step 1: Go to the MCGM website. 

Step 2: To register as a new user, the current or new users should click “For Citizens” on the homepage, as shown below. 

Step 3: A drop-down menu allowing new and existing users to register will show up when you hover over the “For Citizens” tab. Under “Pay,” pick the “Property Tax” option. 

Step 4: Click the “Skip” button when the “Timeline for updating property records” image appears. 

Step 5: The “Citizen Portal Services Property Tax” will be the destination for new and returning users. 

Step 6: The new user will select “KYC non-reg. User” from the homepage. The BMC User Login is exclusively for BMC employees; the current user, however, will choose “Citizen Login.” 

Step 7: The current user will click “Login” after entering the “Captcha” and “Property Account No.” They’ll have to go to the dashboard where the current user can use the MCGM portal’s services. The new user will select a category, choose the file document, and click “Submit” after entering their “Property Account Number,” “Name,” “Email ID,” and “Mobile.” 

The user’s newly registered mobile number will receive an OTP. The new user will enter the OTP in the box in the subsequent step during the last stage of user registration on the MCGM portal. After registering on the MCGM portal, they can promptly check and pay their property tax in Mumbai. Let us now examine the process of updating the property tax name on the MCGM portal. 

How can I update my name on the MCGM portal for property taxes? 

There are two ways you can use the MCGM portal to change your name for property taxes: 

Modify the name in Mumbai property tax through the SRO office Modify the name on the MCGM portal for property taxes.
It will be necessary for the applicant to visit the Sub-Registrar’s office to change the name of the property tax in Mumbai. SMS, email, or postal notification will arrive to the applicant.  The change of property tax name through the MCGM portal is only applicable in recent cases. 
From the date of the request, the alteration will occur within three working days. 

In conclusion, Mumbai residents can pay their property taxes quicker and effectively thanks to the MCGM portal. Mumbai residents can manage their property dues with the help of this portal, which allows them to update property details, calculate tax amounts, and change names. 

Forbes Global Properties enters the Indian real estate market with plans to build in Goa, Delhi, and Mumbai.

In Navi Mumbai, Forbes Global Properties intends to construct a 100-acre project. It is negotiating for a housing project in Goa and a commercial project in Delhi. 

On January 24, US-based Forbes Global Properties revealed its entry into the Indian real estate market by providing brokerage services for upscale residences. In collaboration with landowners, it also intends to build two projects totaling 10 million square feet in Delhi and Mumbai. It also investigates the possibility of building a 10-lakh-square-foot residential project in Goa.

The amount of money the company planned to invest in India was kept a secret. 

Forbes Global Properties, a company founded in December 2020, not long after COVID-19, entered the Indian market using a membership network model. It is already present in 26 countries, where 17,000 agents serve clients with real estate needs.  

The international company will receive a membership fee from the Indian venture “Indian Forbes Global Properties.” The Indian venture’s chairman will be A.K Sharma. According to Sharma, the business would use a development management model to carry out projects. “Brokerage is our primary business,” Sharma stated. “India Forbes Global Properties will offer brokerage services for the luxury residential market and is considering purchasing equity stakes in at least two of these consulting firms.” 

India has a sizable market and economy. To better assist our clients looking to purchase and sell luxury properties, we have expanded into India. Forbes Global Properties CEO Michael W. Jalbert will reporters in this location. 

India Forbes Global Properties will first develop a 100-acre mixed-use project in Navi Mumbai in partnership with Orange Smart City, building a 1,200-acre integrated township. Infrastructure construction is the responsibility of the Mumbai Metropolitan Region Development Authority (MMRDA). 

PropEquity Analytics and India Forbes Global Properties FGP have partnered as well. 

“In 2019, there were about 5235 units in India’s luxury real estate market (above $1 million), with a total value of $5 billion. It is now a more than 100% increase in that number.  Approximately 13,600 units are worth $12 billion today. The demand from the NRI segment and the general expansion of the Indian economy are the main reasons for this number’s growth, according to PropEquity’s founder and CEO, Samir Jasuja. PropEquity is a cutting-edge online search platform for real-time data, intelligence, and analytics. 

The network of invitation-only Forbes Global Properties members represents many of the best properties available worldwide for purchase and is exclusive to the most illustrious brokerages in particular cities and second-home destinations. High net-worth individuals, inventors, and real estate investors will have access to some of the most sought-after and unique properties through Indian ventures.  

The Center forbids using BS 3 and 4 vehicles in Delhi and forbids non-essential construction activities.

Delhi’s air quality has worsened, and the city is now rated GRAP-3. Consequently, all construction and demolition projects that are not necessary have been prohibited in the capital. Older cars that meet BS3 (petrol) and BS-4 (diesel) regulations are also currently limited. Keep reading to find out how this change affects project deliveries in Delhi NCR. 

The Center forwarded an order on January 14 prohibiting non-essential construction work in Delhi-NCR. Due to rising pollution, the ownership of vehicles classified as BS-111 gasoline and BS-1V diesel has also been put on hold. Continue reading to learn how this rise in pollution will affect the city’s construction sector.  

With values of 458 and 457 at 10 and 11 am, respectively, the Commission for Air Quality Management (CAQM) observed a significant increase in Delhi’s Air Quality Index (AQI), prompting the implementation of this decisive plan. To address the “severe” level of air quality, the commission, a statutory body tasked with developing and implementing strategies for reducing air pollution, has implemented Stage-111 restrictions of the Graded Response Action Plan (GRAP), which has activated countermeasures for the “severe” air quality. 

What are the stages of GRAP?

The GRAP is a set of procedures used in Delhi-NCR to track air quality. Based on the region’s consistent AQI, it usually falls into four phases. 

The Graded Response Action Plan’s phases

AQIZoneStages of GRAP
201-300PoorStage 1 
301-400Very Poor Stage 2 
401-450SevereStage 3 
451 and aboveSevere plusStage 4 

Millions of people’s health is at risk due to the unsettling smoky haze that blankets Delhi NCR every winter. The air continues to pollute despite efforts with AQI levels regularly exceeding the safe limit. It is important to remember that any AQI value above 60 is considered hazardous to health. 

Particulars of the GRAP 111 restrictions 

The Commission for Air Quality Management (CAQM) oversees stage 111 of the GRAP, which includes these strict regulations. There are a few things that do not belong at this point:  

  • Earthmoving tasks such as drilling, boring, filling, and excavation
  • From fabrication to demolition, structural construction tasks
  • Construction material movement, including loading and unloading 
  • A raw material transfer involving fly ash
  • Moving cars on unpaved surfaces 
  • Flooring projects like installing waterlines and sewer
  • Flooring projects utilizing stones, tiles, etc. 

However, projects about railroads, metro, national security, and defense were exempt from the ban. 

What effect might a construction ban have on Delhi NCR real estate? 

In the Delhi NCR, including Greater Noida West, Yamuna Expressway, New Gurgaon, Noida Expressway, Dwarka Expressway, Central Noida, Greater Faridabad, Raj Nagar Extension in Ghaziabad, Sohna Road, and Golf Course Extension Road, more than 4.5 lakh residential units are currently under construction, and the total number of units in these areas is over 4 lakh. 

According to an industry report, residential projects in Delhi NCR typically take 6-8 years to complete, so a construction ban due to air pollution could be a significant setback for ongoing projects. According to experts, prohibiting buildings because of poor air quality could have detrimental effects. 

Do you know the current ready reckoner rate in Kailash Nagar, Thane?

Investors and homebuyers gravitate to Kailash Nagar’s commercial and residential properties in Thane. If Kailash Nagar has caught your attention and you fall into any of these categories, it would be helpful to understand the ready reckoner rate in the area. With Propertywala, you can find the most recent rates in Kailash Nagar, Thane.

Kailash Nagar, adjacent to Thane’s main thoroughfare, Ghodbunder Road, presents numerous opportunities for real estate investors. However, from the perspective of a first-time home buyer, the neighborhood offers all the social and medical resources needed to establish a home and raise a family. It is crucial to ascertain the ready reckoner rate before beginning your search for properties in this area, regardless of your motivation. Here are the specifics of Kailash Nagar, Thane’s ready reckoner rate.  

The significance of the ready reckoner rate in Thane’s Kailash Nagar 

The State government determines the property’s fair value, known as the ready reckoner rate. The builders may never charge less than the ready reckoner rate; it is the maximum amount they will ever take. 

As a result, investors and homebuyers will have to pay more when the state government adjusts these rates. The state government receives income from the ready reckoner rate, which controls stamp duty and property registration fees. Setting a budget for the impending home-buying project also starts with knowing these fundamental house rates.

Determinants of Kailash Nagar’s ready reckoner rate 

  • Geographical proximity to important locations, including commercial districts, medical facilities, and schools, may affect Kailash Nagar’s ready reckoner rate. 
  • Infrastructure: Access to essential services like electricity, water, and decent roads can affect the area’s real estate prices.  
  • Demand and Supply: A vital factor in determining the ready reckoner rate is the demand for residential real estate and the availability of land for development. 

Introduction to Kailash Nagar, Thane, and the ready reckoner rate 

Kailash Nagar Thane is a thriving residential area in the heart of Thane, Maharashtra. Due to its advantageous location and first-rate connectivity, Kailash Nagar is now a popular choice for investors and homeowners. 

Place and communication

With the Tahne railway station only five kilometers away, Kailash Nagar provides quick access to major transportation hubs. Ghodbuner Road offers access to the area from Mumbai, and it is close to numerous significant locations, including shopping malls, hospitals, and schools. 

Facilities and Amenities 

Residents of Kailash Nagar Thane have access to a wide range of facilities and amenities. Everybody needs local amenities like retail malls, medical facilities, and well-kept parks and playgrounds. It is the perfect location for families with children because it is home to reputable colleges and schools. 

Potentials 

The real estate market in Kailash Nagar Thane will continue to experience further growth with the development of upcoming infrastructure projects like the metro line and the proposed Motagaon-Mankoli Bridge. It is a fantastic chance for investors who want to take advantage of the potential in the area.

Residential ready reckoner pricing in Thane’s Kailash Nagar 

Affordable housing and convenient amenities are two of Kailash Nagar’s best-known features. A ready reckoner rate for residential properties in Kailash Nagar is crucial when buying or selling real estate. The following are the ready reckoner rates for residential properties in Kailash Nagar, Thane, which is close to Ghodbunder Road: 

Kailash Nagar, Thane: Ready reckoner rates for residential properties 
Division Rates per square meter for an open land Apartments for residents (per square meter) 
The Ghodbunder Road on both sides 25,40094,600 

Due to high inflation, foreign investments in the Indian real estate sector are declining

Due to rising inflation and geopolitical concerns, foreign investments in the Indian real estate market, led by the US, decreased in 2023. The most popular investment asset was, remarkably, office space. 

Amidst global uncertainties, American institutions’ investments in the Indian real estate market dropped by 39% in 2023 to $1.35 billion, according to JLL India. Despite this, foreign institutional investors remained the primary contributors to the Indian real estate market, accounting for 63% of all investments in 2023 after increasing by 14% from the previous year. 

Since 2006, investors worldwide have found India’s real estate market particularly appealing, especially those from the US. US investments have regularly made up 40-45 percent of total investment inflow over the last five years.  

India has grown economically despite obstacles like the global economic downturn and geopolitical unrest. 

In 2023, the country’s real estate market brought in over $5.8 billion in institutional investments through 53 deals, up 14% from the year before, according to JLL India. 

Lata Pillai, senior managing director and head of capital markets at JLL India, stated that inventors are becoming more cautious due to the current mix of inflationary pressures and geopolitical uncertainties in the US economy. 

Several foreign investors, including Blackstone, GIC, Abu Dhabi Investment Authority, Brookfield India Real Estate Trust, and Canada Pension Plan Investment Board, are involved in the Indian real estate market. 

With $50 billion in assets under management as of December 2023, investment firm Blackstone stands out as one of the largest investors in the nation. The company specializes in real estate investments in malls, hotels, data centers, and warehouses. 

Office space remains the most popular investment option based on industry tastes; by 2023, it will account for 52% of all investments. 

In the upcoming years, Pillai predicted, “new-age sectors like student housing, data centers, and housing are also gaining attention from inventors and will continue to attract a substantial share of institutional investments.”

According to Vestian, a commercial real estate services company with $4.6 billion in investment deals and platform commitments, the office sector has remained the most popular. As of 2023, it held the highest percentage of all declared investments (52%); the following highest percentages went to residential (32%) and logistics and industrial (13%). 

Vestian highlighted that because of their higher returns, the prominence of organized players, and their transparency, commercial assets have always been the “preferred choice” of foreign investors. 

“In India, the average rental yield for residential properties is between 2-3 percent, while the average for commercial properties is 7-8 percent. Additionally, organized players and a transparent business environment increase investor confidence,” stated Vestian CEO Shrinivas Rao. 

After Embassy Real Estate Investment Trust departed, Blackstone became India’s office property owner, covering 70 million square feet. In addition, Blackstone has worked with the Embassy Group, K Raheja, Panchshil, Salarpuria, and Hiranandani on multiple projects. 

According to Vestian, foreign investors looking for higher investment returns will pour money into the Indian real estate market as soon as the global economy stabilizes. 

“Planned infrastructure developments and the strong performance of the Indian economy are expected to drive growth, even in the face of a global slowdown,” stated Pillai. 

In addition, Pillai predicts that new investment opportunities such as data centers, flexible spaces, real estate investment trusts, and infrastructure investment trusts will expand rapidly in the upcoming years due to intrinsic domestic demand. 

All the information a prospective homeowner needs to know about Isnapur, Hyderabad

Building extensions to the farthest locations has made Isnapur one of Hyderabad’s many new residential hubs. Isnapur, a short drive from Patancheru’s business district, is a well-known investment destination with easy access via NH-65, a tranquil atmosphere, and housing developments from renowned builders like Ramky Group. 

Isnapur, a developing neighborhood in North Hyderabad, is beside Cheruvu Lake and offers easy access to the city’s other regions via NH-65 and the Outer Ring Road. The region’s affordability and proximity to the Patancheru Industrial Hub– about 10 km away–contribute to its appeal. As a result of these factors, more and more housing projects, including Ramky Nextown by the well-known Ramky Group, have been established in Isnapur. 

Purchasing real estate in a place like Isnapur could be profitable because land prices have risen by about 80%. However, where should I invest in Isnapur, and what is the state of the local infrastructure like? Let’s find out!

Reasons to Invest in Hyderabad’s Isnappur 

The following is a thorough summary of the elements that draw investors to Inapur: 

The existence of well-known developers 

On the outskirts of North Hyderabad lies a residential neighborhood called Isnapur, which is rapidly developing. The Nehru Outer Ring Road, which connects the area to various parts of Isnapur, is located within four kilometers of the city, even though NH-65 passes through it. The many residential hubs that encircle Isnapur contribute to its vibrancy. Pahamylaram, Pocharam, Citizens Colony, and Lakdaram are a few of the surrounding locations. Ramky Estates and Farms Hyderabad has introduced Ramky Nextown, a new housing project in the area, in light of Isnapur’s strategic location. 

Expected to be finished by December 2026, Ramky Nextown is a gated community spanning 7.78 acres (4.8 acres in Phase 1). Starting at Rs 55 lakh, the project offers roomy 2 BHK residential apartments with large balconies. Each Ramky Nextown unit has a super built-up area of approximately 1000-1010 square feet. Three towers with ten stories each and 550 units total will be part of the project when it concludes. Ramky Nextown’s RERA number is P01100007370. 

Prospective homeowners in Ramky Nextown can take advantage of over twenty amenities, including a car wash area, swimming pool, football field, salon, spa, and child care center. Ramky Nextown also provides its residents with the benefits of modern amenities and a natural setting, as 70% of the space. 

Location strategy 

Inapur is a residential area with good transportation links. Therefore, purchasing real estate here would enable hassle-free access to Hyderabad’s most well-known locations. Major transit hubs close to Ramky Nextown include: 

  • NH-65 is about 400 meters away, and Nehru Outer Ring Road is about 4 kilometers away. 
  • By NH-65, Patancheru and Nagalapalli railway stations are roughly 7 to 12 km apart. 
  • The Nehru Outer Ring Road takes approximately one hour to reach Rajiv Gandhi International Airport.  

Proximity to work areas 

In addition to saving money and time on commutes, owning a home close to one’s place of work also opens up future rental opportunities. Ramky Nextown’s project site, Isnapur, is one such location with numerous nearby commercial establishments. A selection of them is enumerated as follows: 

  • Isnapur is roughly 6-10 km from Patancheru Industrial Area and Pashamyalaram Industrial Park. 
  • Easily accessible via Nehru Outer Ring Road are the well-known IT hubs of Gachibowli (27 km) and Financial District (25 km). 
  • There is roughly a 15-kilometer divide in BHEL Township. 

A well-liked vacation spot 

Pashamylaram Lake is one of Isnapur’s other noteworthy features. Isnapur is a popular tourist destination because of its lush, abundant vegetation and the picturesque Pashamylaram Lake, about three kilometers away. Pashamylaram Lake, well-known for its serene atmosphere and breathtaking scenery, welcomes plenty of tourists. It remains a popular destination for those seeking peace and tranquility. Many residents from the neighborhood visit this place to spend time together and go for walks in the morning and evening. Many people visit the nearby natural sanctuary of Cheruvu Lake.

The possibility of investment

Isnapur’s closeness to industrial areas and IT hubs, along with its easy access via NH-65 and the Outer Ring Road (ORR), are the main reasons for the spike in demand for real estate in the area. Tenants and home buyers alike now find the area a desirable place to live. According to PropertyWala, the average cost of real estate in Isnapur, Hyderabad, is about Rs 3,000 per square foot, following an astounding 80% increase in land prices over the previous five years. The average monthly rent for a two-bedroom apartment in Isnapur is between Rs 12,000 and 16,000, making it the most sought-after rental option. 

One key benefit of Iasnapur is its affordability, which offers investors a good chance to profit from future price growth, particularly in light of impending infrastructure projects. The following infrastructure initiatives are a few that should benefit Isnapur: 

  • The planned four-kilometer road would reduce traffic close to Isnapur and link Pashamyalaram Industrial Hub to the Outer Ring Road. 
  • The NH-65 connects Isnapur directly to Sangareddy, where the four-lane Hyderabad Regional Road would pass. 
  • Another significant project that may change the game is the Hyderabad-Bengaluru High-Speed Rail Corridor. According to the plans, there would be stations for the rail corridor at Yelahanka in Bangalore and Secunderabad in Hyderabad. Isnapur is approximately an hour’s drive from Secunderabad. 

Residents’ opinions 

According  to a tenant in the area, “Isnapur is a growing residential hub close to the well-known Patancheru Industrial Area and has excellent public transportation connections to other parts of the city.” One of the advantages of residing in Isnapur over other areas of Hyderabad is the affordability of housing options. Several gated communities and apartment complexes with contemporary amenities and facilities have emerged in the area due to the recent rapid growth in residential development. It is a handy place for families with kids because of its numerous educational facilities such as colleges and schools. Furthermore, hospitals, restaurants, and retail centers are all close by.” 

Obtain Environmental Clearance for Building Projects

Environmental clearance is one of the most crucial factors to consider when planning a construction project. It is the requirement for appropriate environmental clearance for construction projects in many cities. 

The environment may be significantly impacted by construction projects, both during and after the project concludes. Therefore, construction companies acquire environmental clearance from the relevant authorities before starting a project. 

Getting an EC clearance can be a challenging and drawn-out procedure. But it is crucial to wrap up the project environmentally conscious.  

This blog post will discuss the notification process for environmental impact assessments in India. We will discuss the meaning of EIA draft notification and its implications for building projects. We will also examine how India’s environmental clearance procedure ensures that building projects happen with the least possible negative environmental impact. 

EIA: What is it? 

The process of acquiring data regarding the possible environmental effects of a proposed project is known as an environmental impact assessment, or EIA. The development of mitigation strategies to lessen or completely eradicate those effects comes next. 

There are usually multiple steps in the EIA process. 

Screening: The proposed project undergoes screening to determine whether it will likely have significant environmental impacts before moving forward with an EIA. Further assessment is not necessary if there is no possibility that the project will have an impact before construction can begin. 

Scoping: Should the screening step indicate that there may be significant effects, the study region must decide which particular impacts need to undergo assessment.  

Assessment: Information about the possible environmental effects of the proposed project is gathered following the establishment of the study region. Numerous sources, such as computer models, field research, and lab tests, may provide this data.  

Mitigation: Based on the results of the assessment step, mitigation measures are put in place to lessen or eliminate all of the observed effects. These could be adjustments to the project’s blueprint, alternative construction methods, or requirements for post-construction monitoring. 

Making a decision: Compiling and evaluating all available data will determine whether or not to proceed with the project. If serious environmental problems continue, changes could be made or even scrapped. 

What is an Environmental Impact Assessment Notification?  

Government action to preserve the natural world resulted in the 1986 Environment Protection Act. The government issues an Environmental Impact Assessment Notification under section 3 of this act, which mandates that parties seeking to initiate new projects or alter current ones notify the government in advance and adhere to specific guidelines to protect the environment.  

What is the EIA Draft Notification? 

A formal notice that construction projects will be subject to the EIA process is the draft notification for the EIA. Usually, the notice is posted on the project website and in a local newspaper. The notification contains details about the project, the reason for the EIA, and how to take part in the proceedings. 

A crucial step in the EIA process is the notification of the draft EIA. The alert should include all pertinent project information clearly and succinctly. Included should be the contact information for those who would like to learn more or contribute. 

Among the most important recommendations are those found in the newly published draft of the EIA notification 2020, which includes shortened periods for public comment and hearings. The draft has shortened the public hearing notice period from 20 to 30 days and the hearing completion time from 40 to 45 days. 

The analysis was missing several projects classified as A, B1, or B2. Furthermore, proponents must follow specific guidelines outlined in the EIA report following approval from the relevant authority, known as post-clearance compliance. 

Projects lacking environmental clearance can now apply for a post-facto clearance through the notification, allowing them to resume regular operations.  

Construction projects with a built-up area of up to 1,50,000 sq meters are exempt, which marks a significant increase over the previous exemption of 20,000 q meters. These projects must still undergo evaluation by a state-level expert appraisal committee before obtaining environmental clearance. 

India’s Environmental Clearance Procedure

The Environmental Impact Assessment (EIA) notification 2006 governs the environmental clearance process for construction projects in India. All projects needing an EIA must register with the relevant State Pollution Control Board or Pollution Control Committee, per the Notification. 

The notification also outlines the steps involved in conducting an environmental impact assessment (EIA), including holding public meetings, submitting reports, and getting approval from expert appraisal groups or EACs.  

In India, the goal of the entire environmental clearance process for building projects is to reduce any potential harm to the environment. 

Below is an explanation of the Indian environmental clearance procedure. 

  1. Locating and Choosing the Site 

To start the project, the proponent must find a site that satisfies all applicable siting guidelines. The proponent has to find another location if the project site needs to be better. 

  1. Evaluation of Categories 

The next step is for the proponent to determine whether the project’s proposed environmental clearance is needed. The proponent carries out an independent or assisted EIA study if the notification schedule permits it. 

  1. The SPCB-submitted EIA report and evaluation. 

The investor then gives the EIA report to the relevant State Pollution Control Board and the state-based forest department (if located adjacent to or inside the forestland). 

The SPCB assesses the quantity and quality of pollutants or effluent that the project will likely generate and the efficacy of the proposed control measures to comply with the regulations. If the SPCB finds no irregularities and approves, it will issue a No-objection certificate. 

  1. Public Discussion 

Since it allows citizens to voice concerns about the project, the public hearing is essential for environmental clearance. This procedure also occurs before the no-objection certificate is issued.  

The chair of the hearing committee is the District collector. Before proceeding to the approval stage, the hearing committee reviews all suggestions and objections from the general public. 

  1. Sending a request for consideration to MoEF. 

The project proponent applies to the Ministry of Forest and Environment for the necessary environmental clearance in the case of Project A and the state government in the case of Project B. The supporting documentation for the application includes the EMP, NOC, EIA report, and details about the public hearing. 

  1. Evaluation of the Environment. 

Workers at the Ministry of Environment and Forets have reviewed the documentation, and if more inspections are required, they can stand on location. Moreover, the applications are received by and regularly met with the environmental appraisal committees, which are for each industry sector, including mining, river valley, and industries. 

The committee may also arrange public hearings to foster community involvement in development decisions for specific initiatives that spark public interest. After that, the appraisal committees draft their recommendations for accepting or rejecting specific projects.

Getting around India’s constantly changing real estate laws

India’s real estate market has a long history of being associated with complexity and opportunity. Stakeholders, from large international investors to individual homebuyers, have seen the regulatory framework change over time to strike a balance between sustainable development and rapid growth. The real estate industry’s legislative environment is currently changing, indicating a move in the right direction toward efficiency, accountability, and transparency. 

By 2024, the real estate sector will have a value of Rs. 65,000 crores, and by 2025, it will contribute 13% of the country’s GDP. As a result, the regulatory framework will evolve to encourage the growth of this actor. We must cope with this changing environment by recognizing and responding to these progressive developments revolutionizing the industry.   

The Start of Reforms in Regulations 

A turning point for the industry was the introduction of the Real Estate (Regulation and Development) Act of 2016 (RERA). An essential first step in revitalizing the real estate sector has been RERA, which attempts to protect buyers and increase developers’ accountability. The Act provides a systematic approach to resolving disputes by guaranteeing the timely completion of projects and establishing a regulatory body to oversee transactions. 

The Benami Transactions (Prohibition) Amendment Act amendment, which has been crucial in reducing illicit transactions and enhancing transparency, is another significant achievement. It fosters an environment of efficiency and trust, along with the government’s push to digitize municipal and panchayat papers and land records through the Digital India Land Records Modernization Programme (DILRMP). Legislative trends indicate that the liberalization of the Indian economy will continue to be prioritized, with a renewed emphasis on transparent real estate development and affordable housing initiatives. 

Inventiveness in Adherence 

We now reside in a more convenient and accessible era thanks to the digitization of compliance procedures. The red tape that formerly limited the industry’s agility has been reduced thanks to online portals for RERA-mandated project registration, complaint filing, and project progress reports. Significant improvements have occurred to the ease of doing business, boosting investor confidence domestically and internationally. Furthermore, buyers can now make better-informed decisions about the projects they invest in thanks to the transparency that RERA has brought about. 

Financial Regulations: A Step in the Right Direction 

The Goods and Services Tax (GST) has simplified the structure of real estate taxes, thus reinforcing financial discipline. Furthermore, the Pradhan Mantri Awas Yojana (PMAY) is bolstering the affordable housing market, drawing in investments and guaranteeing that the populace can realize their dream of owning a home. Affordable housing saw a significant boost with the announcement during the Union Budget 2023-24 of a commitment of Rs 79,000 crore (US $ 9.64 billion) for the PM Awas Yojana. 

By lowering lending standards for home loans and updating the sector’s risk weights, the Reserve Bank of India (RBI) has also contributed positively. It has encouraged banks to lend more money to developers and homebuyers, increasing the sector’s liquidity. 

Furthermore, India’s real estate market has historically been strongly protected and heavily shielded from foreign investment by stringent laws that only allow foreign companies to make local partnerships or joint venture investments, emphasizing particular project types like townships. But under the ‘Make in India’ initiative, 100% foreign direct investment (FDI) is now permitted for large-scale infrastructure and real estate developments, including townships, industrial parks, shopping centers, and more, thanks to reforms begun in 2005 and further enhanced in 2016. This method keeps smaller-scale real estate ventures for Indian businesses safe from being overtaken by foreign corporations by strategically directing foreign investments toward large, capital-intensive projects. 

These regulatory policies do have a positive effect; this is not just theory. It is a reality that is beginning to take shape and is already providing noticeable advantages. 

Promoting Sustainable Development 

The government’s emphasis on energy transition and reaching Net Zero targets is India’s real estate industry toward a sustainable revolution. The introduction of the Green Rating for Integrated Habitat Assessment (GRIHA) is driving the creation of energy and environmental efficiency. This change indicates a clear path toward environmentally, socially, and economically beneficial sustainable practices. An additional ambitious project is the Smart Cities Mission, which seeks to integrate urban development and sustainability into a model that could emulate. 

India’s real estate laws are evolving, which indicates potential for future development and improvement. Cooperation amongst regulators, consumers, developers, and the government highlights a dedication to a sector that sustains sustainability and makes a substantial economic contribution. This adaptable governance structure satisfies both the demands of the general public and market dynamics. Maintaining and strengthening these rules is essential to creating an open, effective, and equitable ecosystem, which is necessary for a robust real estate market and economy. Despite its complexity, this shifting landscape creates opportunities for a more stable and reliable real estate sector, which is critical to India’s continued economic development.  

Discover the top Indian cities for commercial real estate investments.

Real estate investing has long been considered a prudent financial move, and commercial real estate has always set the standard for available options. Several Indian cities present enticing returns for investors in commercial investment while compiling a list of India’s top cities. 

Everyone says, “Investments are subject to market risk,” but very few guide where to put your money. This article may be helpful if you are considering investing in commercial real estate in India and are looking for options. 

Even though our nation is still developing, some cities have incredibly developed real estate markets with excellent investment opportunities. This article lists the top three cities for investing in commercial space with their benefits. 

What is a commercial property? 

Any real estate used for purposes other than residential is considered a commercial property. These properties, which can be office spaces, retail stores, industrial warehouses, or hospitality establishments like hotels and restaurants, are all intended to bring in money. 

Advantages of owning commercial real estate

Whether it is a home or business, real estate investment continues to be considered the better choice. Compared to other real estate investment options, commercial property has certain advantages. They are as follows:  

Consistent Revenue 

The possibility of a consistent income stream is one of the main benefits of investing in commercial real estate. Unlike residential spaces, commercial spaces usually involve long-term lease agreements with businesses. For investors, this guarantees a steady stream of rental income that is predictable and stable.  

Greater returns on rentals 

When compared to residential properties, commercial properties typically offer higher rental yields. Because the returns are typically higher, it is an appealing option for people looking to maximize their investment returns. 

Greater duration of leases 

Generally speaking, commercial leases are deeper than residential ones. As an investor, you can profit from long-term income stability, which lowers the risk of vacant properties and fluctuations in income. 

An increase in property value

Commercial properties in prime locations frequently increase in value over time. Property values rise in response to an improvement in the local business climate, which raises demand for commercial space. 

India’s top cities for commercial real estate investments 

Risks, future potential, and return on investment (ROI) are a few variables that determine which city is best for commercial investment. The top three Indian cities for commercial space investment have been ranked. Take a look at the list: 

Bangalore 

Bangalore, sometimes known as the Silicon Valley of India, is a popular place to invest in real estate both residentially and commercially. Due to its close ties to the thriving IT actor, there are numerous employment opportunities in the real estate sector. 

Astute investors believe Yelahanka, Hebbal, and Electronic City are great choices. Large companies like Dell, Aegis, Infosys, Wipro, Hewlett-Packard, Accenture, Tata Consultancy Services, and Tech Mahindra have chosen Bangalore’s IT sector, which boosts the city’s real estate market. 

Considering this, real estate investing is still very common in Bangalore. The dynamic real estate market presents an ideal opportunity for investors seeking to increase and stabilize their real estate holdings. 

Mumbai 

Mumbai, India’s financial hub, has added residential and commercial space to its real estate portfolio. Mumbai is one of the priciest places to invest in real estate investments, making it one of the most expensive places to do so. 

The strategic features of the city, such as the Mumbai Trans Harbour Link, Atal Setu, and several metro links, are crucial in promoting the growth of commercial real estate. As a result of this advancement, builders and developers have aggressively promoted investment by providing significant discounts on real estate. The Maharashtra government’s discounts and reductions in stamp duty have increased consumer confidence and interest in the market. 

Pune 

Pune, a megacity in Maharashtra, has established itself as a city with potential commercial investment, contributing 13 percent of the state’s GDP. The city is a center for technology, and major companies in the sector are in high demand for commercial space. The city’s excellent connection to Mumbai has contributed to the recent explosive expansion of the housing market. 

Pune’s real estate values have shown investors an excellent return on their investment. The purchase of real estate (both residential and commercial) saw a notable uptick in 2021. Experts in real estate predict that the city will maintain its current trend and emerge as a viable center for commercial investments. 

Summarize 

India and its developing cities offer investors plenty of space and investment potential. Therefore, the ideal location for your commercial real estate investment if you want a higher return on investment. Bangalore, Pune, and Mumbai are the best places to invest in commercial real estate. Before investing in any type of real estate, whether commercial or residential, it is advisable to conduct in-depth market research.

How to Purchase Real Estate in Singapore for Indians

Finding a place to call home in Singapore for an Indian needs careful preparation and execution. The nation permits foreigners to purchase real estate under certain restrictions. To buy a property in Singapore, a buyer must fulfill the eligibility requirements, which include Indians. Propertywala gathers all the information a potential homeowner could need to learn about the steps, expenses, and taxes associated with buying a property. 

Singapore has become a modern-day business hub. If you intend to move to Singapore or if you want to purchase a property only as an investment, there are a few key factors that you should take into account. For foreigners to buy real estate in Singapore, including Indians, they must fulfill specific requirements. The following article offers vital details to help buyers navigate the real estate market in the nation. Examine the steps, expenses, and taxes associated with purchasing a property in Singapore.  

How to Become Eligible to Purchase Property in Singapore 

There are certain restrictions on foreigners purchasing real estate in Singapore. The following is a summary of the requirements for foreigners wishing to buy real estate in Singapore: 

Who can purchase a home in Singapore, and what can they buy? 
Non-permanent residents of Singapore (Non-SPRs) purchasing on their own: You can buy fresh HDB (Housing Development Board) flats.  
An HDB apartment for sale is not something you can buy on your own. 
Can purchase resale ECs that have a five-year minimum occupation period (MOP)  
Permanent residents of Singapore (SPRs) buying alone Only able to purchase an executive condominium (EC) that has been privatized and is older than ten years. 

SPRs jointly buy with other Singapore permanent residents 
Eligible to purchase a resale HDB apartment getting PR
Able to buy an EC that is over five years old. 
Can purchase a privatized EC that is older than ten years 

Purchasing SPR with a Non-SPR 
Able to buy an EC that has been on the market for more than five years 
Can purchase a privatized EC that is more than ten years old. 
Jointly buying as a Non-SPR couple. Eligible to buy a privatized EC that is more than ten years old. 

Purchase Real Estate in Singapore: Procedure 

In Singapore, purchasing a property entails a formal procedure. The following steps will help you navigate the process of buying a property: 

Step 1: Determine the cost of buying a home by negotiating a price with the seller. 

Step 2: Obtain the option to purchase (OTP) and make a 1% down payment of the purchase price to secure the property for a predetermined period. 

Step 3: Verify your choice by paying the final 9% down payment by the prearranged deadline. 

Step 4: Legal verification will verify who owns the property and whether it is eligible for sale. 

Step 5: The lawyer will prepare the documents for signature and title transfer. 

Step 6: The attorney will register the sale with the appropriate authorities and make sure all paperwork is in order. 

Step 7: The sale will conclude, and the property will officially become yours. 

Purchase a home in Singapore: Price and taxes. 

In India, purchasing a property in Singapore entails paying the purchase price plus additional costs like stamp duty and legal bills. Buyers should include these extra expenses in their budgets, alongside any applicable taxes. Take a look at the approximate price of a Singaporean property: 

Type of propertyApartment Price range (sq. ft)
Condo1,300 SGD – 4,800 SGD
Walk-up1,400 SGD – 1,600 SGD 

The following taxes are relevant when purchasing real estate in Singapore: 

Charge Some of 

Stamp duty for buyers (BSD)
For properties under 1,80,000 SGD, one percent 
Two percent for homes priced between 1,80,000 and 3,60,000 SGD 
3 percent for homes valued at 3,60,000 SGD  

Additional buyer stamp duty (ABSD) 
16% for visitors from overseas 
Five percent for permanent residents who buy their first property 
Ten percent of permanent residents who buy a second or subsequent home 
Conveyancing fees (legal fees) 0.30%
Note: There is a 1,800 SGD minimum fee. 

To sum up, with the correct knowledge, an Indian looking to relocate to Singapore can make the process go smoothly. The nation’s dynamic real estate market enables Indians and foreigners to purchase property subject to specific qualifications. It is worthwhile to consider purchasing a home in Singapore, whether as a residence, an investment, or a combination. 

India’s fast-moving luxury real estate market: Why

The demand for various types of lavish real estate has continued to rise and does not seem to be decreasing, as evidenced by buyers’ insatiable appetite for luxurious homes. In contrast to affordable housing, luxury housing has experienced tremendous demand from consumers before and after the pandemic.

According to a recent Anarock study, luxury properties in metropolitan areas above Rs 1.5 crore are experiencing what some experts might call a “golden run.” The report estimates that between January and September 2023, 84,400 luxury homes (with prices over Rs 1.5 crore in prime real estate markets, including Delhi-NCR, MMR, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata. This figure surpasses the previous record of approximately 39,300 units sold during the same period in 2022. 

A trend worth observing in the current market, in addition to the overall rise in sales, is the diversification of luxury real estate. Uber-luxurious penthouses, villas, independent floors, or apartments have established themselves as standard luxury offerings for the business and ultra-rich, particularly given the apparent rise in demand for them in major cities. Top developers and real estate magnates have either upgraded themselves into luxury developers or are expanding their footprints in it swimmingly, highlighting exceptional profitable values concomitant with the thrill of getting massive consumer attraction with no budgetary constraints. 

One of the main characteristics of a plethora of opulent homes that nearly seem like irresistible opportunities for wealthy individuals to invest in wealth is that it has transformed into an oasis of innovative and breathtaking recreational spaces. Luxury homes often feature a broad range of physical infrastructure that inhibits a profoundly cosmopolitan environment, such as an open terrace, medical room, business lounge with desktop stations, kids’ laboratory, moon deck, prayer room, floating cabana, infinity pool, and snorkeling pool; other features include outdoor grills with open-air dining, mini theater, tuck shop, children’s gym, yoga room, kids’ mania, spa and salon, virtual golf simulator, gaming zone, and sun-tanning salon. Conversely, community centers, gymnasiums, and sports clubs have lost their shock value. 

Concurrently, numerous homebuyers have stated that they want to invest in communities that have earned green certification; this is a natural consequence of the post-pandemic awakening, which has led to a growing consciousness among individuals regarding their health. Due to their preference for aesthetically pleasing and health-promoting properties for their family, kids, and themselves, people frequently invest in luxury real estate. However, most luxury real estate agents are going green and incorporating eco-friendly building toolkits into their development agendas, taking a cue from Sustainability. Luxury projects now oversee the widespread inclusion of green areas such as herb gardens, butterfly gardens, bird’s zones, meditation zones, jogging tracks, pottery barns, and fragrance gardens to promote environmentally friendly homes. 

“Gurgram is the hottest luxury real estate market in NCR,” claims Vikas Garg, Joint Managing Director of Ganga Realty. The old roads’ aesthetic appeal and the new corridors’ quick construction, particularly those near the Dwarka Expressway, have helped the luxury real estate markets thrive and draw in new homebuyers. Sector 84 has grown to be one of the most significant areas for residential investment because of its proximity to the Dwarka Expressway and the Global City project. Additionally, contemporary luxury developments have a charming, timeless appeal and idyllic charm with a lavish array of internal and external amenities and built-in features that appeal to plenty of first-time homebuyers who desire homes with comprehensive features.” 

Saransh Trehan, Managing Director of Trehan Group, elaborates on the significant growth of independent floors in Gurugram, stating that “Independent floors have reached an optional level of purchases in Gurugram, undergirding a dramatic shift in favor of low-density living which offers privacy, enhanced security, and composure. “Among the most popular locations for independent floor options are Golf Course Extension Road and Southern Peripheral Road. These roads frequently offer many opulent amenities, stunning interiors, and comforts. Millennials and Gen-Z are known for preferring independent floors over shared ones. They prefer large apartments with flexible layouts, guaranteed privacy, and the freedom to come and go when they want to.  

India has a remarkable history and is the birthplace of luxury real estate. Globalization has sparked an endless period of acculturation, with Western concepts such as villas, low-density housing, and penthouses becoming thematically Indianized and appealing to home buyers who also want Indian luxury homemakers to adapt, explore, and reinvent themselves in multiple ways due to travel and cultural exposure. Although “luxury” was once thought to apply exclusively to bungalows, modern luxury real estate has expanded to meet the needs and preferences of various luxury home buyers. 

In Thane, what will be the ready reckoner rate in 2024?

Maharashtra’s vibrant city of Thane is home to a robust residential and commercial real estate market. It is beneficial to be aware of the ready reckoner rate in Thane, as there are some intriguing real estate projects planned for the city. 

One of the first things you do as a committed buyer or investor searching for suitable properties in Thane is establish a budget for the acquisition. Understanding the ready reckoner rate in Thane is essential for budgeting and navigating the real estate market. What are the ready reckoner rates in Thane’s most sought-after areas? Read on to find out! 

What is the Thane-ready reckoner rate?

These are the lowest property rates set by the government for a specific area. They are called Ready Reckoner Rates, Circle Rates, or Guidance Values. Stamp duty and registration fees are determined based on these rates when purchasing or selling real estate in Thane. The ready reckoner rates are in effect from April 1 to March 31 each year. The latest reckoner rates experienced modifications and adjustments on March 31, 2022. 

In Thane, the government sets benchmark property rates known as Prepared Reckoner Rates. They play a significant role in real estate transactions and affect the market. Both buyers and sellers should understand these rates to guarantee a fair deal and make wise decisions. 

Factors influencing Thane’s ready reckoner rates 

Several factors influence the ready-reckoner rats in Thane. As a result, different property types and locations have different rats. For instance, upscale residential areas tend to have higher ready reckoner rates than developing neighborhoods. Simultaneously, commercial rates increase in comparison to residential rates. The following are the main variables influencing Thane’s ready reckoner rates: 

Location 

One of the main determinants of a property’s Ready Reckoner Rate is its location. Higher rates tend to occur in areas with superior infrastructure, proximity to amenities, and good connectivity. For instance, because of their accessibility and popularity, prime locations like Ghodbunder Road and Polhran Road fetch higher rates.  

Type of property

Also influencing the Ready rates is the type of property. The rates for residential, commercial, and industrial properties vary. When calculating the rates, other factors like the number of rooms, amenities, and construction quality are considered, along with the property’s size and quality. 

Consumer desire 

The Prepard Compensator. The demand for properties in a particular area affects rates. In high-demand areas, rates are likely to rise. Considerations such as proximity to commercial centers, academic establishments, and medical facilities augment demand, leading to elevated prices. 

Building infrastructure

The Ready Reckoner Rates directly impact the infrastructure development in a given area. Rates may go up because of better roads, more accessible public transportation, and the availability of necessities like electricity and water. Thane’s ongoing infrastructure, such as the metro line and roads, will be the primary driver of future rate increases. 

Thane ready reckoner rates for the residential market 

The following is a list of the most recent ready reckoner rates for Thane’s residential area, some of which are well-known.

Ready Reckoner rates in Thane (2024) for residential properties 
Places in Thane Residential property rates 
Ambernath Rs 46500
BadlapurRs 39900
BalumbhRs 79900
BhiwandiRs 40600
DombivaliRs 61000
Ghodbunder RoadRs 98600
KolshetRs 94600
KulgoanRs 43200
KalyanRs 69100
MurbadRs 32700
MajiwadaRs 124000
Mira BhavndarRs 74800
NaupadaRs 130900
Nizampur City Rs 34700
ShahpurRs 36300
ThaneRs 83800
Ulhasnagar (CAMP A-CAMP-3)Rs 42600

Impact of ready reckoner rate in Thane 

The most recent data shows that, as of March 31, 2022, the Ready Reckoner Rates in Thane have increased by an average of 8.8 percent. This increase has directly impacted the city’s real estate market. For example, residential properties in desirable areas such as Thane West and Ghodbunder Road have experienced a substantial rise in the mean price per square meter. 

The rise in Ready Reckoner Rates has also affected how affordable properties are in Thane. Due to the higher rates, buyers of homes now have to pay stamp duty and registration fees. Because of this, buying real estate in the city has become difficult for people with middle-class incomes. 

Anyone working in the residential real estate industry in Thane needs to be aware of the Ready Reckoner Rates. These rates are vital in real estate transactions because they give properties a uniform valuation. It is best to consult a real estate advisor and stay with the latest rates for accurate information. 

Goa remains the most popular destination for vacation homes, with 71% of wealthy Indians wishing to invest in luxury real estate in the next two years.

Compared to lifestyle upgrades last year, capital appreciation currently outweighs the primary justification for purchasing real estate. 

Up to 71% of wealthy Indians plan to make real estate investments within the next 12 to 24 months, demonstrating an abundance of confidence in the real estate market. According to India Sotheby’s International Realty (ISIR) annual Luxury Outlook Survey 2024, capital appreciation is now driving real estate investment more than lifestyle upgrades, which is why investors are returning to the market.  

High-Net-Worth Individuals (HNIs) and Ultra High-Net-Worth Individuals (UHNIs) expressed confidence about investing in the real estate market, according to India Sotheby’s International Realty (ISIR) annual Luxury Outlook Survey 2024. A startling 79% expressed confidence in the economy’s positive trajectory in 2023-24, up from 59% the previous year.  

Regarding home loan interest rates, the Reserve Bank of India (RBI) expected 56% of NHIs and UHNIs to begin lowering rates in 2024, which bodes well for mortgage and financing prospects. 

Diversified holdings in real estate 

A startling 83% of wealthy Indians, according to the survey, own several homes, indicating a trend of diversifying real estate portfolios among the affluent. 

Aside from primary residences, 34% own business property, 25% vacation homes, 21% farmland, and 20% farmhouses. 

Up to 35% of vacation home purchasers stated that Goa was their first choice for a second residence, underscoring the city’s ongoing appeal to India’s affluent. 

At 12%, the desire to invest in properties abroad stayed consistent, with the USA and Dubai, United Arab Emirates, being their top choices. 

Consolidation of real estate portfolio 

Up to 43% of HNI and UHNI respondents said they to focus on higher-quality properties and assets that generate income to consolidate their portfolios. One-third of UHNIs and HNIs now use electronic tools like walkthroughs and 3-D virtual reality for research and property viewing. 

“Record-breaking home sales figures in Indian real estate in 2023 and an all-time high stock market are indications of the growing economic momentum. In the next 12 to 24 months, the top end of the real estate market will gain the most. Goldman Sachs Group Inc. projects that the number of people in the affluent class will almost double to 100 million over the next three years. The ultra-wealthy in India are increasing. The ranks of the ultra-rich have continued to rise due to the strength of start-up ecosystems and the increasing number of unicorns. Amit Goyal, Managing Director of India Sotheby’s International Realty. “Our Luxury Outlook survey results show a renewed and heightened interest among investors who now view real estate as a compelling avenue for long-term wealth creation.” 

“The resilience and potential of the Indian economy is evident in the remarkable shift in economic sentiment we are now witnessing. This increase in luxury projects in the top seven cities is not surprising. Alongside a wider understanding of real estate’s enduring value and potential for long-term financial growth, there is also a shift in mindset. The CEO of India Sotheby’s International Realty, Ashwin Chaddha, stated, “We think investors are strategically positioning themselves for wealth accumulation and creating multi-generational wealth through real estate investments.”

The Ram Mandir in Ayodhya is a shining example of India’s spiritual and cultural heritage.

The New Year begins with a good start as we eagerly welcome the biggest event of the year, which our nation will witness live on January 22 at 12:20 p.m. Yes, we are talking about the Ram Janmabhoomi in Ayodhya and the consecration ceremony of the Ram Lalla idol.

The sound of Ram Aayenge can be heard everywhere, from the enormous nationwide celebrations to Ayodhya emerging as a significant center for culture and tourism and religious leaders criticizing politicization. Everywhere you look in Ayodhya and other parts of the nation, there is a sense of euphoria. 

People disagree over the Ram consecration, arguing that politics should prevail over religion. Because political leaders ‘interfere in religious affairs,” some of the saints of Ayodhya have chosen not to participate in the ceremony. 

One of the saints stated, “It is against the sacred Hindu scriptures to hold the ceremony before the temple construction is complete.” 

Over the years, there has been discussion about the ancient city, even though it is nothing new for Ayodhya. That will still be a historic event for millions of Hindu devotees. Prime Minister Narendra Modi is getting ready to give a speech to the people, emphasizing the advancement of India’s cultural legacy and development. In light of this, Prime Minister Modi announces the start of his 11-day fast in advance and encourages everybody to celebrate this wonderful occasion– the Homecoming of Ram– by lighting up their homes!

The grandeur of the Ram Mandir in Ayodhya will bring in over 1.5 lakh devotees to the town of the temple. Let us examine its lasting influence, which permeates the nation’s spirituality, history, and social cohesion. 

History of Ayodhya Ram Mandir 

The legend behind the centuries-old history of Ayodhya’s Ram Mandir stems from the Ramayana, where the revered Hindu deity Lord Rama is said to have been born. 

Tucked away on the banks of the Surayu River in Ayodhya, Uttar Pradesh, India, is where the Ram Janmabhoomi is said to be. Apart from its religious significance, the historic town provided the setting for Lord Rama’s life story in the epic Ramayana.

According to legend, the original temple was built at the start of the twelfth century. However, a protracted legal dispute resulted from the 16th-century construction of the mosque known as the Babri Masjid.  

The Babri Mosque’s Demolition and Its Aftereffects 

In the 20th century, the Mandir-Masjid dispute grew substantially, becoming a political hotbed rife with conflicts between communities and legal disputes. The destruction of the Babri Masjid on December 6, 1992, marked the tragic apex of the conflict. This incident was a turning point that tore apart India’s socio-political structure and set off nationwide communal riots. 

Court Cases and the Decision 

Following the demolition, the country became mired in protracted legal disputes and battles that questioned identity, national security, and religious freedom for decades. The case finally reached its apex when the Indian Supreme Court handed down its landmark decision on November 9, 2019, following a comprehensive review of all available evidence and documentation. After a protracted legal and emotional journey, the court decided in favor of the construction of Ram Mandir at the location, allocating a different plot of land in Ayodhya as a mosque. 

New Dawn: Construction of Ayodhya Ram Mandir 

In August 2020, following the historic Supreme Court ruling, work on the sacred temple at the Janmabhoomi site got underway. Prime Minister Narendra Modi’s Bhoomi Pujan ceremony took place after it. 

The Shri Ram Janmabhoomi Teerth Kshetra Trust is responsible for the temple’s construction and consecration ceremony. Several temples spread across about 70 acres of land will be part of the RAM mandir complex. The Ram Mandir budget is estimated to be between Rs 1,400 and Rs 1,800 crores. 

The Ayodhya Ram temple, which occupies 2.7 acres, is praised for fusing cutting-edge design with India’s architectural legacy. The Mandir’s architecture, which combines traditional craftsmanship with modern building techniques, is inspired by classical Hindu temples and celebrates technological prowess with the glorious past. 

Ayodhya Ram Mandir Temple Architecture 

The Ayodhya Ram Mandir, created by the Sompura family and the Larsen & Toubro construction company, is expected to be a stunning work of art. The temple complex stands by its magnificent proportions, elaborate design, strong spires, and delicate sculptures. 

The Sompura family is renowned for temple architecture, crafting more than 100 temples, including the notable Somnath temple. The chief architect Chandrakant Sompura, assisted by his sons, revised the original 1988 design and tweaked certain modifications. 

Design of the Temple 

The Nagara style, which features tall, multiple shikhara, and the Dravidian style, which incorporates gopurams, are the primary influences on the temple’s aesthetics. 

Deeply rooted in Hindu texts, the temple’s design balances positive energy by following Vastu Shastra principles. The three floors of the larger, enlarged temple design now include five exquisitely crafted domes (mandapas) and elaborate pillars that add to the overall beauty of the structure. At 161 feet high, the central spire, or shikhara, is the third-largest Hindu shrine in the world. 

Description of the Ayodhya Ram Mandir Building

The temple’s most noticeable aspect is its octagonal Garbha (Sanctum sanctorum), which, in keeping with the tradition of Vishu temples, houses the idol of Ram Lalla, the infant ideal of Lord Rama. 

What distinguishes the Ram Mandir’s structure from others? Stone, wood, cement, copper, and gold are used instead of iron and steel, honoring India’s traditional and sustainable methods. The meticulous attention to detail carved into these materials adds to their exquisite appeal. 

Sculptures and Specifics 

Pink marble from Rajasthan’s Bansi Paharpur stone, known for its durability and beauty, adorns the superstructure of the Ram temple. These unusual pink sandstones occur in the Bharatpur District of Rajasthan on other remarkable structures, such as the Parliament Complex, the Akshardham Temple, and Lal Qila Agra. 

The walls and pillars, adorned with elaborate carvings and rich depictions of Hindu deities, floral motifs, and scenes from the Ramayana, serve as a testament to our rich history. 

Cultural Parade 

In addition to its magnificent physical structure and historical legacy, the Ayodhya Ram Mandir has cultural and symbolic significance. Festivals and celebrations will occur to mark the much-anticipated event, creating a festive atmosphere and breathtaking visual show.

Politics leaders and other dignitaries around the globe have received invitations to the event, and preparations are well underway. The 7,000 guests are executives, famous people, athletes, army officers, religious leaders, and honorees. 

On January 24, however, the temple will be operational and accessible to the public. Multiple cultural delights, such as the Ram Charan Paduka Yatra, Ram Leelas, and much more, will serve as the primary ceremonial occasion.

As part of the Swatchhata Abhiyaan, PM Modi has already sparked the festivities and customs by cleaning the grounds of the Kalaram Temple in Nashik. He urged the nation’s temples to engage in cleaning initiatives. 

Gifts from all over the nation and overseas indeed to the religious fervor at Ayodhya Ram Mandir. A heartfelt symbol of unity, harmony, and devotion!

Among the unusual presents are alloys made from eight metals (gold, silver, copper, lead, zinc, tin, iron, and mercury) and a 2,100 kg carved-off temple bell. Metal idols for Hindu and Jain temples in India frequently come with it. 

A 500 kg gold foil Nagada (temple drum) from Gujarat and a 108-foot incense stick that will burn for 45 days and spread its fragrance over several kilometers are additional huge presents. Other souvenirs include gold shoes, a clock, the lock and key in the world, which stands ten feet tall, and more. 

Furthermore, Sri Lanka and Nepal, two neighboring countries where Goddess Sita was born, generously donated to the Ram temple. 

Ayodhya City Renovation! 

Ayodhya is transforming into a vibrant city ahead of the ceremony preparations. The Master Plan 2031, which calls for an investment of more than 80,000 crores, divides the redevelopment of the temple town into several themes, including embracing modern and cultural Ayodhya and fostering regional business and economic growth.  

The Ayodhya Mandir has led to a notable spike in online reservations and a corresponding increase in hotel rates. 

Worldwide Recognition 

There is a lot of joy and celebration of Ram Janmabhoomi, not only within the nation but also globally, as the celebrations pick up stream in many other countries. The event will be streamed live from Times Square in New York City, further cementing the Ayodhya Ram Mandir’s reputation as a global supplier of spiritual and cultural icons. The Hindu-American community in Chicago, Houston, and other cities organized large-scale auto rallies.

Paris, the city of love, is joining in the festivities. The Indian community there is arranging a Rath Yatra, which will take place 24 hours before the consecration ceremony on January 21. There will be a cultural celebration and a through pooja arti.  

Donations to Ayodhya Ram Mandir
Donations from Hindu devotees have been overwhelmingly generous towards the construction of Ayodhya’s Ram Mandir. Over Rs 5,500 crore have been contributing toward the same and counting. 

Where is the Ayodhya Ram Mandir located? 

All means of transportation, including air, rail, and road, connect Ayodhya City to other regions of the nation. 

  • Through Air:
    • Ayodhya Dhami’s Maharishi Valmiki International Airport (17 km)
    • Ayodhya Ram Mandir to Gorakhpur Airport (139 km)
    • International Airport of Chaudhary Charan Singh, Lucknow (156 km)
  • By Train: India’s major cities are well-connected to the closest Ayodhya Junction. 
    • Ayodhya Junction (2.5 km)
    • Gorakhpur Junction (113 km) 
    • Lucknow railway Junction (144 km) 
  • By Road: Ram Mandir station is reachable by several state-run and private buses, taxis, and private automobiles. Low-cost bus services are another way to get to the Ayodhya Ram Mandir from surrounding towns and other parts of the country. 

Ram Mandir: The Assured!

Anticipation is high as the day of Lord Ram’s “Pran Pratistha” ceremony on January 11 approaches. Hindu devotees are rushing across the globe, counting the weeks and preparing for this special day. The dream is finally coming true after years of longing. The passionate followers of Lord Ram, bound by faith and devotion, are celebrating and anticipating their god’s return home with great anticipation.  The nation will undergo a paradigm change at this time, fortifying ties and ushering in a progressive future where tradition and modernity coexist peacefully. 

The top 5 most important questions to ask your builder when buying a property that is still under construction.

While making a real estate investment, buyers frequently need help to choose between an under-construction and ready-to-move-in project. Though both are available, people frequently hesitate to invest in under-construction properties because of the lengthy construction periods. Before investing your hard-earned money in a property still under construction, find the answers to the five crucial questions you should have asked the builder by reading on. 

Under-construction properties are highly appealing to investors and end users due to their relatively lower prices when compared to ready-to-move-in units. Purchasing an under-construction unit can also allow you to select the preferred Vastu direction of the unit, the flooring, and, in certain situations, the floor. An under-construction property does, however, come with some drawbacks. Although Godrej Properties Limited, a Grade A developer, completes projects on time, the nation’s real estate market is chock-full of postponed under-construction projects. With that in mind, this piece aims to equip purchasers with a few essential inquiries to ask if purchasing a property that is still under construction. 

Industry experts feel that as long as due diligence occurs, buyers should not let the risk associated with any investment prevent them from purchasing an under-construction property. Furthermore, buyers now find it easier to select reliable developers and projects thanks to the Real Estate (Regulation and Development) Act (RERA) 2016. Customers feel more confident about purchasing real estate now that the RERA has emerged. From the project’s current phase to the permissions obtained or pending by the developer, every detail about the project is available on each state’s RERA website. The innovative legislation’s penalty provisions protect purchasers from construction delays and subpar work. 

To what extent has your project gained recognition since its inception? 

There are effects between a real estate project and its surrounding area. For this reason, choosing whether to invest in an appreciating or depreciating project is essential. It also applies to the project’s surrounding area. To put it in perspective, the homebuying values of Godrej Hillside, an unfinished residential project in Mahalunge, Pune, have increased by more than 50% during the past three years. Over the same period, Mahalunge’s real estate prices have increased by more than 20%. Godrej Hillside anticipates raising prices to complete several units beginning in October 2024. Investing in such a project yields a positive Return on Investment (ROI) for the buyer. You have to ask the builder this kind of question to ascertain the performance of your investment. 

How many units in the project have sold out? 

Even though a builder is more likely to provide an exaggerated response, it is still crucial to ask this question. The investigation is necessary since sluggish sales could indicate issues with the specific project. Asking the builder how many inquiries they receive in a week or month can also help you gain a better understanding. A reasonable exception for the conversion should be one or two percent of the quoted amount. Real estate experts caution against adopting a herd mentality when making investments. It is advisable to carefully examine the project, investigate the neighborhood, verify the project’s RERA registration status, and get a sense of the builder’s popularity by speaking with previous purchasers. 

What is the total number of units sold in the project? 

Even though a builder is more likely to provide an exaggerated response, it is still crucial to ask this question. Investigating sluggish sales is essential as it could indicate issues with the specific project. Asking the builder how many inquiries they receive in a week or month can also help you gain a better understanding. A reasonable expectation for the conversion should be one or two percent of the quoted amount. Nevertheless, you should not copy a project because other buyers flock to it. Real estate experts caution against adopting a herd mentality when making investments. 

It is advisable to carefully examine the project, investigate the neighborhood, verify the project’s RERA registration status, and get a sense of the builder’s popularity by speaking with previous purchasers. 

Can you tell us more about your prior projects? 

Verifying a builder’s history is extremely important. If the builder has completed projects on time and with structural integrity, you can expect the pattern to continue. Developers like Godrej Properties can build a solid reputation by meeting the needs of their customers with well-executed projects on schedule. 

Which commercial rights in the project will you keep? 

Developers typically maintain a commercial stake in a project long after it ends and ownership passes on. When buyers learn that the builder has kept some rights, like the clubhouse, and has only shared membership with them, they frequently feel duped and let down. It is best to talk about this with the builder and get it included in the agreement before you sign on the dotted line. 

Even though investing in a project still under construction may seem intimidating, there are benefits, such as being somewhat more affordable initially, offering better returns over time, and offering more customization options. However, it is advisable to invest in a project accredited with the RERA, use a property portal, and consider any future developments in the neighborhood before finalizing the deal–as with any real estate transaction. However, it is advisable to invest in a project accredited with the RERA, use a property portal, and consider any future developments in the neighborhood before finalizing the deal –as with any real estate transaction.