Monthly Archives: February 2020

Avighna Group Collaborates With HBS Realtors For Worli Project

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MUMBAI: Real Estate developer Avighna Group is in progressive talks with HBS Realtors to come to an agreement to collectively develop Rs 1,800 crore residential venture in Mumbai’s Worli location. The project is to be dispersed over 3.4 acre land along Dr. Annie Besant Road in Worli is predicted to have total advancement potential of 0.72 million sq. ft.

As part of the proposed scheme, Avighna Group is likely to take care of entire execution and marketing of the project, while HBS Realtors will bring in the land parcel. Avighna Group is also to venture its part of investment into this project through inner accumulation and sales assortments. The company recently sold apartments worth Rs 350 crore at its venture Avighna Estates, including One Avighna Park and Avighna 9, near ITC Grand Central Hotel in Mumbai’s Lower Parel area.

Besides from premium residential expansion, the project in Worli is likely to additionally involve few retail and commercial component. Moreover, both the companies are yet to take a stand on proportion of these improvements.

Nishant Agarwal, Managing Director, Avighna Group stated that, “We will be responsible for the entire project once the agreement is entered into. The agreement will be based on the area share being discussed, but we haven’t finalized it yet.”

The exchange will be one of the greatest in South Mumbai in recent years as the market has been drowsy till a couple of months prior for luxury contributions in this micro-market. As indicated by market observers, the situation is improving and this could be an articulation point.

“It’s the most ideal time for financially well placed developers to seek extension in south Mumbai, as a few rewarding open doors exist. The extravagance residential market here has failed to meet expectations in the course of recent years, yet now is by all accounts awakening from its sleep. Well delivered and on-time ventures have performed superior than the market average,” said Ram Naik, executive director, Guardians Real Estate Advisory.

Prior, engineers preferred to venture in the production of a land bank and looked for minimal effort land distributes in upcoming regions for later development. With the emerging operational environment under the RERA and GST systems, developers have been relooking at their plans of action.

Rising Locations For Investment In Noida In 2020

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Venturing in Noida and Greater Noida has always been a fruitful decision for the investors as well as home buyers. If investment is on your mind in the year 2020, here is a list of the rising flock with the extreme aptitude for the real investment in Noida in 2020.

Superabundance in Delhi with plethora of housing supply and growth in price rates, home buyers and investors desperately seeking residential options in the NCR region. Accessibility and cost-effective in homes supply is the key factor to the popular demand of Noida and Greater Noida in the past few years. Therefore, if you are considering buying a house in Noida and Greater Noida in the consecutive year 2020, following are the preferable locations that have the potential to garner massive returns.

Noida Sector 74-78: By contributing excellent to ultra-extravagance residences as well as commercial spaces, this area is acknowledged to be the most accelerated urbanizing zone of Noida. Another significant factor here is the proximity to the prime locations such as Noida City Center and commercial hubs in Sector 50 and 34. Spacious, well ventilated residences are catching the investor’s eyes and have made real estate demand hiking in the recent times.

Sector 150, Greater Noida: Located on Noida-Greater Noida Expressway, Sector-150, Noida, is the most favored hotspot among home buyers and investors. Aside from this, the region is low on population with a few prepared ventures as yet lying empty. In terms of proximity, the locality is located around the Faridabad-Noida-Ghaziabad (FNG) Expressway, Yamuna Expressway and Eastern Peripheral Expressway. Succeeding the inauguration of the Aqua metro line, residential demand has hiked up manifold in the area, witnessing property prices trajectory growth of approximately 3-4 per cent.

Sector 100, 135 and 137: Budding social, civic and physical framework have advanced the housing supply in these sectors from last one year. Boon for commercial office spaces with various MNCs opening in the nearby locations, thus offering buyers a healthy scope to negotiate the best price.

Along with State government planning to broaden the Noida-Greater Noida metro line to Noida Extension, the locality would experience enhanced proximity, resulting in expanding occupancy of vacant spaces as there are about 2.5 lakh unoccupied spaces in Noida and Greater Noida.

 

Importance of RERA

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Every person’s dream about having their own place to live.  However, not everyone is able to afford a home as the real estate prices are still soaring high as compared to the income levels.

RERA represents Real Estate Regulations Act and was brought in 2016 to ensure the interests of the home purchasers. The RERA determines the standard which provides relief to the home buyers from the abuse of unfair developers.

RERA indicates certain norms for building and advancement of real estate which will strengthen the transparency in transactions in the real estate segment.

The real estate (guideline and advancement) Act, 2016 (RERA) came into effect across the nation from 1 May 2017.

Significant Benefits of RERA Act:

  1. Regulated carpet area: Earlier the carpet area on which builder figures out the price of the property was not determined. Every developer had his own strategies for estimation of the Carpet Area. However, this has been clearly defined by the RERA Act and the similar equation would be applied by all the developers for count of the carpet area. Builders process the price of a property as follows: Property Cost= Carpet Area x Rate per sq. ft. This has a direct affect on the real estate costs.
  2. Reduces The Hazard of Builder Bankruptcy: Prior, the developer usually had ventures which were being constructed together and tend to jump the funds from one venture to another. Hence, after the establishment of RERA, the developer is subject to deposit 70% of the amount acknowledged in for the project in a separate bank account. Withdrawal from such account only on the basis of finishing of the project, which shall be guaranteed by a civil engineer, architect and a chartered account in practice. This will guarantee that the assets are utilized for the project only, for which they are raised and not for other purposes.
  3. Right of the Buyer in case of False promises: In case of a mismatch in the commitments made by the builder and the project, the homebuyer is entitled to the choice of the withdrawal of the project with the full reimbursement of the sum paid as advance or in any other case along with interest and guarantee pay.
  4. Right of the Purchaser in case of Defect after possession: In case of any structural defect or any imperfection in workmanship, quality, provision or service is found within 5 years after the possession of the apartment, such deformity will be redressed by the developer at no additional expense inside 30 days.
  5. Right to Information: The homebuyer shall be entitled to all the information related to the project, whether it’s the plan layout, execution or the stage wise completion of the project etc.
  6. Foundation of Authority for Grievance Redressal: Any complaint against the builder can be taken to the state authority set up under RERA which shall have the ability to redress all the grievances, In case of dissatisfaction, purchaser ca file an appeal with the Appellate Tribunal who will review your case inside 60 days and in event of inability to do so, it shall record the reasons of such disappointment.

On off the chance that builder wants to appeal to the Appellate Tribunal against the order of the Authority, and then he shall have to deposit at least 30% of the penalty or a higher percentage determined by Appellate Tribunal.

RERA is applicable to all the builders and developers except the following:

  1. Where the territory of land proposed to be built does not exceed 500 sq. meters or the no. of house’s proposed to be developed does not exceed 8.
  2. If the promoter has attained completion certificate prior the introduction of RERA.
  3. In case of Repair or Re-development of the home which does not include marketing, selling or new allotment of any building, plot or apartment.

 

Centre Rewards Registry Papers to 20 Inhabitants Of Unapproved Settlements In Delhi

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In a transition to regularize the illicit settlements in Delhi, the Housing Ministry has given over the conveyance deed and enrollment papers to 20 residents of Raja Vihar and Suraj Park.

The Union Housing and Urban Affairs Minister, Hardeep Singh Puri has as of late registration papers and transportation deed to upwards as 20 inhabitants of unapproved settlements of Raja Vihar and Suraj Park in Delhi. Under the Pradhan Mantri Unauthorized Colonies in Delhi Awas Adhikar Yojana (PM-UDAY), the move would profit 40 lakh inhabitants in the National Capital.

As yet, almost 57,000 occupants have enlisted with the Delhi Development Authority (DDA) to gain the imperative certificates. Of these, around 3,500 candidates have effectively presented the applications and will before get the registration documents, share authorities.

Highlighting the registration process, Tarun Kapoor, Vice Chairman, DDA, has shared that, primarily, the applicant has to submit all the necessary documents on the DDA site. Once the papers are provided, a team of officials from the development authority would visit the applicant’s house for verification and would collect the conveyance deed charges. After that, the applicant has to visit the sub-divisional office to avail the registration papers.

The Government would also create a Special Development Fund (SDF) under the PM-UDAY. The SDF would be set up from the fund received as conveyance deed and property registration charges and would be used to augment the social infrastructure in 1,731 unauthorized colonies.