PORVORIM– Pramod Savant, Goa CM on Wednesday announced a cut in infrastructure tax. He said that in an attempt to revive real estate, the infrastructure tax levied on the construction sector will be reduced by 30% over a period of six months starting from 1 April 2021.
The CM also proposes to extend the online building plan approval management system for apartment buildings, commercial buildings and industrial buildings.
The TCP department is about to propose different rules and strategies. These rules will help for implementing transferable building rights provisions for the acquisition of much-needed land taxes, public projects and to preserve cultural heritage structures.
Nilesh Salkar, Credai president said:- We are pleased that our appeals to the government received a positive response. The steps outlined by the CM in the budget speech will definitely strengthen the morale of our sector.
Words from CM-
The problem of double taxation in registration fees and stamp duty will also be simplified. This will be beneficial for the housing construction sector and also reduce their financial difficulties. Several major improvements in the functioning of the Planning and Development Authorities will also be introduced. Further, Notary engineers and Notary architects assigned to provide third-party certification for low-risk projects. Certification by these professionals considered valid by TCP for issuing technical approvals and execution orders.
Real estate developer Prestige Estates Projects has won the highest bid for the bankrupt and stagnant Ariisto Developer real estate project in the Mulund, suburb of Mumbai.
Under the terms approved by NCLT Mumbai, Prestige will pay around Rs 369 crore to creditors of the project. Along with 8 lakh square foot non-residential space to be built up as part of the project for creditors.
The company’s guaranteed lenders include HDFC, Piramal Capital, and India Infoline. Apart from these, it also has other unsecured lenders and over 500 home buyers.
The total receivables from lenders and other stakeholders, including creditors and operational creditors, amount to Rs 2,500 crore. NCLT acknowledged and started liquidation proceedings over the developer in November 2019.
Venkat K. Narayana, Prestige CEO, confirmed this news, saying the NCLT court in Mumbai announced this decision on Tuesday. The potential revenue from this project expected to be about Rs 10,000 crore with an area of total 7.5 million square feet. We start the first phase of the project in May and the second in December. Out of 32 acres of land, Ariisto Developer has formed a joint venture with a local landlord for development. At the same time, some of the vacant land was acquired by the company alone.
The site land also contained part of the slum, the company carried out part of the project in the form of rehabilitation work approved by the Slum Rehabilitation Authority (SRA).
Developer Gaurs Group is investing Rs 2,123 crore in three pending Amrapali projects. Gaur Group has taken over these projects from state-owned NBCC.
The group won contracts for the construction of Amrapali Centurian Park, Verona Heights and Heartbeat City with a total of about 10,900 apartments. These projects carried out by the Gaurs Group wholly owned subsidiary GaursonsHitech Infrastructure Pvt Ltd.
Gaurs Group, which has completed over 50 commercial and residential projects of over 54 million square feet, is currently not implementing any major projects.
NBCC involves in the completion of 23 Amrapali housing projects and the estimated cost of implementing these projects is approx. Rs 8,400 crore. The state-owned company has divided Amrapali’s unfinished projects into three categories, and delivery of apartments is expected to begin soon.
There are more than 10,000 home buyers who will get the possession of their apartments till June 2021. They will have to pay the pending amount of flat in 4 installments of 25% each. The rest of the home buyers can pay in 10 installments at 10% according to the delivery schedule.
Words from Gaurs Group-
The government shifted its focus to the infrastructure segment, and as a group we also decided to diversify our activities. We have no major real estate projects at this time and have sold most of our under construction stock. We are only completing Amrapali projects, and NBCC is responsible for the sales of these flats.
Since our experience is in real estate, it was natural to choose Amrapali projects. We plan to increase our construction portfolio to about Rs 7,000 in the five years. Gaurs Group have invested in construction for many years, and want to increase presence in the infrastructure area and are ready to take on government projects as well.
We issue a monthly invoice to NBCC depending on the completion of apartments. We cover construction costs through internal fees and bank guarantees. The projects will be completed within 36 months of the allotment of tender.
Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) under the leadership of U.P state legal services authority is organizing a National Lok Adalat. The Lok Adalat will be organized at Lucknow headquarters of UP-RERA and Greater Noida office on 10 April 2021, to settle the disputes between developers and home buyers.
The Lok Adalat conducted through the internet medium. Only the complaints submitted to the authority under section 31 of the RERA where mutual consent, settlement or request for agreement is possible will be considered.
Current and pending cases also be reviewed by the RERA Conciliation Consultant, where the settlement is possible on the basis of reconciliation agreement. Or where the party has made a request for an agreement will also be considered.
Anand Shukla, legal advisor to UP-RERA, has been appointed Nodal Officer of the Lok Adalat organization.
Rajesh Kumar Tyagi, UP-RERA Secretary, said.-“Through Lok Adalat, home buyers will have a transparent, easy, quick settlement and solution to their cases. Adalat will consider the same cases where the settlement is possible through reconciliation agreement and cases that are pending for a long time.”
The New Town of Kolkata Development Authority (NKDA) has set up a special camp and support service to help more taxpayers in the New Town area. Especially the elderly citizens and those who have problems in assessing, registering, and paying property taxes.
The Nabadiganta Industrial Municipality Authority (NDITA) has sent letters to all companies in sector V, who have not yet paid their property taxes, asking them to liquidate them by 31 March.
The NDITA and NKDA authorities recently checked the status of property tax collection in Sector V and New Town. Officials said the property tax collection in both towns was lower than the amount collected in the last fiscal year on the same date.
The ongoing Covid pandemic has proven to be one of the main reasons for this, as some IT companies are still operating from home.
A special property tax camp started in New Town last week and runs until March 31. The camp is on the ground floor of the utility building next to Tank No. 3. According to officials, the camp is an extension of the existing camp to help more taxpayers. It will help more people in the assessment, filing and payment of property tax.
The authorities have also introduced a tax assistance helpline number (033-2324-2127). People facing problems while filing the property tax can call on this number. This helpline number operates from Monday to Friday (excluding public holidays). NKDA has also introduced a “Tax Sathis” for the elderly citizens.
Till March 17, NKDA raised around Rs 31 crore this fiscal year. While it raised around Rs 43 crores in the last fiscal year. NDITA records as per 17th March shows that they have raised around Rs 47 crores in comparison to Rs 65 crores raised last year.
AHMEDABAD: The Gujarat Real Estate Regulatory Authority (Guj RERA) has finally ordered developers to pay fines for violating the rules. One developer was fined for booking and selling properties before registering them with the concerned authority. Another was fined for collecting more than 10% of the property value before signing a sales contract.
Booked apartments before registering
The authorities in the first case imposed a fine of Rs 27.38 lakh on Devnandan Builders Private Limited, for reserving apartments under their Devnandar Parisar-2 scheme in Adalaj. They had booked the apartments before registering it with RERA. The developer gave an explanation that the company applied for registration in 2017, but it was rejected. Further he said, he will submit the project certificate as soon as the CA prepares it. RERA was not satisfied and noted that the developer had sold or reserved 205 units in the project prior to the submission of the project certificate. So, the company was fined approximately Rs 27 lakhs.
Received 10% as advance payment-
In the second case, authorities imposed a fine of Rs 7 lakh on Dwarkadas Pritamani for receiving reserve sums totaling Rs 6.50 crore from 45 buyers and providing apartments in his Ravideep Apartments project.
Under the RERA Act, a developer cannot accept an amount exceeding 10% of the value of an apartment. Land or other real estate as an advance payment before signing the sales contract (AFS).
Shivalik Infraspace LLP
In another case, a review of the project by CA showed that developer Shivalik Infraspace LLP raised more than 10% of the cost of an apartment at Shivalik Sharda Parkview Apartments in Shela.
Based on an explanation, a developer’s representative told the authorities that the company had actually tried to enter into agreements for sale with buyers. But was unable to register agreements because buyers did not respond to reminders. The company also provides evidence of the procedure performed. It also told AFS that it had registered seven of its home-buyers. After taking note of the registrations submitted by the developer, RERA noted that the organizer actually tried for registration of AFS and therefore reduced the penalty amount. But as the rules violated, the authority ordered to pay a fine of Rs 10.50 lakh.
AFS a Stumbling Block-
Chitrak Shah, MD of Shivalik Infraspace, told the Mirror: “We will file an appeal before the court. The AFS topic has become a stumbling block in the real estate community as many buyers do not want to have such a document. This problem needs to be addressed and developers should not be penalized in such cases. ”
Gihed meet discusses another case in SC
GIHED – CREDAI held an emergency meeting for developers on Friday to inform them of the upcoming SC hearing. On the pending “conditional plan approval” issue for the draft town planning (TP) locality.
According to the developers, approx. 70 percent of the current real estate projects in Ahmedabad and Gujarat comes in the draft TP areas by authorities like AUDA and AMC.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) imposed a fine under Section-63 of RERA against several developers and builders. The list consists names of well-known developers and others as well. Some of them are Supertech, Mahagun India, Ansal Properties and Infrastructure, and Logix Infrastructure. The fine imposed for the lack of compliance with authority orders.
Fine a totaling Rs 1.24 crore was imposed on these developers. Other developer names include Sare Saamag Realty, T.G.B. Real Estate, Nivas Promoters, Newtech Promoters and Developers, I.V.R. Prime Developers, Logix City Developers, and La Residentia Developers.
The authority ordered these developers to enforce their orders and pay the fine amount within one month, otherwise, the fine will be levied as arrears of revenue from the land.
Show-Cause Notice to Ansal API-
UP-RERA has canceled registration of Ansal API project at Pocket 4, Sector-O, Sushant Golf City. The authority sent a show-cause notice to the developer and reason to revoke the registration of their project in May 2019 for violation of the registration terms and conditions.
After considering the developer’s response, the authority puts a stay on the decision of show-cause notice. For a duration of 4 months subject to the nine conditions described in the mentioned order. The developer did not comply with the order, and the authority on 5 September 2020 ordered the developer to submit a report on compliance with its order.
After considering the response of the Ansal API Promoter dated 14 October 2020 and their oral presentations, the authority immediately decided to withdraw the registration of this project due to the violations of following rules:-
Violations by Ansal API developer-
Irregularities committed during the sale of project units.
The money received from the allottees without getting a sanctioned map of the project and it comes under the illegal trading practice.
The developer has not done any work in the last 9 years, that is, since 2011.
The developer misuse an amount of Rs 16.03 crore received from the allottees of the project.
The required compliance’s, including the QPR of the project, not presented on the authority website.
They didn’t follow the guidelines of the local authorities regarding complaints from the allottees.
The authority restricts the developer’s access to the project registration page, which is available on the authority’s website. It also froze the project’s escrow account in HDFC Bank, Hazratganj branch. Further the authority has set up a project monitoring and advisory committee chaired by UP-RERA member Bhanu Pratap Singh to facilitate the remaining project work in accordance with RERA section 8.
UP-RERA has taken this decision to protect the home buyer’s interests and ensure compliance with the provisions of the RERA Act. This is the third project of the Ansal API that has been de registered by the authority.
Hearing Option is available-
UP-RERA also decided to allow the parties a physical hearing option from 1 May 2021, subject to strict compliance with the Covid-19 Protocol, where applicable. The parties not allowed to change the physical hearing option after choosing it.
The Authority reviews complaints virtually through the electronic legal system, taking into account the need to include Covid-19.
ORERA in its order said that the developer must pay a fine of 20 lakh within two months. Otherwise strict action would be taken in accordance with the law.
BHUBANESWAR: The Odisha Real Estate Regulatory Authority (ORERA) has issued orders imposing a fine of two separate developers of 20 lakh each for breach of various aspects of the Odisha Real Estate Regulation and Development Rules 2017.
Advertising without registration-
In its one order, ORERA slashes Rs 20 lakh fine on a developer for breach of Section 3 of the Act. This act states that developers may not reserve, offer to reserve, sell or advertise their properties without registering such projects with ORERA. Any violation in this regard carries a fine of up to 10 percent of project costs, the law says.
ORERA has booked the case and said in its current order that the developer applied for online registration in December 2019. For a project in the village of Bhubaneswar at Rudrapur, but without getting permission of registration. They started putting up hoardings and advertising in the city and other parts of the state. In January 2020 they advertised properties online as well.
ORERA in its order said that the developer must pay a fine of 20 lakh within two months of the order, otherwise strict action would be taken in accordance with the law.
Firm did not issue sale agreement-
In its another order, ORERA charged a real estate firm Rs 20 lakh, for failing to issue a sale agreement with a home buyer. The buyer has paid a booking amount of Rs 11 lakhs for a property located near Fire Station Square, Bhubaneswar. ORERA placed this order in response to a complaint by the buyer himself.
Sources said that in December 2017, a buyer reserved the property and paid the reservation amount of Rs 11 lakh, and received an allotment letter. The buyer then requested a sales agreement. After which the developer emailed a document that was not in the correct format. When the buyer objected, the developer refused to listen, after which a complaint was filed.
A CHBsenior official said the property had been empty for years and deteriorating as well. Since CHB could not auction this property for many years, it was decided to auction this property in stages.
Chandigarh: Council officials have begun the auction process for 110 residential properties. Following the completion of the auction process for 110 residential properties (self-owned properties), the Board of Directors will begin the auction process for 150 commercial properties (leasing) and 11 residential properties (rental) next month.
Auction through E-Tendering-
According to the official, the property will only be put up for auction through e-tendering. CHB recently lowered the reserved price of this property by 9-20%. CHB’s proposal was also recently approved by the Chandigarh administration.
The reserve price was reduced by 10-20% after seeing the low response to CHB’s attempt to put the property for auction last year. These 270 properties are located in sectors 51, 63, 38 (west), 39 and Manimajra. Among the properties, 51 new apartments are being offered at auction, which has been part of the most expensive CHB housing project in the city. In addition, the commercial properties are also situated in Manimajra, Sector 51, 61 and Maloya that will be put up for auction.
A senior official said the property had been empty for years and its condition was also deteriorating. Since CHB could not auction this property for many years, it was decided to auction this property in stages.
Flats Offered at Varied Price Range-
After registration with CHB, interested parties have 10-15 days to apply for the auction.
For the real estate auction, the board has already set the base price of HIG apartment (rent) in sector 39 at Rs 1.05 crore. Likewise, the reserve price for the three-bedroom apartment in sector 63 was set at Rs 86.24 lakh. The price of a two-bedroom apartment in sector 51 is between Rs 80 and 84 lakh respectively.
The reserve price for a 1 BHK apartment was set at 39.37 lakh and for EWS it was 24.35 lakh in Sector 49. Likewise, the reserve price for a 2 BHK apartment in sector 49 was set to vary from 69.86 lakh to 71.25 lakh. Taking into account the location of the floor.
The base price for a 2 BHK apartment in sector 63 is set at 67.29 lakhs. The base price for HIG (rental) apartments in sector 45-A is set at Rs 1.06 crore. Likewise, the price of a restaurant in Manimajra is also Rs 2.58 crore. The reserve price for a small corner stand (booth) is set at 97 lakhs.
CHENNAI: The Tamil Nadu Real Estate Regulatory Authority (TNRERA) said the home buyer would not be entitled to compensation after accepting the promoter terms and conditions that rule out for delay in delivery.
The case concerns a contract without a construction contract between the builder and the buyer of the house, and the brochure does not contain details about the reason for late possession of that apartment. The section in the brochure on construction delay states that if construction is delayed for any reason, no interest or compensation is paid.
Agreeing with terms, the prosecutor made an application for allotment of the dwelling unit. Consequently, the claim for compensation for the delay is not substantiated, said G. Saravanan, bailiff at TNRERA.
Possession without Car Parking
A housing project in the city was carried out by the non-profit organization i.e, Indian Railway Welfare Organization.
The prosecutor, one of the leading members of the organization, demanded an allotment. Although the project launched in 2006, ownership given in 2019 without a car parking facility. The prosecutor requested compensation for the lack of open parking and delayed delivery of apartment.
Countering this, the developer denied all allegations, saying the delay was due to permits from local agencies. The permits from these local bodies or agencies were not in his control. According to the developer, the prosecution had no right to require open parking as it was optional and subject to the availability of land.
No Compensation-
TNRERA said- After hearing the views of both parties, TNRERA advised that no amount was charged for car parking space. The prosecutor also did not opt for an exclusive parking space either. In light of the circumstances, it cannot be said that the prosecutor had suffered any mental agony. Hence, the prosecutor was not entitled for any compensation.
The Ghaziabad Development Authority (GDA) has expressed concern over the miserable condition of a multi-storey Alaknanda Towers in Vaishali. The authority has recently asked residents of the apartment to leave the building immediately until the retrofitting and renovations works completed.
In a letter dated March 6 to Alaknanda Towers Resident Welfare Agency (RWA), GDA Chief Engineer WN Singh said that Rs 3.5 crore would be needed to complete the renovation. As the agency owns some of the apartments, it is willing to pay some part. The letter also stated that RWA is fully responsible in the case of an adverse event.
Building is structurally strong-
Specifically, Ghaziabad Municipal Corporation (GMC) declared Alaknanda Towers, which has 10 floors and 79 apartments, dangerous in August 2018. GMC had said the residential complex is not safe for the residents but also for people living nearby. Thereafter, the Faculty of Engineering department at Jamia Millia Islamia University conducted a safety audit of the tower in 2019. The report said the building was structurally solid but required maintenance and retrofitting work.
However, the residents’ bodies of the complex are outraged by the GDA letter. They said the repair work was to be conducted by the authorities themselves. As the maintenance of building was not handed over to RWA, the GDA denied this claim, which was done in 2011 in the presence of RWA officials.
RWA challenged GDA-
Amit Kumar, RWA official, said, The building is constantly deteriorating and the GDA will be completely liable for any mishap or loss of life. We have also questioned the GDA stance in Allahabad High Court and also lodged the complaint with the State grievance redressal portal. If the maintenance was outsourced to RWA, how did the authority set up a fire-fighting in the apartment? Recently, it also advertised an ad for unsold flats in the society. The GDA tower has approximately 23 flats.
RWA also challenged the GDA’s claim maintenance: “Through RTI, we receive a delivery note, without any official seal and not even done with a GDA letterhead. Our RWA was first established in 2015.”
Meanwhile, a senior GDA spokesman said RWA has two options. “Either they pay for the retrofitting and maintenance work. Or they should make an agreement with a builder to construct a new tower with a higher FRA. Thus, the developer will receive additional floors to sell and the owners will receive new flats for free.
Gujarat: The State Government Revenue Department received about 56,000 applications over two years, 2019 and 2020, to convert agricultural land to non-agricultural use.
On Saturday, Kaushik Patel, state revenue minister provided this information. In response to a series of questions from the MLAs in Congress in the on-going budget session of the Gujarat Assembly.
In 2019 and 2020, according to a written response in the assembly, it was requested to convert 57.73 crore square meters of agricultural land for other purposes. The government gave permission to convert 13.47 crore square meters of agricultural land in 2020 and 16.80 crore square meters in 2019.
In his written responses, the Minister informed the Assembly about the revenue from this process. The State Government received revenue of Rs 1,152.33 crore in 2019 and Rs 899.95 crore in 2020. This revenue generated by giving permission to convert agricultural land to non-agricultural land in 2019 and 2020.
Hence, this implies that out of 57.73 crore square meters of land, the government has already given permission to convert about 30.27 crore square meters of agricultural land for non-agricultural use and the permission is given during the year 2019 and 2020. If the process of application continues like this, the State government’s Revenue Department can issue permits to convert more agricultural land for non-agricultural use.
The department took further compensation from us for payments to farmers. Since 2009 I have spent approx. Rs 74 lakh as land premium and interest. However, the Yamuna authority’s petition against the Allahabad High Court decision is pending before the Supreme Court.
Greater Noida: After 12 years of gap, the Yamuna Expressway Industrial Development Authority (YEIDA) has begun the registration process of creating a registry of residential plots for sectors 20 and 18.
Launched in 2009, pockets and blocks in two sectors have evolved over the last three years. About 11,000 of the 21,000 residential plots identified and the registration process for over 6,000 plots has already begun. The development is nearing completion in blocks J and I in sector 18 and blocks A, B, C, and D in sector 20. Work is continuing at full capacity in blocks R, S, T, and U in sector 20.
YEIDA is located approx. 15 km from Pari Chowk in front of Jaypee Sports City. It has completed approx. 5,500 registrations in two sectors. Authorities plan to implement another 2,500 registrations by March 31. Meanwhile, representatives of buyers associations in the Yamuna area have submitted a six-point demand to the authorities before making more registries of the plot.
Problems with Allottee-
But more people who received plots after registration are still facing difficulties because of a petition in the Supreme Court. A doctor from Faridabad said.- “The department took further compensation from us for payments to farmers. Since 2009 I have spent approx. Rs 74 lakh as land premium and interest. However, the Yamuna authority’s petition against the Allahabad High Court decision is pending before the Supreme Court. Until a decision is made, there is no way we will be able to start the construction process in our block.”
Safal Suri, a member of the association said.- “The problem is that after the registration is completed, the allottee gets three years of time period to complete the construction. Further fines are imposed for delay. Farmers’ problems in sector 20, pockets C, D, R, S, T, and U, have not been resolved yet. And construction work cannot be completed until the issues are cleared up.” “The result of the petition was expected. But soon we are holding camps to resolve problems in specific blocks and making physical possession easier to allottees. We want people to settle in the Yamuna area as soon as possible.”
At a time when the real estate market is in the midst of the pandemic, Cidco’s offer could be a blessing for those seeking plots for bungalows, row houses, and major development over the next year. The planning agency is deciding to auction about 900 plots in a period of the next 12 months.
Plot auctioning is a profitable deal
Over one month the Cidco had earned nearly around Rs 1,100 crore from auction of residential plots. In February, it received a record rate of 2.63 lakh per square meter bid for a plot in Sanpada. The auction of residential plots in Navi Mumbai will help Cidco to raise significant funds. Thus assisting with its innovative and upcoming projects. Cidco aims to raise over Rs 400 crore in a month from the auctions of these plots.
In January, Cidco auctioned 26 plots for bungalows and a 66 sq mt plot in Ghansoli. And this generated a huge profit for Cidco. This auction brought in as much as Rs 1.30 lakh per sq mt, while the normal price for plot in Ghansoli ranged from 30,00 to 34,813 rupees per sq mt. Likewise, a plot of approx. 208 sq mt in New Panvel (E) sold for Rs 1.09 lakh per sq mt. However the base price for a plot in New Panvel was Rs 39,000 per sq m.
Cidco will now auction several plots in Navi Mumbai in the upcoming 12 months. During this period, approx. 1000 plots, of varying sizes from 40 sq mt to 4000 sq mt are expected to be offered. Of these, Cidco has reserved around 200 to 400 plots for Bungalows of varying areas from 30 to 400 sq mt. Officials from Cidco have said the largest plots ranging from 1,000 sq mt to 1 hectare are in demand by builders.
Benefit of Cidco Plots-
The plot bidding of Cidco offers several benefits and is good for various reasons. Plots with MMR titles are very few and are rarely available, however plots listed in the Cidco auction have clear ownership and MMR titles. MMR titles provide information related to the plots like when the plot was acquired, registration date, etc. Apart from this, different infrastructure projects are about to launch in Navi Mumbai which enhances the connectivity of this locality.
Sanjay Mukherjee, Cidco vice-chairman and managing director said. “Cidco about to bring out a large stock of small plots that need to be handed over to small real estate developers so, that they can enter the market in difficult times. Also, it is the best opportunity for a middle class to own a bungalow.”
Manohar Shroff, vice-president of MCHI-CREDAI Navi Mumbai unit, said. “The feedback of the auctions was good since Cidco has raised its ancillary FSI. Builders are pricing these plots high and offering larger homes. It is beneficial for CIDCO as well as builders.”
The Kejriwal government gave Delhiites another gift along with reducing the circle rate. The government has lowered the interest rate from 7.45% to 6.75% for availing residential loans. These interest rates are much lesser than the rates offered by private banks.
There is great news for people who dream of purchasing a house in Delhi. The Kejriwal government has cut circle rates by 20%. In addition to this, the interest rate on the loans has been reduced by 1%. With this decision, the circle rates of different categories including residential, industrial, and commercial properties in Delhi were reduced by 20%. This reduction is valid for next six months only.
Arvind Kejriwal, Chief Minister, Delhi, said- “We are gradually progressing and recovering from the economic and financial loss during the pandemic. The Delhi government is taking all essential steps to reduce the strain on the pockets of common people. Considering this, the Delhi government has decided to reduce the circle rate by 20% in the public interest.”
Reduction in loan interest rate
The Kejriwal government gave Delhiites another gift along with reducing the circle rate. The government has cut down the interest rate from 7.45% to 6.75% for availing residential loans. These interest rates are much lesser than the rates offered by private banks. With this decision, it will be easy to repay the installment every month. Earlier people had to pay an installment of Rs 803 per month per Rs 1 lakh. After reducing the mortgage rates they only have to Rs 760.
The decision helps in recovery of real estate sector-
The Delhi government acknowledged that the pandemic had a major impact on the nationwide economy. Different business sector particularly real estate sector has experienced an unprecedented recession. During COVID-19 period, millions of construction workers had lost their jobs. Now it’s the time to strengthen the real estate industry and to generate job opportunities. Therefore, the Delhi government hopes that this decision by the Delhi Cabinet will help in recovering the real estate sector for long term.
Over the next few days, the home buyers can get great deals with minimal interest rates on stamp duty relief, offers, home loans, and the availability of options from good developers. We are already seeing that the demand for residential real estate has recovered. Also consumers are now accepting that it’s the best time to buy real estate.
Major financiers, including the State Bank of India (SBI), Housing Finance Corporation (HDFC), ICICI Bank, and Kotak Mahindra Bank, are expected to bring home loan interest rates down to record highs. It is expected that lowered interest rates will boost housing sales.
HDFC, the country’s largest private mortgage lender has lowered the interest rate on home loans from 6.8% to 6.75%. The rate cuts announced just days after banks such as the Kotak Mahindra Bank and SBI announced rate cuts.
In recent days, SBI has offered a discount of 70 bps with an interest rate of 6.7% and onwards for a limited period. This offer will discontinue at the end of March.
Kotak Mahindra Bank also announced that it will lower mortgage rates by 0.10 percentage points for a limited period. Customers will be able to take advantage of a 6.65% mortgage loan until 31 March as part of a special offer following the interest rate cut.
Banks aim to attract clients for home loan before the end of the financial year. The lower interest rates on home loan have expanded better buying opportunities for home buyers.
For several days the real estate experts demanded that banks should transmit the advantage of lower repo rates to consumers. The real estate sector has benefited enormously from historically low mortgage rates in addition to momentary reductions in stamp duty in some states.
Experts opinion on Low Home loan interest rates-
Developers believe that lower home loan rates expected to increase demand for housing sector.
Pritam Chivukula, Secretary, CREDAI-MCHI and Co-Founder, Tridhaatu Realty said. “The favorable interest rate environment is likely to persist for some time. It is unexpected that interest rates will fall beyond the current level. Over the next few days, the home buyers can get great deals with minimal interest rates on stamp duty relief, offers, home loans, and the availability of options from good developers. We are already seeing that the demand for residential real estate has recovered. Also consumers are now accepting that it’s the best time to buy real estate.”
Ashok Mohanani – President, NAREDCO Maharashtra said. “The desire to own a home is already growing. As consumers see it as a necessity in this unfamiliar era of the COVID-19 pandemic. In order to take advantage of stamp duty, there has been tough competition among financial institutions over the last few days to provide consumers with the best mortgage rates. These factors are helping to stimulate the demand for real estate that was temporarily affected by the pandemic.”
Jayesh Rathod, Executive Director, The Guardians Real Estate Advisory said. “Lowering mortgage interest from major banks will certainly increase the real estate demand significantly. Currently, the lowest interest rates ever, below 7%, are inspiring consumers to buy property quickly. Low interest rates are also attracting more and new customers to the market. The purpose of the low-interest rate is to accelerate economic growth in the country which ultimately increases consumption.”
Ascendas Property Fund Trustee, curator of Ascendas India Trust (a-iTrust), has signed a forward purchase agreement with Casa Grande Group. According to this agreement, they will acquire Casa Grande Group’s first industrial plant in Mahindra World City, Chennai. The company announced this deal in a media release.
The project is an industrial plant with a net leasable area of approx. 0.42 million square feet. It is pre-leased to Pegatron Technology India, a wholly-owned subsidiary of Pegatron Corporation, with a 7-year lock-in period and annual hikes.
a-iTrust will also offer funds for the development of the project under the Forward Purchase Agreement. It offers to fund the development of the project on the completion of certain circumstances. One of them is, it will acquire 100% of the shares of the entity that develops the project.
It also has the opportunity to offer more funding for the development of industrial amenities. These industrial amenities will be approx. 0.37 million square feet, subject to lease and other conditions to be met. Construction expected to complete in mid-2021.
The preliminary effect of the proposed acquisition for the financial year 2020 per unit distribution (DPU) became 0.04 Singapore cents. The acquisition of this industrial property will increase the size of a-iTrust’s committed portfolio by 1.8% from approx. 22.8 million square feet to approx. 23.3 million square feet.
In February 2012, on a PIL, the high court ordered Hiranandani to build about 1,511 apartments of 40 sq mts (430 sq ft). And 1,592 apartments of 80 sq mts (861 sq ft) before starting any further construction.
On Wednesday, the Bombay high court ordered a committee to find out how many flats built by Hiranandani group. In the Powai Area Development Scheme following its 2017 order, giving it time to complete construction.
The order by Chief Justice Dipankar Dutta and Judge Girish Kulkarni was passed at Hiranandani’s request for an extension of the October 2017 deadline. To complete construction of four wings of Castle Rock, five wings of Regent Hill, three wings of Atlantis, and two buildings.- Sorrento and Maple.
PIL aganist Hiranandani-
In February 2012, on a PIL, the high court ordered Hiranandani to build about 1,511 apartments of 40 sq mts (430 sq ft). And 1,592 apartments of 80 sq mts (861 sq ft) before starting any further construction.
A group of activists Kamlakar Satve, Rajendra Thacker, and Medha Patkar filed a PIL and said, Hiranandani signed a lease of 230 acres of land in 1986 in a tripartite agreement. with the state and the MMRDA to build affordable housing. However, the petitioners claimed that the apartments combined into 4,000 to 5,000 sq ft apartments and sold at higher prices.
At the request of the developer, HC in October 2017 granted a deadline of June 2021 for completion of construction. It also set up a committee to review the developer’s approval. The developer sought cancellation of the postponement and a major extension of the deadline from January 2022 to June 2023. It cited Covid-19 as the reason for the delay.
Hiranandani’s Senior advocate, Milind Sathe, said, most of the apartments were ready, but the balance could not be restored due to the pandemic. Further, he said, in October 2017, approximately 886 apartments of 80 sq mt left unconstructed. Of these, 844 flats built, 43 remained. Out of 1,511 flats with an area of 40 sq mt, 403 were built.
Gayatri Singh, Sumedha Rao, and Mihir Desai, petitioners’ advocates–disputed the facts and figures. They claimed that the commercial construction made in breach of the 2012 order, and even after October 2017, they consolidated and sold the apartments for which BMC had issued a notice in 2020.
The judges then reconstituted the previous committee and ordered it to visit the site and report back two weeks later. “Find out if all the numbers are correct,” the Chief Justice said.
On Thursday, the Supreme Court informed that SBI Capital’s fund of Rs 625 crores will finally be issued by next week to finance six pending projects by the real estate company Amrapali. So, to ensure the delivery of apartments to home buyers.
The Supreme Court Panel, chaired by Judge Uday Umesh Lalit, listened to petitions filed by many Amrapali property buyers in Noida and Greater Noida after failing to receive their home on time, as promised by the developer.
The Housing and Urban Development Corporation (HUDCO) has also today demonstrated its willingness to fund Amrapali projects on specific terms and conditions. The High court asked lawyer M.L. Lahoty, for their opinion on the same by next morning. MR. M.L. Lahoty is a lawyer who has spoken on behalf of many home buyers, and Noida/Greater Noida authorities.
In addition, the High Court today rejected application from the Economic Offences Wing (EOW). EOW has requested to share all initial information reports (FIR) in Uttar Pradesh to the Delhi police in this case. But the court made it clear that other enforcement issues arising, in this case, continue in the court. And the hearing will be carried on tomorrow morning.
Noida authority intimidated to take action against developers who offered properties to buyers without a registry of flats.
The Noida Authority conducted an inspection or checked 18 housing societies and found people living in them for 4-5 years without a registry, leading to a loss of revenue for the state government.
Noida Authority conducted a meeting with developers-
Several developers including Mahagun, Imperial housing, Supertech, Prateek realtors, Aims max, Antriksh developers, and Sikka attended the meeting.
The authority has given 3 months to complete the registry. And is organizing a camp with the help of revenue and tax department to ease the process. It has also said that instead of paying dues immediately, the developer can pay the dues at the time of registry of apartments.
In the meeting the authority said- “Builders need to complete paperwork in March. The Real Estate Regulatory Authority (RERA) was also asked to take the necessary measures in this regard.”
The ETS machine is capable of measuring land parcels in a few minutes. One can measure the width, length as well as locate the land and the distance to it, within a radius of 18-20 km.
KATIHAR: Farmers will soon be able to get land registration information such as ‘khatta’, ‘khesra’ and ‘chauhaddi’ (land boundary) with a single click. The complex procedure for measuring land boundaries is now an old thing. As the Electronic Total Station (ETS) simplifies the land measuring task.
Survey admins, kanungo inspectors, settlement officers, and other community representatives in the district are happy with this decision. Some have said it will be a game-changer for land-related issues such as registration, mutation, land sales, and other land-related problems.
What is an ETS Machine and how it works?
The ETS machine can measure more than 40 land parcels with 100% accuracy within a radius of 18-20 km.
To start the survey or measurement process, the land border of three villages taken into account to form a tri-junction. Then a prism kept at the center of this tri-junction. A powerful beam is released from an ETS machine standing on the circular dividing line between two villages. The beam hits the prism, which returns to the machine.
The beam returning after hitting the ETS machine provides exact distance, width, length, and other information of land. The machine works at night and even in the rainy season.
Brajkishore Sadanand, District settlement officer said- “The ETS machine is capable of measuring land parcels in a few minutes. One can measure the width, length as well as locate the land and the distance to it, within a radius of 18-20 km.”
An officer said- “While the survey method is being carried out, the prism is carried by the ETS operator and two spotting workers. An agency in southern India, which previously conducted aerial survey work, has been tasked with conducting a ground check. In this ground check, the company will collect several information related to land.”
Looking for the best locality to buy a flat in Bangalore? Then stay tuned, in this article we have discussed some top localities to buy flats or apartments in Bangalore.
Bangalore, also known as the Silicon Valley of India, has become one of the most favored places to live. Its amazing weather, varied IT parks, diverse entertainment and leisure options, and quality educational institutions have made it the perfect destination to enjoy a good lifestyle.
As real estate prices are rising, it is very important to know where to invest your money. If you have been in Bangalore for some time or planning to buy a flat in Bangalore, this is the perfect destination.
Bangalore is now expanding and developing at a fast pace and the suburbs of the city have now evolved beyond perception. It has become India’s fastest-growing metropolitan city that has always been one of the active residential markets. The city has always been the most preferred location for real estate investments.
Both luxury and affordable housing are witnessing great demand. However, affordable housing is still the top priority for most home buyers since the price of luxury housing is significantly high. Often people get confused when choosing the locality because there are so many options available in the market. So if you have decided to buy a flat in Bangalore, read this article. We have list down some top localities to buy flat for sale in Bangalore.
Best places, areas to buy flat in Bangalore-
1- Whitefield-
Image Source- Wikipedia.
Whitefield is situated in the eastern part of Bangalore and is approximately 22 km from the city centre. Establishment of IT hubs is one of the major reasons for city’s development.
It has a perfect blend of famous IT companies, restaurants, and shopping complexes. Tech Park, Sigma Tech Park, GR Tech Park, EPIP Zone are some famous IT parks located in Whitefield. Therefore, Whitefield is the best place for the people who work in these IT parks.
Connectivity- The city is well connected to the other parts of Bangalore via road and rail. Whitefield railway station connects Bangalore to other parts of the country and is easily accessible. Apart from rail, it has good bus connectivity as well. Several upcoming metro projects will further improve the connectivity of this locality.
Price of flat in Whitefield- The price of apartment or flat in Whitefield starts from Rs 4,700/sq ft and goes upto Rs 7,800 per sq ft. The average price is approximately Rs 6,200/sq ft.
Electronic city is one the most acclaimed IT hubs of Bangalore, and witnessed a remarkable growth over the past few years. Here both residential and commercial real estate are always in great demand. It is spread over more than 700 acres and is one of the largest electronic industry parks in the country. It consists of 3 phases i.e, Phase 1, Phase 2, and Phase 3 and all phases are equipped with necessary amenities.
Connectivity- The electronic city is located 18km on Hosur road from the centre of Bangalore. Connectivity of Electronic city has improved with the 10 lane mixed corridor elevated highway. It’s a 10 km long highway on NH7, Hosur Road, and is the longest elevated highway of India. Thus, has an exceptional connectivity to other areas of Bangalore. Soon there will be metro connectivity in the city.
Price of flat in Electronic City- The price of apartment or flat in electronic city ranges from Rs 3,400/sqft- Rs 5,800/sqft. The average price is approximately Rs 4,600/ sq ft.
Kanakapura road is located in the southern corner of Bangalore and is 50km from the central city. It also has greenery however most of the green areas are located in suburban areas of Kanakapura road. The city is popular for the production of granite and silk and has significantly lesser traffic on the road. Since the past few years Kanakapura road has witnessed a major real estate development and has become one of the most sought after areas to live.
Connectivity- Its proximity to highly developed areas like JP Nagar, Jayanagar, Kumaraswamy Layout, and Banashankari. The city houses some well-known and famous educational institutes like Kendra Vidyalaya, Dayanand Sagar, Delhi Public School, and Narayana. The city is well connected to major IT parks and famous localities.
Price of flat in Kanakapura Road- Currently the price of flat in Kanakapura road varies from Rs 4,200- 7,400/sq ft. The average price is approximately Rs 5,800/sq ft and offers a 2%-3% appreciation rate.
Hebbal is located 10 km from the Bangalore city centre and is a developing area in North Bangalore. It is surrounded by many residential areas like RT Nagar, Nagawara and Thanisandra. Hebbal has high skyscrapers, mid level, and low range buildings. It has well-developed flyovers, amazing parks, bird watching, and lake boating facilities as well. The plan of infrastructure is very good to accommodate future population growth.
Connectivity- Hebbal has an excellent connectivity with the other parts of Bangalore and Kempegowda International Airport. Hebbal flyover, Bellary road, and NH 44 has enhanced the road connectivity of this locality. Apart from roads it also has good bus and rail connectivity. Kempegowda International Airport is 30 km and Krantivira Sangolli Rayanna Railway Station is just 11 km away from Hebbal.
It has proximity to well-known companies and IT parks like- Manyata Tech Park, TCS, IBM India, Cognizant Technology, Concentrix, etc.
Price of flat in Hebbal- The price of apartment or flat in Hebbal ranges from Rs 6,500/sqft- Rs 10,100/sqft. The average price is approximately Rs 8,200/sq ft.
Sarjapur Road is located about 20 kms from the Bangalore city centre and has become an ideal hotspot for real estate investment. Currently it is in the developing phase and is the upcoming future IT hub. Sarjapur Road well connected to other cities like Electronic City, Whitefield, and Marathahalli. Various ready-to-move or under construction apartments are available in this locality hence, makes it an ideal place for buying flat in Bangalore. Sarjapur Road houses well-known hotels, shopping complexes, educational institutes, and hospitals.
Connectivity- Sarjapur Road connected to some major roads like Hosur Road, SH-35, and Hosur Road. Several upcoming metro projects will further improve the connectivity of this locality. The development of ORR metro line will pass under Phase 2A of the Nama Metro along the eastern part of Sarjapur Road, with a stop at Iblur. This metro project likely to be completed by the year 2023 and will further enhance the connectivity of this area.
Price of flat in Sarjapur Road- The price of flat in Sarjapur Road ranges from Rs 4,500/sqft- Rs 7,400/sqft. The average price is approximately Rs 5,989/sq ft.
Yelahanka is located on the northern outskirts of Bangalore and is about 14 km from downtown. From the last few years, Yelahanka has emerged as a major destination for real estate investment. Due to its good quality social infrastructure, it has become a preferred location for investors and homebuyers. The locality has several defense institutions like BSF Campus, CRPF Base, and Air Force Station. The locality has a perfect blend of villas and multi-storey apartments.
Connectivity- Yelahanka is well-connected with the rest of Bangalore through NH-44, Doddaballapur Road, Yelahanka Road, and Yelahanka Junction. It houses some famous educational institutes like Nitte Meenakshi Institute of Technology, Sir M. Visvesvaraya Institute of Technology, and BMS Institute of Technology and Management. It also shares a good connectivity with airport, Manyata Tech Park, and IT corridor along ORR.
Price of flat in Yelahanka- The price of flat in Yelahanka ranges from Rs 4,200/sqft- Rs 6,500/sqft. The average price is approximately Rs 5,300/sq ft.
The infrastructure in Bangalore is developing at a rapid pace and rapid government monitoring of the metro project will definitely improve the overall connectivity of the city in future. In this article we have discussed some top localities, area to buy flat in Bangalore. All the localities described in this article are really popular and are best to live in Bangalore. You should always select the locality based on your needs, lifestyle preferences, and proximity to your workplace.
We have already given sufficient time to defaulters to pay the dues. We have issued notice to them and if they do not pay the dues by 5 March, then PCB will seal their properties under the Cantonment Act, 2006.
The Pune Cantonment Board (PCB) has decided to seal the properties if the defaulters fail to pay property tax by 5th March 2021. According to a PCB official, the board has already sent notices to more than 240 people. Most of them are owners of hotels, clothing stores, and other types of commercial shops.
What traders said?
Traders and businessmen said that a legal dispute between former tenants and owners is one of the main reasons for the tax delay. Some property owners have debts of a few crores and are unable to pay due to lack of business last year because of pandemic. Therefore, they resorted to partial payment.
According to a PCB official-
The PCB expects to collect around Rs 38 crores from over 12,000 property tax defaulters. However it has collected about 18 crore so far, currently they are left with limited revenue sources of income and real estate tax is one of them. Some owners have paid some part of property tax however they hope to recover 100% from them.
Amit Kumar, PCB’s CEO, said- “We have already given sufficient time to defaulters to pay the due tax. We have issued notice to them and if they do not pay the dues by 5 March, then we will seal their properties under the Cantonment Act, 2006. Their property will remain sealed until we get the pending dues.”
