Monthly Archives: February 2022

Noida authority plan policy to ensure periodical structural audits of buildings

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Following repeated complaints about the poor quality of construction, Noida authority began to develop a policy to ensure that building structures are inspected before and after their handover by government authorities or contracting engineers. If approved, the developers and subsequently the apartment owners associations (AOA), will be responsible for carrying out the periodic inspections and repairs proposed in the reports.

According to representatives of the department, before approving the project layout map. Developers would told to perform a structural audit of buildings during the construction of common departments three times at different stages of construction. If the developers do not check, the no occupation certificate will not be issued.

Dedicated authorities for inspection-

Developers often hire project management consultants for their business. However, at present it is not possible to carry out a physical inspection by any agency during the construction period. Under the proposed policy, builders required to enter into contracts with the Authority’s integrated agencies and inspect buildings.

This not only guarantees the quality of construction, but also eliminates various violations, such as construction of additional floors, use of low-quality materials and others. Once ready, the responsibility for its implementation will lie with the builder for the next five years. Thereafter, the AOAs will most likely be contracted to perform regular structural audits and pay for any repairs.

Nikhil Saxena, Noida-based civil engineer said, “The lifespan of a building is typically 50 years. Every five to seven years, the building must be assessed for compliance with the latest standards, earthquakes and seasonal conditions”. On Wednesday, a delegation from the Noida Citizens Forum (NCF) met with Authority officials to demand structural audits every five years. 

Ankit Arora, NCF Secretary, said, “The safety of people living in high-rise buildings has long been a concern. But so far no concrete measures have been taken.

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MahaRERA issues warrants for Rs 633 crore against errant builders

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MahaRERA website set to display complaints on promoters and projects

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Homebuyers can check details of project and developer complaints on the MahaRERA website from Saturday (i.e., February 19, 2022). Officials from the Maharashtra Real Estate Regulatory Authority said. This would help homebuyers make an informed decision before investing in the project. The official said 16,000 project and developer related complaints received by MahaRERA would be displayed on the website.

The project information on the MahaRERA website would allow customers to know the total number and status of complaints, if any, filed on projects, the number of non-compliance requests and other details. At the same time, information about promoters will also be useful for consumers.

Ajoy Mehta, MahaRERA chairperson, said there was a growing demand for these details from homebuyers. According to homebuyers it will help them make an informed decision about a particular project. All these details will be available in a separate category in the coming week. Details of projects and promoters will be available next week and will be available on the main page of the website.

Greater transparency-

The information regarding project complaints is currently available to complainants and concerned developers. Only final orders are available in the public domain. The real estate (Regulation and Development) Act 2016, which enters into force on 1 May 2017, aims to ensure that transactions between builders and home buyers are regulated by the norms of efficiency, transparency and accountability.

Ramesh Prabhu, chairman of the Maharashtra Society Welfare Association said, “The new decision is a step towards greater transparency. The consumer must have all the information about the project. Homebuyers can know the status of projects and developers.”

State Credai (Confederation of Real Estate Developers Associations of India) president Sunil Furde said, the deal would definitely benefit homebuyers as they get all the information they need.

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MahaRERA issues warrants for Rs 633 crore against errant builders

The new MahaRERA rule help home buyers to track project status

7 Important Tips to consider before buying a flat in Pune

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Ready to buy a home? Here are 5 factors to consider before buying a flat in Pune.

Investing in a new apartment is one of the most important decisions you’ll ever make. Before buying a property, it is important to analyze it from different points of view. After all, no one invests in real estate every other day. Some of the most important factors to consider when buying a new apartment or house are location, price, and ownership.

A wise and thoughtful decision will make your life easier, calmer and happier. This post is applicable to any metropolitan cities in India, such as Hyderabad, Chennai, Mumbai, Bangalore or Kochi. Here is a comprehensive checklist that you can go through before investing your hard earned money in an apartment, store or office.

Factors to consider before buying a flat in Pune

Location:-

The location of the house is of great importance. To find a good location, it is best to assess your family’s needs for at least the next 20 years. Check out for good schools and colleges and hospitals in the area and connectivity to them. Also, do not neglect the need for a shopping mall or supermarket. One does not always want shopping trips to feel like long journeys. In addition, the presence of excellent medical facilities and public services such as parks, metro stations, etc. increases the value of the property. Pune has several areas with excellent transport links where you can find everything you need.

Also read:- Best area to live in Pune

Property Price:-

The first step in selecting an apartment is to finalize the budget. It is easier to choose an apartment if you know how much you are willing to spend on it. Compare the price of the property in question with prices from different developers to make sure that the developer actually offered you the best price. There are many ways to compare properties in your area of ​​interest. Such sources are lists of portals, local brokers or lists of newspapers.

Access and connectivity:-

Take a test drive from the project to your office or workplace and measure the time required. If by train, check how long it takes to get to the station and whether there is transport to and from the station. Before buying a flat in Pune check for upcoming infrastructure projects will improve the connectivity to the project.

Possession date:-

Think about when you would like to take possession of an apartment. An under construction property can be cheaper than a property that is ready to move in. It also allow you to pay only a temporary EMI while the project is under construction instead of a full EMI.

Security:-

The safety of neighbors and relatives is an aspect that should not be overlooked when planning a move. If you are planning to buy a home in a metropolitan area, simply check the security systems such as the number of security guards on duty, the presence of an intercom, registration of visitors and their vehicles, etc. Consider these points carefully before investing in real estate.

Legal Check of Property:-

Make sure the property is approved for construction where it is located. The client must have approvals and NOCs from the district development authorities, the water and sewer department, the electricity supply department and the Municipal Corporation. However, if you are taking out a mortgage loan, the relevant bank will check your property documents before approving the loan.

Hidden and Additional Charges:-

Be sure to read carefully all the points in the documents and understand the provisions of the sanctions. The developer is obliged to pay you a monthly fine if you do not take over the apartment within the deferral period. Additional costs such as stamp duty, GST, mortgage processing fees, registration fees and all other fees must also be taken into account.

Conclusion-

When you feel you are ready to become a homeowner, it is important to point out the most important things to consider when buying a flat in Pune. There are several factors to consider, such as your preparation, local market conditions and making sure you know these factors before buying an apartment.

Also read:-

MahaRERA issues warrants for Rs 633 crore against errant builders

Budget 2022: FM allocates Rs 48,000 cr to boost affordable housing!

UP RERA imposes penalty of Rs 1 crore 40 lakh on nine developers

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At its 84th meeting, UP RERA discussed the status of compliance of its orders implementation by the developers. The Authority (UP RERA) fined nine developers Rs 1.4 crore for failing to comply with their order.

The penalty or fine were imposed on Antriksh Realtech Pvt. Ltd, Wave MegaCity Center Pvt ltd, AIMS Promoters Pvt ltd, Ansal Properties & Infrastructure Ltd, AVP Realty Pvt. Ltd, ATS Realty SA Ltd, Krishna Estate Developers Pvt. Ltd, Radicon Infrastructure and Housing Pvt. ltd, and Ratan Buildtech Pvt. Ltd and.

The authorities noted with annoyance that some developers did not follow their orders, however the authorities gave them enough time to do so. The authorities are constantly striving to ensure that their orders are carried out and providing justice to allottees as soon as possible. Punishing guilty promoters is an important step toward getting them to comply with authority orders.

Taking into account the above facts, the authorities have decided to apply appropriate penalties to builders to ensure that their requests are met and the interests of home buyers are protected.

The Authority, exercising its powers in accordance with section 38/63 of the RERA Act. This law gave the right to punish incompatible promoters up to 5% of the cost of the project and decided to impose a penalty against the promoters.

Rajiv Kumar, Chairman, at UP RERA said, “Uttar Pradesh RERA constantly makes tough decisions against ruthless developers to protect the interests of homebuyers. The authority fully committed to safeguarding the interests of home buyers. The regulator takes every possible measure to regulate the real estate sector in the state according to RERA law.”

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MahaRERA issues warrants for Rs 633 crore against errant builders

DDA extends the last date for its special housing scheme

MahaRERA issues warrants for Rs 633 crore against errant builders

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Over the past four years, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued takeover orders of Rs 633 crore against misleading developers, with Mumbai’s suburbs bearing the greatest value. Action taken in coordination with 13 debt collection agencies, including those in Mumbai and Pune, included 717 such requests to expedite refunds to flat buyers.

The Mumbai suburb leads with 302 such recoveries, followed by Pune (162) and Thane (99). Warrants have been issued for 256 projects, of which 83 are in Pune, 63 in the suburb of Mumbai and 41 in Thane. Other collections involved include Raigad, Alibaug, Aurangabad, Palgar, Mumbai City, Nagpur, Satara, Nashik, and Sindhudurg.

According to sources, MahaRERA chairman Ajoy Mehta has initiated talks with the revenue secretary and district collectors to execute orders as soon as possible to help home buyers get their investment back. Under the Real Estate (Regulation and Development) Act, the adjudicating officers of MahaRERA issue recovery warrants against misleading developers. They are sent to collectors to confiscate property and recovery of dues.

Details of recovery warrants

MahARERA Secretary Vasant Prabhu said he would publish a list of recovery order details on the MahARERA website. Collectors are notified when arrest warrants are executed. The recovery process involves the collector issuing an attachment certificate. The property then confiscated and the developer has the option to repay the amount. Failure of repayment, follow the auction process. But activists say the orders are mostly on paper and that no one is following them and not executing them, leaving citizens in battle.

Maharashtra Societies Welfare Association Chairman, Ramesh Prabhu said, when MahaRERA issues a debt collection order and the defendant / organizer fails to comply, the recipients can file a request for non-execution of the order. The buyer may want to leave the project and invest elsewhere. These orders need to followed to build the trust of the citizens

Also read:-

DDA extends the last date for its special housing scheme

The new MahaRERA rule help home buyers to track project status

DDA extends the last date for its special housing scheme

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The Delhi Development Authority (DDA) has extended the application deadline for the current housing scheme to March 10, 2022 due to the public demand and pandemic effect.

The Authority has extended DDA’s special housing scheme application deadline to March 10, 2022. With over 18,000 homes offered, the entire process, from application to special housing allotment, takes place online.

DDA Housing Plan was launched last year on December 24, 2021, and the application deadline was February 7, 2022. There are four categories of apartments in this plan: Economically Weak Section (EWS) or Janta Apartments. Lowest Income Group (LIG), Middle Income Group (MIG) and High Income Group (HIG). These apartments are located in Dwarka, Rohini, Narel, Yasol and other areas.

Flats available in the new special scheme are taken from old DDA’s inventory or those returned by previous auction allottees. The Ministry of Housing and Urban Affairs (MoHUA) has informed Parliament that most of the unsold DDA flats are located in the new district of Narela.

The Delhi Development Authority announced the plan through a newspaper ad. The advertisement states that the apartments are offered at discounted prices. A total of 18,335 flats offered under this regime, of which 205 are HIG flats, 976 are MIG flats, 11,452 are LIG flats and 5,702 are EWS or Janata houses. According to the DDA prospectus, the maximum sale price for the HIG apartment in Jasol is approximately Rs 2.14 crore.

The entire process from submitting an application to allocating an apartment according to the housing scheme took place online. Last year, the DDA allocated 1,353 apartments in a lottery on March 10, 2021 to its January 2021 housing scheme.

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Budget 2022: FM allocates Rs 48,000 cr to boost affordable housing!

The new MahaRERA rule help home buyers to track project status

6 Common home renovation mistakes that decreases your property value

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Planning to renovate your home? Here are some common home renovation mistakes that can lower your property value.
Home renovation is a serious and expensive investment that should not be taken lightly. Many homeowners, when trying to renovate their home, tend to add too many personal items to the space. However, what you love so much about your home will not necessarily attract a potential buyer. In fact, it may even become their main source of disgust. Home renovation is supposed to increase the existing value of the home, but sometimes it can affect the resale price. Therefore, greater attention to market preferences when renovating a home becomes necessary to get a profitable business when selling.

Some common home renovation mistakes are-

Over Customizing:-

When renovating a home, many may overdo it with customization. People spend way too much on renovations to make sure everything looks according to their needs. Not all customization is good and comes with a number of drawbacks that can turn off potential buyers. Whether it is paint color, flooring, lighting, carpets, etc. Sometimes over-customization can affect or reduce the value of your home.

Overdoing textures:-

In the case of painting a normal wall several processes like sanding, base coating, gap filling, etc. are involved. Hence, to save extra money from sanding and sealing rough walls, many people cover them with textured items such as wallpaper and textured paint. Removing texture or wallpaper can be a daunting task, and most home buyers will refrain from buying a home with an upcoming project or low price. Therefore, overdoing texture can deter buyers.

Changing rooms layout:-

Sometimes to increase area many people combine two bedrooms in order to make a master bedroom. Increasing space is not a bad thing if you are not planning to sell your house. However this decision can backfire if you are planning to sell your house in upcoming days. Most home buyers want separate bedrooms for their children or parents. If you combine two small bedrooms into one, then it can be difficult for you to find a buyer and even get a fairly low price from them.

Installing additional electronics items:-

Having an embedded electronic system is rapidly gaining popularity among the buyers. From home theater systems, Alexa, and built-in music speakers, many people are now installing high-tech built-in electronics in their homes. However, the potential buyer may not be a big fan of such electronics items, and all your renovations can be considered a waste of space. Try not to take up a lot of space in your home, but instead make sure your target customer can enjoy it. This is one of the major home renovation mistakes that most people ignores.

Doing things on your own:-

Instead of consulting a professional help, many people tend to repair or renovate their homes by themselves. DIY renovations can include changing curtains, changing direction of shelves, rearranging beds, sofas, etc. However things can go bad in case of major renovations like electrical fitting, painting, plumbing, false ceiling installations, etc. DIY major renovations can result in decidedly poor craftsmanship, resulting in lower value for the home. A little personalization work is good, but the construction and repair of a house should be left to professionals. Buyers can quickly point out poor craftsmanship, and you may have to pay extra to have it repaired or see the overall value of the home fall.

Too bright or bold Paint Colors:-

Too many bright or bold paint colors can turn off any buyers thus, resulting in no sale. It is a simple but important decision to repaint a room before putting your home up for sale. While painting, select neutral colors to give buyers a blank canvas which can assist them in visualizing the home in their own style.

Conclusion-

There are many more home renovation mistakes, such as developing a swimming pool, renovating only the kitchen or bedroom, and installing a fancy bathroom that can reduce the cost of your house. You need to calculate and avoid over-customization when you need to renovate your home. If you are planning to sell your property in the near or distant future, be sure to avoid these mistakes when renovating your home.

Also read:-

Budget 2022: FM allocates Rs 48,000 cr to boost affordable housing!

Types of real estate investment in India

Budget 2022: FM allocates Rs 48,000 cr to boost affordable housing!

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Finance Minister Nirmala Sitharaman announces the budget for 2022. Infrastructure spending expected to rise, but budget constraints leave little scope for concessions to households affected by the pandemic.

Finance Minister allocates Rs 48,000 crores for affordable housing in line with Pradhan Mantri Awas Yojana in rural and urban planning categories in the Union budget 2022-2023. Under PMAY-G, around 26.20 lakh homes were completed till November 25 in FY 21-22, and 4.49 lakh homes completed under PMAY-U till December 2021.

Promoting affordable housing-

Till 18th January 2022 around 2.17 crore houses have been approved and 1.69 crore houses were allowed to build from June 18. Under PMAY-G beneficiaries without land have the highest priority for housing allocation.

Finance minister further announced, in 2022-2023, 80 lakh houses will be built for certain recipients of Prime Minister Awas Yojana in both rural and urban areas. The central government will work with state governments to decrease the time required for all land and construction permits. Promoting affordable housing for the middle class and economically weaker sections in urban areas. We will also work with the sector of financial regulators to increase access to capital and reduce the cost of brokerage.”

Expert committee for Urban planning-

Nirmala Sitharaman also announced Rs 60,000 crore allocation for 3.8 crore households in 2022-23 for clean water under “Har Ghar Nal Se Jal Yojana.” The current coverage of Har Ghar, Nal Se Jal is around 8.7 crore. Out of which 5.5 crore households have received tap water in the last 2 years. A high-level committee consisting of urban planners, economists and urban institutions would be formed. This committee will provide advise on urban sector policy, capacity building, planning, implementation and management.

Key highlights of Union Budget 2022 for real estate

– States will be asked to accept land parcel identification numbers. Cross-border solution of changes in IBC, voluntary liquidation of the company reduced from 2 years to 6 months.

– The construction of 80 lakh houses will be completed by 2022-2023 for identified recipients of Prime Minister Awas Yojana. 60,000 households will be identified as recipients of Prime Minister Awas Yojan’s assistance in rural and urban areas.

– The government’s effective capital expenditure is estimated at Rs 10.68 lakh crores in 22-23, which is about 4.1% of GDP. Sovereign green bonds will be issued to mobilize resources for green infrastructure.

– Union budget investment increased by 35.4% to Rs 7.50 lakh crore in 2022-2023 i.e, 2.9% of GDP.

– Implementation of modern building bylaws, Transit Oriented Development, and Town Planning Schemes would facilitate reforms so that people live and work closer to mass transit system.

– A high-level committee composed of accredited urban planners, urban economists and institutions will be formed. The committee will make recommendations on urban sector policy, capacity development, planning, implementation and management.

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The new MahaRERA rule help home buyers to track project status

Karnataka Govt. cut property guidance value by 10% for three months