How the dream of “Affordable Homes” turned into a nightmare!

Posted on April 16, 2021 by zeeshan

New Delhi: When the National Consumer Dispute Redressal Commission (NCDRC) made a unique decision sentencing the CEO and directors of Parsvnath Developers to three years in prison for ignoring his 2019 reimbursement order. To home buyers, it looked like the end of a long, dark tunnel. Dozens of middle-class families have been in trouble since 2007.

Refund amount is to be made with an interest rate of 12% per year from the date of payment, which is equivalent to Rs 1.55 crore rupees per buyer. However, the company appealed to the Supreme Court, which upheld the NCDRC’s decision and gave a 3 months of relaxation, starting from 9th February.

The apartments in Parsvnath Privilege, a residential group with a proximity to the future Jewar International Airport, were booked by buyers between 2007 and 2009 at a price of 50 to 65 lakh. Today, 12 years after the last reservation, there are only 3 of the 20 residential towers. Of the promised 958 flats, around 126 have been completed and ready for handover. The company is completely silent about the remaining 832 unfinished apartments.

More than 1 lakh apartments are still pending!

The Greater Noida Industrial Development Authority (GNIDA) identified more than 100 builders who have been classified as “defaulters”. Together they owe about Rs 6,000 crore to the authority.

The list of defaulters is big and consists names of well known developers like Amrapali, which owes GNIDA more than Rs 2,700 crore. Unitech owes about Rs 410 crore and Parsvnath owes about Rs 113 crores. The names of other big developers like Panchsheel and Supertech are also in the list.

In 2019, Indian Express reported that the promised 1.06 lakh apartments in Noida and Greater Noida are still pending, and haven’t been transferred to the owners. Around 1.03 lakh apartments in the Greater Noida area didn’t get the completion certificates.

Jaypee Infratech Limited (JIL) has several pending projects and is yet to deliver about 17,756 of 30,000 apartments in the Wish Town project. Recently, several dissatisfied home buyers gathered in Jantar Mantar, New Delhi, to ask Prime Minister Narendra Modi to intervene in the JIL case in order to find a sensible solution.

According to some well-known real estate agents, in today’s scenario, builders don’t have enough capital to complete their projects.

A report from property consultant JLL India

In January 2020 JLL India in a report stated, in Delhi-NCR, Mumbai, Chennai, Kolkata, Benagluru, Hyderabad and Pune, around 2,18,257 residential units worth Rs 1,55,803 crore were delayed in different phases of construction. The Delhi-NCR had the largest insolvent companies or defaulters, accounting for about 70 percent in terms of volume and about 55 percent in terms of value.

Meanwhile, Parsvnath has been undergoing losses since 2016-17. According to one disappointed home buyer, the company does not seem in a hurry to give the compensation money in order to fulfill NCDRC order.

Rakesh Dhir, a retired army officer, who was one of the six petitioners said. “All my savings have been finished and the company has to pay the compensation till 9 May”. Rakesh Dhir paid EMI for an apartment that he should have owned ten years ago.

Families that have taken possession also suffer different problems. A year ago 12 families had shifted in Parsvnath tower and the developer had given them unfurnished apartments. The buyers not only completed the tiling work on their own cost, but also paid an additional Rs 10 lakh for organizing security and maintenance.

NCDRC strict order to Parsvnath!

Sukham Ahluwalia, homebuyer representative at the NCDRC, was pleased with the petitioner’s progress. He said- “It’s the first time that NCDRC has issued a strict order to Parsvnath.” The NCDRC had been trying to settle the case patiently. But the company denies to accept any terms and conditions. This forced the commission to issue a strict order.

In defense of the company, Manoranjan Sharma, Parsvnath’s lawyer said:- “The 3 month period or deadline has not completed yet.” When asked if the remaining apartments will be completed in the next few months, Sharma said, “This is not the subject the Supreme Court is considering. The company will give the compensation or return the money within the time limit issued by the court.”

It is clear that Parsvnath will comply with the NCDRC’s compensation order upheld by the Supreme Court.

John Lang LaSalle (JLL) in a report states that in the first quarter of 2021, home sales in seven cities, including Delhi-NCR, recovered by about 90% from pre-COVID levels. Out of the seven cities, Mumbai shows the highest sales figure, around 23% of new real estate sales in the first quarter of 2021, Delhi-NCR accounted for 21%. However, it is expected that figures may change till the second quarter of 2021.

Samantak Das, chief economist and head of research at JLL said. “The strong sales growth shows clear signs of demand and renewed consumer confidence in the market.”

Why Greater Noida have more number of defaulters?

So, what is the actual reason behind these pending projects and why there are so many defaulters in the NCR region, especially in Greater Noida? Some local real estate agents and brokers have explained the cause behind this. Most of them believe that builders are spending beyond their capacity.

Over-Investing

Satyapal Verma, an expert in the Greater Noida real estate market, said, “The main issue is that one can easily lease a land in Noida-Greater Noida by paying just 10 percent of the whole land value. Further rest of the money can be paid through EMI. Therefore, builders here started investing too much and also launched so many projects at the same period of time. Soon they were unable to pay their EMI on time and ran out of working capital.

Using bank money to buy more lands-

Another real estate expert said, “When Greater Noida came up, housing projects were advertised as ‘affordable’. At Rs 4,000 to 5,000 per sqft (range was actually “affordable” given the prices prevailing in the overheated Delhi NCR market). In general, these companies easily obtained construction loans from banks on favorable terms and without much difficulty.

If they were careful with their finances, developers can easily benefit from the cost arbitrage and sell homes at the advertised affordable prices.

In this case, the cost arbitrage arises due to the enormous price advantage that the Greater Noida real estate market offers over rest of the NCR region. It didn’t work because a lot of these developers used the bank’s money to buy more new lands without completing the projects they had taken originally.

Soon developers faced liquidity crunch and the overheated market began to cool. Ultimately results in lower property prices and lower builder’s profits. As a result the trend of delayed possession continued to grow and the home buyers did not get their promised dream homes or apartments.

According to people’s opinions, only a government-sponsored rescue package can make Greater Noida’s ongoing projects work. Also Parsvnath’s decision showed that the country’s courts in no mood to tolerate uncooperative developers.

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Noida Police attaches 56 illegally constructed flats in Shahberi

Best area to buy flat in Noida 2021?

BRERA penalises Green Vatika, Arunendra Developers & Shiba Welcome

Posted on April 15, 2021 by zeeshan

PATNA: The Bihar Real Estate Regulatory Authority (BRERA) has issued strict orders to three private developers for violating RERA rules. The BRERA came into action after receiving more than a dozen of homebuyers written complaints. According to the officials the real estate companies, Arunendra Developers Pvt Ltd, Shiba Welcome Pvt Ltd, and Green Vatika Homes Pvt Ltd were flouting the RERA rules. As a result, strict action was taken against these companies last week.

Buyers Opinion-

Ravindra Kumar Sinha, a home buyer, said. “We paid 80% to 90% of the total cost of our apartment, but the developer didn’t complete construction on time. We believe that the developer has three or four projects underway and has invested our money in other projects.

Statements from BRERA officials-

Home buyers filed complaints against these builders and the violation was discovered during the hearing. Considering this, the authority has frozen bank accounts of the company executives including directors.

In addition, the authorities have asked them to provide all the details of companies including all financial transactions, investments and expenses after a certain project launched in Bihar. Also they are not allowed to sell any residential apartments till the next order.

Bihar RERA has frozen bank accounts of the directors of Arunendra builders including Chandan Kumar, Pankaj Kumar, and Upendra Mandal. The authority has also imposed a ban on the sale of residential units of its projects at Phulwari Sharif, Danapur-1 enclave and other areas of Bihar.

Likewise, the authority has restricted or frozen the bank accounts of the directors of Shiba Welcome Builders including Amina Rashid and Khalid Rashid. The authority has also banned the sale of residential units of Rajeshwar Apartment Project.

The next hearing in the case of Arunendra developers and Green Vatika Homes scheduled for April 16 and Shiba Welcome Builders hearing scheduled on May 10th.

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Maharashtra: Slot-booking mandatory for property registration in April

Noida Police attaches 56 illegally constructed flats in Shahberi

Maharashtra: Slot-booking mandatory for property registration in April

Posted on April 13, 2021 by zeeshan

PUNE:- Citizens planning to register their property this month must have to book or reserve time slots. These time slots should be booked at the relevant registry office using the e-step-in facility. In accordance with the strict restrictions on passenger traffic under the Maharashtra government’s order to prevent the spreading of Covid-19.

Slot reservation ensures that each of the 519 government offices will do a maximum of 20-30 registrations per day, indicating a sharp drop in government revenue in the first month of the new fiscal year. These 519 offices will operate Monday to Friday, from 10:00 am to 6:00pm. And the offices remain closed on weekends following weekend curfew orders.

A senior registration officer said. “Few home buyers can meet such restrictions after booking online space, which will affect revenue collection during the beginning of the new fiscal”.

Same process for those who have paid stamp duty-

A senior officer from the registration department said, home buyers who paid stamp duty prior to March and those who are required to pay and register their property this month, they must follow the same procedure for reserving slots using the e-step-in facility. They have to visit the State Property Registration website to reserve the time slots and receive confirmation of the assigned time slot.

Shravan Hardikar, inspector-general of registration and controller of stamps, said, the notification of reserved slots must be shown during the entrance to the registration office. Only those who are required to be present during the registration process are allowed in the office to ensure the least possible crowd at the registration authorities. He also urged developers to electronically register new properties in their own offices.

Credai officials stressed quitting the stamp duty waiver (only women get a 1% exemption) and the new restrictions will certainly affect the registration process and the overall real estate business in the state.

Shantilal Kataria, National vice-president of Credai, said, by March the government was setting high records and the stamp duty exemption gave the property market a boost. We urge the government to reconsider our demand to continue the stamp duty waiver in the current situation. If the state government declares that the restrictions should not impact the economy, they must take appropriate action.

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Noida Police attaches 56 illegally constructed flats in Shahberi

Posted on April 13, 2021 by zeeshan

Gautam Buddh Nagar police on Thursday said, they had attached 56 apartments that were illegally built by a private company. The flats cost an estimated Rs 22.40 in Shahberi, Greater Noida. According to the officials, the lawsuit against Satyam Real Builders Private Limited follows a court order in a case filed against the group at Bisrakh Police Station in 2019.

The case filed against a group including Harish, Rohit, and Vikas Chaudhary for attachment of their property under section 14 of the Gangsters Act.

Flats built on agricultural land

In a court order, the district police seized 56 of these apartments. These apartments or flats valued at Rs 22.40 crore. according to a police spokesperson.

The defendants used agricultural land in Shahberi for the illegal construction of multi-storey buildings and housing. They started construction without getting approval for the land use pattern changed. Also, the construction carried out without the approval of floor plan or certification from the local authorities. These apartments fraudulently sold to gullible buyers and the group illegally made money from such sales.

The case at Bisrakh police station was filed under various sections including section 420 (cheating), section 188 (disobeying government order). 471, 467, and 468 (related to creating false documents) of the Indian Penal Code, and under the Gangsters Act, among others.

According to officials. The Gautam Buddh Nagar police have currently identified illegal property belonging to gangsters and mafia worth Rs 130 crore.

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Best area to buy flat in Noida 2021

5% Stamp duty on property registrations resumed from 1 April

Which are the best area to buy flat in Noida 2021?

Posted on April 5, 2021 by zeeshan

Looking for the best area to buy flat in Noida? There are various residential sectors in Noida, and often people face a dilemma when choosing the best one. In this article, we have described the 6 best localities that are ideal for living in Noida.

Noida is considered as one of the most affordable areas in NCR for home purchase. The city is experiencing rapid real estate development and offers opportunities for both home buyers and investors. From the metro to world-class physical and social infrastructure, Noida is currently one of the favorite destinations for home buyers.

Affordable housing prices and good connectivity have been key factors in the popular demand of Noida and Greater Noida in recent years. Accessibility and cost-effectiveness in homes supply are also responsible for the popular demand for flats. Getting to Noida has always been a good decision for both investors and home buyers. Here are the 6 best area or localities to buy flat in Noida.

List of top or best area to buy flat in Noida-

1- Noida Sector 137

Sector 137 is a well-planned residential sector in Noida and is one of the most popular localities for various reasons. Here, several residential projects have emerged that offer spacious homes at a reasonable price. Most of the residents here are professionals working in and around Noida. It is adjacent to popular localities like sectors 142, 141, 135, and 136.

Connectivity- Sector 137 is located next to the NGN Expressway providing good connectivity to other areas of Delhi. It is located approx.12 km from the Mahamaya Flyover. It also has connectivity to Aqua Line metro, proximity to the Noida-Greater-Noida Expressway, new facilities with world-class amenities, and excellent infrastructure. Sector 137 is well linked by the FNG Expressway, which connects the city with Faridabad, Noida, and Gurgaon.

Property price- The price of an apartment or flat in Noida sector 137 starts from Rs 3,800/sq ft and goes upto Rs 5,910 per sq ft. The average price is approximately Rs 4,800/sq ft. Check out:- flats for sale in noida sector 137

2- Sector 150

Located at the intersection of Yamuna Expressway and Noida-Greater Noida Expressway. The area is witnessing massive property development and has become one of the best area to buy flat in Noida. Several major real estate brands are launching their projects in the area. Sector 150 is about 9 Km from Pari Chowk.

Due to its strategic location and presence of prominent and reliable developers, sector 150 has become a great real estate investment hotspot. Presence of reliable developers and strategic location makes it an ideal place for real estate investment.

Connectivity- Sector 150 is connected to Noida and then to Delhi via Noida Expressway and Greater Noida via Yamuna Expressway. The nearest metro station from here is Sector 148 which lies on the Aqua Line of Noida Metro. It has proximity to various well-known IT parks like Knowledge Park, Stellar Business Park, Unitech Infospace, and other industrial facilities.

Property Price- The price of an apartment or flat in Noida sector 150 starts from Rs 4,900/sq ft and goes upto Rs 6,920 per sq ft. The average price is approximately Rs 5,900/sq ft. Check out:- flats for sale in noida sector 150

3-Sector 50

Sector 50 is one of Noida’s elegant areas, where some of the most expensive properties are available for investment. Part of this sector has several multi-storey residential projects that offer apartments in different price ranges. Close to the major commercial markets, sector 50 is one of the best choices for tenants working in Noida Electronic City, thanks to the best infrastructure and greenery. So, it is the best area to buy flat in Noida for people working near the electronic city.

Connectivity- The area has connectivity to City Center Metro Station and Logix City Center Shopping Mall. Sector 50 has its metro station on the blue line and is well connected to Greater Noida, Ghaziabad, and Gurgaon. The locality has large green areas and the roads are well-developed. Stations like City Center metro station and Golf Course road have proximity to this sector. The famous commercial and institutional sectors like sector 62, 63, 65, Noida expressway, and Film city are 7-10 km away. And can be reachable in 20-30 minutes.

Property Price- The price of an apartment or flat in sector 50 starts from Rs 5,200/sq ft and goes upto Rs 8,400 per sq ft. The average price is approximately Rs 6,800/sq ft. Check out:- flats for sale in noida sector 50

4- Sector 75

With several new units available, sector 75 has become the fast-developing Real Estate Hub. This locality has gained prominence amongst those homebuyers who don’t want to move towards Noida-Greater Noida Expressway. Blueline metro connectivity makes it an attractive area for both home buyers and investors. It also has proximity to several entertainment hubs like Logix City Centre mall, DLF mall of India, and Galleria.

Connectivity- The area has moderate public transport connectivity and good social and physical infrastructure. Sector 75 has proximity to NH-24 highway, DND Flyover, Yamuna Expressway, and FNG Expressway. Ghaziabad Railway Station and Indira Gandhi International Airport are 15 km and 37 km away from this area. Proximity to several roads and highways makes it the best area to buy flat in Noida.

The city has a sector 50 metro station that connects it with some of Noida’s largest shopping malls and to the Film City & Sector 18. The newly growing regions of Greater Noida are also easily reachable within 15- 30 minutes from the area.

Property Price- The price of an apartment or flat in sector 75 starts from Rs 4,300/sq ft and goes upto Rs 6,500 per sq ft. The average price is approximately Rs 5,400/sq ft. Check out:- flats for sale in noida sector 75

5- Noida Extension

It is a growing real estate hotspot surrounded by Ghaziabad and parts of Greater Noida. The area is developing rapidly and is famous for its affordable property prices. A key factor that strongly influences the growth of housing in Noida Extension is its good connectivity with Ghaziabad, Greater Noida, and New Delhi. The area has become a commercial hub thanks to the presence of large companies. This is a well-planned residential complex that provides a comfortable life for the residents.

All well-known residential developments such as Gaur City, Stellar Jeevan, Nirala Greenshire, and Eco Village 1 and 2, are easily located just 2-3 km away from Kisan Chowk. The locality has several options and a variety of affordable housing options and therefore makes it the best area to buy flat in Noida.

Connectivity- Bisrakh Road, Greater Noida Link Road, and Vikas Marg are the main roads in this locality. In addition, the approved phase 2 of the Noida metro (Sector 71 – Knowledge Park 5) will further boost the connectivity of this locality. It is well connected with several most important business avenues. Within 20-30 minutes you can reach IT parks and office space located in sector 62, 60, 57, 59, 58, etc. Ecotech II and Ecotech III are important industrial centers located only 10-20 minutes from the Noida Extension.

Property Price- The price of an apartment or flat in Noida Extension starts from Rs 3,200/sq ft and goes upto Rs 4,460 per sq ft. The average price is approximately Rs 3,800/sq ft. Check out:- flats for sale in noida extension

6- Sector 128, Noida Expressway-

Sector 128, strategically located along the Noida Highway, is a large and well-planned sector. It has a designated green area and a large public park. The sector is known for its popular city project, Jaypee Wish Town, which consists of several apartment buildings with excellent facilities. It is the best area to buy flat in Noida for those who want quick connectivity to the expressway.

Connectivity- The roads that play a major contribution are Sardar Vallabh Bhai Patel Marg and Noida Expressway. These roads connect sector 128 to other sectors. In addition sector 128 well-connected to the DND flyway and Mayur Vihar flyover. It has proximity to IGI airport and Hazrat Nizamuddin railway station. The IGI airport almost 30 km away whereas the Hazrat Nizamuddin railway station can be reached in a half-hour drive.

Neighboring sectors such as sectors 132, 127, 126, and 125 are important institutional sectors. They have well-known towers like Tech Boulevard, HCL Corporate Campus, Lotus Business Park, Logix Techno Park, Windsor IT Park, and Express Trade Tower. Key business centers, IT parks of Noida Expressway are close to sector 128.

Property Price- The price of an apartment or flat in sector 128 starts from Rs 4,470/sq ft and goes upto Rs 7,700 per sq ft. The average price is approximately Rs 6,100/sq ft. Check out:- flats for sale in noida sector 128

Conclusion-

Noida’s infrastructure is developing at a rapid pace and regular government control on the metro project will surely improve the city’s overall connectivity. In this article, we have discussed the 6 best area to buy flat in Noida. All the areas described in this article are very popular and have good connectivity. You should always choose a location based on your budget, proximity to the workplace, and lifestyle preferences. The price of flats stated in this article may differ from the actual price. Further if you have any query or doubt, then feel free to contact us!

5% Stamp duty on property registrations resumed from 1 April

Posted on April 5, 2021 by zeeshan

5-percent-stamp-duty-on-property-registrations-resumed-from-1-april

Mumbai: On Wednesday, the Maharashtra government decided not to renew the 2% deduction for stamp duty on property registrations from the month of April. The government would restore it’s earlier five percent stamp duty system on real estate registrations from Thursday.

Reason for stamp duty reduction-

The state government cut stamp duties to two percent between August and December (2020), to stimulate the real estate market, which was down due to COVID-19 and lockdown. In the period from January 1 to March 31 (2021), it was cut by three percent. Stamp duty is one of the three largest sources of revenue for the state government.

Ajit Pawar, Deputy Chief Minister has proposed a 1% extra reduction of stamp duty if the property is acquired in the woman’s name.

At the time of issuing the order, the State Finance Department stated that if the property is acquired in a woman’s name, she cannot sell it for the next 15 years. If she sells it, then one percentage of the amount left will be charged with a huge fine. This means that if a woman buys a property, she must pay a stamp duty of four percent. To buy the same property, a man must pay a stamp duty of 5% from 1st April 2021 onwards.

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UP-RERA to issue a show-cause notice to Supertech Realtors

Posted on April 5, 2021 by zeeshan

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) is about to issue a notice of show-cause to Supertech Realtors. The notice has been issued for the non-compliance to Section 5 (1) of the RERA Act. Under this notice, the developer has to explain why the application for registration of the Golf Country GH01 Phase 1A and Golfland GH01 Phase-1B should be approved and not rejected.

There are a total of 2,454 complaints filed against the developer and its subsidiaries. Of which 1,629 cases were settled and 105 and 1,243 are refund and possession orders. It was noted that home buyers filed a large number of complaints against the developer and also the developer did not comply with many of the authority’s orders.

Supertech has registered 36 projects, but the builder has shown very little interest in completing these unfinished projects. There are up to 20 projects for which the registration period has expired and which have not been completed yet.

Of the 20 projects, five projects registration was not given because the developer did not submit the penalty amount. In 13 projects, the application for registration of the project has not been submitted to the authority.

In September 2020, UP-RERA decided to conduct a forensic audit of Supernova Phase I, II, III and IV of Supertech group. But the promoter did not cooperate with the auditor, which ultimately means violation of the RERA order.

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Goa CM cuts infrastructure tax by 30% to revive real estate

Gaurs Group to complete 10,964 pending Amrapali units at Rs 2,124 crore

Goa CM cuts infrastructure tax by 30% to revive real estate

Posted on March 26, 2021 by zeeshan

goa-cm-cuts-infrastructure-tax-by-30-percent-to-revive-real-estate

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.

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Prestige Estates to aquire Ariisto’s stuck project in Mulund, Mumbai

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Prestige Estates to aquire Ariisto’s stuck project in Mulund, Mumbai

Posted on March 25, 2021 by zeeshan

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).

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Gaurs Group to complete 10,964 pending Amrapali units at Rs 2,124 crore

Posted on March 24, 2021 by zeeshan

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.

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UP-RERA to organise National Lok Adalat on April 10

Posted on March 24, 2021 by zeeshan

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.”

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Kolkata: NKDA starts special camp to help property taxpayers

Posted on March 24, 2021 by zeeshan

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.

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Guj-RERA fines Devnandan Builder, Shivalik Infraspace, other for violation

Guj-RERA fines Devnandan Builder, Shivalik Infraspace, other for violation

Posted on March 23, 2021 by zeeshan

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.

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UP-RERA cancel Ansal API Project, Penalise Supertech, Mahagun

Posted on March 23, 2021 by zeeshan

uprera-revoke-ansal-api-project-penalise-supertech-mahagun

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.

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ORERA Fines Two Realtors for Violations of RERA Act

Posted on March 19, 2021 by zeeshan

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.

Chandigarh Housing Board (CHB) to Auction 110 Residential Properties

Posted on March 19, 2021 by zeeshan

A CHB senior 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.

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No compensation if agreement doesn’t provide for it: TNRERA

Posted on March 17, 2021 by zeeshan

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.

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Ghaziabad Development Body asks Residents to vacate Alaknanda Towers

Posted on March 16, 2021 by zeeshan

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.

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56,000 Applications to Convert Agricultural land to Non-Agricultural use

Posted on March 15, 2021 by zeeshan

56000-application-to-convert-agricultural-land-to-non-agricultural-use

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.

YEIDA Begins Registry of Residential plots Launched in year 2009

Posted on March 15, 2021 by zeeshan

YEIDA-begins-registry-of-residential-plots-launched-in-2009

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.”

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Maharastra: About 1,000 Cidco plots up for grabs over next 12 months

Posted on March 11, 2021 by zeeshan

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.”

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Delhi Govt reduces Home Loan Interest and Circle Rates

Posted on March 11, 2021 by zeeshan

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.

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SBI, HDFC, Kotak Offer Lowest Home loan Interest Rates!

Posted on March 9, 2021 by zeeshan

banks-offer-lowest-home-loan-interest-rates

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.”

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Ascendas India Trust to acquire Industrial Project in Chennai

Posted on March 9, 2021 by zeeshan

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.

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HC asks Panel to verify list of Affordable Flats built by Hiranandani Group

Posted on March 5, 2021 by zeeshan

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-

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.