Working pattern of Realtors in Real Estate Property

Top 100 Real Estate Agents in Indore - Best Estate Brokers - Justdial

Real estate agents make the connection between buyers and sellers for transactions and offer all the legal agreements for your home while selling it. Realtors are reimbursed through, the commission which is based on the total percentage of the sale of the house, where the percentage depends on their state and brokerage. You can search online to get the best quality realtors because authentic realtors always give the best service to their clients. Real realtors are very valuable in their field for dealing with property. Hence, propertywala.com bring every detail about the working pattern of realtors in real estate Property.

Reasons you should know before choosing a Realtor:

A real estate agent has several administrative tasks in well-run real estate business. So, there are significant reasons for choosing an excellent real estate agent for rent property online as follows-

  1. A well-organized realtor has the best skill.
  2. Realtors are experts to analyze the market and try to give a unique price tag and sell real estate property at a relevant price to the customers. 
  3. Successful realtor has a unique market portfolio, so they are familiar with the recent trends and their portfolio in the market and easily understand the desire of buyers. 
  4. An excellent realtor reduces the chances of losing anything. In case you are worried that realtors can dig deep into your pocket, it is wrong to think. 
  5. They can provide a huge interest in the responsibility of selling your home. They will assure you to get the best interest from the realtor services.
  6. Realtors know the proper strategies for implementing real estate property to attract traffic. 

Things to know while renting your property:

You should know some features while renting your property, below are listed-

  1. Property taxes- Property taxes should be on the top list wherever you rent the property because it has broad access through your target area.
  2. Neighborhood- When you go for the rental property, you have to understand the quality of the community which helps you to know your neighbors in which you will determine different types of tenants.
  3. If you are dealing with family, then schools are one of the most significant factors for rental property.
  4. The job market is also essential when choosing a rental property.
  5. Your real estate agent should be excellent at real estate property. 

Qualities of real estate agents for dealing in a property:

When it comes to getting a home or wanting to sell, the process of buying or selling a home is challenging and sometimes stressful. But, the good news is that you don’t have to do it alone. In fact, with the right agent, the homebuying journey – from house hunting to signing the contract – can be exciting. A good real estate agent is someone who is amiable, knowledgeable, trustworthy, and has the resources and tools to get the job done. Here are some qualities you should consider in your real estate agent;

  1. Always try to make contact with the dealer through the online portal. 
  2. The dealer should have a vast source as well as knowledge for selling the real estate property to the tenants.
  3. An excellent real estate agent has a simple way of working which helps the client remarkably. 
  4. They always charge a negotiable amount from genuine buyers instead of charging huge amounts.

Working pattern of Realtors with sellers:

  1. Both real estate agents and sellers meet and understand the needs of sellers with new listings.
  2. Show your market knowledge, marketing abilities, and negotiation skills.
  3. Research on the activity of the current local market comparable properties to establish an asking price.
  4. To prepare a property presentation and advertising collateral, take photos of the property (interior and exterior).
  5. Construct the home properly, so it looks perfect when you do open houses.

Working pattern of Realtors with buyers:

  1. Research the listing services that suit the needs of your clients for the property.
  2. Meet with, interview, understand, and qualify the expected buyers.
  3. According to the buyer’s schedule, plan property showings for buyers and set up appointments with them.
  4. Show the property to the buyers and communicate details of the property you learned during your research.
  5. Demonstrate negotiation skills and make offers of purchase on real estate.

Story Behind Jaypee’s Failure

Shri. Jaiprakash Gaur, the founder of Jaypee Group, had a single-minded focus after graduating from IIT Roorkee with a diploma in civil engineering. He decided to contribute to nation-building by branching off as a civil contractor in 1958 and founded Jaypee Group. The Group’s business interests include engineering and construction, cement, power, real estate, expressways, fertilizer, hospitality, healthcare, sports, and information technology. This article covers the story behind Jaypee’s failure. How did Jaypee start, what all the good things it did, what exactly went wrong, and what is the future now? One thing is for sure, if everything would have gone well, Jaypee would have completely changed the situation in Noida. It could have become the DLF of Noida. But could not. More than 20000 buyers are still struggling to get the homes of their dreams. Let us look at the story behind the making of Jaypee.

Work done by Jaypee:

Jaypee Infratech was founded in 2007 and it is the part of the Jaypee Group. So, let’s look at some of the successful works done by Jaypee Infratech.

1. Yamuna Expressway project:

The Group entered into the construction of expressways with a 165 km access controlled 6 lane super expressway along the Yamuna River connecting Greater Noida and Agra. You would know how well-developed the Yamuna expressway is if you have been to it. It has become a big boon for Noida. Jaypee has also built the Zirakpur-Parwanoo Himalayan Expressway. 

2. Jaypee’s Hotels and Resorts:

In New Delhi, Uttar Pradesh, and Uttarakhand, the hospitality division of the Group owns and manages five hotels. 

3. Jaypee’s Hospital:

The Jaypee Hospital is well-developed and offers excellent health facilities. The hospital is now commissioning 525 beds in the first phase of its intended 1200-bedded tertiary care multi-specialty complex.

4. Jaypee’s F1 Sports:

The Group hosted the inaugural Formula One Grand Prix of India on October 30, 2011. The track is anticipated to hold more top-tier international racing competitions in addition to F1. Though this was unsuccessful as F1 races did not succeed in India. 

5. Jaypee’s Real Estate:

The first real estate project of the group, Jaypee Greens Greater Noida, covers 452 acres. This distinguished municipality includes an 18-hole Greg Norman golf course, upscale homes, shopping centers, etc. 

India’s First Wish Town, a premier township featuring an 18 + 9 Hole golf course, world-class residences, commercial developments, numerous entertainment amenities, and acres of greenery, was Jaypee Greens’ second project when it was unveiled in Noida in November 2007. The group then started construction on Jaypee Greens Sports City and Jaypee Greens Wish Town Agra, two townships along the Yamuna Expressway and Jewar International Airport, which is scheduled to open soon, and is a 20-minute drive from the city center. 

But destiny was against Jaypee’s prosperity, and Jaypee’s fantasy township became a failure. So let’s talk about this township’s swindling and how many house buyers lost their dream homes.

Jaypee’s Failure in Real Estate:

Who doesn’t want to be the owner of their own home? All of us do. Not just any house, either. A perfect home must be spacious, well-connected to the rest of the city, have a room with a view, and have the best amenities. However, it has been more than 12 years since thousands of Jaypee Infratech Limited (JIL) home buyers in Noida were victims of the mother of all real estate failures in India. The long-drawn legal battles are ongoing, leaving more than 20,000 Jaypee home seekers running from pillar to post and many giving up.

Jaypee got the land of the wish town in return for building the Noida expressway for Rs 400 crores. The company launched 32000 flats, still, 70% of apartments are in the under-construction stage. This project did not show any signs of readiness for the completion date. Around 90% of buyers made their payment, but it was still claimed that progress has been made on this project, although there was nothing to show for it.

A total of 18,767 people paid a total of Rs.8,676 crores to the company. 1410 people received possession worth 528 crores with no registrations. 413 people canceled their booking and their refund of Rs 64 crores is still pending.

Reasons for the failure:

 The reason behind the Real estate failure of Jaypee are:

  1. Jaypee group took the money that buyers had paid for homes and invested it in other projects.
  2. The company invested the money in other businesses.
  3. The government changed at that time.

 Future of Jaypee’s Failure:

After a super-lengthy resolution process, Mumbai-based Suraksha realty group got the approval of financial creditors and home buyers to take over the company in June 2021. Furthermore, in its offer, Suraksha promised to deliver all Jaiprakash Associates’ pending housing units within 42 months. It has offered to pay Rs 125 crore upfront and infuse Rs 3,000 crore within 90 days for completing the stalled projects. It will also put Rs 300 crore receivable from Jaiprakash Associates for completing the pending housing unit. Since Jaypee was an extraordinary case, the finalization of the bids is pending before NCLT for more than 17 months for approval. After the approval, the 20,000 home buyers who have been waiting for their units in various housing projects of Jaypee can finally breathe a sigh of relief.

How to save tax on property – For sellers

When selling a property, sellers want to know how much tax they’ll pay and whether there is any way to reduce or avoid the tax. The article below focuses on capital gains tax for sellers who are selling a property.

A self-occupied house gives you two avenues of saving taxes which are the payment of interest and repayment of principal. You can get Rs 2 lakh deduction under section 24b of the Income-tax Act, 1961 on interest payment and Rs 1.5 lakh on principal repayment under section 80C.

What is a Capital asset?

Capital assets include land, buildings, jewelry, vehicles, trademarks, machinery, patents, and licenses. When a capital asset is sold and any profit is received, it is known as capital gains. Agricultural land is not a capital asset.


Capital gains tax on residential property for sellers:

To understand capital gains, let’s consider an example. Regarding residential property, there are two types of capital gains tax: long-term capital gain and short-term capital gain. We will now discuss these two taxes.

  1. LTCG (LONG-TERM CAPITAL GAINS)- If you hold a property for more than 24 months, you pay a flat rate of 20% tax on any capital gains. Exemptions are available in this.
  2. STCG (SHORT-TERM CAPITAL GAINS)- If you hold the property for less than 24 months, you will be charged short-term capital gains tax. The government taxes the individual at their slab rate of income tax. If you are in the 30% bracket, then STCG will be 30%. You do not receive any benefits for indexation (i.e., inflation). The amount for which you purchased the property and sold it, the difference will be taxed.

The following chart illustrates and differentiates between long-term capital gains and short-term capital gains.

CAPITAL GAINS ON RESIDENTIAL PROPERTY                STCG                         LTCG
TIMELess than 24 months(2 years)        More than 24 months (2 years)
TAX@Slab       Flat rate 20%
EXEMPTIONNo    Yes
INDEXATIONNo       Yes

Capital gain tax exemption:

Furthermore, we will discuss three ways in which you can save on long-term capital gains tax when selling residential property and other assets.

  1. SECTION 54- Under section 54, individuals and Hindu undivided families (HUF) can claim tax benefits on residential property they own. The minimum holding period is two years. It is important to note that only residential properties qualify for this section; commercial properties do not qualify. Next, the residential property must be a constructed property that you are selling. If you are selling the residential plot, then you will not get any benefit from it. If you invest the profits received from the proceeds in the purchase of 1 or 2 residential properties or the construction of another property, you will get a complete exemption from long-term capital gains tax.
    1. The capital gains from selling the property must be put in a new property which can be purchased within 1 year of the sale or within 2 years of the sale, in order to claim tax exemption. Similarly, if you are constructing a property, then for the forthcoming 3 years, if construction is completed, tax exemption will be available for you. Here, you only need to invest the number of capital gains i.e. profits; you do not have to invest the entire amount.
    2. FOR EXAMPLE: Twenty years ago you purchased a residential property for Rs 60 lakhs. And now sold it for Rs 90 lakhs. So 30 lakhs is a long-term capital gain (LTCG). Invest this 30 lakhs in 1 or 2 properties or some construction work; you don’t need to invest the entire 90 lakhs. The maximum capital gain which you can claim is up to Rs 2 crores. This exemption can be claimed once in a lifetime and will be reversed if you sell this new property within 3 years from its purchase date. If you invest this amount into bank fixed deposits or a savings account, this cannot be claimed as an income tax exemption. Banks offer a capital gains account scheme if you wish to claim the tax exemption.
  2. SECTION 54EC- Any individual can open a capital gains account. Any asset like; stocks, mutual funds, bonds, and house property may be used as collateral for this type of account. A 3-year holding period is required, with the ability to invest within 6 months. The maximum amount that can be supported is 50 lakhs, but all must be invested in specified bonds with a 5-year lock-in period. These bonds offer good returns on investment and are available only through this type of account.
  3. SECTION 54F- Now, finally, we come to Section 54F. In this section, any individual or Hindu Undivided Family (HUF) can claim tax exemption on capital assets other than a house property. Such assets include bonds, stocks, commercial property, and plots. The person taking the exemption shall not hold more than one house property. To acquire the asset’s value, you must buy residential property or construct it. This section does not cover any plots. The time limit for claiming tax exemption is 1 year back or 2 years forward if you purchase a property; construction is forward 3 years.

There are some other conditions under SECTION 54F and i.e.;

  1. The entire sale proceeds must be invested. Invest the entire 90 lakhs and not a partial amount or capital gains on which you can claim full exemption. You can only claim a partial exemption if part of the money is invested.
  2. If you sell this new property within three years of its purchase, the exemption will be reversed.
  3. If you want to claim the capital gains tax exemption, invest in a capital gains account. You cannot claim this exemption on a savings account.

Things you should know about GST in Real Estate

Centre's FY22 GST compensation amount should be higher than projected Rs  1.58 lakh crore: Opp-ruled states - The Economic Times

OVERVIEW OF GST: 

In 2000, the late Atal Bihari Vajpayee, the then prime minister of India, initiate a committee to draft new indirect tax law and i.e. GST which stands for Goods and Services Tax. It was launched to replace multiple indirect taxes in India. Such as excise duty, value-added tax (VAT), services tax, purchase tax, octroi, entry tax, luxury tax, and so on. Here, propertywala brings every fact and figure that you should know about GST in real estate.

DEFINITION:

The Goods and Service Tax Act was driven in Parliament on 29th March 2017 but it came into effect on 1st July 2017. It is the only tax that applies all over India and imposes on the supply of certain goods and services. However, GST does not replace customs duty, which is still required on imported goods and services. Different categories of products and services attract different tax rates under GST.

Now, we will go ahead with the GST regime which is given by our Honorable Prime Minister Shri Narendra Modi, In his words, the Goods and Services Tax (GST) is “a path-breaking legislation for New India”. Then, GST is not just a tax reform but a milestone in realizing Sardar Vallabhbhai Patel’s dream of building ‘Ek Bharat – Shrestha Bharat’.


GST APPLICABILITY IN REAL ESTATE:

APPLICABLE
1. It is applicable to under-constructed flats only.
2. It is because the GST does not cover the real estate sector under its range. Therefore, the tax rate applicable on a property is charged under ‘work contracts.

 
NOT APPLICABLE
1. GST does not apply to ready-to-move-in flats, plots, and lands.
2. Upon completion and receiving the occupancy certificate i.e.(OC), the property is categorized as ready to move in. That is why a developer cannot charge GST on selling ready-to-move-in homes.

GST RATE ON REAL ESTATE 2022:

Everyone has a dream of a house. Well! It is fine if you are planning to buy a property. Because buying the right property is one of the biggest achievements in life. So, home buyers in India have to pay GST on the purchase of under-construction properties such as flats, apartments, and bungalows. Before hurrying on to the process, the foremost thing you must ask yourself is, “what is the GST rate on real estate?

PROPERTY  TYPEGST RATE FROM APRIL 2019
Affordable housing1% without ITC (Input Tax Credit)
Non-affordable housing5% without ITC
According to the table, if the property is affordable,  the GST rate from April  2019 is only 1% without ITC. Also, for non-affordable housing, the GST rate is 5% without ITC.

WHAT IS ITC?

Input Tax Credit refers to the tax already paid by a person on any purchase of goods and/or services that are used or may use for business. Therefore, it is available as a deduction from tax payable.

AFFORDABLE HOUSING AS PER GST:

According to government norms, housing units worth up to Rs 45 lakhs are referred to as affordable housing in metro cities in which carpet area measures up to 60 sq. meters. The Delhi-National Capital Region, Bengaluru, Chennai, Hyderabad, the Mumbai-Kolkata are categorized as metropolitan regions. A housing unit in non-metro cities barring to be an affordable house, if it costs up to Rs 45 lakhs and has a carpet area of up to 90 square meters as mentioned in the given table.

CITIESPRICECarpet AREA (SQ/M)
METROSup to  Rs. 45 lakhs60 sq./m
NON- METROSbelow Rs.4590 sq./m

SOME FACTS TO BE NOTED WHEN CONSIDERING GST IN REAL ESTATE:

  1. It does not subsume the stamp duty and registration charges, which you still have to pay.
  2. Seller increases the cost of ready-to-move-in properties to factor in the GST cost. So, overall the under-constructed properties are still cheaper than ready-to-move-in properties. 

That’s all you need to know about GST when it comes to real estate.

All you need to know about the sale deed

What are the steps in the process of buying a property?

Let’s first discuss the steps in buying a property. When purchasing a property, the first step is negotiating the price with the seller. To confirm the booking, you must pay an advance to the seller. A builder must first pay a 10% deposit and sign a booking form before purchasing a property. After the buyer and seller agree on terms, they sign a contract that includes a time period for payment (generally two to three months). But this is not a sale deed. It’s important to note the information, facts and details in a sale deed and here’s everything you need to know.

A sale is completed when the seller transfers ownership rights to the buyer. The deed of sale is drawn up and registered with a specific state authority, making it valid.

How is a Sale Deed Executed? – RoofandFloor Blog

What is Sale deed?

The deed of sale is a legal and final document transferring ownership of a property. It describes the terms of the sale and is signed by both the buyer and the seller. Depending on its purpose, a contract of sale may also be called a contract of sale or a contract of sale mortgage. A bill of sale is governed by the common law, the Contracts Act, the Transfer of Property Act, etc. It uses certain terms that are standard across all jurisdictions, but certain details relate more specifically to the Indian context such as consideration (usually the same as the amount paid).

Benefits of Sale deed:

  1. Protects Parties – A well drafted deed protects both the buyer and the seller by preventing ambiguity and minimizing legal risks.
  2. Defines The Area – Buyers find it helpful to specify the square footage and locations of properties on paper.
  3. A sale deed is a legal document that concludes a sale. It is enforceable by law.

Clauses / Elements in the Sale deed you should know:

The sale deed includes the following details:

  1. Details of the party – The details of the party include the names, ages, and addresses for both buyers and sellers.
  2. Details of the property The location of the property, a description of the property, and construction details.
  3. Payment details – Payment details will show you the price of your property. It also lists the payment mode like a credit card (Visa, MasterCard, Discover) or direct transfer from a bank account.
  4. Handing over the original papers of the property and the possession details.
  5. No dues on the property – On the property, no dues, such as loans, tax, liability, and other dues.
  6. Indemnity clause –  An indemnity clause in a sale deed provides protection for the buyer’s interests. It is important to draft the document with care to avoid future disputes. Indemnity clauses under the sale deed seek compensation if there are any losses or expenses in the future.

What is the process for executing a Sale deed?

  1. Draft sale deed – To execute a sale deed, you need to first draft a sale deed. This document records all of the property owner’s rights, duties, and interests in the property. This includes encumbrances, liens, loans, taxes, mortgages and deeds for neighboring properties if they do not belong to the same legal entity.
  2. Pay Stamp Duty – Stamp duty is a tax paid to the Indian government on the sale of real estate. It is usually paid by the buyer and varies from state to state. For more details see our detailed video on stamp duty.
  3. Signed – Both buyer and seller must sign the sales deed. This document ensures that they have both agreed to the terms of the sale transaction. The deed must be registered within four months of the date it was signed in order to be valid.
  4. Registered – A sale deed serves as both proof of ownership and an essential legal document required for taxation purposes. It is an affidavit signed by both the seller and buyer. This is submitted to the revenue department when registering property under several tax laws. It must be registered within 4 months of signing the document. If this deadline is exceeded, you risk losing your right to purchase the property.
  5. The seller gives the original documents – The seller delivers the original documents and the buyer pays to execute the sale deed.

The following are the important, procedural, and legal terms you should know about sale deed if you are planning to sell your house.

Best tips to hire a broker in India

Real estate is one of the largest industries in India. There are several companies of real estate agents who work as intermediaries between buyers and sellers of property. Finding an agent for real estate can be a difficult task. There are so many qualities and attributes to look for that finding someone who has them all is impossible. However, there are some basic qualities and tips to hire a broker in India.

Designated Agency Duties & 4 Good Reasons for an Exclusive Buyer Brokerage  Agreement - Illinois REALTORS

Here’s what you should know before hiring a broker in India:

  1. Whenever we hire a broker for our real estate transaction, we must list our requirements clearly. For example, what type of property you want, locality, etc. As brokers don’t specialize in the entire area. So, they might show options that they’re selling. So, make it your job to be clear about what you want to purchase.
  2. If you are looking for a best real estate broker, choose a registered one. This will provide you with another level of trust and credibility. The Real Estate (Regulation and Development) Act, 2016 (RERA) requires real estate brokers to be registered with the state RERA authority.
  3. You should always ask about the latest pricing and gauge the broker’s market knowledge. Excelled brokers always know about their localities’ future developments and capital rates. They should have good interpersonal skills and find out how good they are at conversing with clients.
  4. You need to find out how many years they have been in the real estate business, their record on selling the property, the number of deals they cracked, what their credentials and qualifications are if they have experience, etc. Ask all brokers you are communicating with for details on previous clients and speak to the clients so that they can also give their reviews on that particular broker.
  5. Find an agent who will spend enough time with you until you find a property that suits your desires. A broker should understand the nuances and will advise you accordingly.
  6. Buyers need to find a broker who has good intentions and should be thinking about your benefit. 

Now you know how to choose a good broker, and this is the end of the best tips to hire a broker in India.

How to search brokers in India:

  1. You can also search online on platforms like propertywala.com.
  2. Try to talk to at least two to four brokers before finalizing, and try to discuss all talked-about matters with expectations.
  3. Try to connect on call, see his office, and have a meeting with him for your trust.

Stamp duty and registration charges in India?

Suppose a buyer and seller get into a sale and purchase of the property. For the sale deed, they must register it in India and pay stamp duty and registration charges.

What is Stamp Duty Refund Process when the Sales Deed is canceled? - Kotak  Bank

Who collects Stamp duty and registration charges in India?  

  1. As per the Indian Stamp Act 1899 the state government collects Stamp Duty and not the central government. It is different in different states. The state government uses it for building the state’s infrastructure.
  2. Stamp Duty varies with the type of housing and the state in which it is located, and it also varies with the gender of the buyer, and senior citizens get a rebate on registration charges.

Benefits of Stamp duty

  1. Registering a stamp duty makes the sale deed a proper legal document and makes it possible to submit the deed to the court as evidence. In case the document is lost, a duplicate copy can be produced. The buyer has to pay stamp duty at the time of registration.
  2. The buyer generally pays Stamp Duty

Stamp duty in Real Estate?  

Stamp duty in Real estate is on Sale deed, Partition Deed, and Lease Deed. If a lease deed is more than 12 months, it must be registered and pay stamp duty, otherwise, generally, lease deeds are for 11 months. Therefore, which means the document of the property is verified by a notary declaring the authenticity of both parties signing the documents.

Delhi Stamp duty

  1. Delhi Stamp Duty charge has been going on since the year 1908, which is a retardation charge.
  2. Like in Delhi, stamp duty is 6% if a property is registered in a Male’s name, 4% if in a female’s name, and 5% if in joint name. This is in case the property value is less than 10 lakh rupees. But if it is more than 10 lakhs rupees, both males and females pay equal stamp duty.
  3. The Registration charge is 1% of the property value.
OwnerStamp Duty
Male6%
Female4%
Joint (Male& Female)5%

How to pay Stamp duty?

The 3 methods to pay a stamp duty are as follows:

Method 1

Non-Judicial stamp paper. If stamp duty is 1 lakh, buy papers worth Rs 1 lakh. You will print the sale deed on stamp paper.

Method 2

Franking method – Print the sale deed on plain paper. Pay stamp duty in a cheque, cash, online, or dd draft. Then bank attests to the sale deed.

Method 3 –

E-Stamping – it will mention all details – generated online – Go to Stock holding corporation of India – www.shcilestamp.com. This will be paid at authorized centers. Collect e-stamp then.

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Carpet, built-up, and Super built-up areas

When you go to buy a property, you may hear the term carpet area, built-up area, super built-up areas, and so on. This can be confusing for many buyers. Propertywala has put together this handy guide with definitions of these terms.

Towers At Greenville Apartments - Tower Block, HD Png Download -  1169x775(#5840675) - PngFind

CARPET AREA

A carpet area in simple words is the area where we can lay our carpet. It is an area in between external walls; it includes rooms, a kitchen, a toilet, a bathroom, and a staircase within the unit. The carpet area excludes balconies, service shafts and common areas. There have been some changes in the carpet area after RERA (REAL ESTATE REGULATIONS AND DEVELOPMENT ACT) came into effect in 2016. The internal walls of a building were not included under the carpet area in earlier versions of RERA, but they are now.

Next, it is important for buyers to determine the carpet area in an approved layout before making a purchase. This can help you understand how much carpeting will be included in your new home. So, before buying a property, ask your builder about the approved layout. And next is to compare two properties based on carpet area only for a clear understanding of the rate.

FORMULA TO CALCULATE THE CARPET AREA

The total area of the inner wall and floor is the carpet area.

BUILD-UP AREA

The built-up area refers to the entire area covered by carpet plus inside weight-bearing walls and outside walls if any. The term included areas that refer to external walls, attached balconies, verandahs, a service shaft area, and a servant room. Excluded areas are terraces, and common areas like lifts and stairs, etc. The walls of adjoining apartments will be factored into the building of your apartment at 50% of its build-up area. Built up area generally is approx. 10% higher than the carpet area.

FORMULA TO CALCULATE THE BUILD-UP AREA

The built-up area of a building is the total floor space, including carpeting, walls and balconies.

SUPER BUILD-UP AREA

When you purchase a property, you will hear about the term “super built-up area”. It means the build-up area of a flat and pro rata common area. For example, the total common space is 8000 sq feet among 8 flats in a complex, so the pro rata common area of a single apartment will be 1000 sq feet. Therefore, the common area includes built-up space like a lobby, lift shafts, staircases, pipe ducts, air ducts, and other covered common facilities. And the area which is not included in the common area is the roof terrace and open areas like parks and play areas as well as driveways. The approximately super built-up area is 25% higher as compared to the carpet area. Generally, it varies from 20% to 40% of the carpet area.

FORMULA TO CALCULATE THE SUPER BUILD-UP AREA

To convert the super built-up area into carpet area, calculate the loading factor, and subtract that from the Super built-up area.

LOADING FACTOR

The difference between the super built-up area and the carpeted area is referred to as the loading factor.

Therefore; Carpet area * (1- loading factor) = Super Built-up area

CALCULATION EXAMPLE OF SUPER BUILD-UP AREA

Let’s assume, the super built-up area of an apartment is 1,200 sq. ft. and the carpet area is 1,000 sq. ft.

1,000 X (1-loading factor) = 1,200

1- loading factor = 1,200/1,000

1- loading factor = 1.2

Loading factor = 1.2 – 1

So, the answer is 0.2 or 20%. As a standard, It is always in percentage.

IMPORTANT FACT TO KNOW BEFORE PURCHASING A PROPERTY

For your information, section 61 of the Real Estate Regulatory Authority Act (RERA) stipulates that promoters can be fined up to 5% of the total cost of the real estate project for giving false information or selling on the super area. It should be sold in the carpet area.

Other Charges When Buying a House

When you start your property search, you will be amazed by the extra charges involved in buying a house or investing in property. There are two options: buying a ready-to-move-in property or an under-construction property. However, most people prefer to buy a ready-to-move-in property because it is less risky than an under-construction one. So, let’s assume that a property is coated at Rs. 3000 per square feet—this is its basic rate—but there are also other charges on top of that which people often fail to consider and which can be more than 40% to 50%. Let’s discuss all the additional charges so that you can make an informed decision about the total price of any given property before agreeing to purchase it.

15 Vastu Tips for Money to Bring Wealth to Your Home

Let’s look at an example:

Suppose a property’s basic price rate is Rs. 45 lakhs. When we make the final payment for this property, it will be around Rs. 58 – 67.5 lakhs—which includes the basic price of the property and the extra other charges when you buying a house. We will discuss all these charges in detail below:

First comes the basic charge. It is the charge excluding all the extra charges. Before RERA Act came into force, properties used to be sold on the super built-up areas; after the enactment of the RERA Act, properties are supposed to be sold based on the carpet area. For example, if the property has a carpet area of 1500 square feet and the rate per square feet is Rs. 3000, then its total basic cost would be Rs. 45 lakh. And this is just the basic cost; you will also have to pay multiple charges on it, as mentioned below.

PLC (PREFERENTIAL LOCATION CHARGES) –

Property taxes are charged according to the property’s location. Like; a corner flat, park-facing, sea-facing, lower floors, or higher floors. For example, sea-facing view residences have higher PLC charges than non-sea-facing. Therefore, if you own any such property there is a PLC charge coated. Generally, PLC charges are Rs 150-200 per square feet.


PARKING CHARGES –

When you purchase a property, you will pay a parking fee of 5-7% of the base price of the flat. For example, if you purchase a property for Rs. 45 lakhs, you will be charged Rs. 2 to 2.5 lakhs for the parking facility.

INFRASTRUCTURE DEVELOPMENT CHARGES (IDC) –

An infrastructure charge usually consists of complete internal infrastructure within a complex. For example, water and electricity supply, as well as sewage treatment plants may be charged separately. Developers usually charge these services together because it costs less to do so. However, if we add them together in one place according to IDC’s input-demand curve, there will be an IDC charge added at around 6% of the base price of the flat or house.

EXTERNAL DEVELOPMENT CHARGES (EDC) –

In some cities, there is also an external development charge. For example, in Gurgaon and Faridabad. This charge goes to the government and includes the infrastructure of a complex—for instance; road facilities, sewage, water, and electricity. The EDC charges are applied to all these expenses so it is approx. 5% of the base price of a flat. The total cost of IDC and EDC ranges from Rs. 300 to 400 per square foot.

CORPUS FUND/ IFMS –

Builders collect corpus funds, also called IFMS. It is interest-free maintenance security, similar to an emergency fund, and not like regular monthly maintenance. To purchase a property costing Rs. 45 lakhs, builders can collect from Rs. 50,000 to Rs. 1,00,000.

POWER BACK-UP –

The power backup charge is provided on an kWh-basis for each flat in the complex. Backup is available from 3KVA to 5KVA, ranging from 1 lakh to 1.5 lakhs.

AMENITIES AND CLUB CHARGE –

These charges apply to luxury flats with a clubhouse, swimming pool, and gym. The developer will charge you for these amenities at a lump sum of Rs. 50,000 to Rs. 1.5 lakhs.

STAMP DUTY AND REGISTRATION CHARGES –

In this case, stamp duty varies from state to state. So you must pay the stamp duty according to the state. Therefore, stamp duty and registration charges are 5-10% of the property value.

GST –

In an under-constructed property, both stamp duty and GST are levied where GST is 18% on ⅔ of the property cost. Therefore, the effective GST rate is 12%. It is the payable tax and added as a extra other charges before buying a house.


BROKERAGE –

Most resale property or ready-to-move-in property transactions are closed through a real estate agent or broker, who typically charges 1% to 2% of the property’s final value as a fee.

Process of Property Registration

We’ll discuss some of the main points on the entire process of registration of a property in India. Although this process is quite complex, it may require a lot of time and effort by the registry office to complete. So let’s start the process of registering a property in India with propertywala.

Karnataka Property Registration - Procedure and Charges - IndiaFilings

STEPS OF PROPERTY REGISTRATION IN INDIA:

  1. The first step is to choose the property and look for all the details in the property. Negotiate with the seller. Pay 10% booking amount. Then we have an agreement to sell.
  2. Buyers should check that there are no liens or other encumbrances on the property before they make an offer.
  3. Calculate Stamp Duty. Stamp Duty is the tax levied on the transfer of real property in the state. Stamp duty rates vary from state to state. It’s calculated either on the circle rate or on the market rate, whichever is higher. It’s generally 3-10% of the property value and 1% is the registration charge.
  4. There are three methods for paying stamp duty, as follows:
    1. Method 1 – Non-Judicial stamp paper (picture). If stamp duty is Rs. 1 lakh, buy papers worth Rs 1 lakh, where sale deed will be printed on an official stamp paper.
    2. Method 2 – Franking method – Print the sale deed on plain paper. Pay stamp duty in the cheque, cash, online, or DD draft. Then the bank attests to the sale deed.
    3. Method 3 – E-Stamping (picture) – it will mention all details – generated online – Go to Stock holding corporation of India – www.shcilestamp.com. Payment will be made only at authorized centers. Collect e-stamp then.

HOW TO CALCULATE STAMP DUTY:

Now, buyers should also be aware of the Stamp duty calculation. They should also know that this tax is payable when they register their property.

For example, if the actual value is Rs. 40 lakhs and the circle rate is Rs. 50 lakhs, then you have to pay stamp duty at the highest rate out of the two. Hence, in this example, because the circle rate is greater than the actual rate then you have to pay a stamp duty of Rs. 50 lakhs.

And in another case, let’s assume that you bought a property in India with a market value of Rs 90 lakhs and the circle rate was Rs 80 lakhs. In this case, you would have to pay a stamp duty of Rs 90 lakhs. Therefore, you can calculate your stamp duty. In addition, you can also estimate stamp duty online because it varies differently and is higher in large cities and towns than in small towns or cities.

5. The next thing is a draft and print sale deed or conveyance deed, or gift deed. It mentions all details like name, address, age of both the buyer and seller, etc. It provides details about payment, including through cheque, cash, or any other method. After that, you have to print the sale deed on stamp paper and then sign each page of the sale deed. Two witnesses also have to sign the last page of the sale deed.

6. After drafting and printing the sale deed, you must register it at the sub-registrar office. The office should be located in a fixed zone of your property’s locality. To schedule an appointment online or to obtain a token number, contact the sub-registrar office by phone or in writing. Both buyer and seller should attend the registration; witnesses should be present as well. If either of them cannot attend, they must appoint someone to act on their behalf with power of attorney. All parties should bring documents such as an Aadhaar card and an identity document. Three photographs will be attached to the sale deed, and both buyers and sellers will be asked to sign their names in the presence of a sub-registrar. Fingerprints will also be taken for security purposes.

7. After that, you have to collect the registered sale deed. The deed can be collected within 15-20 days. If you took a bank loan, the bank will collect the original deed.

8. Now that the registration process is over and the property transfer is complete, you need to change the name in the land records. This process is called a mutation. If your property is located in a rural area or outside municipal limits, you will have to change the name in land records. The mutation has different names in different states. For example Jamabandi in Haryana, Punjab, and Rajasthan; Khatauni in Uttar Pradesh; 7/12 in Gujarat and Maharashtra; and Khatian in Orissa, West Bengal, and Bihar. After you register your property, the whole process of registration of your property is completed.

India’s 5 most expensive houses

India’s wealthiest truly have luxurious tastes and live in prestigious residences with unique names, unexpected architecture, elegant interiors, and first-class services. Here, we’re showing billionaire homes. So, if you are eager to know which of these billionaires of India live in the most expensive houses then you are on the right way. Read on propertywala as we take you through the list of India’s 5 most expensive houses.

1. MUKESH AMBANI’S ANTILIA:

Reliance Industries Limited chairman, a business tycoon, Mukesh Ambani is one of the wealthiest men in India. His luxury house comes on the top list of India’s 5 most expensive houses. Therefore, a man who currently holds the title of 11th richest person in the world lives in Antilia, the most expensive private residence in India.

5 facts about Antilia, Mukesh Ambani's $2 billion Mumbai mansion |  Architectural Digest India

Let’s know about Antilia’s house:

  1. It is located at Altamount Road, Mumbai, Maharashtra
  2. The area of Antilia (in sq. ft.) is 4 lakh sq. ft.
  3. Total no. of floors 27.
  4. Mukesh Ambani’s house has approx. 600 staff.
  5. Other vital features: 9 high-speed elevators, a Private movie theater, 3 helipads, a hanging garden, an ice-cream parlor, a salon, and a gym. Apart from this, there is a parking space for 168 cars with 6 floors of car parking.
  6. The price of the house is approximately 15,000 crores.

2. GAUTAM VIJYAPAT SINGHANIA‘S JK HOUSE:

The chairman and Managing Director of the Raymond Group, the world’s largest producer of suiting fabric. He has a mansion that is called JK House, which will be a combination of a private residence and a textile showroom.

Most Luxurious House In India - Check Out The Most Expensive Homes
  1. The location of the house is Altamount Road, Mumbai, Maharashtra, located next to Antilia.
  2. The area of the house ( in sq. ft.) is 16,000 square feet.
  3. The total no. of floors is 30.
  4. There are 6 Parking floors.
  5. Some other features: 2 swimming pools, a spa, a gym, and 1 helipad.
  6. The price of the house is 6000 crores.

3. MR. ANIL DHIRUBHAI AMBANI’S LUXURY HOUSE ‘ABODE’:

A top businessman in India and the Chairman of Reliance ADA Group Mr. Anil Dhirubhai Ambani’s property offers luxurious and 7- star hotel amenities. This luxury villa is known as Abode.

Inside Jai Anshul and Jai Anmol Ambani's 14-storey Mumbai home – yes, they  still live with parents Anil and Tina, but it's no Antilia ... | South  China Morning Post

Let’s have a closer look at this magnificent property:

  1. It is located at Pali Hill, Mumbai
  2. The area of the house ( in sq. ft.) is 16,000 sq. ft.
  3. The total no. of floors is 17.
  4. Other vital features are: a swimming pool, a gym, 1 helipad, parking space, and a lounge area displaying Ambani’s car collections.
  5. The price of the house is 5,000 Crores.

4. MR. KUMAR MANGALAM BIRLA JATIA HOUSE:

Jatia House is also one of the most expensive houses. It is owned by the chairman of Aditya Birla Group, Mr. Kumar Mangalam Birla, a Chartered Accountant.

news mumbai kumar mangalam birla to pay rs crore for bungalow  -m.khaskhabar.com
  1. Jatia House is located at Little Gibbs Rd, Malabar Hill, Mumbai.
  2. The area of the house (in sq. ft.) is 30,000 square feet.
  3. There is a total of 3 floors.
  4. Some other features of Jatia House are: a grand garden, a small pond, a central courtyard, and 20 bedrooms.
  5. The price of the house is 425 crores.

5. SHAHRUKH KHAN’S MANNAT:

The King Khan of Bollywood, Shahrukh Khan is one of the most loved stars in the Hindi film industry. His house, Mannat, is a famous landmark in Mumbai city. His house looks very glamorous and has become a tourist place for his fans.

MP man drunk calls Mumbai police, threatens to allegedly blow up Shah Rukh  Khan's Mannat, gets arrested | People News | Zee News
  1. The address of the house is Mannat, Land’s End, Bandra (West), Mumbai.
  2. The area of Mannat (in sq. ft.) is 27,000+ square feet.
  3. There are 6 floors.
  4. Other vital features in Mannat are multiple bedrooms, living areas, a gym, pool, library, a private movie theater, Shahrukh’s office, an impressive terrace, and a bar. 
  5. The house price is estimated to be around Rs. 200 crores.

Watch the full video on YouTube by clicking on the link https://youtu.be/ZKCE7uUsSxU

THE FUTURE OF INDIAN REAL ESTATE BY 2040

Why Real Estate Investment in India is the Most Profitable Option?

A short look at the Real Estate Industry:

The word “Real” is the Latin root rex, which means “royal”. Earlier, kings used to own all the land in their kingdoms. Therefore, the most globally acknowledged sector all over the world is the real sector. If we know real estate in terms of business, it means the game of producing, buying, and selling property. According to the economic sector, the construction of industry ranks third among the 14 major sectors. The future of Indian real estate by 2040, the market will grow to Rs. 65,000 crores (US$ 9.30 billion) from Rs. 12,000 crores (US$ 1.72 billion) in 2019.

After the agriculture sector, the real estate sector is the second-highest employment generator in India. Also, this sector will sustain non-resident Indian (NRI) investment for the short and the long term. Bengaluru is the top city and is the most recommended property investment destination for NRIs, followed by Ahmedabad, Pune, Chennai, Goa, Delhi, and Dehradun. PropertyWala.com evaluates the future of Indian real estate by 2040.

The Market size of the future of the Indian Real Estate Industry by 2040:

This sector is about to reach US$ 1 trillion in market size by 2030, up from US$ 200 billion in 2021 in India. It contributes 13% to the country’s GDP (Gross Domestic Product) by 2025. India’s growing infrastructure is much needed to grow as retail, hospitality, and commercial real estate are also growing significantly. Within a year, India’s real estate sector saw over 1,700 acres of land deals in the top 7 cities. In the commercial real estate sector, foreign investment was at US$ 10.3 billion from 2017-21.

Indian firms are estimated to boost >Rs.3.5 trillion (US$ 48 billion), according to the report of ICRA (Investment Information and Credit Rating Agency of India Limited). It is through infrastructure and real estate investment trusts in 2022. The Savills India report said that the real estate demand for data centers is to increase by 15-18 MSF in the year 2025 whereas in 2021 around 40 MSF has been delivered in India. Now, it assumes that the country will have a 40% market share within 2-3 years whereas India is looking to deliver 46 MSF in 2022.

Conclusion:

In India, a total of 55,907 new housing units were sold in the 8 micro markets between July 2021-September 2021, which means there is 59% growth year over year, whereas, in the third quarter of July-September 2021, new housing supply stood at ~65,211 units, an increase by 228% YoY across the top 8 cities when its compared with ~19,865 units which launched in the third quarter of 2020. The commercial space is to record increasing investments in 2021-22 when it comes to commercial space in Gurugram.

 According to the Economic Times Housing Finance Summit report:

Almost, 3 houses are raised per 1,000 people per year as compared to the construction rate of 5 houses per 1,000 people. The current shortage of housing in urban areas is said to be ~10 million units. Hence, 25 million units of housing are vital by 2030. This is to meet the growth in the country’s urban population.

Pradhan Mantri Awas Yojana (PMAY)

प्रधानमंत्री ग्रामीण आवास योजना 2022 ऑनलाइन आवेदन | PMAY-G Beneficiary  लिस्ट | पात्रता | जरुरी दस्तावेज

What is PMAY?

PMAY is Pradhan Mantri Awas Yojana – Urban, which was proposed to serve housing for all in urban areas by the year 2022. This is a flagship Mission of the Government of India being applied by the Ministry of Housing and Urban Affairs (MoHUA). It was launched on 25th June 2015. This is also known as Housing for All. In this mission, the lack of houses in urban areas is among the Economically Weaker Section (EWS) or Low Income Group (LIG) and Middle Income Group (MIG) groups including the slum occupants by ensuring a pucca house to all urban households who are eligible for this scheme when the Nation completes 75 years of its Independence in 2022.

In the execution and success of PMAY(U), State Level Nodal Agencies (SLAs), Urban Local Bodies (ULBs)/ Implementing Agencies (IAs), Central Nodal Agencies (CNAs), and Primary Lending Institutions (PLIs) are the main contributors and plays an important role in it. According to the guidelines of PMAY(U), the size of a house for EWS could be up to 30 sq. meters carpet area, however, States/UTs have the flexibility to increase the size of houses in approval and consultation of the Ministry.

PMAY(U) EXTENDED TILL 31, DECEMBER, 2024:

According to the government statement, everyone knows that this scheme was launched in 2015 with the target of constructing over 1.12 crore homes in urban areas by August 15, 2022, but the Cabinet approved an extension till December 31, 2024. So, the houses already approved are completed. This is because while the initial order for houses was 1.12 crore, the Housing and Urban Affairs Ministry has so far approved 122.69 lakh houses, of which 102.59 lakh have been grounded and 61.77 lakh have been delivered as on August 1.

As per the statement of the Lok Sabha on July 21, Housing and Urban Affairs Minister of State Kaushal Kishore had said: “A proposal seeking extension of the mission up to March 2024, to complete all houses authorized under the scheme up to 31 March 2022 without changing the funding pattern and implementation methodology, is under consideration. Meanwhile, an interim extension of 6 months for all verticals except Credit Linked Subsidy Scheme has been granted.”

MISSIONS AND FACILITIES UNDER PRADHAN MANTRI AWAS YOJANA PMAY(U):

The Mission covers the whole urban area including Statutory Towns, Notified Planning Areas, Industrial Development Authorities, Development Authorities, Special Area Development Authorities, or any such authority under State legislation that is authorized by the functions of urban planning & regulations. Under PMAY(U), all houses have amenities like toilets, electricity, a water supply, and a kitchen.

ELIGIBILITY CRITERIA FOR PMAY(U)?

This mission provides the ownership of houses in the name of the female members or in a joint name to promote women’s empowerment. Although, preference is also given to differently-abled persons, senior citizens, STs, SCs, OBCs, minorities, transgender, single women, and other liable and weaker sections of the society. 

The eligibility criteria for the Pradhan Mantri Awas Yojana are as follows-

  1. The Applicant’s Family must not own a house in any part of the country.
  2. PMAY is accessible for an economically weaker section (EWS), LIG (Low Income Group), MIG-I (Middle Income Group I), and MIG-II (Middle Income Group-II) sections of the society.
  3. The family should not have a pucca house in their name or any family members.
  4. The subsidy is notifying both banks and housing finance organizations.

HOUSING FOR ALL (HFA):

The scheme with a vision of ‘Housing For All’ being executed through four verticals: Beneficiary Led Construction/Enhancement (BLC), In-situ Slum Redevelopment (ISSR), Affordable Housing in Partnership (AHP), and Credit Linked Subsidy Scheme (CLSS).

Hon’ble Prime Minister proposed Housing for All by 2022 when the Nation completes 75 years of its Independence. In order to fulfill this objective, Central Government has launched a comprehensive mission “Housing for All by 2022”.

ELIGIBILITY CRITERIA OF PMAY(U) FOR DIFFERENT INCOME GROUPS:

ECONOMIC SECTIONANNUAL FAMILY  INCOMEMAXIMUM CARPET AREAINTEREST SUBSIDY      (%)MAX. INTEREST SUBSIDY OF 
EWSUp to Rs. 3 lakh30 square meters6.50%2.67 lakh
LIGRs. 3 lakh to Rs. 6 lakh60 square meters6.50%2.67 lakh
MIG – 1Rs. 6 lakh to Rs. 12 lakh160 square meters4.00%2.35 lakh
MIG – 2Rs. 12 lakh to Rs. 18 lakh200 square meters3.00%2.30 lakh

WEBSITE FOR MORE DETAILS ON PMAY(U):

For further details on PMAY(U), like, who can claim this subsidy, amenities under Housing for All, and how to apply for Housing for All, you can visit the given websites and get the opportunity for this subsidy “Housing for All”.

  1. https://pmayuclap.gov.in/
  2. https://pmaymis.gov.in/

Take your business to new heights this Diwali with our special offers

PropertyWala.com - Diwali Offer 2022

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Why Invest in Plots Near Jewar Airport – A Survey

An Overview:

The aviation market in India is one of the fastest-growing in the world. Delhi Airport is one of the airports which has its fair share of crowding and congestion. The Government of India has planned to establish a second air hub to address this problem namely the Jewar Airport. This intensive project, officially known as Noida International Airport, is located along with the Yamuna Expressway in Jewar. This project has immense scope to boost infrastructure development and increase the demand for commercial and residential plots near Jewar Airport

Meanwhile, if you are looking for investment in the real estate sector near the airport or close to this location, propertywala.com brings you every detail.

Why Look for Plots close to Jewar International Airport?

Make sure to do research before making an investment in a residential/ commercial plot. Accordingly, before making the final decision, learn about the location advantages in terms of connectivity, pricing, and social infrastructure. Below, is the list of advantages of purchasing a plot near Jewar Airport.  

BOTH SOCIAL AND PHYSICAL INFRASTRUCTURE:

  1. The Gautam Buddha University, a popular residential area located near Jewar on the Yamuna Expressway, adds to the area’s social infrastructure, making it a lean residential zone. 
  2. The achievement of Jewar Airport would encourage tourism, providing foreigners direct and easy access to the Taj Mahal via the Agra Expressway.
  3. Yamuna Expressway also boasts the first and only Formula 1 Circuit in India. So, there are also other sports opportunities. For example, a cricket stadium, a tennis court and, a multi-purpose stadium are also on the list of plans. 

Connectivity:

  1. The Yamuna Expressway offers an Intelligent Transport System, which aims to provide maximum safety to travelers, convenience, and security when traveling between Greater Noida and Agra.
  2. The connectivity between Agra Ring Road and the Noida-Greater Noida Expressway by the Yamuna Expressway. It will soon join with other major cities. For example Gurgaon, Rohtak, Sonipat, and Manesar in Haryana and in Uttar Pradesh – Meerut, Hapur, and Ghaziabad. 
  3. Thus, to reduce travel time and distances. Hence, the Yamuna Expressway will also connect cities such as Lucknow, Kanpur, and Gwalior. 

Manufacturing, Logistics, and More:

  1. The forthcoming Delhi-Mumbai Industrial Corridor will pass through Dadri which would improve the Yamuna Expressway’s directions, warehousing hubs, and special development zones.
  2. On the other hand, more than ten-10 companies, like the USA, Korea, Japan, etc. are raising manufacturing plants along the Yamuna Expressway near Jewar airport.
  3. In last, at the suggestion of the Yamuna Expressway, the Industrial Development Authority (YEIDA), has suggested constructing an Information Technology hub with an investment of about Rs.15 crores. 

Residential Plots Near Jewar Airport:

In fact, after the pandemic home buyers were looking for a property with enough space to accommodate a home office. While apartments are still the mildest form of property investment, residential plots are now a close second to apartments. Areas with huge developed infrastructure projects like Jewar are attracting eyeballs, allowing homebuyers and investors to make smart and wise decisions. A large group of people is expecting to invest in the context of residential plots near Jewar airport as they anticipate a significant increase in land prices.

This graph shows that the typical price for residential plots close to Jewar Airport is:

According to the graph, the average prices for residential plots close to Jewar Airport are Rs.28,193 per sq. yard (Apr-Jun 2022). These prices increased by 34% from Q1 2022 to Q2 2022. Annually, the residential plots near Jewar Airport have increased from Rs.15,533 (Apr-Jun 2021) to Rs.28,193 per sq. yard (Apr-Jun 2022)

 

Leading neighborhoods with residential plots near Jewar Airport-

AreasPlot SizeAverage Prices
Jewar50 Sq ydRs.6.5 lakh onwards
Dankaur120 Sq ydRs.9.5 lakh onwards
Yamuna Expressway900 Sq ydRs.46 lakh onwards
table shows the plots size and its prices of residential plots

Commercial Plots near Jewar Airport:

In accordance with the given graph, average prices for commercial plots near Jewar Airport are Rs.20,524 per sq yard (April-June 2022). These prices have increased by 64% from Q1 2022 to Q2 2022.

There has been an increase in demand for commercial properties and plots in Noida/Greater Noida for the past few years. People have started looking at commercial investment from the perspective of rental income and capital growth. An ambitious project, Jewar Airport, is important in attracting many people to commercial business investment. Hence, the demand is increasing for commercial land for office buildings and plots in the region. 

But, if we compare the average costs of commercial lands from last year, i.e. from Jan-Sep 2021, they have witnessed a massive fall from Rs.1,15,981 from April-June 2022 to Rs.28,193 per sq yard (April-June 2022).

Leading locations near Jewar Airport with commercial plots-

AreasPlot SizeAverage Prices
Yamuna Expressway100 Sq ydRs.9.2 lakh onwards
Jewar3468 Sq ydRs.3.2 crores onwards
Knowledge Park 51783 Sq ydRs.5.50 crores onwards
Knowledge Park 32153 sq yd Rs.7.50 crores onwards
table shows the plot size and average prices of commercial plots

Jewar Airport – area plot owned by the Yamuna Authority:

Near Jewar on the Yamuna Expressway, Greater Noida, Yamuna Authority offers a variety of commercial and residential plots known as Authority Plots. There are various site configurations are available, enabling potential buyers to construct luxurious houses and offices according to their tastes. 

Types of Authority Plots along the Yamuna Expressway close to Jewar Airport-

Plot TypeMinimum PriceMaximum Price
Residential Authority Plots near Jewar AirportRs.9.5 LakhsRs.85 Lakhs
Commercial Authority Plots near Jewar AirportRs.83 LakhsRs.1.60 Crores
table shows the plot type with its mini. as well as max. price near Jewar airport
 

Explore Newest Updates on Plots near Jewar International Airport:

  1. Due to the highly increased demand for plots near Jewar Airport, the Yamuna Expressway Industrial Development Authority (YEIDA) conducted a lucky draw to allot six commercial/industrial plots in Sectors 32 and 33, each measuring at least 4,000 square meters. Before the construction of the Jewar airport began, the administration said that there were no buyers for these plots. But as soon as the building work started, some 80 companies applied for these plots, and picking winners from a lucky draw is a terrific way. 
  2. The government approved the construction of a road connecting Haryana to the forthcoming Jewar Airport in Gautam Buddha Nagar, UP district. With a budget of Rs.2,414.67 crores, this project connects UP West, Mathura, and Agra and will also be finished in two years.
  3. In order to become India’s first greenfield digital airport, NIA (Noida International Airport) selected ICAD Holding as its MSI (Master System Integrator) consultant. The NIA wants to apply paperless processing across checkpoints by using the government’s DigiYatra policy. 
  4. YIAPL (Yamuna International Airport Private Limited) and the Airports Authority of India (AAI) have signed a contract for the provision of ATM (Air Traffic Management) and CNS (Communication Navigation Surveillance Systems) amenities at the Noida International Airport. Moreover, the airport will also have Advanced Control Systems, Surface Movement Guidance, and ATS Automation Systems to allow situational awareness and provide decision support to Air Traffic Controllers for smooth weather operations.

New Updates:

  1. After getting approval from AAI (Airports Authority of India) and the Airports Ministry, YEIDA (The Yamuna Expressway Industrial Development Authority) approved the Jewar Airport Master Plan.
  2. YIAPL (Yamuna International Airport Private Limited) announced fund arrangements via using loans. YIAPL specified raising Rs.3,725 crores as a loan from SBI (State Bank of India), an amount that will be repaid over 20 years post-completion of the project.  
  3. Zurich Airport and NIAL (Noida International Airport Limited) signed a shareholder contract for the development of Jewar Airport. The project will be. YIAPL (Yamuna International Airport Private Limited), a subsidiary of Zurich International Airport, will tackle the project. 
  4. BCAS ( Bureau of Civil Aviation Security) granted a security certification to Noida International Airport, the Jewar Airport. Therefore, the Jewar Airport Master Plan’s still pending approval remains a regulatory obstacle.
  5. According to the statement of Uttar Pradesh Minister Nand Gopal Gupta Nandi, “100% of land acquisition for the Noida International Airport or Jewar Airport is completed. The airport is spread across 1,334 hectares of land, and its testing will begin in March 2024. Once the testing ends, the airport will be ready to use by October 2024.

The Master plan of Jewar Airport for 2041:

During the 74th board meeting, the YEIDA (Yamuna Expressway Industrial Development Authority), discussed the after-construction of the Jewar airport master plan. Then, MARS Planning and Service Pvt Limited received the area development tender on 24th August 2022. Thus, the focus on the development of the surrounding area of the Jewar airport is the ‘Master Plan 2041’. About 35 lakh people would live in the urbanized area of 32,000+ hectares revealed by the draft. Near the Jewar airport, the authority also plans to focus on developing a modern and urban green city in a better way.

At last, according to the plan, the city will have an amazing transport system which will make it traffic-free. Therefore, the authority plans to construct industrial areas close to the Jewar airport and enhance connectivity by launching new metro routes.

The Verdict:  Purchasing Land In Future Near Jewar Airport:

Further, there is a bright future for plots near Jewar airport which are excellent investment opportunities in the land. As everyone knows the rising price trends of properties near airports in other major cities such as Bangalore, Mumbai, and Delhi, land near Jewar airport will also rise. The flow of prices in property, however, may not be sudden, it may fluctuate with the progress of the airport construction and drive valuable returns soon after completion.

The airport will be established in Noida on the global logistics map as a game changer. After the completion of Jewar Airport, it will also push toward economic activities around the NCR regions and create a large pool of job opportunities in the region, as well as excellent connectivity and transportation options that will be available near the airport. For example- Knowledge Park, Jewar, and the Yamuna Expressway. 

The residential plots ensure a pleasant life, while the commercial plots are ideal from a business standpoint. It would be right to advise that purchasing a plot now will enable you to obtain big rewards later on.

Kolkata hiked 124% of registrations YoY in the property

kolkata: Amid Omicron outbreak, West Bengal to levy reduced stamp duty till  end of March - The Economic Times

In Kolkata, the residential realty market shows an amazing recovery in housing sales. This happened after the pandemic-induced lull over the last two years. Kolkata registered the second-highest number of property registrations in July 2022 in terms of home sales. After the comeback of Kolkata’s realty market, the state government founded various sops to encourage fence-sitters to enter the market. The city saw an excessive hike in property registrations in August 2021, recording over 7,300 property registrations. Although, it happens after two years of the pandemic. Nowadays, Kolkata and its suburbs recorded a flow in July 2022, indicating an upsurge in property registrations by 124% YoY. Therefore, propertywala shares every factor about Kolkata hiked 124% of registrations in residential property.

Some key facts regarding Kolkata hiked 124% of registration in residential property:

  1. According to the transactions in July 2022, nearly 49% of the total registrations are in the 501-1,000 sq. ft. range. Units with a floor area of 1,001 sq. ft. or more account for only 25% of the total pie. The share of smaller branches up to 500 sq. ft. is 26%. 
  2. As of July 2022, about 6,700 sale documents were registered compared to July 2021, recording a growth of Kolkata hike 124% YoY registrations in the property.
  3. Since July 2021, Kolkata has recorded the registration of about 50,900 properties in a year. 

However, among all the zones in Kolkata regarding property registration, the northern and southern belts saw the maximum interest among homebuyers and succeeded in maximum sale conversions in July 2022.

Conclusion :

According to Shishir Baijal, Chairman and Managing Director, Knight Frank India, “Although home loan rates have increased recently in Kolkata. So, there has been a strong home-buying trend in July 2022. This supports the idea that there is a latent demand for homes that will move the residential market with the right growth.” This high growth is a result of the importance of benefiting from the lowest stamp duty before the rebate period closes. When the stamp duty rate cut ends by September 2022, the industry committed that the sales momentum will continue. Thus, in light of the low stamp duty charge, many home buyers are looking for property purchases and registrations before any further rise in home loan interest rates.

MHADA online lottery in 2022, launched by the state

MHADA Lottery

On the launching of the recent online lottery, CM of Maharashtra Eknath Shinde Deputy Chief Minister Devendra Fadnavis announced the government’s plans, which offer affordable homes for the common people under the Maharashtra Housing and Area Development Authority (MHADA), the City and Industrial Development Corporation of Maharashtra (CIDCO). Furthermore, as per reports, around 5,211 lottery-drawn houses and 3,000 homes are ready to be distributed in the forthcoming months. Thus, 278 flats while 2,875 flats would be served on a first-come, first-served basis. The remaining 2,088 flats would fall under the 20% housing scheme. Therefore, Propertywala shares every detail of the online lottery in 2022.

Launching of Housing Online Lottery by state:

The online lottery began on August 18, 2022, at 10 am in Pune’s Zilla Parishad hall, at the Maharashtra legislative assembly. MHADA has fixed lots for lottery houses in Pune, Pimpri-Chinchwad, Solapur and Kolhapur districts.

Many dignitaries were present at this program. Milind Mhaiskar, Secretary of the housing department and Anil Diggikar MHADA vice president also attended this programme for housing. As per the reports, this year, Maharashtra Housing Development Authority (MHADA) has drawn three big draws. It includes MHADA lottery Pune 2022, Pune First Come First Serve lottery 2022, and Kolhapur MHADA lottery 2022. The MHADA lottery Pune 2022 is the biggest online draw this year.

Things you should know about buying SRA flats

The Maharashtra government provides quality housing to the urban poor residing in the slum areas of Mumbai. The Maharashtra state government began with a comprehensive slum rehabilitation scheme. After that Government created the concept of the Slum Rehabilitation Authority (SRA) on 16 December 1995. Further, propertywala shares the things you should know about buying SRA flats of buying SRA flats.

What do you mean by SRA flats?

The concept of Slum Rehabilitation Authority (SRA), was used to provide land as a resource and tenements for the slum residents. SRA also used to sell the extra tenement house in the open market. This scheme is still ongoing through a public-private partnership. The saleable floor space index FSI (or FAR) is used to recover the cost and create interest for the developer. Further, new rehabilitation projects are being developed. Slums have become a common part of Mumbai’s landscape because approx. 60% of the population in the city is located in slums, stated a Mumbai-based real estate consultant, Vipin Nayak. Hence, the Maharashtra Government passed the Maharashtra Slum Areas Act, 1971 to enhance slum dwellers’ standard of living. This Act refers to Improvement, Clearance, and Redevelopment.

Only the slums built before 2011 are eligible for rehabilitation under the rules of the SRA scheme. For the redevelopment of slums, after receiving all the paperwork and receiving permission, the developers shift the dwellers to the transit camps or also give them rent for good and temporary accommodation until the slum is redeveloped.

The developer rebuilds the slum in a new building which is free of charge for all the eligible slum dwellers.

You should know the process of buying an SRA flat in Mumbai:

  1. Everyone dreams of buying a house; slum dwellers too. Therefore, SRA Mumbai issued some rules and regulations when it comes to buying/selling SRA Mumbai flats.
  2. As per new rules for SRA in Mumbai 2021, according to the Free Press Journal (FPJ), the Maharashtra Cabinet sub-committee has approved a proposal to reduce the time of selling SRA Mumbai flats from 10 years to 3 years. After 3 years of demolition of housing, the SRA Mumbai flats can be sold. As there is a lock-in period on the beneficiary, preventing them from selling the allotted SRA Mumbai flat for 10 years.
  3. When the SRA building is sold, the state government is allowed to get a share of the value after 10 years. This is called a transaction fee. This is equivalent to a stamp duty of Rs. 1 lakh.
  4. The SRA Mumbai flat can be given to only those who have a domicile certificate. Also, the family should not be allowed to own any other flat within Mumbai’s suburban areas.
  5. Any original sellers cannot buy an SRA Mumbai flat.
  6. SRA buildings should not belong to these units of buyers who come from economically weaker sections (EWS), the lower-income group (LIG), or the middle-income group (MIG). 
  7. No partnership firms or organizations which allowed to purchase SRA flats. The SRA building will be in the name of the husband and wife.

Keep some keys points before buying an SRA Mumbai flat:

  1. When you go to buy the SRA Mumbai property, check the title deed of the SRA Mumbai property and ensure that you are buying from the original seller of the property. 
  2. To verify the legal documents, consult a property lawyer to verify the SRA Mumbai property documents and title deed.
  3. Check whether the owner has a release certificate from the bank or not. 
  4. A  duty-stamped sale deed is only a resource to transfer the property to transfer property ownership. 
  5. To purchase the SRA Mumbai flat, the buyer and their family members should not own a house within Brihanmumbai Municipal Corporation (BMC) limits.

How to search for SRA flats schemes online:

If you wish to find or verify any information regarding the SRA scheme in Mumbai, you can go through the following procedure:

  1. You have to visit the SRA Public Portal.
  2. Search the SRA website for schemes on the given parameters: scheme name, ward name, address, CTS number, village name, developer name, or architect name.

3. Once you look at the desired scheme, click on the ‘Action’ column to view the agreement, IOA, layout, LOI, OC, and registrar details.

The facilities included in SRA Mumbai flats:

To begin the redevelopment process, builders must enter into a tripartite agreement with the slum residents and the respective cooperative housing society. In addition to the agreement, the minimum facilities which a developer must provide on the redeveloped property are listed. 

  1. Each floor of the flat will have vitrified tiles.
  2. Each flat will have its own separate water and electricity connection.
  3. The kitchen of each flat will have a granite/marble platform with a stainless-steel sink and glazed tiles up to the height of 900 mm.

SRA’s Authority:

The SRA is led by the chief executive officer. The chairperson of this organization is the chief minister of Maharashtra. In this organization, there are nine members of the Authority, which includes the state housing minister, urban development minister, commissioner of the Municipal Corporation of Greater Mumbai, and the principal secretary of the urban development and housing department. The value of a corporate entity with effect from 3rd January 1997 has been given by SRA. By amendment carried out to the Maharashtra Regional & Town Planning (MR & TP) Act 1966. 

By 2022, the vision and mission of SRA are to make Mumbai slum-free. The government has also launched a GIS portal where citizens and other stakeholders can view the data collected by the Brihanmumbai Municipal Corporation (BMC).

4 ways to legally save on property registration charges

4 ways to legally save on property registration charges – Techtends

The property registration charge, which usually on average ranges between 5-10%, frequently eats up a substantial part of a home buyer’s budget. Buying a home is everyone’s dream but, with a lack of money, it is impossible to get a dream home. If you succeed in saving any part of the charge, it will save money and help in raising your home-buying budget. It will also boost your interior budget, reducing your home loan outstanding or utilizing it any other way you prefer. Below is the list of 4 ways to legally save on property registration charges.

By appealing to the registrar/sub-registrar, a way of legally saving on property registration charges:

Stamp duty and registration rates are to be calculated on the actual transaction price. When the market prices change at periodic intervals, the government keeps on revising the circle rate. This has happened many times in the recent past when the market rate was less than the circle rate. When the market rate is less and paying the stamp duty at a higher circle rate puts a buyer at loss. However, there is a way you can save on stamp duty because not many buyers are aware. Under the state stamp act, they can appeal to the sub-registrar for conviction of market value.

Registration at undivided share:

The purchase of undivided shares is widespread in the land aggregation process. When the buyer signs two agreements with the builder – the sale agreement and the construction agreement. The sale agreement is for undivided shares (UDS) in property, i.e. the buyer’s share only in the common area. A specified share would be required to be crystalized by going for metes and bound partition for any utilization. Hence, the registration of a construction agreement is not compulsory in every state; it is only possible where the agreement is not compulsory. In some states such as Tamil Nadu, it is mandatory to register both a sale agreement and a construction agreement.

Rebate for female buyers:

If joint/individual purchases by women, many states, including Haryana, Delhi, Punjab, Rajasthan, and UP offer a discount on stamp duty charges. The Delhi government’s official website states, the stamp duty rate is 4% for women and 6% for male buyers.

Local stamp act:

Although rules vary from state to state, it’s reproving to review the local stamp act / hire a professional to do the job. The cost of the property can occasionally be reduced by state regulations, which sometimes, state rules are such that you can save on property registration charges.

In Maharashtra, most clients don’t know if they sell the property within one year of buying from a developer, the property registration charges are applicable only to the net profit. On the property, if gifted to a blood relative, no need to pay stamp duty. For Example, Maharashtra, Punjab, and Uttar Pradesh.

Supertech twin towers demolished on 28 August 2022

Supertech twin towers case: Supreme Court sets Aug 28 as new demolition  date - Cities News

The illegal twin towers built by Supertech, which are taller than Qutub Minar, will be finished on 28 August at 2:30 PM. After around nine years of implacable efforts by the Residents Welfare Association (RWA) of the Supertech Emerald Court, the Supreme Court (SC), ordered the demolition of the two unlawful constructed buildings – Apex and Ceyane in August 2021. The welfare association claimed that the construction of these two twin towers violated the UP Apartments Act of 2010. Further, details mentioned by propertywala.com.

Noida Twin Towers Demolition:

Real estate firm Supertech Ltd built the Noida twin towers and was the dream house of many. According to the Press Trust of India (PTI), the Noida twin towers will literally fall down like a house of cards in a process that would take less than 10 seconds for them. The Residents Welfare Association (RWA) of Emerald Court Group Housing Society in UP’s Noida filed a petition in Allahabad High Court against Supertech in 2014.

Besides, the twin towers namely – Apex and Ceyane towers are parts of the Emerald Court project of Supertech. It is a prominent construction company in the Delhi-NCR region. In August 2021, the SC has ordered the razing of these Towers within 3 months of its decision being announced. Sadly, it has been pending for almost a year now.

Finally, the Noida Authority updated the court that the demolition work had begun in February 2022. The demolition took place on August 21. However, on May 17, 2022, the court extended the deadline to August 28, 2022, for the demolition.

“The Supertech Twin Towers demolition case is the result of the absence of specific and expressed consent of the existing flat owners of the project” stated Rahul Hingmire, Founding Partner, Vis Legis Law Practice, Advocates. A multiphase constructed project must be based on the consent of the existing flat owners before proceeding.”

How will the Noida Twin Towers be destroyed:

The area of these towers together captures an estimated 7.5 lakh sq.ft. 3,700 kg of explosives placed in these towers. The source of the explosives is from Palwal in Haryana which contains a mix of dynamite, emulsions, and plastic elements.

Approximately, 1,400 residents living in the area will be shifted. The Movement of the Noida- Greater Noida Expressway near the site will be stop for about 30 minutes. So, we are expecting a no man’s land by 12 pm.

Approx. 35,000 cu. m. of debris will be erect and 7,000 cu. m. of debris is to collect in the basement.

Consequences of Twin Tower Demolition:

With the total number of explosives and scale of demolition, over 5,000 residents of Emerald Court and ATS Village societies are likely to be affected due to demolition. Around 2,500 vehicles will also be halted. Additionally, emergency services will also be made available in that region at the time of the demolition process.

Moreover, a prohibition zone, an area of 450m in front of the towers has been distinct around the twin towers. Hence, no person, transport, or animal will be allowed within the zone, at the time of the demolition. In fact, it will also be a “no-fly zone” for drones.

New circle rate of Noida 2022, All you need to know

In India, every state denotes the circle rates or it requires the minimum value of that area to calculate the stamp duty charge on the sale, transfer, and purchase of a property. Therefore, the rates depend on locality and are calculated on different parameters. The Uttar Pradesh (UP) government sets a minimum registration charge for residential properties. But, that must be registered in Noida and Greater Noida, this minimum value is also known as the circle rate in Noida. But, below the circle rate, property buyers are not able to register a purchased property in Noida. 

Recently, Noida’s new circle rates for 2022 are reviewed by the financial institutions to issue loans for properties therefore Circle rate is also called the ready reckoner rate or guidance value in Noida. Thus, the UP government slashed the circle rate for commercial properties in the recent development of regions by 21%. Further, details are mentioned by propertywala.com

Circle rate in Noida 2022, sector-wise for flats and apartments (sector-wise):

The circle rate for flats available by those categorized under the economically weaker section(EWS) in Noida is ₹ 28,000 per square meter while the circle rate for Shramik Flats in Noida is ₹ 25,000 per square meter. Besides these, the circle rate of remaining flats and apartments are given in the table:

SectorCircle rate for 12m road (Sq Ft/Mtr) Circle rate for 12m-18m road (Sq Ft/Mtr)Circle rate for 18m-24m road (Sq Ft/Mtr)Circle rate for above 24m road(Sq Ft/Mtr)
Sector 66, 102, 138, 139, 140, 140A, 141, 145 – 150, 158-167, NEPZ, Noida Phase 2INR 40,000INR 42,000INR 44,000INR 46,000
Sector 115INR 44,000INR 42,000INR 44,000INR 50,600
Sector 54, 57- 60, 63, 63A, 64, 65, 67-69, 80, 81, 83-91, 95, 101, 103, 106, 109, 111, 112, 113, 114, 116, 117, 118 INR 44,000INR 46,200INR 48, 400INR 50, 600
Sector 104INR 44,000INR 55,150INR 57,750INR 60,400
Sector 168INR 52,500INR 52,500INR 57,750INR 60,400
Sector 1-12, 22, 42, 43, 45, 70-79, 107, 110, 119-121, 123, 125-137, 142, 143, 143B, 144, 151-157INR 52,500INR 55,150INR 57,750INR 60,400
Sector 15, 19, 20, 21, 23-25, 25A, 26-29, 31-34, 37, 40, 41, 46-49, 53, 55, 56, 61, 62, 82, 92, 93, 93A, 93B, 96-100, 105, 108, 122INR 72,000INR 75,600INR 79,200INR 82,800
Sector 14, 14A, 15A, 16, 16A, 16B, 17, 18, 30, 35, 36, 38, 38A, 39, 44, 50, 51, 52, 94, 124INR 1,03,000INR 1,09,000INR 1,14,000INR 1,19,000

Parameters Affecting Circle Rates in Noida:

Accordingly, list of Circle rates are regulated by many factors, there are some parameters which affect the circle rates in Noida are listed below;

  1. Amenities And Market Values – 

Amenities and Market Values play an important role in the circle rate of the particular area and the Stamps and Registration Department, Uttar Pradesh fixes circle rates in Noida after considering the market value and the amenities available in that area. Therefore, there are also luxury apartments in Noida with superior amenities. For Example – covered parking would attract a higher circle rate. So, in Noida, the Department charges Rs 1.5 lakh for open parking and Rs 3 lakh for covered parking. In fact, for societies that have better amenities than others, the circle rates are high for those group housing societies. 

Here, the UP government in Noida has charged additional costs on common facilities provided in the group housing societies as mentioned below – 

Common FacilitiesAdditional cost involved
Closed car parkingINR 3 lakhs
Open car parkingINR 1.5 lakhs
Community center2% of circle rate in that area
Gym2% of circle rate in that area
Swimming pool 2% of circle rate in that are
  1. Types of Property – 

Here, circle rates are defined on the basis of types of properties. It varies for flats, independent houses, apartments, and as well as plots in the same sector. The government charges higher rates for commercial properties as compared to residential properties. In fact, in the case of buildings with four floors and above which are capped at 20% of the minimum value, the Government provided relief of 2% per floor for high-rise apartments.

Importance of circle rate in Noida:

  • Property Registration: If the buyers know the circle rate of their desired property then they can easily go through a convenient registration process by paying the fixed stamp duty and registration charges. Thus, Buyers can register it only in Noida properties.   
  • Property Valuation: Buyers can easily assess the minimum value of their desired property with the help of circle rates in Noida. Meanwhile, all they need to do is visit the stamps and registration charges portal of the UP state Government. Later, search their selected locality in the circle rate list in Noida.
  • No False Transactions: There are also lower chances of false transactions when it comes to buying a property in Noida because circle rates in Noida are fixed values of properties evaluated and disclosed by the state government. 
  • Revenue Generation: At last, the state government in Noida calculates the circle rates and approves the total percentage of stamp duty charges on the basis of property locations. For Example – rural areas, urban areas, and posh areas. So, the circle rate in Noida helps the state government generate revenue by collecting Stamp duty and registration charges at the time of property registration. 

How to Check the latest Circle Rates in Noida Online:

The following steps help you to check circle rates in Noida for a property in your preferred locality

Step 1: Firstly, log in to the Stamps and Registration Department and then the UP website to check circle rates in Noida in just a few clicks.

Stamps & Registration Department, UP Website Homepage

Step 2: Secondly, click on the enter button and you will be redirected to the below-shown page simultaneously.

Stamps & Registration Department, UP Website Homepage

Step 3: Later, provide all the evaluation list details such as District and Sub-Registrar Office details, and get the current circle rate in Noida.

Evaluation List Details

Step 4: At the end of the online process, click on View details and you can get the list of circle rates for the District you have selected.

Circle Rates in Noida

DTCP Gurugram: Engineers, Architects could face FIRs for building flaws

gurugram-engineers-architects-could-face-firs-for-building-flaws-dtcp

The Department of Town and Country Planning (DTCP) has warned architects and engineers of “tough measures” if buildings for which they have applied for occupation certificates have structural issues after the final inspection.

Officials said architects and engineers could even face FIRs or their licenses can be revoked if they prove to be regular offenders. The move comes amid a vertical collapse of rooms in Chintels Paradiso that killed two people on February 10th. Residents have long doubted the safety of the building’s construction.

In accordance with the amended Haryana Building Code of 2017, a building owner only needs to apply for a DTCP through a recognized architect. The department grants occupation certificates if it is assessed that the applicant complies with all building regulations.

K. M. Pandurang, director of the DTCP, warned: “Architects who misuse their position and certify the wrong documents to obtain OCs will be punished.”

Professional licenses may be canceled-

District town planner RS Batth said, the DTCP often notes that architects have applied for occupation certificates of residential properties in licensed areas without structural validation. We have taken note of that. The board has now asked architects and engineers to first file cases with their signatures after the buildings have been duly inspected for zoning violations or non-compliance. They must ensure that the buildings are properly furnished and finished. Most important part is that they should be structurally good.

In the current configuration, the main responsibility for the file lies with the architects or engineers looking for the occupation certificates. The architects have repeatedly stated that they examined the site and assured that no violations were found during the construction of a building. However, the inspection of the department showed the opposite. In such cases, if violations are found, the architect certifying the building will be responsible. For regular offenders, the office will recommend FIR. Their professional licenses may also be revoked and they may be blacklisted from filing for future OC applications.

Also read:-

Noida authority plan policy to ensure periodical structural audits of buildings

MahaRERA website set to display complaints on promoters and projects

As Supertech Goes Bankrupt, What a Home Buyer Should do Now?

as-supertech-goes-bankrupt-what-a-home-buyer-should-do-now

As Supertech goes bankrupt, buyers fear further delays in possession of their homes. When a developer goes bankrupt, the first step a buyer should take is to review the contract for options and other clauses.

The real estate company Supertech, which has completed various projects in Noida, Ghaziabad and Greater Noida, was declared bankrupt by the National Company Law Tribunal (NCLT). The developer failed to pay Rs 431 crore to a consortium of banks. The move could affect 11,000 home buyers from the company’s ongoing projects in the NCR region.

How did it all start?

The lawsuit was filed after Union Bank of India sued the RK Arora-promoted company. Since the developer whose two illegal towers have been demolished in Noida has not repaid a loan to a state-run lender. The loan was used for the Eco Village II project in Greater Noida.

Supertech Ltd, which plans to appeal the decision to the National Company Law Appellate Tribunal (NCLAT), said, there are 38,041 units in projects managed by the company, of which 27,111 units have been sold. Mr. Arora said the order will not affect a number of the group’s projects, including Golf Country, Supernova, Azalia, ORB, Hues, Esquare, Valley and Basera, as they are run by another company.

In January 2020, Supertech again applied for a Rs 1,500 crore loan from a newly established state anti-stress fund, to complete 12 ongoing housing projects in Noida, Greater Noida, and Uttar Pradesh. A year later, Union Bank filed an NCLT alleging that Supertech had breached its payment obligations of Rs 431.92 crore.

Demolition of Twin Towers

Things got critical when the Supreme Court on August 31, 2021, ordered the demolition of the twin towers built by Supertech in Noida. Due to illegal construction, aided by cooperation between the developer and the development authority. The court also ordered Supertech to pay Rs 2 crore to the resident welfare association of Emerald Court, due to the problems caused by the construction of the twin towers, which have restricted sunlight and fresh air for existing residents.

The Supreme Court stated that all investments from 633 home buyers who have booked apartments in the Twin Towers must be repaid at an interest rate of 12 percent. 248 home buyers took a quick refund, and around 133 home buyers took apartments in other Supertech projects.

Rejection to Debt settlement

The Union Bank of India has reportedly rejected a one-time debt settlement offer from Supertech. On March 25, 2022, the Bankruptcy Court decided to initiate insolvency proceedings against the developer firm that acted on Union Bank’s plea.

Effect on upcoming projects of Supertech

Projects that will be affected are Eco Village I, II and III in Greater Noida West (or Noida Extension), as well as the Emerald Court Project, which houses the Twin Towers.

Supertech in a statement said it would approach NCLAT to appeal the decision on the grounds that the case belongs to a financial creditor. The company stated that the NCLT request will not affect the construction of ongoing projects or the operation of the company. “We are committed to delivering units to selected allottees. Also we have a strong track record of delivering over 40,000 apartments over the course of the last 7 years. We will continue to deliver flats to our customers as part of our mission in 2022, and we committed to delivering 7,000 units by December 2022.”

Time taken by Supertech insolvency proceedings?

With the onset of insolvency proceedings or Supertech goes bankrupt news, buyers fear further delays in possession of their homes.

Prashant Thakur, Sr. Director & Head – Research, ANAROCK Group said, “Homebuyers who have invested in Supertech properties and waiting for the possession have no choice but to wait for their home until a resolution. Generally, such procedures take a long time before a solution is found. The only positive is that the Supreme Court has previously stated that owners are part of the creditors in such insolvency proceedings.” 

Pankaj Kapoor, MD at Liases Foras said, “Following the example of Unitech and Amprapali, NCLT took over the case and the home buyers recognized as a creditor in the case. Which means that the waiting time for a decision must not exceed one year. Also, since only one company declared insolvent, this should not affect buyers who have invested in projects in other group companies”.

What should home buyers do, as Supertech goes bankrupt?

When a developer goes bankrupt, the first step a buyer should take is to review the contract for options and other clauses.

Aditya Parolia, a partner in law firm PSP Legal said, homebuyers who have invested in Supertech projects need to file their claims with a insolvency resolution specialist until April 8, 2022. They must also provide all documents to the professional. Documents like contract between the developer and the buyer, accounts statement, and correspondence regarding special privileges. 

Kunal Arora, partner at Lakshmikumaran & Sridharan Attorneys, said, however, Supertech Limited’s insolvency proceedings are likely to be detrimental to its current projects. Homebuyers left without legal protection as they also have financial lender status. They are on an equal footing with banks and other lenders under the IBC. As a first step, home buyers should immediately register their claims by submitting the necessary documents to the IRP. This will allow them to participate in the decision-making process.

Home buyers should avoid default on the EMI

Sonam Chandwani, managing partner, KS Legal & Associates, said, home buyers must file a claim to the bankruptcy attorney or insolvency resolution professional. Once the claim approved, the home buyer becomes a creditors committee member and financial lender. Hence, giving them the right to vote on important decisions along with other financial lenders. However, the court has yet to rule on whether home buyers secured or unsecured creditors, and it is time for the courts to do so. Home buyers should keep an eye on the various announcements by checking the Supertech website regularly. They need to work together as a team. Also they should prevent default on the EMI loan, even after their developer goes bankrupt. Sense, this could turn into yet another lawsuit that will only make things worse.

Also read:-

25,000 Home Buyers Impacted as Supertech Goes Bankrupt

UP-RERA plans to launch microsite to hear realtors on procedural delays!

MahaRERA projects may get property cards soon

maharera-projects-may-get-property-cards-soon

A plan to issue property cards to apartment owners may soon begin with projects registered with MahaRERA, a senior tax official said. The scheme of issuing individual property cards for apartments (vertical objects) was approved by the state cabinet in 2019. All apartment owners were to receive these property cards with information about carpet areas, utility rooms, loan information, and 7/12 extract (Utara) of the land.

Committee to solve objections

However, the project gave rise to a number of proposals and objections, after which a commission was set up to make recommendations to the state before the project was launched. The purpose was to map the vertical growth in cities and rural areas and maintain an independent rights register and registers of flats and individual apartments units.

“The Committee on Vertical Property Cards presented its recommendations to the government and proposed a gradual implementation of the scheme. Discussions are underway with the Maharashtra Property Regulatory Authority (MahaRERA). The final decision will be made by the government,” the official said.

The state issues property cards for urban areas and 7/11 declarations for rural areas that define the property rights of one or more persons. However, there is no document confirming the ownership of a person who owns an apartment in a house built on a particular site.

With this in mind, the Ministry of Revenue decided to adapt the Maharashtra Land Revenue Code, the Property Register and Apartment Registration and Building Codes to the Maharashtra Land Revenue Code of 1966. This allows the state to issue a property card for apartments. Maharashtra has about 56 lakh property cards for plots and 2.5 crore 7/12 extracts. “But there is no evidence that vertical buildings such as apartments or commercial complexes were built on these lands,” the official said.

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