This Diwali To Witness Much Stabilized Market in Mumbai

Post demonetization sale hadn’t gone up as predicted. Additionally, the implementation of RERA is still stuck in the centre and state level swing. Market experts predicted that the festive season only has the capacity to show some sale to the lagged market standing. Both the developers and the buyers wait for the festive season to avail maximum investment benefits. The market is currently having transaction over ready-to-move OC ready possessions which appear to be a much needed backing for the financially-hit sector.
Developers are hoping that Diwali will bring a positive drive to the market along with much needed stability. Ready-to-move properties will be gearing this drive on, as there is no GST charge levied on it and buyers will just have to pay less against their real estate purchase options. As of now, this year’s Diwali has been the greatest season of sale throughout the year.

The National Real Estate Development Council (NAREDCO) after analyzing the current market situation of real estate indicating towards Diwali for the big-time market recovery. During the last Diwali the industry had some real high-score selling as it was the best selling month of that year in real estate. This year, however the sale was not really promising. With the abrupt demonetization hit, RERA and GST implementation still market is doing sensibly from the developers’ standpoint. Most of the enquiries that they are getting are for the ready-to-move apartments which don’t attract any additional tax burden alike the under construction ones. So there is a good volume of demand and on-hand projects are selling up fast. By far Mumbai has registered 13000 projects during this pre-Diwali season.

Speaking on this new selling trend Niranjan Hiranandani the national president of NAREDCO, revealed that the impact of recent events will certainly be there in the pattern and volume of the total sale and new project supplies but the sector won’t have to undergo this for much longer now. The entire economical market of the currently is figuring the way out to get back on track post demonetization blow. With the selling inquiries coming up, the sector seems to have been gaining its bygone trust-factor with couple of the biggest reforms till date; else buyers wouldn’t have returned to this sector within this limited epoch. This definitely suggests that the market has had enough of these policy changes and it’s already there on the track of progress.

Studies also pointed out there is a huge market pull deriving from the affordable housing sector as well. Even big developers are associating with the affordable housing projects to get incentivize under current financial plan and governmental subsidies. Developers are attracting buyers with many lucrative offers apart from 20:80 payment scheme, to invest in their projects.

“Banks and financial institutions are offering home loans at historical low interest rates, and various positives, including interest subventions scheme for affordable home buying will boost sentiment this festive season. This should impact indecisive fence sitters and we should see them make the buy decision, provided that the market sentiments are conducive for home buying in the festival season that is upon us already. I expect residential real estate sales to improve in this festive season, I expect fence sitters to step forward and make their home buying decision.’’-said Hiranandani.

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500 Flat Buyers In Mumbai Fear Losing Millions After Projects By Two Diamond Traders Got Into Trouble

FIR issued against two diamond traders of Mumbai Dahyabhai Sutaria and Bhupat Lukhi and their partner Sangeeta Hegde, after a hi-end project in Mira Road gets suspended. Approximately 500 people, who had paid up to 85% advance money for the project in Mira Road, are in dilemma of neither getting the possession nor the money back as construction process was stopped over the last four years.

Last hope of these affected buyers is in the hand of Thane Police now, which are in command of the investigation, taking over from Kashimaira Police. Reportedly, Thane Police filed a first information report against realty firm Kashimira Ceramic Products LLP, run by diamond traders Dahyabhai Sutaria and Bhupat Lukhi, advocate Vijaykumar Hegde, and his wife Sangeeta Hegde who are also the administrative bodies of another realty house called Tanvi Constructions. The FIR is consisting names of Sutaria, Lukhi, and Sangeeta but not Hegde, who said he was the non-executive director of realty firm Tanvi Construction.
The complaints of the suffering flats buyers revealed that Kashimira Ceramic launched in 2010 was one of the biggest projects in the suburbs- the 22-storey Tanvi Eminence Phase I & II in Kashimara, Meera Road (E). The project was supposed to deliver 400 flats of one and two-bhk in Phase- I in 2013 and in Phase-II there were 250 flats to be delivered in 2014.

The project was stalled in 2013; till that time the construction work had completed till the 10th floor in Phase- I and there was no introduction of Phase-II, according to the complaint filed by the flat buyers. Once they had realized that they had been “cheated”, they held quite a few meetings with the builders and during each and every meeting the builders only gave nothing but high assurance for keeping their expectations alive. One of the buyers claimed that she had paid Rs. 35 lac long back in 2012 for 2-bhk allotment, which was of 58 lac cost.

She said, “First the builders told us they had run into problems with environment department because the project was in the vicinity of the Sanjay Gandhi National Park. Then we found that the builders had a problem among themselves and one of them had filed a case against his partners.”
Another home buyer claimed that he purchased a flat in 14th floor of Phase-I. Now he is living in a 350bhk apartment in Borivali with is ailed mother. He borrowed Rs. 5 lac as home loan to pay 24 lac advance amount and he sees no chance of the project completion in near future.
The flat buyers have also written to the Chief Minister’s Office and regulatory authority (RA) MahaRera seeking complete justice. The flat buyers have also claimed that the builders, while getting their project registered with MahaRera as per the guidelines, disclosed 2021 as project completion timeline.

Another report published in Mumbai daily claimed that both of the diamond merchants’ bank account has been seized for quite some time now. Despite several attempts Sutaria remained inaccessible. Both Sutaria and Lukhi reserved 150 flats in Mumbai for their friend circle in diamond business. They collected the advance amount from the homebuyers and stalled the project. On the other hand Sangeeta reportedly claimed that her name has been intentionally dragged into this mess and her construction company has nothing to do with this project.

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West Bengal: Revised Real Estate Act To Standardize Business

RERA implementation in West Bengal is struck dumb after the drafting completed on Aug 16. It seems like overruling the deadline and penalty panic hardly have any impact on the execution stroll of the state. A month is over after the introduction of West Bengal Housing Industries Regulation Bill, 2017 in the assembly; still, the Real Estate Regulatory Authority is not formed in Bengal. Reportedly, it will get constituted within coming couple of the months.

West Bengal Housing bill suggests that for all ongoing projects, for which the completion certificate has not been issued, the developer should make an application to the Housing Industry Regulatory Authority (HIRA) within a period of three months, from the date of rollout of the Act. It was also asserted that government will take strict action against those builders for filling up wetlands and ponds for the development purpose. Once the Act gets notified by the Bengal government, all residential projects above 500 sq metres/ with eight apartments, have to be registered with the state regulator HIRA.

“People who are looking to buy property in Kolkata will have to hold their purchase decision for some more time till the registration process of real estate stakeholders and projects successfully completes. A series of project dispensing is on halt due to the tardy restoration process of the central Act,’’- said Mr. Mahesh Somani, Head- East Zone, National Association of Realtors India (NAR).

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RERA mandates registration of builders, realtors and realty projects. Without RERA registration number a project can’t be even on the display. Registration process only can be started after the formation of the state RA (Regulatory Authority). That reminds, West Bengal realty industry has to wait for another couple of months for the registration process commencement. Real Estate sale in Kolkata is already low-hanging after demonetization blow. Additionally, GST has computed hefty tax burden on the under-construction projects for the end-users. Over and above state’s delay in RERA implementation is further influencing pessimistic investment sentiment in realty.

Apparently, after the outset of the registration process real estate industry of West Bengal will need at least a year to be accustomed to the new set of law on the back of registration fruition. Looks like the watchdog of Indian realty RERA Act has been victimized by the inferior state infrastructure. This has hit the housing loan companies directly as buyers are in no mood for long-term asset investment.

However, the Act will ensure that developers adhere to the delivery schedule and uphold their commitment. Unscrupulous promoters or realtors will be kicked out of the market in order to provide improved and transparent consumer support. The Act will steer orderliness in the real estate sector and build benevolence among buyers.

LNN (Liyans News Network)

Common Negotiation Mistakes That First-Time Homebuyers Do

Real estate is any day, not that investment, where investment details could be sidelined out of home buying frenzies. The joy of home-buying shouldn’t meddle with clauses and conditions of the investment part. The first and foremost criteria to be met before buying a home is fulfilling of asset requirement more than the artistic quality of the construction. Rejecting a property on the scale of luxury fluffiness is justified with a substantial bank balance.
Being an indeed large-scale purchase option real estate investment demands special attention towards its pacts. A silly negligence can dig a big hole inside your pocket. In most of the cases, we have seen those home buyers repenting on their hurriedness of action while finalizing a property deal. There could be a whole lot of other reasons of remorse; one of those is not having enough negotiation with the seller. One has to be good in negotiation with an apt presence of mind. Buying property is certainly not task to be finished in haste.

However, if you are in process of buying a home, here are a few key things you must not do while having negotiation with the seller

Lack of preparation-It’s your hard-earned savings that you put for a property investment. For most of the people buying home is a lifetime investment. Thus, one needs to do all the groundwork before approaching the seller for property purchase. You should do the market research before attempting to negotiate the price of the property.
Before approaching the seller one should have the competitive market knowledge, the average ongoing price of per sq ft in the locality where you are aiming to have your property and most importantly the idea about the necessity of the seller behind selling his property.
Being oblivious- Sellers for the eternity quote a price which is higher than the existing market rate for higher profit margin. Most often they will do their every bit to prove the price being quoted in fair. A little awareness can save unnecessary money outflow.
Ignorance about payments– It may be possible while negotiation, the seller agrees to your price under the condition that you make a significant part of the payment in cash. This offering can land you into trouble with the law, in case you give in. A pre-approved home-loan can not only make your investment secure, but also makes you a better outlook in the seller’s perspective.
Being inflexible– To have an open mind while negotiation is always a good idea. It’s not an easy task to make the seller reduce his quoted price; instead he will convince buyers with more add-ons. Don’t hesitate to say your version before the seller. If anyhow he doesn’t move an inch from his quotation, make a room for holding off.
Being unwary– Refrain from disclosing your purpose and utilization of savings after buying the property. Don’t show eagerness and excitement to the seller during the negotiation. Speaking your heart out can biff the negotiation process.
Never let it be out-and-out a seller’s deal, until you are not fully satisfied with your amount quote and list of inclusion.

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MahaRERA orders Marvel Realtors to Pay Monthly Rent Rs 15000 per flat Given Project Delay

Taking account of three Pune-based real estate development house the Maharashtra Real Estate Regulatory Authority (MahaRera) has asked Marvel Realtors to pay up a monthly rent of Rs. 15,000 to the owners of 3 bhk apartments in their residential project Marvel Brisa, located at Balewadi. Under any circumstances, if the company fails to fully develop any 18-storey residential towers of the two, by March 2018.

At a glance the project Marvel Birsa
Developed by Marvel Realtors, Marvel Birsa is a luxury residential project, offering total 110 apartments with of 2/3 and 3.5 bhk lifestyle apartments and penthouses in tower A and B. This project is located at prime property location. As an additional benefit, it’s in close proximity (3 km) to the software hub Hinjewadi and linked with Mumbai-Pune Expressway.

Reportedly, three individual flat owners, Rohit Kaushal (B-401), Shrikant Pradhan (1902), and Tan wir Bagwan (1802) had filed separate complaints against the builder under Section 18 of the revised Real Estate (Regulation and Development) Act, 2016, for not finishing Building B of Marvel Brisa by the mentioned deadline according to the sale agreement.

Acting on which, the Adjudicating officer Bhalchandra Kapadnis, an active member, MahaRera, said in his order: “The parties have amicably settled their dispute in terms of consent which are taken on record and is part of the order. The complainant does not want to proceed further and hence the complaint is disposed of.”

Apparently both of the developer and the buyers agreed upon the compliance and filed before the adjudicating officer, the Marvel Group promised to complete the remaining construction by March 31, 2018 and thereon apply for the occupancy certificates. In case he fails to fulfil his promise, and unable to complete the construction, then he will have to pay a rent of Rs 15,000 per month for each of the 3 bhk apartments.

The developer also clinched the deal confirming Rs 1cr deposition in the society account for the communication and conveyance purpose of the Marvel Brisa Society. Other than the flat owners the conveyance of the common areas will be in control of the society. This is the first time when MahaRERA has asked a developer to pay rent to the homebuyers, in case the project is not completed by March 31, 2018.

Marvel Birsa is one of the under construction projects, among the 22 other luxury projects Marvel has undertaken in Pune. As per the developer’s website, it also has three commercial ongoing projects including the 10-storey Marvel Edge in Viman Nagar, seven-storey Marvel Fuego at Magarpatta Road (with office space and shops), and Marvel Sangria Boulevard, a pedestrian shopping plaza on NIBM Road.

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