Month: April 2017

Up to 90% of EPF Savings Withdrawal Is Allowed For Home Buying

Good news for the home-loan service providers! Subscribers of Employment Provident Fund Organization will now be able to withdraw up to 90% of their PF account for home to buy their desired home. Over four crore, subscribers of the retirement fund body can now pay EMIs of home-loans from their EPF funds, which means, people of 60+ can borrow home-loan from the HFC (Housing Finance Company).

The EFPO has revised the norm by including a new stanza- 68 BD- to the Employees’ Provident Funds Scheme, 1952 empowering subscribers to make down payments through EPF accounts for their home purchase.
Earlier, the central labor ministry had issued a notification for the same rationale. The core view of the scheme is amended, under the new provision, as EPF subscriber, being a member of a co-operative housing society with somewhat 10 members can withdraw up to 90 per cent from the fund of a residential property (house, flat, construction and legal acquisition of the site).

It also suggests that the monthly repayments of housing loan, EMIs and interests may also be paid from the amount to the government, housing agency, principal lending agency, banks concerned. Nevertheless, the withdrawal facility from the PF account will be for only existing PF members who carry out the standard conditions. A member utilizes this window, should have contribute to the fund for at least 3 years in a line.
The facility will be accessible only once for every member during his/her lifetime. This rule is applicable for all those who mutually with their subscriber other half have at least Rs. 20,000 in their accounts.

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New Town Property Tax Calculation To Go By KMC Route

To measure the yearly valuation of property in and property tax for flats in Rajarhat and other properties of New Town The urban development department has added up to a committee. New Town Kolkata, Development Authority West Bengal (NKDA) is projected to launch unit area system of tax arrangement for the township within coming few months.
The six-member committee will be administrated by the member secretary of NKDA and will have NKDA CEO, executive officer, finance officer, a representative from West Bengal Valuation Board and an economist nominated by NKDA from an upright business organization.
This panel will be grappled for 5 year period and it will take counsel from the government officials of individual departments, institutions and local governing authorities that have in hands in this related field to come up with the annual assessment of property and property tax within New Town.
As per NKDA officials, Newtown is still experiencing the development process of green townships all around. Ongoing market price of land and permitted floor area ratio for commercial plots are being taken into contemplation for upcoming tax structure.
The valuation board has already introduced unit area system tax structure which will now be surveyed by the property valuation committee. Pursuing that, a draft notification will also be issued. Previously, after getting permitted by the state government NKDA has asked the state valuation board to make an annual valuation of the properties of New Town townships. The authorities have decided to follow unit area assessment system like KMC, as it gels well with the smart city concept.
UAA is a complex process and it varies on the valuation of property to property by 11-14%. UAA system is calculated on the basis of this following formula-

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RERA Won’t Standby Local Authorities For Project Approval Delays

Currently, the entire realty business is waiting for May 01, for complete RERA execution. It’s in the norms that RERA authority can question local civic bodies for any delay in approval of building permissions.
With the roll out RERA will monitor every bit of project development and ensure timely delivery of the projects. Over the years, developers are having the conflict with the local governing bodies for delay in sanctions and certifications of the projects.

The RERA rules for regulation and development, registration of real estate projects, realty agents, rates of interest and revelations on website were cleared on Saturday 22nd of April. Under section 7 of this regulation, additional room for project registration seeks for explanation on the reasons for delay. Here, the builder can affirm every reason, even the ones concerning sanction of various projects.
This will bring in much-awaited transparency in real estate dealings. As there was never any law supporting the project delay caused by the non-co-operation from the governing body’s side. RERA will now seek clarification for delay in approval from the local authorities too. There will be no roaming around the civic offices just to have your plan sanctioned. Few states and UTs of the country have already introduced self-certified building plans.

Delay in sanction used levy an additional interest rate on the cost of properties for the developers. This is going to stop, finally after RERA implementation. RERA will put a straightway pressure on local governing bodies for timely release of approvals; else they will have to confront the consequences as RERA owns the power to question local authorities. With RERA rules, people will get to know the real reason behind project delays.

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SBI and Builders’ Association Sign Agreement For Low Budget Housing Loans

State-based branches of SBI and realtors body CREDAI have signed a treaty to grant loans at an ostensible rate to the builders as well as buyers for affordable housing projects. SBI and CREDAI have signed a MoU to go partners and work jointly towards the growth of the real estate sector, specifically through the low-budget properties and green residential projects.

SBI has signed this MoU with CREDAI for a period of three years which will allow homebuyers a concession rate of 10 basis points and 10-35 basis points to the CREDAI develop members. Currently SBI holds 25% market share in home loan segment of the country. Earlier CREDAI had declared that its member developers are launching 373 affordable residential development comprising 2.33 lac units with revenue over 70000 crore.
Being the largest bank and mortgage lender SBI will back CREDAI as their national banking partner and provide loans at competitive rate of interest towards development finance. The lower cost of interest to builders will further deduct the cost of apartments which might go along with consumer’s favor.

For homebuyers, SBI has introduced a special tailor made scheme for affordable housing ‘SBI Hamara Ghar’, which will relieve the process and empower maximum number of consumers to avail home loan for investing in these economical projects.
“This initiative will attract more buyers towards real estate sector.”- says Mahesh Somani, the MD of Somani Realtors Kolkata. “Real estate sale will upsurge along with the sale volume comes from affordable housing sector in India’’- added Somani.

Discount on construction finance by SBI will be influential will cut down construction costs and transform home-seekers to individual property owner. For Green real estate development too CREDAI and SBI have tied-up with; under SBI Green Home Loans the bank will provide an interest concession along with a processing fee waiver.

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Alike The Residential, Building Plans of Commercial Property Too Can Be Passed Through Self-Certification in Chandigarh

Finally the administration of Chandigarh has launched self-certification process for passing building plans of any commercial property under the circumference of this UT.Already the self-certification building plans for residential properties have been introduced. The UT administration has crop up with this strategy to prevent applicants from future vexation from the local estate officials and wastage of further time. It has been already drafted in Chandigarh Building Rules (Urban) 2017 and will be proclaimed after calling objects from people.
For adaptation, self-certification for both housing and commercial property is active in the state of Punjab and Haryana for many years. In the UT the approval for building plans includes- public booths, SCF, SCO, or industrial plots will be under the observation under the administration and it will take around 5-6 months to secure it.

Being asked on the effectiveness of this self-certification process, the director of the leading property portal in Kolkata, www.liyans.com Mr. Mahesh Somani said, “This move will genuinely work on the postponement, caused by the indolence of local civic bodies in terms of discharging certificates of building plans, which leads an overall delay in possession timings too.”
“It will reduce the level of agony of the builders and eventual arguments between the developer and consumers.”- added Somani.
This self-certification plan will capacitate private architects to submit their building plans of commercial properties on behalf of their clients, on the control sheets made by the UT urban planning department, where they spot imprint the staircases and toilets and any other change in plans, giving the expert authority, a 51-day notice for seeking an approval. The construction can start of after this notice period, after the authority provides clean cheat. In case any contravention takes place within or after development period it will face the penalty. Self-certification will encourage timely starting of the projects.
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