Government flagship project ‘Housing for all by 2022’ is currently shooting ahead with multiple remunerative catalysts. Government is expecting substantial revenue from the very sector. Providing quality construction at a reasonable cost for the bottom block of the economical pyramid is the biggest challenge in itself for the developers. The aim of this ambitious project is to arrest illegitimate land and property acquisition, furthermore providing decent dwelling to the lower and middle income population.
But, the current scenario shows that despite several governmental boosts, development process is slipping from the bar. Similar to the other major cities the project of low budget flats in Kolkata is still in the chain. At present, affordable flats are having more requirement than the luxury ones. This could be a significant opportunity of the builders and investors to put to use this field of reference.
Not only affordable sector but housing requirement is something which needs just a few ingredients to climb up such as- migration, industrial growth, employment inflation etc. Naturally, integrated housing requirement derives from assorted socio-economical backgrounds. Coming back to the affordable housing segment, it can actually cater quality lifestyle to economically weaker section (EWS) and lower income group (LIG). If all the pending projects meet the deadline, then affordable housing sector could turn into one of the biggest sources of revenue for the national GDP in next.
India’s housing shortfall will mount to 38 billion by 2030, of which 95% subsumes the low-budget housing apartments. The need of the moment is stakeholders to actively participate in this giant task. But, affordable housing finds two major stumbling blocks in its way to progress which are- lack of economical land parcel at well-accessed locations, lack of low cost funding. Where developers are keen on constructing luxury apartments to lure higher income group (HIG), they evade the need of the moment which is a serious deficit of housing from the greater portion of the economical background.
There is a severe land shortage in urban areas for affordable housing development. Thus, isolated locations have been largely chosen for development purpose. Analogous focus on urban infrastructure like roads, utilities, speedy transit systems and other public infrastructure is essential to make the affordable housing scheme viable. Affordable housing sector typically located in urban peripheral areas and suburbs. Thus, it is getting apart from business locations and conventional market places and concurrently the transport cost stands to be unaffordable and impractical for the dwellers.
Union government has currently provided infrastructural status to the affordable housing sector. For government is working towards developing a ‘Transit Oriented Development’ (TOD) policy to support the revival of the infrastructure. Once the development of transport nodes and other connectivity options are done affordable housing sector will enable economical development and GDP growth, most importantly it will enhance the lifestyle quality of the citizens.
–LNN (Liyans News Network) – To buy flats in Kolkata and other major cities in India visit our online portal. We will get you good discount on your choice of property. We deal in residential/commercial/land/resale all sorts of real estate units.
Sources confirmed that National Real Estate Development Council (NAREDCO) and CREDAI (Confederation of Real Estate Developers’ Associations of India) are in favour of Real Estate Regulation and (Development) Act (RERA) implementation and they won’t move court against it, even in the matter of ongoing projects, as it helps bring back positive buyers’ sentiment towards the real estate market. NAREDCO president Praveen Jain confirmed this in a press release.
According to the notified rules of state RERA, CREDAI also directed its members to go through the registration procedure. But it will certainly monitor RERA’s future course of action and will wait for the observations by courts hearing this matter. Developers from Nagpur Jabalpur and have filed cases in and Mumbai Bhopal high court, respectively, against the execution of RERA on under construction projects.
Some developers have claimed that some projects have been launched under the previous policy, RERA rules should be equally stood for-RERA came into force in May, 2017- would measure up implementing the law with retrospective effect.
RERA was brought into frame by the union government for recovering people’s trust factor and accountability to the real estate sector. This act needs to be executed through the state governments in the presence of a real estate regulatory authority, formed by the state legislature. Along this states have to develop their respective RERA websites to enable developers to register their projects online.
The reason why CREDAI opposed RERA is that there is a clause in RERA, where it’s said developer needs to maintain 70% unused amount for project development, which apparently he collected from the buyers of an ongoing project in escrow account- shouldn’t be implemented with the retrospective effect. CREDAI thinks that all should follow MahaRERA model, which allows 70% of all future payments from buyers in ongoing projects must go in the escrow account. CREDAI has indicated that RERA rules have to be practical enough in all-square, which should aim at faster completion of ongoing projects.
Similarly, NAREDCO envisages that a proper infrastructure in required for successful implementation of RERA, where developers should be provided a smooth-operating project registration service to avoid any discontinuance in the project development procedure. An interim regulator is not enough for the apt judgement; states should soon replace them with the permanent ones. This is supposed to be another crucial reason causing delay in the project registration process.
Haryana, Telangana and West Bengal have not notified their respective state RERA norms. A series of new launches have come up in luxury and budget residential property sector in West Bengal. Market has witnessed a lots of new-build flats in Rajarhat and Garia location under the previous regime. These properties are yet to register, as the state hasn’t launched its website as of now.
Hence, every project should get registered by July 31 to carry on their marketing and sales conducts. Else, RERA holds the decisive authority to nullify or even to bulldoze any project,
-LNN (Liyans News Network)- Try free property advertisement tool post your property in Kolkata under our real estate portal. Selling property online with us is that easy.
Named after Major William Tolly, Tollygunge possess the film industry of Bengal. The entertainment industry has a nick name given by American Cinematographer Wilford E. Deming i.e. Tollywood (named after movie industry of USA Hollywood). Tollygunge used to be the centre of Indian movie business. Bengali cinemas and cinematic sense have been acclaimed by the global audience. Thus, this has been one of the highly popular areas in Kolkata for eternity.
Coming to the housing demand of this locality Tollygunge, being under Jadavpur parliamentary constituency, this area has a healthy demand for luxury and mid-budget apartments. Being a well-planned locality Tollygunge is the connector of north and south metro stations. This is an amazing place in south Kolkata, where there are every required luxuries and urban facilities all around. The average price of the luxury residential units is epidemically going up. Tollygunge is turning out to be a realty market driver, as 30% of the luxury and mid-budget housing requirement comes from Tollygunge and around areas. Presently, the requirement of luxury apartments in Kolkata is down by 4%. Yet, south Kolkata has always been relatively up-and-coming in terms of market demand, shows the spilling queries under Post Your property Requirement in kolkata category of several leading property sites in Kolkata.
Obviously good road and metro connectivity highlight the investment point. The housing demand owns a mixed bag requirement for luxury apartments as well as individual ready-made houses. Resale business is also in a stalwart position in this locality. Many noteworthy places of luxury interest points such as- Tolly Club, Royal Calcutta Golf Club and Rabindra Sarobar multi-used stadium are just round the corner. This area is having close to 25 reputed academic institutions. The most prestigious Jadavpur University is just at 15-20 min travelling distance. Upper-scale, lifestyle malls and retail shops are not far from this location. Remarkable health care centres and hospitals are at close proximity.
Recently, several upcoming luxury projects in Tollygunge have been talks of the town. One of them is ‘The 1’, Tollygunge, developed my esteemed Merlin Group. The giant luxury project is aimed to be handed over in Dec’21. This is one of the high-end projects possessing luxury 2/3 bhk apartments, whopping 398 units in total. The project consists of 3 high-rise towers with connecting roofs.
Not only, the new-build apartments average rental yields is also close to 2.2% in this locality, which means rental apartments are also quite affordable here in comparison to the other in demand locations of the city. Location and connectivity advantage have made Tollygunge an engaging place for residential investment. We’re giving information that brings a real insight into today’s realty market of south Kolkata and around areas. Meanwhile keep yourself updated with the new launches in the city that are essential for your luxury lifestyle. If you desire to live in a better environment; do your investments fast before the prices start going through the roofs.
-LNN (Liyans News Network)- To have more information regarding the property in north Kolkata and the south please visit our official real estate portal of Kolkata. Buy/Sell/Rent properties online with us.
After a long day of your tiring schedule when you get back home and find everything disorderly? Or what if a gang of people outraged in the society and create some serious rupture? Do you think consider living inside a gated community apartment is safe? Is it safe because there are several amenities to look up your securities; such as- CCTV, 24*7 securities or intercom? If these are the reasons behind choosing a housing community, then here are some advices which you should mull over before choosing your dream home.
Here’s what your need to know before you choose to buy flats in Kolkata–
Safety measurements of housing apartment– When thinking about a luxury property purchase, first things we spot on are the exterior design and the connectivity of the locality. We observe the number of lifestyle facilities that we could avail within our budget limitation. Not only the connectedness of the housing society, one should always double-check majority of the inside and the outside radius of the apartment. This is important because, many a time there are several communal riots shock the entire society. It’s better to avoid these locations, where these kinds of incidents are foreseen, even if the package is lucrative to your lifestyle.
How much your apartment is covered?– If you think CCTV coverage of the entire compound, checkpoints and metal detector at the entrances are the ultimate safety measurement of your apartment, then you are probably having very rough knowledge regarding the safety measurements. These are the facilities just to keep evidence way of living. If anything abhorrent gets noticed, these tools just store those up for future witness. Do you ever think before going to bed, whether these facilities are up and running or whether the security guards belong from a trusted agency? It’s often seen in the mid-budget apartments, the society keeps those people as securities, who are underprivileged and live near-by. They provide basic security knowledge to these people for your protection purpose. So, settling down with low budget might leave out your security determination.
Ways to reduce fraudulence – It’s so obvious that a builder or a realtor will say potential buyers nice things about the apartment and its environs. It’s the buyers’ responsibility to cross-check that saying. Take every essential step to safeguard your lifestyle. Domestic attendants have been one of the major reasons to form brawls. It doesn’t mean you should keep a suspicious overview about those people; again it’s not advisable to take their activities casual. Keeping a maid on your neighbour’s recommendation is not enough. Always take advice from maximum numbers of residents before the final appointment. Make sure, you don’t discuss your personal details before the person is at your service. Always confirm that you lock your apartment well while going out.
It’s suggested to every potential homebuyer, to undergo these basic security checks before deciding home purchase. Know the authority and the administrator of the society well before you come to any agreement. Don’t take any breach lightly when it comes to your lifestyle security.
–LNN (Liyans News Network)
The Real Estate regulation and Development Act 2016 (RERA) is set to take on Indian real estate market and it is aiming to care and cure the never-ending chaos between the homebuyers and the developers related to possession hand over and other related issues. RERA is framed to provide permanent and positive judgement to the end users. It will give the indispensible transparency in real estate practice through legal stream. . It will provide the real estate industry a stable and legal platform to have interaction for the stakeholders.
Not only the homebuyers, but also the developers are facing issues which are also likely to be resolved under RERA intervene. All remaining states are summing up their respective RERA norms including West Bengal. The buffer time of RERA submission is to expire on 31st July. Broadly, RERA will be the ultimate connector between the government and the real estate construction organizations. Now, developers need to be ready for welcoming RERA for business continuance.
“Residential property sale in Kolkata is stalled because after GST the market is eagerly waiting for state to submit RERA norms. Where consumers are expecting fair judgement, developers are also on hope that real estate industry will recoup the commanding position in current market,”-said Mr. Mahesh Somani West Bengal RERA and realty expert.
Few things to remember to sustain in real estate market under RERA purview.Such as-
True knowledge of RERA
Developers should have proper awareness of the entire plan of action of RERA. It’s not like standing in the queue for fill up certain forms and submitting them to the legal windows. Developers need to hire law firms for certain industry realizations. Steady guidance is required for business maneuver.
Tutorials from NAREDCO
National Real Estate Development Council (NAREDCO) has announced they are thinking to launch a paid service to educate developers and realtors on RERA policy which will develop their outlook related to RERA rollout.
Essentiality of registration number
Consumers should ask for project and realty developer’s registration numbers before coming to any kind of agreement. Developers can use this registration number as marketing tool for business development on online property portals. Registration numbers are the official tickets to advertise projects. Market experts feel that RERA authority needs to provide tutorial to the builders for their future improvements.
Remodelling business structure
Developers need to sort out all their allotment letters, sales deeds, brochures, advertisements and their cash-flow management (CMS) before RERA towers. Before states have submitted their respective norms developers are being registered after submitting an affidavit across the country.
Steady constructional deliverance
In order to complete project within scheduled time limit, developers shouldn’t be negligible to the construction quality of the construction. It’s an established fact starting from the project deliverance up to 5 years time period if there is any shortcoming in the construction; it’s the developer who needs to take the entire liability and pay for the renovation procedure. They will now have to create a subsequent warranty with suppliers in case any problem arises. From the beginning of construction to deliverance documentation has to be clearly defined. A developer will have to clearly vehicle his account abilities in a transparent method.
–LNN (Liyans News Network)