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Important Facts to Look For in The Real Estate Bill

The real estate industry has cordially praised the amendment of Real estate (Regulations and Developments) Bill in 2015 approved by Union Cabinet. This bill has been introduced to unite the regulations and environment in the industry. The main motive of the bill is to provide the best services to the buyers and investors by giving the possession on time and fastest project deliveries, proper and effective redressal of customer grievances, safe and secured investments and maintained growth in the realty sector

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Some featuring facts which are favorable for the homebuyers in the unauthorized market are discussed below-

Regulations of real estate projects and agents- A disordered realty sector has many small association developers and agents who are willing to expand themselves day and night. There was no organizer or any association who can control and regulate this disarranged industry. There was a lack of laws and rules which can stop the immoral activities of developers to save the buyers interest and hard-earned money. The bill is now introduced to bring the stakeholders under the regulations where they can suffer from 3 years imprisonment for developers and 1 year for agents for not obeying the laws.

Escrow amount limit increase- A developer uses a temporary account to stop the outflow of funds from one project to another. This account is called the escrow amount. After the introduction of the bill, the developers are bound to keep 70% of funds in escrow amount. Though some of the developers welcomed this measure and some have criticized it.

Disclosures of information are compulsory– A common phenomenon in the real estate is homebuyers are not being provided with full information about the projects. The amendment now made it compulsory for the developers that they should convey every information about the projects including layout plans, floor plans, and registration of the projects, details of the architect agent and contractor which will make property dealing transparent.

Weighing consumer opinion– After the amendment of the bill, the promoters and developers are being restricted for making changes in the project specifications without taking the consent of the buyers and investors.

Simplify the grievance redressal– The bill ensures that the grievances which are raised by the buyers will be solved and settlement of the disputes will be done by forming Appellate Tribunal by appointing adjudicating officers. The customers can appeal in the district courts in 644 consumer courts. This process will decrease the expenditure and consume less time for redressal.

Buyers can plan to invest in Flats In Rajarhat as the projects are capable to deliver the possession on time and all the apartments are made with good interiors.

How To Select The Right Real Estate Developer?

Most would agree with me that the best way to have a secure property investment is to select a property, developed by an established construction company. A thorough research on operating developers in the current market is the first and foremost step that a future buyer should do while considering a home purchase. For instance- there are many real estate houses in Kolkata at present with alluring offerings. Running after those tempting promises is the most common mistake that the potential homebuyers often do. Here are few tips to choose the right realty developers in Kolkata-

1. Check the background and past construction report– You should keep all the required information about the developer of your chosen real estate unit. Check out the market reputation of the builder along with a genuine market report regarding the past 5 completed projects of the company. It’s always best to have the knowledge about the structure of the project. Choose a developer company that has years of market experience. Visit the company website and mark the public reviews about it.

2. Ask for the necessary project approvals– Surely, nobody would want to have future litigations against their property investments. Check the necessary approvals by the local civic authority and financial institutions to avoid future legal hassles.

3. Financial stability of the developer– A delay in project deliverance and using inferior construction materials could be a consequence of lack of fund availability to the developer. It is advised to have a close look at the financial stability of the builder. For that, you might go over business reports of the company or you can ask the bankers or the stockbrokers regarding the financial data of the real estate company. Also, the information of past project success and sale statistics will give you a rough idea of the financial condition of the real estate house. Check out the portfolio of the developer and run a quality check of the construction before investing in it.

“Buying home brings an absolute sense of pride and ownership. Choosing the right real estate developer brings a significant difference in your success. Buying home is a major decision of lifetime, choosing a genuine builder with years of realty experience can save them from a series of unpleasant consequences in future. It’s really important that potential buyers should check the due diligence and market reputation of the builder, before the investment,”- said, Mr. Mahesh Somani, Chairman- National RERA Committee, Head- East Zone, National Association of Realtors India (NAR – INDIA).

All these tips are to be followed to confirm the best real estate company for your project development. If you need any realty help put your requirements under post your property requirement in Kolkata category and avail free expert solution regarding property buying/selling/renting.

–LNN (Liyans News Network)– Avail complete realty solution. For property posting upload property image and fill up a simple online form under post your property in Kolkata. We offer completely free listing service.

Inclusion Of Real Estate in GST Will Take More Time

Explaining it as a complex process GST Council member and Bihar Deputy Chief minister Sushil Modi said the inclusion of real estate in Goods and Services Tax (GST) would take “much longer time” than anticipated. The GST Council is likely to have another meeting subject to real estate inclusion in GST ambit.
Answering to a query about the tentative timeline of real estate inclusion under GST purview Susil Modi said, “It is up to GST Council to decide. But I think it will take much longer time and it is not that easy. Let other things stabilise in the GST, then petroleum products and real estate.”

Modi, who is also the Finance Minister of Bihar, said the inclusion of real estate in GST ambit will be discussed in the next meeting of the GST Council. State lived taxes such as- stamp duty, registration charges and property tax which is a municipal levy are kept out of GST range.

Every state finance minister is concerned to secure state revenue and the centre assured protection up to 14 per cent of the revenue, stated the minister. GST stabilized rates on 178 products from the top tax slab 28% after the meeting of Guwahati of GST Council.

The minister said, “In the earlier regime, the small businesses with below Rs 1.5 crore (annual turnover) were exempted from excise duty. Most of the small businesses were below less than Rs 1.5 crore cap. Now, all of them came to net of GST.”

In contradiction with the statement that the decision of rate cut on number of items from higher bracket of GST and racking them those up in the lower slab was taken in view of Gujrat assembly elections, Modi said, “88 per cent of small business in Bihar fall below Rs 1.5 crore (annual turnover). It is not the case for Gujarat.”
The market is finding it tough to comply with the unified tax regime. On which the minister thinks that it will some more time for complete adaptation of this revised indirect tax format. “Earlier in the VAT (Value Added Tax) system, 40 per cent was online based and the rest was done manually. The GST is end-to-end automation,”-said Modi.

The minister assured that the existing system would be simplified in the coming two-three months in terms of compliance as the compliance system will be less complex and more business-friendly. As of now for than 80 per cent issues have been resolved and some are yet to be worked on regarding the existing tax rates, confirmed that minister.

–LNN (Liyans News Network)– Buy homes with the leading property portal in Kolkata to avail exciting purchase benefits. Select property from 72000+ listing across Kolkata and suburbs. Buy/Sell/Rent properties online. Ask us for free regarding any real estate investment or particular property info.

Don’t Forget To Ask These Questions to Your Future Tenant

Selling/Renting properties online is easy-that we all know, but classifying genuine tenant from hundred random visitors is not as easy as it seems to be. When a prospective tenant visits your property chalk out a set of valid questions that you should ask to the person to find whether that person is a good fit or not for your property.

When you are ready to rent out your property to an unknown person, it’s really crucial to ensure that the future usage of your property is in the safe hands. Following questions can help save you the time and stress involved.

What is the reason you want change your present rented apartment?
Before anything else ask the reason behind shifting to a new property. Get more information about the valid reasons for moving. During interaction try to find out if there is any incidence of eviction from the current possession. Not always you will get honest answers from your prospective tenants, still you shouldn’t refrain from asking queries.

Ask about tentative moving-in date
Always check whether the tenant is in hurry to move in which may not be a good sign. Most landlords require prior notice of 30 days to do away with a lease. In case the tenant wants to move-in within a week, he may be contravening the contract with the existing landlord. A responsible tenant will start his search precendently of the shifting date.

The total number of occupants in the property (including pets)
Take information on the total number of occupants moving to the property. Your lease agreement should contain all the names of the occupants in it.
Monthly earning of your tenant
Though it’s not an easy question to ask, but it is also very important to have an idea about the earning of the tenant, so that you get your rents on time or really the person can afford the apartment or not. Ideally you should never rent your apartment to a person whose monthly income is less than 2.5 times of the monthly rent.
• To know about the financial position of your tenant ask-
• How long have you been into this profession? (Whatever his/her current profession is)
• What is your job role?
• Are you under any contractual job?
• What are your daily working hours? / Is there any rotational shifting?

What is the length of lease you are looking for?

Mostly lease duration is of 6 to 11 months for residential apartments. Ask your tenant about his/her preference. Ask him to pay one month’s advance rent and security deposit for your better security purpose while signing on the lease. In case the person looks hesitant while paying this advance amount, then you are likely to have a tough time having your monthly rents.

Things to remember

Avoid asking personal questions. Discrimination on the basis of age/sex/caste should be avoided.
Let the tenant also clarify his/her doubts regarding the lease contract.
Always ask for government id proof, bank acc details, office identification before heading towards any agreement.

–LNN (Liyans News Network)– Want to rent/sell property instantly? Upload property details under post your property in Kolkata category of our online real estate portal. We offer free real estate classified posting. Get the best closing price.

Centre Expands Carpet Area Under PMAY- Urban

Now Middle Income Group (MIG) apartments are going to have additional carpet area under the Pradhan Mantri Awas Yojana (PMAY) – Urban. Cabinet has approved the enhancement of carpet area under the MIG-I category. The carpet area has been enhanced from 90 sq mtr-120 sq mtr, while under MIG-II segment; it has been increased from 110 mtr to 150 mtr.

Carpet area is the area enclosed within the walls. This keeps out the width of the inside walls. Earlier builders used to charge for the super built-up area, which includes area of outer walls, balcony and lobbies, stairs and even lifts. Now that RERA is against the practice of super built up area and will set the measurement on the basis of the carpet area. Nevertheless, under PMAY, the area of the house is different for all the available categories and it’s the carpet area and not the super area on which the buyers will be charged for.

Union minister Ravi Shankar Prasad declared this revised measurements on a press conference. Briefing about the cabinet decision the union minister confirmed that under the MIG-I category, a 4% interest subsidy has been allotted for the beneficiaries with an annual income ranging in Rs. 6-12lacs, on a borrowed loan amount of 9 lac. Government’s decision to increase home size under Credit Linked Subsidy (CLSS) scheme will clear up unsold inventories, following by boosting up fresh market demand. Similarly, under the MIG-II category, the beneficiaries with annual income of Rs. 12 lac to 18 lac, get interest subsidy of 3% on a loan up to 12 lac.

Realtors’ bodies like CREDAI and NAREDCO are happy with this initiative taken by the government as they find the move quite favourable for the middle income group to emerge as an important investor class. Mahesh Somani, Head- East Zone, National Association of Realtors India (NAR) said, “Good news for property buyers who want to buy apartments with PMAY benefits. This is an incredible move by the government not only to push the affordable housing sector, but also to get the market a steady liquidity pool. Now, more developers will plunge into the market which would definitely usher new project launches in the current market.”

“Launch of new projects will definitely render the shortage of development under prime minister’s ambitious project –Housing for All by 2022,”- He added.

-LNN (Liyans News Network)- Buy affordable flats in Kolkata with PMAY benefits. Find suitable property online with us. Explore available 1/2/3bhk apartments across the capital.