Category: Kolkata

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

IMPORTANT FACTS TO LOOK FOR IN.jpg
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.

SC bars construction work in SWM-failed states across the country

States that have missed the boat to formulate their respective solid waste management policies are going to have a harder payback this time.  On this Friday, a bench of Justice M B Lokur and Justice S Abdul Nazeer issued a strong writer order against these states and UTS.

What is there in this order?

The order sets the barricade around the upcoming and on-going construction works across these states and UTS which have failed to formulate their solid waste management (SWM) under the Solid Waste Management Rules 2016. These states are not allowed to commence their construction works until they codify their SWM policies.

How does it act on the states’ revenue?

It seems that states have been either delaying or chose to remain unresponsive after the release of the order back in the year 2016.
Now if states continue with the same limp demeanour, it will definitely bruise the revenue of the state from the real estate sector.
At present, it also takes a toll on the modus operandi of the very section as well.
What are the consequences that the real estate sector has to accost?
Sometimes well-meaning plans can bring undesired opposite results. We have seen this in the recent past when the country had to go through a severe cash crunch post demonetization when the mean objective was to eradicate the black money circulation in the credit flow. Common people had to suffer a lot and real estate was one worst-hit sector in those days.
SC has prohibited construction works in states and UT’s including Maharashtra, Madhya Pradesh, Uttarakhand, Chandigarh and Goa for their “pathetic” attitude in not framing proper policy on solid waste management without speculating the aftereffects.
“People have already spared enough strolling along with the free will of developers and realtors. After RERA came into the frame, they finally gained the relief of faith that their hard-earned money won’t get lost in the whirl as they permanently received a legal platform where they can lodge the complaint against the counterfeit activities of the real estate state holders. RERA also brought up the assurance that the project deliverance would be on-time along with the quality check. The recent order of the Apex Court is challenging the regulations of RERA in a straight line,” said Mr Mahesh Somani, Chairman – National RERA Committee, National Association of Realtors, India (east zone) and Vice President of RECA Kolkata.
“If the construction work gets halted somehow, how would the homebuyers get their project delivered within due time maintained under RERA rules where this time they can’t even blame the developers for the delay? The recent speculation would further add to their troubles, where states have chosen to stand by the order of the Supreme Court on its banning on construction activities in the states unless any solid waste management policy has been settled. This move of the states would certainly take a dig on the shield of buyer protection ACT RERA and buyers will be highly in doubt about the actual functionality of the ACT,”- added Mr Somani.
Of course, sanitization is crucial; states should definitely come up with a proper policy of the same. Meanwhile, banning of construction works happens to be a dry run for the effectiveness of the RERA regime. Let’s see how the states RERA Authorities deal with the situation.

Online registration process has commenced for WBHIRA

Are you willing to buy flats in Kolkata? Or you are a suburb-lover when it comes to buying your own home?

‘Buying home’ symbolizes a sense of pride and security for every homebuyer. But while buying flats in Kolkata or in any other districts, in West Bengal especially these days, you need to be an extra alert.

A series of legal amendments have happened in the real estate sector of West Bengal in recent times and being a home-buyer or an investor you need to have a close track of the market updates when buying properties are on the cards.

We tell you, investing in a real estate project without having knowledge about the real estate act and the co-laterals, happening in and around the state can dent your savings. Shocked?

Skipping this article can make you lose a few lakhs. Can you afford?

Have a quick look at the updates first –

Amidst the central state squabble around state’s tweaking attitude with the name and the key facets of the central act Real Estate (Regulation and Development) Act, 2016 finally the portal of WBHIRA has set to go.

West Bengal Housing Industry Regulation Authority (WBHIRA) has at last launched its official RERA registration portal: www.hira.wb.gov.in; which means developers and real estate agents can no longer take homebuyers on a ride in name of project legitimacy and its deliverance. 

Abiding by the rules every on-going realty project, whether it is in the capital or suburb has to be registered with the state RERA authority.

The state act has categorized the registration process into 3 broad segments which are as follows –

  1. For real estate projects – One can register real estate projects as per Section-3 of West Bengal Housing Industry 2017, read with West Bengal Housing Industry Regulation Rules 2018.

  2. For real estate agents – An agent has to register him/herself as per Section 9 of West Bengal Housing Industry 2017, read with West Bengal Housing Industry Regulation Rules 2018.

Registrations for both projects and agents have already started and under the purview of RERA projects and agents without their respective registration numbers would be subject to desertion.

Now, this is indeed great news from the homebuyers’ standpoint; but the registration is somehow pinching real estate stakeholders a bit hard.

The registration fees that the government has prescribed are like these –

  • For an individual registration, it will cost a person Rs. 25,000.

  • Other than individual the registration fee is Rs. 2, 50, 000.

The charge for the registration is so far higher than that of the rest of the states and UTs where the Act is there in the picture.

“Real estate is one sector that has been the worst blamed for the counterfeiting activities by its stakeholders at large. Even it’s really late, but the state has started the registration process which will mandate the registration of the realty stakeholders and safeguard the rights of the homebuyers in amalgam. Again, the charge for the registration is pretty high for them which they will end up passing on to the homebuyers at the end,”- said Mr. Mahesh Somani, Chairman: National RERA Committee, National Association of Realtors (NAR), India and Vice President: Realtors & Estate Consultants’ Association of Kolkata, (RECA Kolkata).

However, the successful implementation of WBHIRA is still in question as the act has curbed two of the key provisions of the central Act on which the union government has not given a nod. By far, the central government repealed Section 92 of the Maharashtra Housing Act 2012 and the same has been followed by the Kerala government.

Now all the eyes are upon the central advisory council, (constituted under Section 42 of central RERA) how it fixes the applicability of HIRA/RERA in accordance with the consensus of both the governments.

It’s Time For The Youth-Driven Real Estate Market

Being a developing country India currently has rapidly evolving and increasingly competitive market offerings. Thus the career options of the Indian millennial are no longer predictable as it was as straightforward as it was for their parents. Alike the prevalent sectors real estate sector too is influenced by the choice and preferences of the millennial. According to the estimation, the young working population is of 46% of the total workforce of India which means approx 400 million working professionals of our country falls into the category of 20-30 age group.

Mostly, Indian young professionals prefer to rent rather than buying a home. This the main reason which is why the rental market across the prime cities in India is higher scoring than that of the primary real estate market. However, a typical millennial family of today is essentially nuclear for the requirement for compact homes equipped with modern amenities holds the greater market demand. However, the millennial have emerged as the user-base of the country. Accordingly, the investment behaviour and the market appetite are also changing in a tandem.
“Buying a home has been one of the prime requirements of all the time. It’s certainly one of the major financial accomplishments for any individuals. But for the generation of the 21st century, the perennial lifestyle requirements are the cyclical roadblocks for buying their own homes,”-said, Mr Mahesh Somani, Chairman- National RERA Committee, Head- East Zone, National Association of Realtors India (NAR).

Along with the career choice, millennial are experimental with their choice of properties too. For a nuclear family or even for dual-income household social surroundings has the bigger role-play than the size of the apartment. Here are some important facts that have been majorly considered while buying a home–
• Gated housing society with modern day amenities and security measure.
• Distance from the residential place to the workplace and enhanced public transport connectivity.
• Technologically- enabled smart home features and internet connectivity.
• Environmental sustainability of the project.
• Value for money. All-inclusive lifestyle features at a competitive rate.

As we can see that the parameters of choosing a property for the investment of the generation are different from their forebears. Still, the basic idea of buying a home is just the same as it used to be which is stability and setting down and here we have no exception by the age-group or the nature of the investment.

–LNN (Liyans News Network) – Buy/Sell/Rent properties online. Buy property in Kolkata with smart features and ample recreational facilities. Buy flats within 25-35 lac. Visit us.

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.