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In an effort to curb the wastage of treated water, the Kolkata Municipal Corporation’s water supply department is set to implement water meters in all new buildings within its jurisdiction. This initiative is aimed at analyzing the water usage trends in neighborhoods and minimizing the significant loss of treated water.

Following a water consumption survey in the Dum Dum-Cossipore area, the city authorities have decided to expand the installation of water meters to other neighborhoods. After the initial implementation in Dum Dum-Cossipore, hundreds of households in the Mukundapur area off EM Bypass are now also receiving water meters.

The KMC is committed to fitting water meters in newly built structures, including standalone apartments and large housing complexes, to reduce wastage of treated water.

The survey in the Dum Dum-Cossipore area has alarmed some officials in the KMC water supply department, as they discovered that nearly 18,655 households were using 300 litres of water per person. The surveyors were also surprised to find a single family of five consuming 3500 litres of potable water daily. This misuse of water is concerning, especially considering the significant costs involved in collecting and treating raw water from the Hooghly.

Any additional housing loans for stalled real estate projects that are being revived under a dedicated government scheme can be treated as standard loans, the Reserve Bank of India has told banks.

A communication in this regard was sent out to banks last month, people familiar with the matter told ET. The government had in 2019 set up a Special Window for Affordable and Mid-Income Housing ( SWAMIH ) Investment Fund to help complete stalled housing projects.

The RBI did not respond to queries sent by ET.

The regulator has said that any additional funding or disbursement of residual parts of the housing loans by banks post-involvement of SWAMIH shall be treated as standard…,” said a bank executive, aware of the communication shared with lenders.

These home loan accounts in stalled projects are currently labelled non-performing loans.

This relaxation would, however, be subject to the condition that the borrower should not have more than two residential properties, including the one financed by the bank in a stalled project.

The above-quoted bank executive said the regulator has made it clear that if the borrower fails to make the payment as per the additional disbursement terms, the account will slip back into the non-performing status as per the existing guidelines.

Also, if the project is not completed within the timelines as assessed by the SWAMIH Fund while investing in such projects, the asset classification for the additional or residual funding shall be classified as NPA from the date of disbursement,” he said.

The Kant-headed committee in its report on the “Rehabilitation of Legacy Stalled Real Estate Project” submitted late August recommended asset classification relaxation for additional disbursed portions for the existing individual home loan accounts.

The loans should be treated as standard after additional disbursements, the committee suggested.

This is necessary to reduce harassment of individuals whose accounts have been rendered NPA for no direct default, it noted.

As per the committee’s report, the Indian Banks’ Association has estimated that 4.12 lakh stressed dwelling units involving Rs 4.08 lakh crores are stuck in stalled projects.

In its recommendations, the committee made a case that the financing for completing the projects may be treated as priority financing. It is further proposed that banks be permitted to finance fresh housing loans for new buyers who purchase unsold inventory of these projects.

Emami Realty Complaint Leads to NCLT’s Insolvency Proceedings Against Fort Projects (P) Ltd in Kolkata.

Fort Projects is part of Fort Group , one of the leading real estate firms in the city, while Emami Realty, the creditor, is part of Emami Group . Emami Realty also has big projects across the city.

Kannan Tiruvengadam has been appointed interim resolution professional for the Corporate Insolvency Resolution Process (CIRP) of Fort. Incidentally, Fort Projects has 15-16 big projects in south Kolkata, including some signature projects like Fort Knox.

The application filed by Emami Realty Limited (financial creditor), under section 7 of the Insolvency & Bankruptcy Code, 2016, is hereby admitted for initiating the Corporate Insolvency Resolution Process in respect of Fort Projects Private Limited (corporate debtor),” the NCLT order said.

As per the order, the total default claimed is Rs 91 crore, in which the principal is Rs 82 crore and the rest over Rs 9 crore is interest. As per the order, Fort Projects, along with Gagan Dealcom Private Limited, had approached Emami Realty to seek financial accommodation/loan of Rs 70 crore for undertaking developmental work of various properties for its real estate business.

A loan agreement was made in February 2016 between Fort Projects and Gagan Dealcom along with 70 other co-owners/corporate guarantors and Emami Realty. “As per the loan agreement, interest is payable at the rate to be decided by the chairman of Emami Group of Companies and decision taken by chairman shall be final and binding on the borrowers. The agreement provides repayment within 9 months from the date of execution of the said agreement along with interest,” the preamble to the order said.

Buying land in India can be a complex process, but it doesn’t have to be overwhelming. In this guide, we’ll simplify the steps involved in purchasing your dream plot of land in the country.

Documentation process

List of documents required

• Land Title/Deed- The first step is to check the title/deed in the name of the property seller. Check whether the individual has full rights to sell the plot. Insist on the original deed document and not the photocopy. Get legal help in knowing whether the land deed/title is marketable and legal.
• Encumbrance Certificate- Get this document from your sub-registrar’s office (where the deed is registered). You can find out about disputes, legal complications and unpaid taxes/dues here.
• Property Tax Bills and Receipts- Ask for all original copies of these documents and check whether payments are up-to-date or not.
• Loan Papers- If the land had a mortgage, you should check the repayment of loans. Make sure that there is a release certificate from the bank. Get property valuation done for the exact size of the land as well.

 

Documents required from sellers

• Encumbrance certificate
• Original land title/deed
• Release certificate of the bank
• Original property tax receipt and other bills

 

Documents required from buyers

• Title deed after name transfer
• Receipt of stamp duty payment. You can now get the land registered in your name at the sub-registrar’s office
• The State Municipalities require prior sanction garnered by anyone willing to construct a new house or modify any existing property. The building plan is necessary with the fee for approval.

 

Property registration process

The 1908 Indian Registration Act states that property registration is mandatory. Legal recording of property transfer ensures ownership transfer and property rights from a legal perspective. Here are the steps that you should keep in mind:

• Buyers pay registration charges to their respective State Governments as a percentage of the total plot cost.
• During document submission, buyers pay a percentage of the total plot price as the stamp duty. It is usually 3-4% of the plot’s sale-able value, while registration charges are 0.5% of this value. The sale-able value comes from the guideline value and property size.
• Senior citizens and women get discounts on registration and stamp duties in many Indian States.
• Documents needed for registering your plot include the following:

1. Katha Certificate (In Karnataka)
2. Sale deed
3. Encumbrance certificate
4. Latest tax payment receipt
5. Landowner’s title documents
6. Agreement of sale
7. Power of attorney if applicable
8. All agreement copies with registration

• The examination of all details and verification takes roughly 5-7 days, and you will have to spend around Rs 10,000 for this purpose. Checking goes on while sellers agree to the property sale, with the ownership document in the owner’s name, as issued by the department of revenue records.
• You will have to appoint your lawyer for a safe transaction. The lawyer will make the final document which goes for stamping afterwards.
• You will pay stamp duty as a buyer at the chosen bank, and the procedure takes a single day. The bank will give you a receipt acknowledging receipt of stamp duty on the sale deed front page.
• The execution happens with the sale deed signing at the office by the seller, buyer, and two witnesses. The number generation happens while you pay the registration charge via a demand draft or cash. The documentation gets delivered to you.
• You will need two passport-size photographs, along with ID proof of both the seller and buyer and of witnesses, exact copies of the seller’s certificate of incorporation, PAN card details, latest property register card copy and also municipal tax bills.
• After registration, get the title changed to your name. Apply for the mutation, final sale deed copy and affidavit at the office of the registrar. The next step is property tax calculation, and the authority then issues mutation.
• Online services are readily available for registration and submitting documents. It is an application created by the Department of Stamps & Registration, helping people find the document list easily and book registration dates.

Registering the property ensures authenticity and legal validity of the sale deed while safeguarding investors against fraud. It enables updated public records while determining the sale of a property. It also secures title deeds and works as proof of ownership.

 

 

Consider buying a home in Kolkata. It involves checking various properties before shortlisting them and visiting them before making the final decision. Physically visiting everywhere can be very demanding and time-consuming. That’s why it’s much better to collect as much information as possible through an internet search before visiting any property. Homebuyers can do detailed research on the property, location, nearby facilities, connectivity, and more before making a purchase.

In fact, homebuyers in Kolkata today are doing just that. They rely on the internet to gather information and conduct detailed research before buying a property.

Increasing Number of Homebuyers Relying on Online Property Searches

As the demand for homes has increased recently, we’ve noticed more people using the internet to search for properties. Interestingly, most of this traffic comes from organic sources (45%) and direct channels (43%).

Organic visits occur when a homebuyer searches for properties on the internet and visits a website. Direct traffic happens when a visitor types in the URL of a specific website and visits it directly.

Of course, homebuyers also search for properties in a particular location, such as a 3 BHK flat in Joka. However, these searches are mostly against advertisements on Google.

Homebuyers Conducting Thorough Research Before Making Purchases

In today’s fast-paced world, everyone is striving to save time. Homebuyers are no exception, and they are increasingly turning to online resources to help them make informed decisions. They visit websites of specific properties, as well as marketing intermediaries’ websites, and spend a lot of time studying different properties, their locations, plans, amenities, and other relevant information such as price and completion time.

In addition to property portals, marketing intermediary websites, and developer websites, there are other ways to get insights into a project, especially the location and nearby infrastructure. We’ll discuss these methods in a moment.

Benefit from Google Maps, Google Earth

Google Maps is a great starting point when researching any area. By zooming in, you can get a clear idea of a place and its nearby facilities. You can check the road network, schools, markets, restaurants, hospitals, banks, and ATMs around any area, along with their distances to get a fair idea of the place. Checking the nearest metro station and bus stop can help you understand the ease of commuting.

You can also use Google Maps to plan your daily commute to the office or school. By checking the travel time and traffic bottlenecks in the area, you can better plan your route. You can also check how many alternative routes are available to return home from your office.

Another great way to learn about a particular project and its facilities is to check users’ reviews on Google Maps. You can also use Google Earth and Street View to get a better understanding of the look and feel of a particular location. While Street View is not available for all locations, it can give you an idea of the neighbourhood, including the type of buildings and congestion level. You can also check out pictures on Google Earth that are uploaded by local users.

Social Media

Facebook has groups and pages dedicated to particular areas and residential communities. By joining these groups or browsing through these pages, you can get a good understanding of the location, the advantages and disadvantages of living there, and the issues that are being discussed.

Another effective way to learn more about a property project is to search for relevant pages on Facebook and read through the comments on property ads. These comments can provide you with insightful ideas about a property.

Go through Liyaans Website

Liyaans website is a storehouse of information about properties.Apart from reading about projects, go through our blog also.

We provide detailed information about localities, including their liveability score, nearby facilities, price appreciation history, and future prospects. You can also find ample information on various real estate projects in Kolkata.

Finding the Right Balance: Embracing both Online and Offline Resources

Although you can gather a lot of information about a property and its location online, it’s always a good idea to talk to a reliable property advisor before making a buying decision. A property advisor can offer invaluable insights about a property based on your specific requirements and bring forward ideas that may not be easily available online.

In addition to consulting a property advisor, it’s important to physically visit the site and check the progress of the project, the quality of construction, and the amenities available. This will give you a better understanding of the property and the surrounding area, allowing you to make an informed decision before signing any documents.