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RERA

25k crore fund to revive stalled housing projects

The recent announcement of the government has elated the real estate sector as it approved the creation of an Alternative Investment Fund (AIF). The fund aims to revive stalled housing projects through a corpus of ₹25000 Crores. It will kick start the completion process of the 1600 housing projects and 458000 housing units stalled due to the dearth of funds. Of the total, stalled projects about two lakhs are in NCR and one lakh in Mumbai. Such a measure is expected to bring fervor in the industry. The government will infuse ₹10000 crores in the fund while the remaining ₹15000 crores will be contributed by State Bank of India, LIC and other financial institutions. The fund will help incomplete housing projects of less than ₹Two crores per unit in Mumbai, ₹One and half crores per unit in oth...

NRI Investors – Safeguarding Against Real Estate Developers and Brokers

– by Shajai Jacob The Indian real estate market has always attracted considerable interest from the expatriate Indian diaspora. The market is currently in a slowdown but with a high potential of turning profitable in the medium to long term, making it an attractive investment proposition. Non-Resident Indians (NRIs) represent a sizeable share of buyers on the Indian real estate market. However, investment in real estate without adequate knowledge of what works and doesn’t work on this exciting but complex market can be problematic. NRI investors especially need to know how to safeguard themselves from unethical practices – by both real estate developers and property brokers. Most important safeguards for prospective NRI real estate buyers related to: Developers A develope...

The Legalities of NRI Property Ownership in India

–  by Shajai Jacob Though the Indian real estate environment has once again become very conducive for NRI investors, there is often still hesitant to take the plunge because of uncertainty about the legal implications. The doubts that many first-time NRI property investors have are often very pertinent and finding answers to them is far from easy. It is time to tackle some of the questions that NRIs often ask in the Gulf which has, by far, the strongest complement of Indian expatriates anywhere in the world. These NRIs often do not have access to a lawyer well-versed in Indian property laws and related fields of expertise, so – not surprisingly – many of their questions are legal in nature. One recurring doubt that individual NRI property investors have is: Can an NRI use a Will to b...

The reality of real estate financing

– by Ramesh Nair Real estate for many years seemed like a Teflon sector – moving towards greater heights with every passing year, unaffected by everything which happened in other industries. Unlike other assets where investors evaluated entry price to the nearest fraction before making a decision, real estate seemed to be exempt from the golden rules of investment. The past two-three years have shown us that the relative decoupling of the sector no longer exists. Since returns have become more to scale so has the mad rush to invest in the sector. Over these few years, as affordability declined, home sales followed suit. Project delays and lack of regulation led to the erosion of buyer confidence. In previous years, buyers thought of not one but more houses as a safe haven for capital...

Co-living is millennials new love | Weekly Roundup | RealtyMyths

Welcome back to the weekly news roundup! Let’s see what’s in the bulletin for this week. Looks like co-living has become a perfect choice for many millennials. In a recent report titled ‘Insights on Co-living – An Asia-Pacific Perspective’ by Knight Frank, Mumbai occupies the fifth position in Asia Pacific Co-living Index while New Delhi is ranked 11th and Bengaluru 19th. Greater Noida Industrial Development Authority (GNIDA) issued a notice to GaursonsHitech Infrastructure for fitting artificial carpet in the mandatory ‘green’ area of its housing project. This marks the third notice which has been sent to the company in the past two years with the first being sent in December 2017. According to the property consultant Anarock, South Mumbai’s Tardeo has become India’s mos...

Do You Know How to Register a Complaint Under RERA

by Arti Chaudhary We all know that in every sector there is an act of law to protect human rights and one can file a complaint under that particular act if something goes wrong. After the execution of the Real Estate (Regulation and Development) Act, or RERA as it is commonly called, there was a sign of hope among homebuyers that this new act will finally secure their interests. And rightly so, slowly, people started getting updates about their projects from RERA website. However, the customers are still confused about how to file their complaint under RERA. A complaint under the RERA is required to be in the structure endorsed under the individual state’s guidelines. Before filing a complaint one should keep few things in mind such as the project should be enrolled under RERA, the c...

Will Govt. Light Indian Housing Sector’s Festive Lamp?

– by Anuj Puri The Indian festive season, ushered in by Ganesh Chaturthi, has begun and investment decisions are being made. For homebuyers, this period is both auspicious and opportune to buy homes because real estate developers inevitably roll out attractive incentives – either in the form of price reductions, money-saving opportunities like waived stamp duty and registration charges, or ‘white goods’ like furnishing and household electronics – to attract genuine buyers. This year, the government has already done a lot of the heavy lifting when it comes to sweetening the deal for homebuyers. The slew of measures announced over the past two weeks, primarily to boost consumption, have both direct and indirect benefits for homebuyers and have already set the st...

CII-CBRE launches a joint report: ‘Real Estate – A Relook’

CII in association with its knowledge partner CBRE, today released a joint report ‘Real Estate – A Relook’ at the XV edition of its flagship conference on Real Estate – CII CBRE REALTY 2019. Addressing the real estate fraternity at the conference, Mr. Hardeep Singh Puri, Hon’ble Minister of State for Housing and Urban Affairs, Civil Aviation (I/C) and Commerce & Industry, Government of India said, “Introduction of RERA has led to a truly revolutionary phase in the history of real estate. With the transparency, reforms, and regulation that these new policies have brought to the sector, now is the time to enter into the new technology-driven approach; building green and eco-friendly homes.” The CII-CBRE knowledge paper ‘Real Estate – A Relook’ was unveiled by Mr. Hardeep Singh Puri...

Target of Housing For All by 2022 will be met two years in advance: Hardeep Singh Puri

The mega mission of the Modi government to provide a roof over the head of each Indian household by 2022 is a highly ambitious agenda that faces formidable challenges but Minister of State (I/C) for Housing and Urban Affairs Mr. Hardeep Singh Puri set the temperatures soaring further high when he announced that his ministry is all charged up to meet this target two years in advance, that is, by 2020. Mr. Puri also made a significant point that while in the Congress-rule, urban rejuvenation programs received a sanction of Rs 150000 crore, in the present dispensation’s rule this figure has gone up by six times. Soon out of 100 Smart Cities announced, the government will be able to roll out 50 smart cities by December 2019, he revealed. “The 2022 target of a pucca home with basic facilities i...

The Government is working towards strengthening RERA further: D S Mishra

Speaking about the Real Estate Regulation Act at the 15th National Convention of  NAREDCO, Durga Shankar Mishra, Secretary, Ministry of Housing and Urban Affair revealed that the government is working towards amending several provisions of RERA which will benefit all stakeholders, be it developers or homebuyers.  The MoHUA had organized several regional workshops of RERA which were attended by him as well as Minister, MoHUA. “We had received very valuable inputs at these workshops. Based on these inputs, we have felt that there is a need to bring about many changes in RERA Act. We will soon make relevant amendments in the law.  We will initiate discussions again and make changes in the law wherever required to make it more effective,” Mishra elaborated. “When we did regional workshops, we ...

72 Years of Independence – A Bittersweet Dawn for India’s Housing Sector

by Anuj Puri As India embarks on another year of independence, the country’s real estate sector has a lot to be grateful for, a lot to hope for – and still a lot to worry about. Amidst the dual challenges of liquidity crisis and stuck projects that hang like persistent thunderclouds over the sector, we nevertheless inch closer to the ultimate goal of Housing for All by 2022. From the viewpoint of stuck and delayed projects, the freedom to buy homes has turned into shackles for many. Over 1.74 lakh homes in 220 projects across the top seven cities are completely stalled. Housing worth over INR 1.77 lakh Crore is in limbo with zero construction activity. The affected buyers exercised their freedom of choice – only to see their hard-earned money imprisoned with scarce prospe...

NHB’s Move on Subvention Schemes – Boon or Bane for NRI Homebuyers

-by Shajai Jacob In a recent move, the National Housing Board (NHB) has directed Housing Finance Companies (HFCs) in India to ‘desist from offering’ loans for financing subvention schemes offered by developers. Loan disbursements will now have to be strictly linked to construction progress. While this will doubtlessly result in an added financial on developers who used subvention schemes, it is actually an important step to safeguard the interest of lakhs of homebuyers – especially NRIs who were major consumers of such schemes. In 2013, the RBI had clamped down on banks to stop upfront disbursement to developers for under-construction or greenfield projects offering such schemes and required banks to stick to construction-linked disbursals. Some popular schemes included 20:80 or 25:75 wher...

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