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All real estate records of Delhi’s urban peripheries just a click away

All real estate records of Delhi’s urban peripheries just a click away

November 23, 2016 in Real Estate News

NEW DELHI: All one needs to do now to check the status of a property registration is to visit the website of Delhi government's revenue department. An e-search will reveal not only the status of the property , but also the documents related to it, including sale deed, mortgage and lease deed. Beginning on Tuesday, properties registered across the 21 sub-registrar offices in Delhi are being made available online. 
The online system will have data for all properties that fall under the urban peripheries of the capital, including all colonies and plotted settlements to which the urban property registration system applies. While the progress in online updating among the 21 sub-registrar offices currently varies, they will eventually have real-time data and as well as information dating back to at least around two years. Many already have data from as far back as 2002, sources said.  Meant mainly to check fraudulent registration of properties as well as to prevent tampering of records by revenue field functionaries, the digitisation will also ensure quick access to information. The revenue department is now working on tendering out the process for expediting the uploading of legacy data to ensure tracking of old properties as well.  The biggest beneficiary will be the common man, who will no longer need to run to the sub-registrar office to check the registration status of a potential property purchase."Once you have the registration number, you can check the status online," said an official."Even if the registration number is unavailable, a search option allows anyone access to information on registrations carried out at a particular sub-registrar office in a specific area in a particular year." 
A drop-down box on the website will show the related status of documents like sale deed, lease deed and mortgage papers. The entire documentation will not be available, but people will now be in a position to view the status of the property documents and then apply to the sub-registrar for copies. 
Earlier this month, TOI had reported how records of properties on khasras in rural villages of Delhi, except in north district villages and those under consolidation or where records were mutilated, had been digitised, with digital signatures rendering these legally valid. The implementation began from Tuesday. The records of north district will also be available in digital format soon. A total of 33,458 khatas (records) in 109 rural villages have been digitised so far.  (source by:-The Economic Times( ET REALITY) )

View: Demonetisation’s bearing on Indian real estate

View: Demonetisation’s bearing on Indian real estate

November 22, 2016 in Real Estate News

The government's demonetisation move has sent shock-waves through the entire Indian business community, and the real estate sector has definitely been affected as well - though not, perhaps, to the magnitude that market pundits have been predicting. 
In addition to this, the imminent nation-wide deployment of the Real Estate Regulation Act (RERA), will drive the Indian real estate landscape towards a lot more transparent scenario.This, in turn, means that the sector will become far more attractive to both domestic and foreign investors. In the residential property sector, the secondary or resale market will definitely see a backlash, as it has historically seen quite a large volume of cash components being transacted. This also holds true for the luxury and high-end housing segment, where sales have already slowed down on the back of the demonetisation move. In the residential property sector, the secondary or resale market will definitely see a backlash, as it has historically seen quite a large volume of cash components being transacted. This also holds true for the luxury and high-end housing segment, where sales have already slowed down on the back of the demonetisation move. Generally, we will see Tier-II and Tier-III markets being impacted to a higher degree. However, the primary sales segment is not going to see much of an impact as it is driven by the salaried class availing of home loans. Such transactions happen in a transparent manner. That said, the business of many smaller developers in the unorganised sector, especially in the smaller cities an outskirts of larger cities, will suffer if their business model has included accepting cash components in primary residential sales. However, the bigger institutionalised developers with a strong brand and solid governance framework in place have long since moved away from this model and will not be affected. In that respect, Modi's 'surgical strike' on the parallel economy will lead to a faster clean-up of marginal, non-serious players. (source by:-The Economic Times( ET REALITY) )          

Why property is likely to be cheaper after demonetisation.

Why property is likely to be cheaper after demonetisation.

November 21, 2016 in Real Estate News

For many city dwellers, owning a home is always a distant dream. Unaffordable real estate prices compel them to stay in rented properties instead. However, several events and trends taking shape now could soon turn that dream into a reality. 
The government’s surprise move to clamp down on black money hoarders through the ban on Rs 500 and Rs 1,000 currency notes is expected to have a cooling effect on certain pockets of the residential market in the country. The housing market is a hot-bed for the indiscriminate use of black money. Many developers, resellers and homebuyers insist on having hard cash as a component of payment in real estate deals. 
The recent ban on high value currency notes is expected to deal a body blow to this practice. Another likely side effect of the move is a down ward pressure on the interest rate structure. This would come as a relief to people who cannot afford the high EMIs on housing loans. In addition to these factors, many developers are also aggressively turning towards the affordable housing segment. This effectively opens up another avenue for those who find themselves priced out of the housing market in  metropolitan cities. Further, with many states likely to enforce the buyer friendly provisions of the Real Estate Regulatory Act, homebuyers can expect more transparency. This would also provide them protection from delays in construction and handover, as well as other unscrupulous practices employed by developers. In the following pages, we will outline the opportunities these developments are likely to present for homebuyers, and delve into the emergence of the affordable housing  segment. (source by:-The Economic Times( ET REALITY) )

After demonetisation, benami properties to be next target says PM Modi

After demonetisation, benami properties to be next target says PM Modi

November 15, 2016 in Real Estate News

The government will crack down on benami properties, says Prime Minister Narendra Modi. That’s the right thing to do to fight black money. But the government must ensure that the crackdown does not lead to undue harassment by officers empowered under the law to unearth and confiscate benami properties. Benami properties are registered in the name of third parties, fictitious or otherwise, by the owner who remains anonymous, making these properties obvious instruments to generate and hide wealth. Rightly, now that an amended law known as the Benami Transactions (Prohibition) Amendment Act is in force, the government wants to act to step up its campaign against black money. However, glitches must be removed. The law says whenever a benami property is confiscated, all the rights and titles will vest with the Centre. Safeguards must make sure that this expropriatory power is used with extreme care. The law only exempts benamidaars such as a member of a Hindu Undivided Family or or a trustee, and that too only if the property is funded from known sources of income. Adjudicating authorities and an appellate tribunal will deal with benami transactions. Every suit or proceeding with respect to a benami transaction pending in any court — other than a high court — or tribunal or before any forum will be transferred to the adjudicating authority or the appellate tribunal. An efficient functioning of the judicial system is a must to lower disputes and cut needless delays in n confiscation of benami properties. Real estate is a sink for black money, facilitated by unclear titles. This must change. The government must also ensure guaranteed ownership to property holders. The way ahead is for India to adopt the Torrens system wherein land ownership is directly registered by the state. Clear government-guaranteed titles will curb fraudulent realty deals. We also need institutional reform to reduce the artificial scarcity of urban land and stop off-thebook.funding of political parties. Benami property deals will cease when every penny is accounted for. (source by:-The Economic Times( ET REALITY) )  

Currency demonetisation to shake up real estate for sustainable growth

Currency demonetisation to shake up real estate for sustainable growth

November 14, 2016 in Real Estate News

The landmark move by the Modi government to demonetise high-value currency notes to stamp out black money will have a far-reaching impact on the capital-intensive real estate sector where almost one-third of transactions still involve unaccounted money. 
Though initially, in the short term, the government's bold move will hit the sentiment of the real estate market, already reeling under a recession, in the medium- to long-term, the sector will reap the benefits of the greater ushered in by government's "surgical strike" against black money. This is especially so when in the last couple of years, the government has initiated a number of key reforms in the real estate sector like Real Estate Regulation Act (RERA), GST, REITs and Benami Transactions (Prohibition) Amendment Act, 2016, besides reforms related to FDI, to bring in transparency. Consequent to the reforms, foreign investors are already betting big on real estate. In a recent development, global private equity player Xander has formed a joint venture with Dutch Pension Fund Manager APG Asset Management to deploy $1 billion in real estate in India. Much to the relief of cash-strapped and debt-ridden developers, institutional financing will also come with lesser risk weightage. As the real estate sector has significant consumption of black money, the impact of the government's crackdown will be felt here much more. There is a cash component of 20-30 per cent in property transactions, largely due to the difference between the collectorate rate and market rate of property. This is even higher in land transactions and property transactions in smaller cities. At the initial stage of the real estate project, land purchase has the highest component (40 per cent or more) of unaccounted money. Also, the payments by investors at the pre-launch or early launch stage has a considerable cash component. It is also seen that in primary sales, developers offer a discount if some part of the property's value is paid in cash. 
Now that the government has come down heavily on black money, the cash component in property transactions will go down. This will result in a drop in land prices and land deals will likely see a substantial dip. (source by:-The Economic Times( ET REALITY) )          

Real estate investments in Gurgaon double to over $1 billion

Real estate investments in Gurgaon double to over $1 billion

November 3, 2016 in Real Estate News

BENGALURU: Investors across real estate segments - residential, commercial and land – are rushing into Gurgaon which saw large sales across financing and land acquisitions in excess of $1 billion, double that of 2015. 
Last year, Gurgaon market attracted around $500 million in investments as investor were in a wait-and- watch mode towards outlook and an expected recovery. 
While land accounted for 42.55 of the total investment pie, followed by refinancing of residential assets at 42.1% and core assets (rented office property) at 15.3% respectively, estimates CBRE South Asia. 
“Owing to its cosmopolitan status and conducive environment, Gurgaon continues to evince active interest from real estate funds, local and international developers as well as corporates.. It has always been the investment gateway to NCR due to its critical mass in real estate development and existing social infrastructure,” said Gaurav Kumar, managing director of capital markets at CBRE South Asia. Gurgaon commands a lion’s share of office leasing in the NCR region driving significant institutional interest as well as investment commitments to capture the growth wave of increasing lease rents and high sale prices. Some of the large transaction in Gurgaon includes M3M acquiring 180 acres of land from Sahara Group for $180 mn for a residential project. Tata Realty and Infrastructure acquired a 25-acre IT SEZ zoned land parcel from M3M abutting Sector 58 near Golf Course Extension for $60mn. Additionally RMZ/QIA purchased a 730,000 sq ft IT Park from BPTP located along the Delhi-Gurgaon expressway in Udyog Vihar for $180mn. “Gurgaon is the potential market for office spaces in north India and assumes a prominent position in RMZ acquisition strategy. We have already acquired a marquee asset from BPTP which we have christened RMZ Infinity, Gurgaon. We are exploring both greenfield and brownfield developments as a way of expanding our presence in north India, which we hope to take up to at least 5 mn sq ft over the next three years in this Gurgaon micro market of NCR.,” said Arshdeep Sethi, MD -Development of RMZ Corp . (source by:-The Economic Times( ET REALITY) )        

Govt notifies real estate regulatory Act rules for Union Territories

Govt notifies real estate regulatory Act rules for Union Territories

November 1, 2016 in Real Estate News

NEW DELHI:The government on Monday has notified the final rules to implement the Real Estate (Regulation and Development) Act, 2016 (RERA) that aims to bring transparency and set accountability in the sector and help in completion of stalled projects. The rules, put in the public domain by the Ministry of Housing and Urban Poverty Alleviation (HUPA) three months back for suggestions, will be applicable for five Union territories without legislature of Andaman & Nicobar Islands, Dadra & Nagar Haveli, Daman & Diu, Lakshadweep and Chandigarh. The ministry of urban development is working on similar rules which would be applicable for the National Capital Region of Delhi, while state governments and other Union territories with legislature will either come out with their own rules or have the option to adopt the HUPA-notified rules. Builders will now have to make public the details such as original sanctioned plans of the ongoing projects with specifications and changes made later, total amount collected from allottees, money used, original timeline for completion and the time period within which the developer undertakes to complete the project, duly certified by an engineer, architect or practicing chartered accountant. They also need to deposit 70% of the amount collected and unused for ensuring completion of ongoing projects with the real estate regulatory authority in a separate bank account within three months of applying for registration of a project. However, what may come as a major relief for builders, the requirement of disclosing income-tax returns proposed earlier has been withdrawn in the final rules keeping in view the confidentiality attached with them. Also fee for registration of projects and real estate agents with regulatory authorities has been reduced by half. Discrimination in sale of properties on any grounds will also not be entertained under the new rules. Adjudicating officers, real estate authorities and appellate tribunals shall dispose of complaints within 60 days. Promoters of real estate firms will be required to submit authenticated copy of PAN card, annual report comprising audited profit and loss account, balance sheet, cash flow statement and auditors report of the promoter for the immediate three preceding years, authenticated copy of legal title deed, copy of collaboration agreement if the promoter is not the owner of the plot during registration of projects. Developers will also have to declare size of the apartment based on carpet area even if it was earlier sold on any other basis. They also has to declare information regarding the number of open and closed parking areas in the project. The final rules direct companies to upload on the webpage of the project the information regarding number and type of apartments or plots, garages booked, status of the project with photographs floor-wise, status of construction of internal infrastructure and common areas with photos, status of approvals received and expected date of receipt, modifications in sanctioned plans and specifications approved by the competent authority within 15 days of expiry of each quarter. As per the Act, the Real Estate Rules were required to be notified by all the concerned by October 31,2016. In view of the delay in this regard, the Ministry of HUPA has sought time from the Committee on Subordinate Legislature of Rajya Sabha for notifying the Rules. The state governments of Rajashthan, Maharashtra, Karnataka and Gujarat have already put the draft rules in the public domain for suggestions, while the others are likely to follow suit. Real Estate (Regulation and Development) Act, 2016, Real Estate Regulatory Authorities are required to be put in place by April 30, 2017 before full Act is brought into effect on May 1, 2017. (source by:-The Economic Times( ET REALITY) )

Center may notify real estate bill on Monday that imposes 12% interest on builders

Center may notify real estate bill on Monday that imposes 12% interest on builders

October 30, 2016 in Real Estate News

The Central government on Monday might notify rules to implement the Real Estate (Regulation and Development) Act (RERA), which will make it mandatory for builders to pay 12% interest to home-buyers for any delay in handing over apartments. 
The rules will be first rolled in the union territories of Chandigarh, Andaman & Nicobar Islands, Daman and Diu, Dadra and Nagar Haveli and Lakshadweep. 
In Delhi, the rules will be implemented in a month's time, said a senior official of the Urban Development ministry. States such UP, Maharashtra, Haryana, Gujarat, Punjab and Goa are likely to frame the rules soon. For poll-bound Uttar Pradesh, the rules will be rolled out shortly to avoid the model code of conduct. The notification of rules will pave the way for setting up of a regulator for the sector, a much-needed relief for home-buyers. RERA will go a long way in addressing the hardship that the existing home-buyers are facing due to delay in possession, which in some cases is up to 10 years or more. With buyers losing confidence in the developers, the sector is facing an unprecedented slowdown. Developers say implementation of the rules will help restore confidence of buyers and help revive the real estate sector. An official said the government has asked state governments to expedite the process to notify the rules and appoint regulators as outlined in the Act. 
He said a number of state governments are considering to accept the central legislation as the model Act. 
In Uttar Pradesh, the state government is in consultation with development authorities in various places like Noida, Greater Noida and Ghaziabad to implement the rules. 
The Maharashtra government had released draft rules in September to solicit public suggestions. 
Southern states such as Karnataka, Andhra Pradesh, Telangana and Kerala are also in the final stages to complete the process. 
(source by:-The Economic Times )

 

Government gets set to bring in real estate act to boost transparency, safeguard homebuyers

Government gets set to bring in real estate act to boost transparency, safeguard homebuyers

October 22, 2016 in Real Estate News

NEW DELHI: The Centre will notify the rules of the Real Estate Act soon, moving another step toward operationalising the legislation which seeks to regulate the housing sector, bring transparency and help protect consumer interests. 

The Ministry of Housing and Urban Poverty Alleviation (HUPA), which is responsible for making such rules for Union Territories without legislature, is likely to notify them within 10 days, a spokesperson said.  As per a notification issued in April this year, real estate rules were to be notified by October 31 this year or within six months of the Act coming into force. 

The ministry's April notification brought into effect 69 of the 82 sections of the Act from May 1 this year.  Real estate rules to be notified by the Ministry of HUPA are applicable to Union Territories of Andaman & Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman & Diu and Lakshadweep. 

The Ministry of Urban Development will come out with such rules for the National Capital Region of Delhi while other states and UTs will come out with their own rules. 

The Real Estate (Regulation and Development) Bill, 2016 was passed by Rajya Sabha on March 10 and by Lok Sabha .on March 15 this year. The Act, which is touted as a major reform measure to regulate the vast real estate sector, requires registration of all projects with state level Real Estate Regulatory Authorities to ensure protection of the interests of both buyers and builders. The Act also requires builders to deposit 70 per cent of the payments made by allottees in a separate bank account to ensure that such funds are not diverted to other projects.  It also provides for imprisonment of up to 3 years for builders and one year for real estate agents and buyers for violation of any provisions of the Act. 

As per the provisions of the Act, Real Estate Regulatory Authorities and Real Estate Appellate Tribunals have to be set up by the end of April, 2017 and the entire Act is to come into effect the day after  (source by:-The Economic Times )  

Orris Infrastructure to invest Rs 150 crore on Gurgaon commercial project

Orris Infrastructure to invest Rs 150 crore on Gurgaon commercial project

October 18, 2016 in Real Estate News

NEW DELHI: Realty firm Orris Infrastructure on Monday said it will invest Rs 150 crore to develop a commercial project in Gurgaon. The company will develop 2.5 lakh sq ft of retail space and about 200 studio apartments in this 4-acre project 'Market City'. "This will be our second commercial project. We have already delivered a 7 lakh sq ft office-cum-retail project in Gurgaon," Orris Infrastructure MD Amit Gupta said. Asked about investment, he said the project cost is around Rs 150 crore including land over the next 4 years. Gupta said the company is currently developing one housing and two township projects in Delhi-NCR. The company, having a land bank of 1,500 acres, has tied up with two realty firms Lotus Greens and The 3C Company to develop two projects. (source by:-The Economic Times )

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