Owners of Real Estate in Noida Relieved thanks to Pro-Buyer Government

real estate in nouida

Current and prospective owners of realestate in Noida have both breathed a sigh of relief with regards to the status of their properties in Noida. There had been some ambiguity concerning RERA and the current government in UP which led some to believe that RERA may be diluted in UP. In such an instance, the repercussions for those who had invested in a house in Noida and for those who had been thinking of buying a house in Noida would have been grave.

The Meeting With the UP CM

A delegation that had met with the UP CM was pleased with the response it received from the young Chief Minister of Uttar Pradesh. The Delegation was promised that Uttar Pradesh would have an undiluted form of the Real Estate Regulatory Act, they were promised a grievance cell at the Noida Authority, and were promised that the authorities would closely scrutinize builder buyer problems which had been recurring, over the next three months.

The Homeowners Perspective

Owners of houses in Noida said that they were relieved and expected that in the future there would be a quicker redressal to their problems. A particularly harrowing case in the minds of homebuyers is of a project with twenty seven thousand flats that is yet to be completed despite already being far behind schedule. It is hoped that fewer such instances would occur in the future.

A Pro-Homebuyer Stance

Stakeholders of residential projects in Noida believe that the UP CM has a pro-homebuyer stance as the Chief Minister assured stakeholders that the government would intervene on the behalf of homebuyers in the state, particularly in Noida where numerous projects are way behind schedule. At the meeting where these words were stated, was present the Noida MLA who had scheduled the meeting with the new Chief Minister and homebuyers and homeowners in Noida.

Pre Poll Fears of Homeowners Unfounded

Homebuyers and investors in Noida had shared their concerns regarding the Real Estate Regulatory Act with a Noida MLA. It is believed that the fear among stakeholders in Noida was that the RERA would become diluted in the state of Uttar Pradesh.

What’s Over the Horizon

In the future as per government officials in Lucknow, Noida Authority officials would be taken to task by the government if such officials are found to not carry out their duties with respect of the complaints of homebuyers.

Conclusion

Stakeholders of affordable and luxury flats in Noida today remain confident that they have elected a pro buyer Chief Minister in the state of Uttar Pradesh. In the future, owners of properties in the suburb of Noida expect that their grievances will be addressed promptly thanks to a pro buyer government in UP.

Table of content

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7 Points Guide To Buy Luxury Flats in Bangalore

With the changing lifestyle and increasing demand for homes that reflect the personality of residents, builders are launching more premium projects. Cities like Mumbai, Gurgaon, and Bangalore have seen increased number of luxury flats in recent past. As these housing projects bear a higher price than normal apartments, you need to be more careful when buying them. Here are some simple points you should keep in mind when looking for flats in Bangalore.

Location: The area where the residential project has been launched has a huge impact on its status. No matter how lavish is the apartment, if it is launched near slums, it can never get a luxury status. So make sure you buy property in Bangalore in a well-connected and convenient area with no traffic, water logging, and noise pollution problems.

Views: Lush green landscapes and scenic location are some of the factors making a simple project premium residential complex. So make sure the apartment you book has green views from the balcony. You would never like to live in a flat where you just see traffic and vehicles throughout the day.

Long term value: There is no doubt in the fact that property is an investment. You might not want to sell it now, but there is no harm in selling it if you can get good value in long term. So pay attention to the long-term value and growth potential in the area where you are seeking a home.

The quality of construction: After all, you are buying luxury flats in Bangalore. Carefully check the quality of material used for the construction. Here construction material doesn’t just mean the bricks and cement but the quality of fixtures, bathroom fittings, tiles, railings etc.

Amenities: A residential project with just ample parking space, a small clubhouse and parks cannot be called a luxury housing complex. To be a lavish and premium project it needs to be equipped with world-class amenities like swimming pool, spa, gym, a retail store within the complex, play area for kids and Yoga room, to name a few. Make sure you compare different projects after carefully checking the amenities provided in them and make the best choice.

Safety and security: Owning a luxury apartment come with increased risk of robbery and burglary. So the project should be secured from all types of physical threats like theft, fire etc. It should have hi-tech security measures like boom barrier, CCTV camera, and fire extinguishers. If you are investing in new projects in Bangalore, ask the builder about the safety measures used by them.

Neighborhood: To enjoy pleasures of a luxury home, you need to look for a quiet and peaceful neighborhood. So make sure the project is not located in a highly populated and noisy area.

These are some simple tips to help you make the best home buying decision. With a little search, you can easily find the best luxury home for your family.

Owners of Real Estate in Gurgaon Petition MCG to Not Collect Income Tax

Real estate property in Gurgaon

Some of those who own real estate in Gurgaon that has been built by the biggest names in real estate in this suburb of Delhi sent a message to the MCG stating that they had been charged an incorrect property tax as per section 87(a) Haryana Municipal Corporation Act.

The Nitty Gritty of the Legal Code

One of the petitioners who also happens to be an advocate himself has stated that under Section 87(a) owners of property do not have to pay any property tax until the region upon which the concerned property rests goes on to be vested under the MCG. According to the petitioners only once the property is under the control and management of the MCG are residents required to pay tax to the MCG. The petitioner has stated that since the localities of DLF Phase 1-5 are not yet legally transferred to the MCG the residents of these localities should not have to pay tax.

Residents are Already Paying Different Entities

The petitioner has stated that residents of the localities mentioned are already paying HUDA for external development work and are also paying their developer for internal development work. It has also been stated by the petitioner that residents of the localities mentioned already pay maintenance charges to the developer regularly every month. Despite the fact that thirty years have passed, according to the petitioner, the localities continue to be under the management of the builders who have not yet finished the development work in the localities.

According to the President of the Gurgaon Citizen’s Council since the region where the petitioners live still vests with the builders, the MCG is not vested with the authority to levy and collect property tax from the residents who live in the mentioned localities. Hence according to the petitioners the land upon which the housing structures stand still vests with the builders and has not been transferred to the care of the MCG making the MCG’s collection of income tax from those who live in houses in these regions illegitimate.

The MCG’s Rubuttal

The MCG however has countered the statement made by the Gurgaon Citizen’s Council emphasizing that the taxes the MCG collects from residents of the localities mentioned have absolutely nothing to do with the maintenance charges residents of these localities pay to HUDA or the maintenance charges they pay to the builders in Gurgaon.

Commissioner of the MCG, Mr. Uma Shankar, has stated that taxes are imposed by the government irrespective of any services rendered as they are a source of revenue for the government. On the other hand according to Mr. Shankar maintenance charges are collected in lieu of services provided. According to Mr. Shankar those who own Gurgaonreal estate have to pay property tax irrespective of the status of the area where the property stands.

For more information click here- Real estate blog in gurgaon

New Software May Aid in Urban Planning and Developing Real Estate in Gurgaon

Authorities hope that they can change realestate in Gurgaon for the better by taking cues from a “Virtual Singapore”. The goal, according to the MCG Commissioner V Umashankar, is to use ideas gleaned from a virtual Singapore to transform Gurgaon into a “Smart City”. The MCG commissioner met with a team that had created a virtual 3D model of Singapore to explore using the model, possibilities relevant for Gurgaon.

What is Virtual Singapore?

Virtual Singapore is a dynamic 3D model as well as a collaborative data platform that includes 3D maps of Singapore. Once the Virtual Singapore 3D Digital Platform is completed it will be used by Public and Private Research Sectors as well as by individuals. Being a collaborative data platform means that numerous teams can work on the Virtual Singapore 3D Platform from different locations simultaneously.

The Application of Virtual Singapore

One of the goals of the virtual Singapore 3D Digital Platform is to enable users who work in different construction sectors to develop sophisticated tools and applications that test-bed concepts and services in building and to aid users in planning in decision making. The Virtual Singapore 3D Digital Platform is also expected to research technologies to solve complex and emerging challenges for the city state of Singapore.

But Gurgaon’s Not Among Smart CitiesResidential Property in Gurgaon

Even though Gurgaon missed being included among the nations 100 Smart Cities, New Delhi has promised to help Gurgaon become a Smart City. The cost for this transformation into a smart city will have to be borne by the Haryana Government. Once such a transformation is complete and Gurgaon goes on to become a true smart city, in spite of not being included in the original list of Smart Cities, the value of luxury flats in Gurgaon may climb even higher.

The 3D French Connection

At the meeting between the MCG Commissioner and the team that designed the Virtual 3D model of Singapore, officials of the French company Dassault Systems (The makers of the Raphael Fighter Jet , India’s newest fifth generation Fighter Jet) provided an overview of their proprietary software that created the 3D copy of Singapore. Dassault’s goal in sharing the mentioned details about their software was to enable urban planners and administrators to conduct a feasibility study of various events that shape a city.

Indian Data Collection

The Indian response to the Dassault software was to acknowledge that the latter software was ten leaps ahead of domestic planning software. The MCD plans to accumulate information from completed buildings and will also need to do so from upcoming residential projects in Gurgaon over time, for its own software which will be used for urban planning.

Why Pune Is The Best City To Own A Dream Home?

We all dream of a beautiful, luxurious and comfortable home away from the hustle-bustle of the city life. Though finding home in the outskirts of cities is easier now, there is no assurance of comfortable life. Whenever we want to buy a property, we look for a home that is equipped with all the amenities and conveniences to fulfill all the requirements. Thankfully, there are places and housing projects that can help you make your dreams come true in the form of a creative and luxury home.

And one of the cities where you can easily find a dream home for your family is Pune. The city takes pride in its excellent infrastructure and a range of amenities that make life too smooth and comfortable. There are many reasons making Pune a perfect place to buy property and spend a happy life.Real Estate property in pune

Pricing

When it comes to property prices in Pune, the city is known for competitive rates. Whether you are an end user or an investor, the price will fit into your pocket well.

Protection of individuality

Top builders in Pune have come up with innovative and advanced residential projects that give you complete freedom to realize your dreams. You can get a house that stands out from the rest due to its individual characteristic and amazing style. Builders in Pune are launching theme based residential projects to ensure that your home reflects your vision and style.

Commercial and educational hubs

Pune offers ample career and educational opportunities to the youth. With some of the leading universities and colleges in India, Pune is the best place for higher education. Further, companies are also setting up their offices here to absorb the talent coming out from the leading institutes. So, the people getting a job in MNCs in Pune look for a suitable and comfortable home in the city. Keeping this segment in the mind, builders have launched many affordable yet stylish housing projects. Even investors are also buying property in Pune to use it as a rental house for regular income.

Nurturing hobbies

In this busy time, people hardly find time to go to the gyms or sports clubs to enjoy their hobbies. To ensure that residents can enjoy their hobbies without missing any important task, new residential projects in Pune are now launched with the in-house club, sports complexes, gymnasium, Yoga room, walking tracks etc. So owning a property in Pune comes with the assurance that you will get ample time and opportunity to nurture your hobbies.

Infrastructure

No matter how beautiful and lavish your home is, it always needs well-developed exterior infrastructure. With wide roads, metro trains and national highways, Pune boasts of world-class infrastructure. From leading hospitals to schools, colleges, hospitals, shopping malls and entertainment hubs, everything can be found at a short distance from the residential complexes.

In today’s highly advanced and tech-savvy work, you don’t need to make a lot of efforts to find a perfect home. Just visit any realestate in Pune and start a search of your dream home.

Ready Reckoner rate hike to hit Pune property in Pune hard

BUY PROPERTY IN PUNE

The rise in the Ready Reckoner (RR) rates in all prime locations of the city as well as outskirts is set to hit the consumers hard.

A day following the state government increased the RR rates by an average 3. 64 % in the town, builders on April 2 said they would have no scope to absorb any further increase in costs.

The developers added that they would be compelled to pass on the increased development and high quality charges, as well as the compliance costs that will come into results following implementation of Real Estate Regulatory Authority (RERA) rules, onto the buyers.

Shantilal Kataria, president of the Confederation of Real estate Developer’s in pune Associations of India’s (Credai) Maharashtra chapter, said the overall increase of the RR rates will affect the buying ability.
The president (Credai) Maharashtra chapter mentioned that the current increase also means an increase in monthly premiums, development charges and labor cess. It really is unlikely that the builders will discuss these costs.

A senior official stated that you will find a direct connection between the RR land rates and the premium, development charges payable for sanctioning building plans and the stamp duty on the land purchase. The builders would be affected, as the additional initial cost will reduce the quantity of projects that can be launched. This can further impact the government’s housing-for-all goal.

Listen to what different stake holders have to say-

  • A consultant, who had been planning to invest in flat in Pune within an upmarket area, said that she is going to wait right up until next year. She further added that the authorities have termed the increase as ‘slight’. But the rates in the city’s core areas have seen a 10-12% rise. The developers are guaranteed to increase property prices.
  • According to a developer Sachin Kulkarni, who is into affordable housing projects, said that seven major states have waived stamp duty on affordable projects in pune. Maharashtra acquired the commitment to doing the same. But now land and building rates have been hiked by more than 12% on the outskirts of Pune city. It was from these areas that the affordable houses are coming up in a major way.

The Implementation of Rera is around the corner and this, too, will significantly raise the developers’ cost composition. As of now the immediate impact of the RR is a rise in property rates in Pune.

The Story Behind Illegal Properties in Pune That Are to Be Legalised

buy in pune

Many properties in Pune that were built illegally can now be transformed into legal structures if the owners of the building pay a premium or a compounding fee. This has been made possible by an amendment to the Maharashtra Regional and Town Planning Act which allowed the legalisation of unauthorised buildings. The states assemblies move to amend the MRTP Act is being celebrated in the outer regions of Pune where a great deal of the property has been constructed illegally.

Details of the New Rule

The new rule as it stands is applicable only to properties that had been built before December of 2015. Yet builders in Pune are confident that dates postdating December 2015 will eventually be brought to bear upon under the amended act since builders know that the government needs votes and the cities people need cheap houses in which they may live.

Builders and developers in Pune have stated that while the current deadline has been set to include only those buildings built before December 2015, they are confident that within a few years another deadline accommodating legalisation of buildings built after 2015 will be enacted. Builders believe that this is not going to end with the establishment of only December 2015 as the deadline and expect dates to continue to be postponed because governments need votes and also because residents of Pune require access to cheap housing.

Out of Court Decision

The Bombay high court refused to approve the state assemblies plan which aimed at the legalisation of illegal structure that had been built before December 2015. Hence the government used its own power to save such structures. Currently, there are nearly one and a half lakh illegal structures in the district of Pune.

The Residents Fate

Those who reside in such illegal and affordable housing in Pune are quite happy since the builders have successfully transformed what had been an illegal structure into a legal one. Many of the builders in Pune who constructed these projects are actually themselves politicians. Some residents of Pune have stated that it seems to be a good idea to first construct illegal buildings at low cost and to then legalise them. Those who live in illegal residential projects in Pune have stated that they have little choice but to do otherwise since they cannot afford to live in costlier formal housing.