Thursday, August 20, 2020

Chennai: Tough to come by tenants, most posh empty with ECR

Poor demand from expats and a general decline in real estate demand resulting from the COVID-19 outbreak have affected the market for the city's posh villas, most notably along the East Coast Road (ECR).

People invested in the villa mainly to cater to expats working in multinational companies in and around Chennai. As most expats have either left the country or moved to core areas of the city, the badge owners are now struggling to find tenants. As a result, a good number of villas are empty.

This has forced real estate developers to stop new projects as buyers have also become a difficult task. Most of the buyers were NRIs, Realtors.

The premium villa segment, which reached great heights in 2012, is losing its luster without any allowances being cut by expats and companies. According to estimates by real estate agents dealing with rentals for foreigners, the population that comes with ECR has fallen from 2,500 to 500 in four years.

Currently, about 60% of the 3,000 villas between Nilkarai and Uthandi on the ECR are vacant. The rent for properties with elaborate lawns and swimming pools previously ranged from Rs 1.2 lakh to Rs 2.5 lakh per month. Although some inquiries are being made about the demand from the residents of the city to relocate these posh properties, the deals are yet to take place as people are not ready to take up houses for such high rents. Owners do not want to reduce rent because the returns do not justify the investment they make and prefer to deal with a company as it did with expats rather than individuals.

In addition, many landlords prefer expats because there is no risk in vacating tenants and uninterrupted rents.

Mohan Kartha, a real estate agent who has been working with Accent Rentals for a decade, said that the villa market has now become a tenant market. Now, they are ready to revise their rent by 50%, but cannot find expats. Foreigners visiting the city earlier this year are being accommodated in a cheap rented apartment in core Chennai.

Srinivas Anikipatti, Senior Director - Tamil Nadu and Kerala, Knight Frank India said that the current status of ECR ​​has prevented a major developer from starting a villa project of 400 plots at Kovalam.

Gurugram: Huda City Center flyover, six months late, crawling to finish line

The Huda City Center flyover, which was scheduled to open in February this year, is still under construction and running behind schedule. That it will take at least another month to open.

According to GMDA officials, this delay can be attributed to several reasons such as shifting of the water pipeline during the pond period and ban on month long construction. Work was resumed in April.

However, even after the ban was relaxed, labor shortages slowed down the pace of construction. "When the work is in progress, it is likely to take at least one more month," stated by GMDA.

Meanwhile, the variations from last year are inconvenient for residents.

The flyover is being built as part of a major redevelopment project at Huda City Center which also includes an underpass and a two-foot overbridge.

The 700 meter long underpass will be used by vehicles coming from the Signature Tower and heading towards Subhash Chowk. The flyover will be bidirectional and will be 270 meters long and will connect MF Hussain Marg and Sector Road with Signature Tower to Huda City Center Junction.

A major focus of the project is to make the junction pedestrian-friendly. As per the plan envisioned by the GMDA, the 300 meter extension adjacent to the metro station will be for pedestrians only and free of traffic.

The redevelopment of the junction is designed in such a way that all traffic crossing the junction and the metro station is destined will have to take either a proposed flyover or an underpass.

Wednesday, August 19, 2020

Deadline extension for Noida project dealers by December 2021

An official statement said that the Noida Authority on 18 August extended the deadline for more than a dozen builders to complete the pending projects by 31 December 2021. These builders had earlier assured delivery of homes by the end of June 2021

The decision was approved during the Noida Authority's 199th board meeting in view of COVID-19 status.

According to the zero-term policy announced last December, builders will be exempted from paying punitive interest on outstanding land dues for the number of stuck projects.

However, this policy was applicable to builders who were expected to own a house by June 2021. The state government had hoped to construct one lakh new housing units by that time.

"Developers who have given written assurance to complete their pending projects by 31 December 2021 have been given extension from 30 June, 2021 to 31 December, 2021. As part of the Zero Term Policy letters have been issued to give written assurance about completion of incomplete projects by 31 December, 2021,"

The board also approved the authority's annual budget, which has set a target of Rs 5,037 crore in revenue and Rs 4,640 crore for spending for the current fiscal year 2020-21.

The statement said that the expenses include land acquisition, development work, health and repair and maintenance of urban infrastructure, village development, and miscellaneous expenses.

The budget states that the amount for land acquisition has been increased from Rs 600 crore to Rs 1,000 crore and from Rs 106 crore to Rs 125 crore for village development.

The board meeting was chaired by Commissioner of Infrastructure and Industrial Development Alok Tandon and chairman of three different authorities in Gautam Buddh Nagar.

The meeting was attended by Noida Authority CEO Ritu Maheshwari, Greater Noida Authority CEO Narendra Bhooshon and Yamuna Expressway Authority CEO Arun Vir Singh.

It was said in the meeting that a total of 37 agendas were placed during the meeting apart from 15 proposals for board approval. The 198th board meeting was held in April.

Tuesday, August 18, 2020

Haryana starts property registration in rural areas

The Haryana government on August 17 resumed registration of properties and farms in rural areas and started the process of e-appointment for registration of urban properties.

The revenue officials are reviewing the registration process in urban areas before actually registering the property.

Notably, on 22 July, property registration work in the state, whether rural or urban, was halted for software upgrades.

Haryana Deputy Chief Minister Dushyant Chautala, who also has charge of the revenue department, said that details of registries made on August 17 in rural areas are being compiled while software for urban areas is being reviewed and e- Appointments have started.

Amid allegations of scam in property registration without obtaining a No Objection Certificate from the Urban Local Bodies (ULB) or the Town and Country Planning (TCP) Department, the state government had stopped registering all properties. Seven revenue officers from Gurgaon have been placed under suspension, while several officers from both ULB and TCP departments have been placed under investigation in four districts of Gurugram, Faridabad, Sonipat and Jhajjar.

Monday, August 17, 2020

Supreme Court Announce Daughters Have Equal Rights In Father's Property, Even If She Was Born Before Or After 2005

In a landmark judgment, the Supreme Court ruled that even if the father died before the Hindu Succession Act 2005, a daughter would have the same right to receive her share in the property. Justice Arun Mishra ruled that an important legal issue was raised whether the 2005 Act, which gave equal rights to daughters in paternal property, has retrospective effect?

Justice Arun Mishra pronounced the verdict, saying, "Daughters should be given equal rights as sons. A daughter remains a loving daughter throughout her life.

The bench, comprising Justices Arun Mishra, S. Nazeer and M.R. Shah dismissed the contrary remarks made in two cases of Prakash V/S Phoolwati and Mangammal V/S TB Raju.

Sameer Jain, Founder and Managing Partner of PSL Advocates and Solicitors, says, “The Supreme Court has corrected the pre-2005 disparity found in daughters in their progressive decision in Vineeta Sharma v. Rakesh Sharma. The decision with an emphasis is on uneven ground created by its previous conflicting decisions. This essentially means that the Hindu Succession Act 2005, by which daughters were given equal rights in a HUF property, is retrospective in nature i.e. it does not matter that the father was alive on the date of the amendment. Following the widely held earlier position that the daughter can claim rights in the HUF only when her father is alive because the date of the amendment has been terminated. "

He goes on to say, "The issue has also been dealt with in relation to the partition which came into effect in the past and it has been clarified that only those divisions which have been effected by the Meet and the Seema, either by decree Or otherwise remain unaffected. Daughters can claim their rights in all other cases where the partition has not ended. "

The court made the following comments:

1. The provision referred to in section 6 of the Hindu Succession Act, 1956, confers property rights on a daughter born before or after the amendment as a son with the same rights and obligations.

2. Rights can be claimed by a daughter born before 9.9.2005 as provided in Section 6 (1) as to the distribution or separation, partition or testament dispute which occurred before the 20th day of December 2004 Was.

3. Since the father's right to property is from birth, it is not necessary that the father survives till 9.9.2005.

4. The statutory presumption of partition made provisional by section 6 of the Hindu Succession Act, 1956, as originally enacted, did not bring about the actual division or dissolution of the legal right. Daughters should be given an equal share of a son.

5. Verbal segmentation cannot be accepted as a statutory recognized mode of partition.

Nirav Shah, partner, DSK Legal, explains, "Moving forward, families with HUF will need to be very careful whenever they decide to enter a division or family system. The document must clearly state the manner in which the distribution of the family's property is done under division or family arrangement and a daughter must be provided in the same manner as the son and the distribution would have to be done equally."

The court also held that it is clear from the provisions of section 6 that discrimination against the daughter has been overcome, and that she has been provided equal treatment in the case of inheritance in the case of father's property.

This decision paves the way for daughters to claim rights in their father's property before 2005 and treat sons equally.

Friday, August 14, 2020

Choose Independence… Buy Independent House..!

Another year has passed and we are here, celebrating India's Independence Day. While the country is independent, are we really able to pop out of our cocoons and smell freedom? Today, pledge to make yourself independent and take the pledge… buy independent house!

Freedom can mean different things to different people. For some it is away from home, for some it is an option to stay at home, and for some, it is due to a dream home.


Here are some simple ways in which a house, house is your house, makes you truly independent.

Freedom from Zamindars (Landlord) - Renting a house often comes with additional rules. The zamindar keeps the last word. Having your own house will give you the freedom to live as you wish and the desire to conform to your lifestyle. Thus, there is no overarching rule on pets, guests and noise. No more gender bias. No more fuss.  

Your house, your rules!

Freedom from rent - Fixed mortgages give you the freedom to plan your finances in advance. Having your own house will save you from sudden rent increases and financial mess.

Freedom from residence insecurity - Home ownership certainly provides protection in various senses financial security of having property in your name and personal safety of being your own shelter. In addition, the ownership of the house frees you from the fear of receiving an eviction notice without informing you in advance.

Freedom to follow your choice - Your home does not force you to live with the interior decoration you did not choose, the furniture that does not suit your needs and the people with whom you are don't. This is your place, your den, you can decorate it as you wish, live with the people you like and of course, enter and exit as per your choice and custom.

Certainly, having a home pushes you a little more towards being independent, liberated and free. So what did you choose for yourself this Independence Day? I select INDEPENDENCE.

Tuesday, August 11, 2020

How to celebrate Lord Krishna Janmashtami in your apartment?

Invite people and create awareness:

With the introduction of contemporary concepts in many homes, the traditional concept has lost its essence. To maintain this, make sure that you invite all apartment members to the celebration of the event. Also ask them if they have ideas about planning a celebration in the apartment.

Choose a theme for celebration:

A thematic celebration will be one of the best things that can be done during this event. Choose a theme that relates to the festival and you can ask your guests to tailor it accordingly. The venue can also be decorated according to the theme.

The Activity for celebration with Dhai-Handi:

This year the festival is celebrated on 10 August 2012 in different parts of the city. The festival, also known as Dahi-Handi, remembers the fickle part of Krishna. To celebrate this event, you can choose a suitable place of lawn, garden or any other place in your apartment. Make sure the chosen space is spacious enough and should be easy to clean up after the event.

Raas Leela:

To celebrate this activity, you may have a place that is well sheltered and a high area in which the play can be staged prominently. The event is a dramatic episode of Krishna's life and is mostly celebrated in Mathura and Vrindavan. The day is also celebrated in Jammu and is marked with an important aspect of kite flying.

Midnight Kirtan in your apartment:

It is one of the best ways to celebrate the festival in which guests can be invited to your apartment and conduct a midnight kirtan. Guests can dress as per the theme and also lead the singing of Bhajan and Aarti.

Decoration of the place:

To celebrate this festival with pomp, you can decorate your apartment with colorful flowers and balloons. You can also mount postures and pictures of God and his companions. It adds charm to the celebration.

A Bhajan Program:

To enforce the importance of celebration, you can gather all your apartment members and organize a bhajan session. You can also play some famous bhajans and other devotional songs.


Although some of them may consider fasting to be a tiring task, people can make people aware of the positive results of fasting and encourage them to fast. Ensure that a person is appointed to prepare the prasad that will be eaten while breaking the fast. Fasting should be broken only at midnight.

A story to tell the session:

To make more people aware of the importance of the event, you can gather a group and tell them about Lord Krishna and related events.