Showing posts with label Home Buyers. Show all posts
Showing posts with label Home Buyers. Show all posts

Friday, April 24, 2020

How to protected our society from corona virus (COVID-19)


What is a corona virus or COVID-19? 


Corona virus is a new virus, an unknown disease until its outbreak began in Wuhan, China in December 2019. Corona virus (COVID-19) is 7actually a major virus in which disease can occur to animals or humans, these viruses will spread from person to person. COVID-19 is mainly done through manufactured drops, while the inflamed person coughs, sneezes and speaks. Those droplets are too heavy to hang in the air, they quickly fall to surfaces and floors. Many systemic diseases in humans result from cold and respiratory infections in more extreme cases, including Middle East Respiratory Syndrome (MMERS) and Serious Acute Respiratory Syndrome.

COVID-19 or Corona virus symptoms are:


The first and most frequent symptoms are fever, fatigue, and dry cough. In most cases pain and aches, runny nose, difficulty breathing, nasal congestion, sore throat and others will be infected, but no changes or symptoms develop and do not feel as if they are ill. People who have reached the age of 60 and who have underlying medical issues such as heart problems, diabetes, and high BP are more likely to develop COVID-19 with severe illness.

Are we at risk of COVID-19:


Most people are at risk of catching COVID-19, with diseases spreading too many new places around the world. Governments and health authorities are taking various actions to reduce the spread of COVID-19. Disease Control and Prevention "show evidence that the virus is mostly spread by large, often noticeable drops when someone coughs or sneezes." It recommends protecting ourselves from washing our hands, covering our sneezing and coughing, while maintaining social security. "This shows that all types of buildings are very effective in spreading the disease." With more reported cases of corona virus in India and around the world, it is understandable that people in residential apartment buildings are concerned about protecting themselves from COVID-19. To keep tenants and workers more secure, residential societies should take measures to reduce the spread risk. However, the situation is unpredictable.

Security measures to keep our society safe:


There are some precautions we can take to reduce the risk of spreading COVID-19 among us.
Washing our hands repeatedly and before entering our home, with alcohol-based hand sanitizers or with soap kills viruses that may be on our hands. In your apartment, regularly clean high transport places in normal locations and they should be repeated several times a day. Apartment management and owners are also instructed on places to clean parking lots, elevators, lobbies and corridors, front desks, common restrooms, children's playrooms, lifts, door handles, swimming pools, gyms, health clubs, and delivery areas needed. Items must be picked up and not brought to the apartment in the lobby.

We have to maintain a distance of at least 3 feet from one person to another when a person coughs or sneezes. This helps us avoid spraying small liquid droplets from our mouth and nose which will contain a virus. If we stay too close, we can also breathe in droplets while sneezing, including the COVID-19 virus when a person who coughs or sneezes has the disease.

Avoid often going out for medical necessities such as supermarkets, congested areas, food markets and shopping malls for our daily needs, try using open shops near your society.

Avoid using lifts, COVID-19 virus can remain on copper for 4 hours, surface, doors and plastics for 24 hours and on steel it will remain for 72hours. The best example that has been used in some residential apartments:

In some residential properties in China, toothpicks have already been added to elevators so that people can work with them. Ear buds may be another option.

Some nets were also instructed on how to use ball styling to press the raise button. After pressing the key, the pen will be covered with its cap.

Meanwhile, AI-powered lifts have been spotted online to allow people to send voice commands instead of push lift keys by a Beijing-based company that is developing an artificial intelligence-enabled lift. Wear a mask when suffering from symptoms of COVID-19 or in particular coughing, not caring for those infected with COVID-19. Face masks can be used only once and immediately after applying them in a closed mask.

Apartments often have to be cleaned, if the surfaces of the house are cleaned regularly, all experts suggest that it is first with a cleaner and second with a disinfectant. Please take extra precautions if you have roommates. You can also implement sanitary systems in your apartment, sanitizers in a building such as a building entrance, gym, common area and mailbox, please allow tenants, workers, elevators and guests to use it daily or when it is required. Outside of all garbage cans and plastic garbage cans, dry / wet garbage cans in the lobby should be fastened with one day, no need or need in society to remove tissue removed from the ground.

Avoid sharing things with others, no household items such as cups, blankets, or even bedding are included, we should avoid exchanges, we must ensure that once after use Wash these things thoroughly. If we want to share anything with our apartment's neighbors, try to avoid or wash them before use, while the virus stays on the plastic for 24 hours.

Security checks at the entrance of residential apartments, when all workers and workers know that their jobs are safe and they should stay home if they are ill, society officials must provide favorable instructions for all workers. Sick workers can only transmit resident pathogens. Ask the society management to ensure that all employees follow the same policy. Residents and visitors should be advised to warn property managers when entering society, especially if they believe they have contracted corona virus. It helps other tenants and workers to be vigilant and take proper care.

In the event that residents and visitors feel they have contracted corona viruses, especially if they were using common areas, proper maintenance of the property will also have to be encouraged. It helps every tenant including workers to be aware and take proper care.

We have to avoid touching the eyes, nose and mouth. We may touch the floors or other surfaces of others, which may contain viruses. The contaminated virus can transfer the virus to your mouth, nose and eyes, this virus can enter our body and make us sick. We must ensure that all people living in your society / apartment follow good respiratory hygiene. You can protect yourself and others by following the hygiene rules in your apartment COVID-19.

If we are ill at home and want medical awareness and call in advance, follow the instructions of our local health authority. Not to drive, swimming pools must be closed, using cab lifts or common spaces, lifts and play areas. Now we sit at home and relax, further we soon recover, not only to harm you and others. If possible, use nutritious food and personal products. It will protect itself and prevent the spread of viruses and other infections inside our apartment.

Avoid traveling to such places, especially if you are over 55 years old or have diabetes, heart or lung disease. These people would be more likely to catch COVID-19.

If someone has visited recently, where COVID-19 is spreading. If you start feeling unwell even with mild symptoms, isolate yourself by staying at home.

Can our pets be infected with COVID-19: We know that patients with COVID-19 are infected with the disease, including animals and cats? Some pets may become infected by close contact with infected humans. Further research is needed to determine how the virus can be transmitted by cattle and plants. It is still too early to know whether cats can be included in the broadcast of COVID-19.

Tuesday, April 21, 2020

How Real Estate Affected by COVID-19


COVID-19 affects real estate in the market 

The corona virus scare is infecting people worldwide and affecting the real estate market, as it is spreading rapidly at lightning speed. According to the economist the rate of the economy will decrease as most people have reduced or reduced their income to overcome the current global disease.

Due to the global disease affecting the world, many people are trying to keep away the social disturbances and save their belongings and savings which can come to the rescue in the event of being affected. As per the security measures, the government has implemented mandatory lock-downs, which has led to a slowdown in the economy and a huge gap in the exchange of funds.

Impact on Real Estate: The current situation will affect the economy as it will have serious long-term consequences that can last for months, years or decades and have targeted the market and economy. Currently the real estate is still stalled due to the lockdown as sales and marketing efforts have been halted, with no interaction between buyer and seller. Both customers are thinking twice before trying to exchange money. Even if a buyer does not decide to buy the property or a seller is not selling his property or the investor decides not to invest the money of the property thinking what will happen next in the market, it will hurt the economy. And real estate will decline. As people fear what will happen next due to global illness, there will be less demand from buyers, this will freeze finances and this will have a huge impact in the real estate industry. Construction of projects has been delayed due to travel restrictions. Precautionary measures have also led to a decrease in construction activities.

Real estate mainly relies on project listings, as listings bring in sellers and buyers, it will make money, as long as listings occur, there will be buyers who can put themselves at risk for investment. Since no new inventory is being created on new projects due to the lockdown, there is less advertising on the assets being exposed in the market. Due to the impact of Corona, the global economy has declined and has already impacted the market and businesses in the country which have affected the decline in property prices. The demand for housing is going to be affected as people are trying to save their cash due to salary cuts and may face it if the situation deteriorates, as hiring in the area has been completely halted.

Predictions

According to the survey published by Economic Times, India Bar, on 2 April 2020, there is a huge impact on Indian real estate as it stands still due to the nationwide lock down. Housing sales have been reduced by 25 to 35% and office locations by 13 to 30%. In 2019 residential sales in the top 7 cities (Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Pune and Hyderabad) are about 2.61 lakh units, which can fall from 1.70 lakh to 1.96 lakh units. Similarly, new launches can see a 25 to 30% drop according to ANAROCK Property Consultant. About 4.66 lakh units in the top 7 cities were earlier scheduled for completion in 2020, there may be a risk of delay. The nationwide lockdown has completely halted construction activity, project delays and may last several months until the epidemic arrives and this will cause demand to fall in supply.

Talking about non-residential areas, corporate businessmen are delaying their leasing decisions as many multinationals and businesses are testing the Work from Home option, which, if proven successful, will allow it to be leased in the future.

One positive thing to note is that this is the best time for investors who want to invest in real estate during lock down as it will be a passive income with low investment and high returns, attractive prices for them, Affects sellers financially. Sell ​​your property, good financing options as home loan rates are reduced and use your time in search of better properties.

To conclude how long the corona virus will last, no one knows, if it goes away in two months things may not fully recover or return to normalcy. The spread of the corona virus depends on the weather and how long it lasts, the flu season and it does not like the warm climate that disappears. As it has become a major epidemic and is spreading soon. In the end how long the corona virus will affect the market or economy depends on us and how we are ready to fight against it.

Friday, December 6, 2019

Ministry of Finance (MOF) or SBI authority plan priority positions for real estate under AIF


To strengthen stalled housing projects, SBI and Ministry of Finance plan priority positions for real estate AIF


Government, SBI and LIC contribute Rs 25,000 crore for Alternative Investment Fund to fund the delay in real estate projects. After the completion of the phase, an alternate fund of Rs 25,000 crore to provide funds for the delayed housing projects in phases.

Real estate projects which are in NPA or NCLT can also be funded by an alternative real estate fund of Rs 25,000 crore.

AIF to allow priority loan financing to complete delayed housing projects.


The State Bank of India (SBI) and the Ministry of Finance (MoF) are exploring a legal framework, where the assets of companies receiving funds with suggested Alternative Investment Funds (AIFs) to strengthen delayed housing projects and The first charge will be on cash flow.

It will finance 1,600 delayed housing projects carrying 4,58,000 housing units across the country. This step is to create employment opportunities as well as improve the demand for cement, iron and steel industries.

The government will put Rs 10,000 crore into this Alternative Investment
Fund(AIF) while SBI and LIC will provide Rs 15,000 crore, taking the total size to Rs 25,000 crore.

It aims to relieve stress in key sectors of the economy. The size of the fund will increase as sovereign and pension funds are expected to participate in this AIF. AIF can also be used by projects that are declared non-performing assets or facing insolvency proceedings.

Changes may be made to the Insolvency and Bankruptcy Code, 2016 (IBC) to incorporate the lenders' seniority concept, which is not currently adequately recognized in the Insolvency and Bankruptcy Code (IBC) in its current form. According to sources, the Ministry of Finance (MoF) has referred the matter to the Law Ministry.

SBI, the country's largest lender and its arm, has been instrumental in arranging the SBI Capital Market Fund, and is approaching other banks and financial institutions to participate in AIFs - private joint ventures like venture capital, private equity Regulatory languages ​​and real estate funding for agencies.

By law, a bank may invest up to 10% of the Alternative Investment Fund(AIF) fund.


Therefore, the SBI is maximum Rs. Will be able to invest in 2,500 crore in the fund and asked other institutions to join the suggested Rs. 25,000 crore fund comprising the government Rs. 10,000 crores Rs. Addressing the AIF as a senior status among lenders may make it easier and easier for other banks to invest in it.

Under the scheme, the fund will come back when lending to a company that its seniority should be part of the inter-creditor agreement. If the company fails to recover and is subsequently declared insolvent. In this situation, the COC will have to identify the most senior charge among all lenders. If the company is already facing bankruptcy under the IBC, the COC will have to address the AIF and keep the seniority of the charge.

Currently, the IBC has made a provision for raising interim finance by the resolution professional after requesting approval from the CoC. 



Monday, November 25, 2019

Greater Noida Authority refunded excess money to over 5,500 buyers


Thousands of home buyers who bought a house or plot from the GreaterNoida Industrial Development Authority (GNIDA) are likely to get returns. GNIDA has decided to return the additional money taken from 5,520 home buyers a decade ago. During the internal audit process, it was found that the buyers had deposited additional money to the authority.


These buyers invested in housing schemes or plots launched nearly a decade ago in Greater Noida of Sector-2 and 3, MU-01, XU-01, 02, 03, Omicron-01, 02, 03 and 01 A.

GNIDA has experienced tremendous growth and the authorities have started acquiring land between 2007 and 2008. But an objection from the farmers on the additional compensation postponed the land acquisition process in 2011. More than 450 appeals were filed in the Allahabad High Court, and it gave 64.70% additional compensation. For troubled farmers.

After opposing the low compensation amount paid to them in return for the land acquired by the farmers, GNIDA started demanding additional money. As a result, home buyers, plot owners as well as developers had approached the High Court against GNIDA's decision to charge additional fees.

On 18 September 2019, the High Court noted that GNIDA was unable to describe how it was determining the additional compensation to be asked of the allottees. The High Court empowered to reschedule the compensation of the farmer.

Following the High Court order, GNIDA has issued a notice on 30 September 2019 stating that the charge rates of allottees of plot and built-up area have come down from 1,465 / sq m to 1,287 / sqm. A list of 5,520 buyers who paid an additional amount to the authority. The refund amount to such home buyers ranges from Rs 25 to Rs 1.29 lakh.

According to GNIDA CEO Narendra Bhushan, it was observed that there were some errors in calculation of compensation amount, and these allottees were charged an additional 15% on average. After completing the due process, it will be returned to the bank accounts of the beneficiaries. 


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Monday, November 11, 2019

Haryana RERA calls for residents to create pool in fund to end project


In its first order, the Real Estate Regulatory Authority (RERA) of Panchkula Bench, Haryana, raised funds for a group of residents to complete the project and complete the remaining construction work and relocate to their dream home. Have said.


This is a major relief for home buyers, who were expecting the completion of their flat by 2011, but could not get it because the builder failed to meet the deadline specified to Project Within. According to them, they are ready to pay 15-20% extra, but at least they will get their flats.

The Panchkula Bench of Haryana RERA has suggested them to form an association and be ready to pay extra money if needed. More than 100 residents of Piyush Heights Society of Faridabad have agreed to pool Rs 8 crore to complete the project.


The Society has 16 residential towers and the builder gave possession for only 14 towers. The remaining 2-towers were left unfinished and the buyer had to relocate to RERA as the builder could not give possession on time.

By order of RERA, the builder of Piyush Heights failed to appear in the court hearing despite public notice and in the 6th hearing, a builder spokesperson asked for he postponement. RERA adjourned the respondents. Some of the unsold flats will be sold by the district authority to recover costs.   

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