Hidden facts about Real Estate (Regulation and Development) Act – RERA

The Real Estate (Regulation and Development) Act is fully implemented. The major implications of RERA are summarized below, for the understanding of a person who is not part of the real-estate sector.

Any project up to 500 square meters, and more than 8 units (flats / apartments / personal properties) that are under construction, will have to be registered under RERA.

This means that most, if not all, of the ongoing projects will be officially looked into under RERA.

Every project detail has to be registered. This includes project layout, planning, government approval, land title status, subcontractor of the project and completion schedule with RERA. It has to be presented to the consumer. Each phase of a project will be considered a stand-alone project and will require related permission.

In this way, RERA will be updated with all real estate activity which will help increase transparency and streamline the sector.

Under Section 9 of the Act, all agents and brokers have to register with RERA within three months of the implementation of the Act.

As a result, house buyers will only deal with agents and brokers who are qualified, verified and authorized.

The sale of any project will be on the basis of its original carpet area and not on the super built-up area.

Buyers will get a clear understanding and will be able to make an informed decision when purchasing a property.

Once a particular project is registered and sold, no further changes can be made without the buyer's consent.

This will eliminate the cost of fluctuations after the sale is completed. In addition, it will ensure that projects are delivered on time.

The developers will be liable to pay interest on the amount paid by the buyer if the project takes longer to complete than promised.

This law will ensure that projects are completed and delivered without any delay.

Separate accounts have to be maintained for different projects of the same developer. 70% of the client's money will be used to build related projects.

This will help in regulating the transaction. The customer's money will be used fairly and appropriately for the development of their homes. It will also assist in timely delivery of projects.

In case of any damage, the customer can contact the developer in writing within 5 years of being taken possession.

This will ensure the safety of the customer even after they are assigned to the project.

Under this Act, the Real Estate Appellate Tribunal is constituted. These tribunals will decide on disputes between buyers and developers within a time limit of 60 days.

This will speed up the resolution process.

For the developer who fails to follow the law, the maximum is 3 years without jail / fine.

Therefore, the law will have to be strictly followed for everyone in the industry, making it customer-friendly.

India Prime Minister Announces Rs 20 Lakh Crore Incentive to Combat Corona virus Fallout

Prime Minister Narendra Modi announced a stimulus package of Rs 20 lakh crore to support the economy after the Corona virus crisis on May 12, 2020.

As India planned to enter the fourth phase of lockdown from May 12, 2020, to prevent the number of coronovirus infections, Prime Minister Narendra Modi announced on May 12, 2020, Rs 20 lakh crore to support the economy. Announced an incentive package. Narendra Modi extended the lockdown in India until May 30, with some ridership as Asia's third-largest economy attempts to mitigate the widespread damage caused by the epidemic.

In the coming times, Finance Minister Nirmala Sitharaman will provide details of the mega package, which is one of the world's most important stimulus packages against the epidemic. While Japan has announced a $ 992 billion coronavirus relief package that accounts for more than 21% of its GDP, the $ 2 trillion stimulus package announced by the US serves about 13% of that country's GDP.

India's support measure is likely to focus on tax breaks for small businesses and incentives for domestic manufacturing. Being the second largest employer in the country, real estate can be a major beneficiary of fiscal stimulus, Collier International India said in a statement.

Important is that the new package, which is equivalent to about 10% of India's GDP, includes the first Rs 1.7 lakh crore package announced in March 2020, as well as liquidity measures in various measures initiated by the Reserve Bank and Interest included Rate cut.

Corona virus stimulation package in India

The Center and the Reserve Bank of India (RBI) have announced a slew of measures in the past to support the economy as analysts predict a prolonged national lockdown to counter a corona virus outbreak in India's first-ill. May push economic growth to a three-decade record less.

In India, the number of infections has increased to 81,970, while the number of deaths by May 15, 2020 has risen to 2,649.

After the central government announced a Rs 1.7 lakh crore incentive package to provide direct cash transfers and food security measures to millions of poor people due to the lockdown, RBI announced a 75-basis point shortfall The interest rate, after an emergency meeting through video-conference of its Monetary Policy Committee (MPC) on March 27, 2020, to bring it to 4.40%.

A nationwide lockout that has forced India's 1.3 billion people to live in millions of low-income homes indoors, relying on daily wages to sustain their livelihoods in Asia's third-largest economy, which weakening economic activities in the country is also the weakest and brought many companies to the brink of bankruptcy.

How will corona virus affect the Indian economy?

ICRA states that India's growth fell to a six-year low of 4.7% in October-December 2019 and may decline to 2.4% in January-March 2020. On the other hand, rating agency Moody's projected job losses to accelerate in countries after COVID-19, resulting in widespread loss of income for businesses and individuals.

Important advice for apartment society residents during lockdown

Apartment societies can have anywhere from 5 families to 500 families living in the same society. Keeping so many people safe and protected is no simple task. You need to take some precautions so that no one in your society is threatened. Here's what you need to do now:

Control that enters your society

During lockdown, you are not supposed to leave your house and go out. You should practice strict social removal measures. But, you are allowed to go out when you need essential goods and you are allowed to use delivery services. Therefore, if you find anyone who is going against this order, you can restrict their entry. 

The use of a temperature gun is very important. This is one of the early warning signs of the virus and if you use this gun at points of entry, you can easily stop the spread of this corona virus. The temperature gun needs to be given to all security guards and they need to be trained on how to use it and how to report their findings.

Implement contact less delivery

If you are offering groceries and other essentials, opt for contactless delivery. This means that the delivery person will not be allowed to enter the society. They will be asked to leave the package at the gate, and you will have to collect it yourself. In this way less germ and less risk is brought into the society. You can pick it up whenever you want and cannot afford to come in contact with anyone from outside the society.

Shut down all Building facilities

Facilities such as gyms, children's play areas or parks, swimming pools, and others need to be closed immediately. This is to prevent people from gathering together and encourage social distance. But more importantly, people can be prevented in these facilities to avoid any viruses on the surfaces of the devices. The virus remains active for different periods of time on different surfaces, so no risk should be taken. You can always be fit and exercise at home.

Keep sanitizers at all entry points

When you leave your building and return, be sure to clean your hands before entering. Leave the bottles of sanitizer with the security guard and ask them to make sure that whoever enters the building uses it. It is also a good idea to have a sanitizer by lift so that people use it before and after using the lift.

Keep your employees safe

If you still have employees coming to work, such as security guards and maids, educate them and teach them how to properly wash their hands, maintain social distance, and wear masks during work. Provide them with the right tools so that they are not at risk of getting a virus or spreading the virus.

What are the important precautions need to take care after lockdown?

As we make our way into normal life, there are still things we need to be cautious about. We still need to do our best to stay safe and protect ourselves, as well as the people around us.

We can no longer be careless and as things return to normal, they are far from it. But we cannot stop life; we need to bring back our regular routine, but keeping safety and our health in mind. Here are some precautions you need to do now –

1.  Wear a mask when you are out of the house. Even if it is going for a walk inside your construction society, you should wear a mask.

2.  Avoid social gatherings. It is very enticing to catch all the people you missed during the lockdown, but do not meet in groups. Try to catch as much as possible through a phone call or video call.

3.  Build and carry a safety kit. Like a first aid kit, a safety kit should have basics such as:-

• A face cover - This will help prevent you from touching your face when you exit.
•  Hand Sanitizer - This should be handy when you are going out or otherwise.
•  Hand Soap - If you are going out and have a soap bar in place, it is better to use your own soap.
•  Gloves - This is required when you are touching high contact surfaces such as lift buttons, ATMs etc.
•  Toilet seat sanitizer and tissue paper - If you are using the toilet at work or anywhere, you will need to keep both of these items with you.
•  Tissue - If you have a cold or allergic cough / sneeze, be on the safe side and cover your mouth with a tissue every time you cough. You need to throw the tissue in the bin as soon as possible.

4.  Do not take a shared ride in a cab or auto. Sit on the back seat and place your mask exclusively in the cab.

5.  Try and spend less time on the roads, especially if you do not have your own transport. Talk to your company to find out if you can travel during non-peak hours.

6.  If you are using public transport such as rail, metros and buses, use gloves when you are sitting on the railings and transacting money. Use an e-wallet and pass to avoid touching as much money as possible. If you can't avoid it, use the sanitizer as soon as you do.

7.  Avoid crowded lifts, take the stairs or wait for the next lift. If you are using stairs or escalators, do not touch the railing.

8.  At work, make sure you have tissue on your table and a sanitizer. As you work, wipe your desk, mouse, keyboard, and screen with a sanitizer or alcohol rub.

9.  Make sure that there is enough distance between you and your colleague when you are at your work center. There should be a minimum distance of 6 feet between you and the next person.

10.  If you need to have meetings, try calling them, especially if it is for a group of more than 5 people.

11.  Reduce the amount of paper you use, send documents digitally and have an e-signature. This will cut down on the amount of paper you come in contact with.

12.  If you have your meal at the office, make sure to at least carry your cutlery. Avoid using shared cutlery.

13.  When you return house, wash your hands immediately. If possible, take a shower as soon as you get house.

14.  At house, keep your house clean and hygienic regularly.

15.  When possible, get professionals to visit and consecrate your house, apartment building, and workplace. This needs to be done regularly until the number of cases is zero.

STAY HOME, STAY SAFE, STAY ALIVE