Hyderabadis give priority to ready-to-move-in units!

According to a recent survey titled "Consumer Sentence Survey Hyderabad 2019", about 75 percent of respondents voted for ready-to-move-in properties as the most preferred property type.

With major consolidation in the Indian residential market, developers these days are focusing on completing their previously launched projects rather than launching new ones on a large scale. Thus, healthy ready-to-move-in supply is being seen in metro cities. While this is the case in cities, Hyderabad, interestingly, has seen a significant increase in the number of ready-to-move units for units under construction and newly launched projects in 2020.

According to research by SuGanta Realty Services llp, more than 240 projects with approximately 43,943 units are expected to be ready for occupation in 2020. These projects have been started from the year 2015.

In addition, about 44 percent of the total units commissioned since 2015 have already been completed, while 27 percent are to be completed within 2019. The remaining 29 percent will be ready for occupation 2020 onwards.

Top Micro Markets

Now, if you are planning to hit the Hyderabad realty market, we present for you the top five micro markets that will see maximum ready-to-move-in supply by the end of 2020:-

Gachibowli

Gachibowli, the city's financial capital, has grown by leaps and bounds over the years. The presence of several financial institutions and proximity to IT / ITES companies has made Gachibowli a popular residential destination. In addition, with well-planned layouts, the area boasts of decent social and physical infrastructure.

Patancheru

The way Patancheru has transformed in the last few years, from an industrial area to an upcoming residential hotspot, is nothing short of remarkable. The availability of land at affordable rates coupled with good connectivity to the city's IT hub has catalyzed substantive development in the region.

Kompally

Affordability coupled with easy connectivity to Hitech City and Gachibowli via the Outer Ring Road (ORR) has helped the region climb the realty growth ladder. It is the cheapest in our list of the top five micro markets for ready-to-move in supplies.

Bachupally

There is also cash for proximity to the Bachupally IT Hub, the preferred residence for technicians working in Gachibowli and Hitech City. In addition, the social infrastructure here is developing rapidly

Kukatpally

The proximity of Hitech City, Madhapur and L&T Infocity has given a boost to real estate development in Kukatpally. The highest among the top five micro markets listed here.

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Greater Noida development body launch a housing scheme soon

Greater Noida: Families contemplating moving to the greener parts of Gautam Budh Nagar will soon have more options to choose from. The Greater Noida Industrial Development Authority (GNIDA) announced on Monday that it would launch more than 800 flats to provide 1BHK, 2BHK and 3BHK for home buyers in Sector 12, Eta II and Omicron I.

In the full list, a handful of ready-to-move flats will be available in the G + 3-storey building as well as in 20 storey high-rise towers. The residential allocation plan will be launched next week after the authority's CEO endorses the proper file.

The officer managing the scheme said that the units would be for three sectors – Eta II, Omicron I and Sector 12. The flats are priced between Rs 28.50 lakh and Rs 74.50 lakh, while their size is within 54.29 million meters and 132.95 sqm.

GNIDA first introduced a housing scheme (multi-storey apartment complex) in 2013. Nevertheless, the authority could not obtain buyers as the locality where the project was undertaken. Some flats in the finished buildings were to be brought forward in the forthcoming plans as the buyers were unable to pay the required amount or did not maintain the necessary documents.

The authority had then intended to auction 1,200 such flats before Diwali in 2019. Nevertheless, it did not initiate the scheme because it believed in focusing on developing projects that had previously been sold in the past.

As the apartment projects submerged in previous plans could not take-off due to land acquisition concerns with farmers, the authority granted built flats to buyers who could not be given possession. Assistant General Manager (Property) K K Yadav said: About 350 to 380 flats have been given to genuine buyers. The remaining 880 flats will be put up for sale next week. There has been a lot of development in these areas and many families are living in the surrounding areas.

GNIDA has reviewed the prices of ready-to-move-in flats to meet the current market prices. Originally offered for Rs 39 lakh in 2013, the 2BHK deluxe price has been increased to Rs 48.35 lakh. Apart from this, the price of 3BHK and 1BHK has increased from Rs 69.50 lakh and Rs 23.50 lakh to Rs 74.50 lakh and Rs 28.50 lakh respectively. There will be units to offer 1BHK flats on offer, the official continued.

The flats will be provided for a 90-year lease supporting the draw. The authority will be part of the 816 units approach at its entrance and enthusiast buyers will be offered the possibility to implement online.

Interested buyers will need to accommodate eight options. Nevertheless, a person will be able to choose only the flat on the floor. “The final allocation will be made within the draw of lots. If a person shows interest in only one flat, he will be in a position to ensure allotment without any problem. Flats that are in high demand will be handed over through a draw." 

https://www.suganta.com/properties-for-buy/noida.html

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Nagpur: Proposal to increase up to 60% in building plan clearance fee

The Town Planning Department of NMC has decided to review the improvement and building plan clearance fee up to 60%.

The department's proposal on review of the allegations will be postponed before the Standing Committee's enquiry on 7 January. The civil administration has also submitted 59 other proposals collectively for an estimated Rs 44.75 crores.

The grand alliance was Rs 15,000-75,000 per sq.m. For the creation of the approval program, but the department intends to make up to Rs.2,200, Rs.1 lakh, which is an increase of 40%.

Related rates were also recommended for stocking building materials. The administration has recommended a fee of Rs 24,200 per sq.m. to 75,000 per sq.m. Nevertheless, the rate established by the general body was Rs.15,000 per sq.m. 50,000 per sq.m. as per schedule.

It also aims to improve tree deposits. The department intends to double tree deposits ranging from Rs 500 to Rs 1,000.

In addition, the Town Planning Department has also intended to include unauthorized constructions in rooms to eliminate stairways, pathways, lobbies, elevators, etc. from the carpet area by paying a dividend of 5% of the ready reckoner rate of property. The actual fee is 4%.

Nevertheless, the department has recommended no difference in fees for regularization of unauthorized construction of floors. The proposal called for regularizing floor repos by taking a 4% permanent benefit on building property below 180 sq.m. Areas for all residential, commercial and industrial divisions.

The department's intention is to multiply the fees to compare the sewage network, while providing approval for the construction of any other assets.

It also proposes multiplying the charges of division or amalgamation of assets.

The revised rates proposed under the jurisdiction of Nagpur Improvement Trust would also be appropriate as the state government nominated as the planning authority on August 27, 2019.

Despite the financial situation of NMC being unstable, the Sports Department has volunteered to organize tribal greatness by contributing Rs 30 lakh to the Lake Futala. Additionally, the Social Welfare Department has proposed to maintain the Expo of Women Entrepreneurs at Reshimbagh Maidan from 19 to 26 January and has approved a sanction of Rs 91.78 lakh for this purpose.The Social Welfare Department also recommended allocation of Rs 1.87 crore for 70 unemployed disabled youth to get e-rickshaws.

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Finalizes real estate rules for Delhi by Ministry of Urban Development

The real estate rules implemented in Delhi have been notified on 31 October this year by the Ministry of Housing and Urban Poverty Alleviation for the assemblies of five states without legislatures. However, they provide clarity on certain aspects such as litigation details to be published on the website, provision of quality audits of projects and flexibility in the agreement for sale. 

In relation to the publication of litigation details relating to the promoter on the website, it may be published on the website in relation to the projects being developed or being developed in respect of the lawsuits filed in the last five years by the respective courts. This has been considered because a promoter may not have complete knowledge about the various cases filed at the time of providing such information to the regulatory authorities.

The Delhi Rule also provides for regulatory authorities to audit the quality of third parties of real estate projects registered with them, to ensure the quality of project construction, services etc. in the interest of buyers.

With respect to the terms of the agreement for sale between the buyer and the promoter, flexibility has been proposed to include elements or facilities other than apartments, plots, garages, parking, if necessary. It is provided to address special contingencies related to the nature of the projects or the needs of the buyers.

Under Section 2 (G) of the Real Estate Act, the Ministry of Urban Development has been given the responsibility of framing rules for the National Capital Territory of Delhi.

Real Estate Sector benefits for Budget 2020

The Government of India has made its final presentation about the Union Budget of the session. The Union Budget has received some big news, acknowledging torpidity in the real estate sector that has been struggling with shallow growth over the past few years. The government has made some important disclosures that will provide the necessary ease to the common people. , Including home buyers as well as builders. This is an interesting budget, in which the government has tried to help the industry to control the decline in the real estate industry.

The realty sector that changes key are:

Exemption of TDS

The proposal to reduce GST on homebuyers is very helpful. Under the current Income Tax Act (Sec-194L), a person who is responsible for paying rent, has to deduct TDS on the amount paid if he passes more than Rs 1 lakh 80 thousand during a financial year. The Interim Budget 2019 proposed to increase this exemption limit from Rs 1 lakh 80 thousand to Rs 2,40,000 for a year. This step will be very useful for property owners who rent their property for business as they will receive higher rental income which will doubtless be deducted as tax. The move may entice more investors to buy a second home.

Demonetization rent

According to current regulations, when a person owns several residential homes, they can now choose one of them as "self-occupied" and the other will be seen as renting by default. Prior to this, no one would have to pay any tax on the "self-occupied" property, but the other would be charged the same as the house that was rented.

With this move, the government has tried to increase second home sales by meeting the criteria for genuine self-occupiers who already own a house. For self-occupied second homes, where families are living, consumers do not have to pay any tax on the rental income.

On the other hand, for the real estate industry, where flats / apartments serve as its index, the tax exemption on constitutional rent was proposed to be increased from 1 year to 2 years. This means that builders or developers will not have to pay any outstanding interest on their untax properties for a period of two years, for a period of two years after the completion of the project.

Income tax per year Rs. 5 Lakh

As per the Budget 2019 proposal, salaried employees with an income of up to Rs 5 Lakh per year will be exempted from income tax, and if they avail the 1.5 Lakh exemption available under 6.5 Crore per year, then earning 6.5 Lakh per year. Employees with the same will be exempted. Income Tax Act. However, tax rates have been retained. The proposal to give tax exemption for income up to Rs.5 Lakh will help in increasing the budget of the home buyer and may also provide for the demand of housing.

The new standard deduction limit, which is Rs 40,000 as per last year's budget, has been increased to Rs 50,000.

LTCG discount

Under Section 54 of the IncomeTax Act, the benefit of saving capital gains will increase from an investment in a residential house to a capital gain of up to two crore rupees for a taxpayer in two residential houses and this benefit can be availed only once in a lifetime.

Tax Benefit Expansion on "Housing for All by 2022"

Section 80-IBA was added on 1 April 2017 of the Income Tax Act to allow a 100% deduction on any profits or gains from the business of developing and building. This benefit is proposed to be extended for one year now, that all housing projects to be registered and approved under the Real Estate Regulatory Act by 31 March 2020. The move will force builders to develop more and more affordable housing projects but this tax exemption proposal is directed at setting limits based on the location of the house and the carpet area.

An interest grant on a home loan of 4% will be provided for housing loans up to Rs 9 lakh, with an income of Rs 12 lakh per year and a rebate of 3% on home loans up to Rs 12 lakh for those earning Rs 18 lakh. Last year has already been offered in the interim budget last year to improve housing demand benefiting homebuyers.

The conclusion

Apart from this, the above changes which have a great impact on the real estate sector, other proposals are those that give tax exemption to individual taxpayers whose annual taxable income is Rs 5 lakh and for a salaried employee from Rs 40,000 in standard deduction amount. There will be an increase of up to Rs 50,000 Profitable investors.

RERA Complaint Filing | How can buyers file complaint under RERA?

RERA Complaint Filing | What is RERA?

The Real Estate (Regulation and Development) Act (RERA) seeks to protect the interests of homebuyers and investors in the real estate sector. The RERA Act was notified on 1 May 2016, with some of its clauses notified, while all the remaining sections were notified on 1 May 2017. Under this Act, each state and union territory must notify the rules and regulatory authority for redress of grievances. The Act was formulated to streamline and standardize the unorganized real estate structure in India.

The Real Estate (Regulation and Development) Act, 2016 has been enacted by the government to protect homebuyers against unfair trade practices of housing development and real estate project developers. Developers must obtain all necessary approvals from government bodies before essentially presenting the project to the public.

Developers must display all relevant information on the RERA website of the respective states. In the era before RERA, homebuyers were required to file complaints with the Consumer Disputes Redressal Commission (CDRC), which took longer periods of time to address issues related to possession delays. RERA accelerates the grievance redressal process and removes the wrong builders from the market.

                                                                                                                           
Any person who has invested or has some legal interest in a real estate project can file a complaint with RERA. Under RERA, a buyer can file a complaint of: -

•    Passion delay
•    Wrong advertisement
•    Discrepancy in project registration
•    High advance payment
•    Structural defect
•    Incomplete project description

As per RERA Act, complaints can be lodged under Section-31 against developers, builders, contractors, agents or promoters of the project. Complaints can be lodged with the concerned State Regulatory Authority or the Assistant Officer within the norms prescribed under the RERA Act. It is advisable to seek the help of a lawyer at the time of filing a complaint as well as project document verification to avoid any future hassles.

The state-wise RERA portal has made online complaints for homebuyers hassle free. Filing a complaint under RERA can be given through the following steps:-

State's RERA website- Homebuyer is required to access the state's RERA website and register as a user. On the homepage of the website, the user can click on the "Complaint Registration" tab to file a complaint.

Filling up the complaint form - Once the user lands on the complaint registration form, he needs to fill his details and communication address to receive further communication. Subsequently, the user has to submit the reason for filing the complaint supported with the defendant (developer / builder / promoter / agent) details and supporting documents.

Fee Payment - Once the form is duly filled and verified, the user will have to make a small payment of Rs 1000 (varying from state to state) to further process the complaint. Users can pay online filing fees through various methods of payment.

Confirmation- post fee payment, the user will receive payment notification via message and email. The user can track the status of their complaint on RERA's website.

Chapter 8 of the RERA Act defines penalties, offenses and settlements in case the builder / developer / promoter fails to comply with the RERA rules. Delay in delivery, false advertising, structural defects and non-registration of a project with regulatory authority may impose a builder penalty of up to 10% of the estimated project cost.

In order to claim compensation from the builder, it is required to file a complaint with an officer in the same format as above. However, it should include additional details highlighting the cumulative interest developed for the payment schedule, distribution overrun and distribution overrun. Under the RERA Act, all complaints against builders / developers / promoters must be addressed by the RERA authority within 120 days.

Documents Required for Complaint Filing are:-

•    Sales agreement
•    Conveyance deed
•    Application letter

The RERA Act, which came into force in 2016, only managed to notify regulations and regulatory authority in 12 states and 1 union territory, Delhi, Maharashtra, Madhya Pradesh, Karnataka etc. are some of the states that are pioneers in the implementation process. In addition, 7 states and the remaining 6 union territories have managed to notify regulations in their respective states, but lack a regulatory authority to oversee this. Further, RERA is in progress in essentially the North-Eastern states, in the remaining 9 states except Jammu and Kashmir, where it is not applicable.

Until RERA is fully implemented pan-India, it will not succeed in reviving buyer sentiment in its area of ​​transparency and realty. Once the market is standardized, there will be an array of unsightly and out-of-market opportunities. However, in states where it has been successfully implemented, there has been a surge in demand from developers as buyers are riding sentiment.

Interpretations of the Indian real estate sector from the Union Budget

Below are some of the expectations of the Indian real estate sector from the Union Budget 2017-18:

Encouraging Developers to Build Affordable Housing Projects: The government may announce several new measures to encourage developers to build affordable housing projects to fulfill their "Housing for All by 2022" mission. If "housing for all by 2022" has become a reality, the government will have to provide tremendous incentives for the real estate sector to make homes more affordable and produce much faster to meet overall objectives. Currently, there has been no intervention from the government in terms of land acquisition or land development costs which remain high.If the government can work towards reducing pain for these budget housing segments, more relevant housing units will be built quickly and successfully by private developers. In addition, the government is required to expand the scope of External Commercial Borrowing (ECB) for construction finance for a broad range of housing projects and is not limited to low cost / affordable housing. Tax benefits should be relaxed further for home buyers. For the first time all home loans should be revised to include all home loans up to Rs 3,00,000 including interest and not limited to a value of only Rs 50 lakh. The government has already announced benefits of home loans to low-income people by providing a rebate of up to 4 percent on home loans of 12 lakh taken under the Pradhan Mantri AwasYojana.

                                                                                                 

To grant industry status to the Indian real estate sector: The demand for granting industry status to the Indian real estate sector has been pending for some time. Directly or indirectly, the real estate sector contributes more than 15% of India's GDP. Developers are forced to borrow at high interest rates in the absence of industry status. Due to high borrowing costs and non-availability of funds, construction activities are delayed and hence the cost of houses increases. Once the status of the industry is given to real estate, it will become easier to make affordable housing a dream for all. So far, the affordable housing target is far behind and this can only be achieved if the sector gets industry status which will help drive housing demand in India.

Clarity on GST: While the Goods and Services Tax (GST) tax structure has been announced last year, the clarity of GST as to which tax rate will be applied to the real estate sector is still awaited. This will define the way in which the real estate sector will grow in this financial year. A GST clarification will also be required on the abatement scheme and whether credit for input tax will be allowed if the composition scheme is availed by the developers.

Single window clearance for the real estate sector: Developers have long been demanding for single window clearance to address delays in government approval. If developers are able to get all the necessary approvals on time, then they are able to execute their projects on time and this will also reduce the cost of homes. Therefore, to avoid unnecessary delays in construction and to reduce the cost of homes, single window clearance is required.

Need to increase house rent deduction limit: Salaried individuals receive House Rent Allowance (HRA) as a component of their total salary, and can therefore claim substantial deductions in cases where the salary and its HRA component are high. However, a salaried person or a self-employed person without an HRA component or those making lump sum payment without an HRA component can only claim a maximum deduction of Rs 5,000 a month under Section 80GG. This budget should address this variation in house rent reduction limits.

To make tax slabs and tax reporting easier: Government can focus on easing tax reporting structures. In addition, the benefits of demonetization practice should be extended to the common man through relaxation of tax slabs and offering higher level of exemption. The idea is to reduce the actual tax incidence as well as broaden the scope of tax, with the stated intention of reducing corporate tax.

Apart from the above points, the real estate sector is expecting some more announcements in the Union Budget 2017-18, such as higher tax savings on income tax sups, housing loans and house insurance premiums for first time home buyers and providing clarity on beneficiaries Under the Pradhan Mantri Awas Yojana etc.