Search This Blog

Wednesday, May 3, 2017

India property developers on notice: Clean up act or go to jail

Under laws that came into force Monday, developers have to use at least 70 percent of sale proceeds to complete residential projects, rather than funnel money to other jobs, and will no longer be allowed to start pre-selling apartments before all building approvals are obtained. Developers who don't comply with the new laws face up to three years in jail. 


The moves are aimed at cleaning up an industry where more than 30 percent of housing projects run at least a year over schedule, and developers are known for corner-cutting tactics such as starting work before all approvals are granted and using sub-standard materials. Developers accused of wrongdoing have seen their shares tumble, even as the main property index has surged this year. 


With thanks : Economic Times : LINK : for detailed news.

RERA: 5 Things You Should Know About India's New Property Rules To Protect Home Buyers

In a relief for home buyers, India has enacted new laws that govern the country's sprawling and overcrowded real estate market with harsh penalties against erring home builders.
Here are 5 things you should know about the new rules.

State-level legislation

While the main real estate act is centralised, individual states will have to ratify their own rules, and will have their own regulatory authorities. However, so far, only 13 states have notified their respective laws to the centre.
Both new building projects and ongoing projects will be subject to the laws, with the exception of certain projects that have already been completed.

Tighter screening of home builders

Home builders including those who have ongoing construction are required to register with their local state regulatory authorities in the next three months, and provide regular updates on the status of the building projects on the regulators' websites.
Builders will be required to deposit 70 per cent of the money they collect from prospective home buyers into an escrow account that will only be used for construction purposes. They will also need to disclose details of exactly when the property will be completed, and how much money they have already collected.
In addition, any new advertising of unsold property for ongoing projects or any major structural changes will need approval from two-thirds of existing occupants or home owners.

No more early bird deals

Home builders can now only advertise property and homes once they have received all the regulatory approvals.
In addition, builders will also have to enter a registered sale agreement if they collect more than 10 per cent of the home value at the time of booking the project.

Penalties for delayed projects

If a builder has delayed a housing project they will now have to either refund the entire amount they have charged, or pay interest on it until the home is delivered to the buyer.
Defaulters will be subject to an interest rate of two percentage points higher than that being offered by the State Bank of India, on the amount already paid.
Home builders that violate the new laws could be imprisoned for up to three years.

Real estate disputes

In case of disputes, instead of going to civil courts, home buyers can now take their complaints in connection to their property projects to special real estate courts that will be set up in each state. This is aimed at speeding up the current redressal process.
with thanks : huffington post : LINK : for detailed news report

Go after owners of benami property, PM tells officials

Prime Minister Narendra Modi on Tuesday reviewed the government’s initiatives against black money and directed revenue officials to speed up action against benami property holders.

At a three-hour meeting two days after the deadline for deposits under the Pradhan Mantri Garib Kalyan Yojna (PMGKY) ended, he discussed further steps against tax evaders. The authorities plan stringent action against tax evaders, given the dismal collection under the second round of PMGKY.

The government has collected just Rs 2,300 crore by way of tax, penalty and surcharge under the second tax compliance window launched after the November 2016 demonetisation. Official sources said Modi wanted quick implementation of e-assessment to minimise human interference. He told officials to find ways to widen the tax base by bringing more people under the tax net.

Post-demonetisation, the revenue department had warned those involved in benami transactions of rigorous imprisonment of up to seven years. Through advertisements in newspapers, it had cautioned that benami properties would be attached and confiscated. It had also attached assets around the country and registered about 250 cases. The properties included agricultural land, bank deposits, apartments and jewellery.



with thanks : Deccan Herald : LINK : for detailed news

Tuesday, March 28, 2017

Tata Tigor Style back - The New World of Style : BloggerPride

After the great Tata Hexa Experience, we again got an invite from the Tata Motors to try our hands on its new sedan – TIGOR, which is to be launched on 29th March. 



The first look of TIGOR was quite impressive. Though its front and sides looked somewhat similar to TIAGO, its rear side looked much better than all of its competitors in this segment. A beautiful car indeed.


The headlight is a smoked type with a black treatment given to it which makes it more impressive. The side profile of the new sedan is again similar to the Tiago but it looks more beautiful than any other car of this segment. 



The slope on its back makes it a top notch sedan and quite beautiful in looks with LED stop lamps and the LED tail lamps. The petrol version has the 15 inch Alloy wheels while the Diesel version has the 14 inch alloy wheels.




Interiors again are very impressive. It has the Automatic climate control system. The infotainment system has been designed by harman, with a five inch touch screen, eight speakers, and with the best of the sound quality in this segment. 



The steering wheel is quite sporty and adjustable, and has the telephony as well the audio controls on it. Seating system of the TIGOR also looked quite comfortable.



It has a boot space of 419 litres. Multi bar links make it easier to remove and keep the baggage while traveling. It has the 1.2 litre Revotron petrol engines with 84 bhp and the 1.05 litre Revotorq Diesel engine with 69 BHP.


We had to start from the Aerocity in Delhi, towards the Heritage Transport museum in Sohna & back but via NH 8, while returning. We were offered both the petrol as well as the Diesel versions. 



Kartik from Chennai was with me and he opted the Petrol version. The journey started and we passed from all kinds of roads that included busy ones, hilly as well the rural. The sedan performed perfectly and Kartik looked quite happy on driving it for the one side journey while I was busy in clicking the pics & videos.



While coming back I was in the driving seat and the beautiful machine that I had was a Diesel version. It was my first feel of TIGOR on the driving seat and truly it was quite impressive. The sedan was quite smooth in driving and truly very comfortable. 


Please view the technical details of TIGOR with beautiful pics, courtesy Tata Motors, in the video being embedded below. Bookings are now open and you can make your booking with any of the Tata Tigor dealers.


Pics courtesy - Tata Motors


with thanks : BloggerPride

Thursday, March 2, 2017

Add your Guest Blog Post / Article on Flourishing Property !

If you wish to add your Guest Blog Post or Article related to the Property / Real Estate, anywhere in India, please feel free to mail us / contact us via contact form. If approved, your Guest Blog Post will be uploaded on the Flourishing Property, absolutely Free of Cost. Our only aim is to generate awareness on the Real Estate sector. You can share Articles, Blog posts, Pics, Vids related to the Real Estate Sector only.  Thanks,

Monday, February 20, 2017

Housing Sales Fall 31%; Launches Dip 40% in December Quarter: Report

Housing Sales Fall 31%; Launches Dip 40% in December Quarter: Report
New Delhi: Housing sales fell by 31 percent while launches dipped 40 percent in eight major cities during the December quarter, over previous three months, due to market uncertainty post-demonetisation, says a report.
The stock of unsold houses however fell marginally by 1 percent to 4,53,592 units in Gurgaon, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru and Chennai from 4,59,067 units in the previous quarter, said PropEquity, a real estate data, research and analytics firm.
"Housing demand crashed across top eight cities in the fourth quarter of 2016 post demonetisation of Rs 500 and Rs 1000 currency notes," it said in a release.
Sales stood at 26,718 units during October-December, down 31 percent from 38,450 units in the previous quarter. Similarly, the launches of new homes dropped to 16,636 units from 27,696 units.
"Housing demand (absorption) across key cities declined by 31 per cent largely on uncertainty post demonetisation which led to very few transactions materialising in both primary and secondary market," the company said.
The launches of homes fell as developers were waiting to gauge the true extent of demonetisation impact on real estate before launching any new projects, it added.
"Real estate sector in India, especially housing is going through a critical transition phase post demonetisation as transaction activity has slowed down considerably," said Samir Jasuja, founder and CEO at PropEquity.
The average prices of unsold units almost remain stagnant at Rs 6,683 per square feet as buyers and sellers delayed their decisions.
"Going ahead, the recent budgetary announcement to grant industry status to affordable housing will surely provide ample push for this segment in India, a key initiative under Housing for All. Developers having projects in the affordable segment will benefit greatly with this announcement," the report said.
with thanks : News18 : LINK