#real estate act india

[advocatechenoyceil]

Debunking Common Myths about Land Purchase

Debunking Common Myths about Land Purchase

The festive duration is frequently taken into consideration as an auspicious time to spend money on the property. Since shopping for land is a high-cost funding, many customers and buyers turn away from making an investment because of their lack of expertise in the subject. Myths concerning actual property can abate your funding journey. We clean a few not unusual place misconceptions that steer…

[indizombie]

Urban land has become the frontier for capitalist growth in the last three decades. Fueled by a dizzying flow of global and domestic capital, Bengaluru’s real estate sector is one of the most profitable in the country. “Land” comprising of rivulets, marshes, and drains, known as kharab–B [non-cultivable] land in the Karnataka Land Revenue Act 1964, is technically owned by the state. In practice, however, such land is not owned by anyone and is thus claimable by anyone. “No-man’s land” is especially profitable: fill in a parcel of wetland, as so many dump trucks in Bengaluru have been doing on a daily basis, and suddenly you have a saleable piece of property. Such filling-in with debris and concrete obstructs the flow of storm water and the percolation of groundwater, leading to a cascade of environmental harms, as researchers at the Indian Institute of Science have documented.

Malini Ranganathan, ‘Why Bengaluru is not immune to floods: It’s all about land (and money)’, Citizen Matters

[sauravsharma3489]

Women's property rights in India are pivotal for ensuring gender equality and empowering women economically and socially. With legal reforms and initiatives, women now have enhanced access to property ownership and inheritance. These rights enable women to secure assets, contribute to household income, and gain financial independence. Recognizing women's property rights fosters inclusive development and strengthens the nation's economy by unlocking the potential of its female population.

[pulkitvmehta]

RERA-Compliant Projects: How to Ensure Your Real Estate Investment is Secure

Navigating the vast and intricate world of real estate investments can be daunting, especially with the myriad of regulatory changes over the years. Fortunately, the Real Estate (Regulation and Development) Act, or RERA, introduced in 2016, offers a beacon of clarity and assurance. When eyeing a property investment in India, understanding RERA compliance becomes paramount. Here’s how you can ensure your investment remains secure.

1. Dive into Registered Projects (Section 3): Before anything else, always ensure the project you’re considering is registered under RERA. Developers must register their projects with the concerned RERA authority. By opting for registered ventures, you’re not just following the law but also securing an additional layer of authenticity for your investment.

2. Demand Detailed Project Information (Section 4): RERA mandates developers to be transparent. They must provide comprehensive details, from project blueprints to timelines. Before investing, insist on a full disclosure. It helps you gauge the credibility and commitment of the developer.

3. Look for the Escrow Account Assurance (Section 4(2)(l)(D)): One of the standout features of RERA is the requirement for developers to transfer 70% of all project funds into an escrow account. This account ensures that your money is utilized specifically for the project you’ve invested in, safeguarding against potential financial mismanagement.

4. Understand the Five-Year Warranty (Section 14(3)): RERA has bolstered buyer confidence with its provision that holds developers accountable for structural or workmanship defects for up to five years post-possession. When considering a project, inquire about this warranty. It’s a testament to the quality assurance the developer offers.

5. Beware of Advance Payment Excesses (Section 13): Ensure you’re not paying unduly hefty amounts upfront. As per RERA, builders can only demand 10% of the total property cost as an advance prior to the signing of a sale agreement. This provision safeguards your finances, ensuring you don’t overcommit before property agreements crystallize.

6. Know Your Redressal Rights (Section 31): Being aware of your rights is paramount. Should disagreements or disputes arise, RERA offers both buyers and developers an avenue to approach the Real Estate Regulatory Authority for resolution. Familiarise yourself with this mechanism to ensure any future hiccups can be addressed promptly.

7. Consistently Check RERA’s Online Platform: RERA mandates that all details of registered projects be available on its official online platform. Before any investment decision, a routine check of this platform can offer insights into project legitimacy, past developer defaults, or any ongoing disputes.

Conclusion: In the complex tapestry of real estate investments, RERA emerges as a reliable touchstone. For potential buyers, understanding RERA’s provisions isn’t just about legal compliance but also about ensuring the investment is secure, transparent, and holds long-term value.

[sanjanagoyal]

Everything You Must Know About MahaRERA - Maharashtra RERA Act

Introduction 

The 2017 Maharashtra Real Estate (Regulation and Development Act) (Registration of Real Estate Projects, Registration of Real Estate Agents, Rates of Interest, and Disclosures on Website) Rules are a set of regulations for the real estate industry in the state of Maharashtra through the Maharashtra Real Estate Regulatory Authority (from now on referred to as "MahaRERA") have the following objectives:

● Registration of real estate agents and projects

● The selling apartments, plots, and structures should be transparent.

● Customers, allottees, brokers, and promoters participating in real estate transactions should all be protected

How do I register under MahaRERA? 

The exact steps for registering on the MahaRERA website are listed below:

Go to the website at https://maharera.mahaonline.gov.in/.

Under the Login button, click the New Registration option.

Choose your user type in the newly opened window. You have a choice of the Real estate agent, promoter, and Complainant

Fill out the essential fields.

Check the validity of your email address to enable account login.

Send in the necessary paperwork by your choice.

What is the procedure for MahaRERA Project Search? 

You must take the specific actions described below if you are looking for the MahaRERA project online.

Step 1: Go to https://maharera.mahaonline.gov.in/, the official website of  Maharashtra RERA.. Click on MahaRERA login.

Step 2: Select the "Registration" tab from the main page.

Step 3: From the dropdown menu, choose "Registered Projects." You will be sent to a different page.

Step 4: Under "Search Project Detail," enter the "Project Name," "Promoter Name," and "MahaRERA Project or Agent Registration Number."

Step 5: Select the search icon. On the screen, the information will show up.

How to know which MahaRERA-registered projects have expired?

MahaRERA frequently publishes details regarding abandoned or abandoned real estate projects. These projects are essentially those that were initially registered but whose registrations lapsed for various reasons, including non-renewal. Any apartment, building, or land in the project (as applicable) cannot be advertised, reserved, sold, or made available for sale by the project's promoter.

To find out which projects have expired, take the following actions:

● Go to the MahaRERA website at MahaRERA.mahaonline.gov.in.

● Go to the "Lapsed Projects" link under the "Registration" page. The list of abandoned projects is shown in a sequential sequence.

 Related Article Stamp Duties and Registration Charges in Maharashtra

Key Responsibilities and Functions of MahaRERA

The following are the duties and functions of the MahaRERA Authority:

requesting information from any promoter, allottee, or estate agent;

To go through the promoter's or agent's financial records, books of business, and finances.

Must be endowed with all the institutions and authority of a civil court as defined by the Code of Civil Procedure, 1908;

To appoint temporary orders prohibiting Promoters, Allottees, and Agents from taking part in any unlawful act;

To impose a fine on any Builder or Agent who disobeys the rules of the Act;

To note a circumstance or issue to the Indian Competition Commission. The tenure issue is related to a specific monopolistic situation that has affected the interests of allottees.

If an error appears on the promotional record, modify or correct any order within two years

Thank you

[talia-khalid]

Stamp duty

Whenever a property changes hands (i.e. when the seller transfers the property to the buyer) the government assesses stamp duty.

As a percentage of the total transaction value, it is usually depicted as a percentage. Stamp duty varies from state to state. In Uttarakhand, stamp duty for males is 5% and for females is 3.7%.

[fatehbaz]

Most books on the Bengal delta begin by describing it as “riverine,” [...] the land is the product of fluvial action [...]. [I]n thinking about Bengal, one tends to imagine the ricepaddy fields [...]. It was not so all the time; Bengal was never really a land of farming [...]. Traveling through Bengal in the eighteenth century, the French traveler Orme saw a highly sophisticated water-based economy - the blessing of rivers - irrigated [...] by the monsoon rains and annual flooding. [...] The rivers were not just channels of water; they carried a thriving trade, transporting people and goods from one part of the delta to another. Today, Bengal is generally seen as comprising lush green rice paddies [...]. Rivers are often presented as causing immense grief [through seasonal flooding] [...]. Clearly, there is a mismatch here. [...] How (and when) did Bengal’s social milieu transform from water-based to land-based? [...] Bengal’s essential character as a fluid landscape was changed during the colonial times through legal interventions that were aimed at stabilizing lands and waters, at creating permanent boundaries between them, and at privileging land over water, in a land of shifting river courses, inundated irrigation, and river-based life.

Such a separation of land and water was made possible not just by physical constructions but first and foremost by engineering a legal framework that gradually entered the popular vocabulary. [...] BADA, which stands for the Bengal Alluvion and Diluvion Act, [was] a law passed by the colonial British rulers in 1825, following the Permanent Settlement of 1793. [...] The environment of Bengal can be described as hybrid, where the demarcation between land and water is neither well-defined nor permanent. Nature here represents a borderless world, or at best one in which borders are not fixed lines on the ground demarcating a territory, but are negotiated spaces or zones. Such “[...] spaces” comprise “not [only] lines of separation but zones of interaction…transformation, transgression, and possibility” (Howitt 2001, 240).

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Current boundaries of land and water are as much products of history as nature and the colonial rule of Bengal played a key role in changing the ideas and valuations of both. [...] The debate on what constituted productive and unproductive uses of land preceded the application of English property law not only to establish permanent zamindari (a common term for the system of landlordism) settlement of land tenure in India, but also to valorize land in what had essentially been a land-water hybrid environment. The colonial land revenue system, by seeing land as more productive (being able to yield revenue) and useful, began the long historical process of branding the rivers of Bengal as uncivil and in need of control. [...] The problem with deltaic land is its non-permanent nature, as silt is stored by rivers: rivers do not always flow along a certain route [...] The laws that the colonial British brought to Bengal, however, were founded upon the thinking of land as being fixed in place. [...]

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Experiments to fine-tune the land-based economy began in 1760 when Bengal, and its ceded territories, came under the East India Company rule. [...] To entrench the system, the Permanent Settlement of 1793 created zamindars (or landlords) “in perpetuity” - meaning for good. The system was aimed at reducing the complexities of revenue collection due to erratically shifting lands and unpredictable harvests in a monsoon-dependent area [...]. Alarmed at the possibility of dismemberment of their estates, the zamindars decided to bind tenants to the same conditions to which they themselves were bound by the colonial government, and one of their actions was to create patni tenures or perpetual leases. [...]

It also meant that the right to collect rent from the tenants, often through the use of force, devolved to the lower layers, making the upper-layer zamindars more of a juridical rather than a real social entity in the eyes of the peasants. The patnidars, finding how much trouble this arrangement took off their own back, created dar-patnis or patnis of the second degree [...]. The dar-patnis created se-patnis or patnis of the third degree. The East India Company, therefore, had to legalize, through Regulation VIII of 1819, the creation of such formations, thus giving a de jure recognition post facto [...].

The regulation, although innocuous and simple, was of great historical potency: it became the key that unlocked the door to environmental and socio-economic changes of unparalleled magnitude. From a riverine community, within a hundred years, Bengal was transformed into a land-based community. [...]

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The meaning of property also changed as a result of this law: the cultivators began to lose the right to occupy the land that they had enjoyed since ancient times because the colonial British had enumerated the characteristics of the zamindari property as an absolute right of proprietorship in the soil [...].

[T]he Company then began to contemplate the problematic issue of legalizing the fictional entities of chars [...]. The law that was created for this purpose -- and still rules the rights of ownership of charlands -- is the Bengal Alluvion and Diluvion Regulation Act (BADA) of 1825. [...] BADA was meant to establish a set of rules to guide the courts to determine the claims to land “gained by alluvion” or accretion, and the resurfaced land previously lost by diluvion or erosion. Even if one takes it for granted that chars are technically non-land in the sense that they exist within river banks, the difficulty remains that when a piece of land is lost to bank erosion, it may not arise in exactly the same location or arise at all within the foreseeable future. This means the owner has no certainty that they will get it back when it resurfaces or when another char rises nearby. [...] Thus, the key to establishing land rights in the court of law remained the payment of rent, even on diluviated land. [...] Such a rule will, however, not be applicable if a river suddenly changes its course and separates a considerable piece of land from one to join it with another farm, but without destroying the identity of the land so removed -- thus preventing legal recognition. New accretions in large navigable rivers would be the property of the state [...].

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All text above by: Kuntala Lahiri-Dutt. “Commodified Land, Dangerous Water: Colonial Perceptions of Riverine Bengal.” In: “Asian Environments: Connections across Borders, Landscapes, and Times.” Edited by Ursula Munster, Shiho Satsuka, and Gunnel Cederlof. RCC Perspectives, no. 3, 17-22. 2014. [Bold emphasis and some paragraph breaks/contractions added by me.]

[kingskingsblog]

MahaRERA 2024: All About Maharashtra RERA Website In Detail

March 20, 2024: The Maharashtra Real Estate Regulatory Authority (MahaRERA) is proposing a new system requiring developers in Mumbai to maintain three separate bank accounts for each project, aimed at enhancing oversight of project funds and safeguarding buyer interests.

These accounts include a Collection Account for all payments from buyers, a Separate Account for 70 per cent of collected funds designated for specific project expenses, and a Transaction Account for the remaining 30 per cent for other project-related costs.https://www.youtube.com/embed/XvXOcgVvPQ8?autoplay=1&mute=1&rel=0

MahaRERA emphasises that this system will bolster transparency, financial discipline, and security of funds, inviting public input until April 15th, 2024. The proposed benefits for homebuyers include increased fund security, improved transparency, and streamlined dispute resolution, marking a significant stride towards consumer protection and trust-building in Mumbai's real estate sector.

March 2024: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced plans to introduce a grading system for real estate projects, aimed at empowering homebuyers and enhancing transparency in the sector. Scheduled to commence between October 2023 and March 2024, the grading process will evaluate projects based on criteria such as project overview, technical snapshot, financial details, and legal status. 

MahaRERA To Launch Project Grading System To Enhance Homebuying Experience

MahaRERA's project grading system aims to empower homebuyers with transparent insights into real estate projects The Maharashtra Real Estate Regulatory Authority (MahaRERA) had suggested last year, a project grading system in order to help homebuyers make an informed decision. That plan may soon see the light of the day, as MahaRERA is expec...

The first round of grading results is expected in April 2024, with subsequent updates biannually. Additionally, MahaRERA has revoked the licenses of over 13,785 real estate agents who failed to renew their registrations, emphasising the need for compliance with regulations. 

The grading system seeks to enable informed decision-making for homebuyers by considering factors like financial risk, legal complexities, technical feasibility, and timely completion prospects, drawing inspiration from successful models in other countries. 

MahaRERA has actively solicited public feedback to refine the grading framework, reflecting a collaborative approach.

Jan 2024: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has implemented a new policy mandating a 'one stand-alone project, one MahaRERA number' approach to prevent developers from obtaining multiple registration numbers for the same project. Effective immediately, developers must submit a declaration confirming the absence of existing registrations or pending applications for the project site. This initiative aims to address challenges related to project completion and streamline the registration process, enhancing transparency and accountability in the real estate sector. 

Introduction

In the realm of real estate regulation in India, Maharashtra stands out for establishing the Maharashtra Real Estate Regulatory Authority (MahaRERA). This regulatory body, formed under the Real Estate (Regulation and Development) Act, 2016 (RERA), has brought about substantial changes in the state's real estate sector. In this article, we explore MahaRERA's functions, its influence, and the extensive online platform it provides via the Maharashtra  RERA website.

[samarthcapital]

How Can NRIs Invest in India With NRI Services?

Non-resident Indians (NRIs) hold a unique position in the Indian economy. They are not only a valuable source of foreign exchange, but also a potential force driving the country's growth story. Navigating investments in India can be a bit confusing for NRIs. Understanding where and how to invest amidst regulations, tax implications, and diverse options can feel tricky, which is why, NRIs willing to invest in India can rely on NRI services, which make investing easier as per the rules set by RBI and SEBI under the Foreign Exchange Management Act (FEMA).

Where Can NRIs Invest in India?

NRI services encompass a range of financial solutions tailored specifically for non-resident Indians seeking to invest, manage their wealth, and connect with their homeland. It is vital to understand where NRIs can invest in India.

Equities

NRIs can invest directly in Indian stocks through the Portfolio Investment Scheme (PIS) by the Reserve Bank of India (RBI).

Mutual Funds

Investing in Mutual Funds offers various choices like Equity, Balanced, Bond, and Liquid Funds. Unlike direct equities, NRIs investing in Mutual Funds do not require PIS permissions from RBI. However, some restrictions may apply to NRIs from the US and Canada due to reporting regulations.

Government Securities

NRIs can invest in government securities on NRE and NRO basis, each with different tax implications based on the type of investment.

Fixed Deposits

Investment opportunities in fixed deposits are available for NRIs through Banks or Non-Banking Financial Companies (NBFCs), each with its tax implications based on the NRE (Non-Resident External) or NRO (Non-Resident Ordinary) basis. NRIs can also invest in Foreign Currency Non-Resident (FCNR) fixed deposits.

Real Estate

NRIs can invest in real estate except for certain property types like agricultural land, farmland, or plantations.

National Pension Scheme (NPS)

NPS, a retirement savings plan, offers tax benefits. Contributions can be made from NRE or NRO accounts, but the pension must be received in India.

Portfolio Investment Scheme (PIS)

PIS allows NRIs to trade in shares and debentures through a designated bank account. It helps regulate NRI holdings in Indian companies, preventing breaches of set limits.

How Experts Simplify NRI Services?

Experts like Samarth Capital simplify the investment process by providing guidance, ensuring NRIs make informed decisions aligned with their goals. Here’s how they make investing easy for NRIs.

Helping open NRE / NRO savings and PIS bank accounts.

Setting up brokerage and demat accounts for trade.

Monitoring your portfolio regularly.

Engaging tax consultants for compliance.

Understanding Taxes and Rules

For NRIs, it's crucial to understand tax implications in India and their country of residence. Compliance with the Double Tax Avoidance Agreement (DTAA) and filing taxes in India if taxable income exceeds the exemption limit is important.

Wrapping Up

Investing in India as an NRI offers diverse opportunities. With guidance and a grasp of regulations, NRIs can navigate this landscape effectively and make the most of available avenues. Samarth Capital, not only facilitates NRI investments but also helps foreigners invest in India with FPI services. So, whether you're an NRI or a foreigner, investment in India isn't a far-fetched dream anymore.

[nestaway1]

Nestaway Good: The Benefits of Choosing Nestaway for Rentals

Nestaway, a le­ading company in the Indian rental housing market, has built a strong reputation as a reliable and trustworthy platform for both tenants and landlords. In this blog post, we will explore why rente­rs highly prefer Nestaway. We will examine factors such as positive Nestaway re­views and ratings, as well as its wide­ presence in major citie­s across India.

A Reliable Platform

Nestaway, a Bangalore­-based company, has become known as a re­liable and innovative platform in the re­ntal home industry. The platform has gained popularity by effectively addressing the­ common challenges associated with re­nting homes. With its commitment to providing hassle-fre­e rental experiences, Nestaway has established itself as a trusted and de­pendable option for rente­rs.

Nestaway Reviews and Ratings

The positive Nestaway ratings the company has received from both tenants and landlords are one of the key features of its success. The platform frequently receives Nestaway good reviews from users for its user-friendly interface, open business practices, and professional customer service. These positive reviews and stellar ratings demonstrate the company’s commitment to client satisfaction.

Expansion Across India

The success of Nestaway is not limited to a single city but spread across major Indian cities, including Bangalore, Gurgaon, Delhi, Noida, Hyderabad, Pune, and Mumbai. Due to its extensive reach and ability to serve a huge section of India's urban population, more people are now opting for its service.

Role in Solving Rental Challenges:

In India, renting a property can be a difficult undertaking filled with complications and uncertainties. These issues have been solved by the Nestaway reliable platform with innovative solutions that are beneficial to both tenants and landlords.

Furnished Homes: The company offers furnished homes, saving tenants the expense of purchasing furniture and appliances. Students and young professionals in particular find this convenience to be interesting.

Verified Listings: The company guarantees that all properties listed adhere to a set of high standards. This verification process provides assurance to the tenants that they are making a reliable selection.

Defined Pricing: The company uses a defined pricing approach, so tenants can compare rental prices for various residences with ease. Tenants benefit from this transparency by making informed decisions.

Technology-led Platform: The company uses technology to speed up the renting procedure. Through the app, tenants can book a rental online, pay their rent digitally, and request maintenance assistance.

Reliability for Landlords

Nestaway also offers several advantages to landlords:

Guaranteed Rent: Nestaway ensures landlords a certain rental revenue, even if the property is vacant for a period. The stability of their finances acts as a strong stimulus for property owners.

Expert Property Management: The Nestaway good platform relieves landlords of their responsibilities by taking care of maintenance and tenant-related issues and other property management tasks.

Wide Tenant Base: Due to the company’s wide user base, landlords have access to a greater pool of potential tenants, which shortens the time it takes to discover tenants who are a good fit for their homes.

Nestaway's Success Story

The amount of experience the company has in the Indian rental house sector is incredible. Another indication of the platform's effectiveness is that more potent real estate businesses have acquired it. This Nestaway's acquisition, also referred to as Nestaway sold indicates its market acceptability and confidence.

Conclusion

In conclusion, the Nestaway platform distinguishes itself as a trustworthy and reliable marketplace for individuals looking for rental properties in India. Due to its consistently excellent quality checks, high ratings, and widespread availability throughout major cities, it is a well-liked option for both tenants and landlords. The company has effectively handled the challenges associated with renting a house in India by providing innovative solutions and making sure that everyone involved has a hassle-free experience. Whether you're a renter searching for a furnished home or a landlord looking for a hassle-free rental income, the Nestaway platform is worth considering for all your rental housing needs. 

[advocatechenoyceil]

Understanding Basics of West Bengal Municipal Building Rules & Regulations

Understanding Basics of West Bengal Municipal Building Rules & Regulations

West Bengal Municipal Building Rules (WBM Building Rules) are a set of guidelines that every construction project in the state must adhere to. The aim of these rules is to ensure safe, healthy and aesthetically pleasing buildings that serve the needs of the community. These rules came into effect in 2007, and since then, they have played a crucial role in shaping the urban landscape of the…

[atwodigi]

The Benefits of Blogging for Real Estate Agents

In the ever-evolving world of actual estate, wherein competition is fierce and innovation is prime, actual property dealers are continuously seeking effective techniques to face out and connect with capable customers. One such strategy that has won significant momentum in current years is blogging. In this complete manual, we delve into the myriad benefits that running a blog brings to real property dealers, and why it's not just a fashion, but a powerful device that could propel your actual property enterprise to new heights.

A2 Digital is the best SEO & digital marketing agency in India. Visit our website and grow your business digitally.

Establishing Authority and Expertise In the virtual age, credibility is paramount. A well-maintained blog permits real property dealers to show off their in-intensity expertise of the industry, nearby marketplace trends, and the intricacies of belongings transactions. By continuously sharing treasured insights, suggestions, and recommendations, you function as an expert in the field. This, in turn, instills trust in capability customers, who are much more likely to pick out an agent they perceive as knowledgeable and skilled.

Enhancing Online Visibility and Reach Blogging is a cornerstone of search engine optimization (SEO), and a properly-optimized weblog can extensively increase your online visibility. By strategically incorporating applicable key phrases and phrases on your blog posts, you boom the probability of acting in organic search effects while capacity clients search for real estate statistics. With this accelerated attain method your blog will become a magnet for organic visitors, driving visitors who're actively in search of your offerings.

Building a Stronger Connection with Clients Blogging offers a unique platform for real estate retailers to hook up with their target audience on a private degree. Through informative and attractive content, you have the opportunity to cope with common questions, concerns, and misconceptions that capability clients may additionally have. This now not simplest establishes your relatability but additionally showcases your commitment to supporting customers to make knowledgeable choices. By fostering this connection, you are more likely to transform visitors into loyal customers.

Showcasing Property Listings Effectively While conventional list structures have their area, a blog affords an additional street to showcase your house listings in a greater dynamic and charming way. Each asset could have its very own devoted weblog published, complete with incredible pictures, distinct descriptions, or even virtual tours. This technique not simplest units you apart from competitors but additionally permits capability buyers to get a complete view of belongings, increasing the probabilities of inquiries and showings.

In conclusion, running a blog isn't just a passing fashion for actual estate marketers; it is a strategic device with a large number of benefits. From setting up authority and building connections to improving online visibility and standing out in an aggressive marketplace, a properly-finished blog can transform your real property commercial enterprise. So, take the soar, begin running a blog, and unlock the full capacity that this powerful device has to offer.

[estateexpo]

Introduction:

In the dynamic landscape of Gujarat's real estate, staying updated on the latest news, regulations, and trends is crucial for both investors and enthusiasts. Welcome to TheEstateExpo, your reliable source for comprehensive real estate news in Ahmedabad and beyond. Let's delve into the Gujarat RERA, real estate expos, regulations, and the vibrant property scene in Gujarat, India.

1.Real Estate News Ahmedabad:

Stay ahead of the curve with TheEstateExpo's real-time updates on real estate news in Ahmedabad. Our platform is your go-to source for the latest developments, market trends, and investment opportunities shaping the real estate landscape in this thriving city.

2.Real Estate Ahmedabad News:

Explore a diverse range of real estate Ahmedabad news with TheEstateExpo. From project launches to market analyses, we bring you a comprehensive overview of the real estate scene in Ahmedabad, ensuring you are well-informed for your property decisions.

3.Gujarat RERA:

Navigate the regulatory landscape with insights into Gujarat RERA, a pivotal aspect of real estate governance. TheEstateExpo sheds light on the Gujarat Real Estate Regulation Act, providing clarity on compliance, regulations, and its impact on the real estate sector.

4.Real Estate Expo:

Immerse yourself in the world of real estate expos through TheEstateExpo. Discover upcoming events, highlights, and key takeaways from real estate exhibitions that showcase the best and latest offerings in Gujarat's property market.

5.Gujarat Real Estate Rules 2016:

Delve into the specifics of Gujarat Real Estate Rules 2016 with TheEstateExpo's detailed insights. Understand the nuances of these rules, their implications, and how they shape the real estate environment in Gujarat.

6.Gujarat Real Estate Regulation Act:

Stay abreast of the Gujarat Real Estate Regulation Act, its amendments, and its impact on developers and homebuyers alike. TheEstateExpo provides a comprehensive guide to understanding the intricacies of this crucial regulation.

7. The Property:

Explore "The Property" section on TheEstateExpo, dedicated to showcasing noteworthy real estate offerings in Gujarat. From residential developments to commercial spaces, this section serves as your curated guide to the finest properties in the region.

8.Gujarat Real Estate:

Discover the diversity and potential of Gujarat real estate with TheEstateExpo. Our platform brings you detailed insights into market trends, investment hotspots, and the overall landscape of real estate in Gujarat, India.

In Conclusion:

As you navigate the dynamic world of Gujarat real estate, let TheEstateExpo be your trusted companion. From real estate news in Ahmedabad to Gujarat RERA, real estate expos, and the latest property trends, our platform is designed to keep you informed and empowered. Stay tuned for regular updates and expert insights, and let TheEstateExpo guide you on your real estate journey in Gujarat.

[cabkgoyal]

Violation of Bank Account Rules by Real Estate Projects

Regulator Finds Real Estate Projects in Violation of Bank/c Rules

An investigation undertaken by some people and regulator has found that many projects have violated the rules by linking their bank accounts to more than one project. The Real Estate (Regulation & Development) Act, 2016, makes it mandatory to have a single bank account for the project under one registration number. This is aimed at the proper completion of the registered housing projects without any diversion of funds.

As per the Real Estate Act, the developer is required to maintain only one bank account with one RERA registration number. The funds received in the respective project need to be maintained in this account and used for the work of that project only. It is not allowed to be used for any other project or purpose as such a diversion may have an adverse effect on the project. The developer is also required to maintain 70% of the money received from the registration of that project in this account. The developer cannot withdraw money from this account in an arbitrary manner.

While working on the project, withdrawal from this account at each stage is not allowed without certification with regard to construction updates and required funds.

The Real Estate (Regulation & Development) Act was introduced by the Government of India in the year 2016 to safeguard the interest of the investors and buyers as the cases such as non-delivery of possession in a timely manner, not developing the project in accordance with the original plan, construction not in accordance with the bylaws of the local body. As the land is a state subject under the state list hence every state started adopting and implementing the relevant act in their states. In Delhi, Delhi RERA Act and Authority got established under which one cannot withdraw money from the money received until and unless it obtains a certificate in the form of R1 from Architect, R2 from Engineer and R3 from a Practicing Chartered Accountant. In Delhi, not only big CA in Delhi or Top CA in Delhi but young practicing CA in Delhi having expertise of the RERA Law and basic understanding about the project life cycle are also helping the projects as well as RERA authorities to comply with the provisions of the act leading to safeguard of the interests of the homebuyers/ investors as well.

[silagroup3]

Decoding the Real Estate Approval Process in India - SILA

Being a diverse country, the list of approvals required for a real estate development project in India may vary slightly in different states and cities within each state. The various real-estate approvals necessary can be summarized into three broad categories: Pre-Construction, Construction and Post-Construction approvals. However, the residential & commercial real estate industry in India has gone through a comprehensive overhaul with the establishment of the Real Estate Regulatory Authority (RERA) and the subsequent RERA Act passed in 2016. Let us delve deeper into these approval processes, the latest initiatives taken by the Government and future trends that are re-defining the sector at large

Pre-Construction approval processes for a Real Estate project

Every real estate project needs a slew of mandatory approvals for the commencement of any work without which the project will be deemed illegal. A developer must firstly obtain a Non-agricultural order (NA Order) that ascertains that the land is intended for commercial use and must include key identifiers such as survey numbers, land area and boundaries of the project. This is then followed with a detailed survey map of the land being developed and contains a clear demarcation of various survey numbers. These survey maps are maintained by the local authorities and has huge importance since it is attached to a vast majority of the legal documents pertaining to the project.

Following the above processes, the architect then prepares a Master Plan or Layout Approval of the real estate project in accordance with the development rules and regulations unique to the project’s location which is then submitted by the developer to the development authority for approval. Post-approval, the developer proceeds to create detailed Building plans that details the structures to be built on the site and is further shared for regulatory approvals. Finally, a commencement certificate (CC) is issued to the developer permitting the start of construction work once other relevant approvals such as the Consent to Establish from Pollution Control Board and various NOCs from the water,fire, sewage and electricity departments are in place.

Construction & Post-Construction Approvals

Construction stage approvals are mostly related to compliance with approved plans and in some cases may require revisions to the building plans based on consultation with the local governing authority. In the event of any changes, the developer is obliged to make the required alterations and re-submit all plan for further ratification by the authority.

Once a project is completed, authorities conduct a final inspection and issue final certificates that certify the project’s completion in accordance with the granted approvals. At this stage, developers usually cross-reference the various NOCs issued during the pre-construction stage and are then granted a Completion certificate which certifies that the project has been executed in accordance with the approved plans. Post this, an Occupancy certificate is issued by the development authority that signals that the project is fit and safe for human occupation.

Initiatives taken to fast track the approval process & the role of digitization in bringing about transparency

The establishment of the various RERA bodies across all states in the country has brought about a transformational change in how business is conducted in the fast-growing real estate sector. By making it compulsory to register every new Real Estate Development project under the RERA unit in the state, development authorities have greater visibility of the project details and can monitor progress against the approved building plans. Developers on their part must conform to a list of well-defined guidelines laid down by the Real Estate Act, 2016 and are experiencing faster turnaround time for the various approvals. Other tangible benefits arising out of the implementation of RERA include developers informing buyers of any minor alteration to the building plan, sharing information regarding the project plan, timely completion of the project as per committed timeline and an increase in construction quality due to a defect liability period of 5 years from project completion. Due to the availability of the project’s details on the RERA website, buyers are benefiting from increased transparency and can arrive at more informed decisions regarding the developer and project to invest in. This digitization push has in turn promoted developers to embrace Best practices and increase the efficiency & quality of construction to appeal to more prospective buyers.

Increasing consumer awareness and its impact on Sales

The provisions of the RERA Act have also made real estate purchase simpler for the buyer due to the implicit transparency and has provided a unified legal regime across the country. Developers who have maintained a good track record in terms of project delivery are benefitting from greater buyer confidence ultimately leading to improved sales. In case of any issues faced by the buyer, he/she may file a complaint with the RERA unit in the state seeking relief from any violation or contravention of provisions of the Real Estate act or the rules or regulations framed under RERA and this has strengthened the entire ecosystem due to the increased buyer protection. Sales trends in key metro cities have been encouraging despite the COVID-19 led disruption and is slated to grow exponentially on the back of key reforms laid down in the past years.

Due to the increasing importance of good governance and compliance, many developers are now teaming up with Real Estate services-based firms for professional reviewing and monitoring of the entire approval process. This has given rise to a segment of such specialized entities like Mumbai-based Real Estate Platform and Development firm SILA who are partnering with leading developers today to achieve world-class standards in construction delivery, hitherto unseen in the Indian landscape so far.These firms are leveraging their expertise in conducting internal due diligence so that the developer gains from their insights which in turn are leveraged to extract greater operational efficiencies and faster project completion times which bodes well for developers and consumers alike.

To know more: https://silagroup.co.in/real-estate-development-and-asset-management

[sanjanagoyal]

Everything You Must Know About MahaRERA - Maharashtra RERA Act

MahaRERA means Maharashtra real estate regulation Authority. It is a department that handles everything related to real estate in Maharashtra. If you want to more about it then visit the HonestBroker and learn everything about it.