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The minister said that a lot of people do not want to give their properties on rent because they think that “if you have a weak legal system, you might not get your property back”.

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Union Minister Hardeep Singh Puri on Thursday said the ministry of housing and urban affairs (MoHUA) will soon come out with a rental policy. The policy would help alleviate housing shortage in urban areas by encouraging renting of homes as millions of houses lie vacant across the country. 

“Very soon you will see a rental policy out,” he said here at a function. 

The minister said that a lot of people do not want to give their properties on rent because they think that “if you have a weak legal system, you might not get your property back”. 

He expressed hope that the new policy will overcome this concern. 

“You have got the template etc (of the policy). States can tweak it to the extent they like. You will have a situation where large amounts of residential accommodation which is not being utilised will then be released into the market,” the minister, who holds the independent charge of housing and urban affairs ministries and civil aviation, said.

Source: PTI – Realtynxt

(Note: The story has been published without modifications to the text. Only the headline and intro have been changed.)

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Maharashtra consumer forum asks Star India Projects to pay compensation for delay

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The Maharashtra State Consumer Redressal Forum has directed a builder to pay a flat-buyer Rs 75,000 in compensation for not handing over possession of the flat for ten years, even after accepting 95 per cent of the sale price.

Anil Sharma, a retired Navy official, had alleged that he and his wife booked a flat in a scheme being developed by Star India Projects at Karjat near Mumbai for Rs 13,74,600.

He paid the firm Rs 13,32,870 betweeen July 2010 to April 2014. The flat was to be handed over by May 2012, but the construction suddenly stopped and the flat buyers were not intimated about it, Sharma alleged.

Finally, he and his wife moved the consumer forum, seeking refund of the money paid.

Star India Projects’ lawyer argued before the forum that it was ready to hand over the possession but the complainant refused to accept it.

But the forum didn’t find any merit in the real estate firm’s contentions as it did not submit any supporting documents.

“Till today complainants did not get possession of their dream house. Builder cannot ask flat purchaser to wait for indefinite period for getting possession of their dream house despite payment of full consideration,” the forum observed.

In its order earlier this week, it held Star India Projects guilty of “deficiency in service” and “unfair trade practices”, asking it to refund Rs 13,32,870 along with Rs 65,100 paid for stamp duty and Rs 14,910 paid for registration charges.

The forum further directed Star India Projects to pay Rs 50,000 as compensation for “mental and physical harassment” and Rs 25,000 towards litigation cost.

Source: PTI

(Note: The story has been published without modifications to the text. Only the headline and intro have been changed.)

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Mumbai slips to 10th position in terms of rentals, says report

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The 15 cities surveyed are San Francisco, Madrid, New York, Singapore, Sydney, Washington, London, Mumbai, Tokyo, Mexico City, Paris, Hong Kong, Houston and Frankfurt.

MUMBAI: The realty sector slowdown and lack of business confidence have brought Mumbai down to the 10th position this year, among the top 15 global cities, in terms of office rentals, a recent Knight Frank survey report released today said.

The 15 cities surveyed are San Francisco, Madrid, New York, Singapore, Sydney, Washington, London, Mumbai, Tokyo, Mexico City, Paris, Hong Kong, Houston and Frankfurt.

According to the Knight Frank survey report, Mumbai which ranked sixth among global cities in 2007, slipped to the 10th position in 2014 mainly due to delayed revival of the Indian economy and lack of business confidence.

“Delayed revival of the Indian economy and lack of business confidence took a toll on the Indian office market. This had led to Mumbai slipping from the sixth to the 10th rank in terms of rental ranking of global cities between 2007-14.

“While rental decline has been the primary reason, a depreciating rupee added fuel to the fire,” Knight Frank Chief Economist and Director of Research Samantak Das said in the report.

Among the top 15 global cities, office rentals in Mumbai are lowest at Rs 250 per square feet per month, compared to London and New York which stand at Rs 900 square feel and Rs 360 per square feet respectively, the report said.

However, the report claimed that going forward, the city’s office rentals are expected to grow by nearly 15 per cent over the next five years due to “improved sentiment,” the report said.

According to the report, current vacancy levels within the Mumbai office market lies at 23 per cent, which is the highest, as compared to the top 15 global cities.

However, rental yields within the city’s office market, is the highest, at 10.3 per cent, as compared to cities like Sydney, Washington and Shanghai, which offer rental yields of 6.3 per cent, 6.2 per cent and 6 per cent respectively, it said.

“Technology and infotech sectors have been key drivers of the take-up of office space in Asia. Financial services and banking, the sectors which led the pre-global financial crisis boom, continue to be more cost conscious. While there is still demand from these sectors, there has been less front or prime office demand,” Knight Frank Asia Pacific Head of Research Nicholas Holt said in the report.

However, in the coming years, financial services and banking occupiers to return to drive sizeable segments of demand, he said in the survey report.

Credits: Economictimes

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Gurugram developers may face penalty upto Rs 300 crore

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The Haryana Real Estate Regulatory Authority (RERA) is set to impose penalty of about R 300 crore to builders in Gurugram.

The authority has issued 509 penalty notices to builders who have defaulted under various provisions of the real estate law. The authority has so far imposed penalty of around R 40 crores on builders.

“Penal proceedings are going on against 58 builders where show cause notices have been issued where penalty amount may go upto around R 300 crore. The authority has undertaken a massive campaign against the builders who are selling plots/apartments in unauthorized colonies. Seven such cases are under investigation,” said KK Khandelwal, Chairman, HARERA, Gurugram.

Haryana has two RERA, one exclusively for Gurugram while another one is in Panchkula.

The total area being regulated by the HARARA Gurugram is 42662.95 hectares.

As of now around 400 projects have been registered with the authority with total area of nearly one lakh acre.

Around 2, 50,000 units are under monitoring of this authority, of which 60000 units are in the affordable housing segment.

“Our effort in the last two years has been to develop a robust and transparent real estate sector. Our endeavor has resulted in bring back the confidence of investors and buyers in the market. The efforts of the authority also help the promoters due to revival of market. Those who comply with the law will be helped and their rights and interests will be protected and those who break the law may have to face the music,” Khandelwal said.

Of the 9496 complaints filed online, 6598 has been disposed of by Haryana RERA.

According to the authority, though registering an increase in sales, demand in Gurugram is well below its half yearly peak levels of 2011-2012. Registering a 38% increase in sales in H2 2019 compared to H2 2018 and a 9% yearly increase from 2018, the numbers indicate that though the market is gathering momentum, it is too soon to term the scenario as a revival of demand.

 

Developers like DLF and M3M are receiving good demands.

M3M group claimed that it sold inventory worth R 524 crore in December 2019. Out of this, home-booking worth R 320 crore were made through its delivered residences (M3M Golfestate and M3M Woodshire).

DLF, which also started taking booking for its project Ultima in October, said it received bookings worth r 700 crore on the first day itself. It claimed to have sold over 70% inventory.

Haryana RERA said that Gurugram maintained its steady pace of sales volume in the year 2019, and we see it as a positive sign for the reeling NCR residential market generally and Gurugram particularly.

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