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The Real Estate Act of 2016 and Impact of Rera Rules on Builder
The Real Estate Act (Organization and Development) of 2016 is a parliamentary law in India that seeks to protect home buyers and help increase investments in the real estate industry. The law establishes the Real Estate Regulatory Authority (RERA) in each state to regulate the real estate sector, and also acts as a judicial body to quickly resolve disputes. The bill was approved by Rajia Sebha on March 10, 2016, and by Locke Sabha on 15 March 2016. The law entered into force on May 1, 2016 with notification of 59 of the 92 sections. The remaining provisions entered into force on May 1, 2017. Central and state governments must inform the rules by law within a legal period of six months.
Date
The RERA Law was introduced by the UPA 2 Government in 2013. In December 2015, the Council of Ministers of the Indian Federation approved 20 major amendments to the draft law based on the recommendations of the Rajia Sebha Committee which examined the draft law was referred to the Selection Committee, Submitted its report on July 2015. However, Congress left and AIADMK made reservations to the report through opposition memos. The bill was approved by Rajia Sebha on 10 March 2016 and Luke Sabha on 15 March 2016.
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The real estate law requires all residential and commercial real estate projects with more than 500 square meters or eight apartments to register with the Real Estate Regulatory Authority (RERA) to launch a project in order to provide greater transparency. In marketing and implementation project. For ongoing projects that have not received the completion certificate at the start date of the law, they must apply for registration within 3 months. The application for registration must be approved or rejected within 30 days from the date of RERA's request. Upon successful registration, the project promoter will receive the registration number, login ID and password for the applicants to complete the basic details on the RERA website. For non-registration, a fine of up to 10 per cent of the project cost or imprisonment can be imposed for three years. Property agents who facilitate the sale or purchase of real estate must register in advance. These agents will receive a unique registration number for each state or territory in the Federation, which the agent must mention in each sale that he facilitates.
Protect buyers
The law prohibits infusion of unutilized funds in this sector. To date, 70 per cent of funds in bank accounts must be deposited through checks, and now they are mandatory. An important benefit for law-abiding consumers is that builders should set prices based on carpet space, not excessive construction space, while carpet space is clearly defined in the law to include usable areas such as kitchen and latrines.
Real Estate Regulatory Commission and Court of Appeal
This will help to establish state-level real estate regulatory bodies (RERA) to regulate transactions for residential and commercial projects and to ensure their completion and timely delivery. Courts of Appeal will now be required to adjudicate cases within 60 days against the previous 90-day rule, and regulatory authorities may cancel complaints within 60 days, while no time frame has been mentioned in the previous draft law. ...
RERA Rules
Under article 84, the law provides that within 6 months after the application of the RERA Act, state governments shall establish rules for the implementation of the provisions of the Act, and this Government shall be notified by some state government.
Until October 31, 2016, the central government published the (General) Real Estate Rules (Organization and Development), 2016, via video notification of the Ministry of Housing and Urban Poverty Alleviation (HUPA). The rules promulgated by the central Government apply to the five regions of the Union without legislation: the Andaman Islands, Nicobar, Dadra, Nagar Haveli, Daman, Dio, Lakshadweep and Chandigarh. The rules were issued after the previous publication of the draft for comment.
As of July 13, 2019, Arunachal Pradesh, Meghalaya, Sikkim and Nagaland were not informed of the rules. In the case of five northern states, RERA faces some constitutional challenges because the land in those states is owned by the community. West Bengal was notified of a similar law called the Housing Industry Regulation Act of West Bengal, 2017, which came into effect on 1 June 2018. However, as of July 2019, many states had not implemented the law in its true text and spirit and failed to notify a permanent organizer An appeal authority or a website. Here you can see a diagram showing the status of implementation by different states as of July 2019.
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8 Step Guide to Buying a New House in India
It is a dream of many to own a comfortable home, here are some things a buyer needs to know before buying a new house in India. Step 1:Budget: A proper budget has to be planned to know how much money will be left each month to meet your expenses. Remember that your first property will seldom be your final property, so search after your present property getting needs first, and let the long term take care of itself. You should guarantee that the property you are getting will satisfy your present needs and be within your budget buying a new house in India. As a property buyer, understanding your family’s present major needs will help you make the right decision. Step 2:Location: It is essential to choose Take a good look at the location and the locality. It is better to try a place adjacent to the prime location of your city so that the price is not that high. Location will also have a large impact on the resale value of your home. Choose wisely and your home may be your best investment. buying a new house in India Step 3:Rental rates in the area: If you are are planning about investing in a rental property, homes in high-rent or highly populated areas are ideal. Knowing the rental rate in the area helps you to choose the right property and location. Step 4: Good Resale Value: Resale sale Value is an important thing to consider before you plan to invest or buy a property. Property buyers never consider resale value when they buy. They make the mistake of focusing solely on a prime locality or the budget of the property. If you choose the wrong property or location, it is possible that your future sales price will always be less than the other homes around it. Step 5:Loan eligibility: Home loan eligibility depends upon the repayment capacity, income, existing loans or debts and age of the loan applicant. The lending company or banks provide online services such as home loan eligibility calculator to calculate loan eligibility of the home loan borrower buying a new house in India. The maximum loan that can be sanctioned varies with the banks and the eligibility criteria may vary according to the bank or RBI regulations. As home loan rates increase, the loan eligibility for a borrower becomes stiffer. Step 6:Stamp Duty & Registration Fee: This is an important expense or tax, much like the sales tax and income tax that are collected by the Government. When planning your budget for property buying and deciding to buy a property, you need to know the rate and charges applicable in your city. If you want to know the market value of your property and the stamp duty amount on it, you need to contact the Ready Reckoner to locate your valuation zone and sub-zone. Find out the stamp duty amount applicable to you as per the market value. Step 7:Additional Costs: Even if this isn��t your first home buying a new house in India, you will want to get help from a team of professionals. Fees or service charge by real estate agents, lenders or mortgage brokers,home inspector, land surveyor, lawyer or notary etc should be considered. Find out how much is the maintenance charge. Will car parking be provided and do you have to pay extra for it. If your previous owner did not have a vehicle, speak to the secretary of the society and ask for a parking lot. Step 8:Property insurance: Property insurance safeguards your financial future if certain damages occur to your property. The cost is relatively low and provides coverage in case of problems with the property title, certain damages or any legal issue. There are many different home insurance policies to choose from, with varying levels of protection. When taking a decision to protect your major assets, it is important to have a resource you can trust, to guide you along the way. Choosing the right house insurance protects your property and makes the process of buying a new house in India.
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Top 3 Priorities when purchasing a property
So you may have read our how-to guide on purchasing your own home, and you may have even managed to accumulate enough funds for a down-payment on a home – but before you go ahead and seal the deal by signing on the dotted line, we highly recommend taking a look at these top three priorities to keep in mind when purchasing a property – as outlined by Christopher Chan, Director of the Malaysian Institute of Estate Agents (MIEA) and Associate Director of the Hartamas Real Estate Group. Top 3 Priorities when purchasing a property Engage a solicitor You’re about to venture into a landscape of legal and financial jargon – even if you’ve spent the better part of your life operating in these fields, you’re better off getting a trained and licensed guide. Getting your own lawyer will ensure that you’ve got someone looking out for your interests – as opposed to a developer’s designated lawyer who might be acting in the best interests of the party paying their fees. In order to avoid any conflicts of interests, the lawyer you engage will have to be a different lawyer representing the seller. Top 3 Priorities when purchasing a property Legal Fees on Loan Documentation This applies when the buyer wants to borrow from the bank to finance the purchase of the property. As with the lawyer’s fees, the scale of legal fees for loan agreements is stated under the Solicitors’ Remuneration Order (SRO) of 2005 and its related amendments. Take a look at the scale of fees stated in the SRO to know what to expect – the Third Schedule of the SRO provides for varying lawyers’ fees based on the purchase price of the property. If you buy a property from a developer that is still under construction, it will be governed under the Housing Development Act of 1966. Schedule G and Schedule Hof these Top 3 Priorities when purchasing property housing regulations determine the schedule of payments to be made depending on the progress of construction (for landed and high-rise properties respectively). Stamp Duty on Transfer Stamp duties are essentially a transfer tax and this falls on the buyer. The buyer will have to pay for this when they buy a property. The stamp duty rates form the bulk of the buyer’s cost when they buy a property. The government has given some exemptions on stamp duty – particularly transfers of property between spouses, parents, and children. Please also take note that when you buy a property from a developer, as long as the title is not issued, the buyer does not have to pay the stamp duty on transfer. Under Budget 2017 (and again in Budget 2019), the government has given exemptions on stamp duties for first-time home buyers. So if a buyer buys a property up to a value of RM300,000, there’s a 100% exemption on the stamp duty on transfer. For properties above RM500,000, for the first RM300,000, it’s a 100% exemption – the balance is subject to the prevailing stamp duty rates (calculator here). Top 3 Priorities when purchasing a property.
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Affordable housing fund to help better capital access
The government has already reduced the tax burden of goods and services from home buyers in the category of affordable housing fund by 4% to 8% from 25 January. The Government continued its efforts to achieve the "Housing for All" vision in 2022, with Finance Minister Aaron Gaitley announcing the creation of a fund for affordable housing in the EU budget for 2018-1919. "My government will also establish an affordable housing fund (AHF) dedicated to the National Housing Bank, financed by the deficit of priority sector loans and bonds with all services authorized by the Government of India," Jaitely said in his speech on the budget. The government has been working to pay affordable housing fund to a great extent over the past three years. In addition to providing the state of affordable housing infrastructure in the EU budget last year, it also provided PMAY benefits to promote its vision of "Housing for All in 2022". "In the era of Prime Minister Awas Yogana (rural areas), 51 houses will be built in the year 2017-18 and 51 houses will be built in 2018-19, which is more than the House of Korori, exclusively in rural areas." Urban areas, assistance has been approved for the construction of 37 Lakah houses. " However, the industry expected the government to provide more support for this sector, as well as other assistance. "The real estate sector had high expectations, but the budget did not comply with most of them ... Financially, the sector did not receive any benefits, although it was a slight easing in the form of a 5% range where real estate transactions are described below: "Given the sector's contribution to GDP, its impact on employment and the current slowdown in the sector, the budget could have done a lot for this sector," said Gaurav Karnik, financial partner and national leader, Real Estate. Hey, Indian. According to Anuj Puri, president of ANAROCK Property Consultants, the announcement of the regional air link scheme for linking 56 airports without service is good news for business growth and demand for office space in smaller cities, with a normal demand for affordable housing fund at the back of the job generation.
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Top 5 features of the largest leasing consultants in the world
Congratulations! You have a great product.
breaking news! Your competitors also have a great product. Do you offer the latest and best training program at the leasing level? So do your competitors. So, your rental office is sleek and stylish and the rental office is equipped with the best portable technology that money can buy. Have you visited your neighbor recently? They are equally equipped.
The best leasing consultants in the world in the world are different: they think differently and behave differently. While the list of differences is long, here are the top 5 features of the top apartment rental leasing consultants in the world in the world:
1. See customers as real people.
Unfortunately, for some leasing consultants in the world, clients are no longer human beings. They are goals. It's an existing commodity to do something for them: Fill in your bank account. The other side of the coin is that it will eventually become only a customer number, and that the entire business feels the negative effects.
"Designing for real people, thinking of our customers all the time, there is no virtue at all in making clothes or accessories that are not practical." Giorgio Armani
2. Selling value to customers.
It is not uncommon for a leasing consultant to develop short-term sales-oriented mindset. Customers are seen as a means to an end, and no one wins. The world's largest leasing tenants are selling value to the client. This entire process begins by developing a relationship with each potential evaluator. This is the only way they can discover customer needs and sales value. When the leasing consultant asks the right questions, the client will reveal the most valuable things. Knowing this gives the consultant the ability to demonstrate properties that offer a unique benefit to that particular client. Any desire to find a lower cost apartment goes to one side and the customer starts to see the value of the lease with you.
"Customers buy for their reasons, not for their reasons." Zig Ziglar
3. It is fixed.
Did you take this by surprise? The best rental consultant in the world enjoys a healthy level of perseverance. This feature is important in the rental world because of repeated rejection. leasing consultants in the world tend to be emotional beings, some suffer from inconsistent performance and a rent history full of high peaks and low valleys. In the face of failure, there are those who raise their hands in the air and surrender to themselves for disappointment because they feel defeat.
"Several years ago, my friends Lee, Bernard Heidgode and Jimmy Glenn, were driving the car in the hills of southern Alabama on a hot August day, so Bernard stopped an old abandoned farmhouse with a water pump in the yard, jumped out of the car, ran to the pump, After a moment or two of pumping, Bernard pointed to an old bucket and suggested that Jimmy remove the bulldozer and wet some of the water from a stream adjacent to the "pump." As you know all the pumps, you should put some water over the pump to " And start the flow of water. "-Zig Ziglar
4. They know when to shut up.
The leasing consultants in the world allow measurable silence in conversations with customers. They realize that this silence creates an opportunity for the client to look at what has been said rather than having to address the following information that is provided to them immediately. Many leasing consultants in the world do not realize how strong the silence is and how much they can help during the leasing process; instead, they think they should talk most of the time.
5. Show follow-up behavior without limits.
This is very simple, but is often overlooked by leasing consultants. According to the Harvard Business Review, the biggest customer complaints when dealing with any business is bad follow-up. In general, leasing consultants in the world are usually a great follow-up to getting a sale, but then stop. Do not communicate with the customer until they need the next sale (also known as the renewal time). This behavior confirms that the leasing consultant is interested only in selling, not in a long-term relationship with his client. Tip: Your customer also understands this.
At the end of the day, The greatest leasing consultants in the world got that way by always looking for a better way. There are many forms of advertising and marketing for your apartment community, but only one can change how someone “feels” about your company. Only one truly speaks to your residents and potential residents.
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7 trends design hothouses to see in 2019
What is the trend in top home design trends per year? The designers of Houzz enter their best choices. Here are some of your options for getting the best design trends for your top home design trends:
Created from a large number of exhibitions and interior design salons with a vision of the future, we were pleasantly surprised to see a vintage aesthetic that makes up-to-date appearances along with the new major trends of top home design trends. To discover our favorite shots of the 2019 best design trends for the best homes, read on to see what design trends for the best houses in Décor Aid say about what is inside and outside 2019 and beyond.
Backplash tiles feature a wall
More kitchens use tiles to wall tone, bringing the tiles from the counter to the ceiling. Tiles up behind the floating shelves and bells to create a stunning wall.
Glass and steel separators
In recent years, we have seen more popularity in glass and steel for front doors and shower cabins in Houzz. But good ideas spread quickly. More glass and steel breaks are among the main trends of top home design trends and we expect them to continue in 2019. Provide an open feeling with privacy and noise control, along with a stylish graphic element or contrasting color with white walls.
Central basin
The main top home design trends owners spend more to increase the size of their bathroom and create a spa-like space. They devote a lot of attention to making the bathtub a space champion.
Black returned
Black enters the kitchens in a larger way. Black kitchen covers, distinctive island colors and black cabinets are fully featured in more designs. Houzz predicts that there will be more kitchens in black cabinets with white walls, a back sloping background and dishes for dynamic and sophisticated contrast.
Seats in the dining room.
In the kitchen, the built-in bench in the corner of the dining room is not only modern, but also offers extra storage space as an added benefit. Designers bring pieces of seat furniture, which provide an affordable alternative. "Turn almost any dining room into a living room, and you can put some storage baskets down blankets, games, places settings and more, giving you a sense of faeces without commitment," says Hows.
Panel and outer tape.
The modern appearance of rural homes remains solid in all major directions of top home design trends, but exterior designs also reflect it now. "The way boards and slides are constructed provides a family look and adds texture and usefulness to what can be a flat facade," says Hows.
Wooden wardrobe
Wooden vanity can help bring a large dose of heat to the bathroom. Wood vanity has long been popular in Houzz, but the latest designs have turned into reclaimed wood or light wood with light spots that depict a knot and details of grain patterns.
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