RERA Completes 4 Odd Months Of Market Sluggishness And Investment Confusion

The Real Estate (Regulation and Development) Act, 2016, (RERA), much-awaited real estate reform came into effect in May 1, 2017. After 4 months of its execution, till date it loses out to track buyers’ sentiment. Industry experts pointed out the variable execution of the law by the states as one of the major reasons of slow progress of market recovery.

By far, 23 states and UTs (excluding J & K), have already notified the rules; of them 13 states and 6 UTs have notified rules in the presence of interim regulators. Only four states- Punjab, Maharashtra, Gujarat and Madhya Pradesh have formed permanent RAs. States like- Goa, Himachal Pradesh, Kerala, Telangana, Tripura and West Bengal have confirmed the draft rules, but yet to notify them. Whereas, following the central directions, UP is about to re-notify state RERA norms. North eastern states such as- Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland and Sikkim are having some constitutional issues over land ownership, which are needed to be scrutinized further.
Seven states have started procession online registration process of real estate projects and agents. The Act says, states can set up respective websites within one year from the framing of state RERA RAs. By then they are allowed to register projects offline.

Mostly states have mended the central Act likewise their own basics. Accordingly, real estate builders, projects and agents are pulling a tail on. Residential realty market in the National Capital Region (NCR) is such an evident example of this display. The reason behind UP and Haryana kept out most of the on-going projects from RERA purview is strong political connects of the builder lobby. Projects that have done with the construction part and have applied for the completion certificate are excused from RERA coverage. This has ended to confusion between the existing buyers and the prospective ones.

To avoid being legal bound most of the developers in Haryana and Gurgaon applied for completion certificates during last year Oct-Nov and got OC within subsequent months. More or less 21000 of such projects were completed in Noida and Gaziabad location during last 6 months and got handed over, whereas common facilities are yet to be developed.
With the introduction of RERA, new project launches have significantly dimmed in the major cities. Sources revealed that new residential launch has dropped by 41% in major cities such as- Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR and Pune. Purchase decision gets postponed all over country for delay in RERA execution by the states in true law and spirit. Market expects realty sector to be stabilized within next FY as the central Act is yet to be implemented completely. Execution of RERA will definitely enhance the sale in the coming days and will recover the market from corruption.

The confusion in the market is likely to persist unless all the states are notifying their rules. Again curbing the central Act is not the way to be present in the list. Dilution of RERA will rather fuel the level of turbulence,’’-said, Mr. Mahesh Somani, The Chairman - National RERA Committee, National Association of Realtors India (West Bengal).

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Real estate Hedge Funds And Their Functional Areas

Hedge fund is a pool of money that holds long and short positions for buying and selling equities, introduces arbitrage, trades bonds/currencies/convertible securities/commodities and offshoot products to generate returns at lower-risk. It’s a type of investment vehicle that accumulate capital from multiple sectors and invest the same amount into securities and other investment sectors. Hedge funds are structurally contrasting from mutual funds as these funds are tractable of most risk taking ability and their profit shares are not capped by the regulators. Hedge fund by and large invests in liquidity. Real estate has been added by the hedge fund managers to their list of non-traditional investments.  Real estate hedge funds generally own the asset of investment.

A few details about real estate hedge funding companies 
With more than $5 billion real estate assets and more than $27 billion in total assets Angelo, Gordon & Company is one of the largest real estate hedge funds. The company has records of investing in investment-grade underrated securities.

Blackacre Capital Management LLC is another leading company with different business strategy. The company doesn’t invest in debt securities, rather they purchase luxury hotels and same labelled projects with the objective of further development of these projects.

Cliffwood Partners LLC and The Praedium Group are two other hedge fund companies with separate business procedure. Till 2015, The Praedium Group is a new fund that has recorded profits from the divergences in indexes in the public and private equity real estate market. Cliffwood Partners, one of the earliest real estate hedge funds, has a long-short strategy in the real estate market.

How does a real estate hedge fund work?
Real estate hedge funds invest in the publicly-traded stocks of current real estate companies. Chiefly they invest in REITs (Real Estate Investment Trust). REITs exclusively invest in real estate and get tax exemption for this investment as well. The structure of REITs is quite similar to mutual funds in the sphere of realty. REITs are required to lay out 90% of the income, which is contingent on tax redemption for the REITs investors.

There is another of investment too which is totally different from investing in REITs. Hedge funds invest money through acquisition of the underrated assets at lower rates. These properties are purchased in anywhere on the earth, but for selling it has to maintain a fixed cause of disbursal, which is lack of liquidity on the seller part.

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Leading cement manufacturers are eyeing Binani Cement assets post blooper indication by NCLT

Short while ago, the National Company Law Tribunal, Kolkata made a revelation that an insolvency plea against the Binani Cement filed by the Bank of Baroda. Soon after this news broke, top domestic cement players are busy in finding the shortest route to reach out the in-demand assets of the Brij Binani Group Company, in order to shore up their pan-Indian market presence and bump into a prospective value buy, multiple sources related to uncompleted negotiations on the conditions of the anonymity.
On July 25th, the National Company Law Appellate Tribunal, Kolkata ordered “on the basis of documents filed by the financial creditor (Bank of Baroda) that (the) corporate debtor (Binani Cement) has committed default in making payment of Rs97.7 crore and therefore... the application for initiating corporate insolvency resolution process deserves to be admitted.”

Binani cement is one of the most popular domestic brands in the cement industry. Apart from Binani there are other big-shot cement companies currently ruling the market; they are- Ultratech Cement, Shree Cement, Nirma, Dalmia Bharat and JSW cement. All these companies have got through the lenders and intended preliminary interest in Binani Cements. There is a lot of interest in the company and all these are at premature phases. The complete deal structure will be disclosed once the potential suitors will preserve their strategy-based on the final settlement plan sanctioned by the interim resolution professional and the lenders.

Binani holds a good export potential for the company’s latency in the middle-east along with the sizable mine reserves at the location of their plant. As an outcome, the cost of the production appears to be lesser. Thus, the assets of Binani Cements are attractive to the other major market player. Worthwhile mentioning that the plant location in Rajasthan holds a good access to the market of Gujrat. This is supposed to be another valid reason behind the high interest in the assets. As per the company website, Binani has a global manufacturing capacity of 11.25 million tons per annum (mtpa), with a domestic capacity of 6.25 mtpa with an integrated part of India and China and it has its grinding units in Dubai.

Tracking the cement productivity of the country, in the last one and a half years, most of the cement deals have been clogged in the range of $100-$135 per tonne in terms of enterprise value and have caught the sales capacity ranging between 5 mtpa- 20mtpa. The capacity of usage in north and western regions lies between 70-80% is a healthful number, because pan-India the capacity utilization is lower than 70%. Experts say the reason behind the failure of Binani is affliction in management impotence in setting up a restructuring plan.

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Renovation? Why not start from your kitchen?

Re modelling or renovation of property reflects the aesthetic sense of the owner. Renovation is nothing but transforming the exhibit of your property. It also means the reinvention of the used space by functionality. As kitchen is the heart of the home, not for the sake of a quality look, kitchen renovation incorporates increasing the space of activity and the space of movement as well. Kitchen is the only space that needs to be redesigned not only for the sake of visuals, but with essential safety measurement. Here we try to spawn the kitchen renovation easier by stating easy methods that you should take up while renovating your kitchen. 

Ensure what exactly what’s the purpose of your renovation?

The objection of the renovation should be clear to you, whether the aesthetic parameter or the practical matters to you the most. Make sure the intent of your renovation gets clearly decoded by the designer. It is the most basic and important part of the idea of the renovation. Communicate with the designer to set the goal clear before he puts his hand in the renovation. 

Set up more space around the appliances 

The design of your kitchen largely depends on the choice of your appliances, which means all your cooktop, fridge, microwave, dishwasher and dimensions hold vital role in the final layout design. But, when the layout is under prep, zoom into the fact that all these appliances can occupy right amount of space and avoid leaving unnecessary gaps around the appliances. While designing the lay out these three aspects should be equally speculated-

1. The measure of your movable space should be apt.

2. Placement of the sink should be by a corner.

3. Make sure there’s space for other people to get accommodated. 

Durability vs. Decor

All the space of storage should be proportionate and made of quality products. Because kitchen is the only space that can go wrong roughly. The decor should not overpower the necessity as well as the budget. So the renovation should be organized and planned within your budget. The sample or materials which are used for the renovation should come from a good manufacturing company. The design element and choice of colour of the products must have to be well in sync to bring out the desired effect of your remodelling purpose.

Decide what to and what not to compromise 

If you think usage of costly materials will tone down the future maintenance charges will be lesser, then you are certainly mistaken. Choices of materials determine the amount of energy and money you want spend on those in the coming days. Check out the full list of the materials and its pros and cons before your designer get his hands into designing. We recommend you to work with a professional team for remodelling your kitchen. 

-LNN (Liyans News Network) - To buy property in Kolkata there’s only one real estate advisory company which you can rely blindfolded. Visit us for buying/selling/renting your real estate items across the country. 

Few Important Guidelines About REITs and InvITs

SEBI- the Securities and Exchange Board of India has introduced an online listing process to speed up the registration process of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). Here we discuss about the benefits that could be on your way through investing in these securities. Investing in these securities will raise resources to meet a funds crisis at present. Experts also suggest that these bonds could generate as $20 billion. The entire process of registration is a quick and cost-effective process. It seems like this announcement has bought some good news for the industry stakeholders. After registration, both the REITs and InvITs are extensively profits the real estate and the infrastructure sections.

REITs- It’s a kind of mutual fund that will boost the investment volume of the real estate sector by raising funds from the individual investors and directly investing bulk real estate. In return the unit holders will receive a share in profit proportionate to the amount contributed.

How it will benefit developers
REITs will bring financial stability in all real estate transactions. Especially developers who have been combating with the increasing debt volume, it’s a safe choice of investment with less market risk. In case there’s any shortage of fund during any project development, this investment will pull in the inflow and expedite the development process as well. Again, funded that have locked up in various on hand projects could be released to ease up other development processes.

For the investors 
It’s just like investing in share market with lesser risk involvement. Investors will get rental returns along with their monthly investment. Without direct property purchase, an investor can still earn from the invested units and count the returns. It will reduce the financial reliance on the banks as well. Investors can invest whenever they want and when feasible they can withdraw it as well.
In anyone invest in REITs any amount of small money will do. If you want to buy property in Kolkata which seems out of your reach, mark our words investing in REITs will be much cost-effective to you. It’s a good substitute to real estate investment as well as income-generating provision.

InvITs- InvIT provides the scheme to invest in the infrastructure sector. Here fund is collected from general public sector and directly channelize in many infrastructure projects across the country either thorough a Special Purpose Vehicle (SPV), in case Public Private Partnership (PPP) development, an investment can only via SPV.

InvITs provide long-term refinance to infrastructure developments. Free up developers existing capital for investing into a new one. Investing in InvITs will boost the infrastructure sector. Thus, it aims to attract foreign investments, so that developers hold to wide spread portfolio of infrastructure assets.

LNN- (Liyans News Network)





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Safety Measures For Monsoon

Monsoons satisfy the thirst of summer. It refreshes panorama. But rain imports some unwelcomed germs in the households, which must be avoided to lead a healthy lifestyle. When rainwater revitalizes the nature, a little precaution in our daily lives is required from falling ill. To enjoy a healthy, happy monsoon people have to be a little watchful.

Here are few straightforward tips that you should follow during this season -

• Avoid clogging your local drains. Get rid of roadside open/fried food.
• Water gets contaminated in this season, which leads to fragile digestive system. Keep a healthy diet plan and try to consume filtered or boiled water.
• Clean the vegetable and non-veg items well before putting them on flame.
• Drink plenty of water. Keep away from preservative outside drinks. Try herbal tea for rejuvenation.
• Avoid walking in rain. A little skin touch with stagnant water can cause several skin problems.
• If anyhow your feet get wet, try to rinse them with fresh water as early as possible; don’t stay in wet socks and shoes.
• If you get drenched, don’t let it get dried under fan and Ac. Keep an extra pair of clothes at your workplace.
• Keep medical kit updated with medicines that will help you out in case of any emergency.
• Monsoon is the celebration time of mosquitoes. Make sure there is no place for stagnant water. Don’t go sleep without mosquito net and mosquito repellent.
• Take bath twice a day. If needed, use antibacterial soaps for better hygiene.
• Take vitamin C for boosting your immunity system.
• Monsoon brings eye infection too. If there is any itching sensation into your eyes, try not rub it with dirty hands. Consult an eye specialist instead.
• In case you are about to buy property in Kolkata, this is the right time to visit property sites to determine the quality of the construction and area infrastructure.
• Make your home shock-proof with a good quality fibre wiring system. Don’t touch switches in wet cloths.
• Check out the weather and traffic update before you start from your home.


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The State RERA Protocol of West Bengal is Uncertain

RERA deadline expired on Monday, July 1. West Bengal is one of those states that haven’t notified RERA even after a 3 months’ time stretch from the day of rollout. Moreover, the state has left no clue to the consumers about the act enforcement.

In a recent interview West Bengal Housing Minister, Sovan Chatterjee, has said that even if the state was in a motion to bring the Real Estate (Regulation and Development) Act (RERA) on board, “I am unable to tell, by when we will be able to enforce RERA.” This revelation had stirred up the end-users, as more or less they have perceived the fact that the way of implementation of RERA is truly unclear. The situation got even sceptical, when the officials of real estate industry body CREDAI Bengal stated that there was no meeting related to RERA enforcement with the state government has been held so far.

Right now the buyers must be thinking come what it may, despite the slow implementation RERA should come in frame with true law and spirit to ensure transparent realty investment. The highest parliamentary body – The Committee on Subordinate Legislation (COSL) of the Lok Sabha, had reportedly undertaken the time-consuming progress in the implementation of the Act along with the states’ attempts of skewing the provisions. State level dilution of RERA has turned into a bad headache for the central housing ministry.
“There is concern, about the treatment of ongoing projects under the new law. Not impossible but hard to implement,” CREDAI Bengal president, Nandu Belani said. Emami Infrastructure director and CFO Girja Choudhary, corroborating the problems faced by builders, said that there was need for relaxation, vis-à-vis ongoing projects. “We will highlight the same before the Bengal government,” added Belani.

“Along with the buyers realty lenders are also seeking accuracy and security from RERA. Realty Investment is known for long-term capital gain, but above all what should matter the most behind the implementation of the act is ‘buyers’ safety’. Ready projects with occupancy certificates might cost a bit high, but consumers’ are ready to bear it for the sake of better safety. Meanwhile, GST has brought all ready-to-move projects 12% tax slab. This is the ideal scope for the builders and a realtors to push the residential property sale in Kolkata as well as reduce the volume of unsold inventories,’’-said Mr. Mahesh Somani, West Bengal RERA and realty expert.

-LNN (Liyans News Network)

Buyers Raised Their Voice Against UP RERA

The state government of UP has decided not to change state RERA rules. This has enraged homebuyers. The allegation against UP RERA is that state is sidelining most of the ongoing projects from RERA purview and sanctioning occupancy certificate for the under construction projects. Buyers of Noida and Greater Noida have demanded to the respective RERA authority to reject all such applications came from the developers of unfinished projects.

Abhishek Kumar, president of Noida Extension Flat Owners Welfare Association (Nefowa), said, "While we will finally know which projects are falling out of Rera's ambit when the tally of all registrations are complete, for now we are pleading for the good sense of Noida Authority and GNIDA."
Homebuyers in Noida and Greater Noida, who are at present stuck in four lakh of such under-construction projects in various parts of the twin cities, had been recommending a revival of the UP-RERA to the original version of Central Rera Act, passed by Parliament in March 2016. The central Rera has been authorized by a set of definitions through the notification of October 27 in the state, where ‘ongoing projects’ exclude any project which has applied for occupancy certificate.

For the time being, for apposite integration of all builders on the Rera platform, Credai's NCR chapter on Tuesday applied for registration timeline to be extended to August 10. Yet, there is no official confirmation about it, builders are anticipating for an extension. "Though a 90-day window was offered, the online platform came very late. Also, even if the builders were well prepared for the registration, while feeding the data, lots of problems started cropping up. There have been technical problems while uploading data as well," said Pankaj Bajaj, president of Credai-NCR.
State government is in no mood for correcting the set policy which makes the circumstances stiffer for the buyers. Buyers are in doubts on the effectiveness of the central real estate law.

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‘Housing Challenge’ Another Effort to Push Affordable Housing Sector

After land provision, additional FAR, tax exemption, financial aid to the buyers and advanced infrastructure status now centre is not living no stones unturned to promote the affordable housing sector under PMAY. The objectives behind affordable housing development are to wipe out illegal occupancy and providing homes for economically weaker section of the society. Right now along with the speedy development process infrastructural growth is also needed in parallel.

Places that have been allotted for the affordable housing development are either remote suburbs or the peripheral areas of the urban towns. Here a point should be kept in view that raising development at remotes areas might be easy for the land disbursement but at the same time it’ll increase the day-to-day basis transport cost for the residents. Affordable housing belt in States like- Bihar, UP, Tamil Nadu and Andhra Pradesh are developed around their working places. This way the cost of the transport can be under control form the residents’ viewpoint.

Reportedly, alike many other major cities affordable flats in Kolkata is also in pipeline and hardly there’s any advancement observed in last few years. Reinforcing the success of Smart City Challenges, now the government is planning to come up with a ‘housing challenge’ to again promote the affordable housing sector under PMAY flagship. The idea behind this ‘housing challenge’ concept is to deploy most economical technology for affordable housing development purpose. Central government has already chosen 25 of such cities across the country, where the government want to introduce this pilot project. The National Buildings Construction Corporation (NBCC) is assigned to prepare the required models for this challenge.

The officials said that challenge will require participants to propose their respective method of technologies that would satisfy the core objective of this challenge effectively. The proposal will have to look at the number of total residential units planned inside a housing compound and financial models suitable for the same as declared by NBCC. Picking up the industrial belts for affordable housing development purpose is one of the methodical moves by the government to increase the demand of affordable housing as well as increasing the job opportunities of the LIG and EWS classes which includes 300 towns and cities of the country. It’s significant to be highlighted that the difference between LIG and EWS apartments is EWS apartments are for people, whose monthly income is lesser than 5000 and LIG apartments are for those, whose monthly income is between 5000-7500.

Renowned developers that have already enter into affordable housing development are-Essel Group, DBS Communities, Tata Housing, Mahindra Lifespaces and Vastushodh Projects etc. Experts, think that this new-age construction techniques will provide quality and standard architecture for homeless and economically weaker section of the society. It’s expected that with all these initiatives government will turn into affordable housing a sector a popular sector for investment. Affordable housing sector happens to be the only sector where a minimal amount of investment can get you a healthy return than your anticipation.  NBCC has proposed several (Public Private Partnership) PPP models by far.

-LNN (Liyans News Network)

India To Contribute About 35% Of Total Office Space Absorption In APAC in 2017

A Cushman and Wakefield report revealed that by the end of 2017, India to measure out nearly 35% of the total absorption in office places among the Asia Pacific countries which is expected to be continued over the upcoming couple of years.
On which Ansul Jain, Managing Director, India, Cushman and Wakefield said, -“Backed by various policy reforms and government initiatives, the country today offers investors a more transparent and accountable business and investor-friendly environment.”
Jain also added,-“The ongoing technological changes and growth of the technology profession will continue to create demand for space, particularly in markets like Bengaluru, Manila, Hyderabad and Shenzhen.”

Sources revealed that where the major volume of demand is expected to be derived from IT-BPM sector, shockingly replaced by e-commerce, BFSI, Consulting agencies and health care sector. During this forecasted period of growth these are the industries showing promising dexterity to lead and accelerate the growth.
The report says that the commercial property demand in India remained stable during the first quarter of 2017, despite the foreseen geo-political and industrial catastrophe. The report also indicated, “The banking, financial services and insurance (BFSI) sector was the biggest driver of leasing activity in Asia Pacific. Prominent financial institutions have secured major leases over 50,000 sq ft in India, Hong Kong and Australia."

There is a forecast, where it’s stated that Asia pacific countries could set a benchmark in leasing office spaces in 2017. Where India will be solely contributing annual average of 32-35 per cent absorption during this forecast period. India is also to observe an office space supply of 125 msf between 2017-2019, since more banks are planning to expand and develop their corporate banking and wealth management business. The BFSI sector is expected to account for 25%-30% of fresh leases in the upcoming 2-3 years.

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Let’s Take a Tour Around Major Policy Changes that Indian Realty Market Encountered Post Independence

Industrial development doesn’t get built in a day. From the inception to visible growth of industry bank on governmental intervene and individual business policies. An existing policy develops with extract of the previous one with some additional dressing. Indian economical policies are decided on the viewpoint of market conditions, geographical circumstances, socio-economic changes in population and other major and minor principles of a particular time period.

Real estate sector is globally one of the major revenue generating sectors when it comes to the contribution to the economy. Alike the other countries Indian real estate is not that on the button. Yet, it contributes 3-5% in national GDP; hence, the sector is largely blamed for lack of accountability.  Here we will talk about few major policy changes and its impact on Indian realty post independence.
India is about to complete 7 decades of its independence and it’s worthwhile to recall those policies that have had a resilient impact in Indian real estate.

1. Chandigarh and Gandhinagar were the first and second capital cities that came into picture in 1952 and 1960 respectively. Planning of the new cities had been started to be materialized.

2. The Maharashtra Regional and Town Planning Act, 1966, first integrated the practice of development plans and town planning. The planning commission then stretched it further towards district development and issued its first guidelines for district planning in 1969.

3. To tone down increasing land prices in urban areas and to provide low income housing, The Urban Land (Ceiling and Regulation) Act was enacted in 1976, which totally failed to serve its purpose and ended up worsening the availability of land for social infrastructure and social housing apart from states like Kerala and West Bengal.

4. Housing and Urban Development Company was the first real estate correlated government institution developed in 1970. Thereafter City and Industrial Development Corporation in 1971, the Mumbai Metropolitan Region Development Authority in 1975, National Housing Bank in 1988, and the Housing Development Finance Corporation in 1994 were set up one by one to shape up and boost the real estate industry.

5. In 1991, when Indian market was on the way to recover its rising fiscal deficits, some monopolizing reformation occurred, which seeded the modernization of economy. Creating job opportunities, setting up big market for the consumers, access to multiple products and services- these were some revolutionary influx which paved the way for big MNCs arrival in Indian market. World-class office spaces started sprouting with this development.

6. The phase of 1994-99 was the imprint of India’s first property cycle as the market. NRI and Foreign capitals started delving into Indian realty which hiked the property prices up. The market took south post 1995 due to fundamental disorganization. The misfortune continued with the approach of the Asian Financial Crisis in 1997-98. Foreign capital just got vanished from the market overnight.

7. In 1992, the concept of commercialization of airspace above transit routes was introduced at Vashi station. Sanpada, Juinagar, Nerul and CBD Belapur – on the same railway line followed the track of Vashi. Seawoods-Darave, the latest transformation in 2017 railway station was a huge hit.

8. India got its recognition in the global software business. The inception of Y2K turned out to be fruitful for Indian realty business. IT sectors and foreign companies started setting up offices in cities like Hyderabad and Bengaluru during this period which advanced residential and commercial requirement.

9. Foreign Direct Investment was allowed to invest in real estate in 2005, which led to complete transformation in business practises and product offering in real estate.

10. India’s first retail mall had been introduced in Chennai-‘Spencer Plaza’ in the early 2000.

11. With the governmental sanction of reconstruction and remodelling brownfield and Greenfield
airports through public-private partnership, the idea of airport cities and airport precinct real estate was came in fact.

12. The crash of Lehman Brothers in 2008, followed by sub-prime crisis led investors questioning the security of investment in asset classes. Global financial slowdown had a big blow in commercial real estate market and more or less the residential market too. But Indian residential market recovered within no time.

13. Implementation of RERA- the Real Estate Regulation (and Development) Act in Mat 1, 2017 has been considered as a major reformation of the real estate sector. With an objective of securing the buyers rights RERA will be the watchdog of entire real estate transactions of the country. RERA will empower homebuyers with more confident in terms of real estate investments. Small-scale developers will be non-existent as continuation of business under RERA purview will be a bit too much for them.

14. ‘Housing for all by 2022’- an ambitious project of central government is another scoop aiming to boost Indian real estate sale. Providing home for lower and medium income group at moderate price and prohibition of illegal land acquisition are backing this scheme. India is set to provide 20 million homes by 2022 to the economically weaker section of the country.

15. The Real Estate Investment Trusts will allow the investors of every budget chipping in prime commercial real estate market. REIT was first introduced in 2014.  It will open a new sky for the development of modern commercial spaces as well as rising rentals across their micro markets.

-Liyans News Network- Buy/Sell/Rent real estate units online. Use ‘post your property requirement in Kolkata’ to send your requirement to us. We will be attended by our market experts with the best alternative at best price.

RERA Deadline Gets Extended In Goa

People, who had been waiting for property investment in Goa, have to wait till October for the postponement in state RERA implementation. According to the sources, Goa is unlikely to meet the additional time-stretch, given the by the central government on May 1. The Real Estate (Regulation and Development), came into force on May 1, since most of the states and UTs failed to notify, their RERA norms within this time limit, government had given a buffer time of 3 months, which is also about to end by July 31.

The state government of Goa has decided to extend to time limit of notifying the RERA rules for ongoing projects till October. Whereas, the union government and other states have declared that no extension will be granted after July 31. Despite its enforcement of May 1, 2017; the act has been introduced a year after of its bill pass by the both houses of the parliament. As per the central act, all the developers, agents and ongoing projects will have to be registered with the Real Estate Regulatory Authority by July 31.
The more states and UTs delay in their submission, the greater chance of the dilution of the key provisions of RERA. It was said that any unregistered project after July 31, would be declared as unauthorized and RERA holds the complete authority to seize the project. Since, the state government has failed to notify the rules and the authority as on date, the ministry of urban development has granted Goa additional time to register on time.

Designated RERA authority of the state Sudhir Mahajan said, “Builders and promoters can submit their applications of new and ongoing projects in the prescribed form which can be downloaded from the website. For ongoing projects, applications for registration will be accepted up to October 31, 2017, without levy of penalty.”
“Notification of the rules will take time. We will try to do it at the earliest,” added- Mr. Mahajan. Goa is one of those few states, which has failed to meet the timeline of notifying RERA rules. Sources have revealed that state RERA rules of Goa has been parallel to MahaRERA rules, which somewhat diluted the penalty provision for non-compliance by the builders.
The sole objective of RERA enforcement is to bring accountability and transparency to all real estate transactions. Abrupt change in plan of action and other whims of the developers and realtors will be granted no longer under RERA purview. Again, no broker or developer can advertise their respective project before getting registered with RERA. A builder needs to pay Rs. 10 per sq ft as registration fee for a project. Yet, central government is keeping mum regarding this entire event.

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