Residential Societies take on Impressive Environmental Initiatives

Apr 16,2019 / By sunil deo / No Comment

Residential Societies take on Impressive Environmental Initiatives

In today’s world, it is not enough for any country to solely focus on economic and industrial development and ignore the interests of the environment in the procedure. If the environment is not protected, very soon there will be no life on Earth and all development will be futile. In India, the sustainable model of development is being adopted so as to ensure the protection of the environment along with economic and industrial development. It must be borne in mind that it is not enough for only big companies and industries to follow this model of development. Even the residential housing societies and communities need to adopt this mode of development in order to make sure that such societies are independent self-sufficient and eco-friendly at the same time.

Let us take a look at the remarkable efforts made by some housing societies to achieve sustainable development in India:

Matoshree Pearl in Mahim, Mumbai:

This housing society is one of the many high-rises in the same area. With around sixty-five flats, the waste produced in managed in such an efficient manner that it can be later used to grow its own organic fruits and vegetables. It boasts of a self-sustaining waste-management procedure that recycles kitchen waste into organic compost. Moreover, in 2016, this society replaced all tube-lights and CFLs with LED lamps thereby conserving energy and thereby saving almost 40,000/- per month on electricity bills.

For more information, visit: https://www.thebetterindia.com/143646/mumbai-apartment-recycles-8000-kg-waste-own-organic-food/

Greenland-2 Society, Pune:

Greenland-2 society is located in the Vimannagar area of Pune. The fifty-seven flats of this society dealt with the problem of water-scarcity by installing a rainwater harvesting system in 2003. Before 2003, the scarcity of water would cost the society around 25,000/- per month on the tanks. After the installation of the rainwater harvesting system in their own society, the residents of Greenland-2 have not faced water –scarcity issues while most of the other flats face water scarcity. This arrangement has helped to save almost 24,000 liters of water per day. Moreover, the quality of water has also improved significantly.

For more information, visit: https://timesofindia.indiatimes.com/city/pune/Residential-society-chose-rainwater-harvesting-to-tackle-water-problem/articleshow/15484276.cms

Twin Star Cooperative Housing Society, Kurla, Mumbai:

This housing society located in the Kurla region of Mumbai has managed to cut off eighty-three percent of electricity charges by investing in a solar power generation system. The power generation system consists of sixty panels that generate almost 76 kilowatt-hours (kWh) electricity per day and 28,000 kWh electricity annually. This plant generates almost ninety percent of the energy that is required to light up the common spaces, parking spaces and also operate the water pumps and the lifts. According to the Ministry of New and Renewable Energy, such a solar power generation system can prevent more than 615 tons of carbon emissions over a period of ten years.

For more information, visit: https://www.hindustantimes.com/mumbai-news/mumbai-society-switches-to-solar-power-cuts-electricity-bill-by-83/story-4RHlKFDI0GBpRPWCdsfnKO.html

These housing societies have made praiseworthy efforts in the field of sustainable development. They continue to inspire housing societies all across India to opt for such eco-friendly procedures.

Resale of flat in Mumbai ensures your returns on investment

Apr 15,2019 / By Prahalad Singh / No Comment

Resale of flat in Mumbai ensures your return on investment

Taking a look at what’s currently happening in the resale flat market might help with the decision making. Before selling off your old flat, you need to know whether it is the right time to sell or not. The resale property markets mainly depend on the new supply. If there is a short supply of new houses, the resale market in that region grows. Almost every part of Mumbai where availability of land is a concern, there are many areas where demand is high and new supply is poor or limited.

Due to limited supply in Mumbai, there are high risks that people looking for resale of the flat will get the right and attractive price. On the other hand, in areas where new supply is significantly high, the property seller should wait for the right time to get a good return on their investment.

There are hardly any pre-used flats or old flats available in a place like Napean Sea Road, Malabar Hill, Mahalaxmi, Bandra, and Juhu. As a result, property prices in these locations are very high and almost constant. Some other places like Bandra-Kurla Complex, Andheri, Powai, Santacruz, Vile Parle, Dahisar, Mira Road, parts of Thane and Navi Mumbai have also experienced higher property rates. These areas are witnessing a huge growth in commercial centers, recreational places, and infrastructure development. Owing to affordability and connectivity to major business hubs, the appreciation of prices remains constant. Most of the people are on the lookout for affordable housing options and these areas offer majorly to the sales volume of affordable flats.

If anyone is planning to resale their flat, first consider how old it is, location, new supply in the region, and return on investment among others. The age of the building should not negatively hit the price of the flat. People who owned a flat for more than a decade should definitely look at an exit and reinvest in some new project. But those who have bought their flats 5 years back, then the returns won’t be good enough as prices have remained stagnant for this period. If the owner of the property wanted to sell a flat urgently due to reasons like poor maintenance of the building, ineffective housing society, etc., then the owner of the property needs to make sure that he gets a return on investment of at least 10% for each year.

Recent judgments and benefits on resale properties:

In December 2018, the Bombay High Court ordered that stamp duty authorities can not seek stamp duty on past transactions for resold flat.

Maharashtra government allows resale of MHADA’s 5% quota flats.

List of approved projects and agents – Andhra Pradesh RERA

Apr 12,2019 / By Prahalad Singh / No Comment

Andhra Pradesh RERA:

Andhra Pradesh government has launched an online website for project/ agent registration and filing accusation under RERA and regulatory authority for smooth implementation of rules in the state.
The government of Andhra Pradesh is acting as the nodal department for the implementation of the RERA Act in the state of Andhra Pradesh.

Andhra Pradesh RERA was notified on March 27, 2017. The Real Estate (Regulation & Development) Act, 2016 came into force in Andhra Pradesh with effect from 1st May 2017. The law has been made it mandatory for all the developers and builders to publish the entire information related to their real estate project on the official portal of Andhra Pradesh RERA. The authority body also controls the real estate transactions for commercial, residential and mixed projects.

As of now, out of 321 application, 174 application has been approved and 42 project approval is under process. 106 projects didn’t get approval due to the shortfall in the construction quality.

As far as agent’s registration is concerned, AP RERA has received applications of 41 and all of them have been approved for the registration number.

Till date, out of 90 complaints, the regulatory authority has passed judgment for 70 and 20 complaints are under investigation.

List of approved projects for Andhra Pradesh RERA: Click here to view

List of approved agents for Andhra Pradesh RERA: Click here to view

Irrespective of these proved projects/agents, RERA has rejected several real estate projects as well.

RERA registered projects in Vizag
RERA registered projects in Amaravati
RERA registered projects in Nellore
RERA registered projects in Vijayawada

Disclaimer: the data provided here is based on industry and news reports. CommonFloor will not be held legally responsible for any action taken based on the information provided.

List of approved projects and agents – Tamilnadu RERA

Apr 10,2019 / By Prahalad Singh / No Comment

Tamilnadu RERA

Tamil Nadu has been one of the most active states in the implementation of the Real Estate (Regulation and Development) Act 2016 (RERA) rules.

Tamil Nadu RERA Rules were notified on June 22, 2017. Exclusion/inclusion of projects for registration will depend on whether they lie within the Chennai Metropolitan Area (CMA) or outside the CMA, among other factors.

The state govt has not yet appointed a permanent regulator. The Secretary, Housing and Urban Development Department has been appointed as an interim regulator.

As per the Tamil Nadu RERA website, 940 real estate projects along with 498 real estate agents have been successfully registered under the act till date.

List of approved agents for Tamil Nadu RERA: Click here to view

List of approved projects for Tamil Nadu RERA: Click here to view

Irrespective of these proved projects/agents, RERA has rejected several real estate projects as well. As of now, they have rejected 18 real estate projects in 2017 and 2 projects in 2018.

Similarly, registration withdrawn for several reasons by 9 developers in 2017 and 1 in 2018.

Moreover, the regulatory authority has also passed judgment for 5 complaints out of 129 received till date.

Tamilnadu RERA updates:

Real estate appellate tribunal rules framed in Tamilnadu. The regulations would be applicable for Tamil Nadu and the Union Territories of Andaman and Nicobar Islands and Puducherry. As per the regulations, every petition or appeal filed before the tribunal should either be in English or should be accompanied by a copy of English translation.

Disclaimer: the data provided here is based on industry and news reports. CommonFloor will not be held legally responsible for any actions taken based on the information provided.

Gujarat RERA fined over 300 developers

Apr 9,2019 / By Prahalad Singh / No Comment

Under the Real Estate (Regulation and Development) Act, 2016, more than 300 real estate projects across Gujarat have been penalized by the Gujarat Real Estate Regulatory Authority (GujRERA) for missing to file the compulsory quarterly progress reports over the last 9 months. In most cases, the regulatory authority has fined each fraudulent developer Rs.50,000.

The process of submission of Quarterly reports started in June 2018. Since then, various developers have punished for non-compliance, under sections 11 and 63 of RERA Act.

Although the fine for breach of Section 63 of the act can go up to 5% of the project cost, in most cases the fine was fixed at Rs.50000, to assure compliance.

It is given that there are 5219 real estate projects registered with the authority and only 300 or so have been observed to be non-compliant. These numbers indicate that the level of compliance in the state is pretty high.

Most promoters who did not fulfill the quarterly filing measure submitted to the authority that their crime was incidental as the law is new and they were not completely notified of several provisions.

According to the data published on the GujRERA website, the authority has approved around 33% affordable housing projects across the state. The authority has sanctioned around 5200 ongoing residential as well as commercial projects so far.

As of now, 3880 real estate projects have successfully registered under Gujarat RERA and authority has issued 702 registration certificated to its agents.

The data also revealed that as many as 1694 registered projects are Affordable Housing projects. About 878 projects are purely residential, while are mixed use with residential and commercial units.

Ahmedabad has the highest number of affordable projects registered under the Act. Over 500 projects have been registered till date. After Ahmedabad, Vadodara has about 361 affordable RERA Registered projects, Rajkot has 265 such projects, Surat has around 236 projects, and Gandhinagar has over 100 affordable housing projects.

Gujarat Real estate updates:

Around one-third of all the real estate projects registered with GujRERA fall under the affordable housing category.

Promoters & Developers of more than 300 real estate projects across Gujarat have been penalized by GujRERA.

IndoSpace enters Gujarat with Rs 650 cr investment.

Gautam Adani declares Rs 55,000 crore investment in Gujarat in the next 5 years.

Monthly Archives: Apr 2019

Residential Societies take on Impressive Environmental Initiatives

Residential Societies take on Impressive Environmental Initiatives

Resale of flat in Mumbai ensures your returns on investment

Resale of flat in Mumbai ensures your return on investment

List of approved projects and agents – Andhra Pradesh RERA

Andhra Pradesh RERA:

List of approved projects and agents – Tamilnadu RERA

Tamilnadu RERA

Gujarat RERA fined over 300 developers