Commonfloor presents “Open House”

Jun 28,2019 / By sunil deo / No Comment

Commonfloor presents “Open House”

What is an Open House event?

CommonFloor, along with its business partners, is conducting Open House events, showcasing properties in select neighborhoods. These events are conducted on specific dates. You can just walk-in in any of the participating properties during the visiting hours.

How do I benefit from an Open House?

When searching for your home, you spend more time waiting for the keys to the property than in actually viewing it. Through the Open House, we make your property search more effective. The doors of the participating properties are open; you just walk-in.

Why should I schedule a visit?

You should schedule your visit for each property you like. When you schedule a visit, we send the Google Map location of the property to your mobile number. This makes it easy for you to reach the property. We also inform the property owner/broker when to expect a visitor, but do not share your contact details with them.

Here is a short video which explains the product in detail.

NHB’s revised policy will encourage the housing sector: Crisil

Jun 28,2019 / By Prahalad Singh / No Comment

NHB’s revised policy will encourage the housing sector: Crisil

As per credit rating agency Crisil, the National Housing Bank’s (NHB) revised guidelines for Housing Finance Companies (HFCs) focusing attention on tighter capital will fundamentally strengthen the sector and increase investor confidence at a time of liquidity requirement among non-banks.

Crisil found that 25 companies considering 90% of the industry’s assets are already adhering with the rules by having their core tier-1 capital at 4% points higher.

It further added that a substantial balance sheet and raised capital level will make HFCs better place to sense asset-side risk in the course of time.

In its revised guidelines, the National Housing Bank (NHB) asked Housing Finance Companies (HFCs) to raise the core capital adequacy to 10% from 6% and asked them to raise the overall capital adequacy to 15% from the present requirement of 12% earlier.

The maximum leverage that HFCs can enforce has been decreased to 12 times over a period of 3 years and the overhead deposits that HFCs can put in circulation have been reduced to three times of net owned funds from five times.

According to Crisil, the new measures are not expected to hold down too many players as the mortgage growth expectations also softened.

HFCs have risen at an average of 20% over the past 3 years, even though the drop in growth in the second half of the financial year 2019. Yet if this growth were to be managed over the next couple of years, actual net worth and the internal hike should be sufficient for the majority of players.

Image Sources: Google

Kolkata Civic Body Has Decided to Demolish Highly Unsafe Buildings

Jun 24,2019 / By Prahalad Singh / No Comment

Kolkata Civic Body Has Decided to Demolish Highly Unsafe Buildings

Kolkata Municipal Corporation has decided to demolish highly unsafe buildings across the city which has become unsafe in the monsoon. The decision has been taken by Mayor Firhad Hakim at the civic body’s monthly meetings last Saturday. The issue came into highlight when a Congress councillor, Prakash Upadhyay asked to know about the future of unsafe buildings across the city.

The mayor admitted that it was becoming very difficult for the Kolkata Municipal Corporation (KMC) buildings department official to protect various old structured buildings which have become old and caught major cracks.

The mayor assured that the civic body (KMC) would take care of the rights of the tenants and assure that no tenants are removed. He further said that authority doesn’t want people to lose their lives following the collapse of unsafe buildings in the past – especially in the monsoon season.

In most cases, it is seen that tenants have to lose their lives every time an unsafe building collapse. The residents maintain to stay in the old and dilapidated buildings and rarely depart in fear of losing the property.

Hakim ordered the buildings department officials of Kolkata Municipal Corporation to recognize very weak and unsafe buildings and demolish those at first to save the lives of the occupants.

After identifying and demolishing an old and dilapidated building, the civic body will set up temporary or alternative homes for the tenants at the site. Apart from that, the Kolkata Municipal Corporation’s assessment department will register the names of each and every tenant to protect their concern. Subsequently, the buildings department officials will also be ordered not to approve plans of any buildings or structures on the same land without proper rehabilitation of the tenants. By doing this, KMC wants to assure the tenants that nobody will lose their house after demolishing of the dilapidated building.

As per Kolkata Municipal Corporation buildings department’s senior official admitted that more than 100 buildings across the city were in an unsafe condition and needed to be demolished as soon as possible.

Image Sources: Google

MahaRERA: Public Authority Selling Land to Developers Can’t be a Co-Promoter

Jun 20,2019 / By Prahalad Singh / No Comment

Builders register a complaint against CIDCO with MahaRERA

MahaRERA in one of its significant decision has ordered that a public body which sells land to Developers/Builders cannot be made promoter accompanying the builder in the housing project. Builders from Navi Mumbai, who are members of CREDAI-MCHI (Raigad) had registered a grievance with MahaRERA, asking that the City and Industrial Development Corporation (CIDCO) formed a co-promoter of their projects.

They alleged that CIDCO delays its commitments after selling the plots and, as a result, their project gets obstructed and they are caught responsible for the delay. They said that CIDCO must be assigned promoter under RERA because it is a public authority and MCHI members are allottees of plots held by CIDCO.

MahaRERA chairperson Gautam Chatterjee ordered that the sale transaction made by CIDCO are the sale of immovable property where permits for development is yet to be furnished by the concerned authority. “Such a transaction doesn’t come under the limit of real estate project”.

CREDAI-MCHI has complained that CIDCO has been marketing plots without registration with MahaRERA. It further added that CIDCO has not acknowledged the provisions of RERA in its agreements and dealing with the highest bidder and is violating the terms of RERA.

The complaint said that CIDCO is needed to register the scheme as a project with RERA before its advertising, marketing and inviting bids for the plots. Moreover, CIDCO is responsible for several obligations to be executed pre-and post-tender like the eviction of encroachments and encumbrances, the limits of the plot, providing water and drainage connections.

The builders, who intend to register a petition against Chatterjee’s order, said that CIDCO frequently delays carrying out these tasks. Hence, they face flak from flat buyers, who drag them before the housing authority for project delays.

As per the builders, CIDCO comes under the limits of the promoter under RERA and its exercises of requesting bids for plots and allocation of the same for the lease of 60 years fall under the terms of RERA.

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CommonFloor Presents “Beat The Heat”

Jun 19,2019 / By Prahalad Singh / No Comment

CommonFloor Presents “Beat The Heat”

CommonFloor has organized several events in various Residential Societies/Gated Communities in north and south Bangalore to motivate & appreciate the people of the societies who have contributed significantly towards the betterment of the society, in terms of environmental/social initiatives such as rainwater harvesting, proper disposal of waste, emphasizing on solar energy and contributing in keeping the society clean and green.

The events conducted by CommonFloor as “Beat The Heat” is one such event that witnessed an amazing response amongst various societies in Bangalore. The response to the event was overwhelming & more & more People have shown interest to contribute in every possible way from their end for the betterment of the society.

The event was organised to bring awareness among the societies members and encourage them to participate in social activities such as tree plantation, cleanliness, sports participation, music, art, gardening, leisure activities, volunteer work, etc in the societies.

Society members recommend the name of the activist who has really done a remarkable job for society and set an example for the others. Every social activist whose name has been recommended was awarded goodies, gift vouchers, and refreshment.

CommonFloor appreciates the enthusiasm exhibited by the society and its members for making the event successful and encourages us to organise many more events like this in the days to come.

The event “Beat The Heat” was organized in Bangalore’s top residential societies such as Ozone Evergreen, Tata Sherwood, Ittina Mahaveer, NCC Ivory Heights, Sobha Ultima, Prestige Willington Park, Ajmera Infinity, Celestial Green Apartment, etc.

Salient Features of the Event:

Promo stalls for better lifestyle planning.
Consultants to help in improving the analytical skills and ability to face the competitive world.
Free refreshments and snacks.
All day fun-filled interactive games for kids.
Family Interactive engagement activities for all residents.
And Society awards.

Monthly Archives: Jun 2019

Commonfloor presents “Open House”

Commonfloor presents “Open House”

NHB’s revised policy will encourage the housing sector: Crisil

NHB’s revised policy will encourage the housing sector: Crisil

Kolkata Civic Body Has Decided to Demolish Highly Unsafe Buildings

Kolkata Civic Body Has Decided to Demolish Highly Unsafe Buildings

MahaRERA: Public Authority Selling Land to Developers Can’t be a Co-Promoter

Builders register a complaint against CIDCO with MahaRERA

CommonFloor Presents “Beat The Heat”

CommonFloor Presents “Beat The Heat”