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.

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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.

ICRA: NBFC crisis to lower home loan growth for the first time in 3 years

Jun 17,2019 / By Prahalad Singh / No Comment

ICRA: NBFC crisis to lower home loan growth

The current liquidity crisis suffered by the Non-banking Financial Companies (NBFC) is expected to lower home loan growth to 13-15% this fiscal, according to a recent report released by rating agency ICRA that is lower than the average of the previous 3 years.

As per the Investment Information and Credit Rating Agency (ICRA), the NBFC liquidity crunch can also have an unfavourable result on outstanding home loans, which reached Rs.19.1 lakh crore as of March 2019.

The overall industry loan growth for Housing Finance Companies (HFC) had backed off to 15% for 2018 financial. It said that the issue with the non-banking lenders since last September that has seen a huge number of companies like DHFL and Reliance Capital suffering has lowered down credit growth of committed housing finance companies to 10% in 2019 fiscal.

Banks developed faster at 19% as against 13%, taking their overall market share to 64% from 62% last fiscal, it stated that the adding banks will lead the growth curve in 2020 fiscal. In any case, given the under-penetration of home loans, the agency expects that development should recover soon. The gross Non-performing Assets (NPA) ratio from the overall housing finance exposures increased to 1.5 in March 2019, from 1.1 last year.

The agency suggested that there could be some pressure on the nature of the assets due to the difficult working conditions and the rising risk factor. The overall NPAs of HFCs will grow to up to 1.8 % due to concerned faced by some developers.

Growth in affordable new housing segment dipped to 4.6 % as of March 2019 from 5% as of December 2018 criticising the same to devalue and sale of NPAs by some players.

HFCs would require Rs.4 to 4.5 trillion in Financial Year 2020 to meet the growing necessity of 10 to 14%, adding that companies will have to resort to securitization.

Maharashtra: Property is Expected to Get Expensive as Buyers to Pay Input Tax Credit

Jun 12,2019 / By Prahalad Singh / No Comment

Property Cost in Maharashtra is Expected to Get Costlier as Buyers Have to Pay Input Tax Credit

The Confederation of Real Estate Developers Association of India (CREDAI) in its annual general meeting which was held in Kolhapur on 8th June 2019 has decided to pass the responsibility of Input Tax Credit to buyers. This move by CREDAI is expected to increase property prices in Maharashtra by Rs.200 per sq ft.

Rajiv Parikh, President of CREDAI has informed that a discussion was made which influenced the industry body to take the decision. However, the effective date of the same is yet to be determined. The industry body will follow up with the State government regarding the same.

Shantilal Katariya, Vice-President, CREDAI, has added that builders are paying 13% tax on all construction materials to the government but they are not recovering the same from the buyers. Input Tax Credit is a part of the Goods and Services Tax (GST), which is applicable in case any goods or services are furnished to a taxable person. Builders were not passing this tax to the buyer.

He also added that CREDAI will follow up the government in this concern.

Earlier a resolution was passed in this regard, asking the government to possess equal provision for RERA as all states have different terms under RERA, which was giving difficulty for business.

As per vice-president of CREDAI, builders in Maharashtra are the most affected as the state alone has a share of almost 50% of real estate business due to rapid urbanization. If there will be an equal RERA in all states, it would ensure a smooth business environment.

In another initiative, CREDAI complimented the government’s decision to amend the Land Title Act. However, to avoid litigation in future, search report for land will be prepared by the state government and not a private lawyer. As a result, it will bring down the number of litigation.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. CommonFloor does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

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Category : Smart Residential Living

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”

ICRA: NBFC crisis to lower home loan growth for the first time in 3 years

ICRA: NBFC crisis to lower home loan growth

Maharashtra: Property is Expected to Get Expensive as Buyers to Pay Input Tax Credit

Property Cost in Maharashtra is Expected to Get Costlier as Buyers Have to Pay Input Tax Credit