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Ghaziabad Civic Body Slashes Flat costs over 50% in Madhuban Bapudham

Aug 5,2019 / By / No Comment
Madhuban Bapudham Yojana

Ghaziabad Civic Body Slashes Flat costs over 50% in Madhuban Bapudham

Good news for you if you are planning to buy a house in Ghaziabad. Now you can buy EWS and LIG Flats of Madhuban Bapudham Yojana at 55% lower price. Ghaziabad Development Authority (GDA) is launching a one-month long online scheme on August 5. The applicants whose name will be selected will get EWS for 4.5 lakh and LIG flat in 10.80 lakhs.

Ghaziabad Development Authority (GDA) has housing units in Indirapuram, Swarnjayantipuram, Vaishali, Nandgram, Indraprasth, and Madhuban Bapudham. The reason behind issuing of the scheme is to attract home buyers for some time now as GDA’s properties have failed to attract buyers in the past.

To attract home buyers for its properties, the Ghaziabad Development Authority had planned to framework a Madhuban-Bapudham housing scheme in 2004 after getting 1234 acres of land. Later, in many pockets, EWS and LIG have been built. Out of this, 466 EWS and LIG have not been sold yet. Now the Ghaziabad Development Authority slashed the flat rate following a state government’s order.

An EWS flat that was previously priced nearly Rs.10 lakh will now be available for Rs.4.5 lakh. Similarly, the price of a LIG flat has been decreased from Rs 23 lakh to Rs.10.8 lakh.

As per the GDA official data, there are 296 EWS and 170 LIG flats in Madhuban Bapudham. Those whose annual income up to Rs 3 lakh can apply for an EWS flat; for LIG flats, the limit is Rs 6 lakh per annum. The scheme will be opened to the public for a month from August 5 2019.

At the same time, the authority was selling them according to the cost experienced in making them. Earlier, the state government has instructed the EWS and LIG buildings to be sold according to the mandate.

It is really a big step to provide affordable houses to its residents at such a lower price. Besides, the selected applicants will have to pay just 10% initially and the rest of the balance amount can be paid in instalments in a given time period.  GDA officials say that the first price was double, but now the price has been cut.

Image Sources: livehindustan.com

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CommonFloor has Launched CommonFloor Groups App with Smart Features

Aug 2,2019 / By / No Comment
CFG_InSize

New smart features of CommonFloor Groups App

CommonFloor, a Quikr company that allows home aspirant, sellers and real estate professionals a comprehensive online real estate environment, coming up with new Smart Community Feature updates. These new and unique community features on the CommonFloor Groups app will provide residential communities with improved security features to manage visitor information and improve residents’ safety in society.

The new improved version is based on the recently conducted consumer survey on CommonFloor Groups. It revealed some of the essential subjects related to child safety, need for better documentation processes and a more accessible device to track vendors and visitors that go beyond old-fashioned tracking. This new and improved feature helps build smarter communities across the country.

The strong, cloud-based security system converts security guards into Smart Guards who can connect, communicate and cooperate with residents and apartment communities in a convenient manner.

Old Features:

It is an easy way to manage visitor entry as all the information is recorded digitally.

It allows residents to approve visitors’ entry with OTP (one-time-password), without dependency on an intercom.

It also allows residents to pre-approve hassle-free entry for their guests to avoid any waiting time involved in manually registering their names at the front gate.

It gives real-time notifications on the attendance details of domestic help and other staff members, the arrival of the school bus and daily vendors, among others.

We are happy to announce the revamp of CF Groups App. The New App has cleaner and richer UI, easy navigation flows for Guest/Vendor/Staff Check-ins and Industry-first features when it comes to Apartment security.

Following new changes are made under the Resident App

1. Cleaner and Rich UI

2. Improved Guest Check-in Approval screen

3. My Daily Help revamped screen

4. Staff Attendance tracking

5. Issue Gate Pass to staff and vendors

6. Resident to Guard Messaging functionality

7. Improved My House & My Dues page

8. Improved Guest Pre-approval flow with check-in code being generated

Following new changes are made under Guard View:

1. Staff check-in via code

2. Guests can check-in via code

3. Guard to Resident messages

4. Guard can view gate pass issued

5. Move-in / Move-out  check-in ( for Movers & Packers)

6. Water Tanker / Oil tanker check-in

The Resident  & Guard side of the App has been enhanced on the following fronts:

a. Improved Guest/Vendor Check-in Approval Screen

Now Residents need not go to the Smartguard section inside the App to approve the Guests & Vendors, but the functionality is integrated into App main flow as My Visitors

Resident can also pre-approve Guests, post which code gets generated and Guests can check-in in the community using the code.

b. My Daily Help

Residents can now Add and set notifications for the ‘Daily Help’ visiting their house. They can also check the Attendance track record/history of his staff.

‘Daily Help’ addition functionality also lets them search all Daily Helps working in their community and call and check for availability.

2_Daily_Help_list

3_Attendance

c. Resident-to-Guard Messaging

Residents can now send messages to Guards at the Main gates in case they want to report anything urgent.  Guards can also send the message to Residents. Guard need not type the entire message, but pre-defined messages are already available for him.

4_Message

d. Daily Help/Staff Check-in via Code

Daily Helps / Staffs can now check-in in the community by giving a 6 digit code. This reduces the time taken for check-in and makes the process much more efficient.

5_CheckinViaCode

e. Gate Pass Addition & Viewing

Residents can also issue Gate pass to the ‘Daily Help’ in case they are giving any stuff to them. Guards can check the Gate pass before checking-out the Daily Help.

6_GatePassAddition

 

7_GatePassGuardView

f. Move-in / Move-out Check-in

If the Resident is moving-in or moving-out of the community, the Admin can issue a Move-in / Move-our code to Residents which can be given to Movers & Packers basis which they can enter into the community. This feature is not available in any other visitor management applications. The Admin issues the code when NOC is obtained by the resident.

8_Movein

g. Water Tanker / Oil Tanker Check-in

For the Water Tanker and Diesel Tanker which enters the community, the Guard can check-in them along with the capacity of the tank. This helps the Admins / Property Manager keep a tab of the amount of Water / Diesel entering into the society and track it efficiently. Again, this feature is not available in other visitor management applications.

9_WaterTanker 9_WaterTanker_2

Apart from these things, the UI has been revamped for all other screens like Complaints Management, Payment & Dues etc.

At last, We would like to thank all our customers for giving us such valuable feedback to improve the app.

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Should I Buy An Under-Construction Flat or Ready-T0-Move-In Bangalore?

Jul 31,2019 / By / No Comment
rtmv2

Why one should buy an under-construction flat over ready-to-move-in Bangalore?

Buying property is an important decision for all. It’s an emotional decision which can be taken very cautiously. You are not going to switch your home in the next few years after buying, rather you will not sell it off except you get a better deal or need a bigger home.

The resale housing market, especially the new, ready-to-move-in section, gives home-buyers a chance to avoid the risks of buying under-construction properties that are likely to extreme delays.

Ready-to-move-in properties reduce the chances of getting cheated, apart from offering other benefits.
Ready-To-Move-In flats are more expensive than an under-construction flat in the same locality. You should have a strong financial position for a ready-to-move-in flat, as you would have to pay the full cost of the property before the builder handovers you the keys. Your home loan should be sanctioned, and EMIs on the full loan amount will start instantly. On the other hand, an under-construction flat has an easier payment method, as you would have to make staggered payments spread over the years.

This is, perhaps, the only positive for an under-construction flat, however. “The price gap between RTM and under-construction apartments has narrowed considerably because of the supply overhang

If you are planning to buy a property, you would get lots of options. But there is an advantage in choosing a ready-to-move-in property. Below we are listing a few of its advantages and disadvantages:

Advantages of Ready to Move in Property:

  • Immediate Authority on Your Flat Purchase: In case of ready-to-move-in property, you can instantly move into your new house. You will immediately get the possession of your home, what you have paid for whereas for an under-construction property you have to wait for 3-5 years for the flat to be delivered.
  • Low-Risk Involvement: In a ready-to-move-in property there are no risks of delay possession. While in the case of under-construction property, project delays are much more common and there are many cases where a builder has duped buyers. So, you need to be cautious while choosing a builder for an under-construction property.
  • Instant Relief from Paying Rent: Once you relocate into your new home, you won’t have to pay any rent. All you have to pay is EMI for your home loan. While in an under-construction property, you will have to carry both EMI and Rent for a number of years.
  • You will get what you will see: An under-construction property is sold on papers. Sometimes, there can be some discrepancies in the final outcome and what you were promised. On the other hand, in the case of ready-to-move-in property, you will first see and inspect the product and then only you will decide to buy it or not.
  • Immediate Tax Benefits: In a ready-to-move-in property you can challenge tax exemption on your home loan on both principal and interest repayment instantly while tax benefits on home loan for an under-construction property can be claimed only after you get the flat possession.
  • Only EMI With No Down Payment: The most helpful thing about ready-to-move-in property is that you will have to pay EMIs on the home loan, and would include no other payments. In case of an under-construction property, EMI normally begins after completion of construction work. Despite this, if there is any delay in the construction, then the EMI will start once the home loan gets dispensed.
  • Check The Infrastructure And Other Facilities: When you are buying a ready-to-move-in property, you can check the infrastructure and other facilities around the flat before buying the property.
  • No increased cost: This is another advantage of buying a ready-to-move-in property as you are not supposed to pay the increased cost of the property after paying the booking amount. But in the case of under-construction properties, you have to bear the increased cost of the property.
  • Buy within Your Budget: In a ready-to-move-in property, you can select a property within your budget. If you have a lower budget, you can buy a home that fits into your budget. Whereas, when you buy an under-construction property if the project got delayed for three or more years the builder asked for increasing the cost of construction which you have to bear and it increases your overall budget.
  • No GST: Taxes play a crucial role in buying a property. Currently, a buyer does not pay any GST while buying a ready-to-move-in property. An under-construction flat, on the other hand, attract 12% GST. So, if you buy an under-construction flat worth Rs 60 lakh, you will have to pay Rs 720,000 as GST.
  • Rental income: If the flat you’ve bought as an investment and not for personal use or, if you are planning to move in later, you can rent it out and make some rental income. You can use the rental income to pay your EMIs or keep it as a rental income.
  • Ease of selling: It is difficult to sell an under-construction property, especially if its possession is delayed or it’s involved in litigation. In many cases, developers do not allow the transfer of apartments until the project is complete.

Disadvantages of buying a ready-to-move-in property:

  • High Property Cost: One of the major drawbacks of buying a ready-to-move-in property is the higher cost as compared to an under-construction property. The cost difference could be anywhere between 20-30%.
  • Construction Quality: It is very easy for an under-construction property to analyze the work progress and thus being aware of the quality of construction in terms of the material used, the strength of the foundations etc. But you can not conduct any such inspection in a completed flat.
  • Age of The Property: Buying a ready-to-move-in property might not always ensure you a brand new home like an under-construction property. The flat which you have bought might be up for sale for a long time. Therefore, if it has not been maintained properly, it might look old.
  • Exclusion from RERA: An old ready-to-move-in flats with Occupancy Certificate as on 1st May’ 2016 have not been included under RERA. Thus, its promoters are not accountable to make its information available on a public platform.
  • The under-construction projects are no less in terms of quality and cost if you do all your due diligence on the project such as price, location, developer, and other related aspects. The under-construction projects offer a higher return than a ready-to-move-in-property.

Advantages of buying an under-construction property:

  • Cost-effective: The cost of a property for the buyer is one of the most important things. An under-construction property is likely to cost less than ready-to-move-in properties. Buyer will get many options of under-construction properties. It is also true that possession gets delay but cost worth. With RERA in place, developers must deliver on time and if they don’t they are responsible for compensation to buyers. Post RERA, there is an added advantage of booking a unit in an under-construction for the buyers.
  • Good Appreciation on Investment: Since you are buying your property at a lower cost, the appreciation is expected to be higher. As the construction work in progress, the cost of your property also increases. For good returns on their investment, one should check the location, upcoming infrastructure and employment hubs situated nearby.
  • Payment Flexibility: While buying a ready-to-move-in property, a buyer has to pay the entire amount one chance. There are stamp duty, registration charges and other miscellaneous expenses as well. But at the initial stage for an under-construction property, you are paying 10-15% as a booking amount for under-construction properties. You pay EMIs to the bank in case the property is financed or else you pay as per the construction plan.
  • Discount and offers: It is very difficult to get a discount on a ready-to-move-in property. It is a complete house and you need to pay the cost as per the market and even more depending on the amenities. However, if you are buying in an under-construction project, there are several discounts and freebies offer such as gold coin, modular kitchen, air conditioner, gold coin, free car parking among others. You can also negotiate on the final price.

Disadvantages of buying under-construction property:

  • Under-construction properties are usually in the under-developed parts of the city and therefore, the capability for price appreciation due to future development is always good. However, this is not true in each and every case. Earlier, buyers have stuck in lots of litigation cases after buying under-construction properties. Before buying an under-construction property, one must have to look at the location and coming plans around that area. Apart from that, in an under-construction project, a buyer also has flexibility in payments, with options like construction-linked plans, subvention schemes, flexible payment plans, etc. Below is the list of disadvantages for an under-construction property:
  • Delay Possession: This is one of the most common issues related to under-construction projects. In most cases, the project got delayed due to various reasons and in this situation, the buyers face the consequences. Generally, the builders projected a maximum of 3 years timeline to complete the project. But in maximum cases, the project got delayed for more than 3-5 years.
  • The increase in property costs: This is another common problem faced by the people who book an under-construction property. If the project got delayed for even 2-3 years, the builder asks for the increased cost for the property. It is a kind of burden on you as you were expecting a certain amount to be paid once you got the possession of the property, but because of the delay in the construction, you have to bear the increased cost of the property.
  • Compromise with quality: When the builder shows you the sample flat, it is usually built with all possible facilities and with the best quality products. With time, you make an expectation of getting the same quality of work done within your home, but when you get the real home you find that it is much different from the promised one as the builders don’t use good material in construction. This type of situation arises very rarely and with unprofessional developers. After the implementation of RERA, a builder cannot change the building approval plan once sanctioned and display the same on their website.
  • False projection & promises: This is one of the most common and biggest issues with under-construction properties. The builders make numbers of promised to the customers related to infrastructure and amenities within the society, but in most cases, you don’t receive what you have been promised. But after implementation of RERA, the builder has to offer what he has promised during the agreement. A builder cannot change the building approval plan once sanctioned and display the same on their website.

What does CommonFloor data say?

As per CommonFloor research and analysis, we have selected four top real estate destination of India and found that Under-construction property rates are cheaper than ready-to-move-in. Why? Our builder is busy constructing the apartment and the locality around this apartment also develops with time. A few years later your apartment is ready and you take possession of it in a posh locality.  Under-construction flats give you bargaining power. You can negotiate with the builder for a cheap flat. Here is the list of top 4 localities and its rate as per BSP:

Locality

City

Avg Sale Price (RTM)

Avg Sale Price (UC)

Sarjapur

Bangalore

4,615

4,494

Whitefield

Bangalore

6,556

6,345

Hi-Tech City

Hyderabad

6,015

5,873

Rajarhat

Kolkata

4,923

4,476

Sector 104

Gurgaon

5,671

4,397

Price analysis between Ready-to-move-in Vs Under-construction:

RTM vs Under-construction2

From the above data, we found that the rate of an under-construction property is much cheaper than a ready-to-move-in property.

While buying a ready-to-move-in property, a buyer has to pay the entire amount one chance. There are stamp duty, registration charges and other miscellaneous expenses as well. But at the initial stage for an under-construction property, you are paying 10-15% as a booking amount for under-construction properties. You pay EMIs to the bank in case the property is financed or else you pay as per the construction plan. There is flexibility in terms of payment and you do not need to arrange a huge amount to buy an under-construction property.

The interest burden on loan:

In an under-construction property, a bank dispenses the loan amount partly to the builder. However, you may be required to pay the EMI on the approved loan amount and not the disbursed loan amount.

EMI for under-construction property permits you to make payments through EMIs, in a partially dispensed loan for an under-construction project. The loan amount is partially dispensed and EMI is fixed as per the approved amount. The period of the loan continues moving up with an extra amount being dispensed. The EMI will continue constantly during the tenure of the loan. Save on interest and secure faster payment of the loan. As your EMI starts instantly after the 1st disbursement, your principal repayment also starts together, by that reducing your interest burden and tenure.

Month

Stage

Amount Disbursed

Pre-EMI

1st Jan

On agreement

Rs 10 L (20%)

Rs 8,750

1st July

On completion of foundation and ground floor

Rs 10 L (20%)

Rs 17,500

1st October

On completion of 1st and 2nd floor

Rs 10 L (20%)

Rs 26250

31st December

On completion of 3rd floor and possession

Rs 10 L (20%)

Rs.39935

As explained above, you would pay (8750 x 6) + (17500 x 3) + (26250 x 3) = Rs 2,36,250 as pre-EMI (interest) towards the dispensed loan amount. Your EMI of Rs 39,935 for the leftover 20 years starts from 01-Feb (i.e., a month after final disbursal).

Here are the tax benefits that you can avail when you take a home loan for an under-construction property:

1) As under-construction properties are relatively cheaper, the capitals required for them would be relatively low. Therefore, the EMI payable on the loan amount would also be lesser.

2) As the EMI on the loan is pretty fair, you can increase your monthly instalments to decrease the loan period. This will encourage you to save more on your total interest payment.

3) The person who is taking the home loan can refuse the deduction of the interest amount paid during the pre-construction phase.

4) One can get tax benefits for the stamp duty and registration fee on the property.

5) The interest amount paid earlier to the year of completion is collected and 1/5th of this amount is released as a deduction each year for 5 years from the year of completion. Simply, the interest paid on the home loan during the pre-construction phase can be taken for deduction in these 5 equal instalments.

Recommendation & Suggestion:

You must buy under-construction flats only from builders who have approved from state RERA with a good reputation and established projects. After the implementation of RERA, a builder is responsible to deliver the project on the mentioned time and if they don’t, they are liable to pay compensation to the buyers.

Since you are buying an under-construction property at a lower rate, the appreciation is expected to be higher. As construction progresses, the price of your property also increases.

If you’re planning for under-construction property, estimate your financial position, documents required to purchase and about the developers. It is essential to know your neighbourhood and the available infrastructure around the area such as nearby markets, common public areas and parks, connectivity issues, among others.

If the developer is appreciated, then banks will definitely request you to get yourself a loan. Buying a home can be a risky business, but buying after a good research and thinking about the long term return will be profitable.

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Coworking Spaces are Perfect for Independent Professionals

Jul 13,2019 / By / No Comment
Coworking_space

Coworking Spaces are Perfect for Independent Professionals

Coworking spaces are actually shared workspaces. They allow affordable office spaces for those who want to skip the silence of working at home. It is a business service acquisition model that includes individuals working independently or collectively in shared office spaces. Unlike a normal office, coworking is not operated by the same company. It is more pleasant to work at home professionals or independent bodies who work in appropriate privacy. Enterprises of big size sometimes use co-working facilities to provide office spaces when they have more than the normal number of employees working at any given time.

The word Coworking has been first used in 1995 in the insight of preferably serving people working together in any kind of setting. The first specified co-working space was established in San Francisco in 2005. At present, more than 400 registered Coworking spaces are in progress on 6-continents.

Coworking spaces give a standard work environment and different types of office facilities and amenities found in a normal or regular office. Some of the basic amenities and features of Coworking spaces include:

Shared workspaces

24/7 access

Reserved or rented conference halls

Wi-Fi

Communal printer/ copier/ fax

PBX Systems

Shared bathrooms and lounges

For freelancers, distant workers and small business owners who always travel, Coworking spaces are ideal for them. You will get what you need and you don’t have to pay for services you don’t use. Coworking spaces are entirely different from shared workspaces. Coworking spaces are usually ideal for start-up businesses and entrepreneurs who are looking for a better option than working from home. The benefit of Coworking spaces is that they are affordable for start-ups with a chance to work in an economical space that forms an atmosphere that encourages potency.

At the same time, shared workspaces are different from Coworking spaces because they contribute to assist more organised businesses. They usually give more amenities to satisfy the needs of their customers. Bengaluru, with its Coworking spaces, is at the forefront of boosting productivity and proficiency in the area of business. As Bangalore is already known as the silicon valley of India the Coworking spaces in Bangalore is a boon to various startups. There are many advantages of Coworking spaces. Coworking is a quickly growing profession since they offer benefits/ amenities to its members.

Economical

– Coworking spaces are valued for money since it helps in reducing other expenses that the Company could have obtained in running the office space and no more security deposits. You will be paying only for the area you utilize.

Networking

– One of the most notable reasons why people work out of a Coworking workplace is to meet new people who could assist them in the business in some way or the other. At a shared office space, you will engage new people on a regular basis and there are also other networking events adapted to bring people together.

Flexibility

– Shared workspaces are known to be manageable with their leasing resolutions and most of these places are open 24 hours on all 7 days of the week.

Coworking Spaces Amenities

– Coworking spaces offer a wide array of amenities like high-speed internet, meeting rooms, and break out spaces for members which has gaming zones, gyms, swimming pool and balcony to the members which assist them in managing a good work-life balance.

Multi-locations

– These days Coworking office spaces are positioned at multiple locations within a city and across the world at the most notable places. They contribute to satellite offices as well.

Productive workspace

– Productivity is at the highest when you are circled by other inspirational. Moreover, the amenities at a Coworking space helps in managing a work-life balance.

Here are the details of top Coworking spaces in Bangalore:

Cowrks:

Cowrks is spanning across 5-cities in India. It includes high-end meeting rooms and sufficient space for managing medium-sized events. Prime location, flexible contact, and first-rate security, it has everything you can request for Coworking spaces.

Location:

Whitefield, Koramangala, Residency Road, EcoWorld, Ulsoor, Indiranagar, Yelahanka

Pricing:

Dedicated desk – Rs. 12,999 to Rs. 15,999/ month

Flexible desk – Rs. 10,999 to Rs. 12,499/ month

Special Amenities:

Can run out of private studios, private suites, and lounges

Mail and package handling facilities
Implemented with AV and teleconferencing support

Virtual Receptionist for your company.

WeWork:

WeWork offices have a modern environment that allows each and everything to make a friendly atmosphere at shared workspaces. WeWork also has fair pricing plans for private offices without sharing.

Location:

Bannerghatta, Mahadevapura, Residency Road, Old Madras Road, Koramangala, Martahalli, Infantry Road, Domlur (Embassy Golf Links), Church Street, Devarabisanahalli, RMZ Latitude

Pricing:

Individual hot desks: Rs.6, 000 – Rs.8, 000/month

Private office spaces: Rs. 19, 300 – Rs. 20, 500/ month

Special Amenities:

There is also a service to secure your bike. This Coworking space is wholly eco-friendly.

Nearby individual stalls and facilities like teleconferencing through high-speed internet are available.

Innovate:

It is a premium working space formed to assist you to grow and innovate. Their primary purpose is to revive the Indian startup space.

Location: Koramangala

Pricing:

Individual hot desks: Rs 8,000/month

Dedicated desks: Rs 13,000/month

Special Amenities:

Work constantly at the rooftop as the intense cityscape contributes a beautiful background

Commitment and entertainment are revamped in this workspace

Vast spaces for break-out areas and refreshments – this dynamic space is perfect as a startup office space in Bengaluru.

Commune Coworks:

Commune produces an excellent environment for a modern-age workforce. Commune welcomes all kinds of workers and had limited space for a workshop, and a studio to help you to excite your strength and creativity.

Location: Koramangala

Pricing:

Day pass: Rs 500

Individual hot desks: Rs 7,999/month

Dedicated desks: Rs 11,999/month

Private cabin: Rs 12,999/month

Special Amenities:

Dedicated cabinets and lockers for your personal items

Entree to an elite association of compatible people through the community memberships

The freelance market is growing. By the time we reach 2020, 50% of all kinds of workforces will comprise of freelancers. This, as a result, will provide speedup to more Coworking spaces. The design and culture work as a model for any organizations considering to discover new ideas to develop. We can definitely anticipate seeing more of these kinds of spaces growing near every locality.

The main advantages of Coworking are friendliness and approachability. Coworking spaces will reasonably have a facility manager for managing the communications. Nevertheless, keep in mind that business organisations have an extreme interest in Coworking spaces so the safety reforms will continue to improve. As the progress of Coworking organisations remains to grow, each company will have to provide all their common needs.

Image Sources: Google

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A Move In The Right Direction: Common RERA Portal For All States/UTs By Central Government

Jul 3,2019 / By / No Comment
Gujarat RERA

A Move In The Right Direction: Common RERA Portal For All States/UTs By Central Government

The centre has planned to framework a common online RERA portal of all states and UTs, a move which will provide an opportunity to home-buyers, builders and authorities to exchange their views and make the overall implementation of RERA even more strong.

Announcing the government’s plan, the Housing and Urban Affairs Secretary Durga Shankar Mishra said that with the help of this portal, the real estate law will become more strong.

Under the Real Estate (Regulation and Development) Act, 2016, all states are directed to form their respective real estate regulator RERA which aims to regulate the housing sector giving proper protection to homebuyers and make transaction fair and transparent.

As many as 30 states and UTs have notified RERA, but West Bengal has notified its own real estate regulator – Housing and Industrial Regulation Act, 2017 (HIRA). In July last year, the ministry had asked the opinion of the Law Ministry over West Bengal notifying its own real estate law rather than implementing the Real Estate (Regulation and Development) Act passed by Parliament.

According to the ministry, as per the laws of Pradhan Mantri Awas Yojana (Urban), homebuyers will not be able to avail Credit Linked Subsidy Scheme (CLSS) under the mission if housing project is not registered under RERA. Under PMAY (U), homebuyers can avail an interest subsidy of up to Rs 2.67 lakh.

As many as 14,170 crores have been spent and over 6.32 lakh are beneficiaries under credit linked subsidy scheme (CLSS) under the Prime Minister Awas Yojna (Urban).

Later, Mishra told reporters that through this portal, any state RERA can study an order of other states in a particular subject. Also, home-buyers and builders can give their views on this issue.

Giving details about real estate projects on the 4th anniversary of PMAY (U), Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Smart Cities Mission (SCM), the Housing and Urban Affairs Secretary said that over 42,000 projects have been registered under RERA while more than 32,000 real estate agents have been registered till now.

The Housing and Urban Affairs Minister Hardeep Singh Puri expressed his confidence that the target of PMAY (U) will be achieved by the end of 2020 as against the target of 2022. The demand for total houses under the scheme is 1-crore and so far. More than 81 lakh houses have been sanctioned and the rest of the houses will be sanctioned by ist quarter of the next year. He also expressed his hopes that all the houses will be handed over to the beneficiaries by 2020. An investment of Rs. 8 lakh crores have been allocated in these 3-schemes.

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