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An Awe-inspiring and Eco-friendly Feat of a Mulund Society

Solar_Energy

An Awe-inspiring and Eco-friendly Feat of a Mulund Society

It is not news that global warming is on the rise. There is nothing new about the climatic effects that the phenomenon has, over the past few years. With increasing carbon footprints and widespread pollution, global warming levels have gone up, if that were possible. So much so, that the Paris accord was signed by nations across the globe to control and reduce the emission of harmful greenhouse gases.
With so much effort put in to stave away the effects of global warming at an international level, there are societies within India, that are doing their bit in conserving the environment. One such being Grace Co-operative Housing Society in Mulund West, who switched to solar energy, saving up to five lakhs yearly, and 41,000 rupees monthly on electricity bills.
With around 160 apartments, Grace Co-operative society installed over 94 solar panels to power lifts and common areas spanning across its five building complexes. The 29.4 KiloWatt power setup can generate up to 45,000 and 120 units of electricity yearly and monthly, respectively. The entire setup cost the residents, collectively, around 18.5 lakh rupees.
Despite the installation cost, the residents remain positive about the outcomes of their step to using renewable energy. In an interview with the Hindustan Times, a resident was quoted saying, “We expect to recover the cost of installation over the next three years. We will also be recovering Rs 5 lakh through a subsidy provided by Maharashtra State Electricity Board (MSEB) as per government rules.”
The residents also divulged in the interview that they currently use a net-metering system, that sends the excess power generated by the solar back to the grid. Any deficiency in electricity is imported from the panels as well. The system, in the end, not only benefits the residents of the society but also people in the city who experience daily power cuts. For the surplus current can be used to supply electricity to them.
Aside from adopting solar-powered electricity, Grace Co-operative Housing Society also segregates its garbage and recycles the same. They have been following this practice for four to five years now, and have recycled over 3.28 lakh kg organic wastes. Daily, every house segregates its dry, plastic, and organic wastes. The former is picked up by the civic body’s dumper truck, while the latter is dumped in the compost drums.
Inside these four drums, the organic wastes turn in to manure, which is, then, used to supplement the growth of over 100 trees planted within the society. Through this, they generate up to 30 kg of manure for the plants in one month alone. In the interview with the newspaper, a resident said, “We are following a zero-waste concept as there is 100% waste segregation in the society.”
In a world where the US has exited the Paris Accord, what Grace Co-operative Housing Society has achieved with a united wish to reduce their carbon footprints, is awe-inspiring. They, most definitely, set an example that every society should follow for years to come.

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Uttar Pradesh RERA approved projects, builders, and agents

UP_Rera

Uttar Pradesh RERA:

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

Uttar Pradesh RERA Rules, have been notified and the state’s RERA website was launched on July 26, 2017.

The UP government had launched a portal for online registration of real estate projects and for filing complaints against errant developers in the state under the Real Estate (Regulation and Development) Act, 2016 (RERA).

As of April 2019, approx. 2610 projects, 1415 developers, and 2725 brokers/agents have been registered under UP RERA.

The list of approved projects, agents, and developers have been uploaded in the UP RERA portal can be accessed by the public.

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

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

List of approved builders/promoters for Uttar Pradesh RERA: Click here to view

Uttar Pradesh RERA approved projects, builders, and agents

Projects

Residential – 2295

Commercial – 315

Developers/Promoters

1415

Agents

2725

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

List of residential projects in Noida

List of residential projects in Greater Noida

List of residential projects in Ghaziabad

List of residential projects in Lucknow

List of residential projects in Agra

List of residential projects in Kanpur`

List of residential projects in Varanasi

 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.

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Reduce, Reuse, Recycle!

Degradable&Non-degradable_waste

Reduce, Reuse, Recycle!

In the initial days of economic and industrial development, there existed a common notion that for such development to occur, the environmental interests have to be set aside. With the development of ground-breaking technology over the years, the environment does not need to be in jeopardy anymore for the sake of economic or industrial development. The sustainable model of development has been discovered for this purpose. This mode of development protects the interests of the environment and promotes economic and industrial growth at the same time. It revolves around the golden principle of Reduce, Reuse and Recycle and includes procedures such as rain-water harvesting, sewage recycle, effective waste-management, usage of renewable sources of energy and the like.

Let us take a look at some of the remarkable residential societies in India who have successfully implemented these procedures for the sake of a brighter and greener future:

Houses in Muttukkadu:

While sewage recycling is still a problem in most parts of India, in Muttukkadu, almost all the houses are built over a sewage treatment plant. In these sewage treatment plants, the waste is treated by using German technology. The wastewater goes through a precise sequence of aeration, sedimentation and, the removal of clear water. What is special is that the entire procedure does not lead to the production of any kind of odor.

For more information, visit:
https://www.thehindu.com/features/homes-and-gardens/design/a-sewage-treatment-plant-for-every-home/article4749698.ece

Garden Estate in Gurugram:

This housing complex has set out a remarkable example for housing societies all across India in the field of waste management. With a setup that cost them only Rs. 50000, this society processes almost 240 kilos of waste everyday originating from almost 2000 residents. There are three different bins for waste- the green one is for kitchen waste, the red one for non-degradable disposables and the white one for the recyclable materials. Moreover, the sewage treatment plant of this society generates around 75,000 litres of water every day and the weekly surplus water is donated to a nearby biodiversity park.

For more information, visit:
https://www.youtube.com/watch?v=zd4D43KUyxk

Roseland Residency in Pune

In the Pimple Saudagar region of Pune, the housing societies often end up spending lakhs of rupees for the construction and maintenance of tankers to store water. The Roseland Residency has successfully cut off such unnecessary expenditures by investing in an effective rain-water harvesting system that serves around 1000 flats in 30 buildings. The other housing societies, like Kunal Icon housing society, have adopted the same procedure.

For more information, visit:
https://timesofindia.indiatimes.com/city/pune/pimple-saudagar-society-uses-rainwater-harvesting-to-beat-water-woes/articleshow/57696782.cms

These housing societies or communities have set forward an excellent example for India by adopting sustainable modes of development. Such methods make these societies independent, self-sufficient and eco-friendly at the same time. Moreover, such methods have proven to reduce expenditures in a significant manner too. It is high time that we protect the environment and adopting sustainable development methods in your very own housing societies or communities is the best place to start with. As they say, charity always begins at home.

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Resale of flat in Mumbai ensures your returns on investment

Resale Flats

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.

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Properties to Get Costlier as Stamp Duty in Mumbai Hiked to 6%/commonfloor

Stamp Duty CF

Stamp duty and registration charges in Mumbai continue one of the largest sources of revenue for the state government of Maharashtra. As a matter of fact, the government has been pitching on Mumbai’s real estate boom to encourage growth and development.

The Maharashtra government’s decision to raise a 1% surcharge on stamp duty for properties in Mumbai, could negatively affect the realty market and home buyers, nowadays when property deals are already charged with high tax rates.

It would be raised on the sale, lease, mortgage, and gift of real estate transaction, within the area of the Brihanmumbai Municipal Corporation (BMC). The existing stamp duty on houses in Mumbai is 5%, which will now increase to 6%, making properties more costly.

Stamp Duty CF

How the Stamp Duty Hike Will Impact the Homebuyers?

This move is particularly discouraging for the mid-segment homebuyers who are thinking of buying property due to easy availability of options and reduce interest rates currently.

Hence, if the ready reckoner rate for a property is Rs 2.75 lakhs and the agreement value is Rs 5,50,000,00 lakhs, then, the stamp duty will be calculated on the agreement value of Rs 5,50,000,00 lakhs.

A Comparative Study of Property Charges Before the Hike

Assume you buy a 200 sqm flat near Andheri where the Ready Reckoner rate for residential property is Rs 264200 per sq.mt. Considering the property’s agreement value is the same as the Ready Reckoner Rate in the locality, your property price calculation will be as follows:

Total Cost of the property before the hike

A. Area of the flat

200 sqm

B. Ready Reckoner Rate

Rs 2,75,000/sqm

C. Price of flat (AxB)

Rs 5,50,00,000

D. Stamp Duty (5% of C)

Rs 27,50,000

E. Registration fee

(1% of C or 30,000, whichever is less)

Rs 30,000

F. Total cost (C+D+E)

Rs 5,77,80000

A Comparative Study of Property Charges After the Stamp Duty Hike

Total Cost of the property after the hike

A. Area of the flat

200 sqm

B. Ready Reckoner Rate

Rs 2,75,000/sqm

C. Price of flat (AxB)

Rs 5,50,00,000

D. Stamp Duty (6% of C)

Rs 33,00,000

E. Registration fee

(1% of C or 30,000, whichever is less)

Rs 30,000

F. Total cost (C+D+E)

Rs 5,8330000

The above table is showing that before rate hike one has to Pay Rs.5,77,80000 for a 200 sqm flat in Maharashtra but after a rise of 1% as a surcharge, for the same property, people have to pay Rs.58330000 which goes Rs.550000 more.

But wait, this isn’t the actual cost of the apartment. There are many other un-advertised costs which are hidden and are calculated over and above the advertised price. And yes, do n’t make the mistake of underestimating these costs as they normally make up to 20% of the advertised cost.

Here are what all the costs a builder/developer will charge you when you actually buy the apartment/property and sign the buyer’s agreement in Maharashtra:

What Are the Hidden Charges a Homebuyer Have to Pay to Buy a Flat in Mumbai?

Nature

Amount in Rs.

Calculation Basis

BSP

3000000

1200 Sq. feet * 2,500

PLC

 120000

4% of BSP. PLC location depends on buyers

EEC & FFEC

  60000

1200 Sq. ft * Rs. 50 per Sq. ft.

EDC & IDC

120000

1200 Sq.ft. * Rs.100/ Sq.ft.

Open Car parking space

125000

Fixed amount (differ from project to project)

Covered parking space

200000

Fixed amount (differ from project to project)

Club membership

 45000

Fixed amount (differ from project to project)

Power back-up

 30000

Fixed amount (differ from project to project)

Electric Connection charges

   3000

Fixed amount (Approximate value)

Water, Drainage, and Sewerage

   3000

Fixed amount (Approximate value)

Stamp Duty

180000

6% of BSP. Need to be paid to the government

Registration Fees

30000

1% for every state

GST Tax

360000

12% of BSP. Need to be paid to the government

Total Advertise Cost

3000000

Total (Extra and hidden costs)

1276000

Grand Total

4276000

Please note that all the charges are calculated on the basis of Super Built-up Area and not Built-up Area. As per industry standards, the difference between the super area and built-up area is approximately 18-20%. i.e. while you pay the price for 1200 sq.ft. (super area), the actual built-up area in your apartment would be somewhat 960 sq.ft. (1200 – 20% of 1200) = 960 sq.ft.

Government’s Decision to Deduce the GST Rates

This is not the end. Recently, the GST Council has made a decision to reduce the Goods & Service Tax (GST) rates for under construction projects to 5% from the effective rate of 12%. Keeping in mind the objectives of  “Housing for All by 2022”, the government has reduced the GST to marginal 1% for affordable housing. Apart from that, completed projects which have received Occupancy Certificate (OC) will not attract GST.

Rationalization of GST Rate:

Residential Segment Type

Existing Effective GST Rate

New Effective GST Rate

ITC Availability

Residential properties outside affordable segment

12%

5%

Without ITC

Affordable housing properties

8%

1%

Without ITC

Once the decision will come into force, the property rate will decrease and will benefit the homebuyers across the nation. The above property calculation table where the GST rate is taken as 12% on the BSP, the buyer has to pay Rs.3,60,000 as GST charges on their home. The purchase will be reduced by Rs.2,10,000 (Rs.360000 – Rs.1,50,000). We can say that homebuyers will save up to Rs.2,10,000 on their purchase.

How the Stamp Duty Hike Will Impact the Mumbai Property Market?

Property in Mumbai is remarkably overpriced and most of the demand is moving towards Navi Mumbai and Thane. Now, those who are moving from the suburbs to the Island City will be the ones who would be most affected. If the surcharge is imposed, homebuyers will move to Thane and Navi Mumbai for their housing needs more actively.

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