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Anamika Gairola

Anamika Gairola
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Anamika is a research-oriented writer with experience in writing blogs on home decor and real estate industry. Simply put, she knows the trend and expectations of today’s industry. She is an avid reader, wishes to travel the world, and loves to cook her favorite recipes when not writing.

UP government decided to waive off stamp duty if the property is being transferred to a ‘family-member’

By
Anamika Gairola
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Ravindra Jaiswal, minister for stamps and registration informed that it is being noticed, that stamp duty was creating tension between family members as the High Court responsible for registration was now allowing them to settle issues while the owner is alive.

LUCKNOW: It’s a relief for the people who were planning to transfer property to family-member. It will only take Rs. 5000 with an additional processing fee of Rs.1000 to get the property transferred within the family.

The proposal issued by the state cabinet mentioned that if someone is transferring property to their father, mother, son, daughter, spouse, son-in-law, daughter-in-law, real brother, real sister, and children of one’s Son and daughter, then they only have to pay Rs. 6000 instead of 7% of the cost of the property.

The minister informed the Times of India “Earlier, as the owner of a property if I wanted to transfer it to my child or another close relative, I could only either transfer it or sell it. In case of the transfer before my death, even as there was no exchange of money and the same people continued to reside in the house, a high rate of stamp duty was being charged which prohibited people from dividing property or settling ownership before one’s death. This new rule resolves that issue,”

A senior government official shared that because of the high registration cost, most of the families used power of attorney to transfer the property. The state government was facing a huge financial loss because of this.

The power of attorney costs only Rs.100, while on the other hand if someone is transferring property worth 50 lakhs then stamp registration would cost around 4.20 lakhs. Now, when the registration is cheaper, families don’t have to rely on the power of attorney. So, this move will be beneficial for the government.

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The corporation will take over 9 colonies by 15th June in Gurugram

By
Anamika Gairola
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Officials informed that the civic body will hire a contractor and invite tender to complete maintenance work like sanitation and maintenance of green areas.

Municipal Corporation of Gurugram announced on Wednesday that colonies will remain in the same private hands for a few upcoming months. Later these colonies will be taken over by corporation.

Officials announced that the civic body will have to participate in the process and invite tenders, hire contractors to complete the maintenance work such as sanitation and upkeep of green areas.

The corporation reached the decision that the private agencies which are currently handling the colonies will continue to handle them and continue with their work and the Municipal Corporation of Gurugram will bear the cost. Now, residents of these colonies only have to pay for waste collection and security, as these services won’t be covered by MCG and they won’t have to pay for maintenance of the area.

After the takeover MCG will be responsible for essential services like supply of water, waste collection and sewerage and drainage. DTCP issued an order on the 9th of May, MCG had decided to take over 9 colonies by 15 June.

Vivek Gill, the MCG superintending engineer informed “We have decided that colonies, where the private agencies are already deployed either by the builder or RWAS through an agreement for maintenance of roads and green spaces, should continue their work. With the takeover, MCG will pay these private agencies instead of starting the tender process on its own and then finalizing a private company to do the job. We will focus on providing essential services to the residents.”

Kuldeep Yadav, Ward councilor commented that the tender process and process of hiring a private agency is time taken. He further added “By continuing with the contract between the private agencies and builders or RWAS for basic maintenance, MCG will save a lot of time. In case the agencies stop work, the tender process will at least take one to two months, due to which the basic maintenance services will suffer. So, it is a good step to continue with the old private agencies.”

Chaitali Mandhotra, Resident member of Ardee City RWA shared “We have hired a private agency for sanitation and we also have an MCG impanelled agency for door-to-door waste collection. The commissioner, along with MCG officials, visited our colony and said if the agency is working efficiently, they should continue. Residents won’t have to pay maintenance fees now, they will only have to pay door-to-door waste collection fees. But security, which is a major expense for the RWAS and residents and isn’t covered by MCG, will however remain a challenge.”

Sudakshina Laha, an executive of Sushant Lok-2 and 3- RWA reported “The private agency in Sushant Lok hardly did any work for sanitation and horticulture. For example, the sweeping of roads is done only once in 15 to 20 days. But this is because the builder didn’t pay the agency. With the takeover, MCG will have to ensure that residents don’t have to suffer. Door-to-door waste collection is regular, so it is a good decision to go ahead with the same contractor, but residents are not satisfied with the agency working for horticulture and cleanliness.”

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RBIs new decision will be beneficial for 20,000 housing societies in Maharashtra

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Anamika Gairola
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Vice-Chairman of Maharashtra housing federation Suhas Patwardhan informed that the housing finance limit of 5% of total assets is expected to boost the self-redevelopment of societies in Pune, Thane and Mumbai.

RBI announcement today News

PUNE: RBI‘s new decision to allow cooperative banks to grant finance for the commercial real estate-residential housing segment will be beneficial for 20,000 housing societies and apartment planning self-redevelopment in Maharashtra.

Suhas Patwardhan also reported “Real estate projects involving redevelopment are key areas in the property market, especially in growing cities. As per the RBI notification, all district cooperative banks and state cooperative banks will be able to grant loans to housing societies for self-redevelopment instead of them handing over the project to a developer for commercial real estate-residential housing according to the notice on June 8,”

This decision may open more liquidity and financing avenues for the development of real estate.

Some federation members commented that it will help housing societies to implement the 2019 GR for the promotion of self-redevelopment. 

Shrikant Karegaonkar, bank manager informed that the RBI monetary policy has doubled the limit of housing loans for cooperative banks. He further added “It will help reduce the impact of inflation by pumping more funds into the housing sector and open opportunities to customers with the cooperative sector,”

Housing society members added that while 5% of the total assets look small in comparison to the demand, this limit is expected to be extended and it’s a good start.

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Residents of Ajnara Le Garden decided to hit the streets in Noida over unfulfilled promises

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Anamika Gairola
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Residents were joined by their neighbours at Ajnara Homes in Sector 16B. Residents have been protesting for the past 71 days at the site where the builder is yet to finish the construction of 2 towers.

On Sunday residents of Ajnara Le Garden society came to the streets to protest against the builders. In sector 16 residents are demanding the immediate completion of the clubhouse, five unfinished towers and other facilities promised by builders.

Residents reported that at the meeting on June 2, the builder promised to complete the construction of the clubhouse. Residents claimed that the speed of the work is too slow. if the clubhouse is going to take 9 months then 5 towers will take much longer to be completed.

Mukesh Gupta, a resident commented “Residents have been facing problems for the past years due to the developer’s failure to provide facilities in the society. The builder has taken money in advance from everyone but failed to build the facilities including the club, swimming pool, gym and park. We have been protesting since April 2, but till now no permanent solution has been provided by the builder.”

A letter submitted by a resident to the Greater Noida Industrial Development Authority says that “in some towers of the society, there are problems of cracks in walls and water leakage”.

Ajnara Realtech is now also accused of “illegally building temporary shops at the Le Mart market”.

GNIDA cancelled the allotment of 8,178 sq. m. of the plot of Ajnara Le Garden in the previous month. This was the part of the 72,962 sq. m. that was allotted to developers in the year 2011. It’s cancelled over non-payment of Rs. 63 crore dues after 11 years.

The spokesperson of Ajnara Realtech told “The developer is working on a plan to resolve the complaints. We have already submitted a timeline for completing the Le Garden’s club, while an on-site meeting was held on Saturday at Ajnara Homes regarding the construction of the remaining two towers.”

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More than 3 lakh properties are registered in Karnataka, within two months

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Anamika Gairola
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According to the department of stamps and registration, in Karnataka, within two months (April and May) revenues from property registration touched a new height.

BENGALURU: Property registration in Karnataka has set a new benchmark in the month of April and May in Karnataka.

The increase in demand and its conversion into sales helped Karnataka to set new records within two months. New reported numbers broke the record of the past 10 years in the state. The revenue earned by the state from the property registration has set a new benchmark.

Department of Stamp and registration reported that total 1.8 lakh properties get registered in the month of April and 1.96 lakh in the month of May.

Registrations increased 20% from the previous year and the state exchequer fetched 103%. Higher revenue at Rs.2,405 crore. The property market of the state is still performing well and the state has managed to collect a revenue of Rs.325 crore to date.

BR Mamatha, inspector general of registration and commissioner of stamps reported that the housing market of Karnataka is performing well after the government announced a reduction in guidance value and stamp duty reduction on the flats.

The government reduced property guidance value in the state for the time period of three months starting from 1st Jan to 31st March. But it was extended because of the high demand.

The state government has reduced the stamp duty charges from 5% to 3% for the property up to Rs. 45 lakh.

The home buyers realized the importance of owning the property after the pandemic. This is considered as the main reason behind the spike of number of units booked in a month.

A senior official of the state revenue department commented “The performance was driven by mid-income and affordable housing segments that maintained buoyancy after the state government offered a discount on guidance value and stamp duty rates over the past eight months,”

The property market in the state is performing well despite all the inflation.

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The High Court ordered the housing board of Haryana to refund money to applicants

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Anamika Gairola
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Haryana court-ordered Haryana housing board to refund the money of applicants together with the mean saving interest provided by SBI.

 

The Housing Board of Haryana has received an order from Haryana High Court saying that they have to refund the amount deposited by the public for house units in various housing projects. Those projects have been advertised by it, but the allotment has not been made for a long time.

People who applied for the Defence Scheme Sampla (Type-A) will get their amount refunded by June 30. And the people who applied for other schemes shall have to be refunded by the board by October 31.

The High Court made it clear that if these orders are not followed that would invite action against board officials under the contempt of court Act. All the applicants will get the refund together with the mean savings bank interest of the State Bank of India. 

The High Court ordered  “Naturally, needless to say, any delay in implementation would entitle the petitioners to invoke the provisions of the Contempt of Courts Act, 1971, other than, of course, further penal interest to be levied at the rate of 10% per annum with compounding, for delayed payment beyond the aforesaid two dates,”

These orders are passed by Justice Amol Rattan Singh and Justice Lalit Battra of the high court while hearing the bunch of petitions filed by residents.

Regarding the interest rate on the refund, Mahajan informed the high court that there is a statuary provision governing the issue of refund deposited by applicants in any scheme, where if the applicant has not been allotted a housing unit in the time span of two years from the closing date of registration.

Petitioner said that the housing board is charging 10% compound interest per annum in case of default of payment of installments, and applicants are not at fault at all that the schemes in question were scrapped, and the money paid by the applicants has been with the board for the past 9 years so they should give the same rate of interest.

A petitioner commented “Obviously much more than two years having gone by since the money was deposited… they would be satisfied with a refund at bank rates in terms of the aforesaid regulation,”

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Chronic Housing Shortage issue in Hong Kong. Realtors are finding the solution

By
Anamika Gairola
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“Solving Hong Kong’s deep-rooted housing problem is crucial to the city’s future growth,” Adrian Cheng, chief executive of New World and chairman of the initiative, New World Build for Good, said in a statement.

Chronic Housing Shortage issue in Hong Kong. Realtors are finding the solution

On Thursday, Hong Kong property developer New World Development said, “it would launch a research project to tackle a chronic housing shortage and sky-high home prices in one of the world’s most expensive property markets.”

Realtors and the government of Hong Kong are trying to make housing affordable and available to fulfill citizens’ basic needs. However, people are suffering from this issue.

As part of the initiative, New World said, “the committee would study long-standing housing issues, ranging from unaffordable prices, long waiting times for public housing, and a lack of elderly-friendly homes as the population ages.”

Adding to this statement, Adrian Cheng, chief executive of New World and chairman of the initiative, New World Build for Good, said “Solving Hong Kong‘s deep-rooted housing issue is fundamental to the city’s future growth,”

Reuters reported that Beijing had given a new mandate to the city’s powerful tycoons in a series of meetings this year that they should pour resources and influence into helping solve the destabilizing housing shortage.

One of Hong Kong’s leaders, Carrie Lam, said that solving the former British colony’s shelter shortage and improving land supply would be key preferences for the government.

25 work from home townships’: A pilot project initiated by the Andhra Pradesh government

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Anamika Gairola
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25 work from home townships’ A pilot project initiated by the Andhra Pradesh government

The government has initiated a pilot project to set up 25 townships with space, work stations, and high-speed internet to facilitate work from home.

Are you tired enough while working from home and get disturbed every day by neighbors, road traffic, noises and internet or network problems? So, you prefer to work in a peaceful environment with a high speed of the internet to attend virtual meetings. Well, you don’t have to book a seat in a cafe or in a library anymore because the government of India is now taking the initiative to enhance the workflow of ‘work from home’ in India.

During the pandemic, many companies and schools started virtual work mode, which surprisingly came out to be the best option for many big companies like Google that they simply extended work from home till 2022.

Sajjala Ramakrishna Reddy is the Advisor to the Government of Andhra Pradesh in India, recently announced to set up 25 ‘work from home’ townships.

The major aim of this project is for IT companies to service ease to tech workers working from home or remote locations.

The Andhra Pradesh government has decided to build 25 townships initially and go for further expansion after studying the situation of the new plan. The township will be built from a perspective of ‘work from home’. It will have adequate space, working stations with high-speed internet and other infrastructure in the proposed townships.

The government advisor Sajjala Ramakrishna Reddy asked the officials to quickly start the pilot project within three months. Also, he proposed that the officials take appropriate security measures, 24×7 internet, privacy and other facilities with the help of a power-point presentation and explain the advantages of setting up work from home townships.

Cross-border realty investment of $2.5 billion in India 2022, Report by Knight Frank

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Anamika Gairola
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Cross-border realty investment of $2.5 billion in India 2022, Report by Knight Frank

Upcoming years would be in great favor of Real Estate in India. The Industry is emerging as investors are ready to invest after the lockdown phase.

According to the recent research report of Knight Frank, India can expect cross-border real estate investment in 2022 worth $2.5 billion approx.

Here is what Mr. Shishir Baijal, chairman and managing director of Knight Frank India, stated:

“A series of structural reforms in the recent past has put the country’s real estate sector on a high trajectory attracting global attention. Rapidly improving pandemic scenario in the country coupled with policy interventions to support realty sector growth will ensure global capital finds it attractive to participate in the sector.”

On the other side, top destinations for cross-border real estate investment in 2022 would be USA, UK, Germany, France and the Netherlands.

Besides, investment managers, institutions, and private equity investors are predicting that the US, Canada, UK and Germany would be top investors of cross-border capital in coming years.

Knight Frank also concluded that cross-border real estate investment focus would be on office sectors as compared to residential investment in 2022.

India needs the kind of improvement to add value to the country’s economy which has been majorly disturbed during Covid-19.

Artificial Intelligence (AI) will be ruling Indian real estate in the coming years, 2021 survey

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Anamika Gairola
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Artificial Intelligence is becoming a part of every booming industry. Indeed technology facilitates multiple industries in terms of more profits by instantly understanding the scenario of the targeted audience.

Artificial Intelligence (AI) will be ruling Indian real estate in the coming years, 2021 survey

According to the Survey of Institutional Channel Partner (ICP) 2021, more than 67% of industry leaders have shown interest in investing in the technology-driven services in Indian real estate in the coming 12-36 months.

 

As per survey by 360 Realtors, it is believed that futuristic technologies like AI, ML, IoT, Big data, Smart Devices, Chatbots will play significant roles in the Real Estate industry.

Edited by: Afshan

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