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Home Authors Posts by Muskan Aggarwal

Muskan Aggarwal

Muskan Aggarwal
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Rs 21 crore earned by Rajasthan Housing Board for selling 205 flats in a day

RHB commissioner Pawan Arora said, “The RHB schemes are receiving good response from residents as it caters to all sections of society. The e-auction is organized every Wednesday.”

Rs 21 crore earned by Rajasthan Housing Board for selling 205 flats in a day

Through e-auction which happened on Wednesday, the Rajasthan Housing Board (RHB) has earned Rs 21.23 crore by selling 205 flats.

In the Jaipur division, the RHB sold 9 properties to fetch revenue approx. Rs 1.48 crore.

RHB commissioner Pawan Arora said, “The RHB schemes are receiving good response from residents as it caters to all sections of society. The e-auction is organized every Wednesday.”

From next Wednesday there will be an opportunity to get accommodation in Jaipur for only Rs 6 lakh, an official said.  This will help to fulfil the needs of lower-income and economically weaker sections.

Also to support the Dwarkapuri Awas Yojna the RHB will sell 356 houses and 85 houses in Pratap Apartments LIG Block. An official said, “As the prices are affordable, affluent classes are coming forward to buy flats in these two apartments to solve the housing problems of their domestic help.”

The affluent class is purchasing in these schemes after the income driver was eliminated from the schemes. The scheme will provide accommodation to drivers, peons, cooks, and other servants working in apartments.

567 houses are now being provided at a discount of 25 percent under the week home scheme development, an official said.

Earlier these homes were available at Rs 15.40 lakh but now these weekend homes will be available only for Rs. 11.55 lakh. The area constructed in the scheme is situated amidst picturesque valleys and the Chowpatty colony, open-air theatre, and exhibition.

Regarding the process of participation in the e-auction, interested applicants can visit the help desk at the RHB offices every Monday from 10 am to 4 pm. They have to submit bid/auction proposals online/e-Mitra.

Other information like terms and conditions, a list of accessible accommodation, reserve rate, percentage of discount, and the process of offering online proposals related to this scheme can be seen on the website of the board.

7 Pro Tips for Choosing Artwork for Your Home

7 Pro Tips for Choosing Artwork for Your Home

One of the most repeatedly asked questions about home decor is, “How do I select the right artwork?”. There are a few approaches to make sure you choose the right piece for a particular space. Artwork is what helps define the individuality of the homeowner and their area. It’s useful in tying specific pieces together and generating a character in a home. The best aspect about art is that it’s an investment you can carry with you as you shift and can even thrive in value over time. It also doesn’t need you to take out a second mortgage; you can pay as little or as much as you like

Following are the few tips that will necessarily help you out in selecting the right art piece to make your home decor incredible.

Organize Art Pieces with a Common Theme

If you are sure where to begin? Try selecting a few conforming colours that you love and find some art pieces that you choose with those colors in common. You don’t need to stick with portraits or canvases either. You can also select to show photographs, word art, pop art, or vintage pieces like old posters or signs that snag your eye.

Unlock the Options

Don’t get stubborn while choosing an artwork as paintings. Widen up your horizons with various alternatives available like several antique pieces, a mixture of visual elements, or sculptures. Choose your art piece that can have the greatest impact on enhancing the decor of your home.

Selecting Colours

Calming colors suit best for bedrooms while vibrant colors should be used for living and drawing rooms. So always choose a piece of art in parity with the shades used in various rooms. People often avoid white color in the view that it lacks character but artwork amid white becomes a centre of attraction.

Develop A Vibe

Consider the use of the room or area you want to spruce up in. Do you want your room to provoke a specific feeling? If you want to add a feeling of relaxation to your bedroom look at images or art pieces that have that impact on you naturally. Perhaps you want to infiltrate an uplifting enthusiastic vibe into your office? Then look for paintings and pieces that encourages and energises you. Whatever you choose, make sure it makes you feel good in your home or space.

Size Up Your Space

When decorating your house with art, think about the size of the area of your wall or space. A small piece of art on a big wall can look out of place and just uncomfortable. To develop a space with more balance and visual allure opt for big pieces or a gallery or grid layout of smaller pieces to cover the wall properly.

Design your room around the art

Art on walls is always recommended to make your art-piece focal of your room. It should be placed at a location that grabs instant attention upon entrance. Then proceed to design your room around it, keeping it a center of attraction of the place.

Light it up

a dull and muted artwork will not be much impressive while adding a bit of light may work wonders for the same piece of art. So, pop your artwork with lighting to make it an attraction that grabs instant attention.

Add an element of fun and experiment to make your home decor exquisite. It is not essential to buy expensive pieces of art and from renowned artists, adding a little creativity to even an ordinary art piece can work wonders for your home decor

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Rs 257 crore penalty toward tax defaulters waive off by Aurangabad civic body

On Wednesday AMC declared a 75% waiver on delayed payment charges for one-time settlement of the property tax by the defaulters.

Rs 257 crore penalty toward tax defaulters waive off by Aurangabad civic body

Under the amnesty scheme, The Aurangabad Municipal Corporation (AMC) has decided to waive off Rs 257.25 crore towards the recovery of the property tax.

On its anniversary, AMC declared a 75% waiver on delayed payment charges for one-time settlement of the property tax by the defaulters on Wednesday

The amnesty scheme, which applies to dues towards property tax till the end of March this year, is valid till the end of February 2022.

Earlier in 2018 and 2019, the AMC announced the amnesty scheme for property tax defaulters. This scheme assisted the civic body in enhancing the recovery to a particular extent.

In charge of the AMC’s tax collection department, Aparna said towards hindered payment charges of payment, tax defaulters owe Rs 343 crore.

Out 343 crores around Rs 257 crore would be waived off under the amnesty scheme.

She said “The already slow tax recovery process lost momentum due to the pandemic situation. It was a collective decision to introduce the amnesty scheme and encourage citizens to pay their dues.”

By the end of the current fiscal year, the local civic body is targeting recovery of Rs 468 crore towards property tax. By the end of November, it had recovered over Rs 107.

Property tax bills have been obtained by all the property holders, they said.

She said “Unlike, in past, we have ensured almost every citizen gets the bill. Citizens now have a fair idea about the dues and should pay the tax at the earliest.”

That civic administration which has already begun sealing properties of primary defaulters has instructed to take serious action if dues are not delivered before the end of the amnesty scheme.

Since 2014 nearly 27℅ of DDA flats returned- Housing ministry

Junior housing minister, Kaushal Kishore in a written reply said that since 2014 DDA, out of 56,932 flats delivered about 15,500 flats have either been surrendered by the allottees or have prevailed unsold.

Since 2014 nearly 27℅ of DDA flats returned- Housing ministry

On Monday the housing and urban affairs ministry informed the Rajya Sabha that lodging offered under Delhi Development Authority through a scheme launched in 2014 doesn’t seem to be good advancement as approximately 27% of the flats have been refunded, surrendered, or stayed unsold.

The housing and urban affairs ministry said that in the newly-developed Narela city there are about 79% of the total surrendered flats.

Junior housing minister, Kaushal Kishore minister in a written reply said that since 2014 DDA has enlightened the ministry that out of 56,932 flats delivered, about 15,500 flats have either been surrendered by the allottees or have prevailed unsold.

For reasons of abandonment or cancellation of allotted flats, the DDA demanded feedback and suggestions from allotted flats and residents, he said.

Location of flats in remote areas, cost of flats is on the higher side, non-availability of Metro connectivity and small size of the apartments are some of the main reasons which are given by the allottees for the cancellation.

The minister said, “To improve the saleability of these flats, DDA has undertaken various remedial measures including improvement of transport infrastructure, construction of Urban Extension Road-II and some concession to the purchasers.”

Another default on a $170 million bond by Sunshine 100 China Holdings

In an exchange filing, sunshine 100 said that it was not prepared to pay back the principal and interest of a 10.5% bond due Dec 5, “owing to liquidity issues arising from the adverse impact of several factors including the macroeconomic environment and the real estate industry.”

Another default on a $170 million bond by Sunshine 100 China Holdings

On Monday China Holdings Ltd, Chinese developer Sunshine 100 said that due to a liquidity problem it had defaulted on a 170 million dollar bond.

Stress among Chinese real estate firms is circulating, amid a debt problem at giant China Evergrande Group that’s intensifying ahead of a Monday deadline for two coupon payments.

The information was disclosed days after bigger rival China Evergrande Group said there was no assurance it would have sufficient reserves to meet debt repayments.

It indicates that some developers proceed to strive even as Beijing has begun to marginally relax financing to meet developers’ common funding requirements.

In an exchange filing, sunshine 100 said that it was not prepared to pay back the principal and interest of a 10.5% bond due Dec 5, “owing to liquidity issues arising from the adverse impact of several factors including the macroeconomic environment and the real estate industry.”

The company said the negligence would also trigger cross-default provisions under particular other debt instruments.

Early this year China harshen real estate curbs, deepening debt issues at Evergrande and some other highly leveraged developers.

This triggered fears that their potential downfall could bring shockwaves through the country’s real estate sector and beyond.

Since October, to confront developers’ normal financing requirements, Chinese regulators have persuaded banks to relax lending.

Also, they authorized more real estate associations to issue bonds in the domestic market.

To fuel India expansion $350 million to be invested by Experion Developers

Across states like Delhi NCR, Goa, Andhra Pradesh, Haryana, Maharashtra, Punjab, Uttar Pradesh and Tamil Nadu, Experion is developing its township group housing projects.

To fuel India expansion $350 million to be invested by Experion Developers

To broaden its commercial and residential portfolio across the country in the next 30 months the Experion Developers will invest $350 million, said its top executive.

The Indian arm of Experion Holdings, Singapore – a real estate investing arm of the $2.5 billion AT Holdings group of companies has so far concentrated on Gurugram and Lucknow.

To hike their existence the real estate developers plan to extend their business in several cities including Gurgaon, Lucknow, and Amritsar. The company will also make an entry into cities like Bengaluru, Pune, Hyderabad and Mumbai markets.

BK Malaga, Chief executive and board member of Experion Developers told ETI, “We want to be in all the major metro cities and are already in talks to start a project there.”

A 100-acre land bank is also there where the company has some development agendas.

Malaga said “About 70-80% of the total development will be residential while we have planned close to 3.5 lakh square feet of commercial development as well. There is a lot of interest in plotted development apart from super-luxury housing.”

Across states like Delhi NCR, Goa, Andhra Pradesh, Haryana, Maharashtra, Punjab, Uttar Pradesh Tamil Nadu Experion is developing its township group housing projects.

As demand for co-living has reclaimed following Covid – 19 induced disruptions, the company also intends to invest $300 million in the country’s student housing market. Partnership with different universities will take place in which the company will construct and operate a student lodging facility on campuses.

During the July-September period (Q3 of 2021) Home sales in India’s eight leading markets withstood a notable improvement.

This was possible as demand for homes picked up after the second wave of the pandemic, according to Real Insight (Residential) – July-September (Q3)2021.

Within three months in these markets, a total of 55,907 new accommodation units were sold, 59% of an upswing as correlated to the same period in 2020.

Consecutively, during the period of April-June this year (W2) home sales showed a much powerful improvement of 250%, as only 15,968 units were sold, the report indicated.

Eight Town planning schemes sanctioned by the Gujarat government for development

The sanction comprises five draft TP schemes in Ahmedabad, one draft TP scheme each in Bhavnagar and Rajkot and a preliminary TP scheme in Patan.

Eight Town planning schemes sanctioned by the Gujarat government for development

On Wednesday, the Gujarat government sanctioned eight town planning (TP) Schemes in Ahmedabad. According to the scheme five localities in Naroda and Santej areas of Ahmedabad will see planned urban development including the advancement of social amenities and other infrastructure.

These comprises five draft TP schemes in Ahmedabad, one draft TP scheme each in Bhavnagar and Rajkot, and a preliminary TP scheme in Patan.

For the preliminary, TP scheme area or 13.97 hectares has been earmarked for development whereas on the other hand for draft TP schemes an area of 86.31 hectares – 72.34 hectares has been earmarked.

The draft TP schemes of Naroda TP scheme no. 127– A, B, C, and D as well as Santej TP scheme no 153 in Ahmedabad have been cleared.

Also, the Vavdi TP scheme in Rajkot and Sidsar TP scheme in Bhavnagar have been cleared.

The government statement explained that apart from the development of infrastructure facilities, local civic bodies of Ahmedabad will launch EWS housing schemes, lawns and earmark open plots of land.

Fulfillment of town planning schemes is anticipated to secure organized improvement and development in cities, the statement said.

Under PMAY-Urban, over 52 lakh houses were delivered and 83.36 lakh are set for construction

Minister of State Housing and Urban Affairs, Kaushal Kishore in a written reply to a question said that all sanctioned projects/houses should be complete with a stipulated timeline by all states and Union Territories

Under PMAY-Urban, over 52 lakh houses were delivered and 83.36 lakh are set for construction

On Monday the government told Rajya Sabha that Under the Pradhan Mantri Awas Yojana approximately 52.55 lakh houses have been finalized and delivered and presently 83.36 lakh houses are grounded for construction.

Minister of State Housing and Urban Affairs, Kaushal Kishore in a written reply to a question said that all ratified projects/houses should be completed with a specified timeline by all states and Union Territories.

Under the PMAY-U in Uttar Pradesh around 9.71 lakh houses have been finalized and delivered to beneficiaries, according to the ministry.

On the other hand, Gujarat with 6.22 lakh, Maharashtra with 5.26 lakh, and Andhra Pradesh with 4.77 lakh houses.

Participating States/Union Territories (UTs) under PMAY-I analyzed a demand of 11.24 lakh houses in urban areas in a survey undertaken by them.

The minister said in his written reply that against this total requirement, 114.06 lakh houses have been sanctioned so far. Of the sanctioned houses, 89.36 lakh houses have been brought down for construction.

3,131 Smart city projects worth Rs 53,175 crore have been completed, said Kishore while replying to another question.

On June 25, 2015, the Centre had introduced the Smart Cities Mission (SCM) for the advancement of 100 cities as Smart Cities.

He said “The cities were selected through four rounds of competition from January 2016 to June 2018. As of November 12, 2021, these Smart Cities have tendered out 6,452 projects worth Rs 1,84,998 crore; out of which work orders have been issued in 5,809 projects worth Rs 1,56,571 crore and 3,131 of those projects worth Rs 53,175 crore have been completed.”

Financial assistance of Rs 5000 provided to 2.95 lakh construction workers by Delhi Government

Delhi has 6 lakh registered construction workers, and another one lakh are in the process of getting registered. The amount will be credited to the accounts of the remaining workers in the next two days, the statement said.Financial assistance of Rs 5000 provided to 2.95 lakh construction workers by Delhi GovernmentArvind Kejriwal, Chief Minister of Delhi on Thursday announced his government’s decision to provide financial assistance to the construction workers. On Saturday, Rs 5000 each was deposited in the bank account of 2.95 lakh construction workers by the Delhi government.

This step was taken to benefit workers who have been impacted by the ban on construction activities in the national capital due to increased pollution levels.

In the statement, it was disclosed that approximately 6 lakh construction workers registered, and another one lakh are in the process of getting registered.

On Saturday the assistance amount was put in the bank by the Kejriwal government in the accounts of 2.95 lakh construction workers. In the next two days, the amount will be credited to the accounts of the remaining workers. After registration, all workers can also get the advantage of schemes brought up for their interest and welfare.

Deputy Chief Minister Manish Sisodia said that at every step Delhi government is standing with construction workers.

He said “Workers are the spinal cord of the country that strengthens the country. If the worker is standing, then our buildings are standing, the city is standing. Therefore, the honour and interests of the workers are the main priority of our government.”

Sisodia said that as construction activities are banned in Delhi, but the government will support the labour brothers and sisters in every possible manner.

He said the government will run registration drives if the ban on construction activities goes on in Delhi. Through large camps, these drives will take place and construction workers who are not registered will get registered with the Delhi Construction Worker Board.

“This step will help the Delhi government in assisting all construction workers in Delhi. There are 10 lakh construction workers in Delhi, out of which seven lakhs are now registered,” the deputy chief minister said.

Is it time to upgrade your property or buy a second home

Is it time to upgrade your property or buy a second home

Purchasing new, second homes had been a trend a couple of years ago. But, what made this trend vanish from real estate? Real estate is a quandary, and real estate investment choice is a difficulty these days. While ready to-move and almost ready to-move homes are eagerly on the go, the demand for the same is quite low. On the other side, many projects are as yet under construction and are far from the date of completion. What to do? Upgrading the property, purchasing a new house, or purchasing a second home – which is the most ideal choice today?

Surprisingly, developers are eagerly waiting for serious buyers with whom they are ready to negotiate and make a deal as property estimate is facing its lowest point.

To this, the Director of DNA Venture, Ankur Maheshwari stated that the real reason behind vanishing of the trend of second homes purchase is the hike in the rate of interest and consequently, the slow rate of development. “The returns on real estate investment might not be good, not for all but some properties. Commercial and social projects can be considered if looking for properties for investment purpose,” said Mr. Maheshwari.

What is Price Currently?

The fully constructed building has a multiple costing units. The total cost of the building includes all cost heads. Per square foot (PSF) is the fundamental pace of the building. Preferential Location Charges (PLC) are included in addition to the psf. Further, car parking charges, membership charges for clubs, present if any, and other such charges are applied to the real costing value. Overall, these charges make up to nearly 10 – 15 percent of the actual cost.

Though, most of the developers are willing to go easy with these overhead charges and are ready to waive them off to sell the property at a not-so-profitable price. Managing Director of Residential Services, India, Cushman & Wakefield – Shveta Jain informs Economics Times, “Builders have generally been resorting to means that make the overall deal attractive for the buyer. This has been due to the compulsion of a high unsold inventory and a tight liquidity situation for the developers.”

Luring the customers has become the chief agenda of the developers. The developers are ready to reduce the cost of a home in one or the other ways. Offering fully-furnished home is the only possibility they can look forward to. Otherwise, the most popular offer in the real estate, all-inclusive rates covering stamp duty, registration, and VAT (Value Added Tax) are excluded. Even EMI (Equated Monthly Installment) schemes and other such schemes do not seem to attract and convince the buyers. Nevertheless, buyers are still to be very careful while studying the fine print and long-term repercussions of such schemes.

The Second Home Option

Investing in second homes can be worthy as the recent slump has proposed to bring the prices down to the best possible limit. Hence, for the individuals, especially from the families with dual income sources, this is the ideal time to make such decision in regards to the second homes, more particularly when it is within the city limits. This provides housing facility for one family or else, an extra source of income through rent – suggests Ankur.

Looking to the current situation of the real estate, the investment in properties must be considered as a long-term investment. Expecting a quick return on investment should be excluded until it’s an imminent location with restricted supply as the location is the main constraint to be considered before making any decision for purchase or investment.

Factors to be looked out while making decisions regarding investment in real estate –

Outright Purchase – It’s not a good idea to invest in a second home on the basis of home loan. Nearly 8-10 years of the time period is going to take before you can break even after considering interest cost and accounting tax benefits. Putting your own funds for the second home is reliable and safe instead of a home loan. Opt for prepayment plan in order to do with the loan to the earliest possible time limit.

The location is the Key Factor

For investment purposes and not dwelling purposes, location is one such component that can turn the whole game in your favor. Regions like in proximity to significant work environments regions with a decent inundation of office facilities are best for investing purposes. Say yes to such offers received if any. A good social or civic organization with proper arrangements for basic needs such as water and transport availability can also be considered.

New & the Near Completion Projects

This might be complicated. Where one circumstance can be in support of yours as new projects might cost lower than the already-developed properties, numerous builders, on the other hand, fail to give possession on time. This can be risky but, in case everything goes well, it’s a good investment. Here, one can bargain, rather than negotiate on the properties. Next, complete or nearly-complete projects are available in the resale market to opt for. However, the current scenario depicts that the demand for under-construction properties has increased over completed or resale projects.

One must note that that the rack rate of the property (selling price of property by builder) might not cut down by the builders but some of the investor-owners, who are trying to offload the property at less price (after keeping their profit share, but less than builder’s rack rate) for any reason, can be considered.

Conclusion

At numerous locations, tall capital appreciation isn’t being expected. However, the possibility for rental potential is to be considered and both the factors – the flat’s size and location, must support this.

Not just one factor in real estate but more than just one factor are responsible for shifting the prices of the properties. The location along with appropriate plans and infrastructure proposal is one such factor that can be responsible for yielding capital appreciation in the long term.

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