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Team iPropUnited

Team iPropUnited
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Greater Noida’s Gaur City & Supertech Eco Village Homebuyers Protest Against Authority CEO,

By
Team iPropUnited
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protests-homebuyersThere was a protest carried out by around 70 homebuyers against the authority of Greater Noida when the CEO refused to meet them.

The homebuyers comprising of many residential projects, which included, Dream Valley of Amrapali, Supertech’s Eco Village, Gaursons and others wanted to have an interaction with the CEO to discuss several problems that they are facing.

The homebuyers got aggressive when the police constables supposedly started shoving them out of the office. This anger and agitation led to the protests by the homebuyers and it only came to an end when the CEO gave his approval to meet them.

Homebuyers from Gaur City and Supertech’s Eco Village are facing the issue of constant traffic jams at Crossings Republic and Kisan Chowk.

The homebuyers brought forward issues such as the requirement for foot over-bridges, to make the people get back their money invested in duped projects and the connectivity of Metro in Greater Noida west. They have also demanded a three-way meeting between the builders, homebuyers and the Greater Noida Authority.

The CEO has said the all the problems of homebuyers will be seriously looked into and addressed. But he also stated that if they get violent, the police will have to intervene.

PIL In Supreme Court To Find Out The Mystery Of Missing Rs.20000 Crore Meant For Welfare Of Construction Workers

By
Team iPropUnited
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1A huge amount of Rs.20000 crore, which was meant for workers’ welfare, has seemingly disappeared. The strange thing lies in the fact that even the Comptroller and Auditor General has no idea about it and Supreme Court is still speculating that where has such a huge amount of money gone.

A PIL (Public Interest Litigation) has been heard in the court which was filed by an NGO named ‘National Campaign Committee for Central Legislation on Construction Labour’. It has accused that the required tax collected from the realty firms to use for the betterment and welfare of construction labours is not being used in the proper direction. This is because there is no fixed procedure to let the beneficiaries enjoy the benefits.

The Supreme Court carefully examined the affidavit and the report which was submitted by the CAG and labeled the facts as “quite startling’.

The bench of Justices has instructed the CAG to find out where the money has gone. They even got satirical as they asked the CAG of the money is spent on parties or vacations of officers.

The court has announced that the first and foremost thing to do is to determine the money collected from each and every state under the Building and Other Construction Workers’ Welfare Cess Act, 1996.

If there is any amount found out to be collected but not passed on to the board, it will be passed on in a period of six months after informing the CAG. CAG has also been asked to bring all the necessary details before the next hearing on 2nd August.

While the hearing was in process, CAG’s legal adviser claimed that the money was lying with the states and a proper supervision should be provided to audit the accounts of construction workers’ welfare organizations.

Additional Solicitor General, in favour of central government, informed the Supreme Court that all the states have consolidated accounts and the amount received as cess can be easily found out.

Jaypee Clears Rs. 100 Crore Dues Towards Yamuna Authority

By
Team iPropUnited
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jaypeeOn Monday, Yamuna Expressway Industrial Development Authority declared that Jaypee Group has paid 15% of the outstanding dues it owes to the Authority for the land on which it has developed a sports city. Out of the total amount of Rs.600 crore, Jaypee Group has paid Rs.100 crore.

In March, 2017, a final and strict notice was issued to the builder by the Authority, following which the developer paid Rs.10 crore. By 31st August 2017, Jaypee is now instructed to pay the next installment of Rs. 384 crore.

As per the CEO of YEIDA, Jaypee Developers has been showing defaults in paying installments for five years now. The land in concern had been allotted to the builder for development of residential projects under Special Development Zone bracket in three pockets of YEIDA.

Because of the constant defaults made by the builder, allottees are facing hardships. The construction has not even started on the land. And therefore, the notice was issued to the builder.

An amount of Rs.300 crore is still to be paid by the developer for the 165km long expressway connecting Agra and Greater Noida. Apart from this, an amount of Rs.1200 crore also has to be given for compensation to all the farmers for the land acquired.

Antriksh Developers And Greater Value India Ltd. Realty Firms To Be In Meeting With Noida Authority

By
Team iPropUnited
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Two More Developers In Meeting With Noida AuthorityTwo realty firms of Noida – Antriksh Developers and Promoters Private Limited and Greater Value India Limited- have been instructed by Noida Authority to submit a schedule for addressing the homebuyers’ issues in their housing projects.

The housing project of Greater Value India Limited, Great Value Sharnam, has been developed in sector 107, while the project of Antriksh Developers and Promoters Private Limited, Antriksh Golf View, has been developed in sector 78.

Homebuyers of these two projects had gathered at sector 6 in Noida where various meetings are being held between Noida Authority, builders and homebuyers.

As per the homebuyers’ complaints, Greater Value India Limited has handed over possession in Phase 1 without supplying the basic amenities to them. The construction of the project has been done violating the sanctioned layout map and material used for construction is also poor. The homebuyers are not even able to implement flat registry as the developer is still liable to pay sizeable land dues.

On the other hand, Antriksh Developers and Promoters Private Limited, has also been accused of the issue of not providing basic amenities even after giving possession. The homebuyers are complaining the builder for not obtaining the Occupancy Certificate from the Authority. Moreover, drinking water supplied is dirty and there is no proper parking area, club and other facilities.

The homebuyers also complained that they are being threatened if they are raising their voices on such issues. The builder once threatened a homebuyer that the building will be set on fire if he files a complaint.

However, the developers have totally denied such accusations. They are saying that they are arranging to borrow funds from banks so that they can complete the project and provide homebuyers with all the civic amenities.

The two developers have been instructed by Noida Authority to provide in writing the schedule of looking into the issues of the homebuyers. If they are not able to address the issues in their written time, strict action will be taken by the authority.

What Is Real Estate Investment Trust? Know The Importance & Benefits Of REITs

    By
    Team iPropUnited
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    REITsPeople who are familiar with the functionality of Mutual Funds will not have difficulty in understanding what REIT or Real-Estate Investment Trust is. It is quite similar to Mutual Funds. REIT is a body or a security type that deals in real estate investments through ways of mortgages and also exchanges stocks for investment into real estate.

    By investing through REIT, people have a good stake that provides a maximum yield in the long run to the investors. It is a great source for investors of all types of investors to get hold of real estate share. People who like to have an ownership of real-estate and can’t think of investing hugely in real estate can easily opt for this option that is open for both small and big investors.

    Must know Information about REITs (Qualifiers)
    •The number of shareholders that are permitted to be included in the trust is 100. Also, up to five members can have shares of 50% out of the 100 shareholders.
    •100% of the assets of REIT cannot be retained by the members. 70% should be invested in real estate properties. The income The REITs have should have a contribution of 75% from real estate.
    •The DRIPs or Dividend Reinvestment Plans is a lucrative option for investors. DRIPs have an option that makes it possible for the investor’s returns to compound in the long run.
    •At least 90% of the income that is taxable through shareholder dividends
    •There must a board of directors to manage the company.

    The Growing Importance of REITs
    With the passage of time, REITs have become an important aspect of most of the elements of Real Estate like hospitals, hotels, student housing, properties of industries, infrastructure etc. Now, properties owned by REITs are easily available in almost every corner of a city. If we talk about the scenario outside India, to be the price the USA, 1.8 million jobs in the country has a strong support of REITs. This has been stated as per the study by Ernst and Young. The legislation of REIT is popular in more than 35 countries at present.

    Equity REITs have got a place of greater importance along with other Real Estate Companies after the successful closure of Trade in Aug 2016. REITs and other real estate companies have got a lift to a fresh concept of Real Estate Sector. It is a good jump from being in GICS or Global Industry Classification Standard certified financial sectors.

    How to Make an Investment in REITs
    More and more people are aspiring to invest in REITs. It is possible to do so as the procedure is not too complex.
    •Any individual is free to choose any of the public REIT and that can be found by checking the list of major stock exchange. That can be done by opting for shares through a dealer of securities.
    •One can also get in touch with financial advisors of a superior level or professional brokers who can recommend the best REIT investment for the investors showing willingness.
    •The price of the REIT shares varies on various criteria. It is advisable to have a close eye on the stock exchange to know of the current price of REIT Shares.

    Criteria on which REIT Shares Depend
    •The profit that shares earn in a duration of time
    •Return that one can assume from the stock
    •Yields from the current dividends when compared to other investments which are yield oriented too
    •Payout ratio of dividend
    •The quality of the management that is running the shares also impacts the REIT shares
    •The asset values that can come with real estate or mortgages

    Benefits of Investing in REITs
    There are many benefits of investing in REITs and therefore many people are now driven towards such investments.
    •The earning potential of an investment in REIT is huge when compared to other investments in Real Estate. After all, profits are what investors are looking at.
    •It is an important aspect of savings during retirement. If you are planning for retirement, nothing beats the profitability that comes with REIT.
    •Listed equity REITs have shown tremendous growth in earning over the years.
    •It is an important part of the economy of any country that can change the economic condition of any state or country.

    Most of the companies now have turned into REITs for the future prospects of earning they see.

    Many people are still new to REITs. With this piece of information on REIT, one can decide to invest in this trust and gain more in the long run.

    219 Acres Of Land To Be Surrendered By Unitech In Noida

    By
    Team iPropUnited
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    UnitechUnitech, a reputed builder in NCR, has written an application to Noida Authority stating to surrender a part of land that was allotted to it for three residential projects in Noida. Unitech was allotted 466 acres out of which Unitech is looking forward to surrender 219 acres. The land allotted was located in sectors 98, 97, 96, 117 and 112 in 2007 for the residential projects costing around Rs.2,500 crore. As per the information from the officials, the developer has given an application which comes under the new initiative of UP government- Project Settlement Policy (PSP).

    Project Settlement Policy is aimed at looking into the issues of the real estate sector of Greater Noida, Noida and Yamuna Expressway.

    The allotment of plots in sectors 98, 97 and 96 (340 acres) was done at a rate of Rs. 11,520 per square meter. Whereas the plots in sector 113 and sector 117 (54 acres and 72 acres respectively) were allotted at the rate of Rs.17450 per square meter.

    153 acres, 36 acres and 30 acres will be surrendered in sectors 98 to 96, sector 113 and sector 117, respectively.

    The officials of Unitech have confirmed the submission of the application regarding the surrendering of land to Noida Authority and it is in process to be executed.

    As per the Project Settlement Policy, 15% of the total money given to Noida Authority will also have to be surrendered by Unitech. Therefore, it will receive 85% value of the land at the current rate of allotment in the market. If the developer has any dues to be paid, they will become nil.

    HDFC, ICICI Home Loan Rates Now Reduced At Par With SBI’s 8.35%

    By
    Team iPropUnited
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    HDFC-ICICI-BankICICI Bank, the biggest private lender of India and HDFC, the largest housing finance company of India have lowered their interest rates to 8.35% for loans up to Rs.30 lakhs. This reduction has made their interest rates equal to that of State Bank of India.

    As per the new pattern of rates, home loans will be provided to salaried women borrowers at a rate of 8.35%, while others will be provided loans at a rate of Rs.8.40% for an amount up to Rs.30 lakhs. For loan amount exceeding the limit of RS.30 lakhs, ICICI Bank will provide loans at 8.5% for women and 8.55% for other borrowers. On the other hand, HDFC will be charging equal rate of 8.5% for both men and women for loan amount between Rs.30 lakhs and Rs.75 lakhs, while loans above Rs.75 lakhs will be charged at a rate of 8.55%.

    A week before, SBI had reduced its home loan rates to 8.35%. The reduction in home loan rates by SBI had increased competition in the home loan segment.

    The customers of ICICI bank who will be borrowing home loans in the affordable housing segment will have a choice between floating interest rate and fixed interest rate for 2-3 years in the starting. After these 2-3 years, floating interest rate will automatically be adopted.

    The customers can either link their loan with one-year or six month standard.

    14 Developers Submit A Road Map For Delivering Residential Units In Greater Noida

    By
    Team iPropUnited
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    greater-noidaTo make the feelings of bitterness and distrust to vanish between the builders and homebuyers, the Greater Noida Industrial Development Authority (GNIDA) conducted a meeting with developers. After the meeting, developers presented a road map to give the housing units to the homebuyers.

    The main motive behind conducting the meeting was to make the builders give an obligated time-period for delivery of residential units to the homebuyers. As per the officials of GNIDA, builders have promised to hand over the possession of around 7200 housing units by end of this year. The road map presented by the builders will be closely analyzed and scrutinized by the Authority.

    The builders, who have been at the receiving end of all the bashing from a long time, also discussed the issues that they are facing. The ones which are facing some serious and genuine problems will be helped in resolving them.

    The condition of 14 residential projects was analyzed. A report of each of these projects has also been submitted by the developers which includes information like number of units sold, number of bookings, estimated possession date etc.

    All the 14 builders have made their promise in written to the authority. Every project will be looked into separately and they will be provided with help to solve the problems of Occupancy Certificates, completion etc. The most important instruction given to the builders is not to make any kind of delays in delivering the possession.

    Different Significances Of Colours And How To Use Them In Your Home

    By
    Team iPropUnited
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    topCan you imagine your home as totally black and white? You can’t, and that is why colours play a huge role in interior decoration of your home. Every colour you use in your home has an effect in the atmosphere and the environment created. They even affect your mood much more than you can think and imagine. Therefore, it is very important to choose the colours correctly because every colour has a different value attached to it.

    We have brought for you the various colours and the meanings attached to them to let you use them correctly in your living space –

    1.Deep Blue – Increases ProductivityDeep BlueDeep blue is known for its calming effects and therefore it will refine your thinking process. It will de-clutter your thoughts and will help you to explore the important things in your life. Deep blue lets you connect the bigger things to smaller things in life.

    In your living space, use it in your bathrooms, for desk lamps, wastebaskets or for an entire room.

    2.Light Purple – Intensifies the feeling spirituality in youLight PurpleLight purple will help you to connect with others at a higher level. It improves your sense of humanity as your emotional perspectives also improve.

    In your living space, you can use it to paint your living room or dining room or use this in colour in cashmere throws. You can also keep a fresh bouquet of light purple flowers in your home.

    3.Orange – Gives your thinking different perspectivesorange_roomThe bright and lively orange gives a very confident demeanor to the surroundings. It even helps you to gain confidence and flaunt it.

    If you want to keep the feeling of being young alive, use orange in your living space as this is the colour of happiness and youthfulness. You can paint the kids’ room with orange colour or paint your exercise area to keep the working-out regime enthusiastic or simply keep an orange mouse pad in your study area.

    4.Green – Helps in obtaining wealth and also healingGreenGreen has many values and significances attached to it. First of all, since it is the colour of nature, it becomes a symbol of growth and freshness. Green colour helps you in identifying your talents and qualities and motivates you to demonstrate them to the world.

    In your living space, keep a green coloured chair or a side table or paint your front door in green colour.

    Secondly, green is also a symbol of nourishment which helps in increasing the physical and mental stability. It will encourage you in reviving yourself to improve your well-being.
    Use green colour in pots of your home, in kitchen bowls and cups or use green coloured bath towels.

    5.Bright Red – Helps in protecting youBright RedBright red colour has always been a symbol of courage and boldness. This colour is used to inculcate self-confidence. But what you should keep in mind is not to over-do it.
    In your living space, use red colour for your candy dishes, pillows or photo frames.

    6.Light Blue – Enhances PeacefulnessLight BlueLight blue is a very calm and soothing colour, thus encourages tranquility. It ensures harmonious relationships among the family members and brings a feeling proficiency in home. If you are surrounded with light blue, your aggressive hormones will on a break!
    In your living space, use light blue colour for flowy drapes or headboard or simply paint the ceilings the rooms in light blue colour.
    7.Pink – Promotes KindnesspinkPink is the colour of love and kindness. It encourages tenderness and brings ease when you are emotionally distressed.

    In your living space, use it when you want to bring understanding and friendliness. Use a pink table runner or a pink lampshade or simply keep a glass of rose wine.

    8.Yellow – Adds liveliness and focusyellowUsually, yellow signifies liveliness and bubbliness. But apart from that, it also symbolizes intelligence and sharpness. It gives clarity in your thoughts and conversation you make with others.

    In your living space, keep a yellow coloured side chair, pencils and bookmarks. You can even use yellow mugs or pillows.

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    Yamuna Expressway Industrial Development Lowers Allotment Interest Rates Benefiting To Allottees

    By
    Team iPropUnited
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    yamuna expresswayYamuna Expressway Industrial Development Authority () is now lowering down the interest rates by 1.35% for the installments that the allottees are paying to it. This reduction in interest rates is likely to be implemented in the first week of June, after getting a nod in the authority board meeting.

    Authority has plans to reduce the interest rates even further by 1.15% in the future. The Chairman of YEIDA has said that in the case of allottees, they are not interested in retaining the profits. The interest rates that they will receive from the banks will be straight away given to the allottees.

    Such important step has been taken as the banks reduce the interest rates and the benefit had to be passed on to and shared with the allottees.

    YEIDA officials have also been instructed to make sure that all the homebuyers or allottees who have made their investments in the region of Yamuna Expressway should be free from any kind of inconvenience.

    The Authority is preparing itself to give the possession of over 15,000 residential flats and plots by the end of this year. A total of 3,055 allottees, who are a part of the first lot, have been issued the letters of possession by the authority. The latter has also been asked to speed up the process of handing over the possession to allottees.

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