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Team iPropUnited

Team iPropUnited
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Protests By Vasundhara, Ghaziabad Residents Against Auction Of Plot

By
Team iPropUnited
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Vasundhara, Ghaziabad Residents Against Auction Of PlotThe residents of Vasundhara, Ghaziabad have been trying to hinder the alterations of the use of plot in the sectors of 7 and 8 by making revived efforts.

Under the banner of Vasundhara Vikas Samiti, the residents came out in a protesting march on Thursday to get their demand fulfilled. This protest took place in Sector 16 in front of the UP Housing Board.

Going against the welfare and wishes of the people, the government of Akhilesh Yadav had converted the plot of 41 acre to ‘mixed’ use from ‘institutional’ use. According to the residents, this step was taken for the advantage of the private developers and that too at an expense of the land reserved for public utilities. Residents had protested against this but it went futile as the Housing Board ultimately took the decision of changing the land use.

Housing board was supposed to hold an auction of a plot in sectors 7 and 8, and therefore, to hinder the process of auction, the protest was taken out by the residents.

As the new government has taken the charge and control, the residents are hoping to get their demand fulfilled after this protest.

Even With Deadline Of RERA Rules Almost Here, Most States Still Need To Notify

By
Team iPropUnited
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RERAWith the deadline of approaching for all the states to notify their rules for RERA, till now only 13 union territories and states have been able to notify their rules. Union territories saw the implementation of RERA in the previous year and only the states of Gujarat, Uttar Pradesh, Madhya Pradesh, Delhi and Odisha have been able to follow them in notifying the RERA rules.

The draft of RERA rules that Maharashtra had prepared had covered all the projects (under-construction), even if they had not received the occupation certificates but it had weakened the other sections.

Similar to this, complaints have been coming from the buyers’ associations that the rules have been diluted in the hands of the states and they are demanding that the states should include the sections that they have ignored.

Situation in case of delays
The Indian Parliament had passed an act in the previous year which was supposed to be executed in all the states and was concerning the residential projects that are under-construction. the developers of under-construction projects which have not been able to receive the certificate of completion, before the execution of the Act, will be required to get their project registered by the regulatory authority under three months of the execution of the Act. But the ongoing projects being covered under the Act will have total dependency on their state government.

This act which is completely consumer-oriented will make it compulsory for the all the real estate projects to get registered and will take strict measures against all the defaulters in the real estate projects. All the updates of the project will be looked into by the regulator as the developers will have to disclose them on the website at regular intervals.

If the projects are delayed, the developer will be completely responsible for paying the interest on bank loans, contrary to earlier, when only homebuyers used to get burdened.
The central government has been forcing the states to their notify RERA rules before the deadline of 30th April, 2017 but the response from the states remain very dull.

Faster Growth Perceived By Housing Finance Companies Due To Smart City And E-Loans

By
Team iPropUnited
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IndiabullsThe government’s encouragement to the affordable housing segment is likely to boost the segment between Rs.40-60 lakh, as expected by the Indiabulls housing finance. The officials are also expecting the loan book to double itself by 2024 to reach Rs.2 lakh crore.

The reason for company’s profit growth
The main factor behind the profit is the growth in margins and loan book. Despite the fact that the treasury gains were very less this year, a growth in profit was witnessed because of the effective disposal which in turn brought a growth in interest income. In the previous year, the increase in margins was 5-6 basis points, but if we look at the comprehensive perspective, margins are in the range of 300-325 basis points.

The segment which saw the highest growth
The increase in the home loan book of Indiabulls Housing Finance was from 52% to 56%. Around two-thirds of the total incremental loans are from the home loan segment. And particularly in home loan, e-home loans (20% contributors in lending) and smart city loans 7% contributors in Lenduare key driving factors in the growth.
Substantially, the growth has been 32% in the book, among which the growth in home loans is 36% and on the other hand, the growth in loans against property and corporate loans, both, is 18-19%.

Cities which witnessed the highest demand
The cities at the top in the financial year of 2017 are Pune, Chennai, Mumbai, Hyderabad and Bangalore. But, since April, the market is NCR is also noticed to be coming back on track. And it also expected that the NCR market will witness a high amount of rise and improvement, which it did not witness in the previous two years.

The effect of demonetization on the business of Indiabulls
The move of demonetization was just a temporary phase, whose effects are over now. Demonetization hasn’t reshaped many things. Therefore, if the focus is on the portfolio, the liquidity escalated after demonetization and rates came down.
Thanks to the Pradhan Mantri Awas Yojana (PMAY), the homebuyers have gained motivation to buy new homes and are looking out to buy new properties.

The status of the portfolio of loan against property
Almost 99% of the company’s portfolios have maintained themselves in the top three ratings. The company did not want to do any correction, only a substantiation was needed by a third party.

Why Are Possession Letter And Occupancy Certificate Important For Homebuyers?

    By
    Team iPropUnited
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    Key+houseThere is no dearth of homebuyers in India and other countries. Buying home is more like a ritual than an investment. After a certain age, everyone wants to own a home either from the money they have saved or by way of home loans available from various banks. The process of owning a home is not as simple as it sounds. There are many steps one needs to follow in order to buy a home. Of all the important steps prior to buying a home, acquiring of possession letter and occupancy certificate is equally important and can’t be ignored. Without these two certificates, owning a home is like owning a car without a driving license.
    Many of the buyers get confused between Possession Letter and the Occupancy Certificate although each of them is quite different. Knowing the difference is important and an eye opener.

    Why is Possession Letter important for homebuyers?
    The letter of possession or possession letter is the certificate issued by the builder or a developer to the homebuyer. The letter states of the possession of the home by the buyer after all the terms and conditions have been fulfilled by the buyer. It is also helpful in getting a home loan secured. For this, one has to submit the original copy of the possession letter. In other words, a letter of possession is a letter stating that the property or the home has been possessed with no illegal means. Something that should be noted is the Occupancy Certificate without which the letter of possession would be deemed invalid.

    Thus, Possession Letter and Occupancy Certificate go hand in hand. Even after acquiring the Possession letter, one may not be considered a true owner of a home. That’s how important the Occupancy Certificate is.

    Why is Occupancy Certificate for homebuyers important?
    What is the proof that you have bought a home and you are sole owner? The question is very important to ask yourself. The Occupancy Certificate is the proof or the Completion Certificate that certifies that you are the owner of a property. When the project has been completed by the builder and you have planned to move into your new home or for that matter your dream home, you must get this certificate issued by the builder.

    The certificate is a proof that the home is safe to move into and all the guidelines have been adhered to by the builder while completing the project. The certificate is a document that talks about the safety of the apartment and that it is fall resistant.

    When building an apartment, the town planning committee sets certain rules which need to be followed in order to construct the building. It is the same local authority that issues the certificate to the builder if the project has been accomplished as per the said guidelines. If not, the local town authority will not certify the project. As a result, you wouldn’t get hold of the Occupancy Letter.

    There are other utilities of the certificate too. Let’s know them better.
    •If you as a homebuyer are planning to buy a property that is a resale property, you need to ask for the Occupancy Certificate
    •If your property is to be re-sold, the new buyer will need the certificate
    •It is a proof that the construction was legit and no illegitimate ways were adopted for the faster completion of the project
    •Without this OC from the builder, you have all the rights to accept the possession of the home
    •It is helpful in getting exemption from income tax if you show the Occupancy Certificate together with the statement of home loan
    •Khata Certificate is another essential element while buying a new home. Without an OC, forget about getting one issued

    You definitely can drag the builder to the consumer Forum if he fails in providing the Possession Letter or Occupancy Certificate. That is not a concern. What is important is your safety. If you haven’t been provided with the OC for long, it should not stop you from taking an action instantly as it is not anyone else who will suffer but you. The builder not provided with OC from the local authorities means there have been some flaws in the construction and you might be at loss.

    You have waited and invested time and money. You deserve to get what you should. The consumer forum process, writ petition, and other legal steps come later. A homebuyer should never step into a home without getting the OC in the form of hard copy.

    Property Rates To Get Revised In Greater Noida Again!

    By
    Team iPropUnited
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    NOIDAGreater Noida Industrial Development Authority (GNIDA) has been studying the property rates to revise them. An introductory meeting was held by the Authority, as per the instructions of the Chairperson as he took the overall control of the Authority. The main motive behind the meeting being held was to contemplate whether the land rates of Greater Noida can be changed. This is basically being done to allure the prospective investors and entrepreneurs to the city.

    A preliminary meeting was held among all the departments. As per the discussions in the meeting, the departments prepare a report and submit it in a week’s time. The departments have been instructed to inspect all the parameters of land use to decide if the land rates need to be increased, decreased, amended or kept the same. This report containing the proposal will have to be submitted to the chairperson and CEO of the Authority.

    Not only residential, but all rates, including, commercial, institutional, industrial and group housing will be inspected. After the inspection, if there are any rates, they will be proposed in the report.

    NRIs Face A Delay Of 10 Years For Villas Of Signature Two, Feel Looted

    By
    Team iPropUnited
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    signature villaWith one more premium residential project, comes one more unfulfilled commitment. The people who are suffering now are the NRIs who had booked flats in the Signature Two project of Gurgaon in sector 82, long back in 2008. Now, even after almost 10 years, when they have made the majority of the payment, the construction of the project is nowhere near completion. While a few are completed for possession and a few are under construction, most of the units have not even witnessed the initiation of construction.

    In the project, the total number of residential units is 163. 50 out of them (which are booked by NRIs) are still to get started with the construction process. The aggravated buyers are complaining that the developer is claiming for a high amount of additional payment for the completed units as according to them, there is an increase in the built-up area. The buyers are not taking this nicely as there is no change in the plot size of the villa and they are not even explained the computation of the additional payment. Moreover, the developer is also not compensating for such a long delay.

    In May 2016, an FIR was filed against the builder. While the investigation took place, it was revealed that the land, on which the uncompleted units were to be constructed, is under legal issues. When the NRIs had booked the flats, the builder had not disclosed anything about the litigation issues of land to them. Now after so many years when the construction has not even started, the people are feeling cheated. They were made false promises by the developer. Left helpless, the NRIs are now seeking help from the government as living outside India, they have no other alternative.

    The name of the project was changed to ‘Signature Two’ from ‘Bellevue Residence’ after 4 fours of the launch of the project, that is, in 2012.

    According to the developer, all the accusations regarding the land being under litigation are false, and the construction is in full swing. They are even handing over the possession to a few buyers.

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    Financial Investment Plans For Non-Residential Indians (NRIs) To Invest In India

    By
    Team iPropUnited
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    InvestmentIndia is developing with the highest growth rate in terms of the economy which makes people invest in the land of opportunities. Many multi-national companies across the globe are seeking their chances and started investing with different aspects. This also opens a way for many NRIs to invest. The easiest and the most reliable way to invest mainly for NRIs is to check the different prospects of investing in “Real Estate” and “Financial Estate” which comes with benefits over the course of time.

    Real Estate Investment
    It is one of the most popular investment plans among the NRIs as they get the possession of the land which comes with great returns after some years. All the rules and regulations should be followed as they have been regulated by the government of India and once all the correct and valid documents are submitted, physical presence is required for the maintenance and for getting the possession of the land or the property. Although it comes with great returns, it needs a long-term investment and it is one of the causes of inviting black money from foreign land in Indian currency circulation. There are different smart city projects in which Indian government allows NRI investors to invest in the development of new smart city with an allocation of 7060 crore rupees. As it was initiated by the government of India, so the risk factors are minimal with high returns and a feeling of safety for all the investments made by them.

    There are certain rules which bind the investments in certain areas
    • Any immovable property can be purchased by any NRI except an agricultural land, plantation property, and a farm house.
    • NRI can also receive the remaining land as a gift from someone who is Indian citizen residing out of India or anyone who is of Indian origin.
    • Later he can put the same land under sale which should be acquired by a resident of India.
    • If an NRI owns an agricultural land, plantation property, and a farm house, he can transfer the land as a gift to any Indian resident.

    Whatever be the reason, an investment in real estate or planning to make it big in real estate, even if you are an NRI, it is an investment that gives higher returns eventually. Investment in real estates also is a secure option making better planning for their return in future. Anytime, in future when they have to return, they can live in any of the property invested in. There is very less chance of NRIs returning, yet the possible flow of cash, if the property has been rented out or on a lease is a great source of income.

    Gone are the days when NRIs only invested in Real Estate, now Financial Estate is another investment people settle for. With multi-national and nationalized banks offering various schemes of investment, one can easily invest and get annual return without being present physically.

    Financial Estate has a higher edge over Real Estate in a few aspects
    •While for Real Estate Investment, there has to be someone physically present to look after the property in the form of a tenant or an attorney; however, in case of Financial Estate, the investment is free from any obligations.
    •The convenience of maintaining any financial transaction or assets is way better than that of the Real Estate. Less time to invest, less effort and you have better returns and profits in the long run. The only factor to be considered is the policy of tax. The policy can vary from a resident of a country and an NRI.
    •It can be considered for a very short time to a longer period of time. It can be from one week to even 15 years and maybe more than that.

    There is more liquidity with financial assets as reselling gets easy and demands less time. There are three major channels by ways of which an NRI can handle the Financial Assets.

    They are mentioned below-
    1.NRE or Non-Resident Rupee
    2.NRO or Non-Resident Ordinary Rupee
    3.FRCNR or Foreign Currency Non-Repatriable Account

    The documents and procedures along with the terms and conditions for an NRI by a Bank or any Financial Institution differ when compared to the permanent resident of India. It is important to be well-equipped with the interest rate, procedures, terms and conditions applied upon an NRI on any kind of investment, especially a financial one.

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    Amrapali Platinum To Get Ready For Possession By May 10?

    By
    Team iPropUnited
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    Amarpali platinumIn the meeting held between the MD of Amrapali Group, the homebuyers of Amrapali Platinum in sector 119, Noida and the officers of Noida Authority, the builder has convinced and promised the homebuyers that all the outstanding issues regarding the project would be looked after within the next 30 days.

    Till date, the amount of money deposited by the homebuyers is Rs.61 crore. On the other hand, the dues which the builder owes to the society are Rs. 85 crore including the interest. The builder has been instructed to provide a schedule of tower-wise completion to the Authority which will be then shared with the buyers. The developer will have to provide a list which tells all the flats which are sold out and the amount of money received through each of them, so that a proper audit can be conducted.

    The sanction as received by the builder was for 852 flats in total of 10 towers but completion was submitted for only nine towers. All the formalities were not looked after by the developer and therefore, the delay in completion certificate till date. However, the builder now has assured to complete the formalities within 30 days and has promised to work towards the complaints of the buyers.

    The builder is also instructed to provide the plan in detail on how he is going to use his resources to complete the tower. The site will also be scrutinized by the officers of the Noida Authority to inspect the quality of the construction.

    Housing Finance Companies Witness Growth From The Vision Of Housing For All

    By
    Team iPropUnited
    -

    modiThe reputed housing finance companies (HFCs) are witnessing a rise in their shares as investors are speculating benefits to the sector because of the PM’s vision of providing housing for all by 2022.

    The top HFCs like Indiabulls, LIC housing, PNB housing, HDFC and DHFL have come in the notice of the investors between the chances of getting upgrades in rating.

    HFCs expectancy in the future is powerful keeping in mind the support of the government with the sector. The effect of demonetization has not been very hostile for the sector of HFCs.

    Normally, the sector is performing well, but if there is any kind of rating revisions, it would have an impact on the developments and trends on that particular organization.

    Eight HFCs have witnessed their one-year highs recently, and the shares have given a return in the range of 3% and 43%. The highest benefit gained was by GIC housing.

    And with the Pradhan Mantri Awas Yojana going in full swing, there will be an increase in demand as expected by the investors.

    HFCs have shown a very high amount of growth among the overall growth of loan. This has helped in increasing the trust of investor for a long term investment as they feel a great amount of potential in this sector.

    Simple Ways To Make Your Bedroom Summer-Friendly

      By
      Team iPropUnited
      -

      summer friendly 1Summers! The most dreaded time of the year is already here and is already in its complete form to torture us with the scorching heat. ACs and coolers have become our best friends without whom imagining life is difficult. But being dependent on them 24*7 can be a little heavy on your pockets because of the electricity bills. So why not initiate a friendship between summers and your bedroom? Yes, you can make summer-friendly bedroom at your own with some really simple tips to make it cool and comfortable (not to mention, giving a relief to your electricity bills too)!

      Here are some really simple ways to make your bedroom summer –friendly –
      •To make the summers really cool, you have to opt for cool colours like lime and mint so that they are able to absorb more and more heat.

      •Summers are about floral prints and the same should be followed for prints of bed-sheets also. Small floral prints in soft colours should be chosen in summers. You can even go for striped light-coloured patterns which look uber cool.

      •All the linen things present in your summer-friendly bedroom should be washed in detergents that are soft and have a refreshing fragrance. Wash them every fortnight.

      •Cotton is the best comforter in summers and therefore it should be adopted by everybody in their bedrooms. All the furnishings should be infused with cotton as they absorb sweat as well as are safe and soft for skin.

      •Curtains play a huge role in the house. For summer bedrooms, they should be hung in a double layered form in the lightest and most subtle colour possible. They will prevent the sunlight from entering the bedroom and will also maintain a serene atmosphere.

      •Rugs and carpets have a certain amount of heaviness attached to them as they create unnecessary heat in summers which can be very discomforting. So, pack up all the carpets and rugs for the summers and ditch them!

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