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Team iPropUnited

Team iPropUnited
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Rs. 500 and Rs. 1000 Notes Demonetised – Real Impacts On Real Estate

By
Team iPropUnited
-

New PM Policy Impact On Indian Real Estate Market

Sudden ban on Rs. 500 and Rs. 1000 denominations and instruction on depositing the notes in banks with only 50 days of time period have shook the country. This is not merely a change in currency notes but the entire economy of India. With respect to the rules and acts cited by the Modi government, the black money flow is expected to come under control.

Moreover, the penalties on cash deposit of the amount mismatching the income will change the entire market upside-down. With market shares seeing huge fall, the real estate is also to see a drastic change.

Expert View:

As the director and real estate expert of DNA Ventures, Mr. Ankur Maheshwari shares his views, he suggested that the change brought by the Government will have some positive as well as negative impact on real estate. “With the recent Modi announcement for demonetising Rs.500 and Rs. 1000 currency notes in India effective from 09.11.2016, real estate is expected to face another hurdle to revive,” says Ankur. “The real estate industry was already going through a phase of stagnation. With Modi government’s investment-friendly policies that encouraged Foreign Direct Investment (FDI) in property segment, the positive sentiments were evoked within real estate industry but, the transformational reform has again brought this segment on the verge of crash,” he added.

He also cited some of the expected impacts on real estate in time to come.

  • Decline in property rates are highly expected.
  • With fewer buyers in market now, the demand for the property is expected to go down. According to the demand-supply theory, once the demand deprives, the prices tend to fall due to supply of property on higher side as compared to demand.
  • People involved in an on- going property deals might face difficult time.
  • But on the positive note, this move by Modi’s government will bring more transparency in Indian real estate segment and will make it more lucrative as an investment option to foreign as well as domestic investors.
  • Moreover, this decision will bring institutionalisation in real estate and thus, bring in more credibility which was lacking till date.
  • Housing sector is expected to witness a revival in demand with downward pressure on the prices.
  • It will bring good opportunities to the investors who are willing to invest in real estate for future benefits.

With the reduction in currency circulation, economy may experience Deflation as a current impact. Both inflation and deflation balances each other, but inflation will take time to occur.

Expert Advice:

Looking at the current situation, Mr. Maheshwari gives some advices to the people looking forward to get involved in real estate deals.

To Do:

  • Deal with reputed builders.
  • Invest in real estate if looking for benefits in future.
  • Invest in ready to move in properties will be more beneficial.
  • Avoid Selling out your existing property
  • Buying second property can be beneficial for Long term Benefit.
  • Investing in commercial sector is recommended.
  • Read the Documents carefully for Land Ownership and NOC from Authority.

Not To Do:

  • Do not deal with Builders with new name and unknown background.
  • Investing in Under Construction Projects irrespective of their future plan.
  • In panic, do not invest in any Project without verifying it.
  • Do not get trapped with attractive Sales offers, expected to come in coming days through the builders.
  • Avoid getting into any Barter deal with any builder without checking their financials for project completion.

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Mistakes To Be Taken Care Of While Investing In Real Estate!

    By
    Team iPropUnited
    -

    mistakes-in-real-estate-investment

    Real estate, no doubt, is a promising market but only for those who invest after diligent research in it. One need to be patient enough to succeed as an investor as it draws a huge investment that concludes your lifetime earnings. Hence, it is highly advisable to avoid even small mistakes while investing in real estate and make the investment only after inspecting all the pros and cons of each project. Avoid mistakes as mentioned below in order to attain a successful investment in real estate.

    Absence of Planning
    Right from your investment model to your budget constraint, to make your real estate transaction a profitable deal, you should know the exact purpose of your investment. Pen down your strategy before buying property as an investor.

    Hasty Decisions
    Real Estate definitely allures you as a quick path to the riches but don’t forget that it involves a huge amount of investment and one wrong decision may end you up with losing your hard-earned money in one go. Extensive research is required to be carried out in classifying the good class of asset. With the ability of risk tolerance, one should not forget to evaluate the long-term prospect of any property to invest in.

    Avoid Over-Priced Property
    With lack of research, one may end up over-paying the prices for a property and thus, the perspective of immediate profits gets locked until the property starts doing better in the market. To avoid such situation, detailed analysis shall be carried out for the pricing of properties in vicinity to the property you choose to invest in, to access its actual worth.

    Miscalculations
    Avoid turning your asset into liability by marinating a sufficient cash flow to cover its maintenance. In case you are planning to buy a property with a view of lending it for rent, ensure you have a proper budget that considers its other maintenance costs as well to avoid hassles on later stages.

    Restricting Your Transaction
    It is always advised to “hatch your eggs in different baskets”.  Carrying out more transactions at same time helps you in leveraging with weeding out uncertainties to an extent. But due caution is required to undertake with wide eye open for each deal.

    Lack of Research
    Before undergoing any kind of huge financial transaction, one must keep an update of its trends via news and other channels of information. A project may sound profitable initially but with the reversing market trends, it may lose its imperative features. So, to grab a good deal, indulge yourself into active discussion with other investors as well.

    Missing Out Strategies
    Each and every investment in real estate is made with a view of either fixing it as a source of income via rental or to resell it to grab the profit margins on the it’s appreciated value. Sometimes, due to unforeseen market circumstances, one may find both the options not as promising as expected. Then how to go about?  Under such circumstances, try to weed out your losses by selling off your property at marginal profits to avoid monthly maintenance costs. One must diligently work-out on such out-of-box strategies to avoid loses.

    Investment in real estate is a full-time job for some while other school of thought suggests it as a part-time job. But, with these precautionary measures, one can avoid the risk to a great extent.

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    List of Documents Required For Selling Property By NRI

    By
    Team iPropUnited
    -

    NRIs Documents

    Investment or selling a property in Indian real estate is quite simple and smooth when you are an Indian. However, for NRIs, some documents are made mandatory in order for investing in Real Estate in India. Meeting the governments’ norms and rules set for NRIs investment in Indian Real Estate, following is the list of documents to be provided by an NRI while selling a property in India.

    Address Proof
    A valid address proof constitutes ration card, electricity or telephone bills, and life insurance policy statements etc, which are required to be held by NRI as his proof of residence abroad. At the same time, NRI is required to provide documents in support of his address in India.

    Passport
    An NRI who wishes to sell a property in India must hold a valid passport. It is not a mandate that he must hold an Indian passport, passport of any country shall work as the identity proof of that person. Even the holders of Overseas Citizen of India and Person of Indian Origin cards, passport support the same rationale.

    PAN Card
    Even if an NRI is not liable to pay taxes in India, due to the fact that their income is table in the country of their residence, it is highly recommended that NRIs should hold an Indian PAN card in case they intend to buy a property in India. PAN numbers are issued to NRIs with foreign communication address and it is required only at the time of sale of the property to claim tax-exemptions.

    Sale Deed
    It is a legal document which is basically an agreement executed by an NRI that he has purchased a property in India. It reflects the primary proof of ownership of a property and one of the key documents in the process of sale.

    Approved Building Plan & Occupation Certificate
    For selling any kind of property, an approved building plan is a mandate. Occupation certificate proves that the apartment has been given out by the building society or builder and has been occupied.

    Encumbrance Certificate
    In case of an apartment, house or even if a land, encumbrance certificate states that no dues are pending to any legal authority. Hence it is considered as one of the key document in executing any sale.

    Documents from Society
    To go ahead with sale process, a letter from apartment/society is required stating that the seller has no due payment towards the society. To establish ownership of the property, a copy of society membership is also significant.

    Allotment Letter
    To bestow the property to the aforesaid person who holds it, a letter of allotment is required from the builder, society or any relevant authority.

    Tax Returns
    In order to be proven as a responsible citizen, tax returns on income from any source, is mandatory. Properties given away on lease or rent generate income and hence, are taxable.  In order to pay tax returns, Pan card is required.

    In case of the absence of any aforesaid document, NRI is required to get a certificate from a lawyer as a proof of his ownership on the property. Although this document is admissible for sale, original document is a necessity to get the sale executed at faster pace.

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    Timely Possession Or Discounted Price – Which One To Prefer?

    By
    Team iPropUnited
    -
    Timely Possession Vs. Money
    Geoff Hartle

    While many properties have delayed their possessions, and are still under constructions, people who have invested their money in under-construction project will eagerly look forward to the timely delivery of the property. Surely, this will be first thing any home buyer can think of. But, when timely delivered properties come with higher price, it perplexes the situation, option, wish as well as the investment agenda. Hence, many builders are showing up with guarantee of giving the possession on the decided date but, are charged a premium.

    Expert View
    Real Estate Expert Ankur Maheshwari spoke his belief and stated that delivering projects and home on time shall be the duty of the builders and hence, they must make the deal by default.

    “There is always a reason behind cheaper rates of the products,” says Ankur. “The properties under constructions take whole lot deal of risks of losses on interest, stress of finding genuine buyer, and lots of efforts.”
    For those living in rented apartment and are looking for end-used, the option of immediate passion is perfect but those who are looking to invest in property, can opt for discounted price, that is, go with no-guarantee on timely-possession.

    Timely Possession Vs. Discounted Price

    Timely Possession
    Timely possession of the property gives relaxation in all aspects. From security to trust, the time-bound delivery makes better understanding between builder and the buyer and strengthen the association.

    For buyers, it’s a stress-free deal where they know the exact time of possession and hence, work upon financial parts giving commitment to the banks and others accordingly.

    For Builders, timely deliver is a good way to enrich reputation in market and increase trust-factor with buyers as well as investors. They can easily focus on other pending constructions without stress. Beneficial for both buyers and builders.

    Discounted Price
    Best deal for those who are looking for homes at cheaper price and can wait little longer for the possession. Professional investors or second home buyers, preferably, are the right people for such deals.

    For Builders, they gain buyers and investors’ attentions of the buyers and investor and this gives them better scope of escalating the name and business in market.

    Properties are easily available and extra costs for parking lot, provided amenities and other such facilities can be waived off by the dealers. Buyer may just have to pay for the home.

    Checkpoints while opting between Timely Possession and Discounted Price
    Expert advice is always recommended while choosing the right option between properties with timely possession promise and discounted price deal. Mr. Maheshwari suggests following checkpoints before making your decision.

    • Financial Calculation – Must calculate the financial profit and loss before investing. Analyse your benefits over cost and vice versa.
    • Property Verification – Security, location and infrastructure must be considered before opting for the property.
    • Purpose – Decide your priority and then make the selection based on it.
    • Habitability and Amenities – Do not rush. Check if the location is worth dwelling and whether all necessary amenities are available in the vicinity.

    In a race between Time and Money, the situation is always complex and to choose over other is a big trouble. Both the options carry advantage in some or the other way. Make your decision according to the need, desire, and purpose.

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    Guidelines For NRIs For Dealing In Indian Real Estate

    By
    Team iPropUnited
    -

    NRI guidelines

    According to ASSOCHAM (The Associated Chambers of Commerce of India) reports, NRI dealing or dealing in Indian Real Estate is expected to surge by 35%. A huge inclination is being reflected towards high-end residential and commercial properties from the property buyers residing in Australia, Canada, US, Middle East, Singapore, and South Africa.

    Huge investment and deals in real estate by the NRIs have been reported in NCR properties. The later was just an initiative towards NRIs investment in Indian real estate. While dealing in Indian Real Estate, NRIs are provided by quick guidelines to follow attain successful deals through smooth process.

    Citizenship
    No approval is required for holding Indian passport by NRIs for dealing in Indian property. Similarly, the NRIs under general permission category or Persons of Indian Origin needs no approval provided they are not the citizen of countries like Sri Lanka Bangladesh, China, Iran, Nepal, China, Bhutan, or Pakistan.

    Repatriation
    Any sale proceeds that an NRI receives from the sale of property in India require the permission from RBI for the purpose of repatriation. To allow such repatriations, it is generally observed if the property was acquired in accordance with foreign exchange law in force at the time of property acquisition.

    Payments
    NRIs can make the payment for investment purposes by debiting their Non Resident External (NRE) or Non Resident Ordinary (NRO) accounts or Foreign Currency Non- Resident deposits (FCNR) account.  For any property acquisition in India, payments can also be made by the funds received in India by the way of inward remittance through normal banking channels by the way of inward remittances. However, no payment via traveller’s check and foreign currency cash shall be permitted.

    Taxation
    The charges like stamp duty and registration are mandate with every property purchase in India by NRIs. Depending upon the property purchased, buyers also need to pay out service tax. A service tax of 12.36 % on 25% of the total price of the property up to 2,000 square feet is required to be paid. In case the size of apartment is greater than 2,000 square feet, 30% of the total price shall be required to be paid.

    Stamp duty on properties in India varies from state to state for ready-to-move apartments. However, the slabs are different for different category of individuals. For women, 4% of the property value shall be charged as stamp duty, while in case of joint ownership – 6% tax shall be charged if the owner is a male. Besides, 1% tax shall be charged as registration fee on all the real estate transactions.

    Loans
    Up to 80% off the total value of property purchased can be financed by private or public financial institutions. The amount of loan that has to be borrowed to buy a property and its repayment has to be done in Indian currency (INR) only.

    Inheritance
    In case of gift or inheritance of immovable property to NRIs, no specific guidelines have been provided by the government of India. Similarly, if an NRI wishes to lease or rent his inherited property, no specific guideline has been laid in that context as well.

    Type of Land
    For both commercial and residential properties, no cap has been levied by the government on the number of acquisitions provided it should not be an agricultural land, farm house or a plantation property. These specific properties in India can only be acquired by NRIs in case of gift or inheritance.

    With the introduction of automatic routes by Indian government, paperwork has been reduced to a great extent and the process of property acquisition by NRIs get simpler. All the rules pertaining to property acquisition by NRIs gets covered under Foreign Exchange Management Act (FEMA).

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    22% YOY Hike In Real Estate Private Equity Investment In Jan-Sept 2016: Report

      By
      Team iPropUnited
      -
      Real Estate PE Investment Rises
      realtyfund.kotak.com

      Indian Real Estate segment has witnessed a slump over last few years but here comes the good news for the investors. According to recent reports, from January – September 2016, Indian Real Estate market has broken the norms of stagnation and mentioned a significant boost with attracting an increase of 22 per cent in private equity (PE) investment. This means, the Real Estate sector has managed to regain the investors interest resulting.

      According to a report, PE investment in this segment has gone up to Rs. 28,300 crores, which was mere Rs. 23,200 crores a year ago. Within third quarter (July 2016- September2016) equity inflow has been increased by Rs. 9,200 crores which reflects a 3 per cent decline in the number of deals closed quarter-on-quarter (QOQ). Still, the total investment has shown a significant hike of 1.2 per cent reflecting investor’s confidence to make larger investments.

      The average deal size has also been increased from QOQ, against a deal size of Rs. 275 crores Q2 2016; Q4 has observed a deal size of Rs. 287 crores. The year-over-year (YOY) change in real estate investment in office assets has marked a boost by 50 per cent, surpassing the total investment received during the financial year 2015. This reflects investors’ unceasing concentration on pre-leased office and commercial office assets.
      Not just that, a significant hike is expected in terms of office portfolios investments and the few large deals are in the final phase for the fourth quarter (October – December 2016). As a result, this quarter is expected to mark a record as the highest annual investments in real estate made in the class of asset.

      Even residential assets accessed 73 per cent of total investment for 3rd quarter with Rs. 6,675 crores. When compared to same period of 2015, investments in real estate, although, observed a moderate decline of 3 per cent, still it constitutes the largest share in total volumes for the current financial year.  While Delhi/NCR accounted for 18 per cent of the total share, Bengaluru accounts for 15%. Mumbai tops the charts with whooping 63 per cent and comes out as the most preferred location with the perspective of real estate investment.

      While residential assets accounted 82 per cent of the total investment from the domestic funds, in the 3rd quarter the cumulative investment has mentioned a hike by 9% QOQ. These numbers, definitely, reflect the positive momentum of real estate revival resulting the investments in retail assets boosts up to threefold this year over last financial year. The Real Estate Investment Trust (REIT) attracting larger funds amounting to Rs. 1,020 crores over last year’s investments of merely Rs. 3,800 crores.

      With opening the doors to the successful implementation of REITs in India, the Indian market is expected to draw more investments in real estate sector with the sturdy shift in ownership of assets from private help to institutionally held. This trend is in line with the global trends resulting albeit end of 2016 stronger and more promising.

      With the decline in the number of launches in the residential asset segment, it is still continued to draw the highest volume of investments. The Retail segment shall be viewed with the caution as the real estate investments have been made in fully leased operational assets, boosting up the interest of investors.

      In next 1-2 years, these trends are expected to see few more commitments.

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      Real State Of Real Estate: Upgrading The Property or Buying Second Home?

      By
      Team iPropUnited
      -

      Invest In Delhi NCR Properties

      Buying new, second homes had been a trend a few years ago. But, what made this trend vanish from the real estate? The real estate is a quandary, and real estate investment decision is a dilemma nowadays. While ready-to-move and nearly ready-to-move homes are eagerly on the go, the demand for the same is quite low. On the other side, many projects are still under construction and are far from the date of completion. What to do? Upgrading the property, buy a new house, or buy a second home – which is the best option 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 several costing units. The total cost of the building includes all cost heads. Per square foot (PSF) is the basic rate 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 purpose, and not the dwelling purpose, location is one such factor that can turn the entire game into your favour. Areas like in proximity to major workplaces areas with a good inundation of office facilities are best for investing purpose. Say yes to such offers received if any. 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 may be complicated. Where one situation can be in your favour as new projects may cost lower than the already-developed properties, many builders, on the other hand, fail to give possession in time. This can be risky but, in case everything goes well, it’s a goof investment. Here, one can bargain, rather 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 many locations, tall capital appreciation is not being expected. However, the possibility for rental potential is to be considered and both the factors – 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 which can be responsible in yielding the capital appreciation in the long-term.

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      Gurgaon, Noida – NCRs’ Hub For Real Estate Investment

      By
      Team iPropUnited
      -

      Under Construction Building

      Real estate prices in Delhi- National Capital Regions will amend in coming months and thus, the demand will grow accordingly. As our Indian economy is the foremost economy in all over world, it is expected to deliver laudable growth statistics. It is estimated that India will record around 7.5 per cent of GDP growth in 2016 and 2017, respectively, leading economies of China, USA and various European countries. A thrust to the real estate industry is given through a better economy flight and so, high transaction rate and value is witnessed in this industry across India.

      The NCRs – Gurgaon and Noida in particular will be the major regions to receive the new investment drift. National and global investors are looking forward to invest in Gurgaon, Noida and Greater Noida despite the fact that many of the projects lack complete inventory objectives.

      New Investment Perspective in Delhi NCR Real Estate Markets

      Primarily, market will be split into Gurgaon and Noida (along with Greater Noida) regions with respect to the new launches with Gurgaon being the main point for investment in future. Prices have been moderated even after great hike in prices in recent times. But, the fact remains the same and the demand dynamism in the city for regional business and commercial purpose is very strong.

      In last 12 months, value of many small markets in Gurgaon have recorded an approximate rise of 7-10 per cent in the values.  While Gurgaon is witnessing constant rise in commercial space and new manufacturing units’ development, high transactions in new residential spaces like Sohna Road, Golf Course Extension (GCE) and New Gurgaon will be seen in time to come.

      • Sohna Road
      • GCE
      • Southern Peripheral Road
      • Golf Course Road
      • New Gurgaon North
      • New Gurgaon near NH 8
      • Old Gurgaon

      Listed are the flourishing markets in Gurgaon welcoming upper middle class buyers and investors. These will comprise destination for future retail and commercial drive in Gurgaon and will be priced economically as major fractions of new launches will be witnessed in these markets.

      On the other hand, slightly less number of new launches will be noticed by Noida real estate market, including Greater Noida, Noida Extension and Yamuna Expressway as compared to Gurgaon markets. Here, the existing, incomplete projects will remain in focus to go for the completion.

      Optimistic demand of the new launches, however, are focusing on certain areas of Noida region such as Noida North, Yamuna Expressway and Greater Noida West for driving tall benefits on increasing rates. Simultaneously, the surge in Noida’s commercial market transaction will lead to the lift in residential market in future. The prices in Noida micro market, however, has already shifted to approximately 2.5 – 3.5 per cent.

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      Premium: Rise Resort Residences Is Most Luxurious Venture In Greater Noida West

      By
      Team iPropUnited
      -

      Rise Resort Residence At Noida Extension

      Rising and rising up, touching the sky. A new venture of Rise Developers is seeking no end where the project can stop imagining. After numerous successful launch of splendid villas and apartments, the group has now come with a great plan of establishing a city within a city.

      Amidst nature’s beauty in Greater Noida, an erection that is beyond one’s imagination – Rise Resort Residency- is going to take place soon. The far-fetched innovation of Rise Developers has come up with the miraculous concept of city-within-city. Spreading the plan across 100 acres of land, Rise Developers is all set to develop its so-called small city at Techzone 4, Greater Noida West. Themed on mesmerizing 9-hole golf-course covering 50 acres of the land, Rise Resort will be one-of-its-kind to bestow the dwellers with wonderful dwelling experience.

      Approximately 600 villas are planned in 7 different ways boasting different luxuries and amenities. The plan will include over 40 facilities for sports along with nearly six swimming pools and huge space for car parking. Private lifts and other such amenities will also be inculcated in the project. Besides, the township will give residents an alluring view of the environment and natural surroundings. Artificial sceneries, cricket pitch, stadium, lush green golf course arena, mountain imitation, forest-views, artificial lake, and a lot more.

      Located in Techzone 4, the township is not far from the National Capital Region, Noida. Almost at 0 Km of distance, location of the project is going to be a big advantage for all. Civic amenities and other facilities for proceeding with peaceful life are all to be accessed easily. Further, the upcoming road plan will be connecting Techzone 4 with Noida to its diverse sectors – 112, 113, 78, and 79. Hence, the time frame is set at minimal for traveling to these areas while Sector 118 and 119 will be in immediate contiguity.

      Words may not put one through to the imagination. The real experience of the amazing township can only be explored after witnessing the luxurious offerings at Rise Resort Residences.

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      News: Parsvnath Developers To Refund ₹22 Crore to 70 Homebuyers: Supreme Court

      By
      Team iPropUnited
      -

      Parsvnath Developers

      Supreme Court passed its verdict on Exotica Project delayed possession in Ghaziabad. On Tuesday, the Parsvanath Developers received order from the court to refund ₹ 22 crore to 70 people who bought homes in Exotica.

      Parvanath Developers had deposited ₹ 15 Crore upon September 15 hearing and has been ordered to deposit ₹10 Crore further by December 10, as decided by the bench of justices – Dipak Misra, Amitava Roy and AM Khanwilkar. The principal amount was mistaken as ₹ 15 Crore on its last hearing instead of ₹ 22 Crore – as per ML Lahoty, the lawyer representing homebuyers. The lawyer confirmed that the filed affidavit by the builder stated ₹ 22 Crore as the principal amount and that all 70 homebuyers will now be receiving their share of refunds on pro-rata basis soon.

      As per an email sent by the builder, the Parsvnath Buildwell had put emphasis in front of the court on the decided time of completion of the project as December 17 and that they were ready to give possession on the decided date. The building plan was subjected to revalidation procedure by Ghaziabad Development Authority. On August 26, the GDA cancelled the building plans for Parsvnath Exotica.

      Homeowners are also directed to refund the customers their share as per development agreement. Parsavnath, in May, was asked to refund the entire amount to the 70 homebuyers who had paid for the homes. 12 per cent of interest was also charged for delaying the completion of the construction. Call on interest component in this hearing, is still to be taken.

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