Connect with us

Residential

Real Estate Act: Venkaiah Naidu warns against dilution at state-level

Published

on

Venkaiah Naidu

The Real Estate (Regulation and Development) Act (RERA), 2016 came into force in May last year and since October, states began the process of issuing their version of the rules under the central Act.

Warning state governments against attempts to dilute the Central real estate legislation, Union housing minister Venkaiah Naidu has said that “any compromise with the Act will have serious implications.”

The Real Estate (Regulation and Development) Act (RERA), 2016 came into force in May last year and since October, states began the process of issuing their version of the rules under the central Act. Naidu called for an urgent meeting of housing secretaries/ chief secretaries of all states and Union territories in New Delhi on Tuesday so as to address the issue of safeguarding the legislation. Terming the reported watering down of the legislation by states as anti-people, Naidu added that such state governments owe “an explanation to the people”.

“There are media reports that some states have diluted certain provisions of the Act in the Rules notified by them. Today, I want to make it clear that any compromise with the spirit of the Act will have serious implications including public outcry. Whoever does so will have to face the public outcry,” Naidu told the state government officials.

Recently, The Indian Express had reported how several states, including BJP ruled ones, had tweaked their version of rules issued under RERA in favour of real estate developers. These include states such as Gujarat which excluded all ongoing projects from the regulatory rules, and Madhya Pradesh and Maharashtra whose rules contravene the basic spirit of promoting transparency in real estate transactions between builders and buyers. Similar violations have also been made by Uttar Pradesh, Karnataka and Delhi, where urban development comes under the NDA government at the Centre.

RERA mandates that all builders have to register their projects with a state-level Housing Regulatory Authority. Builders have to provide full public disclosure on the regulator’s website with any fraudulent practice resulting in revocation of the project’s registration and a jail term of up to three years.

Following a review of the status of implementation, Union housing ministry officials said that so far Madhya Pradesh and Kerala have appointed a housing regulatory authority as mandated under the law. Others such as Haryana, Maharashtra, Punjab and Delhi have appointed an interim Regulatory Authority. “All states have to notify their final rules and appoint the authority by April end as per the Act.
Following reports on the state level dilutions to the legislation, we have asked states to rectify it and send us their action taken report in another month,” said an official.

Pointing out that people have lot of hope and expectation from this Act, Naidu told the state-level senior bureaucrats, “RERA is one of the most consumer friendly laws passed by Parliament and states have no power to dilute its provisions. This law, which was widely welcomed and appreciated, benefits both the buyers and sellers if implemented in the true spirit of the Act.”

Source: indianexpress.

Residential

NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

Published

on

By

NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

On Thursday, Andhra Pradesh Chief Minister N. Chandrababu Naidu said with the estimated expense of Rs. 5,556.74 crore, the construction of more than 2,44,164 houses, out of the proposed 3,03,044, has been commenced under the NTR Housing Scheme 2017.

While addressing the second day of the Collectors’ Conference he also said the construction of the remaining houses will begin soon. He mentioned that Prakasam and the Kurnool districts are ahead of the schedule in the urban housing scheme. Also, the works are in full swing in the Nellore and the Guntur districts under the rural housing scheme.

According to Naidu, the government will complete 2.5 lakh houses by January next year and another lot of two lakh houses by June.

By October 2, 2018, the state government intends to finish the construction of all the houses and plans to celebrate with massive house warming ceremony with local public representatives. This will help them set an example for housing schemes in other states.

Also Read: Raunak Group Presents Apna Pehla Ghar Campaign

Continue Reading

Residential

A Mumbai Suburbs’ Swift Transformation From Industrial To A Residential Zone: Wadala

Published

on

By

A Mumbai Suburbs’ swift transformation from industrial to a residential zone: Wadala

An industrial zone primarily, Wadala has undergone a drastic transformation in the past decade. Now an upcoming residential area, this Mumbai suburb is one of the seven islands to form the modern Mumbai. It is located on the Harbour line of Mumbai’s railway network.

Due to its proximity to BKC, large scale land development was inevitable, thus fueling the real estate market. Wadala is bordered by Dadar on the West, Matunga on the Northwest and Sewri on the South. Nestled between south Mumbai and the suburbs, Wadala enjoys strong connectivity by road and rail to most parts of Mumbai.

It has a number of flyovers like the Anik Panjrapol Link Road, Elevated road and Santacruz flyover. Thane, CST and Chembur are connected via the Eastern Highway while the Western Highway connects the locality to Bandra and Borivali. Wadala has the biggest bus depot in Mumbai. Furthermore, the multiple infrastructure initiatives like the monorail, Truck Terminal and the expansion of Highway are in various stages of development.

All this has given rise to residential demand and pushed the property value over the last few years. One of the most populated areas in Mumbai, Wadala has a large number of old temples, churches and dargahs, university campuses, schools, reputed hospitals and is also home to a former world’s largest IMAX dome theater. There are many stores, showrooms and malls around Wadala like the R Mall, High Street Phoenix and Palladium Mall.

Ramesh Nair, COO – business and international director, JLL India says, “A decade ago, property prices at Wadala were as low as Rs 2,800 per sq. ft. and it rose to Rs 14,000 a few years ago.”  As the infrastructure plans are on their way, so are the renowned developers like Ajmera, Dosti Group and Lodha Group among others.

Wadala at present offers one of the highest returns on real estate investments in the region. All the above-mentioned developers have their luxury projects in the area.

Ajmera I-Land introduces Aeon, Zeon and Treon towers with 2, 3 and 4 BHK plush homes. Conceptualized by renowned Singapore based Architects Space Matrix, these spaces with top-of-the-line lifestyle amenities exude exemplary class and finesse. The first residential floor begins at 110 feet from the ground level and offers several modern lifestyle amenities like kid’s pool, swimming pool, gymnasium, club house, open space and landscaped gardens, yoga room, kid’s play area and senior citizen corner.

Dosti Ambrosia is a 36-storey tower nestled in the 18 Acre Township of Dosti Acres. The architecture of the project was undertaken by renowned Hafeez Contractor in the 2 and 3 BHK apartments. It offers an exclusive rooftop swimming pool with 40,000 sq. ft. of landscaped gardens. You will find all modern conveniences like Gymnasium, Tennis Court, Indoor Badminton Court, Yoga and Meditation Room, Elderly Corner, Banquet Hall, Indoor Games, Indoor Badminton Court, Guest Rooms, Restaurant, Grand Entrance Lobby, Kids Play Area, 2 Club Houses and an Amphitheatre.

New Cuffe Parade by Lodha Group offers its residents all the comforts of a world-class lifestyle. The 2 and 3 BHK homes are spread in over 23 acres of land with 15 acres of stunning landscape and 75,000 sq. ft. of the club house. It includes 11 swimming pools, an organic farm, cricket pitch and multiple themed gardens. The buildings are designed by the world renowned WOHA in Singapore and the landscape was planned by Sitetectonix in Singapore.

Also Read: Mumbai to get Building Taller than Burj Khalifa, Road Bigger than Marine Drive

Continue Reading

Residential

Rajasthan Government May Hike The Affordable Housing Prices

Published

on

By

Rajasthan Government May Hike The Affordable Housing Prices

The prices of homes under the ambitious Mukhyamantri Jan Awas Yojana are expected to be increased by the state government.

According to the sources in the empowered committee meeting to be held on Monday, a proposal to increase the cost of a low-income group (LIG) and economic weaker section (EWS) houses will be proposed. Urban development and housing (UDH) minister Srichand Kriplani will chair the meeting. The LIG and EWS houses, presently are being constructed on government lands by private builders. These homes are sold at a fixed rate of Rs 1,250 per sq feet; out of which 1000 rupees per sq ft is given by Urban Improvement Trust (UIT), development authorities and local bodies to the builders.

According to provision 4(A) and 4(B), the developers are supposed to build EWS and LIG houses on government land. Seventy-five percent of such government land can be used in building EWS and LIG houses, while the remaining 25% can be sold by the developers. However, since the rates provided by the government are less the developers are not showing interest to construct houses under these categories. Sources said, “In Jaipur, not a single developer has shown interest in constructing houses under this model. The JDA has invited expression of interest (EOI) several times.”

The UDH is leaving no stone unturned to attract the builders in order to achieve the target of constructing 10 lakh houses by 2019. The sources mentioned, “As per the new proposal, the department has proposed to provide Rs 1,600 per sq feet rate to the developers. The land rates have increased subsequently over the period of time; this is why increasing rates has become a need of the hour.”

Sources further added, “The developers are constructing G+3 buildings at present. However, it is not cost-effective. It has been proposed to construct G+2 buildings for LIG and EWS category.”

Also Read: The Impact Of Regulations On The Real Estate Market

Continue Reading

Trending