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An overview of RERA

  • By Renowned Real Estate Agent – Utkarsh Bharadwaj

The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry, transparency and make the Real Estate sector more customers friendly. States are to follow suit by notifying their rules based on the central act and many states have already issued notifications.

Developers will need to get all the approvals before launching a project and disclose all the information on the project in the website that the authority will set up.

Coming straight to the point, here are few ways in which buyers are likely to be benefitted by the RERA Act:

  • Under RERA, each state will have to setup regulatory bodies as appellate tribunals to solve the disputes between buyer and builder within 120 days.
    • Developer will have to put 70% of the money collected from a buyer in a separate account to meet the construction cost of the project.
      • RERA will make it mandatory for all commercial and residential real estate projects where the land is over 500 sq. mt. or eight apartments will have to register with the regulator before launching a project.
        • RERA also seeks to impose strict regulations on the promoter and ensure that construction is completed on time.
          • Carpet area has been clearly defined in the bill to include usable spaces like kitchen and toilets imparting clarity which was not the case earlier.
            • A developer’s liability to repair structural defects has been increased to 5 years from the earlier 2 years.
              • The buyer will pay only for the carpet area (area within walls). The builder can’t charge for the super built-up area, as is the practice at present.
                • Developers will be able to sell projects only after the necessary clearances. Under RERA, builders and agents will have to register themselves with the regulator and get all projects with more than eight apartments registered before launch.
                  • To enable informed decisions by buyers, Real Estate Regulatory Authorities will ensure publication on their websites information relating to profile and track record of promoters, details of litigations, advertisement and prospectus issued about the project, details of apartments, plots and garages, registered agents and consultants, development plan, financial details of the promoters, status of approvals and projects etc.Once brokers are managed under the RERA regulations, investors’ and home buyers’ trust is likely to increase and this could lead to an increase in sales and revenue for both, brokers and builders.
                  • Rera
                  • Registration fees for RERA:
                  • RERA for Brokers:
                  • It will bring a lot of accountability in the industry and the ones who believe in professional and transparent business, will reap all the benefits. Now, the agents will have a much larger and responsible role to perform, as they will have to disclose all the appropriate information to the customer and even help them chose a RERA-compliant developer
                  • Under the Real Estate (Regulation and Development) Act (RERA), which came into force on May 1, 2017, real estate agents will need to register themselves, to be able to facilitate a transaction.
                  • Rs 500 to Mahaonline for Maha-Rera website (plus taxes and bank charges, if any).
                  • Rs 10,000 for individual, proprietor, or proprietorship firm.
                  • Rs 1,00,000 for partnership firm, society, private Ltd/Ltd company, LLP, etc. Book of records
  • The agent shall maintain book of accounts, records and documents, separately for each real estate project.
  • Registration time frame: The authorities shall deliver the registration number, along with the certificate, within 30 days from the date of registration.
  • Validity of registration/renewal: Valid for five years. Renewal to be done at least 60 days prior to the expiry of the registration.
  • Obligation: The registration certificate should be displayed at the place of business.
  • All advertisements, marketing, selling or purchase papers, should have the registration number. Penalty on unregistered brokers involved in registered projects
  • Rs 10,000 per day during the period of failure and a maximum of up to 5 per cent of the value of the deal or project value.

Anti-discriminatory clause

After getting piles of complaints from buyers about builders denying selling flats due to buyers’ religion, marital status and dietary preferences, Maharashtra Government also incorporated an anti-discriminatory clause under RERA. Also, the Maharashtra government added news rules under RERA such as parking spaces, which can now be sold by builders, to regulate these sales. State government has mandated that builders should disclose the sales of these parking spaces. Prevailing rules grant co-operative housing societies to distribute parking spaces among its members. Overall, the RERA Act adds many other rules which can regulate the real estate sector more comprehensively.

 

 

Ref:

https://en.wikipedia.org/wiki/Real_Estate_(Regulation_and_Development)_Act,_2016

http://www.freepressjournal.in/india/rera-all-you-need-to-know-about-the-real-estate-act/1055591

 

Pune’s Booming Commercial Scene

-by Utkarsh Bharadwaj (Renowned Real Estate Consultant)

Pune is considered as one of the most important cities in Maharashtra, being the second largest city in Maharashtra and the eight largest metro city in the country. Thus Pune is no longer the small city whose title is the “Queen of the Deccan” but also is considered as an important hub to the manufacturing and services sectors. Also christened as the “Oxford of the East” wherein educational institutions attract talent from all over the country Pune has emerged has an important centre for IT and automobile industries. Resulting from all this, not only is the residential real estate segment on the rise in the country but the commercial sector is also in huge demand.

The prime IT and Engineering companies invested in Pune, especially in Aundh and Hinjewadi. Thus resulted in the exponential increase of residential and commercial properties too. Pune is also considered as India’s one of leading automotive hubs; with domestic and International auto production giants manufacturing their products here. Wide array of industries like Automotive, engineering, food and beverages and other mechanical industries thrived here.
The scope of commercial spaces and properties has increased exceedingly, thus witnessing great heights of success in the commercial angle of Pune. There has been a notable growth in the retail sector, restaurants, clubs, gymnasiums and many other services providing commercial properties to grow here. Continue reading

HomeChoice.properties plays middleman in choice of home

- By Utkarsh Bharadwaj (Renowned Real Estate Consultant)
Whenever I asked a friend or associate, what was the procedure he/she followed to search for a residence, the answer varied right from “I usually search for property according to the location I desire or I prefer selecting one based on the no. of rooms I want in my residence or want a place in a setup that has this certain list of amenities”. Thus varied the answers, suggesting that people do have specific requirements and thus need to be provided with options so as to help them make the right decision.

HCSearch1
Having mentioned all the above points, me and my team had a slight tilt in our conclusion. We realized that the first preference in the choice of home was the choice of location. People wanted to select the location first which was based on either the distance from their work place or distance from the nearest mode of transport like the station or the bus stop or even the distance to the kids’ school played a major role to choosing a home.
To continue our discussion, let us have a look at our favourite solution – www.homechoice.properties and see if it correctly assists us in our search for a home.

We consider a usecase wherein the user enters the location as Hinjewadi, Pune , based on this search the system needs to provide the list of residences available in Hinjewadi, Pune.
If the user wants to find a particular builder for e.g. the renowned builders in Pune Yashwin Javdekar (www.javdekars.com) in Hinjewadi, Pune, then the solution should provide all the more specific details towards the search criteria that include the list of properties belonging to that particular builder.

HCSearch2

Search for a property

Thus the search criteria provided returns back the list of properties related to the particular builder. Hence we can see that the search in the above solution proves to be very user friendly.

Pune’s Real Estate Buzzing Zones by HomeChoice

1. - Utkarsh Bharadwaj (Renowned Real Estate Consultant)

In the gone days, approximately a couple of decade years ago, whenever Hinjewadi was mentioned it meant that we were talking about a village, which was surrounded and survived on farming. Most of us really didn’t know about this village since the only means of transport to this village was the bullock cart.

But now in this current day, even a child could tell you that Hinjewadi not only houses one of the largest IT parks in the country ( located in the PCMC area of Pune city ) but it is also one of the most sort after real estate zones in the city. From having almost zero residential presence to a whopping million dollar skyline, the scene and society of Hinjewadi has completely been transformed.

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Pimpri Chinchwad – Change in scene and society

PCMC-2Pimpri chinchwad’s journey

Couple of decades ago, when fathers had to get their daughters married off they preferred boys with government jobs. Slowly trends changed and if the boy had a fixed permanent job in Telco or Bajaj or any of the big automobile companies, he would be the most sought after, thus was considered a perfect match for the girl. Then usually owning a house or flat would be a combined affair i.e. father and son would have to equally invest in order to be able to buy property. Owning property used to be considered very prestigious.
Then people who owned a reasonably sized 2BHK flat used to be considered quite well-to-do. There were limited no. Of properties and attached to them the amenities which was next to nil. But slowly times started changing. The IT industry found the Pimpri-Chinchwad area very comfortable for their growth, which was by area wise as well as language besides the climate being so wonderful. They decided to hugely invest in Pune. Thus changed the scene of the society in Pune. Increase in no. Of jobs resulted in the increase of population which directly affected the growth of real estate in the city.
From there being just single building constructions, there started the development of huge colonies more called as construction schemes. Land which was considered as barren or not worthy of much , got converted into huge projects. They schemes not only had huge units but they also started paying lot of attention to “amenities”, a word that would only be heard while describing 5star hotels. People not only wanted a place to live, they also wanted more and more facilities within the gated area of their residence.
Now the marriage scene started changing too, the question wouldn’t finish at if the boy had a house, but continued to ask how many flats did he have and if there was a chance of investment in the near future.
Earlier all that people wanted was water, light and some fresh air. Now the list would not stop too easily – Clubhouse, gym, multipurpose hall, amphitheatre, jogging track, cycle track, etc etc…the list doesn’t end too soon.
The roads have huge property billboards which makes it even prettier thanks to bollywood here too, banners, pamphlets are distributed etc all displaying property ads. I always knew fair to be places where usually children eat, drink, play and be merry, now there are even property fairs, exhibitions etc.,
Pimpri-Chinchwad was always known as the wealthy industrial town, but now it is also a majorly booming property hub. We just have to wait and see how it decides t grow all the more.

Smart Cities

Since “smart city” seemed to be the “in” thing, i had a fair idea about what it actually meant. But i thought of asking mysmart-city-diagram 6 year old kid if she knew what a smart city was. At first she said that it meant it was an A+ thus relating it to “smart kids having an A+). Then further i explained to her what she would like to see nice in her city. After thinking a little bit, she had alot to say which basically enveloped down into clean water rivers, no over-flowing garbage bins everywhere, lot many more gardens and grounds to play, and being allowed to play carefree without me screaming – “Be to one side, there is a bike coming towards you all”, so basically what she meant was not so much traffic. Innocent words saying quite alot.

Then i decided to further find out from elder kids their opinion on Smart Cities. Since they were a little more knowledgeable and aware of things they said that there should be more educational facilities. And thus awareness of these facilities in public and private schools. They mentioned that public healthcare should be more accessible and easily available without having to wait in endlessly long queues to be able to meet a doctor. They too mentioned sanitation, security etc. but most of them definitely mentioned the drastic need for transport. Providing examples that many of their parents spent a chunk full of time in commuting to their workplaces which was both extremely time consuming and very tiring.

With so much of input from the younger kids, i decided to find out what the younger generation i.e. basically graduating students)wanted in a smart city. It was very interesting to find out that they had their own agenda chalked out. Generation of jobs was their priority followed by the critical need of smoother transport, curb on pollution and to top it all they mentioned that there should be transparency in the government activities, thus they just be aware of future projects being taken up by the government. Certain few also very smartly added that the infusion of technology and communication into the systems would prove to be a solution or atleast a beginning to solving several issues in the functioning of the city and driving it towards becoming a smart city.

After hearing all these opinions and views, i decided to see what the official definition of Smart City was and thus landed upon – “A smart city (also smarter city) uses digital technologies or information and communication technologies (ICT) to enhance quality and performance of urban services, to reduce costs and resource consumption, and to engage more effectively and actively with its citizens.

Thus, it looks like we all want to be a part of and work towards becoming smart”er” cities.

Reading further found out that the government is highly devoted towards forming smart cities. All states will get atleast one smart city. A “Smart City Council” has been formed

Smart Cities Council India- It is part of the US-based Smart Cities Council, which is a consortium of smart city practitioners and experts, with a 100-plus member and advisor organizations operating in over 140 countries.

After government announces the guidelines, states will be asked to nominate names of cities for a ‘City Challenge Competition’ and the chosen ones will get Central fund of Rs 100 crore each year for 5 years.

We have also found out that the basic criteria for selection of a city/municipal area.

Finding out all this we have a fairly good understanding about what a smart city basically is, thus wishing the government all the very best in this initiative.

Ref:

https://en.wikipedia.org/wiki/Smart_city

http://timesofindia.indiatimes.com/What-is-a-smart-city-and-how-it-will-work/listshow/47128930.cms

 

 

 

 

 

Rainwater Harvesting in Pune

krishnariver

Quality of water in Pune

Pune has been traditionally known to have a good supply of water. Blessed with a number of rivers and dams, Pune has access to good water. People used to say “Punyacha hawa pani changala aahe” or “Pune ka hawa paani accha hai” or “The air and water in Pune is good”.
Dams

Some important dams around Pune are Temghar – on the Mutha. Varasgaon – again on the Mutha, on which Lavasa city is developed. Khadakvasla dam, also on the Mutha, and Khadakwasla lake and the vicinity is a popular and accessible chill out spot for Punekars. Pawana dam on the Pawana river which makes PCMC possible. Mulshi dam and Panshet dam.

Increasing Population of Pune

Quoting from Wikipedia:Pune is growing in leaps and bounds. As is obvious to anybody who’s been here a while.

As per the 2011 Census of India estimate, the population of the Pune urban agglomeration is 6,226,959. The population of Pune on 19 May 2014 is approximately 8,242,142. (Extrapolated from a population of 3,337,481 on 31 July 2009 and a population of 6,115,431 on 30 September 2012.) According to recent estimates, Growth of Population in Pune is 12% every year. This includes the towns of Khadki, Pimpri-Chinchwad and Dehu. Growth in the software and education sectors has led to an influx of skilled labour from across India. The population of the urban agglomeration was estimated to be around 4,485,000 in 2005. The migrating population rose from 43,900 in 2001 to 88,200 in 2005. According to the Pune Municipal Corporation, 40% of the population lived in slums in 2001. The sharp increase in censorial decade of 1991–2001 can be attributed to the absorption of 38 fringe villages into the city.
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Pune Governance

blog_rwh_PMC_Building.jpg

Administration in Pune
We often look for a nice house/ apartment in as decent an area as we afford, near which we will have facilities and amenities available. These include schools, hospitals, markets, bus stops, metro stops, gardens, other entertainment avenues like malls, multiplexes, restaurants, recreation halls. And the list goes on. We hope civic services will be good like electricity, water supply, garbage disposal, roads, public transportation.

It is interesting, even to me that I clubbed together one block of amenties, and then another which I termed as “civic” amenities – those which I expect my municipal corporation to provide. This is our typical expectation in India, I think. The Stalin administration in East Germany provided all of the above. Even including state run discos.

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