Buying property is a dream come true for many, especially so, for a first-timer. But there are pitfalls aplenty along the way.
What is a pleasant, even if strenuous exercise, may turn out to be unpleasant and bitter. The project could get delayed forever, floor plan changed without prior intimation or in the worst case scenario, price shoots up, or one get less carpet area than originally promised. Even worse, one could end up being a victim of fraud with the coveted property already sold to another or being built on encroached land.
The good news is, all these nightmares could be passe, with the Cabinet approving the long-awaited Real Estate (Regulation and Development) Bill, 2015 last week.
The Bill, which envisages setting up of the Real Estate Regulatory Authority (RERA) in all states and Union territories, will soon become an Act. The onus will then be on states to implement it, which done effectively, could be a game-changer, bring transparency and boost buyers’ confidence.The law would be applicable both on commercial and residential projects and all realty agents should be registered with the Authority. It also seeks mandatory disclosure of all registered projects, including details of the promoter, project, layout plan, land status, approvals, agreements along with details of real estate agents, contractors, architect and structural engineer.
According to Hemal Mehta, Senior Director, Deloitte India, the Bill would certainly lead to higher disclosures related to projects. “The proposed law will ensure the interest of home-buyers will be duly protected from fly-by-night developers who operate in large numbers. Because of a few unscrupulous builders, the trust factor has eroded over a period of time and this Bill will help restore confidence among home buyers,” said Mohit Goel, CEO, Omaxe.
The Cabinet approved nearly 20 amendments to the Bill. Foremost among them is the introduction of a provision to deposit 70% of the buyers’ money received by builders in the escrow account. Builders will be punished in case of violations. It also creates a much-needed consumer right protection umbrella for buyers.
However, the industry feels, the government should fix accountability of all stakeholders, including government authorities and local urban bodies. Developers are also worried they will be penalised for delays in project completion, even if it is due to delayed government approvals.
“The government bodies also need to be held accountable for ensuring reforms in archiac laws and timely project approvals,” said Anshuman Magazine, CMD, CBRE South Asia. “We wish sanctioning authorities were included in the Bill without bringing them on board, delays would continue in implementation of projects,” said Navin Raheja, MD, Raheja Developers. R K Arora, Chairman, Supertech said the Bill should engage approving authorities so that projects don’t get delayed.
“The authorities responsible for granting licences, permits and approvals, should also be made accountable,” said Mrinal Kumar, Partner, Shardul Amarchand Mangaldas & Co.
“Without ensuring that the approval process is not delayed by civic agencies’ inaction or bringing in single-window clearance, the regulator may inadvertently add another layer to the longer processes already delaying projects,” said Anuj Puri, Chairman & Country Head, JLL India.
Source from: Newindianexpress.com
When it comes to real estate, most of the developers are known for their timed delivery and excellence. If you are planning to buy a property for investment or lifestyle purpose, here are some important things that make a real estate developer reliable. Moreover, there some factors which an investor should keep in mind before buying a property.
Popularity and Reliability
There is a wide gap between popularity and reliability. However, these factors are complimentary but popularity is something which can be gained through advertising and marketing. But reliability comes through the proper treatment and service of investor. Real estate business works through the word of mouth publicity and business is generated through the goodwill among investors. Raheja Developers provide the best solution for their investors in terms of reliability. The company’s goodwill lies on the benchmark of customer centric approach.
Keep yourself Updated
It is recommended for you to keep yourself updated about the whereabouts of real estate market through media. Most of the news channels broadcast the property related news and experts review about the property matters and they interact to the investors live on TV. Through internet you can also read the reviews of a particular developer.
Proper track Records
In order to track the proper record of your desired developer, we suggest you to visit the completed sites of developer and ask for their reviews from the people who have already invested in the property. This is the most satisfying and positive way of reviewing a property. Raheja Developers Review the best real estate developer with best records in the field of real estate.
We all have been steadily exposed to various Sci-Fi Movies on the Silver Screen where the protagonists like Iron Man speak to their homes and the Homes actually respond and control anything thats electronic. Companies like Apple also have their Siri AI engine built into their phones while Google also offers the same in their Android OS. But it is for the first time on the world , that a developer is claiming to have cracked the code of voice recognition and integrating it with the Home Automation systems installed in the Home.
“We have just tested the first installed prototypes with our tech partners and it is as simple as talking to your home with simple commands like “Jarvis, turn on the lights, can you make the temperature higher, or can you open the curtains etc. It works amazingly well and we are pretty excited about the potential of the same. We are offering the first beta versions in few of our luxury offerings but soon enough all our luxury and mid segment homes will have this built in from the beginning. The technology is robust and can be updated from time to time as the voice recognition engines improve globally to understand all the different accents. However, the standard switch systems shall also remain side by side for the non tech savvy people”, said Nayan Raheja, ED, Raheja Developers
“Raheja Ayana ,which has just been launched in Gurgaon, will be the first product to carry this technology, we are setting up a sample flat at the moment where consumers can check this out. Incidentally Ayana will also be built by Arabtec, the largest construction company in the GCC by Market Cap, the same company that built the Burj Khalifa. We will be using German Prefab technology to finish the same in record time. These will be some of the most advanced homes in the World.” claimed Raheja.
These are the first signs of technology actually filtering down into the Real Estate Sector which for decades has been plagued by ancient methods of construction technology leading to delays. It also paves the way open for our Smartphones to interact more closely with the built spaces around us. Maybe in the future, instead of operating on smartphones we will just need to speak out our commands ! One thing is for sure, the future is definitely going to be very very smart.
About Raheja Developers Limited:
Raheja Developers is one of the largest real estate companies in India with projects over 60 million sq. ft. at various stages of execution. Having already delivered appx 29.5 million sq.ft. of mainly residential and commercial projects including farmhouses, plotted development and hotel properties and 15.50 million sq.ft under advanced stages of construction. We work with some of the best contractors in the world to ensure delivering high quality product, well in time. Two of our Joint development projects are in collaboration with Tata group. We also own Joint Venture Construction company in India; Arabtec- India Limited ( Arabtec being the largest construction company in UAE and have the credentials of building Burj Khalifa- tallest building in the world).
Content Courtesy: Magicbricks.com
I am sure many of my readers would have visited the magical land of Corbett Tiger Reserve and many still would be yearning to go there. An incorrigible wanderer in the wild places of India for over 30 years now, I have travelled to places known and obscure, far and near, in the season and out of season.
There is hardly a national park or a sanctuary where I haven’t set foot upon. But let me confess: Corbett National Park in the foothills of Uttarakhand outshines every other place and has always been my second home with over 300 visits already. There is hardly any month when I have not gone there to relieve me of work pressures. In fact, the very purpose of this article is two-fold. First, after its annual monsoon break, Corbett National Park has opened again on November 15 for tourists and it’s a good time to be there. Second, like most of my life, I have already made my customary round there as one of the first visitors and I am now back to the urban jungle of New Delhi.
I spent two nights at Gairal FRH (the old Forest Rest House) and the experience was simply exhilarating. Instead of putting up at Dhikala — the first choice of most first-timers — I always opt for the secluded FRH situated in the lap of the Ramganga river deep inside the forest.
Aone-of-its-kind location, Gairal is where true wilderness strikes you and nature is at its starkest best. On both my mornings, I was woken up by the alarm calls of chital from across the Ramganga, even before the last ray of the sun had dropped from behind the Forest Range.
Corbett National Park can be appreciated and enjoyed in a number of ways — and one must not restrict himself or herself to a set schedule. The sheer diversity of landscape and wildlife mandates that one should try out different approaches to truly savour the diversity.
As like many others, Dhikala grassland and Thandi Sarak are one of my favourite zones inside the park. Sandwiched between the Ramganga reservoir and a long stretch of thick forest, the strategically located Dhikala grassland, or chaur as it is popularly called, is the place where most of the “action” takes place. In summers, I have spotted as many as 200 elephants in the grassland. It is also the place to try your luck with a tiger — though at times, sightings can become rare without any apparent reason.
But that is the beauty of Corbett. There is so much of unexpectedness at every turn of the jungle road that most of my visits to Corbett contain at least one unique feature — something which I had never experienced before!
On my recent visit, I came across this unusual scene: a large crocodile and two Ganges gharials sunbathing near the Crocodile Point where the gharials suddenly became victims of monkeys. They disturbed the large reptiles so much so that after enduring the torture for 30 minutes, the poor fellows opted to slip into the river. They returned only after the group of teasing monkeys had left the site. In the recent years, you are not allowed to take your car inside Corbett and an open Gypsy hire is compulsory to travel the length and breadth of the Park.
Elephant rides in the morning and afternoon (availed at Dhikala and Bijrani zones) can pay rich dividends. Any time if you wish to get really close to the real residents of the Park, just get atop an elephant — because an elephant can go where a Gypsy cannot.
And then there is the third way to enjoy the place — not favoured by many, either because of ignorance or impatience. This entails quietly sitting on a watch tower for a few hours.
Corbett offers a number of watch towers to connoisseurs. Some have become quite popular among the chattering crowds, like the one at the edge of Thandi Sadak and the other, the metal one, on the Sambhar Road.
Unfortunately, most of the time there is too much commotion on these towers, defeating the very purpose of letting wild creatures come near you by remaining silent and unobtrusive.
My favourite, however, is Machan No-3. It can only be approached on foot and if you just make a polite request to the Range Officer at Dhikala, I am sure he would depute a gunman to take you to this watch tower.
Machan No-3 is an amazing structure. Situated about 300 yards inside a dense patch of forest from Thandi Sadak, it has a small waterhole right in front. It’s here that many of my wildlife-loving friends have had memorable experiences with tigers and elephants. For one, given the secluded corner where this watch tower is located, the wildlife here appears truly at ease (provided, of course, that you do not disturb it with unnecessary sound and movement).
Agreed, the wait on a watch-tower can be long and agonising, at times not even fruitful but it carries the chance of that once-in-a-lifetime experience that may not be possible anywhere else. In a gambler’s parlance, place your bet on the watch tower and let Mother Nature be the card dealer. You never know when you will be handed the ace of spades. I wish I could spend as much time in the Corbett Park as I wanted. But unfortunately, my hectic schedule as the managing director of Raheja Developers does not permit it nowadays.
Beside Dhikala and Gairal, there are a number of places like Bijrani, Jhirna, Garjia, Mohan, Moreghatti, Pakhro, Kolhuchaur, Saneh, Mudiapani, Rataudhap, Nauri forest rest houses apart from Sitabani FRH in the Ramnagar forest division where one can spend a few nights. And each of these, such as Sarpdauli, Khinnanauli, Mailani, Kanda, Lohachaur, Halduparao and even the much overlooked Sultan are bestowed with a unique charm. So what are you waiting for? Pack your travel bags and enter this magical land.