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Pandemic Covid-19 Lockdown and buying RERA Projects

7/13/2020 3:23:00 PM

It seems Pandemic Covid-19 will not stop until its vaccine found and now we have left with prevention only which can help us to survive pandemic.It is creating catastrophe globally.Covid-19 and Lockdown have changed people's prospective towards their life.Pandemic Covid-19 has succeeded to stressed out on social Infrastructure,Among other social infrastructure,Huge health infrastructure should also be seen as important,as it has a huge impact on our economic growth.Covid-19 proves practically how citizen's good health bridging the gap between Country's economy and its growth. During the pandemic,people's different faces have been seen, tenants and paying guests were being harassed by landlords, Reports said.Corona spread was becoming dangerous and misconceptions over pandemic and other rental issues were forcing landlords but to evacuate rented accommodation. Where some were doing inhumanity meanwhile, many volunteers came to help others to provide covid -19 safety gadgets and many were came to feed hungry.Animals too were not deprived from humanity. The days of lock down seem worse when the house is not even yours.Pandemic Covid-19 Lockdown forced us to think about our own home,where,we can take care of our self and our loved ones by giving them hygienic place called home and let our family corona free. Owning Home is everyone dream and Covid-19 spread has been succeeded to convert dream into the need of the hour.In india ,residential demand is on boom and NRIs real estate demand kept pace in their home town,Reports said. Home is a peaceful and secured place, where we feel comfortable and enthusiastic.We can do what we want to do.In your own home, you are the only who can make and break the rule, nobody can instruct you to do this and that,However, EMIs are being paid, if you take home loan,But it will not disturb your mental peace because EMIs are giving you ownership and once EMI finishes it will become your tangible asset.Means you can enjoy your asset since buying your dream home.Fortunately, RERA and PMAY are two among other are working like demand booster to encourage residential demand, and low interest home loan is working like catalyst into it. RERA empowers buyer.Earlier,buyer's property buying decision was hit in the absence of RERA but now seeing in upward trend in residential property. It seems RERA has been successful to bring confidence in residential market even in pandemic corona virus lockdown. What is RERA? RERA stands for Real Estate Regulatory Authority.It aims protecting the interest of property buyer in real estate sector and to establish an arbitrating mechanism for speedy dispute redressal. Project delivery delays, property pricing, quality of construction, title and other changes are the issues which RERA regulates and addresses the issues in an efficient and transparent manner. RERA empowers both Builder or Developer and Buyer, as most of the things were favoring Builder. RERA brought many norms that will protect buyers from unfair builders malpractices. Takeaways of RERA Standardized Carpet Area Earlier the carpet area on which the property price calculated was not defined.Every builder/developer had their own method of calculation of the carpet area.Means for the same property the builder would calculate the carpet area of 1400 sq ft and the other would calculate the carpet area of 1500 sqft ,Hence there was no parity in carpet area in the absence of RERA.However,this has now been defined by the RERA Act,and the same formula would be applied by all builders/developers for the calculation of the carpet area. Subsequently, it will impact property prices as price calculates on the basis of the property carpet area.Builders compute the price of the property as follows: Cost of the property=Carpet Area x Rate per sq ft Rate of Interest on default Earlier,In case of default on payment by the buyer ,the interest to be paid by the builder to builder was higher on the contrary if builder delays the possession of property ,the interest to be paid by the builder to the buyer was less.Means there was no parity in the interest to be paid for both parties. RERA defines the interest to be paid by both parties will be the same for both parties.RERA has been successful to bridge the gap between two. Reduces the Risk of Builder Insolvency/Bankruptcy Usually A builder has many projects to be built which have to build simultaneously. Earlier,Builders were free to divert the fund raised from Project A to fund the construction of project B. Now,This would not be possible as RERA defines norms which help to reduce the risk of Builder Insolvency .According to RERA,the builder is liable to deposit 70% of the amount realized in for the project in a separate bank account.Builder can withdraw from such account only on the basis of completion of project,which will be certified by a civil engineer,architect and a chartered accountant in practice. Compensation over False Promises RERA empowers buyers, If there is mismatch over builder commitments and actual property, the buyer has an option to withdraw from the property, RERA ,buyer is entitled to full refund of the amount paid as advance or otherwise along with interest and claim compensation. Right to information The buyer will be entitled to have all the information related to the property,layout plan,execution plan,stage wise completion status etc. Pradhan Mantri Awas Yojana: Having own home is a dream of everyone,unfortunately,some are deprived to fulfill this dream,among so many reasons,financial issue impacted the most of home buying decisions.Fortunately Pradhan Mantri Awas Yojana give a hope over it and many have been benefited from Awas Yojana. Chandigarh

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Technology Avatar Electronic and Digital Revolution as "Chirag"

7/24/2020 5:57:00 PM

Over a time, cathode ray tube turned colored LED, heavy computers become light and mobile has replaced heavy wired land lines, not surprisingly, more magical things are about to come. Technology has changed our approach.In technology Era, it has been easy to be on screen, Android screen Stars are twinkling by throwing their talent at social media platforms, It is creative and economical way to put talent in digital world.Earlier, many had to give auditions, screen tests and to do formalities to be an entertainer, but now it has became easier, with technology up gradation. Your approach for followers became sort of smart. You Tube, Instagram, Twitter and Facebook are very few instances of social media which are trending among Millennials, Generation Z and less in Generation X. If you don't want to be exhausted while finding these websites in search engines, just install a desired app, sign it up and your reach about target audiences will be guaranteed, if you have enough talent ingredient's. It has been seen that, talent is emanating on emerging digital platforms, whether dancer, singer, poet, bloggers, web developer,graphic-designer or other talent demonstrator, you can be a benchmark in your field by putting your best in related platforms.These platforms have been emerging as handsome income source and informative too, since few years, with increasing followers and views your income could be increased. Nothing would be, which you could not search on it, yes authenticity could be an issue which can make search results less trust worthy but your intellectual can help you to find and pick relevant search results . Every advantage often has demerit and it depends on us how and why we use them. With the technology rush, it is seen, our youth is prowling around it badly, and calling them technology addict will not be wrong. Among internet users, some netizens are just putting themselves in that platforms worthlessly. They often use to imitate like actors, it is good, if you are evolving as an artist but question arises do you "ALL" want to be an actor or just end up your precious day as spoiled and exhausted, where, this moment their focus should be on academics or on their career goals. It will be healthy to boost your happy hormones or to be entertained for a while but practiced in the whole day could make your life curse, so everyone should have to take the responsibility of themselves that how much they should be indulged in digital platforms and off course their Parents too should be on high alert while giving them digital gadgets. Technology has a profound impact globally, almost every sector activities drives directly or indirectly digitally and this is the need of the hour for being alive in market. Globally, Among countries, there is competition to be on top or even pioneer in every field whether it is electronics, defense or pharma, to be inventor of Covid-19 vaccine is the current instance of being pioneer, this is all happening around the existence of science and technology.In India, many startups are successful by holding hands with technology. Since few years, digital wave has been seen around us. School, colleges, hospitals, banks, industries etc. are all indulging in digital world over the period of time. Just one click and your food will be at your door, cab will be ready to bring you and your visual tour of your dream home will be on your computer screen or on your mobile phone by just one single click, subsequently if we look down on augmented reality &virtual reality, you should not pinching off yourself to realize, this is happening in reality, it's experience has been given by enormous media houses, movies and even in android apps. It is such a magical experience we see and feel while watching that stuff, means by adding digital elements in real world, we can see different world of same scene even you can feel roller coaster experience while sitting on your couch, feeling real environment in virtual world by just using the technology is just a victory in Pandemic lockdown. Except a few,every sectors activities have been continued during lockdown through technology existence, but in between technology wave, we should not forget if technology is chirag, human being is alladin, who are the prevailing characters among Millennials. Things that seemed to be science fiction earlier, it has become reality now. Since,human being is the only fulcrum of digital world, acknowloging technology as the latest version of "Alladin ka Chirag" will not be wrong. According to Latest Statistics there will be 907 million internet users in india untill 2023, and this data indicates enough possibilities for opportunity seekers. It seems best time for India's talent to becoming Tech wizard, I hope, efforts will continue forever by founding new invention and discovery which has been seen as catalyst for economy growth. Chandigarh

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Filter Selfie Camera is Inspirational too, but behind the Camera intention matters a lot

8/6/2020 4:31:00 PM

Beyond self centered, hypocrisy is blooming around creation, residing in “Matlabpur” since many years, we have been dragged far away willingly from where we belong to. We firmly recommend hill stations but residing in plain crowded city is our choice, social and electronic media scream plastic ban, pollution control, sapling, water conservation, selfies along with alovera & flaunt food wastage, suddenly, while stepping down in reality world, absence of plastic bag, throwing us far away from our comfort zone, we have not been offended by multiple vehicle number plates over pollution, Junk food craving forget alovera benefits and wedding and birthday parties are ruling over food wastage, so much confusion. Breathing exercises and Higher Air quality Index are behaving like rivals simultaneously high demand of masks and yoga mats market is on high swing, even masks are available with color contrast, promptly finding something creative even in “worst” is in the DNA of human being. India was the 5 most polluted country in 2019, with Ghaziabad in the National Capital Region ranked as the most polluted city in the world, according to a global compilation of PM 2.5 particulate pollution data by IQ Air, a company that primarily works on air filtration. Since last decades, numerous environmental issues have been prowling around globe. TV flickering screens often making headlines about carbon dioxide emission and glaciers melting among prevailing domestic and political stories, and somewhere, these technical terms fail to give them good TRP. Meanwhile many campaigns trend on social media platforms with hash tags, it is the question of the hour, so much initiatives are being carried out through out electronic & social media, but nature devastating health tells us different story, time to remove malware named “hypocrisy”. Fictitious Superheroes practice to hide themselves along with good deed and subsequently they are inspirational too with their character. It is indeed inspirational to contribute after environment with filter selfie camera, but behind the camera intentions matters a lot, and it could be result oriented. There have been a blame game since creation, most of the environmental disaster is the consequence of human self centered intentions, but whenever nature fiercely reacts and we set to be surprised. In most of the cases desire dominates need, when we need only source of transport but our desire of many, it doesn’t mean irrespective of sound financial potential, we should stick to public transport and moreover fictitious Aladdin magical floral carpet will also not be worked, but there is a need to make equilibrium between desire and need in wake of environment. Time alarms to take environmental issues on surveillance not for just name sake. Parlors conclude lifestyle, but oxygen Parlor sounds worst, seems artificial and mechanical live with plastic body, to be called nightmare, would not wrong, Some things should be manufactured under nature monopoly. Heavy downpour, lowest rainfall or never rained are on one side and its effects on another, since many relief aid and packages are given to affected areas but why nature is being bias towards its own creation, as nature sources always tend to being unbiased. Urbanization, industrialization and globalization revolution creates smart cities, generating jobs, infrastructure, improves export and country enjoys its upward graph. Caricature should never be on evolution, Contrary, to focus on some environment friendly practices, include Residential green building, concludes designing and constructing homes that use energy, water and materials efficiently have a reduced impact on their physical environment and promote a healthy indoor environment. To be called mumbaikars, delhians and chandigarhians promote feel good factor among those who resides here and no doubt these cities demonstrate enough splendid monuments, social amenities, and many people became opulent by its location potential. Chandigarh is seen as job hub, IT city, medi city and Bio Technology park are emerging as opportunities for country talent. By developing surrounding states we can control migration ratio, himachalians and uttaranchalkars many states will be emerging as existing with enough location potential, and that will grab attention of many as do Mumbai, Delhi & Chandigarh among others. Where, we were banging our head over climate issues, Corona was set to be spread, now entire globe seems warrior, however, some have left things on supreme power by not carrying corona protection gadgets, irrespective of corona disaster, astonishingly, both believers look each other through intellectual lens, Meanwhile, social distancing leads goosebumps among window seat lovers in public transport, and hope of live is being seen as life support machine in between “Tug of vaccine”. Corporate are opened with guidelines, Shopping have been served under sanitization downpour, seems perfect place if we feel unhygienic during pandemic, other essential activities were being carried on since lockdown, and news are spread, cinema’s, gyms and other activities are about to open consisting some guidelines with coming unlock, seeing the pandemic catastrophe with crystal clear lenses, Some have themselves to ready with to do list. Unlock should be seen as new normal, should not be seen as without corona till at least vaccine arrival. Chandigarh

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Smart homes for Smart Homebuyers: The future of Indian Real Estate Horizons Cottages

8/6/2020 2:20:00 PM

We’ve all seen the movie Smart House and wondered if we can really embed the fancy features of house automation in our personal spaces. The possibility of it was quite distant back then, but now with technology advancing manifolds, making your abode a smart home can be a doddle. Making your space more secure, convenient, customized, and comfortable, home automation or demotics has quite recently come in the main frame. With customers becoming increasingly aware and dependent on technology, their aspirations for better living is increasing. With smart homes, we will not have to worry about the tedious everyday tasks that take our time, and efforts. Dabbing into our personal spaces, home automation is here to transform dreams into reality. Ranging from remote controlled shutters or doors, to smart home hubs and security, smart home technology is here to make your life easier. With the never-seen-before technology, artificial intelligence and IoT are offering unique experiences to both homeowners, and prospective homebuyers. Industry experts believe that the bespoke technology will soon dominate the real estate market. Still being at a nascent stage in India, the country will see a massive rise in the number of tech-equipped homes where everything can be controlled with the click of a button. Also the concept of “intelligent sensing” comes into mainframe with home automation. The radar or built-in sensors will not only control appliances, but will also be moving beyond passive communication, and will rather engage proactively (we can get a hint with Google’s Alexa). Also, they will be a lot more energy-efficient and cost-effective, with automatic off/on, standby modes reacting to the presence or absence of a person. Redefining the term “modern housing”, we aren’t just limited to opulent homes but these spaces also being technology-savvy. Complementing your fast-paced lives, allow your smart home to make your living stress-free. Embedded with high-end technology, these houses can have new-age solar powered sensor motions or app-controlled systems where you can do things even from a distance. Customers also have the option to the aspects of home automation that they feel are right for them. With the changing needs and preferences, the demand for better housing is scaled up, with homeowners really excited by the possibility of building an intuitive home. Automation has really made it possible for you to speak to your home, and it is not just restricted to a few, but extends to the reach of every customer. Undoubtedly, home automation is the future of living in India. Source: Horizonscottages.com Chandigarh

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Punjab notifies housing policy, to include areas off MC limits

8/8/2020 10:17:00 AM

To give a fillip to construction of affordable houses, the state government has notified yet another ‘Punjab Affordable Housing Policy 2020’ on July 24 in supersession of earlier policies announced in March 2018, May 2020, and another one on 15th July this year. The new policy would be applicable in all areas developed by the Department of Housing and Urban Development, residential and mixed land use zones of master plans and in 3-km belt around municipal limits even if it is outside the master plan or regional plan. Minimum site area for plotted or plotted and group housing mixed colonies would be five acres and for exclusive group housing colonies it would be two acres. Minimum right of way (ROW) for approach road to colony for plotted development would be 22 to 40 feet wide or as per master plan whichever is more while for group housing or mixed development colonies the ROW would be 40 feet. The apportionment of plotted area has been fixed at maximum 60 percent of effective site area as saleable, 10 percent for EWS (from out of total 60 percent), eight percent under parks, five percent for commercial (excluding parking) and four per cent for community centre. The policy further lays down that maximum plot size for affordable houses would be 150 sq yds and for EWS houses it would be 100 sq yds. Maximum ground coverage of 70 per cent would be permissible with FAR 1:2.1, maximum height 11 metres (excluding mumty and parapet wall), ground plus two floors with both front and rear set back of 7.5 feet. For the group housing colonies, minimum of 25 percent area has to be under parks, maximum permissible ground coverage would be 35 percent with FAR 1:3. Under the provisions of the policy, the Chief Town Planner (CTP) would be the competent authority for the approval of CLU (change of land use) and layout plan/zoning plan of colonies with total area of more than 10 acre while for colonies with area of less than 10 acre STP (senior town planner) would approve CLU. Source: The Tribune Chandigarh

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Uttar Pradesh to soon have single window clearance system for developers

8/10/2020 6:01:00 PM

The Uttar Pradesh state government has kickstarted the process of creating a single window clearance system for developers, a move that will significantly reduce real estate project costs in Uttar Pradesh. A builder currently has to take 70-80 permissions through the entire project life cycle— from land acquisition to the completion of the project — from different authorities and getting permissions takes one to two years resulting in cost overruns, according to the developers. “This will ultimately help the homebuyers as the benefit of cost cuts will be passed on to them and it will ensure timely delivery. The authority should also be held accountable if there is a delay from their side. There should be a system where a builder is required to submit documents at one place only,” said Manoj Gaur, chairman of Gaurs Group. Apart from NCR towns of UP- Noida and Ghaziabad, the move will benefit real estate projects in tier 2 cities like Lucknow, Meerut, Varanasi, Bareilly and Jhansi, where developers have shown willingness to invest. Last week, the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) invited bids for ion of consultants for benchmarking existing policies and procedures to create a single window system of state developmental authorities. “The idea is to bring all the development authorities under one roof and ensure clearance in a time bound manner. It will provide a one stop integrated services to real estate promoters. This will also check delays in approval and clearance processes by putting and tracking Service Level Agreements (SLAs) on each activity involved,” said Rajive Kumar, chairperson, UP RERA. As of July 2020, 53,364 real estate projects have been registered under RERA across the country while in UP the number of registered projects stood at 2818 as of July 2020. Developers say the need for a single window system was a long standing demand and is a step in the right direction. “Sometimes after completing the construction, a builder has to wait upto a year for the completion certificate. There is no timeline for the builder who has to pay interest, which earlier used to get passed on to the homebuyers. Once the approvals start coming in time bound manner, developers can reduce unnecessary cost,” said RK Arora, president of Uttar Pradesh chapter of apex real estate body National Real Estate Development Council (NAREDCO). In Noida alone, there are three different authorities that developers have to deal with along with a host of departments such as environment and fire department. Since they can’t advertise before registering the project with RERA, a lot of time is lost between land acquisition and getting required NOCs for the registration of the project. “The single window clearance system is a prudent move by the UP government towards the real estate sector. This will not only help us in fast tracking the projects, but let us work on a project with comparatively lesser interest amount,” said Amit Modi, Director ABA Corp. “The benefit from reduced interest rates would be translated to the price points offered to the end-users. The immense amount of time saved from permissions and clearances can be utilised in developing better stakeholder relationships, and driving more investment towards the sector,” he added. According to a study by property consultant JLL, about 3 lakh houses in NCR are currently under construction of 1.24 lakh are in mid-segment. And maximum proportion (66%) of these 1.24 Lakh mid-segment under construction residential units are concentrated in Noida and Greater Noida area of Uttar Pradesh. Source: The Economic Times Chandigarh