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_SundayGyan_
⭕️ Can homebuyers claim interest if date of possession not mentioned in agreement ?

👉 The Maharashtra Real Estate Regulatory Authority (MahaRERA) in its recent order declined homebuyer complaints against real estate developers for paying interest over alleged delayed possession, citing that date of possession was not mentioned clearly in the agreement for sale registered for the residential unit transaction.

👉 The MahaRERA said as possession date is not clearly mentioned in the agreement, it will have to consider the deadline submitted by the developer with MahaRERA of 2028.

Kindly read.. https://www.moneycontrol.com/news/business/real-estate/delayed-possession-can-homebuyers-claim-interest-if-date-of-possession-not-mentioned-in-agreement-12708210.html (source: moneycontrol)

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_SundayGyan_
⭕️ A number of urban investors are investing in agricultural land, owing to the slump in urban realty and the promise of greater long-term returns. Let see some of the advantages and disadvantages, for those who wish to buy agricultural land.

👉 Advantages of investing in agricultural land :
An agricultural land plot can guarantee long-term returns, if it is in an area where the government has planned some infrastructure project in the near future.

Moreover, the compensation, in the case of acquisition by the government, is higher for rural land than that for an urban land. A number of state governments are also planning a land pooling policy, for areas where city is expanding. If you become an owner under the land pooling policy, you will get a guaranteed regular returns from the pool.

👉 Disadvantages of buying agricultural land
Not everyone can buy: As per the law, you need to be a farmer to own agricultural land in India. While most states have such a ruling, some have eased this prerequisite. You may also get receive such a land, through a gift or through inheritance.
Conversion is not easy: You cannot convert a fertile piece of agricultural land into a residential one. The land should be a dry land, for conversion.

Land Ceiling Act: A number of states restrict the ownership of land. Therefore, check how much can be bought in that state.

Not everyone can buy: NRIs, for instance, cannot buy agricultural land in India.

Kindly read… https://housing.com/news/pros-cons-buying-agricultural-land/ (source: housing)

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_Sunday Gyan_
What is the penalty if you cancel your booking in Builder s project ?

As per RERA a builder can charge 0.5% to max 2% of the total consideration depending on the duration. Recently a builder charged 5% for cancellation of apartment so he was asked to refund 3% to home buyer.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed Godrej Greenview Housing Private Limited of the Godrej Properties to deduct only 2% instead of 5% and refund the balance amount to a homebuyer who had booked and canceled booking of an apartment worth Rs 92 lakh in Godrej Emerald project in Thane near Mumbai.

https://www.moneycontrol.com/news/business/real-estate/maharera-orders-real-estate-developer-godrej-to-refund-part-of-forfeited-amount-to-homebuyer-12593121.html (source: moneycontrol.com)

Kindly read…
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_Sunday Gyan_
🛑Check out whether your Property Tax is paid or Not ?

👉 The Brihanmumbai Municipal Corporation (BMC) on Friday warned of taking stringent action against those who do not pay their property tax by May 25, the deadline set for the financial year 2023-24.

👉 Note Note, BMC has decided to collect from May 1 double property tax from the shops and establishments for not displaying signboards in Marathi language or Devnagari script.

Kindly read.. https://tinyurl.com/27p94db8 (source:ETRealty)

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_Sunday Gyan_
🛑RERA Act on interest for delayed possession

👉 According to the RERA Act 2016, a homebuyer is entitled to claim refund/interest if he or she wishes to exit the project where the possession is delayed or where the homebuyer takes possession after delay by the developer.
👉 The Bombay High Court has ruled that a homebuyer can claim for interest for delayed possession from a developer under Section 18 of RERA Act even after taking possession of the flat.

👉 The HC was hearing a case filed by a developer of a project in Pune’s Balewadi area against verdicts by Maharashtra Real Estate Appellate Tribunal (MREAT) that directed payment of interest for delayed possession. The developer had promised possession on two different dates including August 2016 and September 2017. However, the possession was given to the two homebuyers only in 2018.

Kindly read… https://www.moneycontrol.com/news/business/real-estate/delayed-possession-homebuyer-can-take-possession-and-later-claim-for-interest-from-developer-says-bombay-hc-12563591.html (source: moneycontrol)

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_Sunday Gyan_
👉 In what might be a first-of-its-kind order, MahaRERA has directed to cancel sale agreements between a developer and homebuyers and directed the sub-registrars to make an entry about the agreements for sale as terminated and cancelled.

👉 The MahaRERA initially directed nine homebuyers from Pune to execute the cancellation deeds after Pune-based
developer GERA Developments filed a complaint stating that the homebuyers had failed to make timely payments.

👉 The developer, in his complaint, stated that after entering into the agreements for sale, the allottees failed to pay their dues. The developer issued demand notices from time to time calling upon allottees to pay the outstanding instalments. When the allottees failed to pay their dues, the developer sent notices of termination of agreements to them. Subsequently, the developer moved MahaRERA seeking directions to take on record these terminations and ex*****on of deeds of cancellation of the agreements.

Read more: https://realty.economictimes.indiatimes.com/news/rera/maharera-cancels-sale-agreements-as-homebuyers-fail-to-pay/108722495 (source:ET realty)

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_Sunday Gyan_
⭐️Another positive move by RERA authority…⭐️

👉 Do you know if the Real Estate Agent want to renew their RERA license they need to compulsorily pass their RERA Exams and receive a competence certificate from the authority.

👉 The Maharashtra Real Estate Regulatory Authority (MahaRERA) has cancelled registration of 13,785 real estate agents as they failed to renew their license received back in 2017.

👉 These agents are required to complete the prescribed training and obtain certification if they wish to operate as property brokers again.

Kindly read… https://m.economictimes.com/industry/services/property-/-cstruction/maharashtra-rera-cancels-registration-of-13785-real-estate-agents/articleshow/108388731.cms (source:economictimes)

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True space was felicitated by Mr.Gourav Kabra of Kabra Builder… one more feather in our cap 🧢

_Sunday Gyan_
⭕️Mumbai Property Registeration Data:

👉 Mumbai city in February 2024 recorded registrations of 11,742 properties which is an increase of 21 percent over last year, The sale registrations contributed to a revenue of ₹865 crore for the state government, Maharashtra government's Department of Registrations and Stamps' (IGR) data showed.
👉 Homebuyer confidence in the Mumbai market continues to remain strong and the outlook remains positive. This positive outlook has led to a substantial upswing in property registrations in Mumbai. Of the overall registered properties, residential units constitute 80%, the remaining 20% constitute non-residential assets, the analysis by Knight Frank showed.

Kindly read… https://www.google.com/amp/s/www.hindustantimes.com/real-estate/mumbais-property-registrations-touch-11-742-units-in-feb-2024-up-21-yoy-101709201667976-amp.html

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_Sunday Gyan_
👉 Real Estate News:
In 2023, close to 3,000 new luxury apartments worth over Rs 38,000 crore were sold in Greater Mumbai. This was double the number of high-priced flats sold in 2022, when 1,567 sales worth Rs 14,638 crore were recorded, according to data compiled by real estate research and data analytics firm Liases Foras. About 70% of the luxury apartments (1,916) bought last year were priced between Rs 5 crore to Rs 10 crore. The remaining 1,000-odd were those which cost over Rs 10 crore.

👉 Several large-ticket home deals were recorded in Greater Mumbai in 2023. One of the biggest ones was last March when industrialist Niraj Bajaj bought an 18,000 sq ft triplex in an under-construction tower called Lodha Malabar at Walkeshwar for Rs 252 crore. In Feb last, industrialist B KGoenka purchased a 30,000 sq feet penthouse in Three Sixty West, a luxury tower at Worli, for Rs 240 crore.

Kindly read.. https://timesofindia.indiatimes.com/city/mumbai/sales-of-rs-5cr-plus-luxe-flats-in-mumbai-double-to-3000-in-2023-latest-news/articleshow/107805172.cms

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_Sunday Gyan_
🛑What happens if a property deal is cancelled by buyer/seller ?
👉 If the seller backs off from his commitment to sell his property, there are no immediate financial implications, except that the buyer gets a right to file a suit for specific performance in the courts of law. However, this is generally not the case.

👉 If the buyer backs out from the deal, the seller has the right to forfeit the token money paid.

🛑 What is the token money a buyer can ask for
👉 The amount of token money may vary from being merely a token to a substantial 3-5 percentage of the value of the property.

🛑How is token money taxed?

Kindly read… https://housing.com/news/how-is-money-refunded-when-a-property-deal-is-cancelled/

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_Sunday Gyan_
👉 Bombay high court has said senior citizens cannot be made to suffer due to failed or delayed redevelopment after a resident of Mulund (west) building said she is roofless after vacating her flat in 2019 as the building was to be redeveloped.

👉 “They need to be protected,” said Justices Girish Kulkarni and Firdosh Pooniwalla in the Jan 25 order on a petition by Jayashree Dholi (64), a member of Navin Manju CHS, with 21 other residents and 19 shop owners

👉 The judges issued notice to the registrar of co-op hsg societies (T ward), developer and society.

Read… https://timesofindia.indiatimes.com/city/mumbai/sr-citizens-cant-be-made-to-suffer-for-redevpt-delay-hc/articleshow/107375055.cms ((Source: Times of India)

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_Sunday Gyan_
🛑Real Estate Budget 2024: Focus on infrastructure, new housing scheme for the middle class

👉 Finance minister Nirmala Sitharaman said on February 1 that the government will launch a housing scheme for the middle class to buy or build their own houses and it will be constructing close to 2 crore homes under the PMAY rural scheme, a move that is expected to give a push to the Housing for All agenda.

👉 The finance minister also said 2 crore more homes will be built for the rural poor in the next five years under the continuing PM Awas Yojana (Grameen).

Kindly read the whole budget overview.. https://www.hindustantimes.com/real-estate/govt-working-on-the-scheme-to-help-middle-class-purchase-or-build-homes-housing-and-urban-affairs-secretary-101706886878411.html

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_Sunday Gyan_
🛑 Important: Do you have property in Maharashtra and have you paid 100% Stamp duty against that property ?

👉 The state registration department has threatened to attach properties of those who fail to pay the deficit in stamp duty by March-end.

👉 Senior registration officials said on Saturday that they had identified around 2.32 lakh such cases last month and issued notices so that they could pay by March-end. Only 11,700 people have responded to the notices.

👉 The registration department has decided to attach properties to recover the pending stamp duty dues by March-end.

Kindly read.. https://timesofindia.indiatimes.com/city/pune/property-seizure-warning-for-deficit-in-stamp-duty/articleshow/107195593.cms

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_Sunday Gyan_
🛑 One more initiative from MahaRERA's to empower Homebuyers.

👉 The Maharashtra Real Estate Regulatory Authority (MahaRERA) will be undertaking a three-level scrutiny of housing projects to ensure zero complaints from homebuyers and better compliance from developers.

👉 MahaRERA has laid down the legal, financial and technical parameters to ensure that there are no problems in timely completion of the real estate projects, while issuing registration numbers to new projects. Only after meeting these essential criteria, new projects will receive a MahaRERA registration number.

👉 Unless the project doesn’t pass the stringent verification they are not issued Maha RERA certificate. This is to negate the possibility of projects turning stressed.

Read… https://m.economictimes.com/industry/services/property-/-cstruction/maharera-plans-3-tier-audit-of-housing-projects/amp_articleshow/106819798.cms

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_Sunday Gyan_
Real Estate News:
The year 2024 is expected to be all about infrastructure projects shaping homebuying behavior. New metro connectors, expressways and airports - both newly operational or upcoming are likely to dictate how real estate markets perform- both residential as well as commercial.

The upcoming infrastructure facelift will act as a catalyst for residential activity in the influence zones. Catchment areas along project corridors will witness significant capital value appreciation, attracting investors and end-users alike.

Owing to untapped potential and increased preference for comprehensive offerings in gated communities of tier II and III markets, organized residential real estate is well poised to embark on the next growth phase in markets like Vadodara, Nashik, Lucknow, Jaipur, Chandigarh, Coimbatore, Mysore, Kochi, Indore, Bhubaneshwar, Guwahati.

Here are a few markets that homebuyers and investors can keep an eye out for.

Kindly read.. https://www.hindustantimes.com/real-estate/4-real-estate-markets-to-watch-out-for-in-2024-101703328948252.html

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_Sunday Gyan_
👉 Should you buy or rent property in 2024?
👉 Ready-to-move-in or under-construction?
👉 Should you invest in a residential or commercial property?
👉 Fractional ownership is yet another option

Read the article… https://www.hindustantimes.com/real-estate/should-you-buy-or-rent-property-in-2024-101703243996168.html

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Wish you all Happy and Prosperous New Year ❤️🎊

_Sunday Gyan_
🛑*What is Maharashtra Stamp Duty (SD) Amnesty Scheme 2023 ?*

🛑 How it is going to benefit the Property owners and people having Immovable property ?

🛑 Talk show where Mr. Ramesh Prabhu gives clear answers what is Stamp duty Amnesty scheme 2023 and its benefits.
And how you can save your Stamp Duty charges + 400% Penalty on property if not paid in last 40 years.

Dont Miss watching below 👇 video
https://youtu.be/H-97Qm9KfQc?si=aoTWcBiiP_ZB0G9u

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_Sunday Gyan_
👉 Purchasing a house comes with lot of uncertainties. However, these uncertainties get significantly reduced when you have a competent, professional, and credible Real Estate(RE) Agent to assist you.

👉 6 things to be checked before selecting your Real Estate Agent.

1. Check his credentials
2. ⁠Experience counts
3. ⁠Expertise in local market
4. ⁠Check their clients testimonials
5. ⁠Guidance on valuation
6. ⁠Don't overpay

Kindly read.. https://www.rediff.com/getahead/report/tips-to-buy-a-house-through-a-broker/20231010.htm

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_Sunday Gyan_
👉 The Maharashtra government has relaxed a key restriction it had imposed on women property buyers who get 1 per cent rebate on stamp duty on their purchase.
While granting the concession, the government had earlier imposed a restriction, saying that a woman availing the benefit could not sell a residential unit to a male buyer for the next 15 years.
👉 Woman homebuyers will now continue to enjoy the 1 per cent concession on stamp duty.

Read.. https://indianexpress.com/article/cities/mumbai/stamp-duty-govt-scraps-15-yr-cap-for-women-homebuyers-who-seek-1-rebate-8639616/ (source:indianexpress

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_Sunday Gyan_
⭕️ The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed Raymond Ltd to deduct just 2% of the total consideration of a flat without any interest, after the developer forfeited the entire amount of about Rs 6 lakh paid by a couple, following the cancellation of their booking. Read the whole story 👇

⭕️ As per Maha RERA circular 2022 the Promoter can forfeit max 2% of the consideration of a flat, If it is cancelled after 61 days of issuance of the allotment letter.

Read more at: https://tinyurl.com/2p8y7h2n

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_Sunday Gyan_
⭕️ The Maharashtra government declared the Maharashtra Mudrank Shulakh Abhay Yojana 2023 (stamp duty amnesty scheme) during a cabinet meeting held on Wednesday, November 23.

👉 Amnesty scheme will help housing societies which can take benefit of the Deemed Conveyance and also get documents which were not sufficiently stamped regulated.
Suresh Prabhu welcomed the move and said it will help exempt penalties up to 400 per cent on documents registered or unregistered.

⭕️ *What is the amnesty scheme ?*
👉 Under this scheme, the Revenue department has allowed a complete waiver of the stamp duty fees and the penalty amount imposed following deferred payment for documents both registered and unregistered between January 1 1980 and December 2020.

👉 In respect of deeds executed between January 1, 1980 and December 31, 2020, but not filed or registered, the entire stamp duty and penalty payable to the Revenue department may be exempted under the Abhay Scheme.

Read.. https://indianexpress.com/article/cities/mumbai/maharashtra-stamp-duty-amnesty-scheme-benefits-all-you-need-to-know-9048748/ (source:the Indian express)
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_Sunday Gyan_
⭕️ Commercial Real Estate News:
👉 Reliance Nippon Life Insurance has renewed a lease for 48,924 sq ft office space in Inspire BKC, a commercial real estate project situated on the edge of the Bandra-Kurla Complex (BKC), Mumbai’s bustling business district that is home to a host of multinationals and Indian corporate houses, said persons with direct knowledge of the development.

👉 The company has leased the office space from the landlord Adani Realty for a total tenure of five years. The agreement includes a lock-in period for the tenant for the entire term of the lease.

Read more… https://m.economictimes.com/industry/services/property-/-cstruction/reliance-nippon-life-renews-lease-for-48924-sq-ft-office-in-inspire-bkc/amp_articleshow/105481482.cms (source:economictimes)

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_Sunday Gyan_
👉 Nowadays, the majority of individuals desire to live in the lap of luxury. As a result, they use expensive items to decorate everything from their bedroom to their washrooms.

👉 If you are some who has bought a new house then this article is for you.

👉 Below is a list of the manufacturers of bathroom fitting brand that you can use to decorate your bathroom if you are looking for a certain brand:
Aquant
Axor
Cera sanitaryware
Colston
Duravit
Eros ceramics
Grohe
Hindware
Jaquar
Johnson bathroom
Kohler
Laufen
Moca bath fittings
Neycer
Parryware
Roca India
Delta faucet
RK sanitization and hardware
Varmora granito

Kindly read… https://housing.com/news/top-20-bathroom-fitting-brands-in-india/

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Wish you all happy and Prosperous New Year 🎊🎉

Happy Deepawali 🪔 to all..

_Sunday Gyan_
👉 News: The Maharashtra government plans to redevelop 290 slum clusters in Mumbai affected by Coastal Regulation Zone (CRZ)-II regulations, potentially freeing up 188.66 hectares of land for development. The government has approached the central government for permission and the ministry of environment has asked for an environmental cost-benefit analysis to be conducted. The study will assess the impact of the redevelopment on the city's infrastructure and environment. The move could benefit builders and has raised concerns about slumlords encroaching on CRZ areas.

Kindly read... https://www.hindustantimes.com/cities/others/state-plans-to-redevelop-290-slum-clusters-in-crz-area-windfall-for-builders-101698262739299.html

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Happy Diwali & Prosperous New Year

_Sunday Gyan_
👉 When renting out your house, as a landlord, you must ensure that the rental lease agreement includes clauses that protect your rights. These clauses would help the landlord in case of tenant damaging the property, not maintaining it, using it for illegal purposes, not vacating after expiry of lease agreement etc.

👉 Some clauses that landlords must add in a rent agreement to protect their rights :

1. Purpose of occupation and property description.
2. Duration of the rent agreement
3. Transfer of lease.
4. Repairs and maintenance of the house.
5. Payment of utilities and other maintenance bills.
6. Timely payment of rent.
7. Return house in good condition.
8. Deterrent for failure to handover the house.
9. Registration of rent agreement.

Read.. https://m.economictimes.com/wealth/legal/will/rent-agreements-must-have-these-clauses-to-protect-landlords-rights/amp_articleshow/104571151.cms

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