Saturday, April 27, 2019

Ahmedabad civic body issues notices to 94 builders

The officials said that the authorities have issued notices to 94 such builders who have failed to comply with the green norms laid out by the GDCR.

AHMEDABAD: The Ahmedabad Municipal Corporation has issued notices to 94 builders who have failed to effectively implement the green norms laid down under the General Development Control Regulation.

AMC officials said that according to the GDCR a building society should have percolation wells, green spaces, disposal of domestic garbage collection, Solid Waste Transfer Station; separate facility for kitchen and garden waste, and facilities for recycling of waste among others. The officials said that the authorities have issued notices to 94 such builders who have failed to comply with the green norms laid out by the GDCR.

It has been mandated, said officials, that there should be adequate use of solar power, but in many societies, it was found that the provisions were made only on paper.

Of the 94 builders who were issued notices, 41 builders are in Northwest zone, 14 in Southwest zone, 16 in West zone, one in Central zone, seven in North zone, 10 in East zone and five in South zone.
AMC officials said that that maximum construction was going on in the New West zone area which includes the North and Southwest zones, and hence of the 94 builders around 57 were from the New West zone.

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Friday, April 26, 2019

At 33%, ‘affordable homes’ new buzzword for Gujarat’s realty


Of the total 5,191realty projects — residential, commercial, mixed use and plotting schemes — registered so far with the state regulatory authority, 33% or 1,694 are affordable housing projects.

AHMEDABAD: Realtors across Gujarat seem to be betting big on affordable homes. Around one-third of all the real estate projects registered with Gujarat Real Estate Regulatory Authority (GujRERA) fall under affordable housing category.

Of the total 5,191realty projects — residential, commercial, mixed use and plotting schemes — registered so far with the state regulatory authority, 33% or 1,694 are affordable housing projects. Among affordable housing projects, 878 are only residential and 816 are mixed use with residential and commercial units.

The data compiled by the state real estate regulator further reveals that with 502 registered affordable housing projects — residential and mixed use — Ahmedabad has the highest number of such projects. Ahmedabad is followed by Vadodara (361), Rajkot (265), Surat (236) and Gandhinagar(103).

Large number of real estate projects in Ahmedabad and across Gujarat are in affordable segment as the demand in real estate market is mainly driven by affordable homes,” said Ashish Patel, president of real estate body GIHED-CREDAI.

‘Govt made affordable housing possible’

A recent report by real estate consultancy firm Knight Frank India also states that 2,844 residential units were launched in Ahmedabad during July-December 2018. Of this, a major part of the launches was in affordable housing segment.

“61% of the total units launched in second half of 2018 were in price category of less than Rs 50 lakh. It has generally been believed that Ahmedabad is a price sensitive market and is largely affordable,” the report adds.

According to real estate players, government’s push on affordable housing has also provided a much-needed impetus to the construction of dwellings at affordable prices. With this, affordable homes supply is going to increase in days to come. Of the total 5,191 registered projects in Gujarat, 2,580 are residential ones, 1,639 are mixed use and 864 are commercial projects.

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Thursday, April 25, 2019

What kind of residential real estate can get you higher rental return on investment? Find out

Rental solutions have been key to addressing India's housing challenges, and the country's rental real estate holds immense potential. In 2017, the rental real estate market was pegged at one crore units and was valued at $22 billion (Rs 1.53 lakh crore). By 2023, its volume is expected to be 1.8 crore and valuation $41 billion (Rs 2.85 lakh crore).

However, maximising rental yields has been a challenge for the rental real estate market. Low rental yield and poor capital appreciation, especially in the past two-three years, have hurt investors.

However, smart choice of investments, value-added services and a host of online rental disrupters can be a game-changing recipe for India's rental real estate market and investors. You can earn a higher rental yield, if you keep the following factors in mind:

* Invest in affordable homes
 Magicbricks data suggests that yields in the affordable homes segment are higher compared to the mid-level or luxury segment. There is also a significant variation between yields based on their capital values(Rs/sqft). We have observed across cities that properties priced below Rs 6,000/sqft have an average rental yield of more than 3%.

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Wednesday, April 24, 2019

Over 300 developers fined under Gujarat RERA


Promoters and developers of more than 300 real estate projects across Gujarat have been penalized by the Gujarat Real Estate Regulatory Authority (GujRERA) for failing to file the mandatory quarterly progress reports over the last nine months.

The regulatory authority has, in most cases, fined each errant developer Rs 50,000.
Under the new realty law, all real estate developers must inform the authority every quarter about construction and financial progress of their projects.

"The process for submission of quarterly reports began in June 2018. Since then, several developers have penalized for non-compliance, under Sections 11 and 63 of RERA," said senior officials in the regulatory body. Although the penalty for violation of Section 63 of the Act can go up to 5% of the project cost, in most cases the penalty was fixed at Rs 50,000, to ensure compliance.

The level of compliance in the state is quite high, given that there are 5,219 real estate projects registered with the authority and only 300 or so have been found to be non-compliant. "From the number of projects registered, more than 20,000 quarterly returns need to be filed, but just 300-odd developers have failed to comply. This means compliance is robust in Gujarat," the officials added.

Most promoters who did not comply with the quarterly filing norm submitted to the authority that their violation was unintentional as the law is new and they were not fully aware of various provisions. Source: Economic Times, Ahmedabad
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Monday, April 22, 2019

Which are the best localities to buy a house in Ahmedabad if I am planning to put it on rent?


Business areas naturally fare well. For working professionals, Chandkheda, Motera, Sarkhej, areas near SG Highway, Thaltej and Vastral, are popular.  There are over 11,400 properties on rent in Ahmedabad and the rental range varies between Rs 5,000 to Rs 1.50 lakh per month.
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Sunday, April 21, 2019

What configuration and property type is most popular among homebuyers?

Apartments remain the preferred choice in most cities these days and it is true for Ahmedabad as well. As for the configuration, the 3BHK units are popular although 2BHKs are close second. Given the affordable prices in the city, homebuyers choose bigger configuration. However, you must make a decision based on your family size and needs. You must also align your decision with the fact whether you are going to use the house for yourself or as an investment expecting rental returns. 
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Saturday, November 17, 2018

RERA: Centre to hold workshop with homebuyers, builders, banks on Nov 15

For effective implementation of the Real Estate Act, the Housing and Urban Affairs Ministry will hold a day-long workshop for home-buyers, bank representatives, builders and other stakeholders from northern states on November 15, an official said. According to the official, the participants from the northern states, including Uttarakhand, Uttar Pradesh, Haryana, Himachal Pradesh and Punjab, will discuss issues pertaining to the legislation of 2016, which provides proper protection to home-buyers.

The Real Estate (Regulation and Development) Act was enacted by Parliament and states were given powers to notify their respective rules and appoint regulatory authorities.

The official said home-buyers can raise issues pertaining to delay in delivery of flats in the workshop. The legislation provides for timely delivery of housing units by builders whose projects are registered under it.

"It has been two years since the legislation was enacted by Parliament. We want all stakeholders -- banks, regulatory authorities, home-buyers and builders -- to discuss issues pertaining to its implementation," the official said. 
Similar workshops had been organised in Pune and Chennai earlier.

Till last month, 13 states and union territories have appointed a permanent regulator, while 14 have interim regulators. Kerala is in the process of setting up a regulator.

As many as 22 states and union territories have functional web portals under the law.

As many as 32,923 real estate projects have been registered under the legislation across the country. Also, 25,247 real estate agents have been registered under it.

The official said that barring West Bengal, six north eastern states and Jammu and Kashmir, all states and union territories have been implementing its provisions.

In the Northeast, Arunchal Pradesh, Meghalaya, Manipur, Mizoram, Nagaland and Sikkim have not notified the legislation and its rules so far due to land-related and other issues.

West Bengal has notified its own real estate act -- the Housing and Industrial Regulation Act, 2017 (HIRA) -- instead of implementing the central law. Housing and Urban Affairs Secretary Durga Shanker Mishra has earlier written to the state government asking it to repeal its own act as there is a central law on the same subject.