Godrej Properties – New Project in Okhla Delhi 9599384876

Godrej Properties, the new Mumbai-based property improvement organization will currently build up a private complex in the Okhla district of New Delhi. The Godrej Property improvement Group has gone into a Development Agreement with Southend Infrastructure Private Limited by method for its backups. As indicated by this understanding, the Group has consented to build up a property spreading over a region of five sections of land in Okhla Phase-1 of New Delhi. Godrej Okhla Delhi is the new venture that will be created as a rich private endeavor with 2 BHK, 3 BHK, and 4 BHK pads on offer for home searchers in Delhi.

Godrej Properties in Okhla is a prime land package deliberately found near the absolute most wealthy locales of South Delhi and out and about going towards Greater Kailash and Mathura. The proposed street framework will additionally empower appropriate availability of this endeavor to Noida and focal Delhi. The property will offer lavish living chances to the general population of Delhi. Delhiites will presently have the option to appreciate being at home as there are extraordinary numerous comforts being offered by the manufacturer. What’s more, you will likewise not waver to respect your relatives and companions on account of this best creation.

There are various highlights and civilities that the property is bragging and this is the motivation behind why it has picked up a great deal of thankfulness among property purchasers. This all-new advancement venture in the national capital accompanies various setups. Godrej Platinum Okhla is an area that is creating at a quick pace. There are various ventures quickly creating here in this manner getting a lot of workers. Thinking about the colossal interest of employment around there, there would clearly be an expansion in the interest of homes. Godrej Properties Okhla Delhi would go far in satisfying these necessities.

The Influence of RERA on Real Estate Agents

This year, the market for real estate has got completely silent showing no signs of continuous transactions as was the case last year. Nowadays, it has become almost impossible for the sales individuals in the field of real estate to meet their targets of selling properties. The problems that the developers and realtors are facing are getting significant with their businesses capped at less than half of what they capped in the previous years.

Why are the realtors going through this situation?

The demonetization that has taken place recently is being blamed by many realtors for the positions they are in at the present times while there are other realtors blaming the reforms of the government for their present condition. Nevertheless, there are even some realtors who are not blaming the government and the system but their competitors for using unprofessional and unfair business practices. Finally, realtors tend to feel suffocated when the government comes up with stringent reforms in the industry for real estate in order to make it more professional, transparent and reliable.

One of the most popular government reforms of the modern times is RERA or Real Estate (Regulation and Development) Act. This is a one-of- its-kind reform in the real estate industry of India enforced by the Central Government of India for enhancing professionalism and infusing transparency in the real estate industry of India. RERA was imposed by the Central Government of India on 1st May, 2016 instructing all the Indian states to enforce the same as per their individual land reforms within 1st August, 2016. This deadline was further extended to May 1, 2017. However, as of now, there are many states that have imposed RERA rules while the others are making good progress in this field.

Taking into account the RERA rules enforced by the Central Government of India, this Act makes it mandatory for developers to register upcoming and under construction real estate development projects. In addition to this, it is also mandatory for the real estate agents to register themselves under Real estate regulatory Authority and get a brokerage license. Besides the property developers, the Act makes even the real estate agents responsible for different problems faced by the buyers in relation to concerned property development projects.

There are a large number of real estate agents that have asked several questions to the RERA consultants like “What are the consequences of failing to comply with RERA rules and not being able to deliver as per promises made to the buy4ers during the bookings? Will the agents be held responsible for this? There was this another real estate agent who asked, “What is the advantage of being registered with RERA when we know that we will be punished for an issue that we are not responsible for? Will the real estate agents become scapegoats?
This is one of the most important points to be pondered on. By having a close look at this matter, our professionals came to the conclusion that the answers were available in the questions itself.

As per RERA, real estate agents need to present proper and right information in relation to respective real estate assignments to the interested buyers. To be explained in other words, it is important for an estate agent to refrain from promoting a real estate development project falsely for closing the deal. This is something that is generally done by the brokers. What the real estate agents need to do is they should try and have a clear understanding of the development project. This way they will be providing relevant information about the project, information that is properly published in the prospectus, website or brochure of the development project. These are the rules that real estate agents need to comply with and if, in any circumstances, an agent fails to comply with these rules, he or she will have to make a payment of around 5% of the total project value or Rs. 10, 000 per day as fine depending on the level of the misdemeanor.

How RERA has an Impact on Real Estate Agents?

RERA or Real Estate Act is one of the first government reforms in India which will be taking the real estate agents under the domain of a certain regulatory authority. It is necessary for the real estate agents to follow an outline of prescribed rules for bringing structure and maturity in the method in which the business of real estate is conducted in India. This is one of the most important purposes served by RERA.

Enhanced Trust

The tagline saying “RERA registered agent” shall enhance the trust of the buyers along with the investors. This will further help in increasing in the sales and the revenue generation of the real estate industry.

Complete Filtration of Unprofessional and Inexperienced brokers

With the strict RERA rules in place for infusing professionalism and transparency in the business of real estate brokerage, RERA will force the fly-by-night, unprofessional and inexperienced brokers to immediately leave this business or comply with RERA’s institutional structure. This is turn will help the industry in becoming an indefensible marketplace for the part time operatives which will further increase the business of the dedicated and sincere real estate agents.

Proper Transparency with Developers

Most of the times, it has been found that the developers provide the brokers with wrong information about a development project in order to get increased leads from them. However, post RERA implementation, it has become mandatory for the developers to upload appropriate information along with all related project documents on the respective RERA websites of their states. Thus, it has now become easier for the agents to go through the details of the projects entailing them to get a clear understanding of a certain project. This will help in preventing the spread of false and fake information among the buyers. Furthermore, buyers have the flexibility of crosschecking the authenticity and the reliability of the information that they get from the agents. They can do this by having a close look on the official website of RERA. Finally, by making the effective use of the RERA website, agents can know more about the brokers that they are working with on the sales of a development project.

So, it can rightly be said that with the RERA rules in place, soon there would be no room left to operate for the real estate agents who do not work while adhering to the RERA rules. So, the ones into this business and the ones following the prescribed RERA rules shall not be treated as scapegoats. Instead, RERA will give them a shield that they will only receive through improved business practices.

Burning Questions on the Implementation of RERA

The governments of several states are on doubts by home buyers who had this firm belief in the fact that they would put a neutral RERA or Real Estate (Regulation and Development) Act into practice that would help them in getting out of the ensnare of delayed delivery of homes while infusing efficiency and transparency in the real estate field of India. There were many assurances offered to the home buyers and several promises made but everything got buried when the state government miserably failed in implementing RERA rules on May 1, 2017.

There are many states that tried their level best in keeping themselves out of the charge of allegations on the implementation of RERA rules in perfect time but they failed in wooing the home buyers because of the diluted and unclear provisions of RERA. It has also been found that states such as Gujarat consider this Act hilarious and are taking it as a joke. Government of Gujarat notified RERA rules on 1st May, 2017 but the rules have been summed up in a total of nine pages without the provisions being mentioned clearly.

States like Maharashtra and Uttar Pradesh have followed the guidelines of the Centre partially while diluting several important improvements. The rules of RERA were outlined in the state of Uttar Pradesh during the reign of Akhilesh Yadav, the former Chief Minister of Uttar Pradesh. However, the home buyers have come forward with the allegations that the rules are diluted. Taking the concerns of the home buyers into account, the present Chief Minister of Uttar Pradesh has offered the assurance to cancel the rules that has earlier been notified and also provide pro-consumer RERA rules in UP. Recently, CM Yogi Adityanath launched the UP RERA website offering a sigh of relief to the builders and developers in Uttar Pradesh. The Uttar Pradesh RERA website would enable the builders to get instant registration numbers which is one of the most important steps in promoting and advertising their development projects.

Similar to the allegations made by home buyers in UP, the home buyers in the state of Maharashtra have always appealed to Devendra Fadnavis, the present Chief Minister of Maharashtra and asked him to cancel the RERA rules in the state as they also seem to be diluted. So, in both states, the home buyers are not at all happy with the rules of RERA. However, dissimilar to Uttar Pradesh, why the present Maharashtra government notified the RERA rules that were completely diluted? Nevertheless, the state government in Maharashtra is presently working on developing the MahaRERA website. The government is doing this in the footsteps of the Kerala Government that has its RERA website up but under construction. As per available information, among the 28 states, there are 9 states with notified RERA rules and 7 states with outlined RERA rules. There are a total of 12 states that have still not outlined the RERA rules.

States like Bihar, Madhya Pradesh, Gujarat, Rajasthan, Andhra Pradesh and Odisha lag far behind in offering an online platform for RERA like Kerala, Maharashtra and Uttar Pradesh. Despite strict orders from the Central Government, RERA does not exist in many Indian states. It has been found that every day, in some or the other Indian state, there are people protesting against the notification of diluted RERA rules.

So what does this signify?

Does it signify the lack of proper coordination between the central government and the state governments?

Are the state governments not taking RERA seriously?

Are the state governments completely trapped in the foyer of property developers?

Does the Central government lack efficiency and professionalism?

Is India still not prepared for RERA?

There are several questions that arise in the minds of individuals post witnessing the failed attempt of the Central government of India in RERA implementation. However, there is one thing for sure and that is if RERA gets implemented in the wisest way possible then that time will not be far away when the real estate sector of India will come up with flying colors of success. This will be the time when investors from several countries will be waiting to make huge investments in the real estate sector of India.

RERA Consultants- CRAI or Campaign for RERA Awareness in India

The Indian government has come up with a game changing modification in the real estate arena of India. This game changing improvement is called the Real Estate (Regulation & development) Act or RERA. One of the most important objectives of this Act is bringing about accountability, transparency and further enhancing professionalism in the industry for real estate in India. Safeguarding the interest of the consumers is also one of the prime objectives of this Act. One thing that is worth noting is that this Act brings the entire real estate arena within a certain regulatory environment, putting forward the liberties and the liabilities of a real estate developer and presenting the most effective and useful grievance redress system to the purchaser.

At RERA Consultants, we are completely dedicated to spreading knowledge and information about this new law amongst all those who are related to the field of real estate including developers, buyers, architects, agents and chartered accountants. We take pride in launching CRAI or the Campaign for RERA Awareness in India for creating awareness regarding the RERA Act. CRAI looks forward to empowering the consumers while enhancing the credibility of the developers. Our main objective is creating a common podium for the sellers, buyers and the intermediaries working in the real estate sector. Our main focus is on highlighting up to date and relevant information about RERA Registered Projects and Agents throughout the different states of India.

Purchasing property is a vital decision. It requires a lot of thinking and planning. There are individuals who put in the savings of their entire life into buying a house. Investing in a house is almost like a jump of faith decision especially if the property developer is a non-submissive player. By way of CRAI, we have made sincere efforts towards bringing the well-organized developers of all the states with RERA registration into the spotlight. We also aim towards bringing those states into the spotlight that are very well-equipped to execute the different requirements of the property buyers. Our efforts in this direction will help in bridging the trust insufficiency among the customers while spreading awareness about buying only RERA registered assignments among the property buyers.

How will the Property Buyers be Benefitted by the RERA?

RERA or the Real Estate (Regulation and Development) Act is basically a law that looks forward to regulating and standardizing the real estate field where there is the need for transparency and uniform guidelines since a very long time. RERA regulates several facets of real estate and at the same time safeguards the buyers’ interests. However, the rules and the regulations on papers might not be advantageous to the consumers unless and until the people are aware about them. It is important for people to be fully aware of the provisions of getting benefits from the RERA. Some of the basic advantages that people can fetch from RERA are:

  • The Act makes the registration of all upcoming and ongoing real estate development projects mandatory prior to marketing and advertising.

  • The home buyers only have to make payments for the carpet areas.
  • The Act makes it obligatory for the developers to deposit 70% of their real estate development project funds into an escrow account.

  • Property developers are prohibited from charging more than 10% in the form of advance from the allotees without getting into the written sale agreement.

  • Fully dedicated and sincere real estate appellate tribunals shall be appointed for adjudicating cases within a time span of 60 days.

  • Developers need to obtain a written consent for making any structural alterations to the already approved plans. This written consent needs to be obtained from minimum 2/3rd of the allotees.

  • It has also been stated by RERA that structural defects in a property should be brought to the notice of the developers within the time span of five years. The structural defects reported within this time span need to be rectified and worked upon by the promoters and that too completely free of cost.

  • The RERA makes it mandatory for property developers to update and maintain their websites on a regular basis and also provide the details of RERA registration.

  • Developers non-compliant to RERA shall be imprisoned for three years or they may have to pay a fine extending up to 10% of the cost of the project or both.

RERA registration is essential for the real estate agents as well.

The Bottom Line

RERA definitely has an important role to play in the real estate arena of India. This Act has raised the hopes of the homebuyers and it has good chances of enhancing full-fledged activity in the field of property development. This might further result in more supplies throughout the real estate market. The Act will eventually bring-in the much required confidence for infusing more investment which in turn would help in stabilizing the prices of homes.

So, let us come together for spreading awareness among relatives and friends for helping them in understanding the real estate sector of India in the easiest way possible.

UP to Launch RERA site Today, Issue Registration Number Instantly

The Uttar Pradesh government will launch its RERA website on Wednesday, which will allow builders to start registering their projects under the new real estate law and, significantly, also grant them immediate registration numbers as opposed to the current system where the process takes up to a month.

Once a real estate company gets the registration number, it is free to market its projects while staying in compliance with the new Rera rules.

The website for the Uttar Pradesh Real Estate (Regulatory and Development) Act will be launched on Wednesday by chief minister Yogi Aditya Nath. The registrations will happen through online applications and will be done under the state Rera rules that were passed in December 2016 by the previous government led by Akhilesh Yadav.

Rera will bring accountability and transparency into the real estate sector and is expected to renew confidence among buyers who are sceptical about quality of construction and timely completion of projects, particularly in Noida. Rera has clauses for heavy penalties if a developer deviates from promises made to buyers while selling a property.

Under the state’s Rera rules, ongoing projects that have filed for occupancy certificates will not come under the ambit of the new law. Developers say this will help both them and buyers as an ongoing project that files for registration under Rera will have to specify a new date of completion.

Vice-president of real estate body Credai Manoj Gaur, who is also promoter-director of Gaursons, welcomed the state’s move to grant immediate registration numbers. The state will now trust a real estate company and issue a registration number based on documents it files online. These documents will be in the public domain and open to scrutiny. If any discrepancy is found, the company will face heavy penalties.

RK Arora, CMD of Supertech that has a number of ongoing projects in NCR, said his company had already filed applications through physical forms for several projects. “We will scan all the documents of each ongoing project and upload them on Wednesday,” he said.

The central Rera came into effect on May 1 and stipulated that no project could be marketed without registration. But developers faced problems because state governments were still not ready to implement Rera and notify their own rules on the basis of the central law. Subsequently, the Centre had asked all states to have their Rera rules notified by July 31.

Source From: http://timesofindia.indiatimes.com/city/delhi/up-rera-portal-launch-today/articleshow/59763068.cms

Save

Save

Save

Save

Save

Save

Major Problem Face by Broker Under the Real Estate Regulatory Authority

The Real Estate regulation and Development Act 2016 is taken action on the real estate agent for the noncompliance. Because of provision, agents and other real estate broker worried a lot in their business due to the major reason such as delays in the submitting the possession of houses , flats , apartments and much more. Here the small broker is highly affected because, they need to go registration by themselves and obey all term and condition by the moth of July1.

 It fails to go with the regulatory body due the lack of the clarity on the major execution of fresh rule. Hence, it may affect the property sale of next 2 months, which mentioned in the national new portal. Here the real estate association said to the News portal, that brokers is commonly earn property value of between 1 to 2 percentages in the give deals.

However, they have around 5% of penalty in hefty revenues losses, especially for the small-scale brokers. It is impossible to cope with penalty of reason, which never deliberates on the major part of the Real Estate Agents.

For More Details Visit: www.reraconsultants.com

Impact of Real Estate Regulatory Authority (RERA) in Real Estate Brokers

From 1st May onwards, every real estate agent has to register his or her name as per the Real Estate (Regulation and Development) Act (RERA). The law was amended and brought into action by the government for the fair practice in the real estate industry.

Under the RERA Act, the real estate agents who have registered themselves, as per the government rules, will be able to transact with the clients in a legal way. The statistical study says that the brokerage industry in this real estate segment alone has a turnover of $4 billion every year and growing. The study also depicts that there are 500,000 – 900,000 brokers as an estimated number in India. In fact, the number can be more also. Before the amendment of the act, the brokerage segment in the real estate industry was unregulated and totally unorganized. The channels had no specific rulebook to charge brokerage fee to the respective clients.

The Real Estate Management Institute business head, Shubhika Bilkha depicts that the real estate market in India has advanced to a higher level where the brokers need to register themselves to ensure a better way to do business. The agents and the brokers need to be properly verified and then certified by the government act so that all the transactions should be legal and traceable.

The vigilance over the sale of real estate properties will be multiplied to a considerable extent. This will literally organize the sector and the government will be able to trace all the transactions done in an illicit way and the industry will become more transparent, says Bilkha.

The question that arises in the common people’s head is that how it will benefit the buyer and the industry. The brilliance of the act answers every question perfectly. After the proper validation, Brokers and Agents Registration in this industry are done, the sales of the properties will increase and more revenue will be generated. This is where both the builders and brokers will be benefitted. In fact, the transparency will also aid the buyers as they will find the right methods and rates to acquire a property in a legit way.

The chairman of Pharande Spaces, Anil Pharande said in this context that the amendment of this law will make the booming sector very much measurable and transparent. The market will become more attractive for the stakeholders as the illicit activities will be considerably reduced. The clients will now be harassed less and charged the fixed service charges. The customers will be more protected which will impart much confidence in their buying decision.

Sam Chopra, the chairman and founder of RE/MAX India, says that the agents are also significant stakeholders and the act will bring them in too. The excellent move to bring them under the new act will also increase the value of the industry. Chopra also said that the time for an honest approach has come where the businessmen who like to do transparent and professional business will enjoy the benefits more than the conventional channels. He added that the agents, after being included via the act, will play an important role in the industrial development. Their responsibility to reveal or disclose the information properly needed by the clients or lawful steps will be taken against them. When the customers will go for a RERA compliant builder or an agent, the market trend will soon be followed by the brokers.

As per Gaurav Kapur, MD, Golden Bricks, the hard-earned money of the home buyers will be absolutely protected as the cheating sphere will vanish with time. The customers will start to rely on the developers and brokers based on the act. The illicit activities like selling a withheld or disputed property without the conscience of the customer will be completely stopped as the legal actions will be taken against them.

Another very important development that will be enjoyed by the customers is that the agents will not be able to mention the amenities not present in the properties and lure the clients. The amenities and facilities should be mentioned properly in papers so that the clients can relate and buy properties. Proper information should be disclosed before buying a property. If any false information is provided by the developer or the buyer, they are eligible for penalty or term or both. RERA will act as a filter to strain out the unprofessional and illicit operators easily.

To everyone’s surprise, ‘RERA’ has been accepted by only 70 agents and brokers. In fact, the infrastructure of the states is not ready to comply with the implementation of the new act. The basic problem is that the small-time brokers and the freelancers will not be able to comply with the added expenses. The profit percentage will be reduced considerably for the brokers and they will not be able to afford the operation cost in this industry.

RERA also directs that the agents should maintain proper records and book of accounts for proper transaction details. In fact, all the papers should be documented or penalty will be charged. The success of the act will totally depend on the implementation and acceptance rate of in the states.

Gurgaon homebuyers demand implementation of centre’s of RERA rules

City dwellers on Sunday strongly voiced their support in favour of Centre’s RERA act thereby rejecting the suggestions of draft which was passed by the State Government of Haryana.

All Home owners had a meet at Leisure Valley sector 29 on Sunday and announced their support in favour of the Act that has been suggested by centre which has earned some rave reviews rather than the one being passed by the state cabinet.

Home owners stated that the alteration of RERA draft passed by centre is not at all acceptable as the rules that have been suggested by State Government heavily favors the builders.

The buyers further stated that this RERA act alter the Current projects initiated by central Government and favors all those builders which are yet to complete a Real Estate project in last 40 years in Gurgaon which includes the likes of DLF, Ansal, Unitech, Vatika and many more.

Some buyers even said that these State Government rules will provide privilege for all those projects where the developers have obtained Completion or occupation certificates (CC/OC).

“If the government does not act on our suggestions, we would take the legal course,” said Gaurav Prakash, a member of Federation of Apartment Owners’ Association (FAOA), Gurgaon.

The CC is an issued certification by a competent authority which states that the ongoing project follows all the plan, layout and specification as approved by the authority.

“OC, on the other hand, is a certificate issued by the competent authority, as per rules, permitting buyers to move into their apartments,” Shephalika Sharma, another member of FAOA who was present at the meeting, said.

Home owners stated that they will prepare a draft with final recommendations and will send it to the State Government.

RS Rathee, president of Gurgaon Citizens’ Council who was present at the meeting, said, “Except Garden Estate in Gurgaon, not a single project, with occupancy of roughly 200, has obtained completion certificate. They should all be brought under Real Estate Regulatory Act. The Haryana government draft dilutes this part. The government must disclose the bank guarantee deposit of each and every builder and their deficiencies on its website with a proper definition of ongoing projects.”

Praveen Jain, president of national real estate development council (Naredco), had said during a press conference in Gurgaon on Friday, “We will seek buyers cooperation for our smooth functioning. RERA draft is balanced and there should be no panic.”

Citizens Firmly Demand quick implementation of RERA Act

The citizens of Karnataka organized a protest to address the state government for quick implementation of RERA as soon as possible just two days after the Government passed the Real Estate (Regulation and Development) Act 2016 without suggesting any further changes.

The Activist along with some apartment owners and organizations fighting for quick implementation of RERA said that the government is yet to give a time frame about the implementation of act and also demanded that the Government quickly lay out all the RERA rules.

“We are requesting the government to come out with undiluted RERA rules to protect suffering home buyers and to appoint Shambhu Dayal Meena, retired Principal Secretary, as the head of the Regulatory Authority to take forward implementation of RERA in Karnataka,” said M.S. Shankar, convener of Fight for RERA, in a statement.

After subject to the Opinion of Urban Development Department, the state government gave a green flag to RERA without any alterations.