WHAT IS RERA ACT AND BENEFITS

RERA (REAL ESTATE REGULATION AND DEVELOPMENT ACT)

THE ACT MAKES IT MANDATORY FOR ALL RESIDENTIAL AND COMMERCIAL PROJECT WHERE LAND IS OVER 500SQMTS OR 8 APARTMENTS TO REGISTER WITH RERA FOR LUNCHING A PROJECT AND TO PROVIDE GOOD TRANSPARENCY.

RERA WHICH SEEKS TO PROTECT THE INTEREST OF FLAT, PLOT BUYERS AND HELP BOOST INVESTMENT IN REAL ESTATE SECTOR.
AND TO SETTLE DISPUTES AT FAST TIME.

THE BILL WAS PASSED ON 10TH MARCH 2016 IN RAJYA SABHA AND 15TH MARCH 2016 IN LOKSABHA.
THE ACT INTO FORCE ON 1ST MAY 2016
THE CENTRE AND STATE ARE LIABLE TO NOTIFY THE RULES UNDER THE ACT
THE BILL WAS INTRODUCED BY UPA 2 GOVERNMENT IN 2013.

UNDER THIS LAW STATES HAVE TO ESTABLISH A REGULATORY AUTHORITY (RERA) A BODY DEALING WITH REAL ESTATE SECTOR

WHAT THE LAW SAYS

REGISTRATION OF NEW AND ONGOING PROJECTS- ALL BUILDERS AND DEVELOPERS HAVE REGISTER WITH THE RERA
PROJECTS WHICH HAVE GOT COMPLETION CERTIFICATE THEY ARE NOT REQUIRED TO REGISTER, BUT IF THE PROJECT IS UNDER PROGRESS SHOULD BE COMPLETED BY JULY 2017 OR THEY HAVE TO GET REGISTERED.
IF THE AREA IS LESS THAN 500SQMTS AND APARTMENT IS LESS THEN 8 THEY ARE REQUIRED TO REGISTER BUT IT DIFFERS FROM STATE TO STATE.
ONCE THE APPROVAL IS GOT FROM THE AUTHORITY THE BUILDER OR DEVELOPER HAS TO GIVE COMPLETE DETAILS OF THE PROJECT IN THE REGULATORY AUTHORITY WEBSITE.
THE APPROVED PROJECT IS VALID FOR A PERIOD OF TIME ONCE THE TIME IS OVER THEY HAVE TO GET REVOKED FROM THE AUTHORITY.
IF BUILDER FAILS TO HAND OVER THE PROJECT ON TIME OR IT IS SUSPENDED BY THE AUTHORITY YOU HAVE THE RIGHT TO WITHDRAW FROM THE PROJECT.
IF YOU WITHDRAW FROM THE PROJECT YOU HAVE THE RIGHT TO BE COMPENSATED FOR THE FULL AMOUNT YOU HAVE PAID TILL THE DATE ALONG WITH INTEREST FOR EVERY MONTH OF DEALY.
YOU DONT HAVE TO FILE A CASE OR COMPLAINT AGAINST THE BUILDER ONCE THE GIVEN TIME IS GONE THE BUILDER HAS TO COMPENSATE AS SOON AS YOU REQUEST.
IF BUILDER IS NOT COMPENSATING YOU HAVE THE RIGHT TO FILE COMPLAINT WITH REGULATORY AUTHORITY.
YOU CAN REPRESENT YOURSELF OR HIRE A CHARTERED ACCOUNT OR A LAWYER.
IF YOU ARE NOT SATISFIED WITH THE DECISION OF THE OFFICER, YOU CAN FILE AN APPEAL BEFORE THE APPELLATE TRIBUNAL SET UP UNDER THIS LAW WITHIN 60 DAYS. EVERY STATE IS SUPPOSED TO HAVE ONE SUCH APPELLATE TRIBUNAL

HOW MUCH TIME IS REQUIRED TO DISPOSE OF THE COMPLAINT

THE LAW STATES THE REGULATORY AUTHORITY SHOULD DISPOSE OF THE COMPLAINT WITH IN 60 DAYS.

CAN I APPROACH CIVIL COURT OR HIGH COURT IF REGULATORY AUTHORITY FAILS

NO YOU HAVE TO APPROACH REGULATORY AUTHORITY IN YOUR STATE IF YOU DONT HAVE A REGULATORY AUTHORITY IN YOUR STATE THEN YOU CAN APPROACH THE CIVIL COURTS.

HOW MUCH TIME DOES RERA TAKE TO GRANT AN APPLICATION

TO GRANT/REJECT AN APPLICATION WITHIN 30 DAYS OF SUBMISSION

PROTECTION FOR BUYERS

70% OF THE MONEY HAS TO DEPOSITED IN THE BANK THROUGH CHEQUE
BENEFITS FOR CONSUMER INCLUDES BUILDER HAVE TO QUOTE PRICE ON CARPET AREA AND NOT ON SUPER BUILT UP AREA.

REAL ESTATE REGULATORY AND APPELLATE TRIBUNAL.

STATE HAS TO ESTABLISH A REGULATORY AUTHORITY TO REGULATE TRANSACTIONS RELATED TO COMMERCIAL AND RESIDENTIAL PROJECTS AND ENSURE TIMELY COMPLITATION.
APPELLATE TRIBUNAL HAS TO DISPOSE CASES WITHIN 60 DAYS.

COMMERCIAL LEASE MANAGEMENT

THE TERMS AGREED FOR ANY NEW LETTING ARE FUNDAMENTAL TO THE PERFORMANCE OF THE INVESTMENT AND WE NOW EXAMINE THOSE ASPECTS OF A TYPICAL BUSINESS LEASE WHICH MOST AFFECT THE PROPERTY PERFORMANCE.

1. TENANT SELECTION

THE SELECTION OF TENANT IS THE MOST IMPORTANT DECISION THAT A LANDLORD TAKES. AS THE VALUE OF PROPERTY STEMS FROM THE RENT WHICH IT CAN COMMAND, THE CHOICE OF TENANT, WHO IS THE CREATOR OF THE INVESTMENT INCOME, IS OBVIOUSLY CRUCIAL. IF A POOR TENENT IS CHOSEN, THE OWNER MAY HAVE TO LIVE WITH THE DECISION FOR A CONSIDERABLE TIME.

THE CRITERIA FOR CHOICE CAN BE SUMMARIZED AS FOLLOWS.
THE TENANT MUST BE APPROPRIATE TO THE BUILDING AND THE SURROUNDING PROPERTIES. THIS IS PARTICULARLY TRUE IN SHOPPING CENTRE WHERE THE QUESTION OF TENANT MIX MUST BE CONSIDERED. THE FREEHOLDER WILL BE ATTEMPTING TO ARCHIVE MAXIMUM ATTRACTION TO SHOPPERS AND THEREFORE THE SPREAD AND QUALITY OF RETAILERS IS OF UTMOST IMPORTANCE.
THE TENANT MUST BE INVESTIGATED TO ENSURE THAT HE CAN PAY THE RENT AND FULFILLS THE OTHER COVENANTS. IF POSSIBLE HE SHOULD A GOOD TRACK RECORD OR FAILING THAT, PRODUCE GOOD CREDENTIALS.
THE TENANT MUST HAVE SENSIBLE AND SATISFACTORY PROPOSAL FOR THE USE OF THE BUILDING. TO SAY THIS HOWEVER IS NOT ENOUGH

2. THE TERM

BEFORE ANY PROPERTY IS LET PROPOSAL FOR THE TERM OF THE LEASE SHOULD HAVE BEEN PREPARED.
THE LENGTH OF TERM WILL DEPEND UPON THE OVERALL STRATEGY FOR THE PROPERTY, AND POSSIBLY THE PORTFOLIO.
A LESSOR WILL SEEK TO GRANT A LEASE OF TYPICALLY 20 TO 25 YEARS WITH REGURALY 5 YEARS OF RENT REVIEWS.
THE SIGNIFICANT SHORTENING OF THE REDEVELOPMENT/ REFURBISHMENT CYCLE THAT HAS OCCURRED IN THE LAST TEN YEARS, COUPLED WITH CHANGING MARKET CONDITIONS AND GREATER INTERNATIONAL INFLUENCEES HAS MADE SOME SUCH DECISIONS APPEAR INAPPROPRIATE AT THE VERY LEAST.
AT THE TIME OF WRITING THE STANDARD 20-25 YEARS LEASE IS PREVALENT, BUT THERE ARE INDICATIONS THAT BOTH LAND LORD AND TENANTS ARE ADOPTING MORE FLEXIBLE ATTITUDES TO LEASE LENGTH IN THE LIGHT OF CHANING MARKET DEMANDS.

PROPERTY MANAGERS JOB DESCRIPTION

Top 9 DUTIES OF REAL ESTATE MANAGERS
AND RESPONSIBILITY OF ESTATE MANAGER

THE ESTATE MANAGER WILL HAVE TO PERFORM A VARIETY OF FUNCTIONS. LET US UNDERSTAND THE FUNCTIONS OF ESTATE MANAGER

1) RECORDS

MAINTAIN ESTATE BUILDING AND RECORDS, PLANS, DRAWINGS, LAYOUTS, MASTER PLANS, NETWORK PLANS OF SANITARY AND OVER HEADLINES
MAINTAIN RECORDS OF TITLE DEEDS, LONG LEASES, TENANCIES, OTHER OCCUPATIONS, AND LICENSES.
MAINTAIN RECORD OF EASEMENTS, RIGHTS, OF SUPPORT AND RIGHTS OF LIGHT, WAYLEAVES ETC, FROM THE VIEWPOINT OF OWNER OF THE DOMINANT OR THE SERVIENT LAND MISCELLANEOUS DOCUMENTS ABOUT OWNERSHIP REPORTS OF ALL TYPES.
ANY CLAIM OF ADVERSE POSSESSIONS,

2) REVENUE COLLECTIONS

BILLED AND NON BILLED REVENUE AND ISSUES RECEIPTS.
COLLECT FEES.
COLLECT RENTS, TAXES, CESS ETC.
MAKE TIMELY PAYMENTS OF DUES TO THE GOVERNMENTS, MUNICIPAL AND OTHER AUTHORITIES.

3) ACQUISTIONS, SURRENDERS, AND VACATIONS OF PROPERTY.

ACQUISTIONS, REQUISITIONS OF PROPERTY.
SALE AND PURCHASE OF PROPERTY.
LEASE.
MORTGAGE.

4) DEVLOPMENTS

CONSTRUCTIONS OF NEW BUILDINGS , FLOORS, OR OTHER CIVIL , MECHANICAL WORKS
INFRASTRUTCURE SUCH AS ROADS, GARDENS, WATER POOL, PUMPS, LIFTS, HALLS, COMPOUNDS, ETC.
NETWORKS OF WATER SUPPLY , SEWERAGE, ELECTRICTY, GAS.
RECONSTRUCTION OF STRUCTURES COMING TO THE END OF PHYSICAL OR ECONOMICAL OR USEFUL LIFE.
ERECT STRUCTURES EXPLOITING MAXIUM LAND USE.

5) MANAGEMENT OF LITIGATION

TAKE DECISION ABOUT INITIATION OR CLOSURE OR COMPROMISE OF LITIGATION
ENGAGE COMPETENT LAWYERS, SOLICITORS, AND AGENTS DEALING WITH LITIGATION.
MANAGE PROPER REPRESENTATION AND WITNESSES WITH RECORDS IN THE ONGOING LITIGATION.
RESPOND TO NOTICE, SUMMONS, WARRANTS, AND OPPOSING COUNTER LITIGATION.
INITIATE LEGAL OR APPROPRIATE REMEDIES IN RESPRECT OF NEW LEGAL, STATUTORY, PLANNING OR OTHER AFFECTING OWNERS PROPERTY INTERE STS.

6) MANAGEMENT OF ACCOUNTS

MAINTAIN REGISTERS OF REVENUE, INCOME, AND EXPENDITURE AND PREPARE BALANCE SHEETS AND REPORTS.
GENERATE BUGETS, ESTIMATES, AND MANAGEMENT ECONOMICAL REPORTS IN RESPECT OF DEVELOPMENTS.
MAINTAIN BANK AND OTHER CONCERNED FINANCIAL ACCOUNTS.
MAINTAIN DEBTORS AND CREDITORS REGISTERS.

7) MANAGEMENT OF ESTABLISHMENT, STAFF, CONTRACTORS

PAYMENTS OF SALARIES, ALLOWANCES, PENSIONARY, BENEFITS FOR THE STAFF
WATCH PAYMENT AND RECOVERY OF PENALITES ACCORDING TO CONTRACTS.
WELFARE ACTIVITES, FUNCTIONS, PROMOTIONS, RECRUITMENTS, RETIRMENTS OF STAFF.

8) ACQUISITIONS OF REQUISITIONS

MANAGE ISSUSES CONCERNING COMPULSORY ACQUISITIONS AND REQUISITIONS OF PROPERTY.
OBTAIN AND MAINTAIN RECORDS OF AWARDS, GIFTS.

9) GENERAL MANAGEMENT

TAKE APPROPRIATE DECISIONS REGARDING NEW LAWS, RULES REGULATIONS OR ORDERS AFFECTING THE INTREST IN THE PROPERTY.
TAKE APPROPRIATE DECISIONS REGARDING NEW TECHNOLOGIES, ATTITUDES, AND OPTIMIZATION TECHNIQUES ENTERING THE PROPERTY MARKET.
KEEP WATCH ON MARKET VALUATION OF PROPERTY AND ITS APPROPRIATE RETURNS.

60X40 WEST FACING RENTAL HOUSE PLAN

60X40 WEST FACING RENTAL HOUSE PLAN

GROUND FLOOR

THERE ARE 3 UNITS IN EACH FLOOR
EACH UNIT HAS ONE LIVING,ONE BEDROOM,BATHROOM,KITCHEN,BALCONY.

EACH UNIT HAS
LIVING ROOM IN NORTH-EAST
KITCHEN IN SOUTH-EAST
MASTER BEDROOM IN SOUTH-WEST
BEDROOM IN NORTH-WEST
BATHROOM IN WEST
STAIRCASE IN SOUTH-EAST DIRECTION
COMPLETELY ACORDING TO VASTU.

FIRST FLOOR

THERE ARE 6 UNITS IN EACH FLOOR
EACH UNIT HAS ONE LIVING,ONE BEDROOM ,BATHROOM,KITCHEN,BALCONY.

EACH UNIT HAS
LIVING ROOM IN NORTH-EAST
KITCHEN IN SOUTH-EAST
MASTER BEDROOM IN SOUTH-WEST
BEDROOM IN NORTH-WEST
BATHROOM IN WEST
STAIRCASE IN SOUTH-EAST DIRECTION
COMPLETELY ACORDING TO VASTU.

GROUND FLOOR

1 UNITS OF 1 BHK

PARKING
LIVING ROOM
KITCHEN AND DINNING
BATHROOM

FIRST FLOOR

1 UNIT OF 1BHK
1UNIT OF 2 BHK

LIVING ROOM
KITCHEN
DINNING ROOM
MASTER BEDROOM
BEDROOM
BATHROOM.

60 X 40 WEST FACING APARTMENT PLAN

WEST FACING 60X40 SITE

THIS IS A 60X40 WEST FACING PROPERTY

THERE ARE 3 UNITS IN EACH FLOOR
EACH UNIT HAS ONE LIVING,TWO BEDROOMS,BATHROOM,KITCHEN,BALCONY.

EACH UNIT HAS
LIVING ROOM IN NORTH-EAST
KITCHEN IN SOUTH-EAST
MASTER BEDROOM IN SOUTH-WEST
BEDROOM IN NORTH-WEST
BATHROOM IN WEST
STAIRCASE IN SOUTH-EAST DIRECTION
COMPLETELY ACORDING TO VASTU.

50X40 SOUTH FACING HOUSE PLANS

SOUTH FACING 50X40 SITE

THIS IS A 50X40 SOUTH FACING PROPERTY

EACH UNIT HAS
LIVING ROOM IN NORTH-EAST
KITCHEN IN SOUTH-EAST
MASTER BEDROOM IN SOUTH-WEST
BEDROOM IN NORTH-WEST
BATHROOM IN WEST
STAIRCASE IN SOUTH-EAST DIRECTION
COMPLETELY ACORDING TO VASTU.

GROUND FLOOR

1 UNITS OF 2 BHK
2 NOS SHOP
PARKING
LIVING ROOM
KITCHEN AND DINNING
BATHROOM

FIRST FLOOR

2 UNIT OF 2BHK

LIVING ROOM
KITCHEN
DINNING ROOM
MASTER BEDROOM
BEDROOM
BATHROOM

SECOND FLOOR

4 UNIT OF 1BHK

LIVING ROOM
KITCHEN
DINNING ROOM
MASTER BEDROOM
BEDROOM
BATHROOM

.

50x40 SOUTH FACING HOUSE PLAN

GROUND FLOOR

1 UNITS OF 2 BHK
2 NOS SHOP
PARKING
LIVING ROOM
KITCHEN AND DINNING
BATHROOM

FIRST FLOOR

2 UNIT OF 2BHK

LIVING ROOM
KITCHEN
DINNING ROOM
MASTER BEDROOM
BEDROOM
BATHROOM

SECOND FLOOR

4 UNIT OF 1BHK

LIVING ROOM
KITCHEN
DINNING ROOM
MASTER BEDROOM
BEDROOM
BATHROOM

.

GST ON HOUSING & BUSSINESS

GST: A step in right direction, implementation satisfactory, says CII survey

GST implementation led to increased efficiency for businesses by reducing their transportation time, on account of absence of state barriers, the report said.

Indian industry considers the Goods and Services Tax (GST)a step in the right direction and a majority are satisfied with its overall implementation, the Confederation of Indian Industry (CII) said on Sunday citing its own survey.
Releasing a survey of over 200 businesses on the first anniversary of the roll out of
of GST, CII said that 83 per cent of respondents saw the new indirect tax regime a step in the right direction and 65 percent are satisfied with its overall implementation, despite some teething problems.

“A year into the implementation of GST, there is great optimism among businesses about the impact of GST on the economy. Satisfaction was high across the spectrum on GST implementation issues as well,” a CII statement said.
GST implementation led to increased efficiency for businesses by reducing their transportation time, on account of absence of state barriers, the report said.
“GST has had a moderating impact on retail price inflation, which may have risen to higher level without the new tax regime,” CII Director General Chandrajit Banerjee said in the statement.
One-third of the survey respondents witnessed a downward movement in the wholesale prices of their supplies, while nearly 30 percent saw a fall in the retail prices of supplies. A majority of respondents witnessed no change in their supply prices.
“The survey also indicates a positive impact of GST on employment as well as on the demand for goods and services. Given that it is the biggest tax reform of independent India, one must compliment the government on its efficient and transparent administration despite some ‘teething problems’,” Banerjee said.
On product coverage under GST, a majority of 87 per cent of respondents said the products manufactured by them have been listed or classified under GST, and were largely satisfied with the tax rates and the exemptions provided on the supply of goods and services.
According to the report, many businesses reported satisfaction with the process for payment of taxes and interest under the GST and felt that the maintenance of records is also simpler.
Respondents also showed a high level of comfort with the provisions on valuation.
“The survey has confirmed the fact that filing of returns and payment of tax is much easier and simpler under the new regime, as also the maintenance of records,” Banerjee said.
Regarding demand, 78 per cent of the respondents witnessed either an increase, or no change, in the demand for goods post-GST implementation, while the same figure was 90 per cent for services.
The survey was based on responses from over 200 firms of different sizes, with 46 per cent having an annual turnover of over Rs 100 crore, 29 per cent with a turnover between Rs 5 crore to Rs 100 crore, 11 percent have a turnover of between Rs 1.5 crore to Rs 5 crore and 13 per cent are with a turnover of less than Rs 1.5 crore.
At an event here earlier on Sunday, Finance Secretary Hasmukh announced that the GST revenue collection in June at Rs 95,610 crore was higher than the average monthly collection of Rs 89,885 crore during 2017-18.
The collection in May amounted to Rs 94,016 crore.

REAL ESTATE REGULARATY & DEVELOPMENT ACT (RERA)

REAL ESTATE REGULARATY & DEVELOPMENT ACT (RERA)

Real Estate Act

Improve the perception of the sector among various stakeholders

Uniform regulatory environment

COMMERCIAL and RESIDENTIAL projects including PLOTTED DEVELOPMENT

RESIDENTIAL projects including PLOTTED DEVELOPMENT

Land under development MORE THAN 500 SQ MTS / NO. of UNITS exceeds 8

Projects which do not have COMPLITION CERTIFICATE before commencement of ACT

RENOVATION or REPAIR or REDEVELOPMENT projects not involving Marketing, Advertising, Selling & New Allotment NEED NOT BE REGISTERERD

Financial Maters

70% of the funds collected from allottees needs to be parked in the project account

Withdrawals to cover construction and land cost

In proportion to the % completion method

Withdrawals to be certified by Engineer, Artichect , and CA

Provision for RERA to freeze project bank account upon noncompliance

Projects Account to be Audited / FY . Copy to be submitted to RERA

Provision for stronger financial penalties for RERA noncompliance

Interest on delay will be same for customer and promoter

Promoter to compensate buyer for incorrect statement with full rerun of property cost with interest

Transparency Details

Number, type & carpet area of apartments

Consent from affected allottees for any major addition or alteration

Consent of 2/3rd allottees for any other addition or alteration

No false statements or commitments in advertisement

Quarterly updating RERA website with details such as unsold inventory & pending approvals

No arbitrary cancellation of units by promoter

Project complition time frame

Informing allottees for any minor addition or alteration

No Launch or advertisement before registration with RERA

Consent of 2/3rd allottees for transferring majority rights to 3rd party

Accountability

Quarterly update of project progress along with pending approvals on RERA website

Every office of the company , who as in charge or responsible will be liable for the conduct of the company and deemed guilty

Offence by an officer committed with the consent or connivance of any director , manager , secretary or other officer of the company , will also be guilty

Authenticated copy of all approvals, commencement certificate, sanctioned plan, layout plan of development work, proposed facilities, proforma allotment letter, agreement for sale & conveyance deed to be given when applying for project registration with RERA

Registrations of brokers/agents with RERA

Timely updating of RERA website

Maximum 1 year extension in case of delay due to no fault of developer

Annual audit of projects account by a CA

Dispute resolution within 6 months at RERA and FERA (Foreign Exchange Regulation Act) appellate rebalance

Developers to share details of projects launched in last 5 years with status and reason for delay with RERA

Conveyance deed for common area in favor of RWA

Mandatory registration of new and existing projects with RERA before launch

Separate registration of different phases of a single projects

Construction and land title insurance

Project completion time period

30x40 south facing house

SOUTH FACING 30X40 SITE
this is type of house both for rent and self residing

THIS IS A 30X40 SOUTH FACING PROPERTY

EACH UNIT HAS
LIVING ROOM IN NORTH-EAST
KITCHEN IN SOUTH-EAST
MASTER BEDROOM IN SOUTH-WEST
BEDROOM IN NORTH-WEST
BATHROOM IN WEST
STAIRCASE IN SOUTH-EAST DIRECTION
COMPLETELY ACORDING TO VASTU.

GROUND FLOOR

2 UNITS OF 1 BHK

PARKING
LIVING ROOM
KITCHEN AND DINNING
BATHROOM

FIRST FLOOR

1 UNIT OF 1BHK
1 UNIT OF 2BHK

LIVING ROOM
KITCHEN
DINNING ROOM
MASTER BEDROOM
BEDROOM
BATHROOM
FAMILY ROOM

.

HOW TO PAINT OLD HOUSE

How to paint old house

1.do visually inspections for the house
2.check for cracks, damps, electrical,
Plumbing.
3.get all your electrical and plumbing
Problem cleared.
4.then check all cracks and fill them with
Crack sealer and any other agent
5.check the condition of the bathroom
And throughout clean the bathroom
And kitchen .
6.do putty work and sanding and remove
All dust from the room, before you
Paint the wall.
7.choose your colour and paint the wall.
8.then clean the whole house with water.

11 TIPS TO DRAW FLOOR PLANS.

11 STEPS TO SKETCH YOUR OWN HOUSE
PLAN.

If you have 30' x 40' plot

1.first set your setbacks.

2.then mark a rectangle after removing

Setbacks.

3.then make 4 box in it.

4.you will find it easy to sketch your

House plan

5.then mark north south east and

West in your sketch

6. Now we can follow simple vastu

Rules.

7.north east corner make a living

room.

8.south east corner kitchen.

9.south west corner master bedroom.

10.north west corner can be other bedroom.

11.in centre of West or centre of south you can have bathrooms.

30X40 HOUSE PLAN

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