Friday, 3 August 2018

Green revolution: Thane district surpasses plantation target



August 02, 2018
THANE: With an outstanding 35.7 lakh successful tree plantations across the district in the span of a month, Thane district has not only achieved its target, but surpassed it manifold in the state wide 13 crore mega tree plantation drive, which ended on Tuesday

As part of this three-year-old annual afforestation campaign, which aims to increase the state’s green cover by 13 crore trees this year, the district was given a target of 33,52,370 plantations to be carried out during the one-month span from July 1 to July 31.

“We had received a target of 33 lakh, but had a feeling that we would surpass it because of the overwhelming response. While a little over 30.7 lakh of these plantations were pre-registered on our website, the remaining were added to the total after the citizens submitted the geo-tagged details of the unregistered plantations they had undertaken in their areas. This digital process ensures no dual counting,” said Dr Jitendra Ramgaokar, deputy chief conservator of forests (Thane).

While the drive is now through, officials have already started chalking out their plan to maintain this added green cover and are urging citizens who have participated in the drive to look after their saplings regularly.

“A large chunk of the seedlings and saplings planted by the forest department has been conducted in green zones and forest areas. We have chalked out a five-year plan for their maintenance so far and hope that other government office departments and organisations do so as well,” added Dr Ramgaokar.





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Thursday, 2 August 2018

Builders Need to Speak up their Concerns : Deepak Parekh, HDFC Group




Mumbai : In a blunt message to realty developers complaining about approval delays, industry leader Deepak Parekh has said most of them are reluctant to share information about the affected projects for fear of backlash by local authorities even when the Prime Minister's Office has sought details to remove the bottlenecks. 

Recalling a recent meeting he and other business leaders had with Prime Minister Narendra Modi, the eminent banker said, "He (Modi) met with various business heads and asked how things could be improved and as predictable as I am, I mentioned the need for faster building approvals". 

"His office (PMO) followed up after the meeting and requested me to collate a list of specific projects where building approvals were being delayed. 

"When I reached out to developers to get these details, I was taken aback that most were reluctant to share this information for fear of a backlash by the local authorities," said Parekh, who heads the country's biggest financial conglomerate HDFC Group. 

Addressing an event of the real estate industry body Credai-MCHI (Confederation of Real Estate Developers' Associations of India-Maharashtra Chamber of Housing Industry), Parekh said he was raising an uncomfortable issue, but "we do need to be honest with ourselves if we want to see improvements". 

He also said the impasse strengthens the case to have a single window for approvals and therefore there was a need to change the way approvals are given. 

"World over, architects self-certify that construction has been in accordance with the approved building plans. We can have strict laws which will revoke the licenses of architects if deviations are found," he said. 

Parekh said builders have always complained about inordinate delays and cumbersome processes in obtaining building approvals that result in time and cost overruns and it is the ultimate homebuyer who bears the burden. 

"When this issue is raised with the local authorities, they say delays are not at their end," he added. 

Parekh, known for his outspoken views on policy and corporate matters, also said that the GST (Goods and Services Tax) being levied on under-construction properties is "a pain point" for real estate developers. 

But, one must appreciate that GST issues are constantly being reviewed and attempts are regularly being made to iron out various issues and this should be the case with GST on real estate as well, he added. 

"There has already been a recognition of the need to have a lower GST rate for affordable housing projects. Yet, there remains lack of clarity on input tax credit, abatement of land values and anti-profiteering provisions. 

"The other issue is that stamp duty and registration charges are not subsumed with the GST. And of course, the proposal to levy a surcharge on stamp duty has got developers worried again," he said. 

Parekh said developers fear the additional surcharge to be a further dampener for a fragile real estate market and an increased burden for homebuyers, but the flip side of the argument is that additional resources are needed in order to generate funds for big ticket infrastructure projects in the city. 

Stating that both arguments are valid, Parekh favoured a middle-path and suggested steps to make housing more affordable and to improve the ease of doing business. 

Parekh maintained that he has never been as optimistic as he is currently as the central government has been at the forefront, having taken several measures to boost the housing sector. 

Terming the real estate industry as being one of the most resilient sectors, he said most developers would still throw a long list of woes -- demonetisation, GST, RERA, rising interest rates, tighter liquidity conditions, slower sales, and stagnant real estate prices. 

"No doubt, these are challenging times. The traditional business model of developers has been disrupted and as a result, there is a weeding out process going on where weaker developers will either have to partner with stronger ones to survive or they may eventually have to bow out," he added. 

Parekh stressed on the need for real estate companies to adapt to new institutional and structural reforms and said they must remember that any sector or business runs efficiently as long as there is trust. Conversely, there is trouble and red flags get raised when mistrust sets in, he added. 

"The flurry of reforms in the real estate sector was to help restore that trust," he said. 

Parekh said the current piecemeal approach of seeking approvals at different stages from different authorities needs to change, especially when some processes are "unduly cumbersome". 

"With the strides that the government has made on digitisation, integrating these approvals to one platform can be easily done. Once approvals are online, timelines can be transparently monitored." 

"If affordable housing is the key priority, then why can't at least approvals for residential affordable housing units be fast tracked?" he said.

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Monday, 30 July 2018

Get your home monsoon ready


July 2018

How can home owners ensure that their homes are ready for the rains and ensure that it does not cause any harm to the safety and beauty of the home? We offer some suggestions

While the arrival of the monsoon season may bring relief to many, after the sweltering heat of summer, it is also the time to prepare and protect the home. Leakages not only damage the look of the home but can also spoil the interiors, including furniture and furnishing. Home owners, hence, should check for the smallest signs of damage and take prompt action, to ensure that the problem does not become uncontrollable.


MCHI CREDAI Thane Real Estate Tips
Credits : freepik.com

Water-proof your home

Water-proofing protects the structure from extreme rainfall and also saves on repair cost and hassle, in terms of breakage and weakening of the the structure.

Water seepage and dampness can also pose serious health hazards, as dampness and cracks lead to the growth of fungus, moulds and algae. Dampness can cause home owners to develop allergic reactions, asthma, irritations in the nose, eyes and throat and other respiratory ailments, cautions Sanjay Bahadur, global CEO, construction chemical division, Pidilite Industries Ltd. These problems can be avoided, if a little precaution is taken. “Different surfaces are exposed to diverse challenges. Hence each surface needs the right kind of water-proofing. Merely water-proofing the roof, is not enough to ensure a leak-free home. The home will be fully protected, only when all five possible areas for water entry – below the ground, internal wet areas (bathroom, kitchens and balconies), roof, concrete water tanks and exterior walls – are properly water-proofed. All broken plasters and cracks should also be repaired,” adds Bahadur.

Check the surrounding area of the building

Prior to the monsoon, also check the surrounding area of the building compound, or the garden area of the bungalow. “Check if any tree branches in the garden or terrace are weak and need trimming, lest they give way in a heavy downpour and cause damage. Make sure that the drainage in the house or even outside the villa is checked for blockages. Metal doors, frames and grills of windows and balconies should, ideally, be given a coat of paint before the monsoon, to prevent rusting and corrosion,” says Prachi Chavarkar, co-founder of ArchiLab Designs. 

“Water and electricity is a dangerous combination. For outdoor usage, opt for electrical switches and lights that are designed for external usage. Also, get an electrician to check all the connections before the rains, to avoid chances of electric shock or short-circuit,” adds Chavarkar.

Keep the home pest-free

Puddles and stagnant water are common during the monsoons. As mosquitoes breed in stagnant water, one should keep areas like air-conditioner ducts, drains, trays beneath potted plants, etc., clean and dry. Clean the terrace and rainwater drainage pipes of dried leaves, so that water can flow easily and not stagnate. Before laying a carpet on the floor, ensure that the floor is completely dry. Alternatively, roll them up and store them away for the season. Vacuum and air them well and keep camphor balls along with the carpets, before putting them away.

“It is better to do a pest control treatment before the monsoon, so that all the hidden worms and bugs are eradicated from the house. Use antibacterial fluids for mopping the floors, as dampness can encourage the growth of bacteria and termites. Opt for a cleaning agent, which is designed to keep bugs away. Indoor plants not only add to the moisture level in the house but also house insects. Hence, keep potted plants outside during this season,” says Shantanu Garg, founder and creative director of Shantanu Garg Designs.

Caring for furniture and accessories during the monsoon

When cleaning furniture, avoid using a wet cloth and instead, replace it with a dry cloth. “All leather bags, belts and shoes should be kept in cotton or muslin bags, as this will keep them new. Also, instead of placing footwear directly on the shelf, place a newspaper first and then, keep the shoes on it. This will keep the shoe rack clean,” adds Garg.

Home maintenance tips for the rainy season

  • To get rid of the damp moist smell in the rainy season, use scented candles and burning oils.
  • Ensure that the clothes are completely dry, before keeping it in the wardrobes. Keep silica gel pouches in cupboards or between clothes, to soak up the moisture and prevent the growth of fungus. Also, put some dried neem leaves (not on the clothes) or naphthalene balls in the cupboard, to keep fungus and mildew away.
  • Keep the kitchen area dry. When cleaning the cabinets, keep them open for some time to prevent bad odours and moisture from being trapped inside.
  • Install metal canopies and shades over windows and balconies, to prevent water from coming in.
  • Place a small bucket near the main door, to keep wet umbrellas. Allow the umbrella to dry, before keeping it back in its place inside the house.
  • Light a few pieces of camphor in a diffuser as camphor is an effective mosquito repellant.





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Benefits of buying a home in the wife’s name



June 2018

With several states in India offering benefits for women property buyers to boost their empowerment, we examine why it makes financial sense to register a property in a woman’s name

There are several benefits to buying a property in a woman’s name, either as the sole owner or as a joint owner, with governments and banks offering several sops.

“Aspiring home buyers can seek certain benefits including tax exemptions if a home is bought in a woman’s name. Such offers can also attract more women buyers to the realty sector,” points out Ashok Mohanani, CMD, Ekta World. Encouraging women to register assets in their name, also boosts women’s empowerment, he adds.

MCHI CREDAI Thane Real Estate Tips
Credits : freepik.com

Tax benefits


Experts explain that some of the obvious tax benefits of buying a home in the wife’s name, include an extra deduction of interest up to Rs 1.5 lakh every financial year, if the house is self-occupied. If a husband and wife are the joint owners of a property and if the wife has a separate source of income, then they can both claim tax deductions individually. The tax benefit will depend on the ownership share of each co-owner.

Discount on stamp duty charges


Several state governments in north India are now offering a partial waiver on stamp duty, for buyers registering properties in a woman’s name – either as a sole owner or as a joint owner.

“You can save 1%-2% on stamp duty, if the property is in a lady’s name. In Delhi, the stamp duty rate is 4% for women, compared to 6% for men. Moreover, if you are undergoing some financial setback and have some debts to repay, the property held in your wife’s name, does not come under the cover for your loss,” points out Sushil Raheja, CEO of Raheja Homes Builders & Developers..

Stamp duty charges for Women Vs Men

State/UTFor WomenFor Men
Delhi4%6%
Haryanat4% in rural areas and 6% in urban areas6% in rural areas and 8% in urban areas
Rajasthan4%*5%

* As 1% rebate over normal rate

Discount on home loan interest rates


Many banks like SBI, ICICI and HDFC Bank, offer discounted rates on home loans for women borrowers. The prevailing interest rates for women borrowers are as mentioned below:

Interest rate for woman borrower Vs others

BankInterest for Women borrowerInterest Rate for others
SBI8.35 – 8.85%8.4 – 8.95%
ICICI8.35 – 8.7%8.4 – 8.85%
HDFC Ltd8.35 – 9.05%8.4 – 9.05%

Note: Rate as on June 20, 2018 (For loan amount < Rs one crore)

Things to keep in mind when buying a home in the wife’s name


Experts maintain that it is a good idea to buy a home in the name of one’s wife or in co-ownership. However, the wife can enjoy the tax benefit, only if she has a separate and genuine source of income. Moreover, if there is any legal dispute on the property, then both, the husband and wife, will be involved in the case. Therefore, home buyers should evaluate all possibilities, before making a final decision.






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Home financing options for NRI buyers


June 2018

Besides regulations for the type of properties that NRIs can purchase in India, legal provisions also exist on the mode through which these purchases can be financed

When a non-resident Indian (NRI) opts to purchase a property in India, there are several regulations that govern how such a purchase can be financed.

MCHI CREDAI Thane Real Estate Tips
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Sources, for financing a real estate investment in India


The money for purchasing a property in India, has to come through banking channels only. Consequently, the payment cannot be tendered in the form of traveller’s cheque or foreign currency. An NRI can also use the money in his/her credit, in non-resident external (NRE) rupee or non-resident ordinary (NRO) or foreign currency non-resident (FCNR) account, maintained in India. 

NRIs are allowed to purchase property in India, by availing home loans in Indian rupees, from banks or housing finance companies. The home loan can also be granted by the Indian employer of the NRI employee, for the purpose of financing of the property.

Obtaining a home loan


As NRI investment in Indian real estate is only allowed in residential or commercial properties, banks too, can finance only these properties. Almost all banks offer home loans to NRIs for buying a house or constructing one. One can also get a loan, for purchase of land (non-agricultural), for constructing a house in India. 

The application for the home loan can be made online, as well as offline. The nature of documents that need to be submitted, will depend on whether the NRI is a salaried employee or whether s/he is self-employed. It will also vary, depending on the NRI’s country of residence. Nevertheless, copies of one’s passport and visa, passport-sized photographs and proof of residence in the foreign county, will be required in all cases.

Depending on whether the NRI is salaried or self-employed, s/he also has to fulfil a minimum period of stay in the country of present residence, to avail of the home loan. Banks may also insist on an acceptable co-applicant, or an NRI guarantor. The NRI guarantor too, has to submit documents pertaining to identity proof, address proof and income proof.

Servicing the home loan


EMIs on the home loan can be paid through remittances from outside India, through a proper banking channel, or by debiting the NRE, or NRO, or FCNR account. In case the property is let-out, the rental yields can be used for servicing the NRI home loan. Money transferred to the NRO account from close relatives, can also be used for servicing the home loans. In case the property is purchased for self-occupancy, the NRI can avail of a loan against the FCNR or NRE account deposits, of up to Rs 1 crore, for servicing the home loan. 

Remittances out of India


An NRI is allowed to repatriate some of the funds, in case the property so acquired is sold. However, the number of properties (whether purchased or inherited), for which s/he can remit or send money to India, is restricted to two. Moreover, the amount that can be repatriated, cannot exceed the amount (denominated in foreign currency) received as remittances from outside India, either for purchase or servicing of the NRI home loan. Under normal circumstances, an NRI is allowed to remit an amount of USD 1 million in a year, out of India, from his NRE, NRO, or FCNR accounts, which includes the amount remitted for sale of a house.





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Tuesday, 19 June 2018

Real estate sale deed: Terms and conditions that home buyers should be aware of


What are the main components that a sale deed must have and how should it be executed, to protect the interests of the home buyer? We explain

For a home buyer, the much awaited sense of ownership of the dream home, follows the execution and registration of the sale deed.

The sale deed, from the seller to the buyer, is the primary document evidencing ownership and vesting absolute title to the property. Hence, the buyer is advised to scrutinise the terms of the sale deed carefully, to ensure that his rights are protected and absolute title to the property is conveyed.

Important aspects of a sale deed


Section 54 of the Transfer of Property Act, 1882 (TP Act), defines a sale as a transfer of ownership of an immovable property for a consideration. To constitute a valid sale, the critical elements in a sale deed are: 

(a) The property, being the subject matter of the transaction / conveyance.

(b) The seller, being the earlier owner, transferring the property.

(c) The buyer, being the person who acquires the title from the seller.

(d) The consideration, being the amount paid or payable by the buyer to the seller and such amount may either be fully paid, or promised to be paid, or partly paid and partly promised to be paid.

(e) The act of transferring ownership of the property, from the seller to the buyer.

The terms of the Contract Act, which govern all contracts, also mandate that the seller and buyer are competent to enter into the contract – (a) they have attained the age of maturity; (b) are not of unsound mind; and (c) are not prohibited under any law or judgment of a court, to enter into the contract. 

For a sale deed to be valid and binding, it is necessary to give a correct and full description of the parties (the seller and the buyer) and the property, which is the subject matter of the sale. Any discrepancy in the description or identity of the property, may adversely impact the title of the seller. Where the consideration is agreed to be paid in future, either in part or in full, the buyer may obtain a deed of confirmation from the seller, upon making all payments, to pre-empt the possibility of any future claims or disputes.

MCHI CREDAI Thane Real Estate Tips
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Representations from the seller, for executing the sale deed


While the law mandates that a buyer should be aware and undertake caution, before entering into a contract of sale of property, Section 55 of the TP Act also mandates that the seller is required to provide disclosures and representations in the document to the buyer, which the buyer shall be entitled to enforce, in case of breach. The mandatory disclosures and representations to be obtained from the seller are: 

(a) The seller possessing absolute ownership of the property and being entitled to convey the same, in favour of the buyer.

(b) Absence of any material defect, third-party claims and disputes, or if there exist any, the full disclosure of the same.

(c) Competence of the seller to convey the title in favour of the buyer.

(d) Nil encumbrance or lien on the property.

(e) Transfer and handover of deeds of title in the custody of the seller to the buyer, with receipt of entire consideration and handover of physical possession of the property.

(f) Payment and clearance of all government dues from the seller.

(g) Covenant of the seller to execute further documents, to fully secure the rights of the buyer, such as transfer of municipal records and utilities to the name of the buyer. 

In addition to obtaining the representations and covenants, the buyer is also advised to secure indemnity from the seller in the sale deed, against any defect in title to the property or breach of the representations, terms and conditions of the sale deed. 

The contract of indemnity will survive the execution of the sale deed and the buyer will be entitled to claim costs and remedies against the seller, at any time thereafter, if the title is found to be defective. The buyer should carefully read the language of indemnity, to ensure that it is not conditional, restrictive or limited to a certain time.

Stamping and registration of the sale deed


A crucial requirement for a sale deed to be valid, binding and enforceable is that the document being signed by both parties, should be stamped appropriately as required under the Indian Stamp Act, 1899 or the respective states’ legislations and registered at the office of the jurisdictional Sub-Registrar of Assurances, upon payment of requisite registration charges, as mandated under the Registration Act, 1908. 

An inadequately stamped and unregistered document, will not be admissible as evidence and the transaction is incomplete, until the statutory requirements are fulfilled. 

(b) Where any party to the sale deed is unable to be present for the execution and registration and is represented by a power of attorney holder, it is necessary to examine that the document is also duly stamped and registered. 

Particularly, where the seller is authorised by an attorney, the terms of the document may be scrutinised, to ascertain that the attorney is authorised to execute and register the sale deed, to receive consideration and to complete all formalities for conveying the title to the buyer. The buyer is entitled to retain the original sale deed, as evidence of his title and ownership of the property.






Source: housing.com

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