MJK Real Estates

Benefits of Buying Homes and Plots During Festival Seasons Chennai: Buyers and sellers of homes and plots often look forward to the festive season with great anticipation. This is because such times come with numerous offers and discounts that are beneficial for them. In the upcoming months, festivals like Navaratri, Diwali, Christmas, and Pongal are lined up. During these festive seasons, not only homes and plots but also various household items are available at discounted prices. Here are five reasons why buying homes and plots during festival seasons is advantageous: Higher Income For salaried individuals, festive seasons often mean bonuses and advances, increasing their overall income. Investing this additional income in buying a home or plot is a smart idea. It can at least help cover the down payment. Bank Offers During festive seasons, banks offer numerous benefits for purchasing plots and building homes. This is the time when banks provide lower interest rates and waive certai

Sky-High Buildings in Mumbai There is no doubt that Mumbai is the city with the highest number of skyscrapers in India. Approximately 3,000 buildings in this metropolitan city aim to touch the sky. Mumbai is home to numerous tall buildings, including residential complexes, commercial complexes, and retail complexes. Here are some of the notable skyscrapers in Mumbai. Imperial II The Imperial Tower II is the tallest building in India and Mumbai. Standing at a height of 256 meters, this residential building is located in the MP Mills Compound area. It consists of 60 floors, with apartments starting from the 40th floor. Each apartment offers a panoramic view ranging from 150 to 270 degrees. The building was designed by Hafeez Contractor and constructed by the Shapoorji Pallonji Group. Ahuja Towers Ahuja Towers is the second tallest building in India and Mumbai. Completed in 2015, this 54-floor building is owned by Ahuja Constructions and has a total height of 248 meters. The 78 apartments

Types of Real Estate Schemes Under RERA  The Real Estate (Regulation and Development) Act, 2016 (RERA) is a comprehensive legislation designed to bring transparency, accountability, and efficiency in the real estate sector. RERA covers a wide range of real estate schemes and projects, ensuring protection for home buyers and imposing strict regulations on developers and agents. Here is a detailed explanation of the types of schemes and projects that come under RERA: 1. Residential Projects:    - Apartments and Flats: Any housing project involving the construction of apartments or flats must be registered under RERA.    - Independent Houses and Villas: Individual residential units such as houses and villas also come under the purview of RERA if they are part of a larger real estate project. 2. Commercial Projects:    - Office Spaces: Commercial real estate projects that involve the development of office buildings must comply with RERA regulations.    - Retail Spaces: Projects including s

Central Government Plans to Set Up a Unified Online Platform for  RERA Authorities Across States and UTs The central government is planning to establish a common online platform for the Real Estate Regulatory Authorities (RERA) of all states and Union Territories (UTs). Announcement by the Secretary of Housing and Urban Affairs On June 26, 2019, Durga Shankar Mishra, Secretary of Housing and Urban Affairs, stated that the central government is planning to set up a common online platform for all state Real Estate Regulatory Authorities. This move is intended to strengthen the Real Estate Act further. Under the Real Estate (Regulation and Development) Act, 2016, all states are mandated to establish their respective Real Estate Regulatory Authorities (RERA) to ensure proper protection for home buyers. "We are working on introducing a common platform where all states and UTs can share their views. This will make RERA even stronger," he said. Impact of the Central Real Estate Act

What Can a Buyer Do If the Contract Date Is Not Specified? There  are many cases where developers go to the extent of not specifying the contract date, leading to mental and financial distress for home buyers. Recent Ruling by Maharashtra Real Estate Regulatory Authority (MahaRERA) In  a serious note on this issue, the Maharashtra Real Estate Regulatory Authority (MahaRERA), in a recent ruling, directed Skyline Construction Company to refund Rs. 1.06 crore and also ordered 10.55% interest to be paid to actor Varajesh Hirji for failing to hand over the properties as per the registered contract, leaving the ownership clause vacant. In another case, Aparna Singh, who bought a flat in a residential project in Thane, could not claim interest relief under Section 18 of the Real Estate (Regulation and Development) Act due to the absence of a specified date in the sale agreement. Legal Recourse for Home Buyers Despite  the absence of a specified date in the contract, the RERA tribunal ordered

Frequently Asked Questions About RERA What is the RERA Act? The Real Estate (Regulation and Development) Act, 2016 (RERA) is a law enacted by the Indian Parliament to protect the interests of homebuyers and to promote investment in the real estate sector. How to File a Complaint Under RERA? A complaint under RERA must be filed in the form prescribed by the respective state rules. Complaints regarding a registered project under RERA can be filed within the specified time limit for any violation or breach of the Act's provisions or the rules and regulations framed under RERA. How to Verify the RERA Registration Number? Buyers can verify the RERA registration number on the respective state's portal. Each website lists registered projects along with their RERA registration number, approvals, and other documents. What is RERA Approval? Typically, RERA approval means that a project is registered with RERA. Builders must follow certain guidelines to register their project with the aut

When and How to File a Complaint Under RERA Protecting Homebuyers' Interests After the implementation of the Real Estate (Regulation and Development) Act (RERA), homebuyers are hopeful that the new law will protect their interests. However, a key question is whether people are aware of how to file a complaint or case under the new RERA rules. Filing Complaints Under RERA Digbijoy Mukh, Policy Head at RICS, explains, “Complaints can be filed under Section 31 of the Real Estate (Regulation and Development) Act with the Real Estate Regulatory Authority or the Adjudicating Officer. Such complaints can be against promoters, allottees, and/or real estate agents. Most state government rules provide the procedures and forms in which such applications can be made. For example, in Chandigarh UT or Uttar Pradesh, these forms are labeled as 'Form M' or 'Form N' (common with other states and Union Territories).” A complaint under RERA must be in the form prescribed by the respec

Benefits and Drawbacks of Buying Agricultural Land Investing in Agricultural Land Jainesh Sharma, a 55-year-old senior marketing professional who has lived mostly in metropolitan cities like Delhi and Jaipur, recently invested in three acres of agricultural land in his hometown of Bikaner. Similarly, Nipun Sohanlal, who works for an IT services company in Noida, invested in a second property – agricultural land – in the suburbs of his hometown, Bhopal. Representing Urban Investors Sharma and Sohanlal represent a segment of urban investors who are now looking at the revenue potential of agricultural land in the suburbs or outskirts of major cities and state capitals. "Though the land I purchased was inexpensive compared to urban land, I expect a healthy return based on its resale value," says Sohanlal. Rising Demand for Land Due to the shortage of land and high prices in cities, the demand for such plots is increasing. Urban investors buy them either to profit from resale or t

28 States and Union Territories Notify RERA Rajiv Jain, a spokesperson for the Ministry of Housing and Urban Affairs, stated that 28 states and Union Territories (UTs) have notified the Real Estate (Regulation and Development) Act (RERA) in the country. According to the ministry, 20 states and UTs have established Real Estate Appellate Tribunals under the Act. Real Estate Appellate Tribunals Of these, seven are 'regular' tribunals, and 13 are 'interim' Real Estate Appellate Tribunals. "Additionally, 22 states have fully functional websites under the Act," Jain further mentioned. Twenty-seven states and UTs have established Real Estate Regulatory Authorities, of which 13 are 'regular' regulatory authorities and 14 are interim authorities. Non-Compliance by Certain States Six northeastern states – Arunachal Pradesh, Meghalaya, Manipur, Mizoram, Nagaland, and Sikkim – have not notified the Act or its rules due to land and other issues. Meanwhile, West Ben

Is Paying Off Your Home Loan Quickly Profitable or a Loss? Most of us have bought our homes through a home loan. We often aim to repay the loan as quickly as possible. Generally, we consider debt a burden, and large home loans are seen as particularly heavy burdens. Therefore, people tend to make additional EMI payments or use any significant amount of money they receive to make part payments on their home loans. One such example is Suresh, who used a substantial amount of money he received in 2020, just before the COVID-19 pandemic, to make a part payment on his home loan. Now, he regrets that decision. During the pandemic lockdown and subsequent economic slowdown, his company shut down for six months, and his salary was cut by 50%. He could not manage his home loan EMIs, and his loan became a non-performing asset. Recently, he received a notice from the bank demanding an immediate payment of ₹5 lakhs to avoid foreclosure. Benefits and Risks of Quick Repayment Suresh's situation w

8 Essential Things to Consider When Buying a Home Without Issues! For most people, owning a home is a lifelong dream. While we can replace a shirt or a cellphone if it’s not satisfactory, the same cannot be said for a home. A house is a significant, once-in-a-lifetime investment. In today’s scenario, most people can afford to buy only one home. If that home turns out to be unsuitable, it can affect them for the rest of their lives. The Real Estate (Regulation and Development) Act, commonly known as RERA, has been introduced to protect the real estate sector. However, regardless of regulations, homebuyers must understand that they are responsible for the property they purchase. It’s not fair to solely rely on the government or regulatory bodies to protect them from fraud. Making the wrong decision or buying a home based on emotions can impact one’s success in life. Even if someone faces problems at work, they find solace at home. If the home itself becomes a problem, where will they fin

Types of Tiles to Use When Building a New House Many people building new homes nowadays do not complete their construction without using tiles. If you are constructing a new home, it's essential to know what types of tiles to buy and what to consider when purchasing them. Types of Tiles Generally, there are many types of tiles. Some of the most commonly used tiles include Nano, PGVT (Polished Glazed Vitrified Tiles), Double Charge, Parking, Normal Wall Tiles, Waterproof Wall Tiles, Roof Tiles (Cooling Tiles), Matt Finish Tiles, Elevation Tiles, and Decoration Tiles. Let's take a closer look at these types of tiles. Nano Tiles Nano tiles are a basic model and a low-budget option. They do not come in a wide range of colors or designs and are typically available in ivory-based colors. Nano tiles tend to fade quickly and are suitable for commercial buildings. They are priced at ₹35 per square foot. Polished Glazed Vitrified Tiles (PGVT) This type of tile is a step above Nano tiles,

Rules to Follow When Building a House Owning a home is a dream for every individual. Whether you are buying materials and building a house yourself or purchasing a pre-constructed home, it is essential to ensure that all government regulations have been followed. Hiring an experienced engineer to oversee the construction or verifying that the house built by a structural engineer complies with government rules is the best way to avoid future problems. Government Regulations The Tamil Nadu Combined Building Rules 2019 (TNCBR 2019) outlines the procedures that must be followed for constructing a building. Only buildings constructed according to these regulations can receive a complete certificate from an engineer. This certificate is necessary for obtaining electricity and water connections, as well as for property tax assessment. Therefore, understanding the TNCBR 2019 is crucial for anyone planning to build or buy property. Where to Get Permits? To obtain building plan approval, it is a

Home Sales Gaining Momentum! Significant Increase in Apartment Sales According to the ANAROCK Real Estate Consultancy, apartment sales in the seven major cities of India increased by 113% in the third quarter of 2021. Year-over-Year Comparison In the third quarter of 2020, approximately 29,520 homes were sold, while in the third quarter of 2021, nearly 62,800 homes were sold, marking a 156% increase. Surge in New Home Announcements In the third quarter of 2020, 32,530 new homes were announced, whereas in the third quarter of 2021, 64,560 new construction projects were announced, a 78% increase. Mumbai Metropolitan Region The Mumbai Metropolitan Region saw the highest number of new apartment announcements, with 16,510 new homes. Among these new homes, mid-range homes priced between ₹40 lakh to ₹80 lakh contributed 41%. Affordable homes priced under ₹40 lakh accounted for 24% of new home sales in the third quarter of 2021. Premium homes contributed 25%. Chennai's Performance In the t

113% Increase in Home Sales During COVID; What's the Situation in Chennai? Surge in Apartment Sales In India, apartment sales in the seven major cities increased by 113% in the third quarter of 2021, according to the ANAROCK Real Estate Consultancy. Sales Comparison In the third quarter of 2020, approximately 29,520 homes were sold, while in the third quarter of 2021, nearly 62,800 homes were sold, marking a 156% increase. New Home Announcements In the third quarter of 2020, 32,530 new homes were announced, compared to 64,560 homes in the third quarter of 2021, an increase of 78%. Mumbai Metro Region The Mumbai Metropolitan Region saw the highest announcement of new apartments, with 16,510 new homes. Price Range and Contributions Among the new homes, mid-range homes priced between ₹40 lakh to ₹80 lakh contributed 41%. Affordable homes priced under ₹40 lakh accounted for 24% of the new home sales in the third quarter of 2021. Premium homes contributed 25%. Chennai's Performance

Shock for New Home Buyers: Concerns in Chennai and Bangalore! At the onset of the COVID-19 pandemic, the real estate sector was among the most severely affected, with construction and sales both taking a significant hit. Consequently, the central government announced substantial concessions for the real estate sector. Government Concessions Several states also announced considerable concessions in stamp duty. These measures, along with increased loans for real estate construction projects, led to overall growth in the sector, providing employment opportunities and stimulating development. Rising Demand and Prices However, the demand for new homes has surged among the public, leading to a sharp increase in prices. Indian Real Estate Market Due to significant reductions in stamp duty and the trend of working from home, the number of new home buyers has increased. Simultaneously, the prices of construction materials such as cement and steel have risen, causing new home prices in India'

Impact of Rising Home Loan Interest Rates on Real Estate Companies Recently, we observed that following the Reserve Bank's increase in the repo rate, almost all banks have raised the interest rates for home loans. In this context, let’s examine whether the increase in home loan interest rates has affected the real estate sector. Expert Opinions in Real Estate Experts in the real estate sector believe that the hike in home loan interest rates has not significantly impacted the industry. Despite banks raising the interest rates, they state that the effect on the real estate sector has been minimal. New residential project bookings have increased, and it is anticipated that these projects will sell out within a few days. Impact on Home Loan Interest Rates The increase in home loan interest rates has not deterred customers in the real estate sector from purchasing homes. Experts suggest that extending the loan tenure and reducing the loan-to-value ratio can mitigate the impact of the i

Real Estate: The Best Choice for 50% Profit on Investment Chennai: Over the past ten years, the real estate sector has grown exponentially. Even ordinary plots of land are now being developed into flats for sale. The desire for land remains strong among people, and investing in real estate can significantly change one's future. However, it's undeniable that there is still a significant amount of apprehension about real estate investments. This growth has made the dream of owning a home a reality for many, which is a positive development. To attract investors and help ordinary people realize their dream of owning a home, the central government has made some important decisions.  Bank Loans For the first time, the government has issued an order for banks to provide easy loans ranging from 1.5 lakh to 2.5 lakh rupees for first-time real estate or home plot investors. This move will greatly help in realizing the dream of buying a home for many people.  Commercial Growth Builders an

How NRIs Can Invest in Indian Real Estate Non-Resident  Indians (NRIs) are permitted  to invest in the Indian real estate sector under the rules laid down by the Reserve Bank of India (RBI) and the Foreign Exchange Management Act (FEMA).  Types of Properties NRIs Can Invest In 1. Residential and Commercial Properties:    - NRIs can  purchase any immovable property in India except for agricultural land, plantation property, and farmhouses. 2. Gifts:    - NRIs can  receive immovable property as gifts in India from a person residing in India, another NRI, or a person of Indian origin residing outside India. 3. Inheritance:    - NRIs  are allowed to inherit ancestral property in India. 4. Sale of Property:    - NRIs can  sell their immovable properties in India to any resident of India. 5. Gifting Property:    - NRIs can gift their agricultural land, plantation property, or farmhouse to any resident of India. They can also gift their residential or commercial properties to residents of Ind

Changes in the Real Estate Sector The real estate sector has undergone significant changes, with a shift towards digital avenues and a preference for larger homes, even those located far from city centers. The COVID-19 pandemic brought about changes such as online education, remote work opportunities, and digital transactions, impacting various industries uniquely. The real estate sector has also seen significant changes due to the pandemic. As real estate companies adopt innovative strategies to navigate the challenging situation, the way homebuyers search for new homes has also evolved. Let's explore the changes in the real estate sector, the reasons behind them, and future trends. Digital Transformation Due to the impact of COVID-19, lockdowns, and various restrictions, many homebuyers, sellers, and intermediaries have turned to digital avenues. Most people now use real estate websites extensively to gather information about prices and locations of homes. While real estate websi

 Challenges Faced by RERA RERA (Real Estate Regulatory Authority) is a significant step taken in the real estate sector and has shown results in recent times. The RERA Act aims to enhance transparency in the real estate sector, removing unregistered entities from the market, thereby providing a safer environment for investors and homebuyers. However, the RERA Act faces several challenges and shortcomings. 1. Lack of Rules Regarding Project Approvals:    - While the RERA Act extensively covers the duties and rights of homebuyers and real estate developers, it remains silent on the delays caused by government authorities in granting necessary approvals. Typically, obtaining all government approvals can take up to two years from the application date. The Act does not hold government officials accountable for such delays. 2. Absence of a Single-Window System:    - Real estate developers face the arduous task of obtaining individual approvals from various government departments, which adds

  RERA Real Estate Regulatory Rules Announcement Real estate agents must mandatorily register with the Regulatory Authority. The Tamil Nadu government has announced real estate regulatory rules. Accordingly, real estate agents must mandatorily register with the Regulatory Authority. These rules will apply to all ongoing and future projects, as announced by the Tamil Nadu government. The central government implemented the Real Estate Regulation and Development Act from May 1st. Following this, the Tamil Nadu government has created the Tamil Nadu Real Estate (Regulation and Development) Rules, 2017. Accordingly, a selection committee comprising a judge of the Chennai High Court or their representative, the Secretary of Housing and Urban Development, and the Secretary of the Law Department will provide appropriate recommendations for the chairman and two members of the Regulatory Authority/Tribunal. Until then, the Secretary of Housing and Urban Development will act as the interim chairma

Should You Buy or Rent? Buying a home is undeniably a personal and emotional decision for any family. The pride of owning a home and the perceived benefits of renting an apartment are factors that influence home-buying decisions. According to Kariali, “If viewed from a financial perspective, real estate is a low-risk asset class. Additionally, the pandemic has highlighted that buying a home can be a safe investment. Even if the property provides lower returns in the initial three or four years or if one expects higher returns on investment, there are points to consider when buying a home.” Market conditions significantly influence decisions about buying versus renting. “The performance of owning versus renting often depends on market conditions. In a rapidly appreciating real estate market, owning a home makes sense. On the other hand, if one doesn't see much potential for property value appreciation, renting might be a better option,” Kariali noted. “Real estate prices have signif

Registration and Stamp Duty on Partition Deed To achieve legal validity, a partition deed must be registered with the sub-registrar of the area where the immovable property is located. This is mandatory under Section 17 of the Indian Registration Act, 1908. This means that the parties involved in the partition must pay both the stamp duty (as per the rules of the Indian Stamp Act, 1899) and the registration fees to have the partition deed registered. For example, in Delhi, 2% of the value of the partitioned share must be paid as stamp duty on the partition deed. In Maharashtra, the same rate applies for registering partition deeds, along with a 1% registration fee. However, it is not mandatory for co-owners to register the partition deed in the state. The method of calculating the stamp duty can be best illustrated with an example: A father, through partition, divides his estate worth ₹5 crores into three parts, keeping 40% for himself and allocating 30% each to his two sons. In this c

Difference Between a Partition Deed and a Partition Suit Under the rules of law, a property can be divided either through a partition deed or through a partition suit. The necessity to opt for the second option arises in case of a dispute or when the co-owners do not mutually agree to the partition. In such circumstances, a partition suit must be filed in the appropriate court. Before filing a suit, one must issue a request to all co-owners. If the parties refuse your request, you are within your legal rights to move the court on this matter. According to Indian laws, the aggrieved party must approach the court within three years from the date they are entitled to file a partition suit. However, both tools serve the same purpose – they create and extinguish rights in jointly owned property of the co-owners. Words of Caution The language of a partition deed must explicitly mention every aspect of the partition. Besides the names of the involved parties, the deed should clearly state the