MJK Real Estates

How Can a Builder Comply with RERA? Project Registration Registration of Project: Builders must register their projects with the RERA authority before advertising, marketing, or selling any units. Advertisement Advertisement: Any advertisement or promotion must adhere to the details provided during the registration of the project. Withdrawal – POC Procedure Withdrawal Process: Builders can withdraw funds from the project account according to the Percentage of Completion (POC) method. Website Update / Disclosures Website Updates and Disclosures: Regular updates and disclosures must be made on the RERA website to maintain transparency. Carpet Area Carpet Area: The carpet area of the units must be clearly defined and communicated to the buyers. Changes in Project – Approval of 2/3 Allottees Project Changes: Any major changes in the project plan require the approval of two-thirds of the allottees. Project Accounts – Audit Project Accounts Audit: The project accounts must be audited regular...

Maharashtra Government Announces Super Offer... When Will It Come to Tamil Nadu? To boost the real estate sector, significantly affected by the lockdown restrictions in India, the Maharashtra government has announced a 50 percent reduction in all premium fees. Financial Burden Generally, these premium fees are paid by construction companies to the state government. However, this financial burden is ultimately passed on to home buyers. Considering this, the Maharashtra government’s reduction of premium fees by 50 percent is expected to significantly lower home prices. Maharashtra Government's Announcement Additionally, the Maharashtra government has announced that this offer will be in effect until December 31, 2021. This announcement is anticipated to be a major benefit to the state’s real estate sector. Impact on Real Estate Sector In 2020, the real estate sector was severely affected by the COVID-19 pandemic and lockdown restrictions. However, when lockdown restrictions were ease...

  Aadhar Mandatory for Property Transactions: Modi Government's New Measure The Modi-led government has been taking significant steps against black money. One of the major actions was the demonetization of old 500 and 1000 rupee notes, which removed over 80% of the currency in circulation. While this measure didn't fully achieve its intended success, the central government continues to monitor and combat black money and the sectors where it is prevalent. Focus on Real Estate The latest focus of the central government is on the real estate sector, known for significant black money transactions. Aadhar linkage is now being considered a crucial step in this battle. Aadhar Linkage One of the key measures against black money involves mandating Aadhar linkage for all property transactions, including buying, selling, and transferring properties. Union Minister Hardeep Puri indicated that Aadhar linkage might soon become mandatory for all real estate transactions. Real Estate Sector It...

Raghuram Rajan's Warning: Will the Central Government Wake Up? One of the world's foremost economic experts, Raghuram Rajan, who previously served as the Governor of the Reserve Bank of India (RBI), has a wealth of experience guiding Indian banks. Notably, he was among the few who predicted the 2008 global economic crisis and subsequent recession. Now, he continues to criticize the actions of the central government. Criticism and Caution Rajan has publicly stated that criticizing the government often leads to threats. Currently, he serves as a professor in the United States, but he continues to caution both the Indian government and Indian banks. This time, his warnings focus on the real estate, construction, infrastructure sectors, and the associated lending practices of Non-Banking Financial Companies (NBFCs). The Warning Rajan highlights significant problems in India's real estate, construction, and infrastructure sectors. He advises that NBFCs, which have extended loans...

Modi's New Lighthouse Project: A Jackpot for Chennai! Introduction to the Lighthouse Project On New Year's Day, Prime Minister Narendra Modi laid the foundation for a grand project to construct 1,000 houses each in six major cities across India. This initiative, known as the Lighthouse Project, aims to benefit the economically weaker sections (EWS) of society by using green construction technology. Next Phase: Housing for All As part of the ongoing Housing for All scheme in India, the Lighthouse Project focuses on providing affordable housing to economically disadvantaged families. The project will utilize green construction technology to build robust, cost-effective, and comfortable homes. Green Construction Technology Prime Minister Modi emphasized that the houses built under this project will be strong, affordable, and equipped with modern amenities, thanks to the use of green construction technology. This method ensures sustainability and efficiency in the construction proc...

Restrictions on Registration of Litigated Properties: Tamil Nadu Government Tightens Measures Chennai:  The Registration Department in Tamil Nadu is gearing up to enforce stricter measures to prevent the registration of properties entangled in legal disputes. Registration Process in Tamil Nadu In Tamil Nadu, it is  customary for buyers of properties, including houses and plots of land, to register the sale deeds at the Sub-Registrar's office. During this registration process, it is imperative that the documents are free from any legal encumbrances. Emphasis on Clear Documentation The property  buyers are advised to thoroughly investigate such documents before proceeding with registration. As the department moves towards online registration of documents, it continues to emphasize the importance of ensuring that all documents are clear and free from disputes. Expert Opinion Real estate  property evaluator, Balamurugan, stated: "Generally, when loans are provided based ...

Certified Engineers Now Mandatory for Building Construction in Tamil Nadu Chennai: The Tamil Nadu  government has mandated that from now on, construction of houses will only be allowed if certified by government-registered engineers. Government Mandate The  state government's decision comes in the wake of several incidents where approved buildings collapsed, causing significant public uproar and loss of lives. A notable incident occurred in Mugalivakkam, Chennai, where an 11-story residential building collapsed, resulting in multiple fatalities and leaving buyers in distress. This prompted the government to take stringent actions. New Regulations Following  extensive reviews and consultations with construction experts, associations, and organizations, the government issued a new directive in February. As per this directive, any new buildings constructed in Tamil Nadu must have certification from government-registered engineers. Key Requirements 1. Certified Engineers:...

Why Do Indians Consider Land as a Prime Asset? Throughout  Indian mythology and history, major wars and conflicts have often revolved around land. Be it stories, history, or modern times, land remains a preferred choice for home-buying Indians. Cultural and Historical Influence While  Westerners tend to invest in various liquid assets, Indians have a clear and unwavering mindset towards buying land and property. This preference is deeply ingrained in their culture and has been passed down through generations. Despite the emergence of new types of assets, real estate remains a generational investment for Indians. Even the Common Man Follows Suit If  you observe closely, many central ministers and prominent figures in India have substantial investments in land. Hence, it’s no surprise that the common man follows the same path. The Reason Behind the Preference It's  all about design and habit. Just like the saying "Old habits die hard," the tradition of investing in lan...

  Daughters Entitled to Father's Property Even Without a Will: Supreme Court Ruling New Delhi: The  Supreme Court has ruled that daughters have full rights to their father's property even if no will has been written. Supreme Court Decision In a landmark  judgment, the Supreme Court stated that daughters are entitled to inherit their father's self-acquired and ancestral property as legal heirs even if the father did not leave a will. This decision was articulated in a detailed 51-page ruling by the court. Background of the Case The case  arose when daughters claimed their share in their father's property, both self-acquired and ancestral, after his death without a will. Initially, the Chennai High Court dismissed the petition, leading to an appeal in the Supreme Court. Key Points of the Ruling Inheritance Rights:  According  to the Hindu Succession Act, if a father dies intestate (without writing a will), his daughters have equal rights to his self-acquired ...

The Luxury Real Estate Market Revived by NRIs India's  IT capital, Bangalore, is witnessing a new trend in the real estate sector. Construction companies are increasingly focusing on luxury housing projects. This shift is largely driven by the interest and enthusiasm of Non-Resident Indians (NRIs) in buying and selling luxury residences. Key Cities This  trend is not limited to Bangalore alone. Construction companies in Mumbai and Pune are also concentrating on luxury housing projects. The implementation of the Real Estate Regulation and Development Act (RERA) in India has brought about both beneficial and challenging aspects for the sector. The new law mandates transparency in construction projects, holding construction companies accountable if the projects do not meet customer satisfaction as per the agreement. As a result, many construction firms have withdrawn from residential projects, turning instead to smaller-scale luxury housing developments to recover their losses. T...

7 Types of Home Loans: Which One is Right for You? Owning a house is a dream for many. But dreaming alone won't make it happen. Understanding the ways to realize this dream and taking action is essential. For middle-class Indians, home loans are a simple way to own a house. National and private banks, along with non-banking financial companies (NBFCs) in India, offer various types of home loans. You need to understand which type of loan best suits your needs. Currently, there are around seven types of home loans available in India. 1. Land Purchase Loan Are you planning to select a piece of land and then build a house on it? In India, banks and NBFCs offer loans specifically for buying residential plots. Typically, banks provide loans for about 80% to 85% of the land's value. 2. Home Purchase Loan Instead of buying land and building a house, this loan is for purchasing an already constructed house. Financial institutions generally provide loans covering 80% to 85% of the market...

Real Estate Overshadows Gold: What's the Reason? In today's era, saving and growing money is as significant as earning it. The key to generating good returns lies in saving or investing the earned money in the right way. Investment Needs and Risks Your needs and the level of risk you're willing to take determine the returns on your investment. Typically, for long-term investments, people often choose between gold and real estate. Evergreen Investments Despite the variety of investment options available today, gold and real estate remain evergreen choices for many people. These investments can be passed down through generations, making them highly favored among Indian families. Gold vs. Real Estate Gold is a popular investment due to its liquidity and the ability to invest in small amounts as money becomes available. It can quickly be converted to cash when needed, making it a highly liquid investment. On the other hand, real estate is a preferred long-term investment. Howev...

Important Things to Consider When Buying a House or Land Many people dream of buying land and building their own house. Even those who already own a home often wish to acquire more land or property. However, whether you have the money or not, it is crucial to be very careful when purchasing land. A small mistake can lead to legal troubles and court visits. Therefore, it's essential to understand the key aspects to consider before buying property. Previous Owners of the Property Before purchasing land, you must find out who has owned the property over the past 30 years. This information will be available in the land's original deed. Obtain and verify these details to ensure there are no hidden issues. Encumbrance Certificate An encumbrance certificate should be obtained to check if there are any legal disputes or loans against the property. This certificate confirms that the land is free from any monetary or legal liabilities. Title Deed Check the original title deed and ensure ...

 Do You Know What Most Indians Invest In? It's Not Gold or Real Estate! India's large middle class is a crucial force that drives the country's economy and commerce. Most companies operating in India target this segment for their businesses. Economic Significance of the Middle Class The number of extremely wealthy individuals and those below the poverty line in India is relatively small. Therefore, the middle class plays a significant role in determining economic trends and investment patterns in the country. RBI's Investment Insights The Reserve Bank of India (RBI) has released data highlighting the investment preferences of the Indian population. According to RBI data, the most popular investment avenues for Indians are insurance and provident funds (PF). Dominance of Insurance and Provident Funds Based on data from December 2020, insurance and provident funds are the top investment choices, with approximately 48% of Indians investing in these sectors. This indicates ...

Real Estate Making a Rapid Comeback: A Cause for Celebration! Despite the widespread impact of COVID-19 worldwide, the economic repercussions in developing countries have been particularly severe.  Economic Decline in India In the June quarter, India witnessed a significant economic decline, with the economy shrinking by approximately 24%. Recovering from such a drastic fall is a formidable challenge. Impact of COVID-19 Lockdown During the COVID-19 lockdown, sectors such as manufacturing, real estate, and hospitality suffered significantly.  Real Estate Sector Hit Hard The real estate sector, in particular, faced substantial challenges due to widespread job losses, salary cuts, business closures, and adverse market conditions. Consequently, real estate transactions plummeted by 95%. Signs of Recovery However, despite the current state of the economy and the job market, the Indian real estate sector showed promising growth in the September quarter, signaling a potential recover...

  Real Estate Focus: Facebook's Mark Zuckerberg  Stuns with 600 Acres Purchase for Just ₹391 Crores! Mark Zuckerberg, the founder and CEO of the world's largest social media company, Facebook, has been focusing on real estate for the past few years. Despite criticism of his real estate investments, he continues to invest heavily in this sector. Mark Zuckerberg and Priscilla Chan Acquire 600 Acres for ₹391 Crores In a remarkable move, Mark Zuckerberg and his wife, Priscilla Chan, have purchased approximately 600 acres of land in the western part of Kauai, one of the Hawaiian Islands, for a surprisingly low price. Expansion Beyond Social Media While Mark Zuckerberg is continuously expanding Facebook, Instagram, and other business divisions and exploring every avenue to generate advertising revenue, he has made a new investment in real estate. R ecent Purchase of 600 Acres Already holding several real estate investments, Mark Zuckerberg has recently acquired 600 acres of land in ...

How to Become a Real Estate Agent in India? RERA Registration and Guidelines Real estate agents  act as a bridge between property buyers and sellers. If you are considering becoming a real estate agent in India, skills such as communication, negotiation, and networking are essential. What is a Real Estate Agent? A real estate agent  is a professional who facilitates real estate transactions by connecting buyers and sellers and acting as an intermediary or representative in their negotiations. They are licensed professionals working under a real estate broker (a brokerage firm or an individual) with specialized rights and experience. Whether  you are selling or buying a property, a real estate agent helps you finalize the deal keeping your needs in mind. They guide you through every step, from property research to closing the real estate transaction. Typically, an agent's fee includes a percentage of the property's sale price. Common Duties of Real Estate Agents Before...

Income Tax Relief: New Announcement from the Finance Ministry - A Jackpot for the Public! With  the COVID-19 pandemic affecting millions of people across the country, various forms of assistance were provided by organizations and individuals to those in need. In this scenario, many people received unexpected financial aid due to the pandemic, leading to new issues in income tax calculations. To address this, the Union Finance Ministry has announced special relief in income tax calculations for COVID-19 financial assistance. This new relief aims to significantly reduce the financial burden on the public. Let's  look at what relief the Union Finance Ministry has provided. Financial Assistance for COVID-19 Treatment For  the financial years 2019-20 and subsequent years, if companies provided financial assistance to their employees for COVID-19 treatment, or if one person provided financial aid to another for the same purpose, the amount received will not be subject to income...

Why Real Estate Investment is Essential for the Middle Class When  we think of installments, we usually think of home loans. Ten years ago, paying around ₹2,000/₹3,000/₹5,000 monthly could allow someone to buy a plot in five years. Those who are now nearing or over 40 likely bought their plots in this manner. Not  just in Chennai but throughout Tamil Nadu, many middle-class people acquired homes or plots this way. It was possible to afford these prices back then. However, now, the practice of selling plots in installments is almost nonexistent. Rising Real Estate Prices The  reason is the significant increase in real estate prices. As a result, monthly installments are no longer attractive to the middle class. Even if monthly installments were set, the prices and the years required would be high, prompting construction companies to prefer bulk selling. This shift has made the dream of owning an independent house almost unattainable for the middle class, leading them to op...

5 Superb Ways to Get the Best Returns from Real Estate Investment Investing in real estate is always a beneficial endeavor. This type of investment can serve various urgent needs and is thus preferred by many people. However, the common confusion is about how to make an investment that yields good returns. If you share this confusion, this article will surely help resolve it. Key Strategies for Best Returns in Real Estate Investment Real estate investment can be a profitable venture. It can serve multiple purposes, including emergency needs. Therefore, many people show a keen interest in investing in real estate. However, the main concern remains: how to make an investment that provides good returns. This article aims to clear that confusion. The following information comes from Sarabjit Singh, founder and designer of Villa Ortiga. According to Singh, if you want to invest in real estate, you should pay special attention to these five factors to ensure you get excellent returns. Locati...

Budget 2022: Will the Real Estate Sector Reach New Heights?  What Benefits Will Home Buyers Receive? Due to the COVID-19 pandemic, the real estate and construction sectors in the country have faced numerous challenges over the past two years. With each budget, there is an anticipation that the government will provide incentives to these sectors and announce benefits for home buyers to boost the real estate market. Expectations from the 2022-23 Budget This anticipation has echoed in the 2022-23 budget expectations as well. On February 1st (tomorrow), the Union Finance Minister will present the Union Budget. There is an expectation that the budget will include measures to stimulate the real estate sector and offer benefits to home buyers. Particularly, easier access to loans and GST rate reductions are expected to be announced. Increase in Home Loan Interest Deduction Salaried individuals who have taken a home loan for house construction can currently avail of a tax deduction of up t...