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.  ...

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 tri...

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...