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:...