MJK Real Estates

Investing in Real Estate for the First Time? Read This Before You Do... Increasing Popularity of Real Estate Investment Nowadays, people often invest their savings in buying a house or plot of land. Unlike other markets, the real estate market continues to grow and evolve consistently. Aggressive Marketing by Real Estate Companies Real estate  companies are aggressively marketing their properties, urging people to "buy a house or plot." The increasing advertisements on TV are evidence of this trend. Understanding Risks and Issues When investing  millions or billions in real estate, it is crucial to understand the risks and issues involved. Before making an investment in the real estate sector, there are important factors to consider. Be Cautious When buying a  property, it is essential to be extremely cautious. Even a small mistake can result in the property you purchased with your hard-earned money being transferred to someone else’s name. There are many such risks invol...

Banks Offering Low-Interest Home Loans from SBI to HDFC Following  the central government's encouragement to obtain home loans at low rates under schemes like Pradhan Mantri Awas Yojana, India's largest public sector bank and other private banks have reduced interest rates on home loans. Reduction in Interest Rates Major  banks from State Bank of India (SBI) to ICICI Bank have reduced the interest rates on home loans by 15 to 30 basis points, i.e., 0.15% to 0.30%. As a result, home loans can now be availed at an interest rate as low as 8.35%. Here, we list the banks suitable for obtaining home loans at low-interest rates. SBI Home Loan India's  largest bank, State Bank of India (SBI), has reduced the interest rate on home loans up to 30 lakhs by 25 basis points, i.e., 0.25%, bringing it down to 8.35%. SBI announced that 8.35% is the lowest home loan interest rate in the market. Additionally, home loan borrowers can avail of a subsidy of up to 2.67 lakhs under the Pradhan ...

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...