MJK Real Estates

Technology and Planning in Real Estate Business Becoming an entrepreneur involves various plans, decisions, and economic conditions. It requires continuous effort and hard work as the foundation. In today's era, where numerous business opportunities are abundant, the real estate sector has a traditional business background.  Adapting to Modern Technology At the same time, it has adapted itself to modernized technological methods. According to experts, in the past few years, the structure of the real estate market has evolved into various subdivisions based on commercial and civilizational changes.  Emotional and Legal Aspects of Real Estate The real estate sector is not just a commercial transaction between buyers and sellers. It involves the emotional process of transferring the ownership of various immovable properties like houses, plots, land, and plantations from one person to another, based on economic valuation and legal procedures. Therefore, those who wish to venture i...

Key Considerations for Real Estate Agents & Builders When dealing with real estate, whether it involves houses, plots, land, or plantations, business transactions must be based on clear and precise documentation, such as title deeds, patta, and encumbrance certificates.  Accountability of Builders and Developers Builders and developers must ensure that they are accountable to the customers during business transactions.  Evolution of Real Estate The real estate industry has transitioned from merely dealing with concrete structures and sales to a service-oriented business model based on the essential living needs of customers. In the future, builders, developers, and real estate agents can achieve success by crafting business strategies that consider not only market conditions but also the general mindset of people, through a well-structured real estate business plan.  Considerations for Builders Builders must certainly take into account the global technological advance...

36% Decline in Office Leases: Major Issue for Big Cities!  Significant Drop in Office Leases In India's top 7 major cities, office leasing volumes dropped by approximately 36% in the January-March quarter compared to the previous year. As a result, only 5.5 million square feet of office space has been reactivated, according to JLL.  Impact of the COVID-19 Pandemic Due to the COVID-19 pandemic, most employees in India have been working from home, making office spaces redundant for many companies. Employees have been working from home for almost a year without any adverse effects on business operations.  Cost Reduction As a result, companies have not only reduced but also closed many office spaces. From large corporations to small businesses, companies are reducing expenses and providing convenience to employees by continuing to have 60 to 80 employees work from home.  Decreased Demand for Offices Consequently, the demand for office spaces in major cities has significa...

Real Estate Tycoons Set to Make a Comeback with Budget Boost Delhi: The interim budget has provided significant encouragement to the real estate sector, which had been adversely affected by central government measures like GST implementation and demonetization.  Impact of Demonetization and GST There were allegations that the number of home buyers had significantly decreased due to actions such as demonetization and GST. Consequently, the real estate industry faced severe impacts, and economic experts pointed out that the construction sector's decline led to job losses.  Real Estate Budget Speech Until a few years ago, real estate tycoons and brokers were a common sight not only in cities but also in villages. However, due to demonetization and GST, the presence of real estate tycoons dwindled. In this context, the current government's budget speech included several key decisions to stimulate the real estate sector.  Rental Income The tax exemption limit on income from ho...

 Buying a Home Now Made Much “Easier” - Real Estate Bill Passed in Rajya Sabha New Developments in Real Estate Regulation Delhi: The Real Estate Bill, passed in the Rajya Sabha, brings various benefits for prospective homebuyers. The bill for establishing the Real Estate Development and Regulation Authority was initially introduced during the United Progressive Alliance (UPA) regime. After the National Democratic Alliance (NDA) led by Modi took charge, some amendments were decided upon. Key Amendments Two significant amendments are noteworthy. Previously, homebuyers were required to pay 70% of the amount as an advance. This has now been reduced to 50%. Additionally, the bill was originally designed to regulate only residential construction companies. Now, the central government intends to include commercial construction companies under this regulation as well. Transparency and Financial Regulation Companies will now need to open a separate bank account for construction-related tran...

 How RERA Affects Homebuyers Key Provisions: 1. Notification of Changes: Any minor additions or alterations must be communicated to the allottees. 2. Approval for Major Changes: Any other additions or alterations require the consent of two-thirds of the allottees. 3. No Pre-Registration Advertising: No advertisements or releases before registering with RERA. 4. Transfer of Majority Rights: Approval of two-thirds of allottees is required to transfer majority rights to third parties. 5. Project Information Sharing: Sharing details about the project plan, layout, government approvals, land title status, and sub-contractors. 6. Timely Completion: Increased emphasis on completing projects on time and handing them over to consumers. 7. Quality Assurance: A five-year defect liability period has led to improved construction quality. 8. Formation of RWA: Creation of the Residents' Welfare Association within a specified time or within three months of selling the majority of units. Uni...

 Is This the Right Time to Buy a Home? The Real State of the Real Estate Sector Impact of the Pandemic on Real Estate The real estate sector was one of the major sectors that came to a standstill due to the COVID-19 pandemic and the subsequent lockdowns. Experts argue that the slowdown began as early as 2016. Financial Crisis Since Demonetization Since the demonetization initiative, the real estate sector has been facing financial crises. Following that, the introduction of GST and other issues compounded the problems. Economic Struggles During COVID-19 Currently, many people are struggling to meet basic needs due to the pandemic. Many have lost their jobs, leading to a halt in all non-essential investments. However, the economy is now gradually recovering. Standstill in Real Estate As a result, sales of properties, including homes and offices, have come to a complete standstill. Unsold houses remain empty, and many under-construction homes are stalled due to financial issues. Give...