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Rera: Real Estate Regulatory Authority

The Central Government made the ground-breaking decision to enact the Real Estate Regulatory Act (RERA) in 2016. It was put into place as a result of several complaints from investors and home buyers who bought homes and lived in housing developments. But project delays were the cause of these buyers’ worry. Due to these delays in project completion, even after paying about 90–95 percent of the price for their properties and residential homes, they had to wait for many years to move into their home. The government responded to the concerns and cries of investors and buyers, and as a result, the Real Estate Regulatory Act (RERA) was created. Due to the tight guidelines established by the Central Government, developers and builders are now required to register their projects with RERA. This was done to improve the real estate market’s transparency. Additionally, it will result in greater confidence and trust among buyers and developers.

Rajasthan was the first state to adopt the Real Estate Regulatory Act (RERA) in June, and since then, there have been reports of increased growth in areas like Neemrana and Bhiwadi. According to a real estate consultancy’s Chief Investment Officer, Ankur Dhawan, “A cargo airport has been permitted in Bhiwadi, and a new motorway is being built to connect Jaipur with Delhi. Therefore, there were already some points earned. This is a significant improvement in such a short amount of time. The connection between Jaipur and the capital, Delhi, would have an impact on the Indian economy overall in addition to driving up real estate prices. Additionally, because all projects are registered under RERA, there is no longer any room for suspicion or doubt (Real Estate Regulatory Act). In fact, in order to start a specific project, developers and builders must obtain approvals. Consequently, there is no chance that the project will turn out to be fake. Following the adoption of RERA, purchasers’ desire to purchase has improved in both quantity and quality, especially in less well-known places (Real Estate Regulatory Act). Due to RERA, locations where buyers and investors previously chose not to invest in real estate and residential complexes are now beginning to show signs of development. It will result in the nation’s overall development.In reality, increased growth was seen in areas of Uttar Pradesh, Tamil Nadu, Haryana, and the periphery of the Delhi NCR in addition to Rajasthan (National Capital Region).

Although it is expected that areas such as Meerut, Mathura, and Vrindavan in Uttar Pradesh would also should positive development in view of the real estate sector. In order to make magnificent development in Uttar Pradesh, many initiatives like ‘Make in UP’ are being promoted by the state government. It would also attract investors and promote investment, which will eventually lead to the high level of growth in the real estate sector in Uttar Pradesh. Even, many industrial and infrastructural developments are also taking place along the Yamuna Expressway. It would work in favor of UP as an increased investment with an upward surge in demand for residential development would be witnessed in the surrounding areas. It would also turn out to a benediction for youngsters who are eagerly waiting and burning the midnight oil in order to get good jobs in order to have brighter future prospects as a lot of employment opportunities would be created due to these industrial hubs near Yamuna Expressway. Many other positive developments are foreseen as there are plans under discussion in order to boost development and increase opportunity for the common man. The most significant plan which is currently in news is that a link would be established in order to connect Varanasi to Gorakhpur. If this is finalized, it would turn out to be a boon for developers and builders as it would lead to an upward surge in real estate prices in Varanasi. But on the buyers and investors front, it would be the best time to invest as currently, prices are low in these areas, but after the aforesaid development, the would witness an upward trend. Hence, it would be better if buyers and investors invest in these places now.

Many developments filled with a sense of optimism was witnessed in the southern part of the country. Areas such as Tamil Nadu and Coimbatore have also shown a positive trend. Many IT parks and industrial hubs are showing development in these areas. Coimbatore has come a long way. It is consistently showing positive growth and sparkling among other major cities nowadays. A wave of change is also being felt in Tamil Nadu. With increasing importance of the most significant sector of the country economic system. Many state governments are giving special attention to this dynamic sector.

It would not be new if it said that growth in areas such as Gurgaon would be seen. As Gurgaon is the major hub for leading developers and builders in view of real estate. It has always been the first choice of leaders of the real estate market. Even, Anshul Jain, who is the managing director for India at Cushman and Wakefield admitted that buyers and investors are expecting long-term investment options in New Gurgaon and Rewari in Haryana as eyes of many builders are focused on these two areas. Other areas of positive growth would be Nagpur and Nasik. Many positive future prospects are foreseen in these key areas as industrial and commercial development is picking up pace steadily whereas earlier demand for real estate in these areas was not up to the mark. Profitable deals with good returns are predicted from areas like Hisar (Haryana), Mysore and even Bijapur in Karnataka.

Conclusion

All the above-mentioned changes connote to the fact that with the implementation of RERA, the real estate market is finally ready to show positive growth with increased transparency and emerge as the most profitable sector of India’s economic system.

 

Source by: propertyxpo

DLF has added one more jewel DLF – The Crest Gurgaon in its crown which offers luxurious residency at one of the finest area DLF Phase-5, Sector-54, Gurugram. With site area approx. 8822 acres DLF Crest is one of the largest luxurious residential apartments available in iconic city Gurugram which has 2BKH, 3BHK, 4BHK and 5BHK luxurious flats and Penthouses to offer. Every unit of this apartment will be provided as fully furnished along with, soundproof windows which will also save energy, an ultra-modern kitchen and air-conditioned entrance hall & lobbies. DLF the Crest has 6 towers with total 765 apartments and the size of each unit is between 2225 and 6410 sq. ft. A total 75 per cent of the area from 8822 acres is left only for the greenery, water bodies, lakes, sports ground and beautiful gardens, clubhouse and other amenities to make your stay more refreshing and comfortable. The DLF Crest is only 20 minutes away from a 16 lane National highway-8 and well connected with Rapid metro at DLF Phase-5 which will provide an easy access to reach anywhere in Delhi & NCR.

The Key Features of DLF Crest Gurgaon:

■ The whole building Structure is specially designed by taking the consideration of
Zone-V, which is a highest seismic (earthquake) consideration against Zone-IV
as specified by BIS codes to ensure better safety
■ 24 * 7 multi-tier security and surveillance for the safety of residents
■ Rainwater harvesting system
■ 24 * 7 metered water supply for every individual apartment
■ 24 *7 Power backup
■ Hot water supply in toilets, kitchen through geyser, boiler or solar water heaters.
■ A high-speed elevator along with an additional service elevator
■ Pressurized Staircases and lift lobbies & shafts for better fire safety
■ A clubhouse with a multipurpose hall, a fully equipped gymnasium, library and
card room, pool table and a swimming pool
■ Air-conditioned lobbies and entrance hall

■ A double glazed window which will eliminate the sound pollution and also save
energy by minimizing the demand of air-conditioner
■ Floor to Floor height 3.2 meter

With the Prime Location of Gurugram, it is the most attractive factor of this whole project. There is 24 * 7 high tech security with all the tiers covered by keeping all the factors in mind. Also, to ensure you tight security, there is a common area that will be covered with CCTV. The project is just 20 minutes away from the National highway and also very close to the Rapid Metro at DLF Phase-5 and Huda City metro station that makes it an ideal deal for commute purpose. The project is covering the entire end furnishing floors that will include quality electric fittings, stones & tiles, imported marbles, laminated wooden flooring in master bedroom, fully equipped modular kitchen with hob, chimney, dishwasher, microwave and a standard washing machine which makes it one of the most ultra luxurious residential apartment available and many more amenities.

There are lavishing housing facilities also incorporated in this project that includes a clubhouse, a fully equipped gymnasium, and swimming pools for adults and kids, indoor and outdoor games facilities, library cum reading room, landscaped gardens, and gas pipeline and the list goes on. Apart from the above facilities, the DLF Crest Gurgaon also provides a secured gated community with access to control at entrance and CCTV for the parking area and the lobby of the entrance along with a synchronized fire-fighting system for your better safety. The most vivid things about the project are that it is making an ideal residential location is the distance from the important places. This project is located at one of the fastest developing areas of Gurgaon with the presence of renowned hospitals, schools, shopping centres and malls in its proximity namely Vedanta Hospital, Fortis Hospital, Artemis Hospital, The Sri Ram School Lancers International School, DLF Mega Mall and even the South Point Mall. The railway station of Gurgaon and Indira Gandhi International Airport is also attainable from here. DLF ground is providing a well-polished living environment with along with a luxurious lifestyle to their residents in a world-class destination for you only. 

Source by: propertyxpo

he Haryana government decided to provide the most remarkable and lucrative housing scheme for the Gurgaon residents in 2016. However, Deen Dayal floors in Gurgaon today make it feasible for us to own a residence in an upscale neighborhood. These floors are part of Gurgaon’s Deen Dayal Awas Yojana Floors. Our wonderful Haryana government concentrates on developing and providing 2 lakh floors and plots in total under this fantastic residential program. Additionally, these DDJAY floors in Gurgaon are quite inexpensively priced. The government provides low-rise DDJAY Floors in Gurgaon in addition to DDJAY Plots in Gurgaon.

Deen Dayal Awas Yojana Gurgaon Floors:

1. Signature Global City Sector 37D Gurgaon:

Signature Global Builder is introducing its newest development. The name of the project is Signature Global City Sector 37D Gurgaon. This property is next to Proxima Sector 88, which is one of the greatest commercial developments in Gurgaon. This project is near hospitals, parks, and schools. Deen Dayal venture Signature Global City Sector 37D Gurgaon is available in form of 2BHK and 3BHK floors. The site’s advantageous location raises its living standards. Gurgaon’s employment hub is located nearby. Additionally, it gets the residents closer to places like Manesar, Sohna, Cyber City, Golf Course, etc. Major roadways which can be accessed include Dwarka Expressway, NH-8, Southern Peripheral Road, and Pataudi Road. The 10-acre Signature Global City Sector 37D Gurgaon has 50% open space. It includes world-class amenities like an open gymnasium, 3-tier security services, a skating rink, a squash court, a basketball court, a badminton court, a kid’s play area, and a community park lawn. Investing in this property will give you great returns in near future.

2.Smart World Floors Sector 61 Gurgaon:

Smart World Floors Sector 61 Gurgaon is one of the top and new low-rise residential developments which provide luxury 2 and 3-BHK low-rise independent floors. The project has been built beside Golf Course Extension Road in Sector 61. The vicinity sprawled over a total area of 25 acres. Smart World Floors provides excellent access to all the key locations of Gurgaon, including IFFCO Chowk (8 km), Sohna Road (7 km), Rajiv Chowk (12 minutes), Huda City Center (7 km), among others. In addition, Smart Wold Floor offer unparalleled access to all essential locations like ATMs, colleges, schools, hospitals, business parks, and so on. If you invest in this opulent vicinity, you may anticipate excellent profits in the upcoming years.

3. Signature Global City 63A Gurgaon:

Signature Global Builder is offering its latest housing project in Gurgaon, Signature Global City 63A. This luxurious vicinity is covering a total area of 15 acres. You obtain a new level of elegance, affordability, and lifestyle comfort here. Signature Global City 63A is a fantastic project featuring all wonderful amenities such as a mediation pavilion, automatic boom barriers, sunset point, yoga area, jogging track, and separate parks for children and senior citizens, among others. It will be a top investment with larger profits in the upcoming years.

4.Signature Global City 92 Sector 92 Gurgaon:

Introducing the brand-new Signature Global City 92, a high-end residential development that redefines what is luxury. This luxury living experience is your doorway to a world of richness and splendor, offering you a stunning combination of affluent metropolitan lifestyle and the sparkling glimmer of nature. Discover what genuine freedom means with the special separate floor residences that come with first-rate interior features. Stay linked to the rest of the world thanks to Sector 92, Gurgaon’s strategic location, and its several expressways. Signature Global City meets all of your needs incorporating a wide range of commercial centers as well as social and retail infrastructure. Get access to this well-planned modern lifestyle right away. It is a top project in Gurgaon with excellent potential for future profits.

5.MRG World Floors Sector 106 Gurgaon:

India’s renowned developer MRG Group has come up with a new housing project MRG World Floors in Sector 106 in Gurgaon. The 12-acre MRG DDJAY Independent Floors project is located in Sector 106 and is surrounded by a verdant landscape. In terms of quality, there are several interiors with contemporary fittings, as well as high-quality doors and roomy windows. The MRG World 106 Deen Dayal floors also include a wide range of amenities and conveniences. Stilt +4 constructions are permitted here. This policy allows the purchaser to register several floors. MRG Floors 106 is located close to Dwarka Expressway. It has superb proximity to Rajiv Chowk, Sohna Road, Cyber City, HUDA Metro, and Golf Course Extension Road. Invest in this property for significant gains in future ahead.

Deen Dayal Awas Yojana Gurgaon Plots:

1.Satya Merano Green:

Satya Merano Green is a DDJAY plot project situated in Sector 99 in Gurgaon. It is a project for affordable housing that was constructed under the Deen Dayal Jan Awas Yojna, Haryana. The estate has been developed on 9.5 acres of vast land, including a 50% open green area. This luxurious project is well connected to Dwarka metro station (20 min), IGI Airport (15 min), ITES SEZ/IT, Manesar, and IMT Sohna. Residents can avail of various modern amenities like indoor games, CCTV surveillance, a shopping complex, an outdoor swimming pool, a yoga space and fitness area, and a clubhouse. With an investment in this property, you may anticipate excellent future profits.

2.Adani Oyster Greens-102:

Adani Oyster Greens-102, the group’s most recent housing project, is situated in Sector 102A of Gurgaon and is designed with all the utilities, leisure amenities, and infrastructural requirements for an urban lifestyle. The project is registered with HRERA vide Registration No. RERA-GRG-PROJ-894-2021. The project is next to Delhi Public School, has good access to the Dwarka Expressway by a 60-meter road, and is close to the future District Park. You can get the best amenities in Adani Oyster Greens-102, including a kid’s play pool with water slides, indoor squash and badminton courts, outdoor tennis courts, a multipurpose hall, an indoor games room, a cafeteria/food court, coffee lounges and restaurants, a swimming pool, rainwater harvesting, and a kid’s play area. Investing in these floors is a smart move that will pay off handsomely in the long run.

3.JMS Plots Sector 5 Sohna

JMS Plots is situated in Sector 5, Sohna, and is an economical plotted housing project. JMS Buildtech created the project under the directive of DDJAY. It will lead you to a world of art, culture, and philosophy of beauty because it is close to Golf Course Extension Road. Separate registration for each level is accessible with the stilt + 4 Floors option. JMS Plots Sohna guarantees you a prestigious neighborhood and a luxurious lifestyle on 15 acres of premium real estate. Moreover, customers may choose from plots ranging in size from 100 square yards to 170 square yards. Prepare to experience the freshness of the air and the ability to relax in a natural atmosphere away from the bustle of the city.

4.JMS Prime Land Plots Sector 95A Gurgaon:

JMS Prime Land Plots Sector 95A Gurgaon is a state of art project developed by the JMS Group in Sector 95A, Gurgaon. The plots have been developed on an area of 100 sq. Yd.-179 sq. Yd. This opulent project has all top-notch amenities like a balcony, clubhouse, swimming pool, skating rink, basketball court, ample power backup, and so on. All the main landmarks and business hubs like Cybercity are a 15-minute drive away. Additionally, Dwarka, Delhi, and the NCR are all located close to this lavish project. A wise investment in this property will provide better rewards in the upcoming years.

5.Bestech Plots Sector 89A Gurgaon

The Bestech Group will soon introduce its first residential plots project. Bestech Plots Sector 89A Gurgaon will be a part of the Deen Dayal Jan Awas Yojana (DDJAY). Bestech Plots Sector 89A Gurgaon has received certification from DDJAY Plots Gurgaon as a planned township. Bestech Deen Dayal Plots are planned and situated in Sector 89A, one of Delhi NCR’s most quickly expanding areas. It provides easy access to Pataudi Road, NH-8, and the Dwarka Expressway. This upcoming DDJAY Plot in Gurgaon is priced reasonably and comes in sizes ranging from 100 to 180 square yards. Electricity and parks are some of the necessary high-status facilities that are offered here. It also includes a jogging track, a green park, and a rainwater collection system. Invest in this residential plot to avail great returns in near future.

5.Vatika Deen Dayal Plots Sector 89A

Vatika Group introduced their newest residential plots close to the Dwarka Expressway in sector 89A. This project is based on your budget. In the real estate industry, Vatika is a reputable Group that has completed several Residential and Commercial Projects successfully. The residential plotted township Vatika Sector 89A was constructed under the Deen Dayal Plotted Policy 2016. Additionally, Vatika Plots, a plotted development on 10.50 acres, provides 235 plots between 78 and 180 square yards at a reasonable price. If you’re seeking the finest way to invest in real estate while looking for Gurgaon plots, the greatest choice for you is Vatika Deen Dayal Plots Sector 89A.

If you want to invest in any of the aforementioned projects, which are located in some of Gurugram’s greatest areas, you can expect to get excellent profits and feel completely satisfied.

All the above properties are one of the best and will yield you best returns in the coming years only.

Source by: propertyxpo

The proposed development will comprise predominantly of premium residential apartments and will have an estimated revenue potential of approximately Rs 3,000 crore.

NEW DELHI: Godrej Properties (GPL) has entered into an agreement for development of 14.27 acres of land in Gurugram, Haryana, the company said in a BSE filing.

The proposed development will comprise predominantly of premium residential apartments and will have an estimated revenue potential of approximately Rs 3,000 crore.

Gaurav Pandey, MD & CEO designate of the company said, “This project will allow us to significantly increase our market share in Gurugram over the next several years and fits within our strategy of deepening our presence across key real estate micro-markets.”

The company had recently acquired about 18.6-acre land parcel in Kandivali, Mumbai. This project has a developable potential of approximately 3.72 million sq ft with an estimated revenue potential of approximately Rs 7,000 crore.

In November 2022, it had been declared the highest bidder for two adjacent land parcels in Noida for a total bid value of Rs 377 crore, according to the e-tendering portal of SBI, which facilitated an e-auction on behalf of New Okhla Industrial Development Authority (NOIDA).

GPL will develop residential group housing on these land parcels located in Sector 146, Noida. Spread over 12.4 acres, the two adjacent land parcels will offer approximately 3.2 million sq ft of development potential.

Source by: ET Realty

Introduction

Using a residential home for business functions has become a popular way to increase rental revenue. While housing societies frequently resist using the complete residential flat for commercial purposes, owners are permitted to utilize a restricted section. 

However, there are some restrictions and rules that you must follow. Possessing an office building is a wonderful approach for professionals to increase their business. You may utilize your residential real estate for commercial purposes only if your society’s management and zoning regulations allow it. It is worth noting that certain states have more permissive legislation that enables professionals such as physicians and attorneys to utilise up to 30% of their residential property for business activities.

Is There Legislation In India That Governs The Usage Of Residential Property?

The Zoning Law in India, enacted by the municipal government or authority, governs the use of land throughout cities. The usage of land in a certain region is defined by zoning regulations. The law attempts to divide residential neighbourhoods from commercial areas to protect people from the detrimental effects of commercial activity while still facilitating the growth of business sectors.

What Does The Law Say?

Services provided by resident advocates, attorneys, physicians, and accountants are among the permitted commercial operations in any residential area, according to the legislation. 

If your state enables you to utilise a piece of your land for commercial purposes, you must secure various licences, including the agreement of the society and the local municipal office, based on the nature of your business.

Remember that working from home is frequently tolerated in certain sections of the country. An operation involving the transfer of commodities from residential premises, on the other hand, is considered commercial and is normally not permitted unless appropriate licences are secured.

Once a property is designated as commercial, it is handled as such for all reasons, including taxation. Nevertheless, the following activities are not authorised within residential premises, according to Supreme Court orders:

• Banquet Hall 
• Any activity that includes the use of potentially dangerous or flammable chemicals.
• Automobile repair shops
• Construction supplies, booze, and junk food are all sold at retail stores.

“If you want to utilise a residential property for commercial purposes in Mumbai, you must get a No-Objection Certificate (NOC) from the relevant society.” You can use up to 220 square feet of business space in a residential flat. While back office work is normally tolerated by society, “activities requiring the use of property such as godowns, warehouses, refrigerated storage, and labs are not tolerated,” says Amit Desai, Owner of PropInvest Realty.

Important Things To Keep In Mind

Keep the following considerations in mind before turning a portion of your home into an office.

Obtain a shop/establishment license from the appropriate local authorities.

Before you apply, be certain about the area you require and the business you want to run.

Changing a residential property to a commercial property may result in higher property taxes. Depending on the region, size, and type of the company operation, the civic government would assess commercial rates on the property as well as water and power supplies.

Some enterprises do not need a government authorization certificate. Teaching, yoga, art, dancing, and tuition classes are often excluded from commercial costs.

This implies you can run these enterprises without having to alter the property.

Disobeying government restrictions and conducting commercial activity in residential zones without changing the property may result in significant legal issues, which vary by state. For example, in Noida, the punishment for conducting commercial operations from a private residence is one percent of the entire worth of the property, which is a sizable sum. As a result, before making any choice, always obtain legal counsel and take the necessary actions.

What is the distinction between residential and commercial property?

Let us first define the distinction between residential and commercial property:

A domestic zone is an area wherein existing homes such as flats, plots, detached houses, and floor flats are located. These regions may have hotels or motels but no department shops.

A business zone is an area that contains retail malls, commercial stores, office towers, hotels, clubs, restaurants, and so on. This zone is controlled by Commercial Zone regulations, which specify which commercial activities are permitted in specific zones. Some commercial operations, for example, are prohibited near religious sites such as temples, churches, or masjids.

Conclusion

We can see how critical it is to obtain a licence as well as all of the other approvals required to operate residential real estate as a business property. Residential property utilised as commercial property is governed by legislation in India. The Zoning legislation governs how properties are zoned and what land uses are forbidden and permitted. Some activities, such as selling liquor, car items, machinery, lumber, and so on, are prohibited in residential neighbourhoods under certain restrictions. If you want to utilise your home property for commercial purposes, you must obtain a licence from the local government. You will also face penalties if you utilise the land for commercial purposes without a licence.

FAQs

• How does a residential property convert into a commercial?

You will need to submit an application for special permission to the neighbourhood municipal authority, outlining the nature of the activity and the location you require for it. Additionally, approval from the Town Planning Authority may be required.

• Which type of property is used for residential or commercial uses?

Commercial real estate is anything leased to operate a business, while residential real estate consists only of single- and multi-family structures. Residential properties include all types of apartments, flats, and duplexes. Commercial real estate is compensated for by hotels, godowns, and startups.

• Can I rent my residential property?

If there isn’t a mortgage on the property, then yes. Mortgaged properties may be rented out with the mortgage provider’s approval.

• Can I use my flat as an office?

Yes, you are permitted to use rented space for business purposes. However, you must obtain all relevant authorizations, including the landlord’s consent, who can oppose or want to raise the rent due to commercial use.

Reference From : https://timesproperty.com/news/post/increased-unemployment-rate-to-affect-homebuying-blid3589