10 Ways in which RERA has protected the interest of homebuyers:

RERA-Act

1. Property developer is liable for compensating the homebuyer for any loss or damage caused due to incorrect/ false statement made in the prospectus or notice of advertisement.

2. Property developer is prohibited from taking more than 10 per cent as advance from the buyers without entering into a written agreement for sale.

3. Interest payable by the property developer and the buyers in case of default to be specifically mentioned in the agreement for sale. Also, the interest rate is to be as per rates prescribed which is being benchmarked based on SBI prime lending rate.

4. Any structural alteration/ addition to the sanctioned plan to be made only after obtaining a written consent of at least 2/3rd of the buyers (other than the developer).

5. Transfer of real estate projects to third parties would now require written consent of 2/3rd of the buyers and RERA.

6. Any failure on the part of the property developer to hand over the possession of the property in accordance with the agreement for sale would empower the buyers, at their will, to withdraw from the project and demand refund of the amount paid along with prescribed interest.

7. Developer will now be responsible for fixing structural defects in the property for five years after transferring the property to the buyers. Also, such repair work needs to be completed in a prompt manner within 30 days of receipt of written complaint from the buyers.

8. Any loss caused due to defective title would have to be compensated by the developer.

9. Real estate agents will also be required to be registered under RERA.

10. Non-compliance of provisions of RERA will attract a penalty or/ and imprisonment up to a maximum of three years.

The intent of RERA is loud and clear – satisfaction of homebuyers and providing them value for their money.  The only show stopper is that the State Governments have been given the right to frame rules under RERA and notifying the RERA authorities for the respective states.  The State Governments have been extremely slow in this aspect.

Durga Petals: A Symbol of Your Achievement

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“Achievements First”! The defining motto that oversees everything that we do and defines everything that we are. Achievements can take many forms and complexities. It could be something as simple as starting your first exercise routine to getting a promotion at work. Regardless of the type of achievement, the inert nature of achievements is that it acts as a confidence booster and provides a learning experience no matter how simple it is. The very fabric of achievements is that they act as success enablers in our life. They are with us all the time, sitting on our shoulders as crown jewels signifying and reminding us that it’s not the last and there are miles to go.

You’re a successful professional, a winner by your own right. You’ve earned a good place in your life. All you need now is an address to match. Fostering Urban Achievers, Durga Petals is the celebration of your achievements, spread over 5 sprawling acres, finished with 8 towers. Petals are the wings to your achievements, your zeal to achieve more and an address that truly mirrors the winner in you. Situated at Marathahalli Outer Ring Road, laced with 40+ amenities, the apartment complex has up to 70 percent open spaces and is finished with various zones catering to everyone’s needs. The 2.5 and 3 BHK apartments are a true reflection of your aspirations. Designed for comfort and crafted for quality, the towering apartment complex is the first digital healthcare enabled residential complex.

With 504 success stories to the house, Petals has got all the ingredients for a bestseller compilation. Stepping away from adjustments, the residential apartment complex is, by all means, an address to your achievements. At Durga Petals we don’t just present you with keys to your home, but rather a ‘Lifetime Achievement’ award as a celebration of the milestones achieved by you.

For more information on investing in Bangalore’s booming Outer Ring Road, visit us at our Experience Centre in Doddenakundi or click on www.durgapetals.in

Moving into a new house? Take a moment…

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Moving into a new house could be a whirlwind of excitement and nerves! A decision that brings you extreme happiness, but also adds a tinge of confusion. Are you completely ready? Have you got all the essentials together? Is your transport and settling plan in place? These are few pointers that you need to consider before moving into your new house. Here’s a walkthrough on all the essentials your checklist needs to have: –

  • Consider moving in as a good reason to weed out all the things that you haven’t used for years, which is languishing somewhere inside your house. Getting trapped in the mindset of ‘could be a future use’, could cost your precious time and money, and may also impact the freshness and vibe of your new house.

 

  • Prioritize your packing, starting with the things that you seldom use and label them accordingly. This could help you save precious unpacking time and get you going before you’re finished with unloading and settling down.

 

  • If you’re going to use a moving company, get your estimates as soon as you can. The slots could fill up quickly, considering how everyone is clamoring for the same spot either at the beginning or at the end of the month.

 

  • Start saving up on newspapers, let the hoarder in you come alive! These could be used for packaging. Also, be sure to procure small boxes against big ones, this helps to avoid heavy lifting.

 

  • Don’t buy perishables if your moving date is near. Packing a fridge full of food could leave you in the danger zone. Be sure to empty out your fridge before transporting it to your new house.

 

  • Plan an email blast to all your friends, relatives and colleagues, be sure to intimate your bank and post office about the change of address.

 

  • Moving into a new house could be quite stressful for your kids, moving away from friends and the locality could leave an impact on them. Take a stage by stage approach in informing them about the relocation. This could help them get prepared mentally and keep them reassured.

Once you have this checklist implemented, you are good to go

Check out the latest offering from Durga properties: Durga Petals.

Home Buying: The basics of owning your own home

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Buying a house is a dream come true for many. A process that involves a lot of thought, anxiety, and careful decision making. There needs to be an understanding of the market primarily, current mortgage situation, affordability, accessibility to the property location and then you narrow down on the right house that would suit your family’s needs. Easier said than done, the course of action that goes behind buying a new house can be exhausting and cumbersome.

There is no definitive age when it comes to buying a new house. You could be newlywed, about to be a parent, or a senior citizen who had worked relentlessly to get a space of your own comfort and zen. Aimed at easing this decision making, the article throws light on some of the challenges and the factors that need to be looked upon for the above-mentioned social segments.

Marriage, a beautiful culmination of two souls. Moving into a new house for a newlywed is indeed a brainwork for the couples, starting from managing a house of their own to selecting a location closer to the near and dear ones. These decisions are however made much further into the purchase plans, here are few primary factors you should consider: –

Are you ready financially?

This is typically focused on figuring out the bare minimum credentials that a mortgage broker would require before approving the loan. To successfully meet your financial goals, it’s necessary you have a credit score of 750 or higher, have at least five to ten percentage of your purchase price as your down payment and an emergency fund for three to six months for household expenses.

Are you sure about the location?

Selecting the right location is of utmost importance. Make sure the daily commute is comfortable and not tiring. Is the area upcoming? Are there a lot of young couples around? Given that your house is going to be your home for quite a while, would it be the appropriate locality to raise your children? Also, the amenities should be such that it should help you enjoy and discover your marriage life, rather than worrying about maintenance and responsibility of mowing.

Parenting, a decision induced with various psychological factors and emotions. A responsibility that calls for a lot of nurturing, care, emotional and physical support. Knowing the present and future requirements of the family is a crucial factor that governs your decision-making process. Here are few other steps that you should also focus on:

Optimum Space

Before you finalize on your home, make sure the space is adequate for your children to play and grow. It’s also imperative that the house has a lot of open floors so that you can modify it per your evolving family needs. It’s of utmost importance to know if your house is ensconced in an educational hub.

Nice Neighbours and Appropriate Safety

It is important to have a good neighborhood and families with potential friends for your children. This gives them an opportunity to interact and learn. In addition, it’s imperative to make sure that there are no sharp corners, open stairways, and banisters with wide gaps in the house. This ensures the safety of the children.

As a retiree, you’re looking for a home surrounded by tranquility and serenity, looking forward to spend more quality time with your family. The driving factors in deciding the right house should act as a guarantee to your years of savings and a security factor to health. Here are few factors for senior citizens to consider:

Centre of Everything

Be sure of the location, amenities, ambiance and the overall living style of the community. Your house should be with-in minutes’ reach from hospitals and other emergency services.

Evolving needs

With every passing year, the requirements of the body are continuously changing. At sixty, your body is probably in a state to use a staircase but it wouldn’t be the same when you’re seventy. Ensure your house is subject to the modification that co-operates with the changing needs of your body. Also, an advanced calculation of the expenses and the working capital that would be required to meet the requirements of the daily household.

For more information on investing in Bangalore’s booming Outer Ring Road, visit us at our Experience Centre in Doddenakundi or click on www.durgapetals.in

A Winning Budget for the Real Estate Sector

 

Budget GrowthThe Union Budget proposed by finance minister, Mr. Arun Jaitley has provided a warmth amid the cold winter, especially for the real estate developers across the country. The budget provides infrastructure status to the real estate sector which assures that the property market will receive government incentives, tax benefits and subsidies. What more, Developers can also get bank loans at minimal rates – a massive boost to the real estate as an industry sector.

Getamber Anand, National President, CREDAI says, “Affordable housing getting infrastructure status will enable efficient supply of housing stock in the country and provide benefits associated with it.” Mr. Anand’s statement strikingly evidences the following policy benefits,

The Industry status also means that both the owner of the land and the developer can remain worry free on any risks related to lands, and ensure transparency. The Joint Development project would encourage interested land owners to offer their lands to the developers, a sign of a potential growth in the real estate sector.

Land transactions given a boost – According to JDA (Joint Development Agreement), the new tax reforms would result in making a significant impact leading to increase in the allocation of land to the property landscape. This is also highly indicative of resulting in easing and greatly improving the land transactions.

A welcoming change for the developers is that the buying window for affordable housing has been changed from built-up area to a carpet area. In metro’s, the applicable calculated limit stands at 60 sq.mtr in metros and border areas of the four metropolitan cities, whereas in the rural parts the limit applicable is 30sq.mtrs. A great news for the developers is that tax on notional profits are deferred. Tax is incurred only after one full year and upon the completion of a project with a completion certificate.

In a measure to provide tax relief to developers, the holding period has been reduced from 3 years to 2years. This move helps investors in the property market who have stocked more inventory to be relieved from tax on capital gains from 3 years to 2 years.

Check out the latest offering from Durga properties: Durga Petals.

Outer Ring Road: – A true buyers’ choice

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The northern part of Bangalore once considered to be a sleepy town is now one of the upcoming hubs. The stretch of Outer Ring Road consists of IT parks, Malls, Hospitals, and Educational Institutions making it, a perfect package for those looking to invest in properties.

Location is one of the most attributing factors that rope in a lot of potential property buyers to this part of the town. With the road leading to the international airport, the stretch caters to various IT parks like Baghmane and Manyata to name a few.

The accessibility to Banaswadi and K.R puram railway station adds to the convenience factor of having a home at ORR. The northern part of town also dots a lot of scenic lake views such as Hebbal and Thannisandra lake. This not only provides the much-needed water resource but also a circulation of fresh air to these regions.

Unlike other regions in the city where the infrastructure cropped up post the IT boom, the northern part had a well-established infrastructure already in place before the construction of the international airport which led to an explosion of growth in this region. It’s further improvised by housing and commercial properties in this stretch.

The growth potential of the region is enormous, if you’re looking to make an investment in this part of the town look no further, the property value of this region is set to shoot up to 42 percent in the coming years, giving a true meaning to the return on investments.

Price advantage ought to get your attention when making an investment decision in this part of the town. On comparison with other regions of the city an investment in the north region is yet more feasible. But this could be a short-lived feature since there’s been a 10-15 percent expected appreciation in property surrounding the region.

Durga Petals is aptly situated on the Outer Ring Road IT corridor. A premium apartment spread over 5 sprawling acres consisting of 8 towers. Durga Petals is your one stop location if you’re looking to buy 3 bhk apartment in Bangalore in one of the hubs of northern Bangalore.

With over 40 amenities, the project is carefully designed to suit all your needs. The project is carefully designed to make your life more comfortable and provide you with a true sense of home. Durga Petals features amenities that give other project on the vicinity a serious competition.

Dawned with 70 percent open spaces there are various zones which cater to the needs of every citizen. Malgudi a section that takes your game play to the next level, featuring life size game boards, the experience is bound to trigger the kid in you. Nukkad houses a wide variety of arenas and courts such as badminton and basketball. Panchayat a zone specially designed for the senior citizens with a dedicated gazebo and chit-chat zone. Aangan a special recreation zone consisting of a swimming pool, rain dance floor, party arena and a barbeque area. Rangoli club house features top class amenities such as Gym and Spa, work from cubicles and few other effective amenities.

Exclusively designed with comforts that keep you close to the nature, Durga petals boasts all the aspects of a perfect home.

For more information on investing in Bangalore’s booming Outer Ring Road, visit us at our Experience Centre in Doddenakundi or click on www.durgapetals.in

 

A Perspective on modern housing trends

There are a million types of people in this world, we have rich, the poor and the ones who aspire to be rich. Now, why am I talking about the riches & poor??? Well, the reason is Housing, its a perspective about housing through my eyes. There comes a lot of reasons to have a home, one might have it for the purpose of shelter another for maintaining his standard..we have housing from huts to bungalows.The Joy of having own house is considered to be one of the best feelings I feel !, A big fat one with all beautifully constructed, such a personal achievement!

One might have his own concepts about housing, few might go for independent houses and the rest might opt for apartments/flats. It’s a long way until you get your home ready, right from the internet to the realtor and to the final settlement, one must take utmost care in choosing the right realtor to make the entire flow hassle free. There are a lot of instances where people get frauded by realtors or have their whole project badly baffled. So the first and foremost importance have to be given in choosing the right person to rely upon.

That satisfaction after completing your first home is always priceless! it’s such a proud moment to have an investment for a lifetime. Present times has taken us to the world where individual choices and attention to detail are given the top priority. We now have interior designers to tailor according to our needs, I personally feel this is such a great change which happened in the housing evolution..we then had houses being constructed according to the engineer but now we do get the option to customize everything right from the floor to the roof.

Getting an individual house nearby your workplace may not be the easiest thing one can think of, this being one of the reasons people prefer investing in apartments/flats. They are more preferred due to the convenience and safety they offer. It’s easy to own, easy on pockets and also offers a lot of other amenities. The only tough part is to find the right apartment in the right locality and the rest is completely being taken care by the builder, also a lot of financial support from the banks linked to the builder is an added advantage as well, now this makes apartments a perfect choice for the corporates as it’s an easy process and hold good value for money.

If you are reading this from Bangalore or you are planning to settle down in Bangalore, why don’t just spend a while looking at the latest offering from Durga projects?

Check out the latest offering from Durga properties: Durga Petals.
Here are the Testimonials by the buyers 

The Benefits of Aluminium Formwork Technology

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The recently approved real estate bill aims to maintain a high standard of construction in the Indian real estate market. Complaints targeting developers who promise dream homes for consumers but deliver buildings that are below the stated standard seem to be flooding the various communication media on a regular basis. This does not bode well for an industry whose customers and stakeholders are starting to lose confidence in them.

The industry could solve problems that affect their customers by adopting new and improved technologies that have been tried and tested globally to ensure they meet deadlines, maintain a high standard of finishing and construction and save money in the process. One such technology that should be implemented is Aluminium Formwork Technology.

A tried, tested and approved technology

Aluminium Formwork Technology has been successfully used in projects in Japan, Malaysia, Singapore and the Middle East. Comparatively new to India, this  technology is fast rising in popularity due to the ease and efficiency with which it saves the construction and real estate industry cost and time while improving the quality of the finished structure. As projects in India tend to be on a large scale with many different structures involved over a large area, aluminium formwork technology is extremely suitable for achieving quality and speed of the highest level. This system ensures faster delivery of construction projects as compared to other construction technologies.

Such a formwork is fast, simple, adaptable, extremely cost effective and unique thanks to the fact it forms all the concrete in a structure. This includes floor slabs, columns, beams, stairs, and various decorative elements featured according to the architect’s design. Efficiency is increased when the formwork is used for Reinforced Cement Concrete load bearing. The outcome is an extremely strong and durable building with excellent finishes.

What is so unique about Aluminium Formwork Technology?

There are clear cut benefits that developers stand to gain from using this technology. These are as follows –

  • Cost: Using such a formwork in load bearing designs assures an average of 15 percent cost saving in the structure of the building. This formwork also leads to an increase in usable floor space of 8 per cent over a conventional RCC design.
  • Time: Aluminium Formwork allows the project to be finished at 1/6 the time it takes using slab beam wall construction.
  • Environmentally friendly: This formwork is extremely friendly to the environment and nature as there is zero usage of timber. The formwork gives a box like design which results in the walls providing support to the superstructure in various directions. This makes the structure more resistant to earthquakes as compared to RCC column designs.
  • Lifting: The formwork being lightweight, usage of tower cranes is not required.
  • Labours: No requirement for skilled labour due to its simple assembly.
  • Repetitions: Aluminium Formwork System is removable and is reusable with minimal maintenance.

Where has Aluminium Formwork Technology been spotted globally?

This formwork has been a mainstay of most global construction projects. A commonly used technology in the Far East as well as Middle East, Aluminium Formwork Technology can be seen in the creation of the grandiose towering skyscraper of the KLCC Tower in Kuala Lumpur, Malaysia, the HABICO tower in Vietnam, the Vinaconex in hanoi and the famous Burj Khalifa in Dubai.

It is only a matter of time before developers realise the true benefits of adopting this technology. The sooner the adoption takes place the sooner the real estate industry can begin rebuilding its reputation and instilling confidence in its customers.

For a clear demonstration of how Aluminium Formwork Technology is beneficial to building real estate structures, walk in to the Durga Petals Experience Centre on Doddenakundi, Outer Ring Road today.


References

1. http://www.dnaindia.com/india/report-real-estate-bill-with-tough-teeth-gets-cabinet-nod-2075612

2. http://files.hostgator.co.in/hostgator181958/file/aluminiumformworksystemintro.pdf

3. http://files.hostgator.co.in/hostgator181958/file/aluminiumformworksystemintro.pdf

4.  http://www.gokulconstruction.com/wp-content/uploads/2011/09/Kumkang-Kinds-Aluminum-Formwork.pdf

Are you a NRI looking to make a home investment in India?

NRI Investment

India is one of the largest economies in the world that provides potential buying options in real estate for NRI investors. With the rupee falling, the real estate market has opened up a lot of investment opportunities for Non-residents of India.

Not only that, if you have taken a home loan to purchase the property, you can also use the rent amount to pay off the EMIs for home loan making it feasible to own residential property in India.

According to a report on MoneyControl which quoted market expert Subhash Lakhotia saying that, if a Non-Resident Indian invests in a real-estate property today, then surely it will bring higher appreciation in the years to come and that the investment made today will not bring any regret.

Keeping this growing investment trend in mind, here is some necessary information that potential NRI investors should follow before investing in Indian real-estate.

Facts:

According to report on Business Insider,

Studies indicate that NRI investments in real-estate will surge by 35% against 18% from the last fiscal year.

According to the survey conducted for the report, NRI’s are interested in premium properties that feature high-end residential complex with state of the art amenities and commercial properties.

The report also says that Bengaluru is one of the prime locations for NRI’s to make home investments.

The major reason for Bengaluru to become one of the favourite locations for owning residential property is because of its IT sector.

The other locations which are sought after are Ahmedabad, Pune, Goa and Chennai.

A large number of enquiries about properties are coming from Indians residing primarily in the Middle East, the US, Singapore, Australia, UK, Canada and South Africa.

Tips for investing in India

Understanding Market Scenario

Conduct thorough research on the economic situation in India and market rates before investing in India.

Familiarize yourself with exchange rates and taxation applicable on your home investment.

The centralization system in India, leads to steep growth of population and real estate value in the periphery of cities. Hence, buying real estate in upcoming cities, second tier cities or periphery of developed cities/metropolitan areas can lead to increased rate of return when compared to investment in developed parts of cities.

Ground checks

It is important to conduct thorough ground checks of the property.

Examine all the legal documents pertaining to the investment. There have been many cases of residential complex being built on agricultural land or on land meant for low-cost housing.  In such cases, the government has the full power to stop construction and deem the investment as illegal, irrespective of who buys the property.

Familiarize yourself with governmental acts such as Foreign Exchange Management Act and the Income-Tax Act before investing in real-estate in India.

If you are availing the help of a builder/real estate agent, you have to check his/her reputation and track record before deciding to engage him/her. These precautions will help you avoid future troubles and prevent you from becoming a victim of real estate fraud.

Understand Taxation on residential properties

Taxation depends on the kind of property you are buying. Service tax applicable for a property by a builder is 12.36% on 25% of the total price for apartments up to 2,000 square feet and 30% for bigger apartments.

Making the Purchase

After narrowing down to a property of interest, you will arrive at a price at which the sale is agreed. Make sure to draw up a sales agreement on a stamp paper which will mention the final amount, advance payment or down payment and the time limit set to pay the due amount with details of instalments.

We hope that this information was helpful enough to encourage you to make your first Indian home to be a Durga Petals home.