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What is RERA? Why is it Essential?

Real estate being one of the largest sector out there in the market has seen a huge shift in the way of administering the business. The transformed advancement adopted by the sector in the way of conducting the procedures and activities has got this sector boom with noticeable speed.
The Indian Real Estate sector, after IT, is the largest employment sector in India. Hence, it has a direct impact on the economical growth of the country. In essence of which, the Government has passed and implemented a number of acts and regulations for the smooth conducting of this sector. RERA( Real Estate Regulatory Authority) is a body established to manage and monitor the sector. This facilitation will implement the Acts and Rules enacted by the Government of India and make sure of the promotion and growth of a transparent, efficient and healthy regulation of the sector.
In the past few decades, the Real Estate Sector had a stigma of an unimpressive performance. The Real Estate sector had witnessed decrease in demand, increase in number of unsold inventories, which in turn affected the liquidity for developers and delay in possession. All of it had become a vicious circle. It had massively impacted the reputation of the Developers.
However, since RERA has come into action, Real Estate sector has seen a huge change in the performance graph pointing towards the north.

The Key components of RERA are as follows :
1. Real Estate Project Registration – All the residential and commercial projects will have to be registered under RERA. No developer/promoter shall promote, market, sell, offer for sale or invite any buyer to purchase any property prior to the registration. Any developer/ promoter fails to register any project as per the Act, shall be liable to penalty that can extent upto 10% of estimated cost of the project. On continued violation shall be subject to punishment of imprisonment of 3 years or extended penalty of more 10% or both.
2. Real Estate Agents Registration – All Real Estate Agents should be registered under this Act. No agent can perform sale or purchase of any project or act on behalf of any person to facilitate the sale or purchase of any plot, apartment or building, without registration under this Act.
3. Filing of Complaints – Any aggrieved person can file a complaint with RERA with respect to any registered project for any violation of the provisions of this Act. The Authority shall adjudicate for speedy redressal of issue. If aggrieved in directing or decision by the adjudicating authority, the person can further appeal before the Appellate Tribunal. If aggrieved by the decision of the Appellate, the person may file an appeal to the High Court.
4. Financial Discipline – The Act aims at ensuring a strict financial discipline in real Estate sector. Below are some important provisions of it :
• A Developer/promoter isn’t allowed to accept more than 10% of the cost of any Real Estate property as an advance payment or application fee from a buyer without entering into Written agreement for sale and registered the same.
• Promoter to compensate the buyer for any false or incorrect statement with full refund of property cost with interest.
• Project accounts to be audited/ FY copy to be submitted to MahaRERA
• Provision for RERA to freeze project Bank Account upon non compliance of act.
• Provision for RERA for stronger financial penalties for non-compliance.
5. Transparency – Details of all the projects registered should be available online for the citizens including sanctioned plan, layout plan, along with specifications, floor space index to be consumed, number of building or wing to be constructed, the stage wise time schedule of completion of project, the provision of civic infrastructure, quarterly updation of the booking and availability of inventories, parking and garages booked, quarterly updation of status of the project, etc.
6. Citizen Centricity – Citizen shall be able to view all the details regarding any registered project on the MahaRERA website.
• Promoter cannot make any changes or alterations in any sanctioned plan, layout, fittings, amenities without previous consent of atleast two-third of the allottees other than the promoter, who have purchased apartments or any sort of property in the project.
• If the promoter fails to complete or give possession of any apartment, plot or building with the registered timeline, he shall be liable to pay interest of every month of delay. Further, if the allottee wishes to withdraw from the project, promoter is liable to return amount received by him with interest.
Real Estate Regulatory Authority is nothing but an advancement towards the growth of real estate sector in India, ensuring, fair trades, transparency, accountability and financial discipline.

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Thane as a Location.

In the growing competition of real estate industry, Location has always played a vital role in the decision of choosing the right catch for your requirement. As it is further linked to every aspect of your life. It is very essential for the location to be convenient in essence to the traveling, the surrounding infrastructure should be liveably efficient. Like; Schools, Colleges, Hospital, Supermarkets, Malls, Entertainment, etc.
In the past few years, Thane is one such location that is rapidly developing and becoming more and more lively with each year. Thane as a Prime Location itself, has a wonderful connectivity to the other Prime Locations like Mumbai and Navi Mumbai.
Let us see a few points that made Thane one of the favourite of developers as well as home buyers,
Connectivity
Thane being the centre is conveniently connected to the major locations.
45 mins from Western Express Highway.
50 mins from Navi Mumbai.
1 hour 15mins from Colaba.
45 mins from Dombivali.
Connectivity to Business Districts
BKC
Bhiwandi
Powai
Mindspace
Airoli
Excursion Spots within 100 kms of Thane
Along with wonderful connectivity to the cities, Thane also connects to some of the beautiful weekend getaways that would also serve to your weekend plans with friends and family.
Malshej Ghat
Lonavala
Matheran
Alibag
Apart from these, Thane in itself is a host of Resorts like, Suraj Water Park and Tikuji Ni Wadi, which can be a quick refresher to your everyday busy life.

Education
Thane serves best of the Education option with many top level schools located within.
Smt. Sulochanadevi Singhania School
Arunodaya Public School
Hiranandani Foundation School
DAV Public School
Poddar International
And many other international schools
Colleges
Along with Primary and Secondary Education, Thane also has High Schooling in place with good Educational Institutes.
Muchhala College
A.P. Shah Institute of Technology
Bedekar Institute of Management
V.P.M’s Polytechnic

Top Hospitals
There are a number of Multi- speciality Hospitals in Thane that ensure you a secure and accessible Healthy Life.
Jupiter Lifeline
Hiranandani Hospiatal
Bethany Hospital
LOK Hospital
Divine Multi-speciality Hospital
Lifecare Hospital
Vedant Hospital
Lifestyle & Entertainment
Lifestyle again isn’t any compromising factor when you opt for Thane. Thane is a home to many Malls. So, your basic needs of lifestyle is taken care of. Also, It allows the entertainment in your life to be lively. Be it watching movies in these malls or shopping with your Family and Friends.
Viviana Mall
Korum Mall
R Mall
CineWonder Mall
Lake City Mall
Along with the above, Thane also has entertainment option for audience of a different or classic kind, like
Kala Bhavan
Dr. Kashinath Ghanekar Auditorium
Gadkari Rangayatan

All of these above reasons to make it the right choice. Yet it has much more to offer for a good life. The Air Quality Index(AQI) is 63, which is Good. As per the AQI reports it much more air friendly environment in Thane as compared to the other major cities.
FUTURE DEVELOPMENTS IN AND AROUND THANE
Metro Line 4
The Metro Line 4 starts from Gaimukh and is planned till Wadala. The Construction of this is al;ready in early stages. This metro line serves below stations in Thane,
Kasarvadavli
Vijay Garden
Dongri Pada
Tikuji-Ni-Wadi
Manpada
Kapurbawdi
Majiwada
Cadbury Junction
Mahapalika Marg
RTO Thane
Thane Teen Hath Naka
The Metro Line 4 will connect you to proposed Metro Line 10(Gaimukh to Shivaji Chowk, Mira Road)
And from the other end will connect to the proposed Metro Line 11(Wadala to CSMT)
126 km Multi Modal Corridor from Virar to Alibaug passes through Thane.
Kharbao, one of the village near Thane Creek is one of the stations. And hence, TMC has planned a bridge to link Ghodbunder Road to Kharbao from Mogharpada to connect directly to the Multi Modal Corridor.
Hence, there is no second thought to the point that Thane at this point is the Best option as a location for property buying be it as Self use or Investment.

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Raymond TenX – Enjoy Leisure With Pleasure

Enjoy a Lush Of Green Leisure Full of Pleasure..

 

In the growing infrastructural development, we find it a difficult to breathe in fresh and clean air?

Upgradation to Lavish and Luxurious life has also consciously or unconsciously pushed us towards a concrete jungle, and we have lost the beauty of serenity.
Hence its an uphill quest to find a home that is well connected to city and also a peaceful escape. However, nothing if looked for at a right place is impossible to find.

Looking at the cluttered living and unbalanced living, many top developers today are focusing on a township projets that provide lush green landscapes.

 

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Hidden Jewels of Real Estate

Hidden Jewels of Real Estate

Your Property our Priority!!

Real Estate is considered and believed to be the best investment option. Unlike, stocks and shares, this involves less risk. Besides, investing in real estate is long term. As compared to other modes of investment, this needs lesser attention and skills. All you would need is basic knowledge of real estate and study of the property that you would be investing in

However, as easy as it seems, the study and research should be good enough for you to justify your decision. If you want to add value to your money, It needs a lot of planning. A lot of factors come into consideration. Again, this differs if you’re looking for investing in real estate or self-use. If you’re looking for a Ready to Move or an Under Construction property. Every alteration in the choice will have modifications in the planning. It’s an easy-tough decision to make. And however easy or tough that this process is, most importantly, it’s a Big Decision of Life. So it’s good to choose the right and make sure it doesn’t burn a hole in pockets.

Real Estate is a huge industry and has a lot of competition. A lot of top well-known developers and end number of others. In the quest of finding the best, we explore a lot of properties through some advertisements, campaigns, etc. We look through a lot to make sure our decision of investment in any real estate property doesn’t go wrong. But in the entire journey, we miss out some really beautiful projects by not so known developers, which are not much into marketing and of less hype. There are a number of such projects that are not known to many but are in true sense ‘ Value to Money’ projects.

We, at PropertiesMela, understand you and so we are more than happy to take a step ahead and introduce such projects which may not be a big name but definitely a big value to your money. Each day we will bring to you information that will guide you through.

Every week, we will come up with a project that is not only a perfect option for investing in real estate but also budget friendly and with modern planning.

 

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Why Palava City?

Palava prime square

Palava planned and designed integrated city by the smart minds. Developed by the Lodha Group and managed by Palava City Management Association is named to be the smartest city in India.

Palava has been home to over 20,000 happy families. This city offers a range of international standard facilities including world-class educational institutions, high-quality sports facilities, Xperia mall within the project, 5-tier security, grand clubhouses, community spaces and more.  Palava brings you the fulfilling urban life in a progressive ecosystem.

Palava is located at the junction of Dombivali, Navi Mumbai and Kalyan. It is conveniently close to the major Hub locations. It is envisioned to become the largest ever privately planned development in urban India. A smart city with highest liveability quotient.

Happily delivered the homes to the families in lively Phase 1, Palava now is developing Phase 2 of this city. This phase is marked with a 100 acres of Forest Greens & 100 acres of Commercial district. This is not all, there is 2.5 Km of dedicated lane designed for the high street premium Retail outlets. Along, with this there is 16 acres of land parcel allotted for Olympic standard sports complex.

A centre to a lively lifestyle, entertainment, health centres, educational institutes, sports and everything you would need for a proper contemporary lifestyle. Palava is preparing to be listed in the top 50 most liveable cities.

Come be a part of the smartest city and elevate your lifestyle upgrading it with the best.

Pre Launches and Exclusive offers available.

For more details contact us, we will be glad to help.

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Regal London Living – Lodha Sterling Thane

Lodha Sterling

 

Dreaming of the Finest Lifestyle? Tired of the City Chaos and Still don’t want to move out of City?

Come, experience London Living in Lodha Sterling Thane.

Lodha Sterling offers 6 low-rises, low-density mansion blocks set around private garden squares. Designed with London Theme, this project aims to be the home to the finest families of Thane and around. Spacious homes, Grand open greens elegant stone and metal facades, floor-to-ceiling windows, exceptional ceiling heights and finishes, Lodha Sterling is everything that you wouldn’t expect a Thane development to be.

The CROWN, which is the highlight of this project, is an internationally-acclaimed 30,000+ sq. ft. club has been featured in the Top 20 upcoming leisure + retail spaces 2018, in the Architectural Review MIPIM London – the only residential clubhouse in the world to be featured in this prestigious list.

Situated in Prime Central Thane, nestled in the greens, Lodha Sterling seems to a secluded calm spot far from the city yet close to it. Lodha Sterling offers great air quality being amidst the verdant greens of nature.

Looking at the connectivity, it is very feasible to both Central and Western Suburbs and to major Business Hubs. Being near to the A Grade offices, your work and entertainment is just a few moments away.  The location also offers convenient access to major hotspots of Thane like Viviana mall, Jupiter hospital, top-notch international schools etc.

Have a Look at Lodha Sterling Property 

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STAMP DUTY TO INCREASE ON PROPERTY BY 1% in MUMBAI.

Just when the Real Estate market in Mumbai decided to show some positive trend, the government have proposed to levy surcharge on stamp duty by 1% on property deals, making buying houses even more costly.

The Government has proposed to increase stamp duty to 6% from existing 5%. The State Government published draft of the Second Amendment of Mumbai Municipal Corporation, Act, 2018 by insertion of Section 144 F where it plans to levy additional stamp duty on transfers of certain immovable properties. This will increase the cost of the transactions of realty deals and is expected to further have an effect on the already difficult market in the short-term. This additional surcharge is likely to disappoint overall sentiment and will impact the market. We might see delayed decisions from potential buyers, especially for those seeking property in the affordable market, as their budgets are likely to suffer a blow due to this hike.

The real estate sector in the past few years continues to be plagued by slowdown due to decrease in sales and new launches. However, things are gradually improving this year as builders are now decreasing rates and also giving lucrative schemes to woo homebuyers. Banks have also eased norms and brought down interest rates on home loans.

According to the Urban Development Department, the amount collected will be used to fund infrastructure projects in the city such as the metro rail, monorail and bus rapid transport system, including freeways and sea-link.

This proposed surcharge will bring a drastic change and it isn’t so beneficial to Developers that are attracting sales by waving off stamp duty charges as either they will have to absorb the higher stamp duty cost or add up to the buyer’s total cost resulting in delayed decisions from potential buyers.

How this will impact the buying decisions, Time will tell.

Will keep you updated with new developments.

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How to Buy a House? 10 points you should look forward to while buying a dream home

Land Buying tips
How to Buy a House! is a Dream which is more of a responsibility in today’s competitive market It involves a lot of planning, a lot of studies includes a lot of factors that influence the buying decision of a buyer. Today, in this article, we will touch base a few points that will Guide you to  How to Buy a House?  every buyer should consider while buying a property either for self-use or investment.
 
  1. Floor Rise: Most of the Builders in Mumbai ask for an additional premium for units with better views or upper floors. This premium rate is normally 20/- to 50/- per sqft per floor. Even after you pay the premium charges it is not shown in any of the documents. Your house would still be registered at a rate per square feet they have quoted for you. See if your builder can remove it off or reduce it; most do. Remember Customer is the King and if you bargain hard with an intention of buying the unit most of the developers would waive it off.

 

  1. Construction Quality – The construction quality of any project is always a major concern while opting for a property. A bad construction may result in a number of problems later. So it is very important to make sure the construction is dependable. Nowadays most of A Grade developers use ‘Mivan’ technology, which is an innovative form of work suitable for constructing houses in large volumes at a higher speed. It’s a Malaysian technology that gives a smooth finish and is also comparatively safer in times of earthquake. Mivan also reduces the problems like leakage, cracks etc.

 

  1. Amenities – A stand-alone tower is no more a choice to many. In the growing modernization, amenities play a vital role in the choice of home. However, even if it seems all lavish and flashy, the most important thing to consider is the ratio of people or population residing in the project with the number of amenities available The Amenities provided might seem large when you see of it on an individual accounts but, if you consider the number of people/ families that will reside in the project, these amenities actually happen to be smaller or of regular size.

 

  1. Location – When the Question pops up in your mind How to Buy a House? the first thing is Location, isn’t it? Location of a project is that one primary factor that influences every other factor. It defines connectivity, future development, management, appreciation, pricing, etc. Whenever we look for a home, we do check the means of transport in the vicinity. The feasibility of the location is very important, especially for a residential project and more importantly when it’s your first home.

 

  1. Social Infrastructure/ Future Development – Social surrounding is very important to a residential project. Educational institutes, Malls, Entertainment centres, Shopping centres, etc should be in the close vicinity. At times when you invest into An under construction project, you may not find the location very developed, but in the coming years have a large scope of developments. If we hold an example of Ghodbunder Road, Hiranandani Thane, Hiranandani Powai, initially these projects weren’t that of a wow factor as the location back then weren’t so developed but today these are some of the landmark locations in Mumbai and Thane.

 

  1. Management – Another important thing to take care of is to see under what management does the project fall in and of how the management body works to ensure emergency help and basic needs like water supply, and electricity is taken care of well. Also, to see for how long would the developer be maintaining the project.

 

  1. Land History – The land on which the project is planned is the one thing you’ve to check through for the history. If the land is freehold or leasehold. In leasehold, the land belongs to the state and is leased to the owner for a certain period. At the end of the lease period, owners must pay to extend the lease. Most Banks will not finance a property if the lease period is less than 30 years. In freehold land, the land belongs to the owner itself. Banks finance freehold property easily.

RERA Verification: Verify all the records (through online government portals).After RERA coming in it has become easy for a buyer to verify all the documents pertaining to the land and the project on the portal itself of the developer.

 

  1. Subvention Scheme – There are three parties-the buyers, the banker and the developer. The buyer can book the property by paying 5-20% money upfront. The rest is paid by the bank in the form of a loan to the buyer. The bank disburses the loan to the developer as construction progresses. All this is routine. The most important aspect is that the developer bears the interest cost till possession or for a fixed period mentioned in the buyer-seller agreement but there is catch to it As Lucrative as the subvention scheme looks, it is a high risk to take. When you opt for a subvention scheme, you give the key of your CIBIL score in the developer’s hand. The builder is responsible for paying EMIs on your behalf in this scheme. If That has defaulted for any reason, it effects your CIBIL SCORE.You may also face project delays. On most of the consumer complaint forum, you will find a large number of people complaining about project delays under such schemes. Also, the cost of the property increases vis a vis if you buy without subvention scheme in short the interest paid by the developer to the bank is taken by you indirectly in the form of inflated price for the unit.But should you still want to go ahead with a subvention scheme then check for the following points .
    1. Check the financial strength of the developer. Also, try to find out about its past record of delivering projects on time.
    2. One should check the promised possession date in the documents and the penalty to be paid by the developer if the project is delayed.
  • Read the fine print. Go through all terms and conditions of the agreement before signing it many a time the catch lies in the fine print of the details. Many buyers sign up without reading complete details and then cry of foul play. There is a lot to see through in this, so it very important to be safe than sorry .

 

  1. Pre-EMI is the payment of interest applicable on the loan only. This amount is paid in the period during which the house/ building is being constructed.With the payment of each monthly instalment using the Full-EMI option, the principal amount and tenure get reduced. On the other hand, the EMIs paid using the Pre-EMI option do not have any impact on the principal amount, loan repayment tenure, or rate of interest.
    1. It is a strategy to give a number of options to the buyer to confuse them. “Confuse to Convince” is the best strategy in marketing. Talking of Pre EMI, when a buyer is given this option, it looks very lucrative in terms of finance management as in the beginning the buyer only pays the interest amount till the date of possession and has to pay the actual EMI after the possession. For example, if the developer gives the possession after 3years and the loan period is of 20 years, you actually make payouts for 23 years, where in fact you end up paying more of the principal amount.

 

  1. Budget – Last but not the least, Budget. Every individual holds a specific budget when he looks for a home. We wish to find the best project, with better amenities and a social surrounding within our budget. However, you should also be calculative enough of your requirement. Preferences while holding a budget and prepared to stretch to some extent to find the best.

Hope this point will Guide you to How to Buy a House? 

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