September 2016 Vol 01
Builders violating norms can now be in high trouble
Police stations across Maharashtra have been directed to register complaints, according to the provisions of law, against errant builders who violate building norms and cheat flat buyers. The circular which was given to all police stations stated that complaints can be filed against builders who have failed to hand over possession on time to buyers or who deliver apartments without procuring the mandatory building occupation certificate.
Cluster revamp now for suburbs, redevpt of old bldgs on fast track
In a major development, the Maharashtra government has extended the redevelopment policy bonanza for old and dilapidated buildings to the suburbs.Under the newly-unveiled housing policy, more than 10,000 old and tenanted building in the suburbs will get an FSI of 3 under modified DCR 33 (7) (a) scheme for redevelopment.
Heritage committee puts speed-breaker in Mumbai’s coastal road plan
In yet another setback for the BMC’s coastal road project, the heritage committee has sent it back to the drawing board, raising serious objections about the current alignment. The good news, though, is that Mumbai will lose the iconic Queen’s Necklace around Marine Drive, or Bandra Fort.
India’s real estate sector can be 3rd largest globally by 2030
The real estate and construction sector in India is expected to be the third largest globally by 2030, contributing over 15% to Indian GDP and emerging as the largest employer in India providing employment opportunities to over 75 million people.
Mumbai office space rentals may top London’s by 2019
Office space rentals in the country’s commercial capital are expected to grow 11.1%, surpassing the growth rate in London by 2019.The government’s renewed emphasis on infrastructure development in Mumbai, along with economic growth, is likely to bolster the office space market here.Mumbai ranks 11thin prime rental forecast ahead of London, which is projected to grow at 7.1% between 2015 and 2019, showed the Knight Frank Global Cities report.
Check and Verify before booking a flat
Buying a house is a one of the life’s biggest decisions, and hence it is important for the buyers to carry out a proper duediligence before investing in a project. The only way to avoid such ordeal is to take time out to conduct proper verification of documents. According to Sanjay Dutt, who works in a renowned real estate advisory and brokerage firm, “There are as many as 25-30 clearances a builder needs to procure for a project which include approvals and sanctions from various civic agencies and government departments. But prior to booking the flat, buyers must ask for the Intimation of Disapproval (IOD) and the Commencement Certificate (CC).“
Property buyers should always check a few basic documents like sale deeds for land titles, building plans approved by the local authority, environment clearance document, completion certificate, occupancy certificate, and more. For an under construction property, the document check-list includes allotment letter, builder buyer agreement, payment schedules, list of amenities, layout plan of the property, copy of project drawings, etc., it is also important to check the land use conversion certificate and commencement certificate for work which ensure that builder have permissions to start constructions. Generally banks do their own due diligence at detailed level before starting giving finance to individuals for that project. Thus one of the quick ways to do the due diligence is checking the list of banks that are financing the projects.
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