Planning to buy a home? Check your Eligibility!

Check if you could avail any of these seven schemes to make your home buying process a breeze and a little light on the pocket.

Discount on GST: The introduction of GST caused a major stir in the real estate market; it didn’t help that it was introduced soon after RERA. As the sales dipped, a number of real estate developers started coming up with various schemes to revive the market. One such initiative was to offer discount in the overall GST rate. While it may seem like a welcome move, it would be advisable to verify the offer from a legal perspective and also get it checked with a tax expert. Understand if there will be any repercussions on the tax payments and quiz the builder as well on how he is adjusting the GST discount.

Subvention scheme: You must have seen ads that mention, ‘No EMI for 24 months’; ‘Book now, pay later’; etc – what do they actually mean? They are a part of the subvention scheme. Rajan Bandelkar, president, NAREDCO Maharashtra says, “Under this scheme, the developer collaborates with a Non-Banking Finance Corporation (NBFC) prior to commencement of the project and this NBFC sanctions loans to homebuyers. The subvention scheme has been a part of residential real estate sector for a few years now and has gradually grown into a popular selling point where the home-buyer pays 20 percent while buying a home and 80 percent post possession.”

Source: Times Property, Saturday 20 July 2019

Water conservation fee for housing, biz likely

Amid growing concerns over excessive exploitation of groundwater, the Union environment ministry has endorsed suggestions on levying a ‘water conservation fee’ on industries and infrastructure projects, including residential and commercial complexes, and brought agriculture sector for the first time into ambit of regulations for groundwater use.

The ministry has submitted its report, comprising 45-point decadal action plans for 50 years and several short-term suggestions, to the National Green Tribunal (NGT) which may next month take its call on the larger issues of groundwater conservation and regulation while hearing a petition on the issue. The ministry submitted the report on the NGT’s direction. Once the NGT takes its final view, the Central Ground Water Board (CGWB) will come out with a quantum and mechanism on levying such fee.

Source: The Times of India, Thursday 25 July 2019

Rera notified in 30 states & UTs, Centre tells SC

The Centre has told the Supreme Court that the Real Estate (Regulation and Development) Act (RERA), which is meant to address grievances of home-buyers, is being implemented across the country and there are 30 states and Union Territories which have so far notified the rules. Responding to the SC’s query on the status of implementation of Rera, the Centre in a report informed the court that 42,726 housing projects and 33,906 real estate agents have been registered under the 2016 Act and more than 20,000 disputes have so far been resolved under the law.

Maharashtra has been at the forefront in terms of number of projects registered under Rera with more than 21,000 projects. It is followed by Gujarat and Uttar Pradesh where 5,751 and 2,673 projects have been registered under the law respectively. As per data compiled by the ministry of housing and urban affairs, the process to notify the rules under Rera is under way in Arunachal Pradesh, Meghalaya, Nagaland and Sikkim.

Source: The Times of India, Thursday 25 July 2019

Go green!

Going green is the practice of creating structures and using processes that are environmentally responsible and resource-efficient. These days, many developers are promoting green amenities as one of the salient features of their luxury projects and well-read, environmentally sensitive home-buyers too are seeking such features.

Why ‘go green’?: Owing to the over usage and rampant misuse of natural resources, we are bound to run out of certain natural resources that are needed in order for us to survive. The ideal green building is one that preserves most of the natural environment around the project site. The construction and operation will promote a healthy environment without disrupting the land, water, resources and energy in and around the building.

Benefits of Green Building: With new technologies in creating greener structures, the benefits include reducing wastage of water, conserving natural resources, improving air and water quality and protecting the biodiversity and ecosystems. The economic benefits include reduction of the operating costs, improving occupant productivity and creating market for green products and services. The social benefits include improving quality of life, minimizing strain on local infrastructure and improving occupant’s health and comfort.

Does it cost more? Contrary to popular belief, green buildings are not expensive. Going green also means conserving energy. Although green materials and products can be costlier, they also help in overall savings with energy costs. So in the long run, green buildings prove to be good investments.

Source: Mid-Day, Friday 26 July 2019

Is your home monsoon-ready?

Buying a home during the monsoons can be tricky. However, it is also an apt time to inspect the quality and endurance levels of your prospective home. Whenever the monsoon hits the country, civic infrastructure takes a hit. Every city’s due diligence is tested; if the city is not prepared, life as we know it comes to a standstill. “Real estate markets are also hampered; they generally witness a drop in residential transactions. As sales dip, the price movement also slows down and the market is at a crawl giving you, the home-buyer, the perfect opportunity to check out homes at ease without worrying about the rising prices,” says Anuj Puri, chairman, ANAROCK Property Consultants.

So, if you are going home-hunting this monsoon, here’s a checklist: Monsoon provides you with the right opportunity to ‘stress test’ a property for leakage, dampness, and the area’s rain resistance. This is also an ideal time to figure out which window or balcony will face the brunt of rain, and if it will adversely affect the home interiors. If one is looking at buying a home on the topmost floor or one with a terrace, check to see if there is seepage from above to the floor below. Maintenance of the club house, pool, gym and other amenities is also important. At times, the maintenance of the amenities is neglected. So, ensure that all the amenities are functioning and aren’t shut down due to flooding or leakage. In case of an emergency, you should be able to easily access public transport. If you own a vehicle, ensure there is good connectivity to your area.

Source: Times Property, Saturday 27 July 2019

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