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RERA ACT

RERA stands for Real-Estate Regulatory authority. This act  makes it mandatory for all commercial and residential real estate project, where the land is over  600 Sq Yards, or eight apartments, to register with the Real Estate Regulatory Authority (RERA) for launching a project. RERA establishes a state authority which will govern both residential and commercial real estate transactions. The objective of RERA project is to protect the buyers especially through the delaying in the project construction and builders’ commitments.

Here is how RERA Helps Buyers

Buyers have authority to get all the project related details such as land cost, project agreements, legal documents, sanctioned plans, open spaces, construction cost, covered parking area, phase wise plans, project completion time, etc. RERA Act Law makes builders mandatory to register the project with their respective state under RERA Act within Three months of the Project implementation. RERA Law helps buyers to have Right Information About the Property. RERA Act makes buyers mandatory to receive the RERA certificate documents to avail any housing loan. If the project has not been registered under RERA Act then builder cannot advertise, market, book, sell or offer for sale, or invite any persons to purchase in any plots, apartments or buildings.  

According to this Act, a Builder must pay 10% of interest on the property value for delaying the construction. If builder fails to pay the stipulated amount, promoters are liable for imprisonment. This provision acts as a backbone of RERA due to the nature of punishment for builders.A buyer can also file a case against the builder and send the legal notice to the builder for not completing the project on time.Buyers also claim compensation or interest @ 10% of the property value in case of false commitment regarding project information. RERA can protect buyers from misleading claims by ensuring the promises made are documented, especially those who are not part of Marketing Partners/ Advertisements.

RERA can infuse much needed confidence in the sector & thus promote real-estate industry in general with heavy penalties imposed on the Developer for delay in completion of project or making false commitment to the buyer, inherent problems in the real-estate will be sorted out. 

Apart from all the provisions mentioned above, few other provisions like listing of promoter’s profile, their past projects, track record, litigation, approved real-estate consultants make the system very much transparent to ensure friendly way to buy a property by the end user.

About PropAmigo

PropAmigo stands for friendly properties. By friendly, we mean, the properties which are reliable & easy to acquire & sell off. We intend to make the entire process of investing in the real-estate as easy as online shopping.
Our vision is to change the way people buy real-estate in India & to begin with, PropAmigo provides a comprehensive online & offline approach to prospect, evaluate & invest in real-estate.

Here is the link to the website: https://www.propamigo.com/


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Housing Loan made easy (All about bank loan requirements)

Congratulations!! If you have been able to finally choose a house which suits your requirement. We understand, how painful is to choose the house from various options in the market & if you have already gone through it, Kudos! . Now as a next step, you might be wondering, what it is like to take a Housing loan on the property in India, what documents are required, what is the process & how much time, it may take to buy a house. If you are wondering about all these points, do not worry, you are at the right place to get glimpse of Bank Loan process in most of the banks in India.

List of documents required by the bank based on the type of profile (Employment):

Salaried:

  • 3 Months payslips
  • 1 Year form 16
  • 6 Months bank statement
  • Offer letter from current company
  • Relieving letter from the previous company
  • Official email id of the current company
  • KYC documents i.e PAN Card, Aadhar Card, Address Proof, Signature proof, Passport for IT professionals
  • Set of legal documents i.e sale deed, link deeds, original documents verification, seller KYC & bank account details

Self-employed (Business)

  • 3 Year Income tax returns- B/s, Profit and loss account, schedules, Audit report
  • Business registration proofs
  • 1 Year bank statement from the current account
  • GST registration certificate, TDS certificate
    Company profile on letterhead
  • Membership number for professionals i.e CA, lawyers, CS
  • KYC documents i.e PAN Card, Aadhar Card, Address Proof, Signature proof, Passport for IT professionals
  • Set of legal documents i.e sale deed, link deeds, original documents verification, seller KYC & bank account details

The process followed by banks with approx. number of days for processing:

  • Submission of documents to the bank – Day 1
  • Verification of documents by banks – Day 2 or 3
  • Verification of residence and office address – Day 4-5
  • Calculation of eligibility & verification of CIBIL report – Day 4-5
  • Personal meet or telephonic call with the applicant to the loan – Day 6-7
  • Additional documents requirement, if any – Day 7-8
  • Sending case for approval – Day 9-10
  • Receiving approval or additional information – Day 12-14.
  • Receiving sanction letter from the banks – Day 15 or 16
  • Collection of disbursement documents – Day 18-20
  • Verification of disbursement related documents – Day 21-23
  • Disbursement of loan & preparation of cheque – 24-25 Days
  • Registration of the property in buyers name & handing over of cheque to the seller or builder – 28-30 days

Note:

1. Above dates mention is tentative date & changes from bank to bank, however, this is typically what a bank takes to process your entire loan application and disbursement. This can be delayed if a loan application is stuck at any stage mentioned above and application is put on hold. This process can be complex and it is advised to seek the help of a professional company like PropAmigo (www.propamigo.com) for all your investment and loan requirements.

2. We do not recommend anyone to take any financial decision solely on the basis of this article. This article is only for educational purpose.

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Trends From The Indian Real Estate Market

Real-estate sector is the backbone of any economy globally and this will continue to be true in upcoming decade. It comprises of four segments i.e. housing segment, retail space, hospitality industry and commercial spaces. Growth of real-estate depends on few dynamics such as growth of industrialization in the economy & business growth, which in turn raises the demand for office spaces, which ultimately increases the demand for residential spaces in urban areas.

NRI’s count is more than 3 crores for India, who also play dominating role in Indian real-estate sector by investing heavily into it. Of the various cities in India, Bangalore & Hyderabad is expected to be preferred investment place, followed by other cities such as Pune, Chennai, Goa & Delhi.

As per the report from Knight Frank, Real-estate sector in India is expected to reach a market size of US $ 1 Trillion by 2030 and will contribute 13% of the country’s GDP by 2025. Co-working spaces & bachelors’ accommodation is the new trend in commercial and residential space.

Indian real-estate has got positive boosts in the recent years due to govt policies, below are some of them.

  1. RERA (Real-estate regulatory authority)
  2. GST (Goods & Service tax)
  3. Housing for all by 2022 scheme by Govt of India (PMAY)
  4. 100% FDI in real-estate investments
  5. Increase in number of NRI investments in India
  6. Introduction of REIT (Real-estate investments trust) under guidance of SEBI
  7. Reduction of GST to 1% for affordable homes valuing up to Rs.45 Lakhs.

Below are few facts related to real-estate:

  1. Indian real estate sector attracted institutional investments worth US$ 30 billion in 2018.
  2. Private Equity and Venture Capital investments in the sector reached US$ 4.47 billion in 2018
  3. India has received Foreign Direct Investment (FDI) equity inflows to the tune of US$ 24.91 billion in the period April 2000-December 2018
  4. Housing launches across top eight Indian cities increased 75 per cent in 2018 to 182,207 units.
  5. In March 2019, Embassy Office Parks, India’s first real estate investment trust (REIT) went public.
  6. Warehousing space in top eight Indian cities increased 22 per cent y-o-y in 2018 to 169 Mn sq. ft.
  7. Around 5.1 million sq. ft. of retail space became operational in top seven Indian cities in 2018.
  8. In May 2018, Blackstone Group acquired One India bulls in Chennai from Indiabulls Real Estate for around Rs 900 crore (US$ 136.9 million).
  9. In February 2018, DLF bought 11.76 acres of land for Rs 15 billion (US$ 231.7 million) for its expansion in Gurugram, Haryana.

Telangana real-estate is going to see a surge in prices in the coming few years, due to imbalance between demand & supply. During the phase of RERA implementation in the last 2 years, there were lot of uncertainties among builders, due to which not many new projects were launched in the region. Due to this reason, inventory has fallen to just about 2 quarters of sales. Due to political stability in the region, demand will continue to pickup with low available inventory, thus escalating real-estate prices in the region. If buyers are looking for investments in Telangana, this can be the good time to invest.

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Check out these Important Points Before Moving into New House

Moving into another house is an educational encounter that can be sensational just as trying. Nonetheless, the energy of moving into another house is regularly defaced by the thorough arranging, pressing and afterward unloading that the moving includes. However, we have you secured. Here are a few things to consider before the moving truck arrives.

Remain composed while packing

Packing deliberately can make unloading a cakewalk. Pressing room shrewd is a generally excellent thought. All you’ve to do on achieving your new residence is to put them in the significant room. Don’t simply pack things arbitrarily. Pack basics first. Assets like gems, property papers, protection reports, and so forth, ought to be independently pressed and dealt with by the relatives.

Mark all the containers

Moving into another property can be a problem as there’s so much coordinations included. In any case, you can facilitate the assignments by appropriately isolating every one of the things you’ll be moving. One straightforward approach to do this is to mark all the capacity boxes. For instance, a container marked as kitchen devices will guarantee that you’ll pack all your kitchen instruments in it. In the event that you are sending your important things with the packer and mover, don’t communicate it to the world. Simply compose random on the container or some other code name that you and your family knows

Pick a packer and mover cautiously

While you might almost certainly deal with the coordinations of littler things, bigger ones, for example, refrigerator, TV, couch set, feasting table, bed, and so on require legitimate pressing. Additionally these are a major issue with regards to moving them. Evade the torment, pick a packer and mover and let them do their thing. While picking a packer and mover take proposals from companions, family, and relatives. Take photographs of your stock to have a visual record of your stuff.

Entryway locks

Without a doubt, the property you’ve acquired might be a recently assembled one. Be that as it may, no one can tell who else may have the keys to the entryway and door locks. Try to change the locks when your vender hand overs the property ownership to you. This will guarantee that you’ll be the main individual approaching the property.

Find the principle water valve and electrical switch

You might be not quite a bit of a fix-it individual, yet it knows where the fundamental water valve and the electrical switch is found. For instance, you effectively let the handyman know where the principle water valve is found at whatever point you face a pipes crisis.

Get your mail diverted

Getting your mail re-coordinated to your new location will ensure your own data. Educating your bank, insurance agency and your telecom supplier is fitting with the goal that they can refresh their records and your significant sends don’t get lost.

Haven’t discovered your fantasy home?

Is it true that you are scanning for a home that suits your character and way of life inclinations? You can look over a tremendous scope of pads available to be purchased in Hyderabad from us.

We, at PropAmigo, have first class private properties over all the conspicuous areas in Hyderabad. Investigate our cutting edge private properties at https://www.propamigo.com

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Tax Benefits of Investing in Real Estate

Putting resources into land in India is a standout amongst the most ideal approaches to accomplish riches and money related opportunity. Owning a property is fairly closely resembling being an entrepreneur, which makes it simpler to deduct many costs. Obtaining a home on a credit gives you a chance to appreciate various tax breaks and exclusions that causes you spare expense yet in addition help in overseeing smooth money streams. Notwithstanding, Tax law is somewhat confounded. Here we separate it for you.

1.Section 24

Section 24 enables you to guarantee exceptions on the intrigue you pay on home advances. This segment passes by the title ‘Findings from salary from house property’. Under this area, findings are permitted from the pay that an individual procures through house property. You can do just 2 sorts of conclusions; Net Annual Value which is Standard finding and Interest on Borrowed Capital. No different reasonings are permitted under Section 24.

2. Section 80C

Under this area you can guarantee tax cuts on the reimbursement of the chief sum. You can guarantee conclusions on ventures made in the arrival of pay. The pay ought to be for the year wherein the speculation was made. The most extreme duty sparing point of confinement is Rs 1.5 lakh. There is no base point of confinement.

3. Capital Gains

A capital addition can be present moment or long haul. You can guarantee capital addition on annual duties. Transient capital is exhausted as common pay, so it relies upon the expense section. A long haul capital relies upon the salary, your conjugal status, and so forth.

4. Devaluation

Some should think about devaluation as the most dominant tax reduction of putting resources into land. Devaluation cost is regularly the biggest assessment reasoning accessible to land speculators and can help improve their income by lessening their duty liabilities. After some time, the land property one has put resources into begins to separate. Just a salary delivering property dependent on mileage is permitted to be discounted.

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