Aakar Realty Enterprises '_____ Realty Mediators

By Accommodation Times Bureau 35 (3) The following shall be counted in FSI i) Covered  parking spaces  as provided under Regulation no. 36 (5) (e) ii) Area of  fire escape  balcony as provided in regulation 44 (5) iii) Area of Sanitary block for the use of domestic servants engaged in the premises, other than at staircase mid-landing level, Stilt level, parking level. iv) Part / Pocket / Covered terraces, for whatever purpose, except open terrace above the top most storey and the part terrace at top most storey due to planning constraints but accessible from common staircase. v) Area below open to sky swimming pool, clearance exceeding 1.5 mtr. from floor level . vi) Air condition plant room / Air handling unit room, meter room, D.G. set room except provided in basement. vii) Fire check floor / service floor of height exceeding 1.8 mt. viii) Area of blaconies a provided in sub regulation 22 of Regulation 38. ix) Niches below  window s...

By Dr. Sanjay Chaturvedi The Maharashtra Regional and Town Planning Act of 1966, employs the Term Development Plan and indicates a variety of things, but is a mere land-use plan. It also contains the Development Control Rules (DC Rules). Which regulate the Character of buildings and density of population allowed in a specified area. The City’s godfathers who approved the Draft plan perhaps sincerely believed that the Plan would improve the quality of life but some of the prescriptions of the Plan have had the opposite. The prescribed density ceiling for ordinary housing was 200 tenements per net hectare. The FSI concept was based on the land price level and the population potential as assessed by the planners in pursuit of the decongestion concept. The high prevailing FSI in the Island city was reduced in the late seventies to 1.33, while it was fixed at 1 for the suburbs, and 0.75 and 0.5 for certain areas in the M, N, P (North) and R wards. Now since the situation is changed the...

Finance Minister Pranab Mukherjee  rolled back the proposed 1% tax deduction at source (TDS) on transfer of immovable property. The Finance Bill had proposed that “every transferee of immovable property (other than agricultural land), at the time of making payment for transfer of the property, shall deduct tax at the rate of 1% of such sum”. The proposal would have increased the compliance burden on the part of the buyer, who would have had to deduct the amount and then submit it with the tax authorities. “This would have created a bottleneck for the buyer and increased the complexity of a property transaction,” said Samarjit Singh, managing director of Delhi-based property broking firm IndiaHomes. The buyer was required to provide personal details, details about the property and the seller in the tax deduction form. Experts say that the 1% TDS at the time of the transaction was also a way for the government to collect more information on the value of property transactions...

 The city of Mumbai has a reason to smile as the Mumbai Metropolitan Region Development Authority (MMRDA) is ready with the draft development plan for 43 square kilometers of recreation and tourism zone in and around Gorai, Manori and Uttan. “The development plan has been prepared keeping the environmental and heritage sensitivities in mind. The heritage culture of the area includes age old churches, temples etc. Fishing and fishing related trade is the livelihood of the locals and that was on top priority while preparing the plan”, said Mr.Dilip Kawathkar, Joint Project Director (PR), MMRDA. The 43 square kilometer zone will provide for various environment friendly projects such as botanical garden, mangrove park besides recreational facilities. The monumental Global Pagoda will remain the key attraction for the tourists and the city people alike for its sheer size, glamour and the calming effect. The mangrove park is certain to provide vital shelter belts to protect inland homes...

An amendment in the Development Control Regulation 33 (9) pertaining to cluster redevelopment has given tenants of old, cessed buildings in the island city the right to select their own builder. However, the ultimate power to sanction such schemes still rests with the landlords as without their consent no redevelopment can take place. Last week in Nagpur, the state urban development department issued a notification amending the rules. According to the amendment, if 70% of tenants come together, they can select a developer of their choice. Once this process is done, the department would give them a letter of intent (LoI). Before this amendment, the right of selecting the developer rested only with the landlord. “It is possible that tenants would have been forced by the landlords to select the developer. The only reason to amend the existing rules was to give tenants a choice to select the developer,’’ said T C Benjamin, principal secretary, urban development. According to the ear...

The falling property market has urged to realtors to take shelter at the safest place at least where they can take sigh of relief from the crisis of real estate downturn. According to the several sector watchers and property market analyst Pune real estate market has witnessed of highest rise in the last 6months. “Pune property market records 78% sellout across the region”, Gera realty report said. Whereas market experts said that at now we can’t anticipate the demand and supply in Pune is well balanced, we are now in wait and watch mode. However there are several anticipations from property market that in the third quarter of the current fiscal year condition will go up due to the festive season. We don’t really suspect any major change for the next six months. This economic crisis, however, will not be as bad as that of 2008-09,” http://www.accommodationtimes.com/real-estate-news/pune-is-now-safest-option-to-invest-in-property-market/?utm_source=feedburner&utm_medium=email...

By Dr Sanjay Chaturvedi Any land reform cannot take place without government’s intervention. And this is also true that Land reforms in India got centre of political engineering even in the British rule. Unfortunately, we had Urban Land Ceiling Act (ULCA). The ULCRA was introduced during Prime Minister Indira Gandhi’s regime as a means for lower income sections to fulfill their dreams for a home. The main purpose of the Act was to prevent hoarding or excessive holding of land in urban agglomerations by few people so as to facilitate proper distribution and uniform development of all sectors of urban areas. We all know that the Act outlived its main objectives and repealed by entire nation, off late by 2007. On Thursday 28, July 2011, government at centre came out with new land acquisition policy called National Land Acquisition and Rehabilitation & Resettlement Bill, 2011 ( LARR). The very first line of Act says in its Forward “ Infrastructure across the country must exp...

By Dr Sanjay Chaturvedi Charging flower bed, lift wells, common areas may be illegal act since they are not counted in FSI, but government of Maharashtra had legalised it by charging premium on it and allowing developers to legally charge from the actual user. The notification of premium on free FSI is out and in offing. Super built up is now legalised from back door. In super built -up, developers use to include balcony, flower bed, staircases, lift wells, common areas on carpet area and sell 500 sq.ft. flat as 900 sq.ft. If plans are passd for 500 sq.ft., how come authorities register it at 900 sq.ft.? If a land is admeasuring 100 sq.ft., how come the documents show it as 160 sq.ft. while registrering. The tehsildars, talati and circle will object to the document while doing survey. Same way why cant government set a circuit in Property Cards that a plan passed flat for 500 sq.ft. cannot be registered at 900 sq.ft. The government is greedy and allowing illegal activities. In ...

                                                                                                                                                                                                                                                                                            ...

After the lots of agitation for anti corruption government decided to tighten its grip over to benami property and set the target to refresh the existing law and order. As per the Benami Transaction (Prohibition) Act, 1988, will permit to the central government to seize property which will declared as the benami property. According to the govt officials if owner is incompetent to provide the enough proof for the ownership of the property then government is illegible to declare it as benami property. However Parliament has sanctioned the law in 1988 restricting over benami deals, whereas law never imposed on the benami deals as the norms were not framed. Now government wants to make more stronger to norms and tighten all the ways to benami deals.

The Thane civic body will soon launch an online portal to clear building proposals. Officials hope that the civic portal will streamline the realty sector and help bring in transparency and accountability while sanctioning the proposals of building projects. The proposed name of the domain is tmc.tp.  “The plans will be sanctioned online within a timeframe. Once an architect submits a proposal to the town planning department, he need not make rounds of the corporation office to check its status and wait for a written okay from the officer concerned. Instead, a surveyor or an assistant director will scrutinize the proposal online and then put his seal of approval, should the plan comply with the Development Control Rules. A delay in issuing the clearance will have to be justified with written reasons,” the Thane municipal commissioner said. Software professional Prashant Ugemuge, who has designed the portal, said it was similar to a document-tracking system and the civic chief ...

Nowadays global real estate market is facing slowdown due to mounting rate of home loan and increasing prices of property. But in the midst of this crisis according to the sector watchers Joint Home Loan is very helpful to get out from the crisis. Joint home loan not only increases your finances but also extra tax benefits. Common man’s dream home has badly destroyed due to high rates of property and interest. When it comes to interest and particularly to floating interest rate it increases the monthly installments and made individual buyer distrustful. In this scenario individual buyers are looking to transform their reality into the realty dream. So according to the analysts view joint housing loan remains the only option to the individual buyers to increase funds, propose more flexibility in repayment apart from the extra benefits. According to the income Tax Act deduction on borrowed capital is allowable only in case when it borrowed for the purpose of property purchase, const...

We are currently witnessing a high rate of growth in loans, with lending firms expanding in size and presence as they attract more and more investors. The business plans of many finance companies include personal loans as the biggest items of growth. It is important to realise that loans don’t need to be viewed as evil. So, even though every financial planner has advised you to abstain from borrowing, you can dispense with this learning and see how you can use it as a tool to build assets. The demand for loans comes from two primary household needs—liquidity seekers, who have locked up money in assets and want to release it for other uses—and asset builders, who like to use a loan to build an asset. It can be assumed that the boom in savings and investments in recent years has not been guided by the principles of asset allocation. This translates into a growing market for rebalancing and re-jigging, where the preference will be towards holding the asset while taking a loan against it,...

Mumbai: Municipal Commissioner Subodh Kumar has given another blow to the city developers that civic body is discussing to revise Development Control Right (DCR) 1991. As under DCR rules developers are getting concession on FSI for their projects. Regarding this issue several meetings were held with the concept of extra FSI under DCR (35). Under this section several parts like lobby, elevator, flower beds, ducts, and balconies are not counted in building’s FSI. Whereas lobby, staircase and such other parts are excluded from the building’s FSI. “We are discussing to revise in DCR 1991 in which those places are free of charge will be charged” as civic bodies said. According to the Municipal Commissioner that those excluded parts from charges should be charged so that BMC can earn some revenue. And BMC can invest in capital intensive projects, where it will add value to the city and its citizens. Not only civic body but also activists from entire city considered it as a welcome step. If ...

Setting up of Central Electronic Registry under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002.Pursuant to the announcement made by the Finance Minister in the budget speech for 2011/12, Government of India, Ministry of Finance notified the establishment of the Central Registry. The objective of setting up of Central Registry is to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property. This Registry has become operational on March 31, 2011. The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), a Government Company licensed under section 25 of the Companies Act 1956 has been incorporated for the purpose of operating and maintaining the Central Registry under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (...