Amit is a voracious writer and reader with experience in developing content for different niches. A friendly and down-to-earth person with a sense of humor, he is keen on offering factual and informative insights in his writings. He loves researching new developments in the industry and putting them in layman’s terms.
The Kolkata Municipal Corporation (KMC) has set an ambitious target of assessing all unassessed properties across the city within a year. The move is expected to significantly help the civic body augment its revenue and enable property owners to receive essential civic services.
Mayor Firhad Hakim has instructed the KMC revenue department to hold officials of the assessment department accountable for assessing unassessed buildings and arranging for the mutation of properties. Efforts to assess newly constructed buildings have yielded results, with the number of assessments going from 8.7 lakh to 9.1 lakh in the past year.
“The rise in the number of assessors has led to an increase in revenue collection from property tax,” said a KMC revenue department official. Revenue collection has gone up from Rs 890 crore in 2021-22 to Rs 1,150 crore in 2022-23.
Assessing unassessed properties will not only augment revenue but also enable owners of houses or flats to get their properties assessed, ensuring delivery of all essential civic services.
The KMC aims to bring newly constructed housing complexes and apartment buildings under the assessment drive in large areas off the EM Bypass and in the Tollygunge-Jadavpur belt and Behala neighborhoods. Assessment camps will be set up at housing complexes and apartment buildings to help owners assess their properties under the Unit Area Assessment system.
Mayor Firhad Hakim has given a year’s time to assessment department officials to wrap up the work of assessing new properties, failing which, the concerned officials will face consequences.
An additional security deposit is required when renting a home to cover any unforeseen or unavoidable costs the landlord may incur at the tenant’s request. The amount, known as a security deposit, varies depending on the city, for instance, in Delhi, it typically amounts to one to two months’ worth of rent, though in some major cities, it might even be as much as one year’s worth. Therefore, a prospective tenant should discuss the security deposit and refund clauses with the landlord and include them in the lease.
What exactly is a security deposit?
When a tenant moves into a rental property, they must pay a sizable price to the landlord in advance. It is preserved for the duration of the rent and refunded at the end, with or without deductions. Since it is set aside for unforeseen circumstances that could arise during the tenancy, this money is crucial for the landlord. Landlords can use security money for repairs and rental funds, for instance, if the tenant breaches the terms of the lease by damaging the property or failing to, pay the rent.
Under the model Tenancy Act 2021, the tenant is required to pay security in advance. Landlords are not allowed to charge a security deposit for more than two months’ rent, and for residential properties, it cannot be more than six months. The security deposit is not refundable when the tenant leaves the rental property, though it should be repaid within the given time frame following an inspection of the property.
The security deposit does not qualify because it is a one-time payment even though a salaried employee’s monthly rent qualifies for the House Rent Allowance (HRA) deduction under Section 10 (13A) of the Income Tax Act of 1961. It is important to be aware that the cost of repairing any damage the tenant may have caused to the property, such as holes in the walls or broken windows, may be deducted from the security deposit. Therefore, the security deposit cannot be used to cover costs for fixing common wear and tear like peeling paint or fading wall paint.
Today’s Trends in Big Cities
The security deposit is also known as a caution deposit, and in India, each state has its own criteria for a security deposit that is required by the tenants to be paid as part of the rent. Based on the cost of living, the type of area, and the location, the landlord in urban regions will need a security deposit. Rent and security deposits increase with the property’s value.
The demand and availability of homes on the market are significant factors that influence the amount of the security deposit. Landlords increase their rental fees when there is a larger demand for rental accommodation and a lower supply of available properties. Rent and security deposit amounts are based on income level in affluent areas.
Security Deposit Refunds And Other Customary Rules
A security deposit is necessary to safeguard the landlord’s rights in the case of property damage or nonpayment of rent. According to the Model Tenancy Act, the landlord may deduct arrears in rent and other repair costs from the security deposit and reimburse the balance if the tenant vacates the property and the tenancy expires. The landlord is responsible for taking care of any necessary structural repairs, whitewashing, external electrical cable issues, and other maintenance-related issues unless the rental agreement specifies otherwise. The day to day upkeep of the home, including cleaning, replacing switches and sockets, repairing and maintaining kitchen fixtures, adn replacing glass panels in windows and doors, will be the responsibilities of the renters.
In order to prevent any disputes at the end of the tenancy, a rent can be discussed between the tenant and the landlord, and a valid rental agreement should be laid out.
The agreement must adhere to the following standards:
It must be signed by both the tenant and the landlord.
The agreement should include a security deposit amount clause.
It must be registered at the sub-registrar office in order to be enforceable.
The agreement should clearly state both parties’ obligations in order to prevent disputes.
Dos and don’ts of a Caution Deposit Lease Agreement?
One way to obligate both the tenant and the landlord to guarantee that the property is maintained in good condition is through the cautionary deposit. However, both parties must disclose their security deposit requirements in advance in order to avoid future issues.
Both parties must adhere to the following rules in order to create a positive owner-tenant relationship:
The rental agreement must state the amount of the security deposit paid by the tenant to the landlord and the date it will be returned.
The contract must be in writing and must be signed by both the renter and the owner.
When the lease term expires, the landlord is required to return the security deposit. They should give a detailed justification if they deduct anything from the total.
Before signing a lease, the renter must do research on the desired neighborhood because the security deposit amount varies by city. Additionally, they might consider hiring a real estate agent to assist them in finding a home that fits their budget and creating a mutually beneficial lease.
According to recent data from Redfin, US homeowners have lost $2.3 trillion in real estate value since June, highlighting the impact of the COVID-19 pandemic on the housing market. The data reveals that the average homeowner has lost $17,000 in home value over the past eight months.
The decline in real estate values can be attributed to several factors, including reduced demand from buyers and increased inventory levels. The pandemic has also impacted the economy, leading to job losses and reduced household incomes, which has affected the affordability of homes for many Americans.
Despite the decline in real estate values, the US housing market remains resilient, with strong demand from buyers and low-interest rates driving sales. The market is also seeing increased activity from first-time buyers, who are taking advantage of the current market conditions to enter the market.
As the US continues to recover from the pandemic, the real estate market is expected to rebound, with increased demand and rising home values. However, the recovery may be uneven, with some markets recovering faster than others.
In conclusion, the decline in real estate values in the US highlights the impact of the COVID-19 pandemic on the housing market. While homeowners have lost significant value over the past eight months, the market remains resilient, with strong demand from buyers and low-interest rates driving sales. As the US continues to recover, the real estate market is expected to rebound, providing opportunities for investors and homeowners alike.
Experion Developers, a real estate-focused fund, is set to acquire Dignity Buildcon, a leading real estate developer in India. The acquisition is part of Experion’s strategy to expand its portfolio and strengthen its position in the Indian real estate market.
Dignity Buildcon has a proven track record of delivering high-quality projects across India, and the acquisition will provide Experion with an opportunity to tap into the company’s expertise and knowledge of the Indian market.
The acquisition will also enable Experion to leverage Dignity Buildcon’s existing projects and partnerships to expand its reach and cater to the evolving needs of its customers. The move is a reflection of Experion’s commitment to delivering exceptional value to its investors and customers.
The real estate market in India has been growing steadily in recent years, and the acquisition of Dignity Buildcon is a strategic move by Experion to capitalize on the opportunities presented by the sector. The deal is expected to be finalized soon, subject to regulatory approvals.
In conclusion, Experion Developers’ acquisition of Dignity Buildcon is a positive development for the Indian real estate market. The move will enable Experion to expand its portfolio, tap into Dignity Buildcon’s expertise, and cater to the evolving needs of its customers. With the real estate market in India poised for continued growth, the acquisition is a strategic move by Experion to capitalize on the opportunities presented by the sector.
Artificial intelligence (AI) is not just a trend that will fade away, it is here to stay, and as we begin a new year, it is becoming increasingly obvious.
The State of AI, 2022, a recent McKinsey report, predicts that AI will have an effect on almost every industry, including real estate.
Here is a list of four real estate trends you should be aware of in 2023 in order to stay on top of the market and be prepared:
AI in Lead Generation
By finding potential customers and qualifying them based on their interest in your services, AI can help in lead generation. To achieve this, it may be necessary to use AI analytics to automate the nurturing process for pre-qualified leads generated through email or social media channels. Additionally, chatbots can significantly increase your ability to generate new leads by providing automated insights to the client directly through the identification of data patterns and customer segmentation. These features, which are available 24/7 in a fiercely competitive market, can even assist website visitors in finding the ideal property.
AI in Lead Scoring
Agents can sort and prioritize leads with the aid of AI, which can facilitate lead scoring.
AI can offer useful insights about which prospects are most likely to convert by gathering and analyzing data throughout the customer journey, such as leads’ website browsing behavior and the content they engage with. To save time and focus their efforts, agents can use this predetermined score to determine which leads are most qualified to engage with. Instead of forcing agents to consider a plethora of data points, AI lead scoring can give a more accurate overview of every lead that comes in.
Property Valuation Using AI
Real estate valuation is undoubtedly a challenging task. Valuators must take into account the various distinctive characteristics of each property, such as location, lot size, floor plan, and amenities. They must gain a thorough understanding of the market and make greater and real-time analytics use in order to access and provide accurate values.
In addition to complex prediction models, AI and fuzzy logic can automate this process by offering an objective assessment based on the amount of data (such as sales prices, previous transactions, and current market sentiment) and comparing them. This lessens the possibility of errors or bias in a property’s value estimate and helps to ensure that valuations are more accurate than those carried out manually.
Utilize AI to Connect Clients with Their Ideal Listings
Traditionally, matching using CRMs and real estate software is restricted to a set of criteria. For instance, if a customer wants to find a rental property within a certain price range, any listings that are outside of that range will not appear in the search results. What if, on the other hand, that excluded property is ideal in every other way? Agents would miss the chance to introduce that listing to the client and open the door to a sale.
Real estate agents can provide clients with better recommendations by using an AI engine and more qualitative criteria. How significant is it to your client, for instance, if the property is pet-friendly or has a sea view?How important is it to your client, for instance, if the property allows pets or has a view of the ocean?
Understanding the significance of these factors and selecting a collection of listings that your clients will love can make or break a sale when you evaluate the needs of your client over the phone or over coffee. This can be done with the aid of Property Raptor’s AI matching.
This AI engine is not restricted to a specific set of parameters and instead uses fuzzy logic to provide recommendations that are more individualized. Agents can freely modify settings by using sliders on the contact profile, and AI will take care of the rest. With the aid of Property Raptor, agents can close deals more quickly and with less wasted time.
AI is an undeniable force affecting the real estate sector in a world of rapidly evolving technology and innovation. Real estate professionals are already using this technology to work more productively, make wiser business decisions, and give their clients top-notch service.
Learn more about how Property Raptor’s AI matching can advance your workflow and increase sales if you’re prepared to advance your company and implement a best-in-class PropTech solution.
Kolkata: The West Bengal government is considering expanding the regulatory reach of the West Bengal Real Estate Regulatory Authority (WBRERA) to include smaller residential developments or introducing a separate law to govern them.
Currently, WBRERA only covers projects of 7 cottah or a minimum of eight units, leaving smaller projects unprotected. This has resulted in instances of builders failing to meet their commitments, such as not obtaining completion certificates (CC) or selling the same unit to multiple buyers.
Speaking at an interactive session, the Confederation of Real Estate Developers’ Association of India (West Bengal) president, Sushil Mohta, raised concerns about small-time local promoters tarnishing the industry’s reputation by cheating homebuyers who do not have any protection. He submitted a draft proposal to the housing department on March 2, and the issue was raised during the meeting with the Chief Minister Mamata Banerjee.
Banerjee acknowledged the problem and asked the housing department to consider the proposal, stating that homebuyers who are not covered under WBRERA also require protection. She received several complaints from people being harassed by small-time promoters, prompting her to request Housing Minister Aroop Biswas to take action to protect homebuyers and prevent them from being deceived by unscrupulous promoters.
Credai has proposed that the regulation’s ambit be increased to include projects on more than 3 cottah, bringing developments with four to seven apartments under regulatory oversight. Although larger developers, including those affiliated with Credai, are generally compliant with regulations, smaller developers who are not accountable tend to flout rules and damage the industry’s reputation.
The government cannot relax the RERA guidelines, but it can tighten them to safeguard the interests of homebuyers. This move to bring smaller projects under the regulatory ambit is expected to increase transparency, minimize fraud, and protect homebuyers from unscrupulous promoters. It is a welcome step that will foster trust in the real estate industry and benefit homebuyers in the long run.
Epiphyllum oxypetalum, often known as Brahma kamal, is a unique plant. These plants are members of the cactus family.
It blooms at night and its blossoms fade before daybreak. The blooms are incredibly fragrant and grow on flattened stalks up to 30 cm tall and 17 cm broad. It is commonly grown in tropical places, particularly in Southeast Asia.
Brahma kamal is a low-maintenance, fast-growing Epiphyllum. It blooms from late spring to late summer, and huge specimen can produce many bunches of flowers in a single season. This is a well-known Epiphyllum species.
Vastu and the Brahma Kamal plant
The Brahma Kamal is a rare flower found high in the Himalayas that is thought to have spiritual significance in Hinduism. This will attract positive energy while repelling negative influences. It is seen as a sign of purity and is frequently connected with the Hindu deity Brahma. According to Vastu shastra, the Brahma Kamal is a plant that offers good luck and positive energy to a home or structure, as well as wealth and tranquilly.
The Brahma kamal plant, according to Vastu Shastra, should be planted in the center of a residence, known as the Brahmasthan. Lord Brahma and Vishnu are thought to live within the flower. This arrangement will assist to rid the house of negative energy and allow positive energy.
Bramha Kamal flower
Brahma kamal blooms from late spring to late summer; huge specimens can yield many harvests of flowers in a single season. Keep the plants in direct sunshine to stimulate blooming. The blooms only stay one day. Brahma Kamal is available in pink, white, and sometimes purple.
Uses of Brahma Kamal
The flower is considered sacred and is used in many religious rites and sacrifices.
Many people believe seeing it blossom to be a magical experience. It is considered to bring luck and wealth to those who are lucky enough to witness its bloom.
This plant is planted on balconies. They may be planted both in pots and indoors.
Health Advantages
Several Asian societies, including India, Vietnam, and Malaysia, recognise it as having therapeutic benefits. The plant is frequently used in traditional medicine to treat respiratory diseases and bleeding disorders, and it is also thought to have pain and inflammation-reducing properties.
Brahma kamal is a natural antioxidant and cardioprotective plant that is used to treat a variety of cardiac conditions. It also helps to strengthen the cardiac muscles.
It aids in the prevention of lipid buildup and the reduction of blood cholesterol levels.
The hypoglycemic activity of Brahma kamal flowers is important in lowering blood sugar levels. The extracts of flowers stimulate insulin synthesis in the pancreas.
Brahma kamal is a medicine for respiratory illnesses such as asthma, bronchitis, cough, and so on.
The flower extract decreases gasification in the alimentary canal, resulting in less bloating and flatulence.
It is an effective constipation treatment.
This plant is used to treat painful illnesses such as arthritis and muscular spasms.
It is strongly advised to visit an ayurvedic doctor or practitioner because dose varies from person to person.
Guide to plant Bramha Kamal
Soil
Brahma kamal requires a fast-draining soil or potting soil medium. Make sure it has plenty of drainage holes if you’re growing it in a container.
Watering
The Brahma Kamal plant is a cactus, or succulent plant. Water is stored in the leaves of succulents. Thus, before you water it, make sure to examine the soil. Overwatering will result in root rot.
Fertilizer
Once a month, fertilize your Brahma kamal with compost manure. Fertilizers can assist your plant in producing new growth. It guarantees that your plant is healthy.
Re-potting
If you observe that your plant’s pot is becoming too tiny, it’s time to re-pot it. When re-potting your plant, make sure to remove all of the old dirt. Additionally, be sure to replenish the soil. After re-potting your Brahma kamal, water it well.
Lighting
It may also be cultivated with indirect light from a sunny window. At the height of summer, indirect sunlight will keep leaves from burning.
Diseases and pests
Mealy bugs are the most frequent insect problem. Aphids, scales, and mites are other possible pests. With the Brahma kamal plant, pests and illnesses are uncommon.
NEW DELHI: Jaiprakash Associates has appealed the NCLT order distributing Rs 750 crore in the Jaypee Infrastructure case to the insolvency appellate tribunal NCLAT.
Jaiprakash Associates Ltd (JAL), the former promoter of Jaypee Infratech Ltd. (JIL), which has been going through insolvency proceedings since August 2017, deposited the sum with the Supreme Court registry.
According to sources, JAL had challenged the NCLT’s decision regarding the money distribution.
The case involving JAL and JIL is scheduled to be heard on Tuesday before a two-member bench of the National Company Law Appellate Tribunal (NCLAT), according to the NCLAT cause list.
The Mumbai-based Suraksha group’s offer to purchase Jaypee Infratech Ltd (JIL) was approved by the National Company Law Tribunal (NCLT) in an order on March 7. This development comes as a relief for more than 20,000 homebuyers nearly six years after the debt-ridden company entered the insolvency process.
The NCLT ordered that JIL receive Rs 542.62 crore of the Rs 750 crore deposited by Jaiprakash Associates Ltd (JAL) in the Supreme Court registry, and Rs 106.9 crore will go to an escrow account of homebuyers in its 491-page order.
The NCLT order stated that JAL would receive Rs 100.48 crore.
JAL deposited a total of Rs 750 crore in several tranches before the Supreme Court registry in 2018 in accordance with the court’s order.
The tribunal had stated, “We direct the Registrar NCLT through Registry of NCLT, Allahabad that an amount of Rs 649.52 crore along with proportionate interest shall be paid to the JIL/Homebuyers of JIL and the remaining amount of Rs 100.48 crore along with proportionate interest shall be returned to JAL.
On an application by a consortium led by IDBI Bank, the corporate insolvency resolution process (CIRP) against JIL was launched in August 2017.
The Suraksha group won the bid with 98.66% of the vote in the fourth round of the bidding process to find a buyer for JIL in 2021. The CoC allows for the participation of up to 12 banks and more than 20,000 homebuyers.
In comparison to competing state-owned NBCC, the company received 0.12% more votes.
KALYAN: The Enforcement Directorate (ED) is searching for the two architects who prepared and certified the plan layouts of the majority of the buildings constructed illegally in Kalyan-Dombivli as part of its investigation into the MahaRERA scam involving 65 developers. However, it has been discovered that both architects provided false information about their firms and are untraceable.
The ED is conducting its own investigation into the MahaRERA scam, believing that the developers had used black money to build these buildings illegally, which caused the state government to lose revenue, and has obtained all documents related to the fraud from KDMC and the MahaRERA office.
According to the sources, ED was able to identify the two architects of two firms—Golden Dimension and Vastu Rachana—through documents. These two architects were responsible for most of the fraudulent developers’ building plans and layouts for building permits.
According to the sources, an ED team visited Dombivli last month to search for two architecture firms at the provided addresses, but they discovered that there was no such office at the address and the architects’ provided mobile numbers belonged to someone else.
The Indian Institute of Architects (IIA) was recently contacted by the ED for information about two firms after failing to search the offices of both architects. However, this week, the IIA responded, directing them to contact the Council of Architects (COA), stating that while membership in the IIA is optional, registration with the COA is a requirement to practice architecture.
It may be recalled that a special investigation team (SIT) established by Thane police, which is also looking into the case, has only so far made 10 arrests, including five developers and five individuals who fraudulently prepared forged documents for building permission in the RERA scam.
Since the state government made it mandatory for developers to obtain RERA certificates in order to sell any flats, these developers took advantage of the coordination gaps between KDMC and RERA in order to submit forged building plan approval documents to the RERA office. The SIT found that the developers did not obtain permission from the town planning department of KDMC or any other relevant department, and they instead prepared forged documents of building permission.
PUNE: MahaRERA has issued show cause notices to over 1,000 developers in the last three months for failing to update project-related details.
Some developers informed the regulatory body that their projects were complete, while others stated that they would renew them in a month. Due to the significant number of developers who have not yet responded, a MahaRERA official anticipate that the number will rise.
The RERA Act’s Section 11 requires registered project developers to update the information every three months. Developers are required to submit information about the project’s status, finances, bookings, annual reports, and other things. Despite the fact that projects were being registered, MahaRERA found that the developers were not providing updates on the progress of their work. A developer who violates section 11 of the act may be subject to a fine of up to 30% of the project’s total cost.
The goal of posting project status information every three months, according to MahaRERA officials, is to inform potential homebuyers. Additionally, this promotes trust between consumers and developers.
According to MahaRERA officials, between 125 and 150 developers typically contact the regulatory body each month to inform it about finished projects. However, the show-cause notices’ issuance resulted in an improvement in the compliance ratio in January 2023. In contrast to the 125–150 projects that were completed on average over the previous months, developers of 700 real estate projects reported that their projects were finished. Compared to a previous monthly average of 120 projects, over 700 projects requested extensions for project completion deadlines between December and January 2023.
Ramesh Prabhu, chairman of the Maharashtra Societies Welfare Association (MahaSewa), praised the initiative but suggested that the authority should also fine developers for failing to upload the information on time. Additionally, if any defect is found in the structure, then there should be a penalty too. This will ensure that information is within time, he said.
Sunil Furde, president of State Credai, said that technical issues are frequently to blame when details aren’t uploaded. “Many developers had finished and uploaded the data, but it was not visible on the portal. “However, developers have reverted with the details after the show-cause notices were issued,” he said.
