Construction updates of Uttoron Project in Kestopur near Jagatpur Bazar, Kolkata.

Some recent pictures of our project Uttoron, which is loated off VIP Road, Jagatpur Bazar.

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Possession: July 2017

21 states & UTs notify RERA rules; just 2 appoint permanent regulators: Govt

NEW DELHI: A total of 21 states and union territories have notified the final rules of the real estate regulatory Act (RERA), while just two states have formed permanent RERA authorities so far, a top government official said on Wednesday.

The government expects atleast 29 states and UTs to notify their rules by the July 31 deadline.

"We hope around 29 states will notify the final RERA rules by July 31. Barring North Eastern states, as they have some land law issues, I hope all the states will at least notify RERA rules by July 31," said Rajiv Ranjan Mishra, joint secretary, ministry of housing and urban poverty alleviation.

Misra was speaking at an event organised by industry body CII here.

A total of 18 states have formed interim regulators till now. Mishra informed the government is urging states to make these interim regulators permanent.

"The idea should be to start the project registration process in states. We urge all the states to put the needed infrastructure in place as soon as possible," he said.

The joint secretary also highlighted the need to include ongoing projects under the RERA ambit.

"We should include ongoing projects under the Act. Excluding them will not be good for consumers and developers," he said.

Mishra feels the next six months will be tough for the real estate industry.

"The sector has to redesign its business model and we may see a lot of restructuring happening. However, the long-term impact of RERA will be beneficial for the industry," he said.

The Real Estate (Regulation and Development) Act, 2016, came into full force from May 1 this year, and the states had a grace period of three months to notify rules and appoint their respective regulators.

Real estate projects which don't get registered with their respective RERA till July 31 will not be allowed to sell after the deadline.

Courtesy: realty.economictimes.indiatimes.com

Director's Birthday Celebration

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Prantik is a residential project by Red Ant Realty

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Prantik is a residential project by Red Ant Realty. This project is a single G+4 building  on around  14Kottha land. Situated in a close proximity to the heart of Kolkata and also a commuters delight. Easily accessible by road, rail. This project is a few minutes away from the other parts of Kolkata and Rahara. The main USP of the project is Rahara Bazar is few minutes walking distance from it.

Amenities & Facilities:- 24 hours water supply, Community Hall, Lift, Temple, Car parking.

Location:- Prantik is situated in Rahara, The project is well connected to BT Road,. The close proximities are-
Airport: 13km
Railway Station: 1 km
Market: 0.9 km
School: 1 km
Hospital: 1.5 km 

Possession:- Ready to move in.

5 things that will make developers RERA-ready

By: Shaveta Dua 

The Real Estate (Regulation and Development) Act, 2016 (RERA), has given India’s real estate sector a new direction but there are some teething problems being faced by developers.

To bridge the gap between the government, developers and consumers, Magicbricksorganised an event ‘Real Estate - The RERA and GST Era’ in New Delhi on June 29, 2017.

With only Madhya Pradesh and Maharashtra ready for RERA on Day 1, experts at the event deliberated on a host of issues that matter to the consumers and developers. Magicbricks lists 5 key takeaways from the event for developers.

Redesigning business

Madhya Pradesh RERA regulator, Antony De Sa, says even those states which are ready, developers are not ready. “For a large number of developers it meant filling forms, which are lengthy and cumbersome. Developers will have to redesign their allotment letters, sales deeds, brochures, advertisements and their cash-flow management to become RERA-ready.” Haryana RERA Executive director, Dilbag Singh Sihag, says that even though the state has not officially notified rules, developers are being registered after submitting an affidavit. “In Haryana, more than 15 applications have been received, out of which 8 registrations have been issued while others are in the pipeline and will be issued shortly.”

Understanding the process

KPMG National Head of real estate and construction, Neeraj Bansal, said that developers were not aware of what has to be done. “Many in the industry are thinking that there are certain forms which have to be filled and a law firm has to be hired to do it for them. There is much more to it before the form comes into the picture. Both for the government machinery and developers, the mammoth task is to understand the system,” explained Bansal. He added that an Act and rules have to systematically be applied which is a significant effort and for which continuous guidance is needed.

Tutorials from Naredco

In order to guide developers on how to go about the new law, Naredco chairman and DLF head, Rajeev Talwar, said that Naredco had been organising paid-for services to guide developers on how to be RERA-ready. “We need to change the mind-set for RERA to kick in,” he added.

Diligence to curb structural defects

Haryana’s Sihag further added that his was the only state that had a system in place wherein a developer used to give an undertaking to manage a project for a period of 5 years. “Structural defect has been defined explicitly in the state Act, thus, ruling out any confusion on what a structural defect is, at least in Haryana”. However, De Sa added, “Any builder worth his salt would not construct a poor building.”

KPMG’s Bansal said developers will have to work around this and create a process in a transparent manner. “Unlike in the past, they will now have to create a back-to-back warranty with suppliers in case a challenge comes up. Starting from the point of contracting to execution and finally handing over, documentation has to be clearly spelled out. Workmanship is a loose term – is it tiles, paints, electrical wiring or something else? A developer will have to clearly spell out his liabilities in a transparent manner.”

Khaitan and Co Partner, Sudip Mullick, added that for structural defect for up to 5 years, a builder can appropriately cover himself through insurance. “The concern for the builders would be workmanship or quality of services because workmanship is a vague term and the applicability of workmanship for 5 years may pose a considerable challenge to the builder.”

Make registration number a marketing tool

De Sa went a step ahead to say that consumers should demand RERA registration number from developers before booking a unit. “In fact, developers could use this number as a marketing tool to push their projects and forums such as Magicbricks, can play a crucial role in creating awareness and advertise only such projects”. Talwar added that there should be drives by RERA authorities to educate all stakeholders.

Courtesy: realty.economictimes.indiatimes.com

Prantik residential project by Red Ant Realty.

http://redantrealty.com/details.php?page=19

Prantik is a residential project by Red Ant Realty. This project is a single G+4 building  on around  14Kottha land. Situated in a close proximity to the heart of Kolkata and also a commuters delight. Easily accessible by road, rail. This project is a few minutes away from the other parts of Kolkata and Rahara. The main USP of the project is Rahara Bazar is few minutes walking distance from it.

Amenities & Facilities:- 24 hours water supply, Car parking.

Location:- Prantik is situated in Rahara, The project is well connected to BT Road,. The close proximities are-
Airport: 13km
Railway Station: 1 km
Market: 0.9 km
School: 1 km
Hospital: 1.5 km

Possession:- Ready to move in.

Developers need to invest in project management post GST, RERA

 

MUMBAI: With the advent of GST and RERA, developers would now have to adopt higher standards of performance compelling them to invest in project management, say experts.

The government enacted the Real Estate (Regulation & Development) Act 2016 and all the sections of the Act have come into force with effect from May 1, this year, while the Goods and Services Tax came into effect from July 1.

The GST and the RERA are touted as game changers converting unorganised real estate into an organised sector.

"While the advent of RERA is being heralded as a game-changer and a great enabler in the long run, it may cause inconvenience in the short term. This is where project management will help the stakeholders," CBRE South Asia Managing Director, Project Management Group Gurjot Bhatia told PTI here.

A project manager's role is to ensure that the project stays on course based on the initially planned budget, schedule and vision, said SILA Founder and Managing Director Sahil Vora.

"Post RERA, the roles played by a project manager have become mandatory on the developer, as he needs to deliver what was initially planned.

"GST ensures that developers only use organised vendors and suppliers, in order to get the input tax credit, which will also improve the efficiency in delivering projects," he said.

According to statistics by Project Management Institute, organisations that drive optimal project management practices meet their goals two-and-half times more often than those in low performing organisations.

Ozone Group's Chief Executive Srinivasan Gopalan opined that compliance with RERA and GST would add an additional requirement on developers as per law.

"Developers will need to work in tandem with all stakeholders like contractors, vendors, brokers, marketing agencies, to ensure that the developer is in compliance with law at all points of time. This is where the project management plays a vital role as it puts processes, procedures and the various parties involved in sync," he said.

Echoing similar view, Puraniks Builders Managing Director Shailesh Puranik said for developers to sustain in the competitive environment it is essential for them to ensure that all their projects are managed effectively.

"RERA necessitated creation of separate account under which developers will be required to make a deposit of 70 per cent of the collected amount in an escrow account to ensure that this money is not diverted from one project to another.

"In lieu of this, the developer has to strengthen delivery and project management capabilities to stay within budget limitations and encourage timely deliveries, apart from avoiding heavy penalties," he added.

Courtesy: realty.economictimes.indiatimes.com