action can home buyers take if possession of flats delayed

What action can Pune home buyers take if the builder is not giving possession of flats?

Every day we hear about unscrupulous builders and dishonest developers who cheat unaware buyers who put their money to buy a home of their dreams. There isn’t an iota of doubt that project delays could be one of the worst nightmares a buyer could have. What if this nightmare one day comes true and returns to haunt you every night. Buyers borrow money from friends and relatives, banks and financial institutions to fulfill a long desired dream of owning a home but wake up to the grim reality of being made to wait for years to possess it.

It does sound alarming but it seems a common phenomenon happening all around us. However, such delays could happen due to a couple of reasons:

•Working Capital Fund crunch
•Delay or Dispute in receiving Municipal approvals

Such a delay causes a whole lot of frustration and depression, not to mention the huge financial loss the buyer faces. The future surely looks bleak when an EMI is being debited every month and probably the rent for the current rented home also needs to be paid. This mental anxiety is avoidable and there are a few steps buyers can take if the possession of flats is being delayed beyond a reasonable point. Pune has developed a lot in the past few years and there are many new projects being announced by a variety of builders in Pune and its surrounding areas. When faced with such a situation, Pune buyers have a few options they can look at to get possession or recover the costs.

You are eligible for compensation:

In case, the possession of your dream flat has been delayed beyond a reasonable point, as a buyer you are certainly eligible for a compensation from the concerned builder. While signing up the agreement, it would make sense to include a clause to this effect so it can be implemented if needed.

Take the legal route:
Under the Consumer Protection Act, 1986 (CPA), the buyer has the right to lodge a consumer complaint against the builder. This can be filed on the grounds of deficiency in service. Remember that even a single day’s delay can warrant such legal action against the builder and will give a lot of relief to the consumer. For flats under 20 lacs, the District Here are some legal remedies for delayedCommission is the place to file a complaint and the State Commission takes care of properties above 20 lacs. Properties above 1 Crore have to be addressed to the National Commission.

Check your state provisions:
In Maharashtra, it is possible to revoke Section 8 of the Maharashtra Ownership Flat Act 1963 for this cause. Under this Section, the builder/developer is liable to pay the buyer 9% simple interest on the amount received from the buyer if he is not able to justify the delay in handing over the possession.

Domestic Building Contracts Act, 1995:

As per this Act, the builder is liable to give the following warranties:
•All work will be completed in the promised time
•All work shall be done as per the specifications mentioned in the building plan
•All material used by the builder shall be of approved quality
•On completion of work, the building/home shall be fit to occupy
Sections under Indian Penal Code:
The following sections can be invoked against the builder who defaults in giving possession to Pune home buyers:
•Section 420- Cheating and falsely inducing delivery of property. It’s non-bailable & carries 7 years of imprisonment or fine or both.
•Section 406- For Criminal breach of trust. Non-Bailable, three years of prison or fine.
•Section34- Criminal Actions carried out in continuance of common intention

These steps have been created for the benefit of the wronged buyer so use them judiciously and always remember to send a legal notice to the concerned builder so that he has enough time to respond and settle the matter without legal consequences.

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The future of real estate in Pune: Will the prices increase or remain stagnant?

For years, Pune was seen as a retirement option for people from Mumbai and surrounding areas due to lower property rates, a salubrious climate, and proximity to Mumbai. The core area of Pune city was already choked but areas like Baner, Pashan, Aundh, Nagar Road etc. showed tremendous potential and promise and has lived up to it to a large extent. Pune’s growth was aided by the availability of land on the outskirts of the city and the creation of IT cities which led to the influx of people too.

While it has been a steady performer for the past few years, it saw a minor slump in 2014 & 2015 when the supply out-performed the demand. Throughout this period, the developers remained optimistic of a comeback and it seems their confidence wasn’t misplaced. The existing inventory was seen to be offloading in a steady manner while new launches were put on hold by the developers and this led to a slight release of pressure. Existing projects are now receiving a fresh infusion of interest so they can be completed before entering into new ones.

The positive outlook of Pune’s real estate market is seen due to the following:

1. Lower Interest Rates: RBI initiated interest rate cuts up to 50 basis points in the entire year which gave home seekers much-needed relief. Residential properties have become more attractive due to this and will see a surge of interest in them.

2. Premium properties on display: Pune is straddling the gap between Tier I and Tier II and is seeing top-notch developers enter the market, giving the consumer a wide choice of projects. The capital appreciation is also another factor why premium projects are seeing renewed interest.

3. Increased FDI: The real estate sector has seen a lot of foreign investment from NRIs and others and this funding will surely boost the sector and promote growth in the future.

Pune Real estate market, especially the residential sector has seen the demand for homes shift from areas near the city to other fringe areas like Kharadi, Manjri, Wakad, and Baner. The proximity of these areas to the IT hub at Hinjewadi will continue to drive the demand and home buyers will flock the real estate market in search of bargains. Unsold inventory is being taken care of first thus bringing the prices to saner levels.

With the first half of 2016 off to a rocking start, the second half brings in much promise and looks highly favourable for fresh investments. The months of August to December are packed with festivals and auspicious occasions when buying is considered to be lucky and guaranteed to fetch good returns. There is a lot of positive intent in the buying and is expected to begin around end-August or the beginning of September.

Watch out for the following in the second half of 2016:

  • Changes in the Development Control Regulation (DCR) rules
  • Increase in Floor Space Index (FSI)
  • Introduction of fungible FSI
  • Transfer of Development Rights (TDR) application
  • Passing and implementation of the RERA bill.

Builders and developers are concentrating a lot on budget housing and this will give a boost to this area of housing. More and more end users are fueling this demand and focus has shifted from investment purpose buying to end-user buying. The revision of DCR norms will see new projects being launched by the end of the year yet rates are not expected to rise quickly and an unhurried yet steady growth is predicted for fringe areas of Pune which include Manjri, Wakad, Baner, Pirangut, and Phursungi.

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Tips for landlords for Renting Property

India’s cities are growing and creating opportunities in various fields. This means that there are a lot of people flocking to these cities in search of jobs, higher studies and for many other reason.
The sky-high property prices in the cities are keeping the ‘buy’ option out of the reach of the common man, so the rental market is booming.

When property owner thinks of giving their flat for rent he/she has so many questing roaming around say rent to be charged, document verification, Police verification, security deposit, agreement registrations, tenant’s background check and many more.

There are few more problem which landlords may encounter after giving it to tenants are late rent pay, misuse of property, refuse to vacant the property, not paying maintenance fees on time.

Points which first time landlords has to keep in mind while renting property:

Permission from the building society:

Some builders won’t allow property/flat owners to give their property for rent. If some do, then they have restriction to give it to family not to bachelor. They even have restriction to give rent for personal use not for commercial. It’s better to take permission from building society committee members before deciding to give it for rent.

Rent Amount:

Important point to remember is if more people interested in locality or property the property price becomes high then rent amount too. Usually the rent amount is 4-5% of the current property value. You can charge for other facilities and include in rent amount such as furnished flat, amenities, maintenance fees, water bill.

Listing the property:

Once rent amount is decided list your property online to various real estate website and provide details of flat and all other facilities included in rent amount. Landlord can also do it offline by contacting reputed local agents.

Written Legal documents:

Property owner should make sure to have required legal documents verified which will be helpful in future to avoid a confusion if problem arrives.
It includes-

1. Term of Lease
2.Amount of Rent
3.Purpose of Tenancy (Bachelor or family, commercial or personal us)
4.Security and other additional charges (if applicable)

Police Verification:

Sometimes landlords don’t think to do police verification on priority basis. It will be helpful to the landlord as police do proper tenant’s background check.
If not done some tenants can fraud to landlord after renting the property because tenants have more control on it than landlords.

Property Tax:

Landlords should have words and clause in rent agreement with tenant that if in any case the property tax is increased then landlord have right to increase the rent amount as well.

Buying property online is benefit to buyers

Should We Buy Property Online?

Internet becoming a basic necessity of everyone’s life, the trend of buying property online booming from past few years. Today, there are number of portals where one can advertise, buy, sell or rent a property. Major real estate developers are taking steps to strengthen their online presence where buyers can check prices and designs. In the current scenario where many reputed real estate businesses trying to sell their properties online, and with great offers. In that case buyer gets lots of benefits.

Advantage of buying property online

1. Booking Amount is Affordable: In offline scenario the booking amount is at least  5% of property value and if you buy property online then the advance booking payment is very nominal say 10,000 to 20,000 which is less compare to offline booking amount. Book property online if buyer is 100% sure to buy the property else he will end up losing the booking amount.buy_online_property_without_visit

2. Convenient for buyer: Purchasing a property online became easy and convenient where buyer can book from the comfort of his home. Contacting multiple agents to get the information about property which is tedious work is also eliminated.

Much more convenient for the person who looking property in specific city but live in other state or a country.

3. Choosing property online have option to take visual tour: Many property portals or website offer visual tour to potential buyer where you can actually see each nook and corner of the property/ house.Virtual-Home-Tour
They even provide 24 hours customer service support for queries related to property or booking. This help to save money, time and effort of a customer. Otherwise he has to visit property in personal for every small query.

4. Research: Buyer can compare properties online, check the correct property rates using website or portal tools. Buyer can even read project details and locality details, builder review which will help them to finalize and take decision on property.

Risk in buying property online

Some property developer provide fake information and pictures about the property and submit to online portal just to drive traffic and fool people.
In that case verified property builders comes into play. Make sure you do proper research and invest or buy property which are verified and authenticate.

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2 Fabulous Opportunities, 2 Grand Projects at Wagholi and Undri

Are you ready for residential shift? Move now!!! Ball is in your court. Majestique Landmarks launched two big projects with extremely rich and world class features. Now the right time has came for the reality investment.

38 Park Majestique at Undri:
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The entire premises of this enclave is spread over 10.5 acres area. Highly comfortable, secure and healthy 1, 2 and 3 BHK residential flats are available here with cost effective rates. The view and infrastructure of the township is completely different from other apartments of the city, you can enjoy a 360 degree view fromthe apex of any of the 8 towers, each tower is built with 15 storey high building. Majestique Landmarks are one of the developers of Pune who built a highest apartment.

Series of exclusive amenities successfully grabbed attention of everyone:

– Multiple swimming pool

– Yoga meditation area

– Reading Room

– Spa & Majestique Jacuzzi with bubble bath

– Kids entertainment zone

– Children’s play area

Apart from this much more is available here, along with comfort and luxury, an excellent security system is also placed in every building. Round the clock security, CCTV with 24×7 security will keep you and your family safe all time.

Majestique City at Wagholi:
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Majestique City is another grand project by Majestique Landmarks at prime location of Pune i.e Wagholi. Exclusively designed 2 and 3 BHK flats with beautiful scenario will keep you happy and energetic every moment. The Most promising school and colleges -Lexicon International School & JSPM College are just opposite to the township

Both the townships having a special feature, when you’re at the township you’ll never feel like you’re in the middle of ever busy city. Both the places are perfect for exploring peace of mind and give you relief after the exhaustive daily routing life.

Blog

The World Is Flat: Builder Flats & How They Change Us

Across India, a new kind of habitat is being created. As the city spills over from its original boundaries, and moves skywards, more and more Indians are coming to terms with the idea of living in flats. In a place like Mumbai, this has always been the case, but today, even in small town India, multiple store’s buildings are mushrooming, and the flat is emerging as the modern way to live. For many, this shift is now so much a part of the accepted reality of our lives that it no longer carries any significance, but in reality the changes it sets in motion can be profound.

 The dominant mental model of the home has been as a place of origin, as a seat of belonging. This is why the home in India has been a highly unselfconscious space, one that accommodated all the angularities of one’s preferred mode of living. The home was a sprawled space gathering objects that were assigned places depending on the purpose they served. It was an organism which grew seemingly on its own, gradually acquiring layers of use. In most traditional homes, space wasn’t measured; one rarely knew how large or small one’s living space was. Space seemed to expand or contract around one’s needs. The home was imagined inside out- it was a space built around the people who lived there.

 The builder flat is constructed the other way around. It is conceived of as the new grid within which lives are being relocated. Created by the inexorable arithmetic of space as currency, the builder flat delivers a template that acts as a solution to one’s housing needs. The space is determined first- the lives of the residents who occupy have to fit in into this pre configured arena.

 In order to help a prospective buyer imagine the final product, every new building development uses a ‘sample flat’ which is fully done up and populated with furniture. This has become the default imagination for the new home- this dressing up of space with the veneer of surface modernity. This brand of interior design has a great preference for neatness and slickness. Nothing juts out, surfaces are evened out and glossified. The eye slides over everything that it sees- the modern ‘designed’ flat comes without memory or reference- the primary aim to start anew by leaving the messiness of the past behind. The builder flat has marble floors and straight lines. Everything is exposed and all space is rendered useful.

The furniture that is part of this new world has a nameless slickness about it. The slick is modernity’s shield against memory as it refuses to absorb anything. Memories do not stand in a straight line, even though the way we measure time is linear. Memories defy chronology, they leap about and arrive unannounced. The builder flat does not allow for this untidiness, not to begin with anyway. Here the personal is tucked away behind a screen. The modern becomes a denial of memory rather than an evocation of a new one. It marks the beginning of a new journey. Here one is meant to strive to become oneself, by jettisoning the accumulated luggage of the past.

 Living in a flat and being responsible for one’s own home from scratch creates a new experience of the self. In the builder flat one arrives abruptly at the present having bailed on the past. The builder flat is in many ways a no-man’s-land where one catches one’s breath and idles in neutral. It opens up the possibility of making choices that were unavailable otherwise. It allows one to embark on a journey towards being an individual and gradually learning to make choices. The task of building one’s own life in one’s own home calls for making decisions that involve an awareness of one’s preferences, tastes and personality. The builder flat provides a start by putting together all those elements of modernity on which there is a general consensus, and even some on which there is not.

 A good example is found in the number of flats that now have an open kitchen that abuts the living room. Borrowed from the West, this is an idea that is far removed from the reality of Indian kitchens where tadkas and masalas impose themselves on one’s senses. That so many people are open to this idea suggests that the desire to submit to a ‘modern’ life without asking too many questions of it is great.

 The new habitat of the middle class also creates new anxieties and a desire for new affiliations. The community of the old needs to be replaced with a new kind of community. Here proximity is by itself not enough, being someone’s neighbor is an elective position; one chooses who to be neighborly with. Apartment living makes all actions deliberate- there are few things that are given, that one must do. The experience of living in a crowd, while being relatively anonymous, of being in plain sight of so many without necessarily feeling observed is a completely new sensation. To have one’s action freed from the relentless scrutiny of those who appoint themselves as stakeholder in one’s life can be a liberating feeling but equally it creates a void in feeling significant that needs to be filled.

 The beliefs of the past which were steeped in so much certitude now need to be renewed without help from an enabling environment. The self-conscious preservation of the past becomes a project just as does the desire to acquire new skills. The search for new anchors and for a new sense of belonging is only likely to intensify. New modes of living create new opportunities but also open up new gaps. The idea of being an individual is getting gradually constructed but it brings in it wake anxieties springing from an unfamiliar feeling of rootlessness. The builder flat promises freedom from the past, but offers little by way of filling this void. It offers modernity without content, replacing textured memory with neat surfaces. A new ecosystem is being created and as yet we can grasp only the bare outlines of what changes it might bring.

Godrej Properties

Godrej Infinity – Discover Infinite Lifestyle Experience

Godrej infinity is a foremost upcoming project by Godrej Properties, 500+ families shown their interest. If you are planning to invest in 1 or 2 BHK flats, than Mundhwa Keshavnagar is right place for residential shift. Apartments are spread over 43 Acres area.

This is a a very prominent location in East Pune, within 5 to 10 minutes you can drive to Kharadi, Hadapsar and Koregaon Park. All social facilities are very closer to the township. Pune Airport is hardly 10.6 km. You can also enjoy the proximity of Inorbit Mall, Columbia Asia Hospital, The Orbis School, Serr International Pre-schools, Janseva Bank, State Bank of India all are in walking distance.

We are proud of our esteemed customers who have trusted us, credit for our success goes to our customers. We will soon elevate the benchmark to new level, an infinite living experience is now ready to take shape, Project approval is received and construction will begin in April 2016.

Entire township is enriched with extremely rich amenities –

Exclusive clubhouse and swimming pools are designed with completely new concept and modern touch, you can enjoy highly natural and clean river bandstand, town square retail shop is a ultimate destination for you, every product is available here with reasonable price, 24/7 security, power backup, landscaped garden are also there. Another interesting amenities like – Safe and secure kids’ play area, health zone, sports facility, Rain water Harvesting, swimming pool etc.

Are you searching Flats in Mundhwa Keshavnagar???? Your searching is stopped now, highly safe and pleasant environment will embrace you happily and give you state of mind.

Grand Bay Manjri

Emerging Investment and Residential Hotspots at Manjri Pune

From last couple of years, East Pune has been enjoying tremandous development and rapid growth in terms of jobs, real-estate sectors and education. Various factors contributed in the phenomenal rise of this location – availability of large land, easy accessability to IT industries all this are significant factors of the development of this area.

Gemini Housing launched a new projects, to deal with all class families they offering 1, 1.5, 2 and 2.5 BHK size of flats in Manjri. They emphasis on their customer’s comfort and provided plenty of leisure options and equipped all amenities in their project. Every home at Grand Bay has been carefully built to meet with individual’s need. This township has been divided into 9 different clusters, each of which is having 12 floors.

This place is a real life paradise on earth, and all this was possible because of the endless effort and amalgamation of Parakh Group & Gemini Housing, their combine effort delivered the ultra modern and high-rise living. The entire appartment and surrounding premises are nestled with lush infrastructure and healthy living.

The township is enriched with lots of amenities –

The open ended and ample Gym area will keep you healthy and fresh, large area is exclusively provided for children’s enjoyment and equipped with all the necessary things to make fun. Safe and systematic parking area, so that you can park your vehicle without any hassle. Well equipped multipurpose play court, Amphitheatre, Garbage chute. Piped gas and solar powered energy which are very advanced facilities and you can’t find it in other townships.

Upcoming amenities includes exclusive ladies club house with large and covered pool.

Only 12 ready flats are available in Phase 1, enjoy spacious landscapes with highly cozy and rich homes. You can get benefit and touch of extravagant lifestyles in cost effective rate.

Kharadi Property

Gera’s Song of Joy – A Perfect Destination for Your Child’s Growth and Development

Are you concerned about your child’s all-round development? As a smart parent what you are doing or what you have done for evolving their skills and talent. Gera Group launched a residential township – Gera’s Song of Joy, to support such growth and personal development conscious parents and children. Are you willing to book 1, 2 or 3 BHK flat in Kharadi or near EON IT park, you have a golden chance to register an apartment here. Gera’s Song of Joy is a perfect place for you and your children, you can enjoy the child centric homes with starting price just Rs. 86 Lac. This is the right destination for fast pace development of your child, they will be completely groom up and get ready to be exposed in front of world.

This township is the address to both you and your child’s all concern, as major multi national companies are also located in east area of Pune – EON IT park, Magarpatta IT park are the excellent source of IT jobs. This location is excellent for career growth of all age group. The Gera Group established training center right at your doorstep, now you can become a part of your child’s progress.

Apart from all this, various other amenities also there –

India’s first BMX & Skateboard Park

Half Olympic Size Pool

4 Leisure Pools

Grand Clubhouse

Aerobic, Yoga, Dance and Music Rooms

Highly Comfortable Fitness Studio

Jogging Track

Creche & Daycare

Multiple Play Areas-

Cricket Pitch

Basketball Court

Gera Development Successfully put all this amenities in one township, they also won Asia Pacific Property Awards.

Be a Smart Parent! Be a part of your child’s development!

Become a Property Owner Now! Last 21 Residences are Left Now!

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Get Benefit of Special Loan Scheme, Hurry!!! Offer Valid for First 100 Bookings

Emerging Investment made the eastern part of Pune a residential hotspots. This location now come in the list of fastest growing area of city, especially the Wagholi location. The area itself offering multiple choice and various housing projects, 1 and 2 BHK flats are available in Wagholi. As per the rapid boost in terms of real estate, Pristine Properties came with multiple commercial projects. 1 BHK apartments are available at just 13.09 Laces. You have a great opportunity to book a home, special loan scheme and availability of finance from leading banks will help you.

Wagholi is one of the most prominent part of east area, ample scope of IT jobs and education are attributed for the extraordinary rise of residential demand. Almost all the business activities are now shifted in the east location – Kharadi and Magarpatta IT Parks are now became the IT enabled hub. You can enjoy the easy accessibility of major locations, apart from both the extremely growing IT parks, there is direct connectivity to industrial areas like – ranjangaon MIDC and Chakan. Best transport facility to run airport, Bund Garden, Solapur highway.

Wide range of property options are there, you can go for one which best fits to you and your families need.

Some of the Most Desirable Projects of Pristine Properties –

NEO City –

Highly modern and well established value homes are developed in this township. The entire area is divided into 3 different clusters and each of these clusters is enabled with series of leisure and finest amenities.

Pristine City –

You can enjoy ultra rice and splendid living in the Pristine City, hill side homes and closeness to nature will make you happy and fresh all the time.

Don’t miss this opportunity, offer is available for only first 100 booking of homes.