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New Delhi’s Connaught Place is the ninth most expensive office location in the world, followed by Mumbai’s Bandra Kurla Complex and Nariman Point at 26th and 37th positions, respectively, says a report by CBRE

New Delhi’s Connaught Place has moved one position higher, to become the ninth most expensive office location in the world, with an annual rent of USD 153 per sq ft, according to property consultant CBRE. Mumbai’s Bandra Kurla Complex (BKC) slipped to 26th position, with an annual prime rent of USD 96.51 per sq ft, from 16th rank. The central business district (CBD) of Nariman Point also moved down to 37th position, commanding an annual prime rent of USD 72.80 per sq ft, from 30th rank last year. BKC and Nariman Point were at 16th and 30th positions, respectively, last year.

“Delhi’s Connaught Place moved one notch up, to be the ninth most expensive office location with an annual prime rent of USD 153.26 per sq ft, from last year’s 10th most expensive office location,” CBRE said. The consultant released its annual Global Prime Office Occupancy Costs survey. The cost reflect rent, plus local taxes and service charges for the highest-quality prime office properties.

CBRE’s chairman – India and south-east Asia, Anshuman Magazine said, “Delhi, being a prime market, continues to witness significant activity and has moved one step ahead to the 9th position, owing to stable vacancy, rents and absorption.” He expressed optimism about the Mumbai market and expected an upswing in the coming months. On the Indian commercial real estate market, Magazine said, “Strong demand from the finance, technology and the e-commerce sectors, has fuelled the growth momentum in prime occupancy costs from last year and the remains a strong growth propeller for the real estate sector.”

According to the report, Hong Kong (Central) is at the first position with an annual rent of USD 306.57 per sq ft, followed by London (West End), Beijing (Finance Street) in China, Hong Kong (Kowloon) and Beijing (CBD) in China. New York (Midtown-Manhattan) ranked sixth, with an annual rent of USD 183.78 per sq ft, while New York (Midtown-south Manhattan) is at seventh position, commanding a rent of USD 171.56 per sq ft. In the top 10 list, Tokyo (Marunouchi/Otemachi), Japan, is at the eighth position and London (City), UK, is at the 10th rank.

Global prime office occupancy costs rose 2.4 per cent year-over-year. The cost in America was up 3.2 per cent, Europe, the Middle East and Africa (EMEA) two per cent and Asia-Pacific 1.7 per cent. The survey highlighted that prime office occupancy cost growth, was consistent across all regions in the past 12 months.

Credit- Housing.com

 

As the Real Estate (Regulation & Development) Act, 2016, (RERA) crossed the Rubicon on May 1, 2017, there is a lot of speculation on its applicability and scope. One such aspect is the absence of mandatory occupation certificate and completion certificate in many cases.

The Act states that all ongoing as well as under-construction projects that have not received completion certificate have to get registered with the regulatory authorities within three months, i.e, July 31, 2017. Projects with a plot size of minimum 500 sq m or eight apartments will fall under the purview of the Act.

Section 3 of the Act says: “No promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it, in any planning area, without registering the real estate project with the Real Estate Regulatory Authority established under this Act. Provided that projects that are ongoing on the date of commencement of this Act and for which the completion certificate has not been issued, the promoter shall make an application to the Authority for registration of the said project within a period of three months from the date of commencement of this Act.”

What is a completed project?

The Act exempts completed projects from the purview of the Act. But what is the operational definition of a completed project? What would happen if a project has got an Occupation Certificate (OC) but not Completion Certificate (CC)?

“I think all projects that have 8 or more units, whether having a CC or not, should be registered under RERA. In line with the section 3(1) of the Act, which says that no developer should sell without obtaining RERA registration after May 1, a project completion certificate may be used for physical completion but a project is not completed till the RWA of the society is formed and operations handed over to the society in line with the RERA,” says lawyer Devinder Singh, who practises in the Supreme Court.

Cases have emerged where many housing societies have OC but no CC. While speaking at the PHD Chamber of Commerce conclave in Delhi recently, Haryana RERA ED Dilbag Singh Sihag had said that any project that has OC but not CC or vice versa has to register itself under RERA. “All units need to get completion certificates before July 31 even if the housing society is cent per cent occupied and all units have been sold. A CC is a legal document that attests the fact that the new building has been constructed and completed according to all the safety norms and regulations.”

Haryana has started the registration of ongoing projects. “The interim authority has already registered two developers out of the 10 applications that were received. The final rules will be out by June 30, 2017” explained Sihag.

JLL(R) Chairman Anuj Puri says that every ongoing and under-construction residential project, or projects that have not received their completion certificate before RERA became a law, comes under the purview of the Act. “This means that buyers into such projects now have a very clear picture of when they can expect possession, and what their legal recourse is if the developer fails to deliver. That also applies to the amenities and facilities mentioned in the sales agreement, from which there can be no deviation unless two-third of all buyers in the project agree to such changes,” he explained.

Ongoing projects a grey area

But ongoing projects are a grey area in some states. It’s crucial for a buyer to cross-check rules in the state concerned before investing as many states have kept the ongoing projects out of the ambit of the Act.

“If an ongoing project falls under RERA then it’s a safe and secure investment option. In states where ongoing projects are excluded from the Act, it’s better to invest in new projects which would be registered under RERA,” says Singh.

Credit – Shaveta Dua, Economic Times, Magicbricks Bureau

The much-awaited Real Estate Act comes into force from Monday (1 May 2017) with a promise of protecting the right of consumers and ushering in transparency but only 13 states and UTs have so far notified rules.

The government has described the implementation of the consumer-centric Act as the beginning of an era where the consumer in king.

Real estate players have also welcomed the implementation of the Act, saying it will bring a paradigm change in the way the Indian real estate sector functions.

The government has brought in the legislation to protect home buyers and encourage genuine private players.

Representational image. Reuters

The Real Estate (Regulation and Development) Bill, 2016 was passed by Parliament in March last year and all the 92 sections of the Act comes into effect from May 1.”The Real Estate Act coming into force after a nine-year wait and marks the beginning of a new era,” Housing and Urban Poverty Alleviation Minister M Venkaiah Naidu said.

The Minister said the law will make “buyer the king”, while developers will also benefit from the increased buyers confidence in the regulated environment.

“The Act ushers in the much-desired accountability, transparency and efficiency in the sector, defining the rights and obligations of both the buyers and developers,” Naidu said.

The developers will now have to get the ongoing projects that have not received completion certificate and the new projects registered with regulatory authorities within 3 months from Monday (1 May 2017).

Under the rules, it is mandatory for the states and UTs to set up the authority.

However, only 13 states and UTs have so far notified the rules. The states that have notified the rules are Uttar Pradesh, Gujarat, Odisha, Andhra Pradesh, Maharasthra, Madhya Pradesh and Bihar.

The housing ministry had last year notified the rules for five Union Territories — Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman and Diu, and Lakshadweep — while the urban development ministry came out with such rules for the National Capital Region of Delhi.

The other states and UTs will have to come out with their own rules.

A HUPA ministry spokesperson said the ministry has been taking up the matter with all the states and UTs for implementation of the Act, requesting them to ensure action as per the provision of the Act within the time limit.

The ministry had earlier formulated and circulated the model rules to the states and UTs for their adoption and it is their responsibility to notify the rules, the spokesperson said.

Those states which have not notified the rules will face public pressure and even people could approach the court in the matter, he added.

On reports that key provisions have been diluted by some states, he said it was pointed out to those states and they have assured the ministry that it would be corrected.

According to a report in The Times of India, the rules notified have kept most of the ongoing projects out of the ambit of the law, thus favouring the builders rather than the buyers.

The report notes that Haryana rules do not mandate builders to disclose the plan, layout and other specifications, which undermines the very objective of bringing in transparency in the sector.

In Maharashtra, the rules allow builders to exit a project once the occupancy certificate is issued. According to the report this would mean builder can pull out of a project before completing the amenities promised to the buyers.

The Indian real estate sector involved over 76,000 companies across the county.

Some of the major provisions of the Act, besides mandatory registration of projects and real estate agents, include depositing 70 percent of the funds collected from buyers in a separate bank account for construction of the project.

This will ensure timely completion of the project as the funds could be withdrawn only for construction purposes.
The law also prescribes penalties on developers who delay projects. All developers are required to disclose their project details on the regulators website, and provide quarterly updates on construction progress.

In case of project delays, the onus of paying the monthly interest on bank loans taken for under-construction flats will lie on developers unlike earlier, when the burden fell on home buyers, said real estate service provider JLL India CEO and Country Head Ramesh Nair.

RERA also states that any structural or workmanship defects brought to the notice of a promoter within a period of five years from the date of handing over possession must be rectified by the promoter, without any further charge, within 30 days, he added.

If the promoter fails to do so, the aggrieved allottee is entitled to receive compensation under RERA, Nair said.
Other highlight of the Act is imprisonment of up to three years for developers and up to one year in case of agents and buyers for violation of orders of appellate tribunals and regulatory authorities.

As per industry data, real estate projects in the range of 2,349 to 4,488 were launched every year between 2011 and 2015, amounting to a total of 17,526 projects with investments of Rs 13.70 lakh crore in 27 cities, including 15 state capitals.

About ten lakh buyers invest every year with the dream of owning a house.

Real estate industry bodies CREDAI and NAREDCO said the implementation of this law will bring paradigm change in the way Indian real estate functions. They expect property demand to rise but supply may get affected in the near term.

“It will bring a paradigm change in the real estate sector. It will protect buyers who have purchased flats in the past. The regulator under the RERA should find ways to help complete ongoing projects and provide relief to home buyers,” NAREDCO Chairman Rajeev Talwar said.

CREDAI President Jaxay Shah said RERA will increase transparency in the sector and boost confidence of both domestic and foreign investors.

He, however, said there will be some “teething problem” initially in implementation of this law.

Asked about the impact on prices, Shah said, “Supply will dip during this year but demand will improve as buyers will have increased confidence about investing in the property market”.

The real estate prices will remain stable now but rates could rise by 10 percent in the next six months, he added.

With PTI inputs

Published Date: May 01, 2017 09:03 am | Updated Date: May 01, 2017 09:03 am

Credit – www.firstpost.com

Chennai is a whimsical city that leaves a lasting impression. The locals sing its praises with such fervor that everyone who hasn’t been here, wants to immediately plan a visit. So what exactly makes Chennai the buzzword that it is?

Let’s take a look at some of the standout reasons…

Impromptu hang out places

The city caters to every whim and fancy. Whether you are a college student bunking classes and looking to hangout, a quick break from work, thinking of taking out guests somewhere on a short notice, there is no dearth of places to visit in Chennai. The city is so well connected that all it takes to keep you entertained, is a quick hop in the car for a long drive.

Theater galore

Chennai is a haven for movie buffs. Multiplexes, single screen theaters, preview theatres are plenty of options here. No one takes their movies as seriously as the Chennaites with their first-day-first-show tradition.

Melting pot of cultures

Besides the native Tamilians, we have a thriving community that is full of people from Andhra, Telangana, Kerala, Gujarat, Rajasthan, Punjab, to name a few, who along with them bring their culture, customs and of course, food!

 Amalgamation of languages

There are many localities where people from different parts of the countries form an enclave and preserve their own languages. If you are  local, it sounds so familiar and so right; if you are a visitor, there is nothing like hearing your mouth tongue in a home away from home.

The weather!!!

Complementing the warmth of the people is the weather. Besides providing fodder for conversations, it presents the perfect setting to enjoy the beaches and roadside eateries.

 Budget friendly

Chennai has something to offer for everyone. Perhaps no other metropolitan city is as consumer friendly with its cost of living in terms of housing, commodities and other amenities. Regardless of what your budget is, there are a wide variety of options in the city, right from luxury and indulgent items to basic necessities.

Spirit of volunteering

The world speaks of Chennai, as the place of volunteering. We come together as one, like no other. Our hospitality and charm are widely spoken of. The December floods of 2015 and Vardah cyclone bear witness to our spirit and stand testimony to the vibe of true Chennaites.

The sound of music

Ravindran Academy Of Music

The Crown of the Coromandel Coast is also the Culture Capital of South India. The sound of music rings in our ears throughout the year and reaches its peak during the Marghazhi season. We stay true to our roots of Carnatic and Hindustani music while always exploring fusion and other variations.

Cozy residential suburbs

Home Care Tips for This Monsoon Season

Quaint little houses are decked behind the busy roads away from the commercial establishments. Every locality is a mixture of old and dilapidated houses and modern establishments in the form of apartments and flats, providing a rich contract in the tapestry of the city.

Zeal for sports

Be it a corporation playground, terrace, front yard, apartment car park and even the middle of the street! You can bet that a group will be enjoying a game of badminton, cricket or football. We take our sports pretty seriously. We walk the talk and are the proud members of various sporting teams based in Chennai.

Globetrotters’ welcome

The city is known for its hospitality. Tour guides and the common man are always ready to help a visitor navigate through the chaos that totally makes sense to us. No, we don’t go by street names and door numbers; it is always the right after that famous landmark next to some hoarding.

Shopaholics’ paradise

Tnagar-shopping-place

Be is apparel, home appliances, electronic gadgets and everything you may ever require, we have different localities and streets selling whatever it is you may need. Parry’s corner, Pondy Bazaar, Ritchie Street are just a few places to revel in the thrill of window-shopping and the rush of bargaining.

Terrace Gardening

Compact gardens are housed in every other household. Workshops and exhibitions are regularly conducted where like-minded Chennaites exchange tips, seeds, and words of encouragement. We do our bit towards building a sustainable and eco-friendly city.

Fitness Freaks

hip-hop-classes-chennai

Walking along the beaches, marathon associations, jogging early morning, cycling before traffic— the enthusiasm is palpable and contagious. You will surely be motivated to get in a bit of workout by just observing those around you. A wave here, a ‘good morning’ there, Chennaites sure know how to provide the moral boost.

The People

‘The people maketh the place’ and when in Chennai, do what Chennaites do best— live life to its fullest extent with a sense of humour and the ability to break into a ‘kuttu’ dance at any moment! It is because life is a celebration and gosh do we Chennaites know how to celebrate!

Chennai is without a doubt a quintessential element on your travel list. The locals bask in the glory of this historic and iconic city, which celebrated its 375th birthday a couple of years ago. Namma Chennai ku whistle podu!

Living room lighting is to be undertaken with the utmost care, as it is often the first room that one comes across when entering a home. The lighting sets the tone and mood in the living space and provides a sense of belonging and comfort. Nowadays, there are many options available when it comes to lighting up the living room. Be is simplistic, extravagant, classic or any orientation of ornamentation, plenty of varieties are present. Here are some of the ways to illuminate the living room.

Centerpiece Chandeliers

Centerpiece Chandelier

Not only do they add the style quotient, they are practical in nature as well. If positioned carefully, you don’t need any extra lighting around the living room. Thereby, reducing your power consumption and hence your carbon footprint and electricity bill.

D-I-Y table lamps

Lighted-Wine-Bottle-Lamp

This is a creative way of personalizing your living room lighting. Table lamps are subtle in terms of lighting effect with reduced glare. As such, they provide the ideal setting for a cozy and warm vibe. Personalized table lamps provide an added element of customization with pictures of near and dear ones being illuminated by the light.

French window Daylight

 French window daylight

Windows when placed smartly, allow the sunlight to enter the room and light up the living space. This requires very minimal lighting as daylight is available throughout the day and artificial lighting is required only at night. Since the living room is a space where one spends most of the time lounging at home, it is definitely a requirement to make use of daylight emerging through French windows.

Artistic sconce

Artistic sconce

Sconces add to the aesthetic of the place and are compact in nature. They illuminate the room and provide a great backdrop against the wall. Artistic sconces are compact in nature and hence do not take up much space. An added advantage is that since they are fixed on the wall, they do not encroach floor space.

False ceiling lights

False ceiling lights

Such lights offer enough lighting and variety in terms of area used. They are closer to the floor than regular ceilings hence are brighter by contrast. It is also easy to hide the panels in the living room as they are concealed within the ceiling area.

Illuminated ceiling

Illuminated ceiling

As opposed to false ceiling lights where lights fixtures are placed here and there, illuminated ceiling is when the full ceiling space is lit up entirely. The living room is transformed into a surreal and exciting experience resembling skylights from up above.

Rail lighting

rail lighting ideas

Rail lighting is known to offer a soft glow that provides warmth and lighting. A metallic strip is fixed in the ceiling on which light fixtures can be mounted upon. This ensures a centralized electrical outlet as well, given the fact that a ‘rail’ can hold many light fixtures.

Pendants

pendant lighting ideas

Hanging lights in multiples from the ceiling with the use of a cord are known as pendant lighting. Pendants are understated and elegant by glance and hence are a great match to the living room décor. The varieties that one can utilize by mix and match of various different lights offer pleasant and specific lighting for any occasion.

Floor lamps

Floor lamps

The dependable and traditional mode of lighting, they are easy to move around according to requirement. Further, the height adjustment quotient comes in handy for multiple uses in the living room based on any activity that is to be done. Floor lamps blend well with the furnishing of the living room due to their svelte nature as well.

String lighting

string-lights-ideas

A series of light bulbs connected in a manner that resembles a rope is what is called string lighting. It is a highly durable model known for its robust life. They do not require to be changed from time to time and are quiet versatile. String lights come in handy due to their movable nature and allow us to experiment different lighting outlays in the living room.

As the saying goes, “Living is all about seating and lighting.” Nowhere is it more apt than the living room. Therefore, it is important to choose the best possible lighting for the living room. Along with the décor, it is also important to note the kind of lights used. LEDs are the best kind there is, as they are energy efficient by not only being environment-friendly but also being cost effective. So, go ahead and light up your living room with style and thought!

Real estate investments are a tricky business due to the volatility of the market and the cost involved. There are several options available in terms of location of properties, payment mode, facilities offered, etc. Ready to move apartments and under construction apartments are both put up on the market. Both come with their own benefits and drawbacks. Let’s look at some of the parameters, which are worth looking into before finalizing on a decision…

Availing finance and credit

Ready-to-move:
Loans are easier to avail due to the tangible presence of the apartment, which is built and considered a ‘finished construction’. Banks will be more forthcoming on providing credit facilities under better terms when choosing this particular option. This is one of the advantages of a ready-to-move apartment.

Availing finance and credit for home

Under construction:
Given the fact that the project is only decided ‘on paper’ and not finalized yet in terms if the actual building, finance, and credit are much more difficult to avail when looking for the under construction options. Lenders are hesitant to lend due to the element of uncertainty in terms completion of the project.

Negotiating scope

Ready to move:
In terms of scope for negotiating and landing on the better end of the bargain, there is limited opportunity in ready to move apartments. Quotations are fixed and are to be met strictly as the apartments are already finished and ready to be occupied. The builder has the upper hand in terms of the deal as they can always find another client for a property that is already finished.

Negotiating scope

Under construction:
Negotiating can be done to a certain extent using different cost options. Whether simply quoting a lower amount or in terms of cost to be borne, there are different possibilities. There can be negotiations in the “back end”, in terms of ‘closing costs’, which are home owners association fees, stamp duty etc. If these are borne by the real estate builder (through negotiation), it can reduce the final payment made.

Neighbours’ profile

Ready to move:
Chances are the other houses are already occupied or to be occupied in the near future. This way, one can make informed decisions after reaching out to prospective neighbors and listening to their experiences in dealing with the particular builder, facilities available and other factors based on the priorities.

Under construction:
Given the fact that the property is yet to be finished, not many occupants would have been finalized. There is no specific way of determining the profile of those who are likely to occupy the neighboring property. Only on completion will there be clarity after deals are finalized.

Payment options 

Ready to move:
There is the requirement of immediate down payment; registration fees, etc., as it has to be arranged within a short notice at one go. Banks usually provide loan payments based on completion of each phase of construction, hence on a ready to move property EMIs cannot be availed.

home-loan

Under construction:
EMIs can be availed just making the payment phase-by-phase of the construction. This is a pocket –friendly mode of payment, which is conveniently when availing home loans. Payment is favorable for an under construction property due to the EMI options available.

Involvement in design

Ready to move:
With the construction complete, there are not many changes that can be entertained. There lacks flexibility when it comes to additional features. Ready to move apartments are rigid in terms of choices. The completed view is what is available.

Under construction:
There is the element of personal inputs as customization is possible in terms of features of design, and facilities that can be provisioned. There is room for the opinion of the client as they can provide their thoughts before any amenities are finalized upon. This allows a great deal of flexibility of options keeping in mind future expansion.

Project completion

Ready to move:
There are uncertainties as the project is already done. What you see is what you sign up for and there is no question of delays and halt in construction. This is a major aspect of ready to move apartments, given its surety and assurance of finalization.

Under construction:
Construction could be delayed owing to pending clearance and scarcity of resources. There is a high risk of stagnation of project. Under construction, apartments do not offer the stability in the construction plan.

Having looked at these criteria, it is important to keep in mind one’s priorities in terms of what is being sought after based on requirements. Cost escalation and appreciation of value are both based on an individual property and there is no general rule, which is applicable to all properties. It is important to make informed decisions after doing the necessary background search.

What better place to enjoy the finer things in life, than in the comfort of one’s own home? Luxury and opulence are not mere monetary measurements of wealth; rather they are a reflection of lifestyle. The apartment that one inhabits is a true picture of the lifestyle enjoyed. Here are some ways to incorporate indulgence in your living sphere…

Colour palette

Colour palette

Colours are an extension of the mood and vibe of the setting of your home. The colours chosen will reflect the overall sentiment that your home exudes. The colours used in the interiors depend on the rooms and their purpose. Lighter colours provide an airy and spacious feel whereas darker colours provide a compact and earthy undertone.

Upholstery

Upholstery

The finish on the pieces of furniture makes all the difference. Upholstery provides a luxurious setting, which uplifts the atmosphere indoors. It should complement the colours of the room and should also serve its functionality.

3D artwork

3dartworks

These are ideal to provide depth and that added dimension which takes the look and feel of your space to a whole other level. They offer a futuristic perspective of artwork that gives a deeper understanding. The attention to detail in these artworks makes the adornment a truly splendid sight, thus transforming your apartment into a symposium of fine taste.

Carpet installations

carperts

Carpets provide warmth and a sense of coziness to the indoor living area and are quite practical in its function. The room looks spacious and regal while being easy to maintain as well. It contributes to the aesthetics of the apartment and bestows a majestic sight.

Concealed cupboards

concealed cupboards

The advantages include fluidity in the living space, finesse in the design and seamless blending of the interiors. This is the heightened form of flair that can be utilized provided the cupboards and shelves are tucked under the blended interiors.

Minimalistic approach

minimalistic

The hallmark of an opulent dwelling is clear-cut and expansive interiors. The subtlety of a minimalistic design is that each and every single piece of furniture and artwork glimmers and stands out. It is indeed true that simplicity and symmetry can provide a tranquil and serene setting.

De-cluttered outlook

The aura of the apartment is elevated with de-cluttering. The home looks ravishing and elegant, thus delivering that swank look. Transformation is immediate, to a fluid space that yields an exquisite surrounding.

Wallpaper patterns

wallpaper-pattern

Wallpapers come in a variety of assortments. They signify sophistication and style, making the home appear irresistibly luxurious. The catalog is quite diverse thus accentuating both period and contemporary looks.

Contrast effect

Contrasting the colours at home enhances the appeal of the place. Mixing and matching warm colours, cool colours, primary colours etc. without making it an explosion of too many colours, is important to a visual extravagance.

Lighting Ornamentation

lighting ornaments

Illumination is very important as it not only serves a purpose but is also pleasing to look at. Lighting can showcase the various elements of the interiors. Both artificial and natural lighting generously creates ambiance. The lighting should complement the style of the home for it to be effective.

Check out : 10 Cool Lighting Ideas for Modern Living Room

Indoor potted plants

indoor plants

The fragrance and beauty that exuberates from indoor plants can offer an exotic and alluring effect to the opulence of your household. The room temperature is also reduced if plants are placed throughout the apartment. The cool and fresh sensation of the aroma gives a resplendent feel to the home.

Check Out: Stylish Ways To Use Indoor Plants In Your Home Décor

It is vital to keep in mind that the home should make use of sustainable materials for the health of the environment and cost friendly enhancements. Compromising on the financial position is not necessary for making the home more luxurious. Diligent spending will help make use of the best resources
required to lead a refined and polished way of life.