Puri Aman Vilas in Sector 89 Faridabad

Puri Amanvilas – This project would be a great relief for those people who wanted to live in a group housing project with all the amenities but they have height phobia, so they can’t imagine their dream home in high rise group housings. But now Puri Constructions is coming up with their new project ‘Amanvilas’. Amanvilas is a 100 acres project having low rise independent floors and independent plots in a gated community with huge green parks, water bodies, wide roads, shopping complex, sports arena, school and much more. Amanvilas is located bang on 75 mtr sector road, 3 kms from by-pass road and 5 kms from N.H-2 and Badkhal Metro Station. FNG Express way will be entering Faridabad just in front of this project and 500 acres of Golf course will be coming up in the closest vicinity. Metro has also been proposed in front of this project. Many good schools and colleges are already functional in the closest vicinity. 2000 bedded (India’s Largest) hospital & Medical university by Amrita group is coming up just 100 mtrs away from this project. Area range of floors and plots in this project vary from 270 sqyds to 500 sqyds starting price from 50 lacs. The pre booking are open with the inaugural discount.

Booking Amount for Floors – 3 Lacs Only

For Plots – 5 Lacs Only

Cheque in favour of Puri Constructions Pvt. Ltd. A/c Amanvilas

Puri Amanvilas

Puri Aman Vilas

Aman vilas Faridabad

Puri Aman Vilas Faridabad

Puri Amanvilas Faridabad

Puri Floors

Floors in Faridabad

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Top Realtors Promise Massive Investments at Happening Haryana Global Summit

Happening Haryana SummitIf the realty sector in Haryana was looking for some good news to lift its sagging sentiments, this is the one which is most likely to achieve this objective. In the recently concluded conclave of Happening Haryana Global Summit, investors have promised a mammoth Rs 5.85 lakh crores of investments. This is an impressive performance of the state which has not lost the investment sheen despite the recent turbulent agitations. Out of the total 357 MoUs signed, the realty sector accounted for investments worth Rs 1.6 lakh crores, which is almost 27 percent of total investment promised.
This is expected to boost the realty sector further as 22 realty sector giants have shown interest to develop different property products in different cities of the State. Some of the prominent names are of Puri Constructions, Supertech, Raheja, M3M, Omaxe, Vatika, Ireo and Jindal Realty. The largest investor was M3M with its proposed investments of Rs 45,365 cr, almost one-fourth of the total realty sector investment. The investment of M3M would be Rs 9000 cr in Housing for All scheme under Pradhan Mantri Awas Yojana, Rs 26000 cr in development of a new smart city in Gurgaon and Rs 8000 cr for other realty projects.
Supertech will chip in with investments of Rs 5706 Cr in affordable home projects and townships, DLF with Rs 20000 Cr and Jindals with Rs 1800 Cr in four projects at Sonepat and Kurukshetra.

Given the fact that there has been commissioning of KMP Expressway, near completion of Dwarka Expressway, move of State Government to set up RERA, putting in place of a system of fast track clearance of projects by HSIIDC, the stage is set to give a new lease of life to the real-estate sector.

To check for details of the Summit, please open the following presentation.
IV-Source-Presentation-2016

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Amendments That Ensured Passage of Real Estate Bill in Parliament

What led to the passage of Real Estate Bill in Parliament? Well, it was not without effecting some some amendments which the Rajya Sabha Committee wanted. Here is what all was agreed to before the passage of Bill was ensured in the Upper House where opposition parties hold the key to passage of any Bill.

Here is a compilation of major amendments which led to its smooth passage:

1. Compulsory registration of projects on at least 500 sq mtrs land area or 8 flats, as against 1000 sq meters suggested earlier.
2. Deposition of 70% of sales proceeds to escrow account, as against 50% proposed earlier.
3. Carpet area to include toilets and kitchen. Garage not included.
4. Formation of RWA compulsory within 3 months of allotment of majority of units.
5. Buyers can approach Consumer Courts at District Level for grievance redressal, besides REAR. Earlier, only REAR was included.
6. Commercial Real Estate also brought under the ambit of Bill.
7. Provisions of bill to be applicable for current project under sales.
8. Changes in plans to be approved by 2/3rd allottees.
9. States to make rules within 6 months of notification of Act. Earlier, it was 1 year.
10. Allottees are required to take possession within 2 months of issuance of occupation certificate.
11. Provision of additional benches of Appellate Tribunals for speedy delivery of justice
12. Imprisonment up to 3 years for builders and 1 year for agents and buyers for not obeying orders of tribunal or REAR. Monetary penalties might also be levied.
13. Tribunals to adjudicate cases in 60 days, not in 90 days as proposed earlier. Regulatory bodies to pass orders on cases in 60 days as well
14. Arranging of Insurance of Land Title
15. REARs empowered to grade projects and developers. These also shall ensure digitization of records. Regulations to be made within 3 months of formation of REARs, as against 6 months.

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Real Estate Bill Passed in Lok Sabha, Buyers and Agents Can Also Land in Jail

The Real Estate Bill has been passed by Lok Sabha as well. The Bill will now be sent to the President for his approval after which it will become a law. It has been held by the real estate developers lobby that this bill is pitted against them in a major way and is harsher against them. There are many provisions which make the developers accountable for their projects. The bill touches upon multiple contentious issues and imposes penalties and prescribes jail terms even as it seeks to set up State level regulatory bodies.

 

However, it is not only the builders who will land in jail, but the buyers too can get sentenced for 1 year jail term in case of failure to obey the Real Estate Regulatory Authority or Tribunal ruling. This ruling has also been extended to the real estate agents. This provision has been included to ensure that the buyers do not use the legal means to file complaints against builders. This provision has been criticized by buyers who argue that this will deter many bona fide buyers to lodge complaints against the builders. However, the experts are of the opinion that buyers do not have to worry since they will approach Tribunal or REAR only when they have some genuine grievance against the builder.
Another important part of the Bill pertains to insurance of land title. This is for the first time that this provision has been introduced to secure the buyers as well as builders against defective land titles.

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Real Estate Bill Passed in Rajya Sabha!!

Taking a significant step forward in enactment of the Real Estate (Regulatory and Development) Bill, 2016 as a law, the Upper House of the Parliament, Rajya Sabha, passed it with a voice vote. With this passage and upon signing by President of India, the Bill will become the law which many homebuyers had wanted.
The law would find good favour with buyers and will put builders on serious notice to complete project as per their promises. Even the real estate agents are sought to be regulate under the Bill.
Main Provisions of the Bill:
1. Provision for State level Real Estate Regulatory authorities (RERAs) for grievance redressal.
2. Both residential and commercial project in its ambit.
3. Every project of more than 500 sq meters area or more than 8 apartments has to be registered with RERA. If this is not done, there is provision of fine up to 10 percent of project cost. Further violation will result in imprisonment.
4. Developer has to park 70 percent of project funds into a dedicated escrow account. This has been done to ensure that the builder first completes the project for which the money has been taken and that it is not invested in other projects.
5. Developer to give all information relating to project plan, approvals, layout, status of the title to land, sub contractors and schedule of completion with RERA.
6. Developer prohibited from launching or even marketing of projects till the time all approvals have been obtained and the project is registered with RERA.
7. Sale prices to be based on Carpet Area which has been clearly defined in the law. Spaces such as kitchen and toilet have been included in its definition.
8. Delay in project will cost developer same sum of money which the customer pays as EMI to banks.
9. Violation of order of RERA can lead to imprisonment up to 3 years with or without fine.
10. Buyer given the right to demand after sales services within 1 year of taking possession in case there is any deficiency.
11. Developer liability increased to 5 years in cases where he is not able to repair the structural defects. Thus, the structural safety and construction quality has to be considered till 5 years from date of possession.
12. Real Estate Appellate Tribunal to pass verdict in 60 days, not 90. RERAs to dispose of complaints in 60 days.
13. Even allottees will have to face penalty if they do not pay their dues on time.
14. No alterations in layout unless consent of 2/3rd of allottees is taken.
15. In case of abandonment of the project by developer, either the State of the allottees can take up completion of project.
16. Real Estate Agents shall also need to be registered with RERA.

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Puri Unveils Massive Project of 2200 units in Faridabad

The ball seems to be rolling fine for Puri Constructions in Faridabad and it certainly in not gathering any moss. The Puri juggernaut keeps on moving, riding on customer confidence in its work and a conviction of providing lifestyle changing living environment in its residences. After delivering Puri Pranayam, Puri Pratham, Puri VIP Floors and Anand Vilas in Greater Faridabad, it is again launching a new project in Sector 89 in a land area of 100 acres. This time it is Aman Vilas.

Sector 89 of Faridabad lies on either side of the Kheri Road. This road connects the Faridabad bypass road to the interior regions of Neharpar and divides sector 89 into two parts. This road is again expected to be connected with the Yamuna Expressway. A number of educational institutions are also being developed in close vicinity which will make this region a hub of education. Aman Vilas, therefore, has a very opportune location.

Puri Amanvilas is expected to be another luxury or semi-luxury project which will provide about 2200 independent floors to the residents. While there is no official confirmation about the details of the units, it is expected that these would again be in the much sought after area units of 250-500 square yards. The project has been put for sale and the fresh bookings are being sought from buyers. Puri Constructions have set a deadline of completing this project by December 2018, taking a full 3 year time. Considering the investor interest in this project due to reputation of Puri, it is assumed that the units will be sold out quickly.

Details of the project are keenly awaited!!

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Haryana CM Announces Metro Extension to Greater Faridabad, Have Plans for Gurgaon As Well

It is a dream coming true for the current and future residents of Greater Faridabad. In a gesture which will certainly uplift the sagging sentiments of the Neharpar property market in near future, Haryana CM Manohar Lal Khattar announced that this region will also be connected with Metro link. However, this extension of the Metro route will be undertaken after accomplishment of work on the YMCA to Ballabhgarh link. So, it is some years before this happens but coming as it is from none other than the CM, it means that the project has been well received in the Haryana government.

As Greater Faridabad develops into an affordable residential hub with lakhs of families living here is near future, timely introduction of Metro link will ease commutation to different parts of Faridabad and even to Delhi. The announcement is not likely to bring any significant movement in property market in the short term but it does augur well for enthusing a positive sentiment and indicates that the government is serious about the development of this region, notwithstanding some delays.

It is to be noted that the property rates in Faridabad are still lower than in Gurgaon or Noida. And, if this city has to be a top residential address in Delhi-NCR region, it is important to have good and sustainable transportation systems in place so that people can live here and commute to their work places in other cities without any hassles.

Metro Link Between Faridabad and Gurgaon

With DMRC now linking to Delhi, and plans being announced for Greater Faridabad, it is high time that the long due mass rapid transportation project to Gurgaon from Faridabad shall also be taken in right earnest. It is everyone’s knowledge that people commute on daily basis from Faridabad to work in companies in Gurgaon. While there is bus-based connectivity and private cabs also operate on this route, there is a lot of hardship for daily commuters. Mass rapid transportation connectivity will be a very positive step in that direction.

CM Khattar announced the formation of Special Purpose Vehicle for putting this system in place. Though the proposal was agreed to by the government in principle way back in 2014, there was opposition from DMRC on the proposed route. It was suggested to have a connection from Qutub Minar to Badarpur which could also connect with Surajkund and then on to some station on the existing Delhi-Faridabad route. But, this does not found favour with DMRC.

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Faridabad Crosses 100 Smart Cities Hurdle But Stumbles On 20 Mark

It was not to be for Faridabad in the first round of funding for the ambitious Smart Cities project. Despite having a strong case and getting included in the list of 100 cities which are to be developed under this project over the next 5 years, Faridabad could not make in the final round which was essentially about selection of first 20 cities to receive funding in the first year. The Union Urban Development Minister, Mr Venkaiah Naidu, released the list on 28 January, 2016. These are:

1  Bhubaneswar, Odisha

2  Pune, Maharashtra

3  Jaipur, Rajasthan

4  Surat, Gujarat

5  Kochi, Kerala

6  Ahmedabad, Gujarat

7  Jabalpur, Madhya Pradesh

8  Visakhapatnam, Andhra Pradesh

9  Solapur, Maharashtra

10 Davangere, Karnataka

11 Indore, Madhya Pradesh

12 New Delhi Municipal Corporation

13 Coimbatore, Tamil Nadu

14 Kakinada, Andhra Pradesh

15 Belagavi, Karnataka

16 Udaipur, Rajasthan

17 Guwahati, Assam

18 Chennai, Tamil Nadu

19 Ludhiana, Punjab

20 Bhopal, Madhya Pradesh

Under the Mission, the cities which are included in the 100 list but could not make it to the list of first 20, are required to rework on their plans of development and submit fresh proposals. This is expected to happen as early as April 2016.

If one is to look at the success story of sover others, the focus seemed to be on usage of IT in governance, reaching out to the people and getting citizens to participate in generating opinion, having firm plans in place to use non-motorised transportation systems such as bicycles and other measures to promote clean and healthy urbane life.

It is not known what made Faridabad lose out but one shall take into account the fact that this was an all-India competition and only 20 were to be selected out of 100. It is not that Faridabad is not going to get its share, the only regret is that it will get it a little late.

 

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Property Registration below Circle Rates, Income-tax Panel Moots Changes in Law

In a welcome gesture for the property sellers and buyers of Delhi, the Delhi High Court, in a landmark verdict, has said that properties can be registered below the prevailing circle rates. Going against the popular practice of registering properties at circle rates in order to avoid tax incidence, the Court noted that there could be any number of factors which might warrant sale of property at less than the prevailing circle rates. The Court specifically pointed out instances of poor location, disputed property, etc to highlight the fact that property can be sold for less.

In an unrelated incident, there has been news of circle rates being fixed higher than even the market rates of properties in some areas of Noida. As a result, the buyers are not showing an interest in their purchase, resulting in higher inventories being piled up by builders. This incident is sufficient to highlight the fact that holding circle rates sacrosanct could lead to real practical problems in property transactions. There can be situations when fixing circle rates go against the market dynamics and sentiments related to property purchases.

Circle rates are generally increased by the governments in order to thwart speculative increase in property prices and to check the circulation of black money. By increasing these rates and registering properties at these values, there is increased collection of stamp duty. Income Tax department also holds these rates as a pointer to assess the capital gains. If registered above these rates, the difference is taken for tax calculation. If registered for less, as the current HC ruling would allow, the situation can become a bit complex because, the said property transaction would come under the purview of Collector of Stamps who would then decide on whether it was correct to register at below circle rates. Since the complexities could increase if properties are registered below circle rates, Income Tax panel has suggested deletion of the clause in this respect in the IT Act.

As per Section 50 of the IT Act, if property is sold for less than Circle Rate, it becomes chargeable in hands of both the seller and the buyer, as per an amendment from 1 April, 2014. It becomes taxable in hands of seller as ‘Capital Gains’ assuming Circle Rate to be Sale Price under section 50C. However, if the assessee asserts that the market rate is genuinely lower than circle rates, then the valuation is to be done by the Valuation Officer and the value so ascertained would be considered its Sale Price.

However, under Section 56(2) of the IT Act, it also becomes chargeable in hands of buyer. The difference between actual purchase price and the circle rate or valuation conducted property is more than Rs 50000, then tax incidence under would be attracted in the hands of buyer. It will be chargeable under Income from Other Sources in the hands of buyer.

The Committee formed for Income Tax Simplification has pointed out that Section 56 (2) of the IT Act works on presumption that buyer would have paid consideration higher than the declared sum to the seller. This presumption is against the judicial interpretation and the committee has suggested its deletion. This is also keeping buyers away from those markets where circle rates are higher than the market prices because they will be taxed under ‘Income from Other Sources’ if difference is more than Rs 50000.

 

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Smart City Faridabad- What is in the Offing?

With the selection of Faridabad for development as a Smart City, there is a positive sentiment all around the city as people expect better urbane facilities from the government and consider themselves a part of better governance. In a follow up to this development, the city municipality has firmed up an action plan on what needs to be done. About Rs 1468 crores would be spent in the next five years with Rs 500 crores each being contributed by the Central and the State Government and the rest being funded by local municipalities from their profits. The city administration has been inviting proposals from its residents through different channels in order to know their needs. This is in keeping with the spirit of citizen participation in this project.

Suggestions were invited from Faridabad residents through online and social media channels. Even schools were roped in to ask parents to send their suggestions on a paper having some questions.

So, what are the key point which the government is considering at this stage?

  • Retrofitting Model to be implemented in select Sectors (21A, 21 B, 21C, 28, 29, 30, 19 and 16). This will involve reworking on electric and telephone lines, cemented roads and many other measures which can improve already existing infrastructure to make it more durable, sustainable, safe and environment friendly.
  • Better IT connectivity throughout the city. This is another high point of the Smart Solutions which will also help in attracting IT companies in this city, improving employment opportunities for the talented youth of the city who now have to travel to Gurgaon, Delhi or Noida for work.
  • Energy efficiency to be achieved with at least 10 percent contribution from Solar Energy. Initiatives were taken as early as June 2009 when Faridabad and Gurgaon were approved to be developed as Solar Cities. About Rs 50 crores were sanctioned by MNRE/GOI for this purpose for Faridabad. Municipal Corporation of Faridabad had hired TERI for developing a Master Plan for 5 Years for this purpose.
  • Setting up of a University. This is a long standing demand which, if fulfilled, will go a long way in making it an all-inclusive educational city. Right now, degree courses are done essentially from colleges under MDU, Rohtak. With industrial background and already existent schools and vocational training centres, this will help in meeting both the education and employment requirements of students.
  • Improvement of solid waste management
  • Smart Public toilets. This is in keeping with the spirit of nationwide Swacch Bharat Abhiyan.
  • Toll-free integrated helpline to help citizens in more than one way. It is expected to develop this service on lines of 911 emergency services of United States of America.
  • Provisioning of no-vehicle zones for better traffic management
  • Provision of separate pathways for pedestrians which are safe and can accommodate good numbers
  • Encouragement to non-motorized movement of people with a series of measures
  • Slum rehabilitation to ensure better livelihood

This list is not exhaustive and we invite the readers to add more to this list.

With focus turning back on Faridabad and better urban life awaiting its residents, a fresh boom for property is expected. With predominantly resident population, better environmental pollution levels than neighbouring Delhi, lowest priced property in NCR region, connectivity with the Delhi-Mumbai Industrial corridor and now inclusion in Smart Cities project, Faridabad will become a cherished destination for peaceful living in clean and green surroundings.

 

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