Tuesday, 31 January 2017

'Smart' makeover proposed for Pune railway station

The MoU proposes two joint venture options for speedy redevelopment of railway station-centred areas.

PUNE: Smart City Plans for the city may potentially impact the railway station and allied services. As a result, the railway station and adjoining areas will be redeveloped on Smart City lines to enhance passenger amenities, easy access, enabling optimal utilization of land at railway stations, as part of Smart City development.

The proposed redevelopment involving railway stations envisages improving integrated public transport hub, waiting halls and other amenities for passengers, development of residential and commercial spaces, land scaping, etc, the ministry of urban development's press statement states.

According to the statement, the joint initiative of the ministries of urban development and railways widens Smart City development into another area that wasn't part of the original plan.

The MoU proposes two joint venture options for speedy redevelopment of railway station-centred areas. The first being between the railways and the Special Purpose Vehicle (SPV) formed to execute Smart City plans, with equal share in equity. In the second model, National Buildings Construction Corporation (NBCC) can be roped in with equal share among the three. NBCC can design, develop and execute the redevelopment plans on a self-financing basis.

While the railway ministry takes the responsibility of forming joint ventures, the ministry of urban development will work with the states and urban local bodies to integrate railway station redevelopment as part of the Smart City development plan.

The MoU further states, "Both railway station redevelopment and Smart City concepts are part of holistic development of the city."

To be implemented first in the 100 cities included in the Smart City Mission, redevelopment of railway stations will be launched under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Heritage Infrastructure Development and Augmentation Yojana (HRIDAY) cities extending the scope of the MoU to over 500 cities.

Railway stations and the adjoining areas in each of these cities will be redeveloped on the lines of Area Based Development provided in the Smart City Mission Guidelines.

Saturday, 28 January 2017

Why is your Moral Character the key to your Success in Business ?

Remember your school days when a compulsory session of Moral Science was introduced into your already packed study schedule and the grimace on your face? Well, it did dispense some seemingly profound knowledge about life, behaviour and being good which we then considered unnecessary. However there were some useful insights it provided and may have stayed with many of us in our adult lives. Standing up for our beliefs, admitting our mistakes or following up with a small but relevant promise we made, are things that determine the moral character of a person.

In our private as well as in our professional lives as business owners or working professionals or parents or spouses, it is always difficult to admit our wrongdoings or convey the blinding truth. The one who does the correct, ethical thing when faced with a moral dilemma, stays true to himself and prefers people to profits is the one who weathers the storm and comes out unscathed in the long term. As a realtor, there would be many enticing situations where a property may not be right for your client or have a loophole only you know about, yet the lure of a fat commission may draw you to act selfishly. This may lead to a short monetary benefit or a temporary smug feeling, but such acts never escape unnoticed. If you want to sleep peacefully and achieve success, make sure your moral character remains spotless.

Accomplish long-lasting peace: If your dealings have been transparent and your intentions honourable, there is no reason why you can’t be proud about it. People who cherish their moral character and remain true to their beliefs are blessed with sound sleep, simply because they have worked in the best interests of their clients during the day and haven’t compromised for small gains

Reinforce Faith & Trust: Every relationship needs a certain amount of trust and honesty to be nurtured into a strong one and this comes through mutual respect and openness. It’s your moral character that will decide whether people (read clients) will rely upon you and trust your judgement and word before, during and after transactions.
Building an impeccable reputation: Individuals who possess great moral character acts as natural magnets and draw attention towards themselves due to a strong reputation they have created through flawless work.
Decrease anxiety: Individuals with character do not have to generate excuses for their actions nor do they need to play games with clients. Clear actions lead to a clear conscience and those who carry out transactions without an ulterior motive, rest easy too.

Leadership: If you want your team to work selflessly for you without resorting to arm-twisting strategies, it is best to work on your own character than that of others. People are more than will to take the extra step for a leader who can be trusted and is respected. There is no reason for rules to be implemented as your employees know that they are following a person with integrity.
Becoming a role model: If your character is strong and believable, you will soon become a role model who is known for the high standards they follow and the excellence they seek in everything they do. Their words and actions speak for themselves and elevate them to greater heights.
Live life with a purpose: People who have a robust moral character do not have to impress others with any false or made-up actions and live a life that is studded with proud moments. Fabricated lies and deceit are never a part of their vocabulary nor do they need it to impress their clients or employees.
Develop a strong legacy: Business is all about doing the right thing. Business tactics that smell of deceit and falsehood may not last for long in a truthful environment and could die an equally unnatural death. If you are in the business for the long haul, your moral character has to override everything else and assure your customers, vendors, employees and the like, of being treated fairly and equally, irrespective of their

Always remember, people love to transact and conduct business with people who have a sense of fairness and are principled. Rest all the ups and downs of business are taken care of, if your moral character is upright. It helps you to hold your head high in difficult times and tide over turbulent waters as the seeds of stability have long been sowed and now are ready to be reaped. 

Credit : Ramprasad Padhi

Tuesday, 24 January 2017

Kerala govt mulls over modifications in Real Estate Act in tune with central Act

Major variations have surfaced in three factors -- period of initiation of constructions which need to be brought under the ambit of registration, land dimension and number of units based on which promoters need to register apartments with KRERA.

THIRUVANANTHAPURAM: The state government is likely to make certain changes to Kerala Real Estate ( regulation and development) Act, 2016 so as to synchronise it with the central act. Kerala real estate regulatory authority ( KRERA) has submitted a set of recommendations to the state government towards framing rules and regulations for the functioning of KRERA highlighting the need to make certain sections in tune with the Real Estate ( regulation and development) Act issued by ministry of housing and urban poverty alleviation.

Major variations have surfaced in three factors -- period of initiation of constructions which need to be brought under the ambit of registration, land dimension and number of units based on which promoters need to register apartments with KRERA.

As per the central act, the promoters of projects that are ongoing on the date of commencement of this Act and for which the completion certificate has not been issued and promoters of new projects shall register the real estate project with the Real Estate 
Regulatory Authority established under this Act. However, the state act directs promoters within a specified period ( to be decided later) from the date of commencement of act to register with KRERA. '' This condition to include ongoing projects is slightly complex since the projects would have reached agreement stage and would have been sold and it is not clear how such projects can be made to register with KRERA,'' said a senior government official.

The authority has also cited a variation regarding land dimension and number of units. While the central act mandates projects with area of land proposed to be developed exceeding five hundred square meters or the number of apartments above eight inclusive of all phases to be registered with KRERA, the state act puts the conditions as 1000 sq mtr and 12 respectively. Sources said that the state government is likely to bring down the conditions in accordance with central act.

Carpet area is another factor which has shown variance. The central act specifies carpet area as the basis of sale. The state act even while mentioning carpet area only limits it to the point that it shall be mentioned in the agreement. '' We have brought the variations to the notice of state government,'' an official said.

The variations between central act and state act might delay full fledged functioning of KRERA.

Registration of projects is yet to begin although KRERA came into effect in January. Officials said the process of registration cannot be initiated unless clarity is issued by the government regarding variations in acts.

Saturday, 21 January 2017

7 Resolutions for Building Relationships

All those realtors running their real estate businesses should know that success is completely dependent on how business relationships are managed. Acquiring a client is definitely difficult but retaining them is a slightly more complex task, so it is imperative that they receive service of the highest level. To build strong and enduring client relationships in 2017 & beyond, remember these 7 Resolutions and always score high with clients. 

#1 Moderation is the key: Communication is a highly essential factor in a client-realtor relationship so keep clients informed about the latest happenings and give the necessary feedback, either through a phone call or a crisp Whatsapp message.
#2 Add Value & Build Trust: By offering value to a client, you are assured of repeat business and also referrals from their family and friends. Your expertise and dedication will create trust and ensure they stay with you for a long time
#3 Make Honesty your middle name: The modern client is smart and informed so make sure you are truthful and provide info that is verified and true. Once your reputation is tarnished, there is no way you can mend it, your client is lost to you, FOREVER.

#4 Stay true to your word: Promise only what you can deliver and you will never go wrong. Not living upto a commitment is a sure-fire way of betraying a client’s trust which is paramount in a realty business
#5 Acknowledge your clients individuality: Look at a client from a pure business point of view and you will lose out on the opportunity to understand them as an individual, know them a deeper, more personal level. A stronger bond emanates if you deal with a person than with just a client.
#6 Thank you is a huge word: A long-term relationship is often taken for granted and the small courtesies are often ignored, but thanking clients for their continued support goes a long in strengthening the bond further.

#7 Realty is a long-term business: When a client trusts you with his home (buying or selling) in probably the largest investment of his life, it says a lot about you as his preference. Commit fully to their satisfaction and you will have a client for a lifetime.

Make 2017 your best year ever by sticking to these resolutions and watch your business bloom.

Credit : Ramprasad Padhi

Thursday, 19 January 2017

Issues of builders remain unaddressed in Real Estate Regulatory Act: ICRA

According to ICRA, the project execution cycle, which ranged between 3-4 years, has extended to as much as 6-7 years.

NEW DELHI:Real estate regulatory Act (RERA) does not focus much on the problems faced by developers to help them facilitate and expedite the project execution process, but mainly focuses on provisions for ensuring timely and orderly delivery of projects, according to rating agency ICRA.

"The provisions of Act hold significant importance for buyers and investors, but problems faced by developers, including multiplicity of approvals and lack of adequate funding avenues, continue to remain unaddressed in the Act," said Shubham Jain, vice president, corporate sector ratings, ICRA Ltd.

However, the agency feels some of the prominent benefits likely to ensue from the RERA regulation include elimination of fraudulent developers and agents, facilitation of informed decisions by the buyers, increased standardisation and improved accountability for timely execution as well as appropriate use of customer funds.

While the commercial real estate sector has picked up pace in the past one year, the residential real estate sector has been going through a prolonged slump with subdued demand on account of high real estate prices coupled with weak consumer sentiment and general economic uncertainty.

This coupled with supply side constraints like various supply side challenges such as delays in receipt of approvals as well as paucity of manpower and working capital funds, which has led to delays in project execution across micro-markets.

According to ICRA, the project execution cycle, which ranged between 3-4 years, has extended to as much as 6-7 years.

“The opaque nature of the industry coupled with the lack of regulatory bodies thus far has resulted in significant asymmetry of information as well as skewed balance of power between the developers and the buyers,” said Jain.

The Real Estate (Regulation and Development) Bill, 2016, which aims to regulate the housing sector and protect consumer interests, was passed by Rajya Sabha on March 10 and by Lok Sabha on March 15.

ICRA also feels the recent consumer activism coupled with the pro-active stance by the judiciary is a positive step towards protecting the interest of buyers in the industry.

Monday, 9 January 2017

Worli land dispute: Tribunal rules in favour of builder Kalpataru

The panel has added that the seller's claim was an afterthought and had been raised with a view to wriggle out of the transaction.

MUMBAI: An 11-year-long legal dispute over one of the largest land transactions that was struck in 2004 has now reached a resolution as an arbitration tribunal has ruled in favour of realty developer Kalpataru Properties in a matter related to an agreement to buy around 5.2 acre prime land parcel, which is part of Shree Ram Mill in Worli, Mumbai.

The arbitration tribunal has directed the sellers Shree Ram Urban Infrastructure and Vijay Infrastructure Technologies to honour the agreement entered into over a decade ago and execute the conveyance in favour of Kalpataru Properties.

"We have also held that time was not the essence of the contract. We have further held that the claimants (Kalpataru) were and have always been ready and willing to perform their part of the contract and the contract was not repudiated by them. It must, therefore, be held that the arrangementagreement between the parties is valid, binding and subsisting and the parties were and continued to remain bound to perform their obligations under the said arrangementagreement," said the order delivered by presiding arbitrator and retired justice CK Thakker, and co-arbitrator Rafique Dada.

An email query to Shree Ram Urban Infrastructure remained unanswered until the time of going to press. Kalpataru's spokesperson also declined to comment on the story.

The dispute over the 20,955.40 sq meter land parcel began in 2005 following the sellers refusing to execute the agreement alleging that Kalpataru did not have financial resources to make the purchase. However, the arbitration panel has now ruled that Kalpataru had throughout had the financial capacity and ability to pay the price as per the agreement.

The panel has added that the seller's claim was an afterthought and had been raised with a view to wriggle out of the transaction.Of the total three members of the ar bitration tribunal, two have delivered the ruling in favor of claimant Kalpataru.

As per the agreement, Kalpataru were to buy the land parcel for total `105 crore, of which `30 crore has already been paid as initial payment in December 2004. Kalpataru had also paid the Municipal Corporation of Greater Mumbai (MCGM) on behalf of the seller for Intimation of Disapproval (IOD), a major permission. Building plans were sanctioned with commencement certificate issued by the civic authority in December 2004.

However, according to Kalpataru, the sale was stuck as the seller started to delay the deal in anticipation of getting a higher price from other developers for the said plot. In 2005, Kalpataru initiated the arbitration proceedings against the mill owners Shree Ram Urban Infrastructure and its group company Vijay Infrastructure Technologies.

The arbitration tribunal has directed the sellers to now take all necessary steps to sell, transfer and assign the property in dispute and convey the title of the said property to Kalpataru on terms agreed between the parties then and execute all deeds and documents.

It may be recalled that in 2005 the government had allowed 100% Foreign Direct Investment (FDI) in Indian real estate sector. This had led to a boom in investment and developmental activities in the backdrop of improved liquidity with many global financial institutions and developers forming joint ventures with local developers.