Tag Archives: builders

Don’t let real estate developers spoil your home dream

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By Amit Shanbaug,ET Bureau

Satish Menon, 68, and his wife Vijaya, 64, have been waiting for nearly 12 years to move into their new home. In 1999, they had booked a 2-BHK house in Navi Mumbai, measuring about 800 sq feet. Even though the building is almost ready, they haven’t got possession of the house due to some legal issues.”The property cost was about Rs 7 lakh then. Since we had some savings, we paid most of the money to the developer,” says Menon. “Since the builder had not taken the requisite permission from the authorities, the building did not get any electricity or water connection. Then someone filed a claim suit and now, even though the structure is ready, the matter is in court and the developer has not yet given us possession to the property.”
According to his wife, Vijaya, the developer has been assuring them that they would get the possession soon. He is, however, not willing to refund their money. “We won’t be able to afford a 2-BHK at the prevailing rate. Some others who had booked a flat in the building are contemplating a legal case against the builder, but another case will only delay the possession,” she says.Do your homeworkThe story of the Menons is not an isolated case. Very often, home buyers are staring at a bleak future, with no light at the end of tunnel: legal issues, monetary problems… the reasons may vary. But many buyers, especially in upcoming projects, are often taken for a ride by developers, and only a lengthy legal battle ensures a refund of their money.

Home-buyers should first do some homework before signing a contract with a property developer, says Ravi Goenka, an advocate with Mumbai-based Goenka Law Associates. “It will be very difficult to get back your money once paid, as a lot will depend on the conditions mentioned in the agreement between you and the builder,” he says.

A customer, after zeroing in on a property, has to pay a booking amount to block the property, and also sign an ‘agreement for sale’ with the builder, points out Goenka.

“Customers are liable for refunds on the cancellation of allotment, but many builders include a specific clause pertaining to refunds in the agreement, which may or may not favour a full refund. The percentage of amount deducted could vary from 5-10% to 20-25%, depending on the developer and prevailing market conditions,” he says.

Source: Economic Times: http://economictimes.indiatimes.com/markets/real-estate/realty-trends/dont-let-real-estate-developers-spoil-your-home-dream/articleshow/9489040.cms

The Emerging Trend of Eco-Homes

Eco-Homes

With celebrities like Gul Panag and Abhay Deol paving the way for green homes, people across the planet are waking up to this emerging need & pushing the green quotient of their homes. The trend seems to be more popular in Bangalore, Chennai, Delhi-NCR, Mumbai and Hyderabad.

One of the main reasons behind the popularity of Green Homes is that it reduces the carbon footprint and brings down maintenance cost and utility bills. The homes are designed keeping in mind the factor of ‘energy efficiency’. Right from the building material, paint, solar equipments to rain water harvesting, different aspects are considered before building an environmentally responsible and resource-efficient home.

Below is an insight on the elements, cost factor & long-term benefits of going green

One can opt for organic accessories like bamboo planters, cotton bedcovers, handmade earthern sculptures, jute or cotton cushions and paper lamp shades to enrich the quality of the living space. Using glues, paints or varnish that have low VOC content or water based solutions are also an effective way to adapt green living.

While the green building movement has been around globally since the 1970s, it has gained momentum in India only in the last couple of years. The first standard green rating programme in India was Indian Green Building Council (IGBC). Even GRIHA, an acronym for Green Rating for Integrated Habitat Assessment, conceived by TERI is the National Rating System of India.

Many of the modern-day green homes await GRIHA certification, whereas renowned architects and high-end builders plan their futuristic projects under the guidelines of IGBC. Tata Housing Development Company Limited has been one of the pioneers for sustainable green developments. It has been the biggest proponent of Green initiatives in the Indian Real Estate space. As on today, Tata Housing is developing over 44 million sq.ft, which is under various stages of developments, all built under the guidelines drawn by IGBC.

With more awareness among the masses and the architects willing to experiment with building styles and materials, the trend of turning homes into eco-friendly havens will soon become big. Other than being the need of the day, it’s something worth adapting in these times of climate change and global warming.

An eco-friendly home is more expensive compared to a traditional home, but looking at it from a long-term perspective enables us to get a higher value with respect to conserving energy, enhancing productivity and not to forget, better lifestyle.