Boris Gantsevich work with clients and customers face-to-face on a daily basis.

1. Real Estate Agent Boris Gantsevich Real estate agent Boris Gantsevich must manage their own time and schedules, making sure he is hustling to get the word out about properties and find the information their clients need.Best Agent in real estate,BorisGantsevich work with clients and customers face-to-face on a daily basis. Listening to their needs and communicating effectively and pleasantly is a needed skill.

2. Drivers and Growth for Real Estate and Construction

3. PURPOSE • An Act to establish the Real Estate Regulatory Authority for regulation and promotion of the Real Estate sector. • To ensure transparency in projects. • To protect the interest of consumers in the Real Estate Sector and to establish an adjudicating mechanism for speedy dispute redressal. • To provide proper information about the Builder.

4. SALIENT FEATURES • It establishes the State Real Estate Regulatory Authority for that particular state as the government body to be approached for redressal of grievances against any builder. This will happen once every state ratifies this Act and establishes a state authority on the lines set up in the law. • This law vests authority on the real estate regulator to govern both residential and commercial real estate transactions.  • This law makes it mandatory for developers to post all information on issues such as project plan, layout, government approvals, land title status, sub-contractors to the project, schedule for completion with the State Real Estate Regulatory Authority (RERA) and then in effect pass this information on to the consumers. • The current practice of selling on the basis of ambiguous super built-up area for a real estate project will come to a stop as this law makes it illegal. Carpet area has been clearly defined in the law. • The maximum jail term for a developer who violates the order of the appellate tribunal of the RERA is three years with or without a fine.   

5. SALIENT FEATURES • Currently, if a project is delayed, then the developer does not suffer in any way. Now, the law ensures that any delay in project completion will make the developer liable to pay the same interest as the EMI being paid by the consumer to the bank back to the consumer • The developer cannot make any changes to the plan that had been sold without the written consent of the buyer. • This puts paid to a common and unpopular practice by developers to increase the cost of projects.  • Lastly, every project measuring more than 500 square metres or more than eight apartments will have to be registered with the RERA. • The law mandates every builder to keep 70% of collection from every project in Separate Bank Account.

6. MAJOR PROVISIONS The Major Provisions in the Act relates to following aspects:- • REGISTRATION • PROTECTION OF BUYERS • REAL ESTATE REGULATORY AUTHORITY AND APPELLATE TRIBUNAL

7. REGISTRATION Who is liable to get Registration from RERA? • All commercial real estate projects where the land is over 500 square metres. • All residential real estate projects where the land is over 500 square meters or eight apartments, to register with the Real Estate Regulatory Authority (RERA) for launching a project. • For on-going projects which have not received completion certificate on the date of commencement of the Act, will have to seek registration within 3 months. • Real estate agents who facilitate selling or purchase of properties must take prior registration from RERA. • Such agents will be issued a single registration number for each State or Union Territory, which must be quoted by the agent in every sale facilitated by him. What is the Process of Registration? • Applicant has to file an application for registration with RERA in prescribed form along with prescribed fees and documents. • Application for registration must be either approved or rejected within a period of 30 days from the date of application by the RERA. • On successful registration, the promoter of the project will be provided with a registration number, a login id and password for the applicants to fill up essential details on the website of the RERA. What is the penalty for failure to get register? • A penalty of up to 10 percent of the project cost or three years' imprisonment may be imposed.

8. PROTECTION OF BUYERS The Act prohibits unaccounted money from being pumped into the sector. As now, 70 per cent of the money has to be deposited in bank accounts through cheques. A major benefit for consumers included in the Act is that builders will have to quote prices based on carpet area and not super built-up area Carpet area has been clearly defined in the Act to include usable spaces like kitchen and toilets.

9. REAL ESTATE REGULATORY AUTHORITY AND APPELLATE TRIBUNAL • Establishment of State-level Real Estate Regulatory Authorities (RERAs) to regulate transactions related to both residential and commercial projects • RERAs will ensure timely completion and handover of projects. • Appellate Tribunals will now be required to adjudicate cases in 60 days as against the earlier provision of 90 days • Regulatory Authorities has to dispose of complaints in 60 days while no time frame was indicated in earlier Bill.

10. Hits & Misses of Real Estate Act For Consumers HITS MISSES The timelines of approvals by regulatory authorities have not been defined. Any delay in approvals from regulatory authorities could impact buyers as well. The Bill may lead to slightly higher prices of properties due to the reduced competition. New project launches might be limited as developers may not be able to launch without obtaining approvals, which could take two to three years. • Increased assertion on the timely completion of projects and delivery to the consumer. • A step towards safeguarding their investment, as 70 per cent of the sales receipt will now be locked in an escrow account. • An increase in the quality of construction due to a defect liability period of five years. • Balanced builder-buyer agreements. • Faster dispute resolution mechanism through dispute settlement forums and appellate tribunal. • Sale on the carpet area to help improve transparency. • An increasingly-regulated broker environment. • Greater visibility into the developer’s delivery track record.

11. Hits & Misses of Real Estate Act For Developers HITS MISSES An additional layer of approvals may be introduced against the extended list of approvals already required for projects. No provision to rationalize the number of approvals required for a project or expedite approvals through a single window mechanism. Increased reliance on external capital to achieve high growth. Possible impact on joint venture arrangements. Potential delay in cash-flow realizations from projects. • Increased scope for eliminating casual operators, leading to the better organization of the sector. • Minimum standards of governance and accountability have now been set to an extent, and there’s potential for driving standardization and professionalism in the sector. • Greater visibility into the developers’ delivery performances, segregating the established and casual operators. • Higher investment in the sector and a possible reduction in the cost of funds, leading to a lowered cost for the end users.

15. Special Economic Zones

16. Govt. Initiatives and Policy

17. Major Players in Real Estate Sector THE BIG FIVE

18. DLF Group • Founded in 1946 • DLF Group is one of the biggest real estate giants • Built many high-quality buildings across the country, specifically in Gurgaon • Tied up with Hilton Group to build whopping 100 hotels in India over the next few years. • In current expansion plans, DLF has over 425 million sq. ft. of development across its businesses, including developed, on-going and planned projects. • Spread over 32 cities, mostly in metros and key urban areas across India Financials of DLF • DLF is the market leader in this sector with net profit of 1547 cr. • It was way lower than its last year profit by more than 1000 cr. • It was well supported by the timely launch of IPL. • The share of this co. touched the all time high of 1227 in dec. 2007 which was just 6 months after its issue and now trading at 337.

19. ANSALS • Founded by LalaChiranjiLalAnsal • By far most dominant activity of Ansals has been Real Estate Promotion & Development • company has several landmark high-rise commercial building like Statesman House, Ambadeep, AntrikshBhawan, Tolstoy House, Indra Prakash, Navrang House and AnsalBhawan • Ansals have also completed several residential buildings like GauriSadan, Upasana at Hailey Road & Dhawan Deep at JantarMantar road, all in the heart of New Delhi at Connaught Place. • There is the most prestigious “Ansal Plaza” Shopping Mall associated with its work • Also it has made elite townships, SushantLok and PalamVihar in Gurgaon and several other places all over the country. Financials Of Ansals API • Their profit declined by 81.24% in the last financial year over the last year. • This is one of the badly hit company by the economic slowdown. • 569 is the all time high of this company in 2006 and now trading at just 10% of its all time high.

20. Parsavnath Developers • It was incorporated on July 24, 1990 under the Companies Act, 1956 as Parsvnath Developers Limited. • With more than two decades of experience in its repertoire, the group has already stamped its presence already in seventeen states and going Pan – India. • It has made various developments in areas like GURGAON, Noida, South Delhi.

21. Unitech Group • Plans to invest US$ 720 million in building hotels in the country • Its partner for this venture is Marriott International. • Carved a niche for itself in India with its sprawling properties and projects in Bangalore, Gurgaon, Noida, Greater Noida and Kolkata • Unitech Group took over projects in International areas as well. • Actively involved in construction projects of power plants, expressways, highways, transmission lines, classrooms, amusement parks. • Radisson Hotel, New Delhi has won accolades for its wonderful infrastructure, astounding interiors, ideal location and extra ordinary facilities for the distinguished customers. • Rohini Amusement Park is also a creation of Unitech Group. • The commercial complexes like Global Business Park, Signature Towers, Unitech Business Park and Unitech Trade Center and the launch of Millennium Plaza & Infocenter in Gurgaon have made Unitech Builder earn a good reputation in the industry.

22. K.Raheja • Raheja Developers Limited, (RDL), formerly Raheja Developers Private Limited, is an Indian real estate development company with its headquarters in Delhi, India. • K Raheja corp. has been the torch bearer of the green cause for the real estate industry, dating back to 2007 when it signed an MOU with CII –Green Building Council. • In 2008, Raheja Developers planned to build a Special Enterprise Zone (SEZ) in Gurgaon at an estimated cost of $660M US. • The development was to be on a 255-acre (103 ha) site but the project did not advance. • In a Gazette Notification of the Government of India on 29 January 2014 the Raheja SEZ was denotified, and the whole SEZ project scrapped

23. BARRIERS IN GROWTH OF REAL ESTATE

24. IMPACT OF RECESSION ON REAL ESTATE MEASURES TAKEN BY UNITECH MEASURES TAKEN BY DLF

25. IMPACT OF BUDGET • Overall Impact considered to be marginally positive. • Infrastructure investment to be raised over 9% of GDP. • Funding pressure on construction companies to be eased by PPP. • PPP infrastructure projects to be refinanced upto 60% through IIFCL. • Rs 39.7 billion allocated for rural housing schemes. • Focus on providing housing to people of economic weaker section & lower income group.

26. Opportunities for Company Secretaries

27. Opportunities for Company Secretaries

28. Right to legal representation • As per Section 56 of the act, a Company Secretary holding certificate of practice has a can appear on behalf of applicant or appellant before Appellate Tribunal or a Regulatory Authority or Adjudicating Officer as the case may be. • Hence a Company Secretary holding certificate of practice can – • Represent a person (promoter) before any real estate regulatory authority for registration of real estate project, • Represent a person before real estate appellate tribunal. • Represent a person before any other competent authority for any other purpose under Real Estate (Regulation and Development) Act, 2016.

29. CONSULTANCY SERVICES • The passing of Real Estate (Regulation and Development) Bill, 2016 has opened a new opportunity for Company Secretaries holding Certificate of Practice in terms of consultancy services. • By becoming an expert in the act he can indulge in providing advice in respect of - • Various applicable provision on particular real estate project; • Registration and extension procedure of real estate project with competent authority; • Various obligation, functions and duties of promoter in a real estate project; • Penal Provisions under the act.

30. REGISTERATION OF REAL ESTATE PROJECT • A Company Secretary holding certificate of practice as well a Company Secretary in employment in Promoter Company can assist a Promoter in registration of real estate project with the real estate Regulatory Authority established under the act.

31. FUTURE PREDICTIONS • Close to $7 billion to $8 billion of venture capital expected to flow into Indian real estate market. • A significant increase in project execution through Public- Private-Partnerships. • More demand for office and industrial space. • Current levels of investments in infrastructure are not sufficient to bridge the gap between demand and supply.

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