Recently, an amendment was passed by the government bodies, where a set of rules stated that developers might have to pay 11.2% interest on delayed projects, in case they miss deadlines. A few months ago, Ministry of Housing and Urban Poverty Alleviation (HUPA) rolled out some rules to relief home buyers from chaos, bring transparency in real estate sector, and sustain customers’ interest to invest in the real estate property.
The new rules state that home buyers can only demand compensation if the developers fail to deliver their project on proposed timeframe. Builders have to pay 2 % higher than prime lending rates as set by the State Bank of India. Also, if the buyers are defaulters, then they are liable to pay the same amount of interest to the developers.
The move positively impacts not only the home buyers but also the real estate sector, too. Let us see how these new rules prove to be beneficial for property market and real estate.
After Real Estate Regulatory Authority (RERA) Bill that came into act this year, the new rules aim to fix accountability in the real estate for developers and stakeholders. According to experts, these rules will allow developers to win the trust of their customers. Home buyers will be informed about the project in which they are investing along with complete paper documentation.
All these years, delay in projects have become a major concern for buyers and investors, too. But these new rules will make a complete justice to both the parties. It will also help avoid chaos and will also help secure the investments of the buyers.
Real Estate Sector:
The rules will help developers to build credibility, motivate to complete projects on time, and build trust among development authority and end-users. In fact, it is an opportunity where the developer can win trust factor of customers and thereby uplift their brand identity in the market as well.
After a long summer, you would love to rejoice the rains. Most of you would love to plan a long monsoon holiday to spend time with your family/friends. Picture yourself being in the midst of nature during monsoon. The cool breeze and raindrops greet you with divine nature with full glory. To experience this divine pleasure with your loved ones, we present to you a perfect weekend spot to celebrate your monsoon-weekend getaways – SUN SOLACE.
ITS BEAUTIFUL INSIDE. Find Your Own Peace.
Sun Solace by Sun Builders Group is a weekend gateway plotted community with every step landscape in tune with nature. The project spread over 75 acres has been developed with state-of-the-art attributes & it also enjoys the advantage of being in close proximity to Sanand residential catchment.
Since its inception in 2010-2011, the project has witnessed development in a phase-wise manner. The unique planning of 3 theme based Club House’s started with Strata (Sport’s Club House) than Aqua (Lakeside Club House) & recently opened Terra (Main Club House) – all of which cover a space of nearly 40,000 sq.yds. The club facilities not only includes 8 well décor residential rooms, party hall, restaurant & café but also boosts about an array indoor & outdoor sports activities all in full operational stage.
Members as well as guests are welcome to visit the property and experience the space.
To add more adventurous to your fun weekend, Sun Solace provides some of its best indoor facilities. The clubhouse has an inbuilt Mini Theater to watch your favorite movies with your families. A full-fledged café cum restaurant Pelican at Terra club house serving you with refreshing meals. One can also cater events or hold parties in this finest spot of our coffee-hub. Also don’t worry about your workout regimes, as we have in-house gym area where you can continue your workout routines. For more fun and entertainment, we’ve etched Badminton Court, Table Tennis Court, Squash Court, Library and much more for you.
Sun Solace allows you to enjoy great outdoors and explore the best-of-nature. A large swimming pool where you can dive in the cool blues of water, also a Toddlers Pool for your kids and a party pool to organize pool parties. The weekend spot also has well-manicured green spaces with a large scenic natural lakefront development and thematic garden to retreat, rest and relax during monsoon periods. Relaxation zone at various places to rest with a well-designed gazebo serving both as shelter and focal point and is also the star attraction of our outdoor gatherings too. Engulfed in the greens its party lawns and beautiful landscapes are perfect places to celebrate your grand events/parties.
With serene beauty and landscaped water bodies, Sun Solace is a place where you will experience luxury, a place where style meets passion, where refined living takes a new dimension. You get a perfect harmony with aesthetic beauty and an investment for a lifetime too! In addition to this, the paradise of attractively priced plots is only a few miles away from Ahmedabad, located at Lekhamba 4.5 Km from Sanand is a worthy investment option & a great weekend getaway place too.
Enjoy the experience of belonging to a new community, a new lifestyle and feel close to nature during this monsoon at Sun Solace.
The real estate industry in India is growing at a speed that can only be seen as rising with every year. Rajya Sabha has recently passed the much awaited Real Estate (Regulation & Development) 2016 Bill in order to protect the interest of property buyers and ease the home-buying process. According to a source, the bill has undergone for several amendments and will be effective to bring accountability and transparency in the real estate sector. This will give advantage to customers to buy property and will also benefit to the whole real estate sector.
Purportedly, the bill sets a firm foothold in the real estates sector and lays a strong foundation in the coming years. The bill will be executed in various factors, incorporating redevelopment and development to smoothen the process in the sector.
The bill will impact on the sector, positively at two levels, i.e.,
1. Micro-level (Homebuyers)
2. Macro-level (Real Estate Sector)
Till now, home buyers were making a raw deal in the real estate sector. But from now, developers will have to make use of deposits (70% deposits collected from home buyer) in the development in only the particular project that are under construction. The project should be completed and delivered on time to home buyers without any delays. It will be developers’ responsibility to strictly adhere and provide the level of quality as stated in the norms during registration.
A few developers offer a warranty for structural damages for 1-3 years, which now has been extended to five years from the date of handing over possession to buyers.
The real estate market is highly non-transparent and most shareholders wish to operate in their own silos. The absence of a regulator is to an extent responsible for this plight. If there is a regulator in the sector then, it will become more cost-efficient and most significantly will ensure that the malpractices are not entertained.
The provisions that are listed in the bill will make the process of home-buying easy and will also have rebounds on the entire real estate sector.
We, at Sun Builders Group, since our inception to date, have gained trust of many buyers by complying with these and many such real estates rules and regulations that have been passed in the past. With the recently passed bill, we will make sure all the amendments are taken care of, as a promise to our existing customers and potential buyers. The foundation of the Group were laid with the bricks of trust, commitment and ethics – and with this bill into adaptation, we are only developing and growing forward.