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RERA: The final hope of home buyers?

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While the RERA has several clauses in it that may truly protect the rights of home buyers, experts means that the success of this Act will depend entirely on how the states implement it. Here’s a look at its most powerful clauses The Indian real estate sector has been largely unregulated except for a few states like Maharashtra, Uttar Pradesh, Andhra Pradesh, Delhi and Karnataka. Any pro-consumer development was solely a results of interpretation. This legislative vacuum has born to varied industry practices; most of which are against the interests of the consumers. It is against this backdrop that the Parliament saw fit, to manage this sector and consequently enacted the important Estate (Regulation and Development) Act, 2016 (the Act) within the Budget Session of 2016. The Act has come into effect on May 1, 2017, though most of the states are yet to notify the rules. Key highlights of the RERA The most positive aspect of this Act is that it provides a unified legal regime for the acq
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Apartments For Sale In Sarjapur Road East Bangalore

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The Prestige City is a futuristically designed residential project by renowned builder Prestige Group, off Sarjapur road in Bangalore. Built-in Sarjapura road, this mega township development Prestige City houses Apartments , villas, plots and commercial space. The new launch project in Bangalore has a development size proposed to be over 12 million square feet spread across 100+ acres of total land area with multiple apartment towers, private villas within a gated community, and residential estates. This project is among Prestige Group's most awaited projects. Sarjapur Road host some of the best real estate project in east Bangalore. East Bangalore is a home for many IT companies. Sarjapur Road in east Bangalore is a rapidly developing real estate hub with many Information technology parks. With this pre-launch luxury apartment in Sarjapur road, Prestige will create another landmark. The Prestige City will have apartments of varied configurations. Five thousand plus apartments set
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Prestige group puts its heart into Covid relief Bangalore

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Among various measures, Prestige Foundation has donated Rs 2 crore for Covid relief, set up more facilities at Vimalalaya Hospital and HBS Hospital in Bengaluru and at Kodagu Institute of Medical Sciences, vaccinated over 1,000 employees and frontline workers, and distributed 20,000 ration kits Irfan Razack, Prestige group CMD, sees the Covid crisis as an opportunity to support all those in need As India faces the brutal impact of the second Covid-19 wave, more corporates are chipping in with their support in the nation’s fight against the pandemic. Prestige Foundation, the CSR division of the Prestige group, has redoubled its Covid relief efforts, and since April 2021 has donated more than Rs 2 crore for the relief of those in immediate need. The Foundation has equipped an additional wing of Vimalalaya Hospital in Electronics City, run by the congregation of FIH Sisters (Franciscan Sisters of the Immaculate Heart of Mary) with 24 general ward beds, medical equipment such as ventilator
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Coty (COTY) Q3 Earnings Match Estimates, Revenues Decline

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Coty Inc. COTY released third-quarter fiscal 2021 results, wherein the bottom line increased year over year and came in line with the Zacks Consensus Estimate. While the top line declined year over year, trends improved sequentially despite the pandemic-induced lockdowns in key markets, especially Western Europe. The company noted that sales in the prestige channel reverted to growth, as the effects of coronavirus decreased in a number of markets. The company saw strength in several core markets like China and the United States. Though sales in Europe have been under pressure, lifting of curbs is likely to aid improvement in the region, which is one of the key regions. The company also continued to gain from strong e-commerce operations. Apart from these, Coty remained focused on curtailing the cost structure in the third quarter, with savings amounting to nearly $110 million. Year to date, its cost savings amounted to more than $270 million. Well, the company is on track to achieve it
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Second Waves in India Hits Real Estate Since 2008 COVID- 19

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COVID-19 second wave may pause realty sales momentum for now but demand set to rise The onset of the second wave of the Covid-19 pandemic across the country is expected to slow down the sales momentum as local restrictions and partial lockdowns in key property markets is expected to delay the conclusion of deals. The sales velocity gathered over the last seven months owing to record-low interest rates, offers from developers, stamp duty reduction and renewed interest among homebuyers for relatively bigger homes is likely to be impacted at least for the next few weeks. The portal will give realtime information about the list of private hospitals, availability of beds in every hospital, location and the contact of person in-charge of bed management. “The dashboard will save a lot of time for people searching for beds. Registrations dominated by deals transacted in lower stamp duty December-March period, new deals in April much lowe The onset of the second wave of the COVID-19 followed by
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Prestige Construction and Century Group to build 900 Cr Commercial Project

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Prestige Construction and Century Group to build 900 Cr Commercial Project in Bangalore "We have formed a joint venture with Century group for the development of office park in Bengaluru," said Prestige Office Ventures CEO Juggy Marwaha. NEW DELHI: Realty firm Prestige Estates Projects has formed a joint venture with Century group to develop an office park in Bengaluru with an estimated construction cost of around Rs 900 crore. Prestige Estates, one of the leading real estate firm in the country, plans to develop around 2.5 million sq ft of space in this park. "We have formed a joint venture with Century group for the development of office park in Bengaluru," Prestige Office Ventures CEO Juggy Marwaha told . Century group owns around 16 acre of land through two special purpose vehicles (SPVs), he said. Prestige group has acquired stakes in these two SPVs. It has picked up 45 per stake in Century Megacity and 55 per cent stake in Century Landmark. The planning work
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Prestige Estate Project ltd Share Value

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Prestige Estate Project ltd Share Value Drop by 2.19% 2021 is the year we have been looking forward to bringing what we learned in 2020, to practice. The year 2020 was full of self-reflection, making positive, permanent changes to life, forming habits that are good for our mental health as nature healed itself from all the toxins it has been put through for years. Government took notice of the RERA deadlines and gave an extension by 06 months. The Karnataka government reduced stamp duty for new housing projects from 05% to 03% on properties valued under 35 lacs. Properties valued under 20 lacs were reduced to 02% stamp duty fee. It urged banks and financial institutions to provide moratoriums on existing customers’ loans. This will motivate new buyers and restore their faiths in the loan providers. Real estate went physical to digital during the course of the lockdown. Digital meetups and video tours were introduced keeping the social distancing guidelines in mind, cutting down travell
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