Tag : cmd-premia
Tag : cmd-premia
Watch Mr. Tarun Shienh, “The Real Estate Guru”, discourse on matters related to the industry and the market on CNN IBN. He is due to appear on the series “Architects of Change” initiated by Mint, the leading newspaper. The program is scheduled to air on Sunday, 17th of November at 11:45 AM where you can catch Mr. Tarun Shienh, “The Real Estate Guru” and a visionary leader, as he shares his views on the coveted titles he holds, how he manages to juggle so many responsibilities, the journey towards becoming “The Real Estate Guru”, latest developments in the field of realty and his visualization of what the future holds for the industry as well for Premia.
The program, “Architects of Change” is a series initiated by Mint to help the audiences familiarize themselves with the visionary leaders that are scripting the progressive development being brought about in modern India and how they succeed in managing the show. The program focuses on what sets them apart as leaders of change and how they visualize the future to pan out. Tarun, known for his sharp intellect and deep insight into the industry and the mindset of consumers, is all set to blaze the screen with his innovative concepts and radical thinking that he believes will make a change for the better. Being an “Architect of Change” is a challenging role; how he manages to keep his many responsibilities fulfilled and how he envisions the landscaping of the Indian Corporate sector to change in the years to come is what he will be discussing during the course of the show. He will also share his plans for his organization and how they plan on expanding their presence over to a national footprint in the coming time, the many new ideas he holds and the diversifications he has conceived for Premia.
Catch the discussion on some of the hottest trending topics and watch “The Real Estate Guru” weave his magic on CNN IBN as the hosts introduce you to the real Tarun Shienh and his exemplary vision and dexterity on a wide range of matters.
Connect Mr. Tarun Shienh (CMD Premia Group & The Real Estate Guru) on Facebook- https://www.facebook.com/tarunshienh.realestateguru
MILLENNIUM POST, NEW DELHI: Consumers willing to invest in property from their hard earned money will finally get relief from frauds and misleading information by some misleading bodies in the real estate sector. The long-pending real estate bill, approved by the Cabinet recently, will pave the way for providing much needed transparency by seeking to regulate India’s largely unregulated housing sector. By applying this bill to all projects above 4,000 sq mtrs, the ambit is quite large and seeks to cover all major private residential developments across the country.
By imposing strict regulations on the promoter, the Bill looks to ensure that construction is not only completed in a timely manner but that on completion, the buyer gets the property as per the specifications that he had been promised.
Real estate contributes the most to the economy. So it is very important for the industry to attract young talent. Our sector had a dire need for such a Bill to make it transparent. The other need of the real estate sector is to have more professional courses in colleges to attract young talent to the industry. With more professional and educated players in the field, real estate sector can flourish in India and contribute more to the Indian economy.
The Bill works both ways. While it aims to hold developers accountable, it also looks to ensure that allottees do not default in making payments. Thus, by providing penalties for both the promoters and allottees, the Bill seeks to ensure that noncompliance is minimal. On enactment, the Bill seeks to ensure that real estate transactions are carried out in a just and equitable manner.
However, a bigger concern that still remains unaddressed is the definition and measurement standards for carpet area. Since the definition mentioned in policies and laws tend to be subjective, the carpet area is interpreted differently and calculated such that it amounts to a higher area than actual. And this problem is not unique to India. It exists in many parts of the world. The Real Estate (Regulation & Development) Bill will improve buyer confidence and boost demand for residential real estate. The Bill will incorporate mandatory disclosure clauses, which would provide greater clarity on the project standards and time-lines for completion.
For developers, while this bill implies stricter regulatory control, it will also translate into better demand, as buyer confidence improves. In terms of supply, delays in handover of projects are likely to decline as clauses mentioned in the Bill mandate strong commitment from developers to complete projects as per schedule.
Mandatory registration of projects and real estate agents will promote fair and ethical practices within the sector. Mandatory disclosures of project details to public will ensure an environment of transparency for the consumers. The compulsory deposit of 70 per cent of the project collections in a separate bank account will infuse some financial discipline with the developers and also promote the timely execution of projects.
This Bill will bring clarity among the customers regarding their invested projects and benefit them in a larger way than anticipated. It is one great initiative by the Government to bring all developers under one roof of regulations. On an overall basis, this is a move in the right direction and at an opportune juncture, when the sector is facing the heat from all directions, this will definitely bring in fresh breath of air for all the stakeholders.
Developers often start multiple projects and redirect money for one project towards their other projects. This harms the project by reducing investment in that project, causing long delays in its completion leading to distress among the consumers. The Bill will make it mandatory for a developer to keep separate bank accounts for each project. This will ensure transparency as the developer cannot divert money of one project to another.The best feature of this Bill is that disputes with consumers will be handled through the establishment of fast-track resolution mechanisms, reducing the worries of consumers and helping them in getting justice at a faster pace.
However, the only hurdle in this road to development is that part of the Bill which makes it compulsory for developers to get clearance from the relevant authorities before launching any projects. If this part of the Bill is not implemented properly and the clearance is not given in a timely manner, it can lead to long delays on the part of the authorities, worsening the position of both the consumers as well as the developers.
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