Attract Wealth The Feng Shui Way With Laughing Buddha

According to legend, the Laughing Buddha was a Buddhist Zen monk who lived for a thousand years and is still cherished across the world for his benevolent character. Known to bring happiness, prosperity and good fortune, the Buddha is a part of every home, in the form of paintings and statues, even today.

 If you are looking for an ideal Feng Shui tool to attract wealth and abundance for your family, there are some special Buddha statues you can choose for your house. Read below to know more. 

Buddha For Wealth

There are various Laughing Buddha symbols with different meanings. The ones which you could pick include statues where Laughing Buddha is sitting on gold coins or carrying a sack, beads or ingot. Some statues depict the deity with a bag filled with gold nuggets or a pot of gold. In some figurines, the dots or balls that Buddha holds are also compared to ‘pearls of insight’ or as wealth balls. Another pleasing form of the Buddha is the one which depicts him playing with children and symbolises good fortune.

Bagua

If you wish to enhance your luck and financial prospects, the best place to position the Buddha is the southeast corner of the house which is also the money area. The east direction is also a suitable location for Buddha placement. The living room, dining room, bedroom or the home office are the best places where you can keep the statues. Ensure you de-clutter the surroundings and illuminate it with bright light fixtures.

Keep in mind

Whenever you bring home a Buddha statue, make sure the size is not too small. The size of the statue has positive effects with regards to both, the aesthetics and the energy flow. Position the statues on a high level, preferably at eye level and facing the door. Do not forget to rub Buddha’s stomach, an auspicious gesture that not only brightens your spirits but attracts wealth as well.

Vastu Tips That Promote Good Health

The adage ‘health is wealth’ holds true in our day-to-day lives. After a tiring day at work, we want to be at home to recuperate mental peace and comfort. According to renowned American director & producer Robert Evans, “buildings designed with careful attention to aesthetics arouse and enlighten their occupants, and that promotes their good health”.

To ensure buildings are designed carefully, ‘Vastu Shastra’ has laid down some important guidelines that help prevent illness, mental agony, negative energy, and promote good health and peace of mind.

PropGuide lists some Vastu tips that will help keep your physical and mental health in a good condition: 

General Vastu tips:

  • Light a candle or lamp daily in the northeast direction. It promotes good health.
  • Constant dripping of taps produces negative energy and signifies deterioration in health. Ensure that the taps in your house do not drip.
  • Using the space below stairs as a toilet, store, or kitchen can cause nervous sickness and heart diseases.
  • Face north or east while studying or working. This promotes good memory.
  • Planting Basil or/and Tulsi purifies the air in the house. Avoid plants like rubber plant, cactus, Bonsai and other milky plants. These might add to your illness and stress.
  • Do not construct stairs or toilets in the northeastern corner of your house; it causes health-related issues and hampers the growth of children.

Bedroom Vastu tips:

  • A master bedroom in the southwest direction ensures physical and mental stability. Never construct a bedroom in the northeast direction; it causes health problems.
  • Always lie with your head in the south direction while sleeping. It promotes a peaceful and a healthy lifestyle. Sleeping with the head in the north direction is not advisable as it causes stress and aches.
  • A pregnant woman should avoid sleeping in the northeastern direction to prevent chances of abortion or miscarriage.
  • A bed with storage space leads to brain and heart-related ailments. Also, avoid sleeping on wrought iron beds; opt for simple wooden beds.
  • Avoid sleeping under light beams as it leads to depression, headache and memory loss.
  • Do not place your bed in front of the mirror, it causes nighmares.
  • Never align your bed with the toilet wall, as that brings negative energy.
  • Keep mobile phones and other gadgets away from bed to have a sound sleep.

Health & kitchen Vastu tips:

  • The southeast direction is considered ideal to have a kitchen.
  • East is considered the best direction for cooking and eating, as it promotes effective digestion and good health.
  • Designing the kitchen in the Northeast direction calls for serious health problems and accidents.
  • Avoid constructing the toilet and the kitchen together. Place the two at a distance from each other.

Jewar Airport Gets Clarence From Aviation Ministry Arm

April 15, 2021:  The Bureau of Civil Aviation Security (BCAS) of the Civil Aviation Ministry, has cleared the Jewar International Airport project, said SP Goyal, the additional chief secretary to UP chief minister, in a tweet.

“A great news! The security clearance and vetting for Phase I of the Noida International Airport has been received from BCAS also, and has already been received from the other regulating authorities,” Goyal said in his tweet on April 14, 2021.

The move by the BCAS, the regulatory authority for civil aviation security in India, comes a day after Yamuna International Airport Private Limited (YIAPL) floated tenders to start construction work for the airport project. YIAPL is a subsidiary of Zurich AG, the Swiss developer that has been appointed to build the airport in Greater Noida’s Jewar.

 

***

Jewar Airport: UP Allots Rs 2,890 Cr For Phase-II Land Purchase

In a move that would increase the chances of timely completion of the much-touted infrastructure project, the Uttar Pradesh cabinet, on March 16, 2021, approved Rs 2,890 crores for the second phase of the Jewar International Airport. The money allocated will be used for land acquisition for the second phase and to resettle the people displaced due to this exercise.

A total of 1,365 hectares land of land will be acquired by the government, to develop the second phase of the Jewar Airport. Land acquisition for the first phase, which is likely to be operational by 2023, has already been completed.

Earlier in March 2021, a state support pact was also signed between Zurich International, the Swiss builder that has won the bid to construct the project and the Yamuna Expressway Authority, to initiate the work on phase-I. The government is also planning to conduct a bhumi pujan ceremony for the same, on April 15, 2021.

“The country’s largest state had only two international airports earlier – in Lucknow and in Varanasi. However, it will soon have five international airports, including the upcoming ones in Jewar, Ayodhya and Kushinagar, near Gorakhpur,” UP chief minister Yogi Adityanath said, at the signing of the support agreement on March 1, 2021.

While presenting its Budget in February 2021, the state government had also allocated Rs 2,000 crores for the mega project, a ‘priority’ for the UP government. “A budget of Rs 2,000 crores has been proposed for the Noida International greenfield airport in Gautam Buddh Nagar’s Jewar,” UP finance minister Suresh Khanna said, while presenting the Budget in February.  

Jewar Airport Master Plan Sent To Aviation Ministry For Technical Vetting

Noida International Airport Limited (NIAL), the special purpose vehicle set up to develop an international airport in Noida, on December 8, 2020, sent the Jewar Airport mater plan to the Civil Aviation ministry, for technical inspection. Last week, the NIAL received the master plan from Zurich AG, which won the bid to develop the second airport in the National Capital Region (NCR). The Ministry is likely to take nearly a month, for the technical screening of the document, which talks about developing the Delhi-Varanasi High Speed ​​Rail Station within the terminal building. The master plan talks about a four-phased development of the airport. 

Swiss operator Zurich AG, which won the bid to develop the Jewar Airport project in October 2020, submitted its master plan for the mega project on December 3, 2020, to the Noida International Airport Limited (NIAL), the special purpose vehicle established to oversee the work of the second airport project in the National Capital Region. The company was given time till December 7, 2020, to submit the master plan that will act as the blueprint for the future development of the Jewar Airport.

Apart from NIAL, the union Civil Aviation Ministry, the Uttar Pradesh government and other regulatory bodies will vet the master plan, which outlines the development plan of the project over the next 40 years, before its gets unveiled next year.

Earlier, amid projections that the construction work on the Jewar Airport project is likely to start in another six months, private lender HDFC Bank has reportedly entered into an agreement with the Yamuna Expressway Industrial Development Authority (YEIDA), to offer financial assistance to the Jewar Airport project, by way of a Rs 500-crore loan. The fund thus procured would be used for land acquisition and development of the second airport project in the national capital region.

Zurich AG and NIAL signed a concession agreement with the Uttar Pradesh government on October 7, 2020. According to Zurich Airport, the Swiss firm, construction work on phase-I is likely to be over by early 2024. Once completed, the airport will serve 12 million passengers under its first phase.

Recall here that the Uttar Pradesh government, on December 16, 2019, handed over the conditional letter of award to the Swiss company’s CEO, Daniel Bircher, while the union home affairs ministry granted it the security clearance for building the airport in May 2020. To provide the much-needed liquidity boost, the Uttar Pradesh Budget in February 2020, allocated Rs 2,000 crores for the mega project.

Zurich Airport AG was selected from among four bidders, including Adani Enterprises, Delhi International Airport Limited, and Anchorage Infrastructure Investments Holdings Limited, to work on the airport project. 

The Gautam Buddh District Administration has also transferred the 1,334 hectares of land required for Phase-I of the project to the Yamuna Expressway Industrial Development Authority (YEIDA). 

Should You Invest In Property Near Jewar?

The government expects the Jewar International Airport to become operational by 2024 – the land acquisition process is on; the Uttar Pradesh government has started setting aside money for the project. Industry experts expect things to slowly start looking up for Noida’s real estate market that has been under tremendous stress for about five years now because of an ongoing slowdown locally after the ground-breaking ceremony for the national capital region’s second airport, which would also be the country’s biggest airport by size, takes place, likely after the Lok Sabha elections. How could homebuyers/investors use this opportunity to the best of their advantage?

If you are an investor

Those who have already invested in property markets around the area — the proposed site runs along the 165-km Yamuna Expressway — have little reason to be cheerful if we speak of the present. Instances of project delays and developers going insolvent have severely damaged buyer sentiment which has resulted in record low home sales. Declining sales have further resulted in the downfall of the Noida property market, which includes Greater Noida and Yamuna Expressway, gathering the highest inventory stock in the whole of NCR, data available with Makaan.com show.

In a housing market where developers are struggling to sell the existing stock, does it make any monetary sense to make a fresh investment? If you are there to make a quick buck, it may not. If you are in the property market to earn handsome returns in the long run, it certainly does!

How so? The fact that rates have slowly begun to move upwards in Jewar on hopes of the village getting an airport notwithstanding — as against Rs 4-5 lakh a bigha in 2015, rates have gone up to Rs 25 lakh a bigha now — property here is still quite affordable here if you compared it with similar properties in Haryana or Rajasthan.  For a plot measuring the same, investors will have to keep over a crore in Manesar and Bhiwadi.

This is indicative of the growth potential land in this region has — the arrival of the airport would start pushing the rates upwards. The affordable land here may cease to be that after 2023.  A little diligence, planning and patience would mean an investor can make a windfall on their investment here, even if they plan to flip.

Those ready for a longer commitment can expect to make impressive rental income. The airport would create millions of jobs. Those working here would need to live close by. Those looking for smaller investments would purchase from the existing housing stock that realtors are willing to sell cheaper. These would also have high chances of becoming rent-generating machines in the future. While investing in land and building independent homes makes sense, planning an entire project may not be viable, considering the region already has a huge unsold inventory.

If you are a buyer

This is possibly the only area in the NCR where a homebuyer can purchase land at affordable rates and build a spacious independent home. Those aspiring for community living would also get the same benefit.

Data available with Makaan.com show property in Greater Noida is among the most affordable in the NCR—a square foot of space here is available for Rs 3,000. Between 2013 and now, prices have also remained almost unchanged at the Yamuna Expressway, at Rs 3,800 psf.

The image of Noida realty might have taken a beating owing to a multitude of issues, but rough days have certainly turned it into a buyer’s market. Developers are open to cutting you a better deal now than they were before.

However, infrastructure in the region is still in developing stage — construction activity would run high in the times to come since building work is likely to simultaneously start on various projects, including Jewar Metro — it may take a while before the hustle bustle around your homes stop.

In developing areas, land-related frauds become common. Check out the paperwork diligently in case you are buying land in Jewar.

The developing story

The timeline: The proposal for an airport in Jewar was made in 2001 when Rajnath Singh was the chief minister of Uttar Pradesh. His successor Mayawati also backed the plan, and her government acquired more than 2,000 acre for the project.

It was in December 2018, however, that the UP Cabinet, headed by Chief Minister Yogi Adityanath, gave its approval for the development of the airport.  The Union government had also given site clearance approval for the project in July last year.

Estimated cost: Nearly 5,000 hectare of land would be needed for the development of this international airport that would be developed in four phases. The estimated cost of the project, which will be carried out by the Yamuna Expressway Industrial Development Authority, is pegged at Rs 20,000 crore. This cost does not include connectivity plans.

Capacity: According to PwC, the agency that has prepared the techno-economic feasibility report for the project, the Jewar Airport is expected to handle 60 lakh passengers by 2022-23, when the first phase of the project is slated to be ready. It would cater to handle over 10 crore passengers by 2050, the agency says.

Connectivity: Passengers could take flights from the Jewar Airport to international destinations such as London, Abu Dhabi, Doha, Dubai, Kathmandu and Bangkok, apart from flying to key domestic destinations.

The impact: The civil aviation ministry expects this airport to give a boost to connectivity in the whole of western Uttar Pradesh, which will, in turn, bolster tourism and economic potential of the region. This airport will not only address the aviation needs of the Delhi airport but also cities such as Agra, Mathura, Bulandshahr and Meerut. The arrival of the new airport would significantly improve the prospects of property in the region.  A high-speed network would only further the momentum.

The green touch: The Noida administration has also signed a pact with private entities to develop a 92-acre land parcel for its afforestation programme. This would mean buyers would remain close a vast green area.

With inputs from Housing.com News

Aviation Ministry Arm Grants Approval To Jewar Airport Project

The Bureau of Civil Aviation Security (BCAS) of the Civil Aviation Ministry, has given its approval to the Jewar International Airport on April 14, 2021. The BCAS is the regulatory authority for civil aviation security in the country.

“A great news! The security clearance and vetting for Phase I of the Noida International Airport has been received from BCAS also, and has already been received from the other regulating authorities,” SP Goyal, additional chief secretary to UP chief minister said, in a tweet.

The development comes a day after Yamuna International Airport Private Limited (YIAPL) floated tenders to start construction work for the airport project. Note here that YIAPL is a subsidiary of Zurich AG, the Swiss developer that has been appointed to build the NCR’s second airport in Jewar.

 

***

UP Grants Rs 2,890 Cr For Jewar Airport Phase-II Land Acquisition

The gloomy stories that investors hear with regard to Noida real estate may be confusing, especially to those who had their eyes on this affordable property market to build a home but the developments surrounding Jewar Airport, give them enough hope not to lose heart and hold on only a little longer before things change for the better.

In a measure that is indicative of the Uttar Pradesh government’s priority treatment towards the Jewar International Airport project in Noida, the chief minister Yogi Adityanath-led cabinet, on March 17, 2021, approved a grant of Rs 2,890 crores, for land acquisition for Phase-II of the project. The decision by the state comes, over a month after the UP government, in its Budget, set aside Rs 2,000 crores for the airport project.

“A budget of Rs 2,000 crores has been proposed for the Noida International greenfield airport in Gautam Buddh Nagar’s Jewar,” UP finance minister Suresh Khanna said in his Budget speech. He also said that Phase-I of the airport was likely to become operational by 2023.

On March 16, 2021, it was also reported that the state government was planning to conduct the bhumi pujan ceremony for the airport project on April 15, 2021. According to local MLA Dhirendra Singh, people concerned have been directed to resolve any pending issues, to pave way for the upcoming ceremony.

Meanwhile, a state support agreement between the Yamuna International Airport Private Limited and the Noida International Airport Limited, a subsidiary of the Zurich Airport International AG, the Swiss developers selected to build the project, was signed on March 1, 2021.

“The country’s largest state had only two international airports earlier – in Lucknow and in Varanasi. However, it will soon have five international airports, including the upcoming ones in Jewar, Ayodhya and Kushinagar, near Gorakhpur,” the CM said at the signing of the pact, adding that connectivity was vital for the overall development of UP.

Emphasising the importance that his government accorded to the mega airport project, touted to be the biggest such project in Asia, Adityanath also said that his government had decided to prioritise it in the interest of the state and the country.

Jewar Airport Plan Sent To Aviation Ministry For Technical Approval

The Jewar Airport master plan, which was submitted by developer company Zurich AG to Noida International Airport Limited (NIAL), was sent to the Civil Aviation Ministry, on December 8, 2020. Under the master plan, which talks about development of the project in four phases, a Delhi-Varanasi high speed rail station will be constructed in this airport building, providing passengers with air, as well as rail connectivity. The plan also talks about making the Jewar Airport a domestic hub with 75% of all its operations concentrated within India.

The ministry is likely to return the master plan to the YEIDA after technically vetting, which could take up to a month.  

After winning the bid to build the Jewar Airport in October 2020, Zurich AG, on December 3, 2020, submitted the master plan for the project. The document, which will also be vetted by the UP government, Noida International Airport Limited, etc., before being unveiled next year, will act as the blueprint for the development of the mega project. The Swiss company was set a December 7, 2020, deadline to submit this crucial document.

In November 2020, private lender HDFC Bank as reportedly entered into an agreement, to provide Rs 500-crore funding to the airport project. The Yamuna Expressway Authority, the agency responsible for the development of the airport, has already secured Rs 4,500 crores as loan for this purpose.  With everything on course, the construction work on the Jewar Airport site is likely to start in another six months.

According to Zurich Airport International Asia Chief Executive Officer Daniel Bircher, phase-I of the airport project is expected to be completed early 2024, despite the ongoing conditions, where construction work is generally impacted because of the Coronavirus crisis. On completion, the airport, under phase-I, will cater to 12 million passengers.

The foundation stone for the airport project that was first conceived in 2001 and received approval only over a decade-and-half later, will entail the development of 2,200 acres of land and would be operational by 2023. With that, the national capital region will get the distinction of hosting two airports within a 100-kilometre radius.

That is not all. The arrival of the airport would bless this property market with several other infrastructural developments. The Jewar Airport will have an Aerocity on the lines of the one at the IGI airport. Plans are also in the works to link the $-3.1 billion Jewar airport with the Delhi’s Metro’s Aqua Line by 2025. The government is also considering the possibility of linking the airport with Sarai Kale Khan, a major bus transit station in the national capital, through a dedicated Rapid Rail Transit System (RRTS). At a later stage, the Jewar airport could be connected with the Eastern Peripheral Expressway that joins Haryana’s Palwal with Kundli, bypassing the national capital.

How will the Jewar airport impact Noida housing market?

If we analyse the current state of affairs, property markets around Noida are reeling under immense pressure ─ according to the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA), there are over 100 stuck projects in the region; private estimates peg this number at 1.5 lakh units.

That is just part of a much bigger problem Noida realty is currently dealing with. Some of the biggest developers of the region are close to insolvency – cases are pending against Amrapali, Jaypee and Unitech. The uncertainty involving these cases ─ After over two years of these cases popping up, no solution is in sight despite the fact that the Supreme Court has sworn to resolve these issues in a timely manner ─ is hindering concerted efforts made by sector stakeholder in achieving their desired target.

In an atmosphere such as this, the Jewar airport is the very thing NCR realty is in the need of. The project would touch lives and get back the positivism Noida currently needs more than anything.   

According to PwC, the agency that has prepared the techno-economic feasibility report for the project, the Jewar Airport is expected to handle over 10 crore passengers by 2050, serving 37 domestic and 31 international destinations.

Currently, people living in many cities of western UP and some cities of Rajasthan have to travel to Delhi — a journey of at least two hours — if they plan air travel. An airport in Jewar will be a great help for these people. This airport will not only address the aviation needs of Delhi but also of cities such as Agra, Mathura, Bulandshahr and Meerut. The Union civil aviation ministry expects this airport to give bolster tourism and economic potential of the region.

As it takes shape physically, the project, which is expected to generate millions of job opportunities, would improve investor sentiment and usher in that positive vibe Noida needs, all in due course.

How so?

Well, Jewar has already seen a status update, from being a part of the Bulandshahr district to being a nagar panchayat under the Gautam Buddh Nagar district now. Due to the ongoing developments, rates of the property along the area have grown substantially, too.

Landowners can already see the difference. While a bigha of land was sold for Rs 4-5 lakh in the past, rates have now touched Rs 20-25 lakh a bigha. A bigha of land measures 843 square metre. Farmers whose land is being acquired for the project are being offered three times the circle rate. While the prevalent land rate in the area is Rs 900 per square metre (psm), the government is offering villagers Rs 2,300 psm.

What to expect in the future?

Investments in this property market should be done strictly keeping in mind certain facts. First, not many developers would be launching a new project here since they are already under tremendous pressure to sell off their existing housing stock and completing their stuck projects. Those looking to invest in property along Jewar will have to primarily in the land.

Absolute dexterity must be shown in checking the legality of the land in case one is interested in buying since thriving property markets also become a breeding ground of property-related frauds. Also, the investment must be made keeping in mind the fact that profits could be made only in the long term.

*Issues involving land acquisition for the projects are still being resolved.

Year

Event

2016

April: Govt requests UP to develop a detailed project report for the proposed airport

2017

June: Civil aviation ministry clears plan for Jewar airport

2018

August: Govt forms Noida International Airport Company Limited (NIAL) to handle project management

November: UP govt approves the allocation of Rs 1,260 crore for land acquisition

December: District administration submits rehabilitation and resettlement document on land acquisition

2019

February: Up govt allocates Rs 800 crore for land acquisition in its annual Budget

April: Allahabad High Court dismisses petitions by farmers seeking higher compensation for their land, paving way for the land acquisition process

May: UP Cabinet approves bid document for the airport; sanctions 

Rs 894 crore for resettlement 

September: Noida administration acquires 923 hectare of the 1,235 hectare required for Phase-I 

*Noida administration inks MoU with pvt partners to develop a 92-acre forest in Jewar

November: Adani Enterprises, Delhi Airport International Limited, Zurich Airport International and Anchorage Infrastructure Investments bid for the airport

2020

January: An SPV, Yamuna International Airport Private Limited, is formed to develop the project.

May: Zurich Airport International AG receives the clearance to carry out the project work from the home affairs ministry.

October: Zurich Airport International AG and Yamuna International Airport Private Limited sign concession agreement.

November: HDFC Bank signs pact to provide Rs 500 crores as loan for the project.

December: Zurich AG submits master plan to NIAL

December 8: Master plan sent to civil aviation ministry 

 

DDA Approves Delhi Master Plan 2041

The Delhi Development Authority (DDA) has approved the draft Master Plan 2041 (MPD 2041), in a meeting held by the development body on April 13, 2021. Earlier, the DDA said it planned to implement the master plan after the term of the MPD 2021 is over on March 26, 2021. The master plan, which aims at promoting rental housing among other things,  will now be sent to the union housing ministry for its approval.

Terming the MPD 2041 as a ‘strategic’ and ‘enabling’ framework that would guide the future growth of the national capital, the DDA said that the new framework has been drawn, based on the lessons learnt from the the master plans of 1962, 2001 and 2021.

“The master plan seeks to make Delhi an environmentally sustainable city that offers quality, affordable and safe living, while providing opportunities for economic, creative and cultural development,” Delhi Lt Governor Anil Baijal said, in a tweet. Nearly 70 agencies and over 150 departments were involved in preparing the MPD 2041, while suggestions from the Delhi residents were also received.

***

Govt In Process To Prepare Delhi Master Plan 2041

The government is in the process of preparing a new master plan for the national capital, to ensure ease of living and to provide urban amenities to its citizens, the Housing Ministry said, in a press release on January 11, 2021. According to the ministry, the vision for Delhi Master Plan 2041 is to ‘foster a sustainable, liveable and vibrant Delhi by 2041′.

The Delhi Master Plan 2041, said the release, will enable stakeholders to know the exact policies that apply on their land and properties and simplify the norms related to use of premises and activities, flexibility in FAR (floor area ratio) use, parking requirements and enable flexibility in customising future developments for meeting people’s needs.

The 2041 Master Plan will aim at incentivising new formats like serviced apartments, condominiums, hostels, student housing, worker housing, etc., with an aim to boost real estate in a city where over 40 lakh people reside in unauthorised colonies.

The plans will also promote transfer of development rights-based projects, to bring jobs and homes closer to mass-transit systems and devise comprehensive strategies for improving old and dilapidated areas in the city.

The outreach of the new master plan includes schools, universities, residents’ welfare associations, civil society groups and campaigns, traders and market associations, environment experts, industry groups, professional bodies, etc.

To be Delhi’s fourth master plan, the Master Plan 2041 offers a development perspective for the national capital for the next 20 years – from 2021 to 2041. However, till the time the vision document for the next two decades is not implemented, the Delhi Master Plan of 2021 will be in force.

The key focus areas under the 2041 Master Plan will be providing high quality green-blue areas for recreation and leisure and enhance Delhi’s preparedness for the impact of climate change and to devise methods to tackle pollution.

 

***

Relief Likely For Delhi Gyms As DDA Approves Changes In Master Plan

The Delhi Development Authority on October 9, 2019, proposed a change in the master plan of 2021 under which fitness centres, including gyms and yoga facilities, would be allowed to operate in residential areas. “The Authority approved amendment in the master plan by which fitness centres (including gymnasia, yoga or meditation centres and wellness centres) have been allowed to continue, considering their role in making the Fit India Movement a success,” the DDA said in a statement. After the notification, new fitness and wellness centres will only be allowed to operate on ground floors or basements.

Earlier, the DDA said it would offer bank locker facilities in the basements of buildings and make changes in the master plan to accodomate the idea. The development body might also allot land under ‘religious category’ which could be used to carry out yoga training, religious/spiritual preaching and meditation. This land could also be used to build museums, art galleries, exhibition centres, auditoriums, canteens, restaurants, langar halls and community kitchens.

 

What else does the national capital’s Master Plan of 2021 envisage?

According to the DDA website, “A master plan is the long-term perspective plan for guiding the sustainable planned development of the city. This lays down the planning guidelines, policies, development code and space requirements for various socio-economic activities supporting the city population during the plan period. It is also the basis for all infrastructure requirements.”

It is in this context we would look at the key provisions in the Delhi Master Plan 2021 which would have a major impact on future real estate development in the national capital.

The plan: When the draft was notified in 2005 inviting public views, it had received about 7,000 objections and suggestions while 611 people/organisations were given individual hearings over this. The current form of the plan was approved in 2007 by the Union Urban Development Ministry. The plan will be reviewed after every five years.

On categorisation: There are 18 focus areas — categorised from A to R in the plan — based on which Delhi will be turned into a world-class city. These include land policy, public participation & plan implementation, redevelopment, shelter, housing for the poor, environment, unauthorised colonies, mixed-use development, trade & commerce, informal sector, industry, conservation of heritage, transportation, health infrastructure, educational facilities, disaster management, provision for sports facilities and focus on infrastructure development.

On population accommodation: While forecasting that by 2021 Delhi’s population would reach 225 lakh, the master plan says that efforts should be made to keep it below 220 lakh. To house this population, the plan asks for adopting a three-pronged strategy:

— By encouraging people to shift to suburbs

— By expanding city limits

— By increasing the population-holding capacity of existing areas by redeveloping them

On redevelopment: According to the plan, there is a “large proportion of underused land with a number of vacant sites as well as dilapidated built-up areas lying vacant in the city and “many of such areas are owned by the government”. These should to be planned for “redevelopment with higher density” to make optimum use of land resource.

On senior living: Elderly According to the plan, the number of people above the age of 60 is expected to reach over 24 lakh and would account for 10.7 per cent of the total population. The plan wants to make the lives of the elderly easier in the city by providing old-age homes, low-floor buses, special seats in buses, special seats in public toilets and ramps in public buildings.

On different areas: The plan defines the walled city (Shahjahanabad), the walled city and the extension (Pahar Ganj, Sadar Bazar, Roshanara Road and adjoining areas) and Karol Bagh was Special Areas. These areas are “a mix of different land uses and have similarities in compact built form, narrow circulation space and low-rise high-density developments, mainly accommodating residential, commercial – both retail or wholesale and industrial uses”. The regulations for developing these areas will be diffrent from other areas of the city.

On PSU offices: According to the plan, no new Central and public sector undertaking offices should be built in the National Capital Territory of Delhi (NCTD).

On solid-waste management: According to the plan, the problem of solid waste management in Delhi is assuming “serious proportions” due to an increase in the population, urbanisation, changing lifestyles and consumption patterns. To tackle this problem, it proposes setting up of landfills. “The area required for solid waste disposal through various technologies, including sanitary landfill sites, shall be reserved in the Zonal Plans,” says the plan.

On mix-use land policy: To promote non-residential activities in areas meant for housing, the plan envisages a mixed-use policy which would help Delhi use its lands to an optimum level. However, the mixed-use pattern not be permitted in the Lutyens’ Bungalow Zone, Civil Lines Bungalow Zone, government housing, institutional/ staff housing of public and private agencies and buildings/ precincts listed by the Heritage Conservation Committee.

Five Things NRIs Buying Property In India Must Know

If you are a non-resident Indian (NRI) planning to buy a property in India, time could not have been better for you to do so. While India’s real estate sector has seen a price correction in the recent past, buying property in Indian has also become more lucrative with favourable currency rates.

 

MakaanIQ looks at what differentiates NRI property buying from resident property purchases in India:

  • An NRI buying an immovable property in India does not require any special permission. However, the payment can’t be made in foreign currency. NRIs can make the purchase using Indian currency, the Rupee, through funds received in the country by means of normal banking channels. These funds have to be maintained in a non-resident account under the foreign Exchange management Act (FEMA) and the Reserve Bank of India (RBI) regulations. There are also no restrictions on the number of immovable properties that an NRI may purchase, either residential or commercial.
  • NRI investments into the property market are treated on par with investment made by resident Indians, but for some exceptions:

Also Read: NRIs Can Get A Home Loan But Conditions Apply

Nature of property

NRIs can buy all sorts of immovable properties in India other than agricultural land, farm house and plantation property. To acquire agricultural land/plantation property/farm house in India, they have to get approval from the RBI and the government.

Taxation

When an NRI sells a property in India, TDS (tax deducted at source) calculation is done at the rate of 20.6 per cent on long-term capital gains and 30.9 per cent on short-term capital gains. However, the final taxation rate is similar for NRIs and resident Indians. If an NRI has a lower tax slab applicable to him, he can apply for a refund of the TDS by filing their income tax return.

Home loan

The RBI has given a general permission to banks and housing finance companies registered with the National Housing Bank to provide loans to NRIs for buying residential property in India. Sanctioned in Indian currency, the loan has to be repaid using the same currency. However, the loan amount, according to the regulations, cannot be credited directly to the bank account of an NRI and has to be disbursed to either the seller’s or the developer’s account. The loan can be repaid using funds in an NRI’s NRO/NRE account or FCNR deposits.

 

Managing a real estate investment requires considerable effort, especially if you plan to give the house out on rent. Now, with Housing.com, you can avail of end-to-end Property Management Services through our trusted partner. Sit back and relax, while your dedicated property manager takes care of everything – from finding tenants and ensuring you get the rent on time, to managing and maintaining the property.

 

Power of attorney (PoA)

As they live outside, NRIs have an option to give PoA to their friends or relatives to complete the property purchase process in India. The PoA can be general or specific about the rights your representative can exercise.

Also Read: 5 Real Estate Laws You Must Know About

Repatriation of funds back to the foreign country

There are certain guidelines for repatriation of funds. An NRI or Person of Indian origin (PIO) may repatriate the proceeds from the sale of immovable property in India on the conditions mentioned below:

  • The property must have been purchased in accordance with the FEMA directives, applicable at the time of purchase. 
  • The amount repatriated cannot exceed the original amount paid for the property, if the property was acquired in foreign exchange remitted through normal banking channels or out of funds held in an FCNR (B) account.

However, in the following circumstances, the NRI/PIO may repatriate a maximum of $ 1 million per financial year:

  • Out of the balance held in the NRO account, if the property was purchased out of rupee source of funds. 
  • If the property was acquired by way of gift, sale proceeds must be credited to an NRO account and may be repatriated thereafter. 
  • If the property was inherited from a resident Indian, funds may be repatriated on producing a documentary evidence proving inheritance, an undertaking by the NRI/PIO, and a certificate of an authorised chartered accountant in the formats prescribed by the Central Board of Direct Taxes (CBDT).
  • In the case of a residential property, repatriation of sale proceeds is restricted to less than or equal to two properties.
  • A foreign national may repatriate sale proceeds even if the property was inherited from a person outside India. However, prior approval of the RBI must be obtained. 
  • A citizen of Pakistan, Bangladesh, Sri Lanka, China, Afghanistan and Iran must seek specific approval from the RBI for repatriation of sale proceeds.

Apart from the above-mentioned points, an NRI is given the same treatment as applicable to any other Indian resident.

RBI (NRI FAQ): Frequently Asked Questions By NRI

What Happens If One Party Fails To Honour Sale Agreement?

An agreement to sell is a contract between the buyer and the seller of a property. Like any other contract, this deal, too, can go awry. This is why it is important for both the buyer and the seller to give due consideration while making or accepting offers. You must know your rights in case the other party fails to honour the agreement.

From the seller’s perspective

If something like this happens, there are various scenarios in which you can act. Before deciding on what can be done, it is important to look back at the sale agreement and see if it had in its clauses. Here are a few things to check:

  • What was the clause in the contract regarding the failure on the part of the buyer to make the payment? 
  • Is there any clause which states that the balance money would be paid only after the buyer is satisfied with the title of the property? 
  • Is there a clause that you can issue a legal notice to the buyer for cancellation of the agreement and seek damages? 
  • Is there any clause stating that the buyer can renege on the agreement if he fails to get the home loan?

Also remember that if it is a registered agreement, a deed of cancellation will have to be executed by both the parties. Only then can the property be sold to the third party.

On the other hand, if the buyer refuses to agree for cancellation of a registered agreement, you can file a suit for specific performance to make the balance payment.

Also Read: Frequently Asked Questions On Property Registration

From the buyer’s perspective

Here, too, the same set of rules apply. A buyer also has to refer to the sale agreement and look for the relevant clauses.

  • What is the clause in the contract regarding seller backtracking from the deal?
  • Is there any clause that states the seller can cancel the deal if certain conditions are not met from his side? 
  • Can you issue a legal notice to the seller for cancellation of the agreement and seek damages?

In a nutshell, the buyer or the seller may seek breach-of-contract money damages when the other party fails to complete the sale. If a seller defaults, he must return all deposits, plus added reasonable expenses, to the buyer. The other party may also seek to compel the erring party to complete the deal under specific performance. From a buyer’s point of view, it is advisable to get the sale agreement registered. 

Also Read: What Does A Sale Deed Look Like?

The specific performance

In real estate terms, specific performance means when either the buyer or the seller wants to complete the sale under the agreed terms and conditions in the agreement to sell. A buyer or seller who wants to compel the recalcitrant party to honour the agreement under already agreed-upon terms can plead injunction by seeking a court order to complete the sale. However, the court has the sole discretion to order a real estate sale through specific performance. 

With inputs from Shaveta Dua

What Should You Do If A Cheque Bounces?

A cheque bounce is among the common financial offences which can land the issuer into legal trouble and damage his or her credit rating. In India, the number of pending court cases relating to cheque bounce offences is huge. A cheque is bounced if the issuer writes a bad cheque – due to technical reasons like mismatch of signature or overwriting, or also when there are insufficient funds in the account as result of it is not processed by the bank. The cheque is then returned unpaid or dishonoured.

Repeat offences can have serious repercussions. The offender may be slapped with a huge bounced-cheque fee or even a prison term. The bank may stop the cheque book facility or even close your account. Although the Reserve Bank of India states that such action can be taken only if cheques, valued Rs 1 crore or above, have bounced more than four times.

MakaaniQ tells you more about dishonour of cheques and the legal recourse in such cases:

Penalty by the bank

In case a cheque is bounced, both the defaulter and the payee are charged by their respective banks. If the bounced cheque is against the repayment of a loan, you would have to additionally incur late payment charges along with the penalty fee charges by the bank.

Some customers make use of their overdraft account wherein the banks would cover cheques which would otherwise bounce. The customer will pay interest on the outstanding balance of an overdraft loan.

Negative impact on credit score

When availing a home loan, it is important to check if your account has sufficient money. If the processing fee cheque gets bounced, the bank might reject the sanctioned loan immediately. Thus, ensure you always maintain the minimum average balance and avoid any irregular or unusual bank transactions. Recurring cheque bounces can affect your financial credit history which can make it difficult for you to avail loans in future.

Facing criminal charges

If a cheque is bounced citing insufficient funds in bank account, it is a criminal offence and the payee – the person or the bank – can file a complaint under Section 138 of the Negotiable Instruments Act. The bank immediately issues a ‘Cheque Return Memo’ stating the reason for non-payment, when a cheque bounces for the first time. The holder is given a chance to resubmit the cheque to the bank within a period of three months of the date mentioned on it.

The aggrieved party can also legally prosecute the defaulter by sending a legal notice within 30 days of receiving the cheque return memo. Mentioning all important facts pertaining to the case in the notice is vital. This includes nature of the transaction, amount, date of depositing the cheque and when it was dishonoured by the bank. If the cheque issuer or drawer fails to make a fresh payment within a month of receiving the notice, the holder has the right to file a criminal complaint against him.

However, if the aggrieved party fails to file the complaint within 30 days, the court will not entertain the suit unless the delay is justified with a valid reason. If the drawer is found guilty as a wilful defaulter, he will be charged with a jail term of two years or a fine which is twice the cheque amount, or both. The defaulter is also given a chance to appeal to the sessions court within a month of the date of judgment of the lower court.

Facing civil suit

Usually, a separate civil suit for recovery of money, including the cost is borne and the lost interest, is filed in a cheque bounce case as filing a criminal case does not help in recovering the pending dues. However, the aggrieved party may file a cheating case under Section 420 of the Indian Penal Code. But, under the notified Negotiable Instruments (Amendment) Act, the complainant can file a complaint in the city where he is based or where the cheque was deposited. This makes it easier for the victim to take a legal recourse.

Things to remember

It is to be noted that these remedies are possible only if the pending debt or liability can be established. For instance, the holder cannot sue the defaulter if a bounced cheque was issued as a gift or donation.  

It is wise to keep track of available balance and maintain extra cash in your account as a buffer. In case, you find out there is insufficient money in your account, you can inform the payee in writing and issue stop payment/cancellation at your bank or pump in funds into your account before the date of the cheque.

Have Questions Concerning Property Insurance? Read This

If you, as a homebuyer, thought that buying insurance was only an added burden and it might most likely not solve any purpose, you would better rethink. Your property, like all other things that you hold dear, needs a protection against untoward situations. That makes buying property insurance crucial. Before you make up your mind to buy such a product, you must have better clarity about home insurance policies.

The first question is, are there many types of policies?

Yes, there are 10-11 package policies for house owners and shopkeepers. While there are many products available in the market, the most popular is the fire and allied perils policy that protects your property against mishaps such as fire, riots, flood and storm. A burglary and house breaking policy on the other hand covers your property and belongings against burglary and theft. Other valuables can be covered under all-risks policies.

Also read: These Losses Are Covered Under Home Insurance

How does one fix the insurance amount?

There are two methods to do so. One is using the market value of the property and the other is using the reinstatement value.  Under the first arrangement, depreciation of value is levied on the asset, depending on its age in case of a loss. In this case, the insured amount may not be sufficient to buy a replacement. In the second arrangement, your insurer will pay the cost of replacement, depending on the ceiling mentioned in the policy. To claim the amount, the damaged property has to be repaired first. Do note that the second arrangement is allowed only for fixed assets such as property, it does not apply to liquid assets such as stocks.

What are my responsibilities as buyer of property insurance?

Buying a cover does not mean you have to be less careful about the well-being of your property. As the sector watchdog puts it, “every insured is expected to behave as though he is uninsured”.  This means you have to take every precaution to prevent losses. Do remember that you will have to prove it to the insurer that you did make an effort to save the property while a tragedy struck. In case you fail to do so, the insurer might be reluctant to settle the claim.

Also, in case of a tragedy, inform the insurer immediately. If arrival of surveyor is likely to be delayed, take picture of the scene. These would work as evidence.

While the company surveyor does his job, extend your full support and correctly mention the losses. Give the completed claim form and documents as required by the insurer in support of your claim.

After repairs, give bills to the insurer.

What if you have a grievance?

First, you approach your insurer. This could be done by personally visiting the company office or logging on to their site. As is the rule, your insurer has to acknowledge your complaint in three days, and resolve it in another 15 days. In case you are dissatisfied with company, you have the option to raise the issue to the sector watchdog, the Insurance Regulatory and Development Authority of India (IRDAI).

You may log on to www.igms.irda.gov.in to file your complaint.  

You may also lodge a complaint through an e-mail (complaints@irda.gov.in), through a letter (to Consumer Affairs Department, Insurance Regulatory and Development Authority, 3rd Floor, Parishram Bhavan, Basheerbagh, Hyderabad) or call IRDA Call Centre at 155255.

There are no charges for registering your complaints with the IRDAI.

What if insurer delays the process?

Suppose, there has been a damage to your property, and you have filed your claim with the insurance company. When you start losing patience because the company is not addressing the matter in a time-bound manner ─ it has been over a year ─ and approach the insurer over the issue, you find out that the company surveyor has yet to file his report.  How do you deal with that situation?

To begin with, do remember that:

  • An insurance company surveyor has to give his report within 30 days of his appointment, unless he applies for an extension, citing matters of importance.
  • This extension cannot be stretched for more than six months from the date of his appointment.
  • In case of delay in payment to the aggrieved party owing to a surveyor’s failure to give report, the insurer is liable to pay interest at a rate which is two per cent above the bank rate.

“There is no reason why an insured should suffer on account of delay on the part of the surveyor in submitting his report, considering the fact that the surveyor is appointed by the insurer without consulting the insured and in any case …  it is for the insurer to impress upon the surveyor to submit his report within the time limit prescribed,” says the National Consumer Commission. 

All You Need To Know About Filing A Partition Suit In India

In the push and pull of how a property needs to be distributed or whether the legal heirs have got the right share, many families and extended families get tangled in legal cases. Land disputes in India are complicated and often such litigations run into years.

We have already covered the inheritance rights of family members as laid out in the Hindu Succession Act. Despite rules, it is not uncommon to see members of a family get into a tiff and file a partition suit. Here’s a step by step outline of how to go about a partition suit in India. 

Governing law

 The Hindu Succession Act 1956 is the governing law behind a partition in a Hindu joint family while the Hindu Undivided Family and the Hindu Partition Act of Property 1892 governs partition of jointly-owned property by two or more co-owners.

Filing the partition suit

It is important to understand that a partition suit is filed only when a legal notice has gone disregarded. Suppose you are a legal heir but do not have any supporting documents, you could get the information about the property from the registration office.

Kolkata-based advocate, Devajyoti Barman says, “No document is required to file a partition suit but you will need to mention the property that is sought to be partitioned. Once the property is mentioned, it is the liability of the other co-sharer to prove how it does not belong to you or that you have received your rightful share.”

Lakshmi Kanth, a Hyderabad-based advocate says, “You can file partition suit, even though the documents relating to the property not lying with you. You have to obtain certified copies of the documents pertaining to property along with encumbrance on property certificate and Market Value Certificate from concerned Sub Registrar. Death Certificate of your grandparent/ parents (whichever is applicable) will be required which you can get from concerned municipal authorities. You should prepare a detailed family tree by mentioning all the family members and why the share belongs to you and others. If property is in joint possession a nominal court fee of Rs 200 will be applicable.”

It is, however, advisable that you keep a copy of the following: 

a) Certified copy of title deed of properties which you claim as ancestral properties.

b) Description of properties ( area, location with survey numbers, boundaries etc)

c) Valuation done by sub-registrar of these properties.

Note that the partition suit has to be filed in a court that has jurisdiction over the location in which your property is located.

Establishing the rightful ownership

The next process involves the court trying to establish your rightful ownership over the property to proceed with the trial. It may also allow an inquiry to this effect or could even appoint a Commissioner who would evaluate your claim and submit a report. Based on the report, the court can determine your share and the co-owner’s share as well on a case to case basis.

Towards resolution

If the two parties have come to a resolution, a partition deed is usually the next step which is based on the Land Partition Act. Remember that a partition deed requires court’s sanction. You will also need to execute this deed on a stamp paper specifying the date of partition and each person’s share.