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Tuesday, April 11, 2017

Do You Have RERA Compliance Queries?

Complying with RERA provisions requires greater level of transparency, objectivity and professionalism, as it has enhanced the accountability and liability of real estate developers, property consultants etc. Therefore it is essential for real estate organizations to put in place a structured RERA compliance management process Developers need to streamline their processes, form teams and train employees on the new regulatory provisions. . However there are lots of confusion regarding RERA compliance by real estate organizations. On the other hand, NIREM with the mission to empower the Indian Real Estate sector is working to make the regulation as simple as possible.

If you are a real estate promoter or a professional into or planning to join the RERA compliance team and have any query regarding the RERA compliance, please send us your queries to info@nirem.org. Our Regulatory Compliance Expert Mr. Sumit Jha would respond to your queries. Please mail specific and relevant queries by 30th April, 2017.

Developers scramble for Real Estate Act compliance: Hindustan Times

The year 2017 will be significant for homebuyers harassed for years because of property sale agreements lopsided in favour of developers, violation of building rules and delayed home delivery. The consumer-friendly Real Estate Regulatory Act (RERA), which kicks in from May 1, has pushed developers to sign agreements with buyers and take other initiatives which they claim are RERA compliant.

Mr. Sumit Jha, CEO, NIREM says that developers are putting up special RERA compliance teams to monitor projects and ensuring timely completion of projects, training sales professionals on customer interface post RERA and upgrading their agreement to sell. Read more at http://www.hindustantimes.com/real-estate/developers-scramble-for-real-estate-act-compliance-but-buyers-remain-sceptical/story-ixAlP94x4d8ZnFiHJJ2bpL.html

Saturday, February 4, 2017

RERA Compliance Training by NIREM

Real Estate (Regulation and Development) Act, 2016 and the in-built Regulatory structure (RERA) is going to affect almost every part of a real estate organization’s operation. Irrespective of the size or the portfolio, every real estate organization (development or consulting) in India is now going to be guided by RERA provisions including enforcement actions, fines and the invisible reputational risk. 
Complying with RERA provisions requires greater level of transparency, objectivity and professionalism, as it has enhanced the accountability and liability of real estate developers, property consultants etc.
RERA Compliance
Therefore it is essential for real estate organizations to put in place a structured RERA compliance management process. Developers need to streamline their processes, form teams and train employees on the new regulatory provisions. However in the absence of proper awareness and training, RERA compliance may become a critical business challenge.
RERA Compliance Training
It is with the above background information, NIREM Institute of Real Estate Management, is organizing a one-day training program on RERA Compliance. NIREM is India’s leading real estate focused education and training organization and is a specialist in training and development of employees of real estate and allied sector organizations.
Target Participants:
The one-day RERA Compliance Training program is targeted at middle to senior level real estate professionals.
Location: New Delhi
Further Details:
To know more about the training program, please visit http://www.nirem.org/courses/rera-training/ or mail your request to nirem.india@yahoo.com clearly mentioning your name, designation, company name, contact number and mail id.

NIREM Institute of Real Estate Management 
New Delhi, URL: www.nirem.org 
Ph: +91.11.42484988 M: +91.782-788-4220

Saturday, January 30, 2016

10 Key Facts About Smart Cities You Should Know!

Union Urban Development Minister Honb’le Mr. Venkaiah Naidu announced the first list of 20 smart cities at a press conference on Thursday in Delhi.

The cities were chosen on the basis of feasibility, smartness of proposal, performance indicators among others and awarded marks out of 100. The Minister said, ‘Today marks a historic landmark in annals of urban development as we get to know the first batch of 'Smart Cities'.
Referring to the investment opportunities in the backdrop of the recent financial crisis, he said, “People are searching for safe investments. I offer smart cities as the safest investment because land is going to be there, structures are going to be there, so the returns are assured.”
The first 20 smart cities are: Bhubaneshwar, Pune, Jaipur, Surat, Kochi, NDMC (New Delhi), Ahmedabad, Jabalpur, Vizag, Solapur, Devangere, Indore, Coimbatore, Kakinada, Belgaum, Udaipur, Guwahati, Chennai, Ludhiana and Bhopal.
Here are key facts about these Smart Cities that you should know:
Population (20 cities): 3.54 crore
Central Funding: Rs. 48,000 crore to the Smart City Mission over five years. This comes to on an average Rs. 100 crore per city per year.
State/ULBs Funding: An amount equal to the Central Funding, on a matching basis, will have to be contributed by the State/ULB
Total: Therefore approx Rs. One Lakh Crore of Government/ULB funds will be available for Smart Cities development.
Basic infrastructure/services to be provided:
  • Assured water and power supply
  • Sanitation
  • Solid Waste Management
  • Efficient Urban Mobility and Public Transport
  • IT connectivity
  • e-Governance and citizen participation

First Year and Subsequent Funding: In the first year, Government proposes to give Rs.200 crore to each selected Smart City to create a higher initial corpus. After deducting the Rs. two crore advance (for preparation of Smart City Proposal -SCP)and Admin and Other Expenses share of the MoUD, each selected Smart City will be given Rs. 194 crore out of Rs. 200 crore in the first year followed by Rs. 98 crore out of Rs. 100 crore every year for the next three years
Role of States and Urban local Bodies (ULBs): Key support role envisioned for States and Urban local Bodies (ULBs). It is mentioned that smart leadership and vision at this level and ability to act decisively will be important factors determining the success of the Mission.
Special Purpose Vehicle (SPV): The mission will be implemented at City Level by a Special Purpose Vehicle (SPV) created for the purpose. SPV to plan, appraise, approve, release funds, implement, manage, operate, monitor and evaluate the project.
SPV Governance: SPV to be headed by a CEO, with representation in board from Central & State Govts and ULB.
Distribution of 100 Smart Cities: The total number of 100 Smart Cities has been distributed among the States and UTs on the basis of an equitable criteria. The formula gives equal weightage (50:50) to urban population of the State/UT and the number of statutory towns in the State/UT. Based on this formula, each State/UT will, therefore, have a certain number of potential Smart Cities, with each State/ UT having at least one.
Re-allocation of Smart Cities: The distribution of Smart Cities will be reviewed after two years of the implementation of the Mission. Based on an assessment of the performance of States/ULBs in the Challenge, some re-allocation of the remaining potential Smart Cities among States may be required to be done by MoUD.
Handholding Agencies: During the preparation of the Smart Cities Mission, a number of foreign Governments have offered to provide Technical Assistance (TA) support.
Additionally, other external organizations, including bilateral and multilateral institutions, as well as domestic organizations have suggested to the Ministry of Urban Development that they can give technical assistance support. These include World Bank, ADB, JICA, USTDA, AFD, KfW, DFID, UN Habitat, UNIDO, etc.
Such organizations, which have experience in the field of Smart City development, can also extend support to the States/UTs as hand-holding agencies in preparing the SCPs. The Ministry will assist in tying up the arrangements.

 (Source: Smart City Guidelines, Govt. of India)

Friday, October 9, 2015

Training Program on Digital Marketing of Properties

NIREM is organizing a one-day training program on Digital Marketing of Properties for real estate sales and marketing professionals, property consultants, those planning to start their own property consulting business etc. The program aims to help you optimize your online lead generation and management efforts.
Date, Venue and Registration
The event is scheduled on Tuesday, 27th Oct. 2015 at Delhi. Program details are available HERE. Interested participants may register online from the given link.
Why this Program?
With the continued growth of digital marketing landscape in real estate, especially because of the fast acceptance of the medium by potential home buyers, real estate marketing professionals and consultants are facing enhanced competition, new challenges and unique opportunities within this digital age. For many home buyers, looking online for properties has become the first step in the home buying process.
A Google study of last year attests the fact that internet influences over 50 per cent real estate buying decisions. As per the Economic Times ‘it also revealed that online influence on realty transaction value amounted to $43 billion, including $31 billion for residential properties”.
Therefore today property sales and marketing professionals as well as property consultants must be adepts at all aspects of online marketing of properties. This training program on Digital Marketing of Properties aims at educating participants in different aspects of digital marketing with a focus on lead generation and management. To know more, please visit: http://www.nirem.org/training-program-on-digital-marketing-of-properties-2/