Collection of Maintenance Charges Through Electric Meters Get Legal Sanction Under UP Apartment Act 2015

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Home / Real Estate / Collection of maintenance charges through electric meters get legal sanction under UP Apartment Act 2015
Collection of maintenance charges through electric

meters get legal sanction under UP Apartment Act
2015
Housing societies now have the legal sanction to collect maintenance charges through the pre-paid electric meters but there is no
rider on the limit up to which these collections can be made
REAL-ESTATE Updated: Sep 12, 2016 11:59 IST
Vandana Ramnani, Delhi

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Housing societies now have the legal sanction to collect maintenance charges through the pre-paid electric meters.(Getty Images/iStockphoto)
Under Section 22 of the Uttar Pradesh Apartment (Promotion of Construction, Ownership and
Maintenance) (Amendment) Act, 2015, housing societies have now received legal sanction to

collect maintenance charges through the pre-paid electric meters but there is no rider on the
limit up to which these collections can be made. “Here the issue of transparency has not been latest
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1/23/2020 Collection of maintenance charges through electric meters get legal sanction under UP Apartment Act 2015 - real estate - Hindustan…

dealt with. Ideally, it should have mandated the RWA to give a statement of account certi ed
by a chartered accountant regarding the money collected and the rate at which it has been
collected every month,” say legal experts.

The word ‘ garage’ in sub section (b) of section 3 of the Act has been substituted with the word
‘parking space’. In the earlier version, the entire basement, garden, parking area was a common
area. Earlier, the entire basement was for common use and facilities, people had a right over
the entire basement. Now only areas left for common use in the basement will be used as
common areas.
Neighbourhood shops will no longer be part of common areas.Earlier both apartments and
community shops were run by a common association, the members of which were shop owners.
Shops in a residential complex were meant to cater to the people residing within the complex.
The rule was ve shops for 1000 people. Under the new Act, the neighbourhood concept of
these shops has been done away with and that is contrary to the building byelaws. This will
lead to con ict of interest, especially concerning use of common facilities by these shop india
owners, such as water meter and electric meter etc. Now there will be the residential RWA and
a shop owners’ RWA deciding on similar issues.
Section 25 of the amended Act has been improved upon. Earlier, there were no punitive
provisions for builders who did not discharge their general duties. The new Act clearly states
that builders are duty bound to permit formation of RWAs, hand over the interest-free
maintenance security to the RWA or if they fail to maintain the society or fail to le a deed of
declaration, they can be jailed.
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Home / Real Estate / Piramal Realty to invest Rs 1,500 crore for ‘value housing’ project in Thane
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Piramal Realty to invest Rs 1,500 crore for ‘value
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The project is a part of the 32-acre township - Piramal Vaikunth. The project has a cluster area of 5 acres and a development
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The project is located in Balkum in Thane West and also has an ISKCON temple complex, which is spread over 2.75 acres.(Aniruddha Chowdhury/Mint)
Piramal Realty, the real estate arm of Piramal Group, has announced its plans to invest Rs
1,500 crore for developing a residential project in Thane, Maharashtra.

Piramal Realty has termed it “value housing segment” and through it the real estate developer
for the rst time aims to cater to millennials with relatively smaller budgets.

The project is a part of the 32-acre township - Piramal Vaikunth. The project has a cluster area
of 5 acres and a development potential of 2 million sq feet.

The newly launched Cluster 3 would be offering 1, 1.5 and 2 BHK apartments with access to india
premium amenities starting at 350 sq feet carpet area at Rs 60 lakh.
The project is located in Balkum in Thane West and also has an ISKCON temple complex,
which is spread over 2.75 acres.
Piramal Realty founder Anand Piramal said there has been an increased traction towards the
value segment over the last few quarters. He said his company’s expansion into the segment is
in line with plan to create homes across the consumer demand pyramid.
“Our aim is to create homes that signi cantly improve the quality of life for the youth and
rst-time homebuyers by setting gold standards in customer-centricity, architectural design,
quality and safety,” Anand Piramal said.
Of the total area 4 per cent of the project will have open spaces. It will have up to 60,000 sq ft
allocated for amenities that will include a swimming pool, toddlers’ play area, library, hobby
area, indoor games room and gymnasium.
Piramal Realty, founded in 2012, has a strong presence in and around Mumbai. The company
has around 17 million sq ft of residential and commercial space under development in and
around India’s nancial capital.

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Home / Real Estate / Embassy Group to invest Rs 2,000 crore in 6 cities to set up co-living business
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The Embassy Group will operate its co-living business under the brand ‘Olive’. The projects will come up in Bengaluru, Chennai, APPSC Answ
Hyderabad, Mumbai, Pune and National Capital Region (NCR). Netaji Subh
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Embassy Group said it is planning to launch two experimental centres -- one centre each in Chennai and White eld in Bengaluru with a total of 2,500
beds this year.(Parveen Kumar/Hindustan Times)
Embassy Group, one of the leading real estate developers, has said that it is going to invest
around Rs 2,000 crore for setting up co-living, or shared accommodation facilities across six

cities.

The group will operate its co-living business under the brand ‘Olive’. The projects will come up

in Bengaluru, Chennai, Hyderabad, Mumbai, Pune and National Capital Region (NCR).
Embassy Group said it is planning to launch two experimental centres -- one centre each in
Chennai and White eld in Bengaluru with a total of 2,500 beds this year. The group will then
gradually expand to Hyderabad, Mumbai, Pune and Delhi-NCR.
In the rst phase, it plans to launch a total of 20,000 beds. 15,000 will be available in
Bengaluru, 2,500 in Chennai and 2,500 in Pune.
The projects in Bengaluru will include large facilities at Embassy Manyata Business Park and
Embassy Techvillage. Projects in Pune will include Magarpatta and Hinjenwadi and OMR in
Chennai.
Each of the projects of Olive by Embassy would comprise 500 to 5,000 beds and would be
customised with “diverse formats and priced competitively to suit respective markets.”
“There are over 36 million students in higher education and the migrant millennial workforce
is growing at a rapid pace across metros,” Embassy Group COO and Co-Founder Olive
AdityaVirwani said.
He added that Olive by Embassy is aiming at enhancing the standard of living standard of the
segment with hospitality services and an ecosystem that will “support our country’s youth in
their academic and professional pursuits.”
Virwani also said that the co-living projects will complement and add value to the large tenant
base at Embassy Of ce Parks.
UK-based design consultancy Priestman Goode is designing the projects of Olive by Embassy.
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Home / Real Estate / Hyderabad only Indian city to make it to top 20 in home price rise: Report
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Hyderabad stood at 14th spot, recording a 9 per cent year-on-year price acceleration in home segment, said the report released by APPSC Answ
London-based real estate agency Knight Frank. Netaji Subh
REAL-ESTATE Updated: Jan 22, 2020 18:08 IST
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The report said that 78% of cities tracked registered static or positive price growth in the year to September 2019.(Getty Images/iStockphoto)
Hyderabad is the only Indian city in the top 20 in a list of 150 world cities that witnessed price
acceleration in residential complexes, according to a report.

Hyderabad stood at 14th spot, recording a 9 per cent year-on-year price acceleration in home
segment, said the report released by London-based real estate agency Knight Frank.

New Delhi is the next highest ranked Indian city in the list at 73rd spot, with a 3. 2 per cent
year-on-year rise in home prices.

India’s Silicon Valley, Bengaluru, stood at the 94th rank with a 2 per cent appreciation and
Ahmedabad was 108th rank with a 1.1 per cent rise.
Apart from it, the report also included Indian cities, which saw reduction in home prices.
These cities were Kolkata, Mumbai, Chennai and Pune.
Kolkata was ranked at 130th spot with a decline of 2 per cent. Mumbai, India’s nancial capital,
stood at 135th rank and recorded a short fall of 3 per cent. Chennai was at 136th rank with a
fall of 3 per cent.
Pune was the lowest-ranked Indian city in the Knight Frank report at the 138th spot. Pune
recorded a 3.5 per cent decline in home prices.
Overall, Hungary’s capital Budapest topped the Global Residential Cities Index Q3 2019 with
the highest annual growth rate of 24.1 per cent, followed by China’s Xi’an and Wuhan at 15.9
per cent and 14.9 per cent.
Budapest’s acceleration rate was driven by low mortgage rates, strong employment and
economic growth.
The report said that 78% of cities tracked registered static or positive price growth in the year
to September 2019. It added that the overall annual average growth across 150 cities was 3. 2
per cent, the weakest growth since the second quarter of 2015.
Canada was the country with the largest gap between its strongest and weakest-performing
city.
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Home / Real Estate / Prestige Group arm acquires 50% stake in Lokhandwala DB Realty
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Prestige Group arm acquires 50% stake in

Lokhandwala DB Realty
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In a regulatory ling, the Prestige Group said the investment has made by way of capital account contribution. With this, the
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Bengaluru-based real estate developer now has 50 per cent economic and voting rights in Lokhandwala DB Realty. Anniversary
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The Prestige Estate’s shareholders have also given their approval to issue and allot 13.44 million equity shares at Rs 325 per share to GAMNAT Pte, an
investment company.(Prestige Group/Twitter)
Prestige Falcon Realty Ventures, a subsidiary of Prestige Estates Projects, has acquired 50 per
cent stake in Lokhandwala DB Realty LLP.

In a regulatory ling, the Prestige Group said the investment has made by way of capital
account contribution. With this, the Bengaluru-based real estate developer now has 50 per cent

economic and voting rights in Lokhandwala DB Realty. india
Capital account contribution is a process in which a company pays cash and other assets to
acquire stakes in other rm.
Apart from this, Prestige Estates have got the approval from shareholders to raise funds via
quali ed institutional placement (QIP).
The QIP is a process by which a listed company raises capital by issuing securities to quali ed
institutional buyers (QIBs). QIP was a process started by the Securities and Exchange Board of
India (SEBI) to make raising of nance easier for companies.
The Prestige Estate’s shareholders have also given their approval to issue and allot 13.44
million equity shares at Rs 325 per share to GAMNAT Pte, an investment company, Business
Standard reported.
The Bengaluru-based real estate developer had already transferred about 16.33 million shares,
or a 4.36 per cent stake in the company to Singapore sovereign wealth fund GIC Pte.
The company, last year in September, announced foray into the Delhi-NCR market in
partnership with local developer Ace Group to launch its rst housing project in Noida. The
cost of construction of the housing project was estimated at around Rs 500 crore.
Prestige Group, a property development company, deals across commercial, residential, retail
and hospitality segments.
The company has developed several commercial and residential projects across South India.
Some of the famous projects include Prestige Shantiniketan, UB City, and Prestige Golfshire.
Founded by RazackSattar in 1986, Prestige Group has completed 236 real estate projects
spanning nearly 125 million sqft of developable area.
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Collection of Maintenance Charges Through Electric Meters Get Legal Sanction Under UP Apartment Act 2015

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1/23/2020 Collection of maintenance charges through electric meters get legal sanction under UP Apartment Act 2015 - real

2015 - real estate - Hindustan…

Collection of maintenance charges through electric

REAL-ESTATE Updated: Sep 12, 2016 11:59 IST

Vandana Ramnani, Delhi

around India’s nancial capital.

Maharashtra Piramal Realty Piramal Group Thane Real Estate

Mumbai Embassy Group Bengaluru Pune

Hyderabad Knight Frank Q3 Report

Prestige Group arm acquires 50% stake in

Prestige Group Lokhandwala DB Realty Real Estate

latest news noida news chandigarh news ht school hollywood news

world news gurugram news dehradun news movie reviews

videos e-paper interactives punjab brand post

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Delhi Assembly Election 2020 IndiGo Emergency Landing Rishi Kapoor

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