Bhaveshwar Developers

Floor Area Ratio (FAR) is one of the most frequently used term in real estate. But, do you know what does it mean? Floor Area Ratio (FAR) is the ratio of the floor area in a building to the area of the plot on which it stands. For example, if a 2,000 square foot (sq ft) building stands on a 1,000 sq ft plot, the floor area ratio is 2. If a 3,000 sq ft building stands on a 1,000 sq ft plot, the floor area is 3, and so on.

The Maharashtra government has sanctioned the Mumbai Development Control and Promotion Regulations 2034. The new plan is expected to open up over 3,700 hectares of land in the city’s no-development zone and salt-pan land. This large tract of land is likely to be used for developing residential real estate in the affordable category. According to the plan, nearly 10 lakh affordable houses will be constructed by 2034. It was earlier this year that the DCPR 2034 was passed by the government.

A developer in Noida is liable to execute the sub-lease deed of a flat to a buyer within 15 months of receiving the Occupation Certificate. For every day of delay after the 15-month deadline, a penalty of Rs 50 per day will be levied for flats sized under 100 square metre and Rs 100 per day for flats larger than 100 square metre. Meanwhile, home buyers are asking for a stamp duty waiver, too.

Since September this year, the Greater Noida Bench of the RERA has heard 600 cases while the Lucknow Bench has heard 500 cases. The UP-RERA has directed many builders to pay penalty interest for undue delays. It has also directed many builders to pay penalty interest for undue delays. Hundreds of cases are being taken up by the authority. Preliminary investigation in several cases reveals that the builders may have diverted the funds.

Through an order in 2011, the Supreme Court held that transferring property title through a general power of attorney was not valid. The top court directed municipal bodies not to register/mutate properties based on these documents. Following the order, states banned the registration of properties sold through GPA. The SC, however, said that genuine transactions carried out through GPA would be valid. In light of this, should you be entering property transactions that involve sale through power of attorney? Let us find out.