March 22, 2024The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced plans to implement a grading system for real estate projects starting from April 2024. This initiative aims to provide valuable information to homebuyers, assisting them in making informed decisions. RECOS software can significantly help to enhance RERA grades by providing real-time insights into project compliance and effectiveness. It is a unified solution that integrates construction management, project costing, sales, and post-sales aspects, ensuring comprehensive oversight and optimization of your real estate projects. Here are the key details of the grading system: Grading Parameters: The grading matrix will evaluate projects based on four critical parameters: Technical Specifications: Assessing the quality of construction and design. Financial Viability: Evaluating the project’s financial stability. Legal Compliance: Ensuring adherence to legal norms and regulations. Overall Project Overview: Providing an overall assessment. The matrix serves as the basis for evaluating projects. Assessment Timeline: All projects initiated from January 2023 onwards will undergo assessment. MahaRERA will update the matrix biannually: First grading period: October 1, 2023, to March 31, 2024. Subsequent grading rounds: Semi-annually, with the next period spanning April 2024 to September 2024. Developers must submit their Quarterly Progress Reports (QPR) by October 20, 2024. Grading results will be published based on the provided information. Transparency and Credibility: The process will be conducted through MahaRERA’s IT Solution MahaCRITI. This systematic approach aims to enhance transparency and credibility within the real estate sector. Stakeholders will gain valuable insights into the quality and progress of ongoing projects. For more details, you can refer to the circular numbered File No. MahaRERA/Secy/File No. 27/1166/2023 Click here to read/Download the Circular RECOS can [...]
March 15, 2024Discover the latest in Mumbai’s real estate scene with these top 10 new projects! From luxurious skyscrapers to modern gated communities, these developments promise exciting opportunities for homebuyers. Let’s explore what each one has to offer! RECOS brings you the top 10 new launch projects in Mumbai and their key features: Rustomjee La Vie: Offers 2 and 3 BHK flats with panoramic views. Township facilities include recreational areas, rooftop, and central park. Amenities include a football court, Olympic-sized pool, jacuzzi, and more. Sugee Marina Bay: A luxurious 46-story residential skyscraper in central Mumbai. Provides exclusivity with limited residences. Offers well-planned 3 and 4 BHK apartments and Marina suites. Raheja Vivarea: Tower’s upper levels now open, offering spacious three-bedroom apartments. Situated on 14 acres with views of the Arabian Sea and Mahalaxmi Racecourse. Located in one of the most sought-after areas in the city. Lodha Tardeo: Cutting-edge project in South Mumbai offering total seclusion and unhindered views. Provides affluent homeowners with a vantage point overlooking South Mumbai. Godrej Bliss: Offers over forty lifestyle facilities spread across three floors. Designed for a truly enjoyable life with something for everyone. Adani Linkbay Residences: Located in Andheri West, offering 2, 3, and 4 BHK residences. Provides a world of carefully chosen luxury for a happy existence. Offers over fifty lifestyle facilities and convenient access to daily needs. Raymond TenX Era: Gated community on Thane’s Pokhran Road with modern architecture and sustainability. Conveniently located near top hospitals, schools, and shopping centers. Lodha Bellevue: Situated in one of South Mumbai’s largest open spaces, offering breathtaking views. Provides spacious homes with grand decks and study areas. Godrej Five Gardens: Offers luxury amenities and well-planned residences in the heart of Mumbai. Designed to fulfill every wish, providing a luxurious lifestyle. Godrej Horizon: Features a five-story clubhouse with indoor and outdoor sporting amenities. Offers tranquil Eastern Bay dawn views and breathtaking Mumbai skyline. Investing in these new launch projects in Mumbai presents an opportunity to live in opulent and contemporary residences while enjoying a range of luxurious amenities and convenient access to daily essentials. [...]
March 10, 2024In response to concerns raised by Gurugram RERA Chairman Arun Kumar, the Union Finance Ministry has taken steps to safeguard homebuyers’ interests. They’ve instructed public banks to prevent misuse of RERA funds, ensuring developers follow rules and are transparent in using the money. The recent orders tell banks to follow rules strictly, stopping developers from taking out money from the regulator’s account without permission. This is important because some developers weren’t following the rules before. Earlier in February, the RERA Chairman told banks to stop any illegal withdrawals. He said some developers were leaving projects halfway and using the money for other things, which isn’t allowed. The RERA Act says 70% of the money collected for a project must go into a separate bank account for land and building costs. Developers can take money out of this account only if the project is progressing well and certified by experts. Some developers were taking out money meant to protect homebuyers, leaving them in trouble. So, after warnings to banks, the Chairman asked the ministry for help. Misusing the money stops genuine projects from happening. A spokesperson said banks must check withdrawals to stop this. H-RERA’s order says banks will be in trouble if developers take out money illegally from RERA accounts. The order from February 10 says banks must make sure developers show certificates from experts before taking money out. These certificates prove the money is being used properly. According to the guidelines, developers must have three bank accounts for each project. One gets money from buyers, one is for construction costs, and one is for the developer to use freely. A letter to the main bank in Gurugram said developers and banks weren’t following rules about taking out money from RERA accounts. They need to fix this so people can trust them again. In short, the Union Finance Ministry and H-RERA are working to protect homebuyers. By making sure developers follow rules and banks check how money is used, they want to build trust in real estate dealings and keep homeowners’ dreams safe. Ensure complete compliance with RERA requirements with the help of RECOS. Further Reading: Gurugram: Finance Ministry orders banks to check RERA funds’ misuse : The Tribune India Banks liable if funds diverted from Rera accounts: H-Rera – Hindustan Times [...]
March 8, 2024On February 1, the Narendra Modi government will share its last budget – ‘Budget 2024’ for this term. As India strives to become the world’s third-largest economy, the decisions made in government policies and budget allocations will be crucial. In the current economic arena, giants like the United States and China dominate the scene with staggering GDP figures. The U.S. leads with an impressive $26.9 trillion, closely trailed by China at $17.7 trillion. Germany and Japan, with $4.4 trillion and $4.2 trillion respectively, add substantial value to the global economic pie. India, with a GDP of $3.7 trillion, is carving its niche, showcasing its growing influence and economic prowess in the emerging markets. Projections paint a promising picture, foreseeing India’s ascent to the position of the world’s third-largest economy by 2030. While these projections are exciting, the crucial question remains: Can the real estate sector play a pivotal role in making this vision a reality. Real Estate’s Potential to Fuel India’s Economic Rise Infrastructure Development: Real estate is intricately linked to infrastructure development. Government initiatives focusing on smart cities, affordable housing, and robust urban planning can stimulate economic growth. Employment Opportunities: The real estate sector is a significant job creator. From construction workers to skilled professionals, the industry has a cascading effect on employment. As India aims for economic glory, a thriving real estate market ensures a workforce that contributes to the nation’s productivity. Foreign Direct Investment (FDI): A buoyant real estate sector attracts FDI, injecting capital into the economy. A robust Real Estate Regulatory Authority (RERA) framework ensures investor confidence, fostering a conducive atmosphere for FDI. Housing for All: The ambitious “Housing for All” initiative aligns with the global Sustainable Development Goals (SDGs). While the potential is immense, challenges persist. The real estate sector has grappled with issues like delayed projects, lack of transparency, and regulatory complexities. As an integral part of the real estate industry, our responsibility extends to using solutions that address these concerns. Implementing innovative RERA software such as RECOS can streamline project timelines, enhance transparency, and navigate regulatory hurdles. In this transformative era, let’s harness the potential of real estate not only to construct buildings but to build a prosperous and economically vibrant India. The journey is challenging, but with strategic initiatives, innovative solutions, and unwavering determination, we can be architects of India’s global economic ascent. [...]
January 22, 2024The Maharashtra Real Estate Regulatory Authority (MahaRERA) has achieved a milestone in 2023 by completing 3,927 housing projects across the state, showing a remarkable recovery from the pandemic-induced slowdown in 2022. Several measures have been taken by MahaRERA to ensure timely completion and transparency of projects, such as micro monitoring, quarterly progress reports, and strict scrutiny of applications. The Konkan region, which includes Mumbai and suburbs, topped the list with 1,552 projects, followed by Pune with 1,372, Nashik with 500, Nagpur with 318, Sambhajinagar with 123, Amravati with 56, and Daman with 6. MahaRERA chairman Ajoy Mehta has attributed the success to the authority’s efforts to protect home buyers’ interests and monitor project progress effectively. Sources: MahaRERA: MahaRERA reports 3,927 projects completion in 2023; highest since authority established | Nagpur News – Times of India ( MahaRERA Records Historic Surge: Over 3,900 Housing Projects Completed in 2023 ( [...]
January 15, 2024Construction Project Management (CPM) is the backbone of the construction industry, ensuring projects are executed seamlessly. Defined as the systematic planning, coordination, and control of a project from inception to completion, CPM plays a pivotal role in meeting quality, time, and cost goals. In the digital age, traditional project management methods are giving way to Digital Project Management (DPM). DPM leverages online project management software, web technologies, and customer-focused deliverables to enhance efficiency and collaboration. At the heart of DPM lies the utilization of cloud-based tools, a game-changer in achieving quality, time, and cost goals in CPM. These tools offer unparalleled advantages, including enhanced collaboration, seamless communication, secure data storage, scalability, and accessibility from anywhere in the world. Imagine a builder using a digitized construction management software for a home remodelling project. The builder effortlessly tracks project documentation, ensuring the highest quality standards are met. Consider a scenario where construction professionals utilize cloud-based tools for a large-scale project. The project manager updates the schedule on the digital platform, and team members receive instant notifications. This streamlined communication ensures everyone is aware of the changes, minimizing the risk of errors and delays. Cloud-based tools make things clear and help store a lot of data. Managers use these tools to keep an eye on what was expected for each task versus what actually happened, giving them insights into possible issues. As the project gets close to finishing, managers use smart contracts based on blockchain to confirm legal commitments and prevent financial fraud. This way of managing digital construction projects reduces waste, makes the workforce more efficient, and makes sure the project is done on time. Benefits of Cloud-Based Tools in Construction Project Management Enhanced Collaboration – Cloud-based tools break down communication barriers, allowing project teams to collaborate seamlessly. This fosters a transparent and efficient workflow. Time Management: Real-time updates and accessibility enable efficient time management. Changes and updates are instantly reflected, reducing delays and enhancing overall project timelines. Cost-Effectiveness: Cloud-based tools eliminate the need for physical storage and paperwork, reducing costs associated with manual processes. This cost-effectiveness contributes to the overall financial success of a project. In conclusion, the adoption of Digital Project Management and cloud-based tools is not just a trend; it’s a necessity for the modern construction industry. The future of construction lies in the hands of those who adapt to digital advancements. Take the first step today and witness the transformative impact of Digital Project Management such as RECOS on your projects. [...]
December 30, 2023In a significant move, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registration of 388 real estate projects for non-compliance with mandatory quarterly progress reporting. As per the Real Estate (Regulation and Development) Act, developers must regularly update progress reports, including project details, approvals, financial transactions, and more. After issuing notices and deadlines, MahaRERA took action against projects that persistently failed to comply, freezing associated bank accounts and prohibiting promoters from selling or marketing units within these developments. This stringent measure reflects MahaRERA’s dedication to transparency and accountability in the real estate sector, ensuring developers meet their regulatory obligations. Promoters can restore registration by adhering to the Real Estate Act and paying a Rs 50,000 penalty. MahaRERA’s proactive approach serves as a model for regulatory enforcement in the industry. Top of Form Further reading: MahaRERA suspends 388 realty projects registration for not providing quarterly updates ( MahaRERA Suspends Registration for 388 Projects Over Non-Compliance ( Mumbai Suburban District: Maharera Regn For 388 Projects Suspended | Mumbi News – Times of India ( Disclaimer: The views and opinions presented herein are provided for informational purposes, relying on industry reports and relevant news articles. Sumapan does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information. [...]
December 23, 2023In the dynamic world of real estate, customer experience is the secret sauce for success. Real estate developers are awakening to the fact that prioritizing customers not only boosts satisfaction but also ignites profitability. Here are the top 10 strategies for real estate developers to champion customer experience: Craft Warm, Usable Spaces: It’s not just about amenities; it’s about creating spaces that resonate with dwellers. Conduct surveys, listen actively, and transform underutilized areas into meaningful spaces. Picture turning a rec room into an informal meeting hub for remote workers. Design Around People’s Needs: Desirability thrives on creativity and meeting people’s needs. Think about a mountain-area clubhouse with hot tubs and a self-serve wine bar. Tailor designs to elevate your customers’ lifestyles and make your properties stand out. Ride The Work-From-Home Trend: Recognize the work-from-home wave. Develop amenity spaces with high-speed internet and cozy workspaces. Address the evolving needs of residents in today’s “new normal” to ensure customer satisfaction. Always Go The Extra Mile: Customer satisfaction and profit dance hand in hand. Going the extra mile builds loyalty and attracts new advocates. It’s a strategy that turns happy customers into brand enthusiasts. Encourage Engagement Through Spaces: Design spaces that naturally foster engagement. Move beyond traditional amenities to activities like herb-picking in common areas. Flexible communal spaces adapt to new trends, keeping residents engaged organically. Embrace Technology for Generation Z: Gen Z craves more than just great products. Cater to their tech-savvy lifestyles with differentiated services. This demographic seeks authentic personalization and community, so leverage technology to meet their expectations. Shift from Transaction to Relationship: Move beyond transactional approaches. Foster long-term relationships with customers. Shift from project completion to continuous development, offering personalized services that resonate with residents. Prioritize Continuous Development: Long-term success lies in continuous product and service development. Move beyond completing projects to ongoing enhancements. Add value to each transaction, ensuring sustained customer satisfaction. Prioritize Safety Standards: In the post-pandemic era, safety takes center stage. Design co-living spaces meeting social distancing standards. Enhance customer safety and drive demand for compliant spaces that align with evolving resident expectations. Emphasize Long-Term Value: Measure success by long-term value. Aim for prices that remain high over time by delivering consistent customer satisfaction. Shift your mindset towards sustaining relationships and providing ongoing value beyond the initial transaction. In conclusion, real estate developers can elevate their success by embracing a customer-centric mindset, leveraging technology, and fostering long-term relationships. These strategies will not only make properties stand out but also ensure both customer satisfaction and sustained profitability. [...]
December 16, 2023The Real Estate (Regulation and Development) Act, or RERA, has been a game-changer in the Indian real estate scene since its launch in 2016. Designed to bring transparency and fairness, it’s a win-win for both homebuyers and developers. Paired with RECOS, an innovative real estate management app, this duo takes your real estate experience to the next level. Empowering Homebuyers: RERA Unveils Transparency: RERA ensures that developers spill the beans on their projects by making project plans, approvals, layouts, and completion timelines accessible to homebuyers. No more guessing games – now you can make informed decisions with accurate and reliable data. Timely Completion and Quality Assurance: Ever worried about project delays or the quality of construction? RERA’s got you covered. It puts the pressure on developers to stick to timelines and maintain quality standards, giving you peace of mind about your investment. Less Guesswork, More Clarity: RERA cuts through the information haze in real estate. Developers are now required to share all essential project details upfront, from carpet area to amenities. This reduces confusion, promotes transparency, and boosts buyer confidence. Enhancing Developer Credibility: RERA as a Trust Badge: While laying down strict rules, RERA gives credible developers a chance to shine. Registering projects with the regulatory authority becomes a trust badge, assuring buyers that their investment is safe. RERA’s about weeding out the shady players and boosting trustworthy developers for a stable real estate industry. RECOS: Supercharging Your Real Estate Experience In cahoots with RERA, RECOS steps in to make real estate management a breeze, benefiting both buyers and developers. Real-Time RERA Certificates: RECOS simplifies the RERA filing and updating process. With auto certificate generation and centralized reports, it’s a turbo boost for developers, ensuring compliance with RERA regulations without breaking a sweat. Seamless Project Management: Tracking projects becomes a walk in the park with RECOS. From materials management to costing and estimation, RECOS helps developers adhere to RERA timelines and quality standards effortlessly. Lead the Way with CRM Automation: Gather leads effortlessly with RECOS. Developers can manage leads from various sources, track them by status, location, and ratings. It’s not just about selling – it’s about creating a transparent and informed buyer journey. Customer Engagement Redefined: RECOS offers a white-labeled mobile app, turning customer engagement into an art. Showcase projects, give real-time updates, and manage leads – all in one place. It aligns perfectly with RERA’s focus on customer protection. A Dynamic Duo: RERA and RECOS In a nutshell, RERA and RECOS make the perfect power couple for real estate success. RERA sets the stage for fairness, RECOS provides the tools for seamless management. Together, they bring trust, confidence, and success to the evolving real estate market. With this duo, it’s a win-win for developers and homebuyers alike – making your real estate journey a smooth and informed ride. [...]
December 9, 2023In the dynamic landscape of real estate, where adherence to regulations and transparent practices is paramount, the Real Estate Regulatory Authority (RERA) act plays a pivotal role. Introduced to control and govern conduct in the real estate sector, the RERA act aims to protect the interests of buyers by ensuring transparency and fair play in the real estate business. Introducing RECOS: Navigating the Real Estate Landscape with Precision: In response to the evolving needs of the real estate industry and in compliance with the RERA act, we introduce our groundbreaking product – RECOS. More than just a software solution, RECOS is a strategic ally designed to empower developers and homebuyers in navigating the intricacies of real estate management. Key Features in Alignment with RERA: Transparent Project Phases: RECOS allows users to structure work strategically into different phases, aligning seamlessly with the transparency requirements outlined in the RERA act. Each phase is defined with key deliverables and milestones, ensuring that project progress is clear and easily traceable. Compliance at Every Step: With RECOS, compliance with the RERA act becomes an inherent part of your project management process. The software is tailored to ensure that every aspect of your real estate project aligns with regulatory standards, providing peace of mind for both developers and homebuyers. Benefits for Developers: RECOS is not just a tool; it’s a solution crafted to address the specific challenges faced by developers in the current regulatory landscape. By integrating key RERA compliance features, RECOS streamlines project management, making adherence to regulatory standards a seamless part of the development process. Benefits for Homebuyers: For homebuyers, RECOS translates into a transparent and well-regulated real estate journey. With compliance checks at every step and clearly defined project phases, homebuyers can trust in the integrity of their investment, aligning perfectly with the protections afforded by the RERA act. Real-Time Reporting Advantage in a Regulatory Landscape: In a regulatory environment where real-time reporting is not just an advantage but a necessity, RECOS empowers stakeholders with up-to-the-minute data. This not only ensures compliance with the RERA act but also provides a competitive edge in decision-making. Real Stories, Real Impact in the RERA Era: Don’t just take our word for it. Hear what early adopters and beta users are saying about RECOS in the context of the RERA act. Their success stories are a testament to the transformative impact RECOS can have on your real estate endeavors in an era where regulatory compliance is non-negotiable. In the era of the RERA act, RECOS emerges as a catalyst for change, aligning seamlessly with regulatory requirements and redefining success in real estate management. Join the RECOS revolution, where compliance meets innovation, and experience a new era in real estate project management. Your journey to regulatory compliance, efficiency, and success starts here – with RECOS. Take the first step, schedule a demo, and unlock the future of real estate management in the RERA era. [...]
December 9, 2023In a groundbreaking move, the Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to revolutionize the Indian real estate sector with a comprehensive quality assurance framework. Drawing inspiration from Singapore’s Building and Construction Authority, MahaRERA’s initiative aims to elevate construction standards and deliver defect-free homes to homebuyers. Key Components of the Quality Assurance Framework: Third-Party Inspection: MahaRERA proposes a three-stage inspection process to ensure construction quality, emphasizing proactive defect prevention. Empanelment Criteria: Transparent tendering for third-party agencies ensures competence, creating a pool of reputable inspection bodies. Developer Responsibility: Developers remain accountable for defects post-possession, but the focus shifts to proactive defect prevention. Optional Initiation, Eventual Mandate: Initially advisory, the framework’s eventual mandate signals a cultural shift toward industry-wide quality assurance. Potential Benefits for Homebuyers: Informed Decision-Making: MahaRERA empowers homebuyers to assess project quality confidently, demystifying technical complexities. Prevention of Defects: Proactive defect prevention through third-party inspections minimizes rework, benefiting both developers and homebuyers. Credibility Boost for the Sector: The framework enhances the credibility of the real estate sector, attracting more investors and fostering sustainable development. The Road Ahead: Grading Matrix and Future Developments: MahaRERA Grading Matrix: A standardized tool simplifying project evaluation, empowering homebuyers with clear criteria for decision-making. Project and Promoter Grading: Dual-grading sets MahaRERA apart, providing insights into project quality and promoter reliability for informed choices. Timeline and Implementation: MahaRERA’s phased approach ensures a gradual industry transition, with ratings released every six months starting April 2024. MahaRERA’s proactive measures signify more than regulatory changes; they herald a transformative era for Maharashtra’s real estate. As the real estate sector embraces transparency, accountability, and a commitment to excellence, MahaRERA’s initiatives are destined to leave an enduring mark on India’s real estate governance. The journey ahead promises a future defined by quality assurance, consumer empowerment, and a renewed sense of purpose in the real estate industry. Disclaimer: The views and opinions presented herein are provided for informational purposes, relying on industry reports and relevant news articles. Sumapan does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information. [...]
June 21, 2023Customer engagement platform for Real estate is very essential. Now a days, clients look for information on Social media and the real estate portals. Web portal reviews: The customer get reviews online. They then, check the information on phone call and visit the place to get a firsthand information. Customer experience platform is provided by the popular real estate web portals. There are many reviewers available. They share information to the person who inquires about the said project. The clients get information, if the promoter is a genuine person, his previous reputation etc. Based on this review, then the Client engagement happens. The customer will check facts in his own way and then will visit the place and based on the satisfying ways of the sales person, he will do the purchase. Social Media Exposure: The real estate people, it could be the developers or the brokers, they engage the services of A Digital Marketing Company. The social media team will train one member each of the real estate firm or the developer’s personnel. Thus, the Customer engagement platform for Real estate happens. The daily inquiries will be sent to them. An open house tour is always streamed on face book by the social media experts who are engaged by the real estate people. This way the personnel get firsthand information of the buyers. There are paid advertisements on face book and Instagram. Also, they can engage the services of a influencer on twitter. SEO and blogs as well as google ad words are another way of engaging prospective clientele. Client engagement happens online by the sales team through chat bots. The firsthand information is gathered, then the prospective buyer is invited to the sales office and taken round of the project. This plan ensures Customer engagement strategy for Real estate and is fruitful always. Customer Support Services: There is a best follow up plan of Customer engagement strategy for Real estate. The customer support services team’s engagement with clients. They get into action, once they get the required data of the prospective buyers. The communication takes place and the testimonials are shared. The regular communication to the prospects help in building relationship as well as work as a Customer experience platform. As, buying a house is not impulsive decision. The regular hammering will pave its way and the customer may succumb to the persuasive conversation. The deal is stuck then. [...]
June 21, 2023Customer engagement platform for Real estate is very essential. Now a days, clients look for information on Social media and the real estate portals. Investment security: The investors hard earned money is secure. 70% of the amount is kept in the bank. There will be a separate RERA account for each of them. According to RERA act, the money will be used only for construction activities only. The new RERA management system has made the developer to complete the project in time. They are unable to invest the amount in any other projects.   Penalties: The builders are charged heavy penalties. if they do not abide by the RERA management system laws. RERA act covers the residential projects and commercial properties as well. The investment is totally under monitoring by the RERA authorities. The buyer will have all the liberties to complain to the RERA management system authorities. Brokers are party to the RERA management system: The law applies to the brokers or the real estate agents as well. They have to register themselves as well. The agents can sell the property registered under the RERA act with the said project of the said builder. There is no iota of an instance of fraud. Transparency:The transparency advocated by the RERA is providing the much needed security to the buyer. RERA management system always provides the project security to the investor. The buyers will get information regularly about the development happening. Information sharing:The developers will need to share all the information to the RERA authorities. They will share the information with the buyers. The sales calculation will be based on the carpet area, not the super built up area. As per RERA act, if there is a delay in completion and handing over the project, then the builder has to pay fines along with the interest.   [...]