Ever thought of living in a hotel, not for a day or two, but actually like a home in a hotel? This dream of yours might come true. The ministry of urban development of Delhi has come up with a brilliant idea under its review of Delhi Master Plan- 2021. Hotels will be allowed to use 40% of their Floor Area Ratio (FAR) for other purposes like commercial, retail and for residential purposes as well. However, the residential part will only be allotted an FAR of 20% of the total.For the readers who do not know what FAR is, here is a brief description. Floor Area Ratio is the total area of all the floors of the building divided by the total area of the plot on which the building is erected. Every locality has its own FAR set by the municipal authorities and the developers have to follow the same while planning and constructing their projects. Builders coming up with Real Estate in Noida have to follow the FAR listed by the municipal authority of that locality. Lesser is the FAR, more can be the number of floors in a particular building. [Read more…]
When the world is going online, why not the real estate industry! According to a news reported by the Economic Times, Delhi may soon become the first city to offer an online facility for property registration, making rent agreements and exercising the power of attorney in property related matters. A trial run of the software has been carried out by the Revenue Department and the government is of view that the site will be operational after two to three months.
This is the first step taken by the government in bringing the real estate industry regulations on an online platform. No other state in India has such facility; Delhi is the first one. It is generally a hassle for the buyers to get their property registered. After they purchase a home, they have to visit the sub-registrar office for getting it registered. But when the online facility will be functional, they just have to visit the website, fill in the correct details and register the property without any hassle. [Read more…]