An article about " DUTIES OF A FLAT PROMOTER "

DUTIES OF A FLAT PROMOTER

In order to regularise the promotion, construction, sale, management and transfer of ownership of flats, the Karnataka Ownership flat (Regulation of the promotion of construction, Sale, management and Transfer) Act 1972, was enacted by the Government of Karnataka. The Act popularly known as Karnataka Act 16 of 1973 was first published in Gazettee Extraordinary on 23.07.1973, received the assent of the president on 29.06.1974, and came into force on 01.04.1975, as per notification No.FD/KHB/75 dated 06.03.1975. The Act details the rights and responsibilities of promoter and purchaser of flats.

A flat is defined in the Act as “a separate and self contained set of premises used or intended to be used for residence, or office, or shop, or go down, and includes a garage the premises forming a part of a building”.

Promoter is a person who constructs or causes to be constructed a block of building of flats or apartments for the purpose of selling some or all of them to other persons or to a company, co-operative society or others.

Thus a promoter need not construct a flat. He may get them constructed through another builder. Such construction is for selling some or all of the flats.  Since he receives advance amounts from proposed purchasers and will be in possession of the land not owned by him, the Act prescribes certain obligation on promoter.

General liabilities

Section 3 deals with the general liabilities of promoter. The promoter has to disclose the nature of his title to the land on which the flats are constructed. Such title has to be duly certified by an advocate who has standing practice of not less than seven years. He shall produce the original documents of his title to the property. Advocates certificate of his title, encumbrance certificates, documents relating to the title, the plan and specifications of building proposed, before the intending proposer. Some of the promoters refuse to give copies of the title documents to the proposed purchaser which is against the law and not ethical. He has to allow inspection of plans and specifications of the property of the building approved by local authority, disclose the nature of fixtures, fittings,amenities including provisions for lift. If the promoter himself is the builder shall disclose the prescribed particulars of design and materials used for building. If the promoter is not the builder, he shall make available for inspection all agreements entered by him with architects and contractors related to design and materials used for construction.

Promoter has to prepare and maintain a list of flats with their specific numbers andnames and complete address of persons who have agreed to purchase flats with consideration amount charged and terms and conditions on which flats are sold and shall inform the proposed purchaser in writing the date by which the possession of the flat will be given.

He has the responsibility of informing in writing the nature and constitution of organisation to which title being passed with terms and conditions.

He should not allow persons to enter and take possession of flats until completion certificate wherever required is obtained from the competent authority. He is duty bound to disclose the full outgoings including ground rent, municipal taxes, tax on income, water and power charges and any subsisting mortgage. If the purchaser demands, he has to furnish the true copies of all documents of title, advocates certificate, encumbrance certificates/documents, approved plan and specifications, list of furniture, fixtures, amenities, list of flats with numbers with the name and address of proposed purchasers, the price at which the flats are sold and also terms and conditions of such sale, provided the purchaser pays the charges for such copies.

Agreement

The promoter may receive the advance amount not exceeding 20% of sale price, but before accepting such advance, he has to enter into an written agreement with the purchaser and such agreement shall be registered. The sale agreement should contain the complete details of the building to be constructed, and promoter obligation to comply with the approved plans and specifications, the date by which the possession will be handed over, the agreed consideration and mode of payment of the consideration, nature of owners’ organisation proposed, details of common areas, facilities including limited common areas and amenities, and percentage of undivided interest. But most of the agreements are one sided in favour of promoters / builders. The copies of advocates certificate and plan and specification of the flat to be sold has to be enclosed to the agreement.

Promoter as trustee

The promoter receives various amounts from flat purchasers like advance, deposits, towards share capital to form the society, or company, ground rent, water and power charges, taxes.  He shall maintain a separate account of such advances and deposits in any bank. He shall hold such money as a trustee and disburse the moneys towards the intended purposes.

The promoter who is in possession of flats shall pay all outgoings on flats until he transfers flats to persons who have purchased or to an organisation of such persons.

Changes in plans and specifications

After the approved plans and specifications are disclosed / furnished to the proposed purchaser, any alterations in the structure of any particular flat shall be done only with the prior consent of the proposed purchaser.

If any alterations have to be made in the structure of the building the consent of all proposed purchasers is required. The building shall be constructed in strict conformity with the approved plans and specifications.

Any defect in the construction of the building, materials used in the construction or unauthorized change in construction has to be brought to the notice of the promoter within a year of taking possession, and the promoter shall wherever possible rectify such defects free of cost. If rectification is not possible the aggrieved person is entitled to receive reasonable compensation. State government will designate an officer not below the rank of Superintending engineer to settle the disputes in connection with defects, reasonable compensation and rectification. The aforesaid person may approach such designated person within two years of taking possession on payment of specified fee (Rs.100).  The decision of such officer shall be final.

Delay in handing over possession

The promoter has to handover the possession of the flat on to the agreed date. Such date may be extended on agreement. The promoter may also not in a position to handover the possession of the flat for reasons beyond his control.

If the promoter fails to deliver the possession of flat on the agreed or extended date and by another three months thereafter of such agreed extended time the proposed purchaser may claim refund of the amounts paid.

Similarly in case of non delivery of flats on account of reasons beyond the control of the promoter, and if such reasons exists after three months from the agreed date of handing over possession, the proposed purchaser may claim refund of the amounts paid.

In both the cases the promoter shall refund the amounts received with simple interest at 9% p.a. from the date of receipt till the date of payment. Such amounts and interest shall continue to be a charge on land and flat but any earlier encumbrances have priority.

Mortgage

The promoter shall not create any mortgage or charge on the flat or land after the execution of the agreements without previous written consent of proposed purchaser. Any mortgage / charge created without previous written consent of proposed purchaser shall not affect the right and interest of proposed purchaser.

Formation of society or company

The promoter has to take steps to form society or company consisting of owners. The promoter shall submit an application to the registrar for registration of organisation. Such application shall be submitted within four months from the date on which minimum number of persons required to form such society or company have taken flats. The promoter shall represent the flats which are unsold.

If the owners opt to submit to the provisions of Karnataka Apartment Ownership Act 1972, by submitting a deed of declaration, the promoter shall inform the registrar of co-operative society as soon as possible after the date of which at least five owners have filed the deed of declaration Conveyance of title etc.

The promoter shall take steps to complete his title and convey to the organisation, which is registered either as co-operative society, or company or association of flat owners, his right, title and interest in the land and building as per the agreement.  If the agreement provides no definite date for conveying the title to the organisation/society, he shall convey his title within four months from the date of which the organisation was registered and association of owners is duly constituted.

The promoter will be very co-operative and extend red carpet treatment to the prospective purchasers at the time of entering into an agreement and receiving advance money, thereafter it would be very difficult to meet any important person at promoters office and the purchasers will be at the mercy of receptionist. 

An article about " Sewage system at home "

Sewage system at home

The efficient disposal of foul and surface water from your building is of great importance to public health and is an essential part of construction of the building.

The drain-waste-vent system transports all the used water and waste material from the house to the septic/sewer system. It is a network of drain pipes that runs to all the sinks, toilets, baths, showers and washer.

The soil stack is the main component of the waste drain. It is a vertical “stack” of pipes that starts in the basement/crawl space floor or wall where it is connected to the outbound sewer/septic line. The top end of the stack acts as a vent. It extends vertically through the roof, allowing gases to escape outside and also helps promote drain flow by drawing air inward. A plugged vent can trap dangerous gases and inhibit drainage. Trapped sewer gases can be dangerous and can cause serious structural problems. A system

without a vent may actually suck water out of a sink's trap, or do the reverse and fill the sink with water

when another fixture drains.

Sewage moves by gravity, which means the sewage lines coming into the house need to be at a higher level than where they go to connect to the city sewer line. To make the connection from your home

to the public sewer, you need to find out from your civil engineer where the sewers are. You should have at least a minimum of two or three percent fall and the amount of fall in your sewer system would depend on the elevation of the city connection location. The fall for the drain waste vent system is ¼ - inch per foot, which carries fluids through the sewage system. The lateral should be two degrees, which means

you have a four- inch pipe with a ¼ - inch fall, going into a six inch sewer lateral that results in a two-degree fall into the main line.

The position of the pubic sewer in relation to the proposed building and the invertlevel of the public sewer is important for efficient functioning of the disposal system. The system should enable rapid and

efficient removal of liquid waste without leakage. It should prevent foul gases from reaching the living

area of the building. It should enable access for cleaning. It should not create air locks and should provide

long service life.

The new waste systems use rigid plastic PVC (polyvinyl chloride) or ABS (acrylonitrile butadiene styrene) pipes that are sealed with glue. Older homes generally have cast-iron pipe sealed with lead solder.

The drainage pipe should be kept clear for all other services. Provision may be made during the construction of the building for entry of the drainage pipes. This can be done conveniently by building a sleeveinto or under the structure at appropriate locations.

U shaped trap

A trap looking like “U” shape is installed below the drain to block the sewer /septic gases without which sewer and gases can flow up the stack and the drain pipes and come out wherever there is a drain. When the water is drained, the trap's shape causes a small amount of water to remain in the bend. That water blocks any gases from moving up the pipe and entering the room. Traps are needed on all sinks, tubs, showers, washers, floor drains. In most cases, a toilet has a built in trap and doesn't require a trap in the drain line.

Soil Pipe

A soil pipe carrying liquid or solid wastes should be circular and have a minimum diameter of 100 mm. It should never be connected to any rain water pipe.

Waste Pipe

Every pipe in a building for carrying waste or overflow water from bath, washbasin or sink to a drain should be minimum 30 mm diameter and should be trapped immediately below by an efficient siphon trap with adequate means for inspection and cleaning.

Venting Pipe

Venting pipes should be so installed that water cannot be retained in them. They should be fixed vertically. The venting pipe should be taken to such a height that a safe outlet for foul smell is afforded.

Manholes of proper design and at sufficient intervals should be provided for periodic inspection and cleaning.

Damage to building

All pipe shafts should be plastered before installing any pipe. This will provide smooth surface and preventins ect and vermin infestation. Leaking sewage pipes should be repaired before they affect the building. It is leakage of the sewage which affects the RCC building. When sewer trenches have to be excavated near a building adequate precaution is necessary to prevent damage to the existing structures. Sewage and sullage can be connected to the sewer. Rain water should be dealt with separately.

An article about " HOW TO SELECT FINANCIER TO PURCHASE YOUR HOME "

HOW TO SELECT FINANCIER TO PURCHASE YOUR HOME

You need to bear in mind certain parameters while selecting your financier for purchase of house. The parameters mentioned below are worth considering

1)     Type of product – Whether the financier is offering loan product to suit your requirements. 

2)     Tenure - Whether the financier is offering the tenure of loan that you are look for. 

3) Rate of interest - This would depend on the type of rate of interest that you are looking for i.e. fixed floating or partly fixed and partly floating.  You must always compare the effective rate of interest after taking in to account all upfront fees etc., and the manner of interest calculation i.e. monthly reducing, annual reducing etc. 

4) Minimum loan amount- the minimum loan amount offered by a financier is important to find out if the financier can finance the amount you are looking for. 

5) Maximum loan amount-  Most HFIs have an upper limits on the amount that they would finance you.  If you are looking for very huge amount, this could be a factor that needs to be considered. 

6) Minimum age of customer - you will have to consider this factor to see if your fit in to the age norms laid down by the HFI . 

7) Maximum age of customer - This would also form a parameter in your decision in deciding a HFI to finance the purchase of your house.   

8) A minimum income-  The income norms of the HFI will be a relevant parameter that would affect your decision. 

9)     Requirement of personal guarantors -Some HFI is insisted on a personal guarantor.  You need to check this out if you have any reservations about providing a guarantor. 

10) Requirement of co-owner - if you intended to buy your house along with a co owner you will have to check up whether the HFI accepts the relationship between you and the co owner. 

11) Requirement of co-applicant - as mentioned for co-owners, the HIF may also insist on certain relationship as  co applicant. This needs to be checked up while deciding your financier. 

12) Prepayment charges- some HFIs charges certain prepayment charges when you decide to prepay your loan either in part or in full. 

13) Processing fees – HFIS charges certain fees as processing fees that you will need to pay at the time of submission of application.  Kindly check this out before selecting your financier. 

14) Administrative fees-  HFI s also charge administrative fees on the loan amount that has been approved by the HFI.   This would vary from one HFI to another. 

15) Credit documents - the type of credit documents that HFI s insist before approving your loan would differ from one HFI to another. 

16) Maximum age of property at the time of application – If you are buying a property on resale, this parameter would be an important factor as HFIs may have a limit on the age of the property at the time of disbursing the loan. 

17) Pre approved property list – Most HIFs have a pre-approved list of properties available for which the documentation would be simpler. 

18) Pre approved list of employees HFI s may have special rate, if you are an employee of one of its preferred list of employees. 

19) Pre approved builder list – HIFs may also have different norms or documentation if you are buying a property is any of their preapproved list. 

20) pre approved project list – HFIs as mentioned above for builders, may have separate scheme for certain projects. 

21) Pre approved profession list- HFIs may have certain scheme to suit customers of certain professions. 

The above mentioned are some of the parameters that you will need to look into before deciding your financier. Getting a financier who would offer you the best in all of the above parameters is virtually impossible. You would, therefore, need to identify your priorities and the check out as to which financial would give you the best option. 

An article about " Developing Property through Joint Venture "

Developing Property through Joint Venture

Urbanization has accelerated migration of people to the nearby cities in search of jobs andother means of livelihood. This increased influx of population to the cities has in turn caused the paucity of residential accommoda­tion. The employees prefer to have accommodation near to their job centers to avoid wastage of time in commuting, resulting in vertical growth of city instead of lateral growth. Vertical growth saves lot of land and can accommodate a number of families in a small space. But, vertical development of land requires heavy investment which in turn has led to joint venture.

Joint Venture

Joint venture is joining of hands. The words "Joint Venture" is described in the dictionary as "a business activity by two or more people or companies working together".

As stated above, vertical development of land comprising number of flats requires lot of money, manpower, expertise, experience, which an individual cannot undertake. Many a time an individual may own some land, but may not have funds to fully exploit it. Similarly a builder developer who has a resource may need some land to employ his resource profitably. Thus, the owner and developer join hands to develop the land.  

In order to avoid disputes, misunder­standings in working, both the parties reduce the terms andcondi­tions into writing. This is called Joint Venture Agreement.

Unlike construction of an independent house, the group housing or construction of apart­ments is more complicated, requires approval from various agencies like water supply board, sanitary department, power supply board and Airport Authorities, The project requires to be approved by banks for finance. Joint venture agreements clearly stipulate the duties and responsibilities of each of the parties.

In order to avoid spending huge amounts for procurement of property, the developers venture into joint development activity with land owners through joint venture agreements, develop the property and hand over certain number of flats to the land owner. The number of flats/apartments given to the land owner depends on the prevailing market value of land in that area at the time of project commencement.

Joint Development agree­ments:

The developer or builder enters into an agreement with the owner of the land known as Development agreement or Joint Development Agreement or Joint Venture Agreement. An immovable property for development may be either vacant land or land with structures thereon.

A developer or builder enters into an agreement with the owner for purchase and development of the land. The development agreement contains obligations and rights of land owners and builder, like obtaining statutory permissions, ratio of sharing the developed property between owner and developer, process of finding prospective purchasers and funding the project, time duration of comple­tion and penalties for violation.

What is contained in the J V agreement?

The agreement contains the particulars like the commitment of the promoter to construct it as per the approved plan and specifications as approved by the local authority; possession date, price to be paid by the purchaser and the intervals at which the installments are to be paid specifying stage of construction; precise nature of the body to be constituted of the persons who would take the flats; details regard­ing the common areas and facilities specifying the percentage of undi­vided interest in the common areas and facilities appertaining to the apartment  agreed to be  sold;   a statement of the use for which the apartment is intended. Copies of the title certificate issued and a copy of the approved plan and specifica­tions, a list of fixtures and amenities including provisions for lifts to be provided for the flat to be sold should be attached to the agreement.

A promoter, while he is in possession and when he collects from persons who have taken over flats or are to take over flats sums for payment of out goings, has to pay all out goings until he transfers the property. The outgoings would include ground rent, municipal and other local taxes, taxes on income, water charges, electricity charges, revenue assessment and interest on any mortgage or other encum­brances, if any.

One should also ensure that the area of the apartment has been mentioned in the agreement. It is also mandatory for the devel­oper/promoter to convey the land in favour of the society/association of flat owners /condominium /Com­pany within a stipulated time.

Requirements

The development agreement must be in writing and registration of this agreement is not compulsory. If the developer meets the above requirements, he is well protected and can start construction work. But in case the developer commits any breach of the contract, the defence under Sec. 53 A cannot be availed.

Apart from equities, the developer would have a right against a subsequent transferee of the property with notice of the devel­oper's right or a gratuitous transferee of the property under Sec. 40 of the TP Act but not against the transferee for consideration and without notice of the rights of the developer against the property.

PROCEDURE FOR JOINT DEVELOPMENT

After examinationof the property of the land owner, the developer offers to him his offer fordevelopment of the property. This offer basically consists of the percentage of the built up area which shall be offered to owner towards cost of the land and the amount of security deposit that will be paid. This security deposit is a refundable advance which has to be refunded back to builder on successful completion of the project.

The percentage of area offered to the owner is arrived at after taking into account several factors such as cost of the land, cost of construction, escalation in cost of construction, cost of obtaining approvals for the building, marketing and administra­tive expenses and most importantly the selling price of apartments in that area.

If the offer is attractive, the land owner will give his acceptance and hand over a copy of the title docu­ments to enable the builder to get the same verified by his Advocate.

If the builder's Advocate approves the title, a draft copy of the Joint Development agreement laying down the terms and condi­tions of the development is given to the landowner for his approval who generally get it vetted by his Advocate.

If the draft of the Joint Development agreement is found to be okay, the same is prepared and prescribed stamp duty is paid. This agreement is signed by the Builder and landowner and the builder pays the first portion of the refundable advance to the landowner.

Along with the Joint Development Agreement, the landowner also gives a Power of Attorney to the Builder to apply for various approvals required for construction and also to sell the portion of the area coming to the Builder's share.

All the procedures and formali­ties and costs for approvals are taken care of by the BUILDER.

The Builder then gets the plan prepared by an Architect, taking into account the requirements of the landowner. Once the plan is ready and approved by the landowner, the same is submitted for approval of the Government authorities.

After the plans are submitted and approved, the builder takes possession of the land from the owner. At this stage, the balance portion of the refundable advance is paid to the landowner.

After taking possession of the land, the builder proceeds to demol­ish the old building if any and get the site ready for commencement of work.

On receipt of the approval, the builder commences the construction and marketing of the project.As and when the apartments falling to the builder's share are sold, the proceeds are received by the builder in stages and the builder will register the apartments in favour of the buyers.

Out of the apartments coming to the landowner's share, they may like to retain some apartments and sell the balance. The landowner can decide to sell his apartments initially or sell the same when the building is 50% over or when it is nearing completion or after completion. Based on the requirement, the builder will sell the landowners apartments and pass on the proceeds to the landowner as and when the same is received from the buyers. When the landowners' flats are sold and a payment is received, the landowner will register these apartments in favour of the buyers.

On completion of the project, the apartments being retained by the landowner are handed over to him and the advance which was given by the builder at the time of commence­mentof the project is refunded back.

The builder and the land owner will facilitate formation of a Flat Owner Association and hand over the title documents to the Association.

Rights and obligations of a developer

As per Sec. 54 of the Transfer of Property Act, an agreement for sale does not create any interest in the property in favour of the purchaser though the consideration is paid partly or fully unless and until a deed of transfer by way of sale or lease is
executed in favour of the purchaser. Many Joint Venture agreements are supported by Power of Attorney executed by the owner in favour of the developer for the development works and enters into anagreement to sell and a sale deed tothe extent of developer's share after completion of the total building.

An article about " Solution in sight to our Garbage woes? "

Solution in sight to our Garbage woes?

BBMP can heave a sigh of relief, albeit temporarily, as they have managed to convince the Mandur villagers to dump the garbage at the Mandur landfill till January 29, 2013.The Mandur citizens have given their consent to dump the garbage at the Mandur landfill on the assurance given by BBMP that a scientific method of garbage disposal would be undertaken at Mandur with immediate effect.

The BBMP Commissioner has said that the date of January 29, 2013 as the deadline to stop dumping garbage in Mandur has been worked out by taking into consideration the daily garbage segregation right from the household level. The Commissioner added that, once the segregation at household level is assured, there would be no need for landfills.This is only a part of the story.

Mounds of garbage are piled up all over the city.This stinking garbage with its exposure to the frequent rains is a sure recipe for the spread of deadly diseases like dengue, malaria etc. This is the most important factor that should draw the attention of not only the civic authorities but also the Bengaluru citizens.

BBMP is likely to submit a plan of action in High Court in the hearing on the PILs on November 6th. The outline of the plan that BBMP is likely to submit comprises-training for waste segregation, setting up decentralised waste processing units and setting up centralised processing units and landfills. The HC has urged the BBMP to penalise the citizens who do not segregate waste and also on garbage contractors who violate terms.

The training ofcitizens and the BBMP staff in segregation and processing is going to be a herculean task given that the primary task of waste segregation at the household level is yet to pick up. Many are either unaware of this task or they are indifferent to this idea.

The BBMP is well advised to launch a massive, door to door and sustained campaign on waste segregation and processing in order that the campaign yields a permanent and lasting solution. Let us fervently hope that BBMP would raise to the occasion and act on a war footing to end the crisis.

An article about " Tips on Electric Power Consumption "

Tips on Electric Power Consumption

Most equipment and devices at home consume energy. But rarely are we aware as to how much energy they consume and how it can be reduced. An understanding of the main household energy guzzlers and how they can be more energy-efficient is vital both in our interest as well as in the interest of the environment.

All our equipments from lamps to heaters are marked by the amount of energy they consume for a very hour of usage. The electrical energy consumed per hour by any appliance is specified in Watts (W). 1000 W is equal to 1 kilowatt (1 KW), which is nothing but one unit of consumption. The Electricity Board charges us based on the units consumed.

In a summer month a normal household consumes on an average about 526 units a month. In a winter month, the same household consumes about 282 units. A break-up of this shows that bulk of the consumption in summer is in the usage of air-conditioners. It works out to about 53 per cent followed by fans and refrigerators, which are about 11 percent each. Television and lights each consume about 8 percent of the total energy. A 4-hour usage of computer consumes another 4 percent. It is evident that usage of the air-conditioner is the main source of energy consumption.

On a winter day, when no air-conditioner is used, the fans consume the maximum energy and the refrigerator is the next biggest consumer of energy at 18 percent. Water heaters and TV each consume about 17 percent energy and the lights at our household consume around 15 percent energy.

Obviously, the lower your electrical consumption, the lesser is your electricity bill. You will note that as our consumption goes up, the cost per unit increases as well. A bimonthly consumption of 600-800 units is an optimum level for a typical Indian middle class household and energy saving measures adopted by each one of us will go a long way in reducing energy consumption.

Saving energy at home is fairly simple; it just requires us to adopt some of the guidelines indicated below:

Air Conditioners

Use leak proof doors and windows and seal all openings in an air-conditioned room to avoid leakage of cool air, thereby improving the efficiency of the air conditioner. Regular cleaning of A.C. filters (at least once a month) also improves the unit efficiency and reduces power consumption. In case the room to be conditioned has an exposed roof, then under deck insulation for the room is highly recommended to reduce the heat transmission from the roof slab. Set your air-conditioner thermostat to 25 Degree C of higher. For every degree you raise your thermostat setting above 22 Deg C, you can save up to 5-7% on your cooling costs.

Refrigerators

Defrost the refrigerator once the ice gets more than quarter inch thick. Regular defrosting helps reduce the power consumption. Avoid placing the refrigerator near any heat source and locate the refrigerator at least 200mm away from the wall. Ensure that the refrigerator door is airtight to prevent leakage. Ideally, set your refrigerator temperature at 2.2 Deg.C. and your freezer temperature at-15 Deg. C. for energy-efficient operation.

Fans

Replace conventional fans with energy efficient fans. Use electronic regulators instead of electromagnetic regulators. Lubricate fan motor bearings periodically and clean fan blades regularly.

Lights

 

Replace T12 or T10 fluorescent tubes with T8 or T5 energy efficient fluorescent tubes which are more than 10 to 30 percent energy efficient. Use compact fluorescent lamps (CFL) which are 70 to 80 percent more energy efficient instead of incandescent light bulbs. Replacing electromagnetic ballasts in tube lights reduces the energy consumption by around 20 to 30 percent. Utilise energy efficient 36W slim tubes instead of 40W tubes. Use standard pins to tap supply from plug points. Reduce the wattage of bulbs in areas where less lighting is needed such as toilets store rooms etc.

Water Heaters

Lowerthe thermostat on your water heater since most factory settings of water heaters are at higher temperatures. A setting of 12o F provides comfortable hot water for most applications. Insulate your electric hot-water storage tank, but be careful not to cover the thermostat. Keep the area around your water heater clean and well ventilated.

Grinders & Mixers

Use energy efficient motors for the grinders. Use the gadgets to their full capacity. Avoid rewinding of the grinder & mixer motors.

Computers

Configure your computer to “hibernate” automatically after 30 minutes or so of inactivity. The “hibernate mode” turns the computer off in such a way that you do not have to reload everything when you switch on your computer on again. The less energy we use, the longer the world's natural resources such as oil and coal, will last. Energy saving is essential because the world's energy reserves will be consumed at a slower rate.

An article about " Builder to pay Rs. 25 Lakh for fleecing Couple "

Builder to pay Rs. 25 Lakh for fleecing Couple

The Maharashtra State Consumer Disputes Redressal Commission has ordered a Builder to pay Rs. 25 lakhs to a Doctor Couple form Mahim, after they were charged an extra Rs. 12lakh under the garb of penal interest.

The couple had booked two flats in the SRA building in 1997 but received their possession only in 2008. According to the panel, the interest or penal interest charged on account of defaults is absolutely unjustified and is an excess recovery made by the Builder without a reason. So, each complaint is entitled to claim amount back.

The Builder will have to return Rs. 6.92 lakh, along with 18% on it since 2007, to Mrs. Dr. Sangeeta and to Mr. Dr. Hemanth Pikale. The duo will also receive Rs1 lakh each for mental agony caused to them and Rs. 25,0000 each for costs of the complaint. The Builder will also have to give them the Occupation Certificates.

In 1997, the Pikales bought the flats, each 344 sq.ft. in a building in Mahim that was to be developed and constructed by innovative Constructions Pvt. Each cost Rs. 21.37 lakh. Even though possession was to be handed over in three years, the Pikales received them on January 8, 2008. They alleged that just before handing over the flats, through a letter in December 2007, the Builder demanded more money. In January 2009, the complainants issued a notice through their Lawyer and demanded compensation for 5 the delayed possession and to return with interest Rs. 6.02 lakh, illegally recovered as penal interest. As the Builder did not respond, the couple lodged two separate complaints in the commission in 2009.

The Builder denied the allegations. The commission referred to the submission made by Mrs. Dr. Sangeeta, that whenever the Builder raised a demand, she found the construction was not of the desired stage and so, the demand made was premature. According to the Commission, Inspite of the checking out what the demand was, she went on making the payment, but not strictly within 5 days of the demand received, as the Builder could not justify his demand. The Builder cannot blame the complainant for delayed payment and cannot invoke clauses in the agreement to charge any interest.

An article about " Fixtures, Fittings & Furnishings "

Fixtures, Fittings & Furnishings

Inspiration and skill can be expressed through creativity which has no limits to it. However when it becomes palpable it may come across some obstacles. The main obstacle that subdues creativity or even hides it altogether is dearth or lack of funds. Limitations of the budget affect the physical expression of creativity. Whenever you have to design a home, creativity is in demand and through wise use of a budget it can take on a material form.

Interiors of homes are usually carried out with a tight budget factor, and many ideas are put aside simply because of lack of funds. It is a challenge to the designer to cram in as many of these ideas as possible while sticking to the limitations of the budget.

Whenever you begin designing an interior of low cost you need to pinpoint the old existing materials which include furniture and handcrafted objects which can be re-utilized by giving them a coat of polish or remodeling it to another use.

Plenty of material is there for a moderate modern décor. Depending on the design, furniture made from rubber wood will be half or less than that of solid teak wood. Its durability has a span of 5-8 years according to how it is maintained. With the changing fashions and designs in today's world it is sensible to use this rather than teak that lasts for lifetime.

Rubber wood is light with a machine finish which makes it easy to assemble and dismantle. If you have chosen upholstered seating it is best to use cloth upholstery as synthetic leather can be uncomfortable. As leather is a natural product it breathes, which synthetic décor does not and this causes you to perspire. Genuine leather of course is too costly for a low budget décor.

Cane furniture has an airy look that goes better in the patio or in an informal space. It is not so durable and may last for two to three years depending on its upkeep. It is not as comfortable as rubber wood or upholstered seats. Rubber wood can show up in some arresting and neat designs. If you combine upholstered seating with cane it can give an exquisite touch.

When metal is used effectively it can look charming. MS steel is reasonably priced and can be used for seats and cots. It must be matched with the remaining setting. Using it in just a seat or cot may look awkward but if it is extended to the side tables, picture frames, curtain rods and candle stand, it will not look like a budget limitation but rather like a chosen theme.

Modular options can be used for side tables and display cabinets as they are not costly and also easily assembled. They are not as durable as solid wood. For wardrobes use particle board and laminate as there are many exotic laminates these days that look almost like veneer and you cannot make out the difference. For the cots, a mix of metal and rubber wood would be good as both are inexpensive and look stylish. You can have bunker beds in the children's room if there is more than one person and they can be a combine of metal and modular.

You can make the beds fashionable by using right colors. Bunker beds are suitable for children below 10 and are not good for older children. For them you should go for a traditional bed.  Sofa-cum-beds can be used to save space and are also less costly than a traditional cot.

For soft furnishings, many low cost choices are available. Imitation rugs that are synthetic and easy to maintain with designs featuring a traditional woolen or silk carpet are available. Another favorite is jute and cotton durries .

If you are interested in art works you can go to art bazaars that have local artists' work that are beautiful yet not costly. Some are very unique. Prints of famous artists can be framed well and hung in the appropriate place to give a special effect.

You can have inexpensive yet stylish flooring with glazed tiles and hide the low cost factor by using the correct colors. Earthy colors are good but beige or ivory is best with granite or a darker tile skirting. A rustic blend for the patio will look good. Stone too is cheap as compared to marble and vitrified tiles. They come in earthy colors and give a thematic appearance.

When it comes to the lighting you can have exotic lighting for the whole house at reasonable rates. Brush steel and glass or wood and glass are good low cost choices but they should be picked from a place where they do not charge too much for the designs.

For some light fixtures a false ceiling is needed and a false ceiling for the whole room will be costly. You could go for the less costly yet stylish choice to provide this detailing only on the sections concerned. 

For painting there are many products to be had and plastic emulsion or the high class varieties are not required. Oil bound distemper is just as effective and much less expensive.

You can easily mask any kind of low cost décor with the use of bright colors along with greenery. These give a warm atmosphere to a room, for example a low cost diwan with bright cushions really looks classy. Indoor plants can also be kept in appealing but not very costly planters.

An article about " Reality asset may reward better than realty stocks "

Reality asset may reward better than realty stocks

India,the second largest Country in the World needs housing for 120 Crore people. With the economic development, income levels are going up and along with that, aspirations are on their way up. Yet, over the past couple of years the Industry has been in a state of crisis with stagnating demand and negative sentiments,multiple factors are responsible for this Skyrocketing real estate prices (both commercial and residential) across the metro Cities are, coupled with stubbornly high interest rates and have acted as major dampeners. Being by and large unregulated, most of the Real Estate Players have questionable ethics and governance standards, leading to significant loss of credibility. High interest rates for over the past 18 months have led to a reduction in demand for both residential and commercial properties. On the other hand the high cost of funds has hit the over-leveraged Builders hard.

The present year 2013 does not look too promising for the Real Estate Sector. Supply overhand continues to plague commercial reality. High interest rates affect both commercial and residential segments. Also corporate governance continues to be an area of significant concern for many Real Estate Companies. Most of the large listed realty firms have huge leverage in their balance sheets on account of unrelated diversification, which they have not been able to exit inspite of their efforts over the past few quarters. Though the interest rates are expected to come down in the near future, the reduction may not be enough to spur major demand growth.

By and large, Investors would be better off by staying away from Real Estate stocks. Exception to this can be made only in the case of Companies with extremely high governance standards such as Godrej Properties and Oberoi Realty.

In fact, the Investors are keen on real estate exposure and can probably look, at directly buying real estate rather than investing in real estate stocks.