Owning a property might as well be a common thread amongst everyone. Be it a quaint and cozy place or a big mansion, we all dream of having the perfect house. That is where developers step in. They develop your perfect house! As the name suggests, they develop land or property to its maximum value. 

India has been growing rapidly. It also has one of the most riveting property development markets. Indian market owes this to long-term economic growths.

This, inevitably, also means lots of work for local and international real estate developers and companies alike. In this article, I will be mentioning some of the top real estate developers in India.

Kolte Patil Developers: Mr. Rajesh Patil, a well-known businessman in Pune, is the chairman and managing director of KDPL. The developers have been working out of Pune for the past 25 years. Kolte-Patil is the biggest developer in Pune and has the largest residential projects in the city to call their own. Furthermore, they have also completed projects in big cities like Bangalore and Mumbai. KPDL has won several awards in the last few years including Brand of the year, Residential Project of the year from Ivy state, and many others. They have developed different types of properties, like large-scale residential townships, commercial buildings, and several IT parks. Life Republic, Margrose Heights, Down Town, all of which are in Pune are their best-known projects.

Godrej: We are all very familiar with this name! And love it all the same. Adi Burjorji Godrej founded the company in 2010. Godrej Properties is a sister company of Godrej Group. Its HQ is in Mumbai and it is the biggest business group in this country. Godrej Properties serve as the real estate wing to Godrej Group. He ranks among the wealthiest persons in India with a net worth $2.9 billion. Godrej is one of the largest property developers in India. They have many projects in multiple cities like Mumbai (head office), Pune, Kolkata, Chennai, and NCR. They are into developing both residential and commercial projects. Some of their well-known projects are The Trees, Godrej Alive, Godrej Elements, and Nova.

Brigade Group: M.R. Jaishankar founded this company in 1986. Brigade Group is recognized as one of the largest property developers our country has to offer. The company is based out of Bangalore. They also have offices in other cities as well. Their representatives also made a mark in  Dubai and the United States. They are proud winners of the award for  India’s Best Companies to Work for in 2014. They have a diverse collection to their name that includes residential, commercial, industrial, and retail projects. Additionally, they’ve developed and managed several hotels as well.

Puravankara: Puravankara was founded in the year 1975 by Ravi Puravankara. This makes it one of the oldest property developers in Bangalore. They also have offices in several other cities like Kochi, Coimbatore, and Pune, etc. Their offices can also be found in UAE and Sri Lanka. They’ve completed more than 45 projects in six different cities. They’re also looking to expand their reach to other including Goa with their upcoming projects. Puravankara Group also won awards under six categories in the 10th Franchise Estate Awards in 2018.

These were four of the top developers in India. But this isn’t the end of the list. Hang around for another edition with equally fantastic companies!

The Real Estate (Regulation and Development) Act was passed in 2016 for safeguarding the rights of home-buyers and also to help boost the investment pertaining to the real estate sector.
Under this act, we saw a provision for the nationwide establishment of RERA which stands for Real Estate Regulatory Authority. This body found in every state overlooks the matters related to real estate deals in that state and also acts as an intervening authority for speedy resolution of disputes.
Let’s take a detailed look at RERA, its encompassing structures, the provisions and the extent of its authority.

WHAT?

The official long title of this 2016 Act goes as follows-
“An Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment of building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute Redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and for matters connected therewith or incidental thereto.”
Quite a long one, isn’t it? But it completely explains what the act stands for the responsibilities and authority of RERA. This Act was in talks as early as 2013, with significant discussion in 2015 before it finally came into effect in 2016.
It has two provisions- registration and protection of buyers. The first one means that this Act makes it mandatory for all commercial and residential real estate projects where the land is over 500 square meters, or 8 apartments, to register with the Real Estate Regulatory Authority (RERA), which this act helps establish on a state level, for launching a project.
The other provision of the act prohibits unaccounted money from being put into the sector and now most of it has to be deposited in bank accounts through cheques.

WHY?

There are a number of benefits that the establishment of state-level RERAs has for us. It not only adds transparency to the entire process but makes it more secure for the consumers too. Also, in an event where a dispute does arise, the Regulatory Authorities are required to dispose of the complaint in 60 days. This time limit makes sure of speedy absolution, further conveniencing the consumers and grievance-bearers.
Under RERA’s orders, the builders are also required to submit the original documents for all projects they undertake and are not supposed to make any changes without the consumer’s consent. So what you see is what you get and the builder is also responsible for rectifying any issues faced by the buyer within 5 years of purchase, with a time frame of 30 days since the complaint.

So the establishment of RERAs ensures the security and transparency of a real estate purchase while making sure the buyers get quality products in exchange for their hard-earned money. It helps to curb any corruption in the entire process of building and buying as any offender, whether agents, promoters or buyers will have to face penalties in the face of using dishonest means.

Whether you are interested in Real Estate sector or just happen to be passing by- this article is for you!
No matter what, it’s always good to have a basic knowledge of things around us and Real Estate just happens to be an inescapable part of our adult lives- directly or indirectly.
Sooner or later, you will have to look for your own apartment, house or even business space. You might want to increase your assets in form of land or might just decide to invest money in immovable property. Anyhow, the following terms will be handy in every situation.

To keep the information from overwhelming our dear readers, we have decided to divide it in bite-sized portions. Different parts will cover different areas starting from the most basic. Let’s go –

PART 1 – THE PEOPLE INVOLVED

Developer:

The one who purchases land, develops it, manages finance, the transactions and foresees the process of construction so that the property is well ready to sell. They manage all the official paperwork and government permissions too.

Allottee:

The one to whom the property is rented, sold or transferred.

Agent/Broker:

The connecting link between the developer/seller and potential buyers. Though at present, a number of apps and websites have been filling the role, there are still licensed individuals who arrange real estate transactions and partake in negotiations.

Surveyor:

They survey the property to determine if it’s fit or not.

Registered Valuer:

They evaluate the property (or the assets/stocks/share etc.) whenever deemed necessary.

Land Aggregator:

They are the ones who look over the boundary reports, title reports, zone regulations conversions, registrations, approvals and sanctions of the land. They take geographical elements in consideration to deem the potential a certain location has in terms of attracting investment.

Liaison:

The person who acts as a communicator between two parties and coordinates their activities. They make sure the resources or services are completely utilized.

Witness:

In any transaction/contract it is necessary to have a witness- a person who sees an event take place.

Accountant:

In a real Estate transaction, an accountant or tax consultant advises on the best way to structure and conclude the transaction.

Lawyer:

Since highly legal terms are a part of Real Estate transactions, it is better for both parties to have their lawyers (professional help) to oversee all legal matters. This includes the preparation of documents and contract terms.