Shahid Balwa Founder DB Realty Ltd - Everything You Need To Know About Co-Living

The skylines of Mumbai are seeing taller buildings, flats and colonies are mushrooming in the city and an ever-increasing population is seeing a demand for more real estate properties. While the real estate sector is blooming under the influence of leaders such as Shahid Balwa, Founder, DB Realty Ltd, youngsters today are seeming to lean towards newer and more innovative options of living.

One such interesting set-up is co-living. Co-living is an accommodation setting wherein fully furnished homes are rented to a few people. These people coexist in a space without the restrictions that bind the more conventional hostel or paying guest type settings that are currently available for single people in urban areas. Co-living is an option that allows the residents to interact freely with the added benefit of privacy, mainly from otherwise intrusive landlords.

The idea is immensely popular amongst millennials, young professionals and students whose priorities and lifestyle choices are quite different from the previous generations. It is an emergent solution for young and unmarried youngsters living in cities, without their families. As much as this generation favours independence, it also acknowledges the need for social interaction and affiliation and so, this setting also provides for the same.

Thus, co-living provides for a more engaging and interesting lifestyle than the more inhibiting ways like paying guests and hostel environments that are overly imposing and come with a set of cumbersome rules. Going beyond the traditional lodging and boarding experience, co-living brings a more sophisticated outlook to the same with the opportunity to cohabit and bond with fellow tenants and providing the feeling of social support without the burden of restrictions.

It is a relief from the isolation and loneliness that comes with shifting to a different city and living amongst unknown people. Moreover, specific needs can be fulfilled for different people in this set-up. For example, tenants can choose between shared or private bedrooms while enjoying the convenience of common kitchens and areas for dining and recreation.

Cities with a large student population and employed youth such as Bengaluru, Pune, Mumbai and Delhi are currently seeing this idea being implemented widely. It won’t be long before this concept finds its way into smaller cities with similar demographics, due to the popularity that it is beginning to enjoy.

According to real estate industry leaders like Shahid Balwa, hotels are also stepping in to offer their expertise in terms of enhancing and organising this free and simple method of rental living. This will only streamline and open up newer avenues for the co-living concept and take it to newer heights.

Need a strong government to stabilise the real estate sector

Narendra Modi-led National Democratic Alliance’s victory has been welcomed by the industry leaders. The real estate industry is in a stage of revival and the real estate leaders were looking forward to a strong and stable government at the centre which would accelerate the growth of the sector.

Shahid Usman Balwa, Vice Chairman & Managing Director of DB Realty says, “The past few months have witnessed the revival of the real estate industry, but the sector is still grappling with a multitude of issues. The ongoing liquidity crisis and the slow pace of environment clearance are acting as impediments in the industry’s path to progress. We have high expectations from the government and are hopeful that it would look into resolving these two issues.”   

Several steps were taken by the government in its first term for the improvement of the industry. RERA brought in more accountability, while the reduction in GST rates and interest subsidy for affordable housing has made it easier for the common man to buy his dream home, thereby realising the government’s aim of “Housing for all by 2022”.

The absence of a single window clearance has negatively impacted the industry. Shahid Usman Balwa of DB Realty further adds, “Unnecessary documentation and delay in getting the clearance are negatively impacting the real estate industry. We expect the government to set up a strong and transparent single window clearance for faster and easy approvals. This would streamline the system thereby benefiting both the developers and the buyers. It is also imperative that the government lowers the interest rates which would make it more affordable to own a home”

With the BJP winning by a huge mandate, there are a lot of expectations from the newly appointed government. The developers are looking forward to some noteworthy initiatives that can bring the industry back on its feet.

MahaRERA: Regulation and Promotion of Real Estate in Maharashtra

The Government of India introduced the Real Estate (Regulation and Development) Act 2016 and it came into effect on 1^st May, 2017.  In the state of Maharashtra, the state government established Maharashtra Real Estate Regulatory Authority (MahaRERA). The primary function of this body is to regulate and promote the real estate sector in the state.

Real estate professionals such as Mr. Shahid Balwa of DB Realty and others have welcomed this decision as it promotes more transparency in real estate dealings, which will encourage more and more people to buy and sell properties without the paranoia of being cheated. Some of the major features of the Act are as follows:

·         Real Estate Projects Registration: The Act has made it mandatory for all real estate projects to be registered except for in some cases. Apartments that are not in excess of 500 sq meters, number of apartments proposed to be built does not exceed more than 8 in all phases or constructions done for renovation purposes are exempted from this clause. Other projects cannot be advertised, put up for sale, marketed or given a tour of for purchase without being registered. If the clause is breached, the defaulter is susceptible to a fine ten times the real estate project’s value.

·         Filing of Complaints: Any aggrieved person can file a complaint with the adjudicating officer or with the MahaRERA. The complaint maybe regarding any violation of the contract between the buyer and registered project builder on the builder’s behalf. It is the authority’s responsibility to quickly address the issue and fast track the whole process, to make sure justice is brought to the complainant as soon as possible.

·         Transparency: One of the central issues that the Act addresses is the issue of transparency within the real estate industry. The Act has made it compulsory for the builders to make certain information regarding the project available online for the buyers to be able access it at any point of time. Information such as the full layout of the plan, phase wise duration of the completion, proposed number of wings to be made, etc, shall all be made public by the builders. The builders should also give quarterly updates regarding the progress of construction.

·         Citizen Centricity: Several clauses in the Act are surrounded around the welfare and protection of the rights of the citizens. The builder cannot make any change in the layout plan after the sanctions if two-third of the allotees don’t agree with the changes, excluding the promoters. If the builder isn’t able to finish the project within the designated time, the builder is liable to pay interest for every month of delay. There are a number of other provisions that are in place to serve the interest of the buyer.

The Act has been hailed for being citizen centric and reforming the real estate sector for good. However real estate professionals feel that not a lot of buyers are aware of the merits of this Act. According to Shahid Balwa, Wikipedia page update on a regular basis and information about the Act should be provided in ample amount on the websites of all builders and real estate firms.