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Archives for May 2020

Can tenants stop paying lease rent due to COVID-19?

tenants rent COVID-19

Tenants rent COVID-19 -entitled to stop paying rent, because of his inability to use the premises during the COVID-19 lockdown?

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Tenants rent in the current COVID-19-induced nationwide lockdown has been in continuance for 60 days and counting. This is certainly an unprecedented situation that we all have seen, till date. The economic impact of the Coronavirus pandemic, has forced all business houses, big or small, to look at ways to save costs. Rent occupies a fair share of the business cost. It pinches even more, when one is required to pay rent for space which is not being physically used. It, therefore, needs to be understood if, as a matter of right, tenants can suspend rent for the period when the premises remain inaccessible.

Although there are several Supreme Court and High Court judgments, which lay down the position of law on contingent contracts under Section 32 of the Indian Contract Act, 1872, (ICA) and frustration of contracts / impossibility of performance, as summarised under Section 56 of the ICA and Section 108 of the Transfer of Property Act, 1882 (TOPA), most still find it difficult to understand the scope and correlation of these provisions of law.

Delhi High Court judgment on payment of rent during COVID-19

In the case of Ramanand and Ors (RC. REV. 447/2017 Ramanand and Ors v. Dr Girish Soni and Anr), the order passed by the Delhi High Court on May 21, 2020 (Order), pools in jurisprudence of the past and brings about clarity on the question of whether the present lockdown would entitle tenants to claim waiver, or seek exemption from payment of rent. The position that the current situation cannot be viewed under a common lens, has been fortified by the Order.

A business can seek suspension of the rent payable on a premise, only if such situations are explicitly provided for in the rental/lease agreement.

RBI extends moratorium on home loan EMIs till 31st August, 2020

RBI extends moratorium

RBI extends moratorium, on May 22, 2020, extended on all term loans, including home loans, by three months, till August 31, while also announcing a 40-basis point reduction in the repo rate.

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RBI extends moratorium, with a view to support economic growth, which is headed towards contraction in the wake of the Coronavirus pandemic, the Reserve Bank of India (RBI), on May 22, 2020, reduced the repo rate to 4%. The 40-basis point cut in the repo rate, at which the RBI lends money to scheduled banks in India, comes two months after the banking regulator cut its key lending rate by 75 basis points, to bring it down to 4.40%.

In a major relief for those servicing loans, including home loans, the apex bank has also extended the three-month moratorium by another three months, till August 31, 2020. The RBI had, in March, announced a three-month deferment on long-tenure loans, keeping in mind the Coronavirus spread in the country and its impact on people’s income.

The new RBI announcement follows a series of announcements made by the banking regulator earlier, to support the economy which has taken a beating because of the pandemic and the subsequent lockdown. The government has also announced a Rs 20-lakh-crore stimulus package, to support the economy.

“All commercial banks, co-operative banks, all-India financial institutions, and NBFCs (including housing finance companies and micro-finance institutions) are being permitted to allow a moratorium of three months on payment of instalments in respect of all term loans outstanding as on March 1, 2020,” the RBI said. The RBI, while imposing the moratorium on principal and interest payments for three months on term loans, has told banks that non-payment should not be considered as a ‘non-performing asset’. After a series of rate cuts, the RBI has maintained a status-quo on the repo rate at 5.15%, for the second time in a row

Tiger moving in Asifabad forests

Tiger in Asifabad

Tiger in Asifabad- It is important to give ample independence to the tiger to know its natural habitat by letting it explore the landscape. It will eventually find its best abode shortly if not disturbed from its free-ranging. It indulges in natural culling of wild boars, helping farmers in addressing crop damage by the herbivores,” another forest official said.

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A tiger from Maharashtra that strayed into the forests of Kumram Bheem Asifabad district continues to be spotted by villagers frequently, and its images and videos are widely shared on social media platforms, raising concern over the safety of the carnivore. According to forest officials, a male tiger from Tadoba-Andheri Tiger Reserve (TATR) of Maharashtra migrated to the forests of Asifabad division in search of suitable habitat about three months ago.

According to forest officials, a male tiger from Tadoba-Andheri Tiger Reserve (TATR) of Maharashtra migrated to the forests of Asifabad division in search of suitable habitat about three months ago. It reportedly entered the Bellampalli forest division of Mancherial before entering the forests of Asifabad in the first week of May.

The tiger is showing a tendency to perambulate more in open areas than forests. Since the attainment of adulthood, it is habituated to moving around habitations, which is a natural behavior. It is healthy and its movement is being tracked and carefully monitored with the help of CCTV cameras of forest official involved in protecting the animal.

The forest authorities of this division advised the public not to provoke the tiger besides avoiding confronting with it and entering the deep forests. They requested farmers not to set electrified fences to prevent wild boars damaging crops which might claim the tiger’s life. They warned of stern action against poachers if wild animals were poached.

All you need to know about Floor Area Ratio

Floor Area Ratio

Floor Area Ratio (FAR) of a project is an important indicator of the density of the project and how much a home there would cost. We explain what exactly the FAR is and its importance for home buyers

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The floor area ratio (FAR) or floor space ratio (FSR) denotes the maximum floor space that can be constructed on a given piece of land. In other words, it is a ratio between a building’s total constructed floor area and the land area. It is also known as Floor Space Index (FSI) in some markets.

Understanding Floor Area Ratio and its calculation

The FAR of a project is the total floor area of the building (including the space covered by all the floors in the building) divided by the area of land on which the project is being constructed. The FAR is decided by municipal corporations or the development authority, according to the Development Control Regulations (DCR) and varies from one city or even locality, to another.

Example

If the size of the plot or land being used for a project is 500 sq ft and the FAR determined for that particular city/locality is 1.5, then, the total floor area that can be constructed will be 750 sq ft (500×1.5). As the maximum space available on the ground floor will be around 500 sq ft, hence, with the remaining built-up area of 250 sq ft, it is possible to construct just one more floor. Therefore, considering the plot area and the FAR applicable in that particular locality, a developer would be permitted to construct a one-storey building.

The importance of FAR for home buyers

The FAR value is determined by local municipal corporations, to ensure the best possible living conditions for residents in that area, keeping in mind the density of the population, availability of open spaces, environmental impact of the project and preparedness in the eventuality of a natural disaster.

The more floor area available to a developer, the taller the building can be. Therefore, if you buy a property in such a project, you will most likely live in a denser area with many other residents and will share common amenities and the expenses on electricity, water, clubhouses, swimming pools, elevators, etc.

However, the resale value for a project with low FAR, will most likely be higher than for a property that was in a high-FAR project. This is because a low-FAR project usually means shorter buildings, lesser population density and more open areas around the project.

Vastu tips for office decor and interiors

Vastu decor

Vastu decor guidelines, the north direction is ruled by the god of wealth while the north-east direction is indicative of a person’s financial health. You can keep a mirror or Kuber Yantra in the north direction or on the northern wall of the office, to ensure good financial health.

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How to Decor Office according to Vastu

  • Avoid piling up of finished goods in the north-east direction, especially in front of the office desk. You can place these goods in the north-west direction, to ensure smooth clearance of unsold stock.

  • Place your safe in the south-west corner of the office, to keep financial documents. The safe should face the north-eastern direction, to ensure prosperity.

  • The reception of any office should be built in the north-east or east direction. The receptionist must be seated facing north or east. The logo or the company profile should be on the southern wall of the reception area. Vastu also says that the reception table should be placed diagonally to the front door of the office. French lavender flowers or green jade flowers can be kept at the reception area. You can also keep a four leaf clover plant at the entrance.

  • The pantry should be constructed in the south-east direction. At any cost, it should not be located in the north. The walls of the pantry can have colours like light blue or green and plants can also be kept in the pantry.

  • Washrooms are considered to have bad or negative energy. So, it is very important to get the placement of the washroom right. The washroom should be in the west or north-west direction. It should never be in the east, north-east or south-east directions.

  • The staircase can be constructed in the south or south-west direction. There should be no staircase in the centre of the office, as this can lead to financial drain. Plants can be kept on the corners of each step.

  • Place a mountain scenery in your cabin, behind the chair. You can also place a turquoise pyramid on the desk, for better relations with your employees and peers.

  • Keep your desk clean and clutter-free. Do not let unimportant documents pile up on your desk. Keep papers and books locked away. Also, throw away broken stationery as it acts as an obstacle to financial prosperity.

Vastu tips for office, to bring prosperity at work

Vastu tips for office

Vastu Shastra tips for office to follow at your workplace, to ensure success, luck and wealth in your career

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People often try to make sure that their offices adhere to Vastu Shastra guidelines. However to usher in luck and fortune. From maintaining cash flow to business stability, it is believed that Vastu can play a role in everything that you do in the office. In fact, if properly followed, Vastu can also bring financial prosperity and holistic well-being at your workplace. To help you with this, we delve into some important Vastu guidelines that you can follow at your office.

Vastu tips for Office seating arrangement

  • Entrepreneurs should sit facing the north, east or north-east, as these directions are said to encourage growth and new beginnings.
  • People who are in marketing or sales, should face the north-east direction, to ensure pro activeness. They can also sit in a north-west direction.
  • Account department officials should sit in the south-eastern corner and should face the north-east direction.
  • People in leadership roles, should have a cabin in the west direction and face the north-east direction.
  • Business owners should sit facing the east or north directions. Also, there should be a solid wall behind the seat and not a wooden divider or curtain.
  • Managers, directors and executives should sit in the south-west, south or west corner of the office. This will help the workforce take better decisions.
  • Employees must face the north or east while working in the office, as it improves productivity. Employees should not sit directly under a light beam. If it is unavoidable, then, it can be covered with a wooden board.

Which is the best direction to sit and work in office, to get good results?

Prefer the east or northern direction, for best work performance.

Vastu Shastra tips for designing bathrooms and toilets

Vastu Shastra tips

Vastu Shastra tips, if you are remodeling or constructing a bathroom in your home. Hence, here are some to ensure that it helps create an overall positive environment at home for all family members

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Vastu Shastra tips

Vastu Shastra tips for Bathroom direction

  • The bathroom must be in the north or north-west portion of your house. Do not build the bath area in the south direction or even in the south-east or south-west direction, as it is said to have a negative impact on the health of the people in the house.
  • Bathroom doors should be in the north or east direction. Use a wooden door and avoid metal doors. Bathroom doors should be kept closed at all times, as it is said that leaving it open could let negative energy pervade into your personal relationships.
  • Ensure that the bathroom does not share its wall with your bedroom or your kitchen or sanctified places like the pooja room. Beds should not be placed close to the bathroom or toilet space.
  • If the toilet is in the bathroom, its placement should be in the west or the north-west direction.

Vastu for bathroom fixtures

  • Water outlets and drainage must be in the north, east or north-east and the slope of the bathroom should be in the same direction.
  • Washbasins should be in the east, north or north-east part of the bathroom.
  • The shower should also be located in the east, north or north-east part.
  • Mirrors in the bathroom should be put up on the northern or eastern wall of the bathroom.
  • Electrical fittings, such as geysers, can be placed in the south-east side.
  • Exhaust fans, or if you have a window for ventilation, must face the east or north-east direction.

Vastu colours for bathroom

  • Opt for light colours for the bathroom, such as beige and cream. Avoid black and dark blue.

Government announces major relief for Real Estate sector in Coronavirus

Real Estate Coronavirus

Real Estate Coronavirus stimulus package – Prime minister, on May 12, 2020, announced a Rs 20-lakh-crore stimulus package to support the economy in the aftermath of the Coronavirus crisis

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India’s real estate sector emerged among the big beneficiaries, when finance minister Nirmala Sitharaman, on May 13, 2020, announced the details of the Rs 20-lakh-crore stimulus package launched by the prime minister a day earlier, to counter the adverse impact of the Novel Coronavirus on India’s economy.

Among the several measures announced to support a faltering economy, the government plans to define the entire period during which the pandemic persists, as an ‘Act of God’ – known as ‘force majeure‘ in legal parlance – as far as builder-buyer agreements are concerned. This means that developers will not have to pay penalties for delays in project deliveries, for the period during which the construction activity has been halted, because of the pandemic. Also, real estate authorities will be directed to extend project registrations and completion dates, if these were falling after March 25, 2020.

As India planned to enter into the fourth phase of the lockdown, from May 18, to stem the number of COVID-19 infections, prime minister Narendra Modi, on May 12, 2020, announced the Rs 20-lakh-crore stimulus package to support the economy. Modi has extended the lockdown in India till May 30, albeit with some riders, as Asia’s third-largest economy attempts to mitigate the sweeping damages caused by the pandemic.

These new announcements will also help lift the home buyer sentiment, kick-starting the demand cycle for mid-range homes, as well as affordable housing. While the cost of home purchases would significantly go down for home buyers, as home loans are likely to become cheaper, experts rule out any remarkable downward movement in property prices. Therefore, it would be too early to predict.

How businesses can prepare to go back to the office after Lockdown

office after Lockdown

Businesses office after Lockdown can reduce the risk of Coronavirus infection at their workplace by ensuring social distancing, sanitizing common touch surfaces regularly and encouraging remote working and rotational shifts wherever possible.

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Communication with the employees

Convincing your staff to come back to the office, will be a major challenge. Hence, a lot will depend on how effectively you communicate with them and prepare them to get back to work. Be mindful of the fact that in case of attrition, the average cost to hire new staff would be much higher than the price you might pay to rearrange your office.

Office rules in a post-lockdown era

While employees may have been used to a certain office conduct before the pandemic, many habits will need to change, now. One of your key responsibilities of employers, would be to make your staff conscious about these changes and to ensure that they adhere to the new social distancing protocols. Sharing their lunch, is something your employees may have to stop. The same may be true of keeping their personal belongings at their workstations. With innumerable small and big changes that we all will have to make, to keep the workplace safe, the employer’s role as a communicator and moderator, will be crucial.

Businesses can reduce the risk of Coronavirus infection at their workplace by ensuring social distancing, sanitizing common touch surfaces regularly and encouraging remote working and rotational shifts wherever possible. Wellness and health are likely to take center stage in office designs in future, with technology gaining preference and dense seating arrangements being avoided. Once the Coronavirus lockdown is lifted and we are permitted to get back to work, each industry will face its own unique challenges. However, we have learn how to live with this virus and protect ourselves henceforth.

COVID-19: How to prepare for the reopening of your office

office reopening

Office reopening and the changes that have to implement in their personal space management strategy, to grow their business in a post-Coronavirus world

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Once the Corona virus lockdown is lifted and we are permitted to get back to work. However, each industry will face its own unique challenges. Owing to the lasting impact of the pandemic, these businesses, including real estate, will have to come up with effective solutions to stay relevant. Here’s a look at the changes that all businesses including real estate will have to implement, in their personal space management strategy, to grow their business in a post-Coronavirus world.

How to start Office reopening planning to return to work?

It is first important to ascertain what should not be done. “In absent, the office has become a facility based on stasis. It is not just the buildings that are frozen in time. But, the very idea of the buildings too. That so much energy has been dedicated to the quick fix. However, to resume the life suddenly locked down, shows us that there is a considered desire to pretend that none of this lockdown ever happened. Making arrangements to read the body temperature of each staff member at the entry point and creating seating arrangements that ensure appropriate and safe distance is maintained among the workers. In addition, would be a fair starting points and so would be the sneeze guard, desks with in-built hand sanitizers and plexiglass barriers. Companies worldwide are busy engaging with office interior experts, to get quick makeovers for their office spaces. However, these measures alone cannot solve the various problems that business are now confronted with. Besides preparing the building to welcome the staff in the post-pandemic world, the more complicated task lies in preparing the staff.