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As of August 3, the state government has introduced a new rule that sets a maximum stamp duty of Rs 5,000 for property gifting. Previously, the stamp duty rate was 5% for properties in the city and 7% for properties in other parts of the state. However, the new notification, issued by principal secretary Leena Johri, applies only to residential or agricultural properties gifted from one individual to another and does not include properties gifted by firms, companies, trusts, or institutions. Additionally, if a person receives a property as a gift, the notification will not apply to them if they decide to gift the same property to someone else within a period of 5 years from the date of property registration. ...
Property registration officials in Maharashtra have revealed that they are investigating at least 125 property registrations in the district for non-compliance with various laws related to the real estate sector. This scrutiny was conducted over the past two months across 27 offices in the district, examining a total of 28,200 documents. The identified 125 documents have been found to be in violation of the Real Estate (Regulation and Development Act) 2016 and the Maharashtra Prevention of Fragmentation and Consolidation of Holdings Act, 1947. ...
Hopeful participants of Mhada's Mumbai housing lottery 2023 are eagerly anticipating the agency's announcement of the draw date. Initially scheduled for July 18, the lottery got postponed due to an extension in the application deadline. Mhada officials have now stated that they will finalize the date "within a day or two". ...
The Karnataka Real Estate Regulatory Authority (KRERA) has released a notification that mandates real estate promoters, banks, and other stakeholders to deposit the money obtained through mortgages on housing project land into a specific account designated by the RERA project. Furthermore, KRERA has directed the real estate promoters to utilize the borrowed funds exclusively for the development of the respective housing project. ...
A committee of experts, tasked with finding solutions for reviving stalled real estate projects, has put forward several recommendations. These proposals include making changes to the insolvency law and implementing a payment moratorium to land-owning authorities affected by "unusual circumstances" (four years for Noida properties). The aim is to bolster the financial position of builders, enabling them to successfully complete and hand over apartments to homebuyers. This initiative is expected to bring much-needed relief to hundreds of thousands of buyers. According to the committee's assessment, there are over four lakh properties across the country with a combined value of approximately Rs 4.5 lakh crore that are currently stalled. ...
Brookfield India Real Estate Trust (Brookfield India REIT) has successfully raised Rs. 2,305 crore through a Qualified Institutional Placement (QIP) of units. The funds raised will be utilized to finance the acquisition of two major commercial assets from Brookfield Asset Management's private real estate funds, as previously announced. ...
On Monday, the Assam Real Estate Appellate Tribunal (REAT) ruled that the mere pendency of civil suits should not serve as a legal impediment to the registration of real estate projects. The tribunal dismissed an appeal filed by a builder against a judgment issued by the Real Estate Regulatory Authority (RERA), Assam. ...
Sify Infinit Spaces, a subsidiary of Sify Technologies, an Information and communications technology (ICT) company, has recently leased more than 1.5 lakh sq ft of office space in Hyderabad. The office is situated in Nanakramguda, within the financial district of Hyderabad, and spans across five floors with a lease period of 60 months. ...
The National Company Law Appellate Tribunal (NCLAT) has granted permission for a reverse corporate insolvency resolution process (CIRP) for a group housing project in Sector 79. The project will be overseen by an interim resolution professional (IRP). This decision was made after the developer provided assurance that they would complete the project within a specified timeframe and secure interim finance for the same. ...
The Chairman of Delhi's Real Estate Regulatory Authority (RERA), Anand Kumar, emphasized that all real estate projects, whether in planned or unplanned areas of Delhi, fall under RERA's purview and must be registered with the Act. Additionally, he stated that real estate agents are not permitted to operate from residential addresses and must maintain a commercial office for which property tax has been duly paid. Kumar issued a stern warning to builders and developers, cautioning them against promoting false narratives to sell properties in projects without RERA registration. He emphasized that strict action will be taken against such offenders, and there will be no leniency from RERA in this matter. He stressed that plots larger than 500 square metres and projects featuring more than eight units, including shops, flats, apartments, or commercial spaces, are mandated to be registered under RERA. ...
In two distinct instances, the GST Authority for Advance Rulings (AAR) has ruled that hostel rent paid by occupants does not fall under the category of 'residential dwelling' and, therefore, does not qualify for goods and services tax (GST) exemption. Additionally, the AAR highlighted that the exemption from GST for hostel accommodation tariffs below Rs 1,000 per day was applicable only up to July 17, 2022. Consequently, hostel rent will be subject to a 12% GST rate. ...
The Noida Authority has taken the decision to establish escrow accounts for 59 developers who have failed to meet their payment obligations. The main objective of this step is to recover outstanding dues and minimize financial losses. Investigations have revealed that several developers diverted funds meant for one project to other ventures. By creating escrow accounts, developers are required to deposit 50% of the funds collected from homebuyers and other sources. This measure allows the Authority, currently grappling with losses, to access a portion of these funds as needed. Both the developers and the Authority will jointly manage these escrow accounts. ...
Starting from August 1, developers across the state of Maharashtra have been instructed by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to prominently display the QR code of their real estate project in advertisements on various platforms. Failure to comply with this requirement may result in penalties ranging from Rs 10,000 to Rs 50,000. If a promoter does not rectify the violation within 10 days after the penalty is imposed, appropriate action will be taken against them, as stated by a MahaRERA official. ...
In the past 40 days, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has approved the registration of 290 projects out of a total of 450 applications received from builders. The approval process involved thorough verification conducted by local authorities, including the Pune Municipal Corporation in Pune. To ensure authenticity, these local authorities were instructed to send the commencement certificates (CC) of the projects from their official email ID to MahaRERA for verification and subsequent registration starting from June 19. This measure was taken in response to the submission of fake documents for project registration in Kalyan Dombivali. ...
For the second consecutive day, Income Tax Department officials carried out raids at 20 locations associated with DN Group, a prominent real estate company based in Odisha, on charges of tax evasion. Although both the company and the IT department have not provided any official statements regarding the ongoing situation, sources revealed that the raids persisted at the director's residence, staff members' residences, and the company's office in IRC Village. Notably, a significant sum of cash, approximately Rs 9 crore, was allegedly seized from the home of an employee residing in Unit-4. ...
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