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The GST Council has slashed down the tax rates for under-construction flats to 5 per cent and affordable homes to 1 per cent with the main aim of augmenting the demand in the real estate sector. The amendment will come into effect from April 1. At present, the goods and services tax (GST) is levied at 12 per cent with input tax credit (ITC) on payments made for under-construction property or ready-to-move-in flats where completion certificate is not issued at the time of sale and for affordable housing units, the existing tax rate is 8 per cent. ...
More than 1000 real estate projects in Karnataka have not been registered up till now despite frequent notices being sent to the builders by the authority. The promoters/developers have turned a blind eye to all the notices by RERA. ...
A group of home-buyers filed a petition in Supreme Court Of India challenging the constitutional validity of West Bengal Housing & Industrial Regulation Act 2017 (HIRA). SC has asked the state to file its reply within a fortnight. By bringing in its own Real Estate act- HIRA, West Bengal is the only state that has not implemented the Real Estate Regulation Act (RERA). ...
51 builders in Bihar have received show-case notices by Bihar Real Estate Regulatory Authority (RERA)for advertising, promoting and selling their ongoing projects without registering them with the authority. The notices have been issued under Section 3 of the Real Estate (Regulation & Development) Act 2016 for violating the provisions. The authority has also decided to levy Rs. 10 lakh of penalty along with the project registration fee. ...
After an exorbitant delay, K Gnanadesikan has been appointed as the chairperson of Tamil Nadu Real Estate Regulartory Authority(TNRERA). Gnanadesikan will oversee all the affairs after taking over S Krishnan, secretary of the housing and urban development department, who was also serving as the interim chairperson of the regulatory body. ...
After almost 01 year and 10 months of RERA enactment, RERA Rajasthan has not started hearing cases from the buyers. A senior official at RERA said, “Since May, no case was heard at RERA. Rajasthan government had earlier appointed additional chief secretary (ACS) of urban development and housing (UDH) department as the head the RERA. But as per the act, it is mandatory that after one-year complaints can only be heard after constituting full-fledged authority and appellate tribunal,” he said. However, in absence of appellate tribunal, there is still a long way for consumers and no sigh of relief. ...
In an order dated 31 January 2019, The TSRERA has yet again extended the deadline for accepting an application for ongoing project registration till 15 February 2019 with a penalty of Rs 2,0,000.As per the Telangana state Real estate (Regulation and development act ) 2017 the projects which are approved on or after 01-01-2017 by the competent authorities till 31 August 2018 are required to register with TSRERA as an ongoing project. As per Section 3(1), it is mandatory for real estate projects to register with RERA before sale or marketing of the project. ...
In a recent complaint against Pacifica Aurum Villas project promoted by Sylvanus Builders and Developers Ltd in Pudupakkam on Vandalur-Kelambakkam Road, TN RERA directed DTCP to conduct further investigation and it was concluded that project was incomplete and seven villas were not developed. Moreover, construction for the 120 EWS units was yet to resume, contradicting the certificate issued by the structural engineer,” a TNRERA official said. The structural engineer for the project had certified that the project, with 378 villas and 120 units in the Economically Weaker Sections (EWS) block, had been completed as per the approved plan. TNRERA demands stringent action against the engineer. ...
According to RERA chairman Amarjit Singh, a total of 4691 projects have been approved since RERA implementation in Gujarat. These projects make up 85% of total projects that have applied.“In India, 34,000 projects have been approved by various state RERA authorities and Gujarat contributes a large number to this list of approved projects. In the last few months we have streamlined the approval process and typically we are able to give the developer the go-ahead within 30 days,” said Singh. ...
Several property developers have allegedly cheated homebuyers right under the nose of the (RERA) Karnataka, taking advantage of the system lacks a provision to verify claims on completion of projects. As per the rule, developers have to specify the date of completion when they register the project with RERA and need to update its status on the authority’s portal on or before the declared date. According to 191 claimed projects, only 40% of the work has done. ...
UP-Rera ordered a forensic audit of Concept Horizon Infra Pvt Ltd, a builder who has failed to deliver a mixed-use project, Orizzonte, located in Knowledge Park 3.The Builder responses explaining why it failed to pay assured returns to the buyers.UP-RERA asked Currie & Brown, to conduct an audit on where the investments of the buyers went as the builder seems to be in no position to complete the project. ...
Maharashtra government registered 20 complaints with the Goa Tribunal two months back, the Goa government has requested the Maharashtra Real Estate Regulatory Authority (MahaRERA) to hear cases on behalf of GoaRERA. Maharera has received 19,202 applications for new registration of projects, while 651 cases are registered with the appellate tribunal. Of these, 184 cases are being heard and orders have been issued in 177 cases. Maharera considers Goa’s request. But the Maharashtra government has to take the final decision. ...
The Real Estate Market in Karnataka is seeing a revival hard knock to ban high-value currency notes followed by GST And RERA. The Department of stamps and registration recorded nearly a 20% increase in revenue 2017-18.6,000 cr. Rupees collected and 10 lakh properties registered till December. The Market Has Moved out of the shadow of these Three ERA. After RERA the home buyers renewed optimism is steadily growing. ...
In a circular dated 15 Dec 2018, Telangana State RERA slaps the builders with Penalty of Rs 1,00,000. The penalty will be applicable for registration of ongoing projects, for which permission was taken from the competent authorities (civic body/municipality/UDAs etc) between January 1, 2017, and August 31, 2018, but were not registered by December 15, 2018. The date has been extended till 31st December 2018 for builders with a penalty of Rs 1,00,000. ...
In a circular dated 29.11.2018 RERA Telangana has decided to levy a penalty of Rs 50,000 for registration of ongoing project.TSRERA has decided to keep the process of registration of ongoing projects open till 07 December 2018 for which permission has been taken between 01-01-2017 to 31-08-2018 from the competent authorities.It also stated that it would not be appropriate to reject applications after the last date of November 30, TS RERA said after the application is filed by a promoter from December 1 to 7, RERA would communicate the same through a notice or email asking them to pay the online penalty for registration. ...
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