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Investment Information & Credit Rating Agency stated that India has the world’s second-largest cement industry; however, the Builder’s Association of India (BAI) wanted the formation of a regulatory authority to control unfair practices of this industry and to tame monopoly which has been created by it. BAI also demanded that some reduction should be done in 18% of GST which is levied on the construction sector only. BAI believes that this regulatory will surely bring the transparency and smooth growth. ...
Officials and builders, from the town and country planning department, said that real estate sales graph has shown severe slow down as homebuyers and developers are not very clear about RERA implementation. Therefore Developers of Goa want implementation lucidity of RERA rules, predominantly related to compliance. Furthermore, the president of CREDAI-Goa, Jaganath Desh Prabhu Dessai stated that once registration website is live, they should get 90 days to register. ...
Builders of the Hyderabad state are soliciting for the intercession of government to control the exponential rise in inputs’ prices. The General Secretary of CREDAI (Confederation of Real Estate Developers Association of India), P Rama Krishna Rao stated, in a curtain raiser event of a property show in Hyderabad, that price of cement has increased rapidly only in about 8 to 10 weeks and this would consider a paradigm shift in the affordability of housing and infrastructure projects taken up by the Telangana government. ...
Builders’ Association of India (BAI) is going to organize the three-day national convention, which will start from January 19, 2018, to help the builders who are in great turmoil because of “lack of clarity” on certain taxes and acts. The theme of this convention is “Building India.” It will address the problems of Builders who are on the verge of bankruptcy due to factors like, lack of clarity on GST. Convention Chairman Bhishma R Radhakrishnan shared that Real Estate Sector is the only sector which is paying a wide range of taxes such as, GST, Sales tax, Municipal Taxes and so on. ...
Homebuyers of a Bhagtani project registered a complaint in MahaRERA against the Promoter of Bhagtani’s Serenity project in upscale powai. But all efforts were in vain and they came back empty-handed as the Adjudicating officer and Member, MahaRERA, Bhalchandra Kapadnis dismissed the plea of 15 home buyers in the absence of a registered agreement for sale. The Apex Authority stated that issuance of allotment letter is the most necessary and initial stage of agreement of sale. Without the agreement of sale, the Section 18 can’t be invoked. In Section 18 it is clearly mentioned that a promoter is liable to pay interest or compensation if he fails to complete or is unable to give possession of an apartment in accordance with the term of the agreement for sale. ...
In an unprecedented pronouncement, MahaRERA stipulated that this authority can nullify arbitration applications and issue orders to complaints filed by a co-purchaser. In this matter, MahaRERA shed some light on the above-mentioned statement and said that this Authority has the jurisdiction over the arbitration applications as RERA Act was ratified after the Arbitration and Conciliation Act of 1996. Furthermore, MahaRERA stated that if any flat is booked in the name of two people (suppose two people are Husband and Wife) and one of them is party, then a complaint which is filed by one of them is “maintainable in law.” ...
Approximately, 400 Real Estate projects, out of 600 applications received, have got registered under HRERA. Instead of that, more than 250 builders are still escaping the legal process of registration of their incomplete projects. On the other hand, HRERA has taken 665 agents under its ambit out of more than 700 applications. This authority is delaying in taking action against these defaulting developers and agents as two requisite members are yet to be appointed however the Chairman of HRERA has got appointed already. ...
Developers of 780 building projects are jolted by RERA Karnataka as a highlighted warning in bold red is put on RERA Karnataka website which is “rera.karnataka.gov.in”. This step was taken by the authority after sending several notices to above-mentioned developers which were ignored by them. One top official gave the statement that RERA is not proclaiming anyone guilty in this case because there might be some genuine reasons behind non-registration of several projects; still, if the penalty of 10% of the building project cost is not paid, guilty developers should be ready for three-year-imprisonment. ...
The complainant Deepak Tejwani had booked a flat in the Siddhi project by the developer Anil Chabria at Shahad Kalyan. Mr. Tejwani claimed in the complaint that Mr. Anil Chabria had not even executed the agreement for sale but also failed to inform Tejwani about the status of construction. After filing a complaint in Consumer Disputes Redressal Commission (Maharashtra State), Mr. Tejwani approached MahaRERA. However, the bench of B.D. Kapadni and adjudicating officer dismissed this complaint and said’ “I find that the complainant cannot do a forum shopping”. ...
The Housing and Urban Affairs ministry declared that approx 20,000 projects of Realty sector have been registered under RERA and Maharashtra is the sole state which has registered more than half of them. Uttar Pradesh, with Gautam Budh Nagar, has registered 2,000 projects in which Noida is accounting for more than 1,000. Meanwhile, Andhra Pradesh, Karnataka and Gujarat have registered the ginormous number of Real Estate projects. There are certain exemptions to the projects which have been given to states like Maharashtra, Haryana and Andhra Pradesh. Realty projects, in Karnataka, which are 60% complete have been kept out of RERA. ...
Establishment of a tribunal, to hear the appeal against the rulings of MahaRERA (Maharashtra Real Estate Regulatory Authority), has been done by the Maharashtra government on New Year’s Eve. Now Maharashtra Revenue Tribunal, which is located in Mumbai, will bear this responsibility and functioning of this act will be under the Maharashtra Land Revenue code, 1966. Until the establishment of Maharashtra Real Estate Appellate Tribunal under section 43 of the said Act, these two tribunals will be the Appellate Tribunal to hear the appeals under the said Act. ...
In two different cases, which were adjudicated by MahaRERA adjudicating officers Bhalchandra Kapadnis and Vijay Satbir Singh, an ex-parte order was being passed as developers failed to turn up for hearings. In the prior case, the verdict was in flat buyer’s favor as officer directed the developer to refund total amount (total sum + stamp duty + registration charges) with 10.05 % interest as per SBI’s Marginal Cost of Lending Rate (MCLR) from the respective date of payment. In the latter case, the complaint was dismissed as developer offered to pay interest to flat owners from the deadline till actual delivery of flats and promised that possession would be given within extended stipulated time. ...
Karnataka government decided to frame new rules for TDR in March, 2017 after withdrawing its old policy. Until now, in TDR, compensation amount of surrendered land was fixed according to zone-wise classification. Guidance value for agriculture land is fixed at Rs 440 per sqft; on the other hand, non-agriculture land is fixed at Rs 4,000 per sqft. In spite of that; there is obscurity in fixing the land value and type. Landowners are trying so hard to get Development Right Certificate (DRC), but haven’t got any success; even they have surrendered a portion of their property to the BBMP (Bruhat Bangaluru Mahanagara Palike) 5 to 6 years ago. ...
Prime Minister Narendra Modi was in Noida, for the inauguration of Magenta Line, while the homebuyers staged a silent protest outside three different locations which were sector 18 metro station Noida, botanical garden metro station and Amity University, Sector 125, Noida. Homebuyers were protesting against builders for delaying the delivery of flats in Noida, Greater Noida, and Yamuna Expressway areas. Approx 1,000 buyers are still waiting for the delivery of their units in projects like Unitech, Amrapali, Supertech and Jaypee Wish Town Noida. ...
Karnataka Real Estate Regulatory Authority has set off alarm bells among CHS Cooperative Housing Societies (Urban and Rural)in the state as 10,000 co-operative societies, out of approx 50,000, have to be registered under Karnataka RERA. Now, they are liable to comply with RERA norms as their process of developing layout is incomplete. Only one society is registered under RERA till now, nevertheless this whole process will bring transparency and escalate the price. 18% GST will be levied on amount paid by the new owner of flat to the society on exchange of ownership. ...
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