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The National Institute of Urban Affairs (NIUA) has been given the task to prepare the framework of the Master Plan of Delhi’s development by the Delhi Development Authority (DDA). The NIUA needs to submit the complete structure within the set deadline of 48 months. The structure will be implemented in the Master Plan that has been assigned to carry Delhi’s development till 2041. This is set to help the future projects of different sectors in the realty industry. ...
According to the surveys of property in the States, Indians are yet again among the top buyers of residential property. Indians have invested over $7.7 billion in the 12-month period which ended with March this year and rank 5 th among the others. Chinese citizens have emerged to be the top investors in the residential property in the US with a total investment of more than $31 billion. ...
Buyers of property in Punjab are awaiting the implementation of the 3 per cent cut in stamp duty charges, against the current 6 per cent cut, which was announced by the Punjab state government in the budget last month. This has resulted in a pause on the property market and is also set to influence the revenues of the state. ...
Rajiv Ranjan Mishra, joint secretary of the Ministry of Housing and Urban Poverty Alleviation informed that only 21 states and UTs have put notice about the RERA registration so far. He also pointed the importance of registering with the RERA Act, speaking at a recent event. Out of the total 29 states in the country, only two have appointed permanent regulators for the same. ...
The deadline for the submission of property tax was set as 14 th July, following which the Municipal Corporation of Gurugram has decided to sell the properties of the tax defaulters through a public auction. The MCG officials also sent out notices to these defaulters informing them about the step so taken. In the first lot , only 20 properties would be put on auction out of the total 519 sealed. ...
MahaRera, on Monday issued a notice announcing the allowance of change in project documents by builders from September 2017. This is set to serve a certain degree of relief to the builders as the previous set of regulations did not allow the builders to do so. A fee of Rs 5,000 will also be charged for each change. ...
Prime Minister Narendra Modi on Wednesday, July 12 held a video conference with the dignitaries of different states regarding the 2015 launched ‘ Housing For All ‘ initiative which had been the highlight of his 2014 campaign. States have been called to develop respective plans to meet the targets by the aforesaid 2022 deadline. ‘ Housing For All ‘ termed as the Pradhan Mantri Awas Yojana ( Urban ) eyes to provide housing to the urban poor. ...
The Real Estate Regulation Act ( RERA ) has already been an issue of concern over the last few months in the real estate industry. It seems as if there isn’t going to be any relief for the real estate developers anytime soon. This comes amid the RERA rules, that holds the developers responsible for any structural faults or decrement in quality or any other obligations as per the agreement relating to such project. ...
Buyers of the Noida Extension Flat Owners Welfare Association ( NEFOWA ) met the BJP MLA Pankaj Singh at his Noida office regarding the registration following the RERA Act. Pankaj Singh in return assured the Association members of providing the complete information of the matter in a few days ahead. Notably, the official UP RERA website is set to start functioning by the end of July. ...
CM Yogi Adityanath is set to give builders a tough time over the failure in meeting aforesaid commitments. Addressing at the CREDAI conclave, the minister emphasized on the importance of building trust among the buyers and the challenge the real estate developers face in meeting the buyer’s expectations. CM Yogi also focused on the undone projects in Noida which affects roughly 1.25 lac buyers. ...
With just a handful number of days left in the deadline of the registration process of RERA, Karnataka government has finally made the RERA portal functional. This would prove to be a big relief to the builders in the state as there had been no assigned body to submit for the RERA registration in the past. The president of the Bengaluru CREDAI said that they are aware of the deadline and will work to complete the process within the time assigned. ...
The amendment bill of the Architects Act, which was first presented in 2010 was withdrawn from the Rajya Sabha on Monday, only to add more alterations. The Amendment bill is set to strengthen the Council of Architecture and is going to play a huge role in improving the educational standards of Architecture industry in the country. The bill also eyes to maintain the register of Architects. ...
National Real Estate Development Council ( NAREDCO ) and Confederation of Real Estate Developer’s Association of India ( CREDAI ) have decided not to head to the court concerning RERA Act and also asked the respective members to start with the registration process within the predetermined time limit. The NAREDCO president also stated, “ The RERA Act will boost the confidence of the buyers in the real estate industry. “ ...
MAHARERA chairman Gautam Chatterjee make it very clear that builders and developers will not be getting any extension for RERA Registration in Maharashtra. Last day for Registration is 31 July 2017 only.Builders have been given 90 days time to register their ongoing projects with RERA without any extension of the deadline.Builders are liable to pay penalty in case they don’t get registered with RERA by 31 July 2017. Only 3400 brokers and 300 projects have been registered in Maharashtra so far with MAHARERA. Chatterjee said he expects about 20,000 ongoing projects to be registered by the end of July. Any ongoing project that is being marketed needs to be registered with the authority or else it would be taken as the violation of section 3 of MahaRERA rules. Maharashtra was one of the first states to implement RERA on 01 May 2017.RERA in Maharashtra will facilitate trust among the buyers and sellers of real estate,” said Gautam Chatterjee. ...
After a long wait of 2 months, Karnataka has finally given a green signal to RERA. RERA aims to bring transparency and accountability in real estate sector. The state cabinet has passed the RERA rules after certain modifications. Karnataka law minister T.B. Jayachandra said that the delays were on account of prolonged discussions and confusion. He said that the state cabinet has decided that projects that are 60% complete or have executed 60% of the sale deed will be exempted from rules formulated by the state. Jayachandra said that the rules will also direct all builders to treat guidance value as the base price while estimating the project cost. After notification of rules, the government will form a Real Estate Regulatory for accepting application for registration of brokers and promoters. The final gazette will be released with 2-3 days. ...
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