In a notable decision furthering the interests of home buyers, the Karnataka Real Estate Regulatory Authority (K-RERA) has ruled in favor of a residential society in Nagawara, instructing them to assume ownership and control of a high-end project that the builder left unfinished for the past seven years.
Pune: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed property developers to set up project-specific grievance redressal cells to address homebuyers' complaints, following a feedback from allottees.
In a recent move aimed at streamlining property tax valuation for new properties in Ahmedabad, the Ahmedabad Municipal Corporation (AMC) has taken a decisive step. The corporation issued a clear directive to the tax department, outlining a specific timeline for completing tax valuation.
The MahaRERA (Maharashtra Real Estate Regulatory Authority) has introduced a new requirement for realty developers to establish dedicated grievance redressal cells to address homebuyers' concerns. This move comes as a response to the prevalent issue of post-purchase problems faced by buyers, who often lack a streamlined mechanism for resolving project-related issues.
Constructing homes in Noida has undergone a notable shift in cost dynamics. The Noida Authority recently greenlit a proposal to augment the processing fee for building layout approval and completion certificates by a substantial 100 per cent. This resolution was reached during the 210th session of the Noida Authority's board, conducted on a Sunday.
The Delhi Real Estate Regulatory Authority (DRERA) has taken a significant step towards improving transparency and accountability in the real estate sector by instructing real estate promoters and builders in the national capital to establish an 'Allottee Grievance Cell' for each project. This move aims to address concerns and issues raised by allottees effectively. Let's delve into the details of this directive and its potential impact.
According to the data available from the state’s Office of Registrations and Stamps (IGR), Mumbai city witnessed registration of 10,319 units in the month of June 2023. The registration has helped the state exchequer collect over Rs 850 crore in June 2023 through stamp duty charges, pushing the half yearly collection to over Rs 5,600 crore. This is the highest-ever revenue collected by the state government through property-related stamp duty in the first half of any year. In June 2022, the registration had touched 9,919 deals with stamp duty collection of Rs 729 crore.
The Municipal Corporation of Delhi (MCD) has introduced a user-friendly mobile application known as the 'MCD App', empowering property owners to personally geotag their properties. This groundbreaking initiative, launched under the guidance of MCD Commissioner Gyanesh Bharti, aims to revolutionise the property tax system by fostering transparency and responsiveness. By leveraging the capabilities of the 'MCD App', taxpayers can now conveniently provide location-wise identification of their individual properties, thereby facilitating a more efficient and effective service delivery system implemented by the MCD.
The real estate sector plays a crucial role in the economic growth of a country, and its regulation under the Goods and Services Tax (GST) framework has brought about significant changes and challenges. In this article, we will delve into the key issues faced by the real estate sector under GST, backed by examples and relevant case laws
The department of co-operation and the ministry of marketing and textiles of the government of Maharashtra has issued a Government Resolution on Wednesday i.e., 31st May 2023 (‘GR’). The said GR has been issued in order to provide deemed conveyance within a period of one month to societies that wish to go under self-redevelopment. This GR has come within a short period of Dy CM Devendra Fadnavis (who is also the housing minister of the state), making the announcement. The said GR has been issued as a direction to all the competent authorities, including CIDCO and MCGM. It provides that after the co-operative housing society has passed the resolution in its general body meeting for self-redevelopment and submitting a proposal for deemed conveyance before the competent authority, it will be binding on the competent authority to take a decision within a period of one month from the date of submission of such proposal. Thereafter, the competent authority will be bound to issue deemed conveyance to self-development projects within 30 days.
Minister of Housing and Urban Affairs and Petroleum and Natural Gas Hardeep Singh Puri on Monday said that Real Estate being the second largest employer in the country, with the multiplier effect will create innumerable opportunities in Jammu and Kashmir
Thursday (September 30) was earlier the last date for this rebate on the penalty amount for buyers of the built-up scheme, the authority said. The GNIDA said because of the non-registry, the stamp department of the state is also losing out on revenue
These plots are believed to have been part of previous land allotment schemes but remained unallotted and were not included in subsequent schemes either, the Greater Noida Industrial Development Authority (GNIDA) said
The stamp duty cut for documents which complete registration between 9th July 2021 to 30th October 2021. Coupled with a 10% reduction in circle rates, the fence sitters are now getting back to the market to seal the deals
The economics of redevelopment projects, a type of an urban real estate renewal method where realty players takeover old buildings and rebuild them, has gone awry in the last few years following implementation of GST in 2017, say industry trackers
NEW DELHI: Flagging how Uttar Pradesh, Maharashtra and Karnataka Reras recently gave suo motu six-nine months extension of deadline for real estate projects, a member of the central advisory council (CAC) for Rera has urged the Union housing ministry to direct states to withdraw such extensions given “in the garb of ” second wave of Covid-19.
It is the second time a resident advisory council is being formed in the city, after the two-year tenure of the previous council members ended this year. Besides RWA members, the council will also include officials from GMDA, MCG, district administration, HSVP, gram panchayat, and representatives from industries, labour, industry, civil society, and real estate associations.
In the wake of the collapse of a two-story building in Nand Nagri, which killed one person, the East Delhi Municipal Corporation (EDMC) decided on Saturday to conduct a survey of weak buildings in areas under its jurisdiction
Despite looking for a monumental leap at the beginning of the year, lockdown 2.0 has once again stalled growth in Indian real estate. During the lockdown, there were virtually no sales, despite some attempts to sell digitally
Mumbai will continue to remain the economic nerve centre of India despite the near-term disruption. The outlook remains bright, supported by proactive government policies, business dynamism and the general resilience of the city’s residents
These projects included phase-2 of the Sabarmati Riverfront development from Dafnala till Indira Bridge on the eastern side of the city, a government release said. While the entire project of developing 11 km stretch under phase-2 is estimated to be of Rs 850 crore, Rupani on Friday launched the phase-2 by performing the ground-breaking for various works worth Rs 95 crore for the initial stretch between Dafnala and Sadar Bazaar
Time flies, it has been three years since the full implementation of Real Estate (Regulation and Development) Act, 2016 and it has been instrumental in regulating the supply of residential inventory. RERA implementation was a significant regulatory step to address the trust deficit in consumers’ minds and instil confidence in wary end-users. The developers were coming to terms with a changed market environment where the big boys of real estate, due to their credibility amongst buyers, eyed a larger market share and entered into joint developments or development management contracts with smaller developers
During a discussion on the budget, Rajesh Gahlot said increasing tax on properties cannot be the only solution to enhance revenue. “There are other ways to increase revenue, so instead of hiking property tax we have decided to bring more people under the tax net of the SDMC."
Khattar said, “As per the figures presented in the meeting, GMDA is facing a loss of around Rs 300 crore. We are looking at alternative revenue generation measures so that the authority can take up more development projects.”
“The cumbersome process of auction and allotment of plots and tenements is proposed to be simplified and made more transparent by migrating the entire process onto a well-developed software,” GHB chairman Subhash Shirodkar said.
On July 21, the government notified Bangalore Development Authority (allotment of the unauthorised site with buildings) Rules, 2020, reiterating its decision to regularise illegal constructions on BDA properties.
A flat purchaser for one of the construction projects by Bhagtani builders has approached the Bombay High Court seeking an Enforcement Directorate investigation into the case against them, terming the Mumbai Economic Offences Wing’s investigation as inadequate.
UP-Rera member Balvinder Kumar said a complainant is given two options on the regulatory body’s website — a buyer can either file a case through a conciliator, which is free of cost, or make a direct appeal to get the case heard in the Rera court.