Tag: delhi ncr real estate news

Survey Concludes, High Property Price, Low Ownership Home and Low Loan Rates.

Survey Concludes, High Property Price, Low Ownership Home and Low Loan Rates.

NEW DELHI: Home ownership among the urban middle class in India seems to be low at present, with high interest rates and property prices, among others, acting as the major deterrents for people in buying homes.

More than half of the people do not wish to buy a house in the next six months, with high interest rates and lack of personal savings and unwillingness to borrow being the most important limiting factor, followed by high property rates and insufficient loan availability, shows a latest survey by India Mortgage Guarantee Corporation (IMGC), in association with Kantar IMRB.

Just 32% of the respondents at present live in self-purchased homes, while almost 38% still live with their parents and the rest 30% live in a rented house, the survey shows……..Read more

illegal Flats Sealed in Gurgaon

illegal Flats Sealed in Gurgaon

dtcp.jpgGurgaon: The department of town and country planning (DTCP) on Thursday sealed 10 flats, meant for the economically weaker section (EWS), in Garden Estate group housing society in Sector 24. The project was taken over by the department more than two decades back and over the years, 11 of the EWS flats were illegally occupied. Now, most of these flats were vacated and sealed. Only the occupant of one flat has been given a day’s time to vacate.

Officials told TOI the flats were vacated and sealed following the direction of the District Consumer Redressal Forum (DCRF) in Gurgaon. “Soon, we will conduct a draw of lots for allotment of these flats to eligible people as per the direction of the forum,” said district town planner (enforcement) Rajendra Sharma.

DTCP had given licence to Gulmohar Estate Pvt Ltd in 1985 for developing Garden Estate group housing society. However, in 1995, the department cancelled the licence of the project, following complaint of irregularities in allotment of EWS flats. “The project was then over taken by the government and senior town planner of Gurgaon was made the administrator of Garden Estate,” said district town planner (planning) Mohan Singh.

Around the time, about 20 people led by Saveena Singhla had approached the National Consumer Disputes Redressal Commission, seeking allotment of EWS flats in the society. “After several years of hearing, the forum in 2015 directed DCRF to ensure allotment of EWS flats to eligible people. The DCRF, in turn, directed the DTCP to carry out the allotment,” assistant town planner RS Batth said…..Read more

 

Stamp Duty likely to be removed in affordable homes purchase

Stamp Duty likely to be removed in affordable homes purchase

RM | March 7, 2017 | Tuesday


Real estate newsNew Delhi: Union Minister for urban development and housing Mr. Venkaiah Naidu said that we have written to the states for exempting affordable houses from stamp duties which is 4% to 8% of the transaction value.

The union minister did ensured that there was no tax escalation for the housing industry, especially for the affordable housing, following the implementation of GST (goods and services tax), while addressing the CREDAI, the Confederation of Real Estate Developers’ Associations of India.

The minister expressed his helplessness vis-a-vis the exclusion of stamp duty from GST, saying, “States have, in their wisdom, not adhered to the inclusion of stamp duty under GST.” “Thus, we need to move forward from this debate,” he said.

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Supreme Court bought down the cost of litigation for middle class home buyers

Supreme Court bought down the cost of litigation for middle class home buyers

realty media newsNew Delhi: Middle class home buyers will now be able to file law suits in court against builders or any other complaints at a very nominal cost as the supreme court of India has bought down the cost of litigation notably.

Buyers will now have to pay a small amount of Rs. 500 as service charge and another Rs.750 at the stage of admission of case to the Supreme Court Middle Income Group Legal Aid Society. The middle class group will be considered to those who have income below 60,000 per month which is around 7.5 lakh per annum.

This scheme has cut the rates to almost 75% to 80% for homebuyers and it is a appreciable step taken by the Apex court

Most of the home buyers was hesitating earlier in file a law suit against the builder due to the over burden of expenses in court cases but now this step of Supreme court will empower the Buyers and they can fight for justice without any second thought.

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Yamuna Expressway Industrial Development Authority cancelled the land allotment of 7 builders over dues

Yamuna Expressway Industrial Development Authority cancelled the land allotment of 7 builders over dues

Yamuna Expressway newsGreater Noida: Yamuna Expressway Industrial Development Authority YEIDA on Friday canceled allotments of 7 builder’s housing land for over dues. The officials said that the process of cancellation of the seven allotments is started.

The list of seven defaulters involve 5 housing builders and 2 institutional groups who owes approx 525 crore dues to the authority.

Arunvir Singh, CEO, YEIDA said that “We have started issuing show-cause notices to the developers as they have not fulfilled their commitments in keeping with the rescheduled payment plan policy offered to them last year”

List of defaulters

  • 3C Homes Pvt Ltd in sector 22A
  • 3C Residency Pvt Ltd in Sector 18
  • HC Infrcity Pvt Ltd in Sector 22D
  • Sukriti Infrcon in Sector 22D
  • Sunwhite Infratech in Sector 18
  • Tyag Buildspace in Sector 17A
  • MMA Grains in Sector 17A

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The Supreme Court Ordered Unitech To Give The List Of Pending Cases Before Fiasco.

The Supreme Court Ordered Unitech To Give The List Of Pending Cases Before Fiasco.

imageThe Apex court on Monday ordered real estate firm UNITECH to propose a list of pending cases against it in various consumer redressal and the amount aggregated in these cases.

Justice Dipak Misra asked to present a list of persons who have got their result in favour of disputes before the consumer fora.

The jury by the bench which includes Justice A M Khanwilkar and M M Shantanagoudar came after Unitech’s layer said they would create and present comprehensive proposal for utilising the amount and the orders of the National Consumer Disputes Redressal Commission (NCDRC).

The jury bench also stated the matter for hearing on March 27.

The Counsel present for home buyers said if the firm has committed to pay, it must take into consideration the amounts awarded by NCDRC and the victimized buyers who are still fighting for their rights in different consumer redressals.

He said, “We do not want the apartments. We want our money back”.

To this, the jury bench observed it was concerned with refund of money to home buyers and “whosoever has come to the court, they must be given back their money”.

Unitech’s lawyer asked for some time to submit a comprehensive proposal on the issue.

Later, on Feb 20, the apex court has imposed a penalty on Unitech Resorts for delaying handing over of flats and ordered the firm to deposit 14% interest on Rs.16.55 crore invested by 39 home buyers with it.

The 39 home buyers, who pushed the court, had booked flats in Unitech’s Vista housing project in Gurugram. They holded their refund of their principal amount, a staggering total of Rs.16.55 crore with interest, after the developer, which had promised to give the possession by 2012, delayed it.

The consumer forum asked the Unitech firm to refund the money with interest to the home buyers.

Source : ET Realty

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Home buyers association can directly file case in NCDRC: Supreme Court

Home buyers association can directly file case in NCDRC: Supreme Court

fbimageNew Delhi: Simplifying the process for home buyers of complaining against the builder, Supreme Court ordered on Tuesday that home buyers can directly approach the national consumer disputes Redressal commission (NCDRC) by forming a registered association, which will remove the multiplicity of cases for state and national consumer forums and save the time and money of homebuyers.

This remarkable decision of the apex court will help in making the judiciary process faster in real estate cases by dismissing the multiplicity of cases against builders and will help the national consumer forum to solve the case much faster.

Many of registered associations of home buyers are already running and fighting against the builders for their rights and this step by the Supreme Courts of India gives more power to them

Amrapali Sapphire Flat Buyers Welfare Association’s complaint on behalf of multiple buyers was challenged by the developer in court, objecting the right of consumer association to file a complaint. The apex court observed that it is the grievances of homebuyers that need to be looked into, informed Sahil Sethi, senior associate at law firm Saikrishna & Associates, who represented the Association.

“The apex court did not entertain our appeals and dismissed the same. We will be continuing the proceedings in NCDRC,” said Rakesh Kumar, advocate representing Amrapali Sapphire Developer.

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