Tag: gurgaon real estate news

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

 

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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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“Fight for RERA” a group of home buyers fighting to save the RERA act from getting dissolved

“Fight for RERA” a group of home buyers fighting to save the RERA act from getting dissolved

Fight for RERA is a group of home buyers which is fighting for saving the RERA act from getting diluted and demanding a separate parliamentary committee on subordinate legislation of both the houses so that states will not be able to weaken the federal Act & cross check that all the rules are framed as per the RERA Act.home-buyers-fight-lobby

On May 1, 2016 when govt. of India introduced this act, asked all the states to submit final rules within six months but only Gujarat, U.P and Madhya Pradesh have submitted their rules and other states are still working over it.

Fight for RERA said that all these states have diluted the main bill and changed rules in favour of builders and sought COSL’s intervention to put a stop to this.

National Convener, “Fight For RERA” Abhay Upadhyay said that “Thus it became utmost necessary to refer the matter to supreme parliamentary body which acts as a watchdog for implementation of parliamentary legislation in letter and spirit,”

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Home buyers protest for delayed flats against Universal Aura in Gurugram.

Home buyers protest for delayed flats against Universal Aura in Gurugram.

Home buyers of universal buildwell’s aura project on Tuesday protested against the builder for delay in giving possession of flats. The project was launched in 2010 with approx 600 units in 11 towers and builder promised to deliver the flats till 2014 but failed to do so.

Around 50 people gathered at the DTCP office in sector 14 Gurugram with lots of banners and shouting slogans against the universal buildwell private limited, protestors claimed that they have already paid around 80% of payment to the builder but they didn’t get possession till yet.

The Universal Aura project was launched in 2010. Spread over 11 acres, it is likely to have 596 units across 11 towers, each costing between Rs 53 lakh and Rs 1 crore.  The developer had promised to complete it by 2014. But till date, only 50% of the work has been completed.

home-buyers-proactive-protest-on-project-delays_rakesh

Buyers alleged work at the site had stopped around two years ago, and the developer had stopped responding to queries.  With no progress at the site, we’re unsure when we’ll get possession,” said Dhiraj Kumar, a homebuyer

Buyer’s association general secretary Naveen Arora said: “Licence for the project expired in June 2015, and was not renewed, which is a must to restart construction.”

Pooja Sharma, legal head of Universal Buildwell, refuted the allegations, holding the buyers responsible for the delay instead. “Buyers formed an association to put unnecessary pressure on the developer, and even filed a complaint with the national consumer forum, which caused delay,” she said. “We’re ready to pay the delay penalty (at Rs 15/sq ft per month) at the time of handing over possession.”

Source : ET Realty

True North Raised Its Stakes By Rs. 600 Crore For Being Home First Finance Company

True North Raised Its Stakes By Rs. 600 Crore For Being Home First Finance Company

Finance company

NEW DELHI: Homegrown private equity firm True North, formerly Indi-an Value Fund, has entered into a binding agreement to acquire a majority stake in Home First Finance Company (HFFC) for about $100 million (Rs 600 crore), valuing the mortgage firm at $150-175 million, said a person involved in the transaction.

HFFC, promoted by former Mphasis chairman Jaithirth (Jerry) Rao and PS Jayakumar, former Citibank Consumer banking head, is primarily en-gaged in funding affordable housing. Set up in 2010, the company aims to serve the mortgage needs of low and middle income customers purchasing first homes. The company has disbursed home loans worth more than Rs 1,000 crore to over 10,000 families in 30 cities.

The proposed transaction involves a secondary sale by existing shareholders and fresh issue, said the person cited above. HFFC raised capital from Bessemer Venture Partners and Tata Capital Growth Fund in earlier rounds, giving them a 45-50% holding. Rao and Jayakumar together have about 40% and the rest is with management under the leadership of CEO Manoj Viswanathan.

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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