Tag: gurugram real estate updates

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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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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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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Gurgaon Builders Building Affordable Homes, but with reduced apartment size

Gurgaon Builders Building Affordable Homes, but with reduced apartment size

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Demand of affordable homes in real estate market is on the peak as maximum number of home buyers are from middle class and prefer to buy affordable homes above luxurious apartments. The market was already facing a slowdown in sales which has become even worst after the Demonetization move by the government of India.

So to increase more sales and attracts potential buyers, Gurgaon builders are now planning to focus on affordable homes and for cost cutting they have decided to reduce the size of apartment.

Smaller sized flats are attracting buyers due to their affordability factor and as the family size is also getting smaller now people do wish to have an affordable and smaller house.

Earlier this month as the union budget 2017 get announced, the finance minister proposed in the budget that Govt. will grant infrastructure status to affordable home which will let builders to borrow funds at a lower cost.

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