Tag: mumbai real estate news

Extra 1% surcharge on buying home in Mumbai soon.

Extra 1% surcharge on buying home in Mumbai soon.

MUMBAI: In a move that could further hit the real estate market, BMC has proposed to levy a 1% surcharge on all property transactions and even in cases where a property is gifted.

The civic administration said it will yield additional revenue of Rs 3,000 crore if the surcharge is approved by the state government.

The buyer will have to shell out Rs 1 lakh on an apartment worth Rs 1 crore.This is over and above the 5% stamp duty (Rs 5 lakh on a Rs 1 crore flat) and Rs 30,000 for registration.

BMC has requested the state to amend the Maha rashtra Stamp Act and BMC Act to introduce the surcharge. As of now, the state collects stamp duty and registration charges; it collected Rs 20,000 crore across the state in 2016-17.

Property experts raised concerns about the new surcharge, stating it will dampen sentiments. “The market was already affected badly in the quarter post-demonetization,“ said sources…….Read more

3 Years Jail Sentenced To Mumbai Builder For Delaying In Flats Possession.

3 Years Jail Sentenced To Mumbai Builder For Delaying In Flats Possession.

MUMBAI: Cracking down on builders who do not comply with orders, the state consumer commission recently sentenced a developer to three years’ imprisonment for failing to hand over apartments or pay Rs 38 lakh to two buyers.

The builder, Vijay Kalia, expressed his inability to comply with the court order. “The accused should undergo imprisonment for a maximum period of three years or till the time he complies with the final order,” the Maharashtra State Consumer Commission said. The commission said that Kalia had the remedy to challenge the order before the National Consumer Disputes Redressal Commission even from jail. Kalia is the sole proprietor of Puneet Enterprises. Two complaints were filed against Kalia. While the first complaint was moved by Thane residents Prakash and Neelam Sardar in 2010, the second was submitted by Airoli-based Deorao Hippargekar in 2011……Read More

Home buyer gets higher compensation against delayed projects

Home buyer gets higher compensation against delayed projects

Mumbai: An agreement has been executed for builders which state that either free them of the liability to pay interest or return payment of agreed interest if they delay the project.

Case Study: a home buyer named Dr. Ambuj Choudhary had booked a flat in Omaxe Parkwood in Himachal Pradesh which was constructed by Omaxe builders. Base price was Rs 16,94,550 and possession time was after 18 months. Mr. Choudhary paid 3 lakh as deposit in 2016.

Construction was delayed due to necessary approvals had not been obtained from the authorities. In March 2009, a formal letter was presented for sale of flat. Mr. Choudhary paid full amount with time to time installments through a housing loan from IDBI. But the construction did not begin Mr. Choudhary sent letters and legal notices, but the builder did not respond….Read More

Maharashtra cleared the most awaited pro-Buyer Real Estate Regulatory Act, to be notified in a week.

Maharashtra cleared the most awaited pro-Buyer Real Estate Regulatory Act, to be notified in a week.

Maharashtra: CM Devendra Fadnavis on Tuesday has finalized the rules of the much awaited bill for the home buyers (RERA) with pro-buyers norms and almost on the same line of center’s bill, which will be notified in this week only.

All the rules and changes approved by CM on Tuesday will be notified by the state housing department but it will only be implemented after the center government approves all the 92 provisions of it.

In a statement from government officials they said that “ many acts are not implemented for years due to the delay in submitting rules…..continue read

Maharashtra state will Approve RERA in state this week without any pro-builder norms

Maharashtra state will Approve RERA in state this week without any pro-builder norms

RM | 14 March 2017| Tuesday


14 march 2l estate newsMumbai: the state government is finally ready and will approve the Real Estate Regulatory act (RERA) this week. Earlier a huge protest was shown by the masses against the pro builder norms included in this act by the state government after which the government changed all the norms and ready to approve this act in state by this week.

CM Devendra Fadnavis said the file containing the final rules was sent to him last Friday. “I am likely to approve them in a day or two,” he told TOI on Monday. “Maharashtra’s RERA rules will come into effect from May 1,” confirmed Gautam Chaterjee, a retired bureaucrat now designated by the government as the state’s regulatory real estate authority.

Sources from government told that many suggestions which were submitted by consumer groups like MGP (Mumbai Grahak Panchayat) are included in the revised bill and just waiting for CM’s approval.

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