Tag: real estate news 2017

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

Pankaj Singh MLA Noida assured home buyers for providing solution soon.

Pankaj Singh MLA Noida assured home buyers for providing solution soon.

Noida: On Wednesday in a meeting with (Nefowa) Noida Extension flat owners welfare Association MLA Pankaj Singh assured the home buyers that he will personally look into this matter and visit all under construction buildings of Noida and Greater Noida to check the current situations of the projects.

Before the UP election 2017 home buyers had started a “No House No Vote” campaign but it was withdrawn after they got assurance from BJP national leader that they will implement real estate regulatory act (RERA) soon in the state.

Home buyers also requested the MLA Pankaj Singh to fix a meeting directly with CM Yogi Aditya Nath so that they can personally explain him about this issue.

Officials from Pankal Singh’s office said “ we will provide our full support and cooperation to the home buyers and also look into the matter of implementation of RERA in Uttar Pradesh…….read continue

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

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

 

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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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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