New Delhi: The Supreme Court on Wednesday stayed an order of the National Company Law Tribunal (NCLT) that allowed the government to take control of troubled builder Unitech Ltd by suspending its board. “NCLT should not have passed the order. We direct the stay of the order dated 8 December,” said Chief Justice Dipak Misra. The … Continue reading “Supreme Court stays NCLT order allowing government to take control of Unitech”

Karnataka Real Estate Regulatory Authority (RERA) has crooked 20 housing projects of developers. The list of developers whose housing projects have not been approved is released on Karnataka RERA website. According to Section 5(1) (b) of the Real Estate Regulation and Development Authority Act, 2016, these firms are barred from taking up real estate projects … Continue reading “20 housing projects in Karnataka crooked, builders hustle”

Bombay High Court on Thursday ruled out that all incomplete and ongoing projects to come under the Real Estate Regulatory Act (RERA). Some States such as Haryana, Uttar Pradesh had kept ongoing projects out of RERA ambit. Housing and Urban Affairs Minister Hardeep Singh Puri said there is no scope to loosen the regulation for … Continue reading “All incomplete and ongoing projects to come under RERA”

As per a recent order by Bombay High Court upholding constitutional validity of the Real Estate Regulation and Development Act (RERA) with ongoing projects included, has come as a blow for the Haryana government. The government has kept the majority of ongoing projects out of RERA ambit. Union Minister for Housing and Urban Affairs stated yesterday that state … Continue reading “Bombay HC orders on RERA clobbered Haryana Government”

Recently, Bombay High Court reviewed the project completion rules under Maharashtra Real Estate Regulation and Development Act (MahaRERA). A remark has been passed while dissolving builder’s plea against the constitutional validity of RERA that MahaRERA Rules need to be changed. The remark was made with reference to Section 6(a) of the Maharashtra Rules 2017 that … Continue reading “Bombay HC dismissed the plea of builders against constitutional validity of RERA”

Though Indian real estate sector is facing ups and downs with the implementation of government’s initiative the Real Estate Regulation and Development Act (RERA), is restoring the faith of real estate investors. The RERA Act, which was introduced to bring transparency and create investments in the real estate sector. It will take another 6 months … Continue reading “Faith of investors is getting restored in the Indian real estate sector”

Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced that landowners, investors having an area or revenue share in real estate project to be treated as a promoter. The authority has also released a circular in regards to the same. The circular stated, till now a promoter was the person who constructs or converts a building … Continue reading “MahaRERA outspreads the definition of promoter in RERA”

The possession of flats booked by homebuyers can’t be delayed. The apex consumer commission has said as it asked a private builder to refund the amount paid by its customers. The National Consumer Disputes Redressal Commission (NCDRC) pointed that possession was not given to homebuyers even after 5 years and asked New Delhi-based Adel Landmarks Limited … Continue reading ““Possession can’t be delayed again and again for homebuyers” NCDRC”

Bombay High Court is upholding the constitutional validity of the Real Estate Regulation and Development Act (RERA) intimating that “ongoing projects” too would come under RERA ambit, the issue has been settled once and for all by Minister of Housing and Urban Affairs on Thursday. State governments will now have no scope to loosen the … Continue reading “Ongoing projects too would come under RERA ambit”

To build up the startup growth in India, Internet and Mobile Association of India (IAMAI) industry along with tax consultants has recommended lowering the taxes for angel investors. The idea behind this introduction is to curb generation and use of unaccounted money. IAMAI recommends that the one could limit the scope of taxation, exclude investments … Continue reading “Taxes for angel investors to be lowered to buildup startup growth”

Section 46 of the Real Estate Regulation and Development Act (RERA) which deals with the engagement of members of RERA Tribunal has been knocked down by Mumbai Court. The Court alleged that the tribunal members could not be involved in just providing legal services, they must also have years of experience in judicial. The decision … Continue reading “Tribunal should accommodate judicial members only”

State authorities that diluted the definition of ongoing projects in the real estate sector under the Real Estate Regulation and Development Act (RERA) will have to rectify the RERA Rules as per High Court ruling. According to the law notified by the Centre any project that has not got completion certificate by May 1, 2017, … Continue reading “States need to rectify RERA Rules following HC which diluted RERA”

Micro, Small and Medium Enterprise (MSME) Expo 2017 second edition, beginning here from December 15, will act as a common platform to connect Government, PSU, MNCs and International Business communities with Indian Micro and Sal and Medium Enterprises and is expected to generate Rs 50 crore business. The expo is being jointly organized by the … Continue reading “MSME expo in December is plausible to generate Rs. 50 cr Business”

Haryana government has set up a panel to head the Real Estate Regulation and Development Act (RERA) in Gurugram and Panchkula. Soon the panel will be in function properly. Town and Country Planning Department in Haryana Government vides its notification dated 25/11/2017 stating that Additional chief secretary (education) KK Khandelwal will head the Haryana RERA … Continue reading “RERA panel appointed to head RERA in Gurugram & Panchkula”

On Tuesday, incentives to boost exports gained consciousness of worth Rs 8,450 crore and employment in labour-intensive sectors in the mid-term review of the 5-year foreign trade policy (FTP) that was rolled out in 2015. Incentives have been rolled out under the Merchandise Export from India Scheme (MEIS) and have been raised from 2% to … Continue reading “Incentives to boost exports gain consciousness”