The crunch in the real estate sector has intensified, as the Income Tax Department is all set to an excise tax on unsold apartments, which have been vacant for more than 1 year. Developers may have to pay a tax equivalent to 30% of the rental value, assuming that the apartment or apartments in question … Continue reading “Tax against unsold Inventories may initiate Realtors to Protest”

Flat buyers in Mumbai are now moving to High Court in the absence Real Estate Regulation and Development Act (RERA) tribunals to defend the orders of Maharashtra RERA (MahaRERA). From the commencement of RERA Act i.e. 01/05/2016, it was made mandatory for all States to establish an appellate tribunal within a year to simplify and … Continue reading “Flat buyers moving to High Court in truancy of RERA Tribunals”

Builders in Punjab are marketing their projects without getting them registered under the Real Estate Regulation and Development Act (RERA) or mentioning the RERA registration number through various advertisement mediums such as hoardings, social media, SMS, news advertisement etc. As per section 3 (1) of the RERA Act, no promoter can sell or advertise their … Continue reading “Builders in Punjab shutting their eyes to the RERA Act”

Tamil Nadu has seen the registration of 223 housing projects under Real Estate Regulation and Development Act (RERA) until November 22, 2017. Tamil Nadu notified the RERA Rules on June 22 this year and sooner its authority came into force as Tamil Nadu RERA Authority (TNRERA). As per TNRERA Rules, new housing projects with a … Continue reading “Tamil Nadu sees Registration of 223 Housing Projects”

Maharashtra Real Estate Regulatory Authority (MahaRERA) laid off a complaint of a home buyer seeking refund of his money after he cancelled the booking on his own. The homebuyer booked a flat in Thane (W), Mumbai and later on cancelled the booking on his own. The buyer is now claiming for a refund. The respondent … Continue reading “If homebuyer cancels the Booking, Developer will not be liable for Refund”

Since Real Estate Regulation and development Act (RERA) came into force i.e. 01/05/2017, it was made mandatory for real estate builders and agents to register under the said act. Though in the beginning the registration process was sleepy headed, but now RERA Registration has picked up around 1,100 real estate projects and agents in Gujarat. … Continue reading “1,100 real estate projects and agents registered in RERA”

Recently, as per a property report number of unsold housing units lapsed to 6.85 Lakh across 7 cities. The national capital region (Delhi-NCR) has the maximum number of untaken units at 2 lakh, although the number has declined by 12,000 units from the September quarter of 2016. Greater Noida has maximum share of unsold inventory, … Continue reading “Number of unsold housing units lapsed to 6.85 Lakh across 7 cities”

Mumbai: Bombay high court on Thursday directed Runwal Homes to deposit Rs 1.74 crore if it wanted a refund order passed by Maharashtra Real Estate Regulatory Authority (MahaRERA) against it stayed. A division bench of Justices Shantanu Kemkar and Girish Kulkarni gave the developer two weeks to deposit the amount in the court registry. “On (Runwal Homes) depositing the amount of Rs … Continue reading “Builder told to deposit 1.7cr for order passed by MahaRERA to be stayed”

MANGALURU, NOVEMBER 10:   Real estate sector has expressed concern over the penal provisions in the Karnataka Real Estate Regulatory Authority (RERA) Act in case of project delays, even for reasons beyond builders’ control. Addressing a workshop organised by Karnataka Real Estate Regulatory Authority, DB Mehta, president of the Mangaluru chapter of Credai (Confederation of Real … Continue reading “Karnataka real estate industry concerned at RERA penal provision for delays”

The push for under-construction projects comes at a time when most real estate firms are focusing on ready properties after implementation of RERA in May   Mumbai: As home buyers switch preference to ready-to-move homes to escape tax on under-construction properties, builders have started rolling out discounts and promotions to lure them back. Buying properties under … Continue reading “Realty firms roll out discounts to woo buyers for under-construction projects”

The interim Haryana Real Estate Regulatory Authority (H-RERA) has slapped notices on 140 residential projects across the state for “not applying” for registration under the Act. Sources said that most of the registrations applied are either “incomplete” or were in “wrong format”. All these projects are currently under construction and haven’t received any occupation certificate. Accordingly officials aforesaid that … Continue reading “Haryana RERA issues notices to 140 Builders”

As per recent statistics the real estate sector is fenced in a big jam. Over 6 Lac houses are running behind the delivery schedule in the National Capital Region (NCR), with almost a third or nearly two lakh lagging by more than two years. The data has been compiled by a real estate rating and … Continue reading “Government Statistics about complaints in RERA”

Mr. Mukul Singhal, chairman of RERA in Uttar Pradesh, who is also the principle secretary of Housing and urban planning in UP said that the authority has received 900 complaints of which 600 are related to GB Nagar. While pacifying the consumers singhal said redress of complaints has started from November 13 and each complaint … Continue reading “UPRERA Step against Builders Register 900 Complaints, 600 of them on GB Nagar”

Real Estate Regulation Rules (RERA) framed under REDA Act was enacted by government that came force into effect from May 1, 2017. The State Government, vide its order dated February 17, 2017, as designated the Additional Chief Secretary, Urban Development and Housing Department as the Real State Regulatory  Authority until the establishment of a Real … Continue reading “RERA Now in Rajasthan”

First legal step for non-registration in RERA Act 2016 has been taken in Maharashtra. Sai Estate Consultant of Maharashtra has been issued with the show-cause notice for violating the provisions of Real Estate (Regulation and Development) Act 2016 and the state rules formed under the Act. As per RERA Act 2016, no property broker or … Continue reading “MAHA-RERA FIRST HAVOC STEP, Issued notice to broker.”