Rera Filing

Good news for buyers has been spread as a wildfire in realty sector. Central government of India has constituted an advisory body for Real Estate Regulatory Authority, which is “Central Advisory Council (CAC)”. The main purpose for setting up this body is providing proper protection to customers (homebuyers) with the right implementation of RERA across the country. This body will have the “Minister of State for Housing and Urban Affairs as the Chairperson with other 30 members in total. A gazette notification mentioned that 8 members, who will be the part of council body, are from central government departments like; CEO of Niti Aayog, Secretaries of Ministry of Housing and Urban Affairs, Department of Revenue, Economic Affairs, Department of Industrial Policy and Promotion and Ministry of corporate Affairs. It will also consist of different Chairpersons of different states RERA like; Karnataka, Madhya Pradesh, Assam, Gujarat, Maharashtra. This council truly believes in pres

The Lok Sabha, on December 20, 2017, has passed a bill to amend the regulations governing compensation payable for acquisition of immovable property  by the centre, for defense and security purposes. The need, 12 th  amendment of the bill, was raised by the urban development minister Hardeep Singh Puri. This bill has the specific and limited purpose, which is to allow the centre to re-issue the notice of acquisition, in order to ensure that the property’s owner gets an opportunity to be heard. But this doesn’t mean that any old case is going to re-open in which the compensation is already being made. This bill will also help those out who are waiting for justice in forcible land acquisition case.  For More Visit:  www.rerafiling.com

The Interim Chairman of RERA, Mr. Kapil Mohan said, the RERA Karnataka going to soon notify the model sale deed. He said, these days all the developers has their own sale deed. But now, the RERA Karnataka will prepare the draft of sale deed for all real estate projects. Mr. Mohan also said, usually sale deed are by the developers in which they never mentioned their carpet area of the flat but in the model sale deed it will be compulsory for all the developers to disclose their flat’s carpet area, along with mentioning all the penalties and interests on the homebuyers and developers. This model sale deed will make the stand of builder and buyers on the equal ground.   For More Visit : www.rerafiling.com

The MahaRERA has made the landowner equally liable as the builder. The Authority has declared in his order issued on 4 th  December 2017 that the landowners equally liable are to getting the share of profit from the sold or advertised apartments or projects. The landowner is will be liable as a developer if they have taken the areas of a project and not cost.  In the order of 4 th  December, the Authority of MahaRERA said, “the ‘Promoter’ is a landowner, investor or a person who obtained the permission to construct the building.”  According to the records, nearly 4346 projects have already registered as ‘Co-promoter (landowner/ investor)’ but now after the issuing of this order they will know as ‘Promoter’ and their liabilities and   duties will be as equal as the main promoter. For More Visit:  http://www.rerafiling.com

The Akhil Bhartiya Grahak Panchayat, a consumer organization has urging the CM, Devendra Fadnavis in written to form an appellate tribunal for handling the RERA cases. The Organization has stated, the buyers and builders have to take their cases in High Court. Mr.Vijay Sagar, the president of the Organization said, the absence of appellate tribunal causing inconvenience to buyers. For admitting the case they have to pay higher charges and also have to face a delay in the hearing. “The citizen has to approach HC for appealing their case, they have to struggle for their rights,” he said. It has been seven months after implementing the RERA, but yet there is no establishment of the appellate tribunal for the citizens. It would be helpful to citizens to as soon implement the appellate tribunal for address the RERA cases, stated in a letter. For More Visit:  www.rerafiling.com

“2017” - Most crucial year for Indian Real Estate   We are ready to welcome 2018 with great zeal and enthusiasm so is the Realty Sector. If we look back, we will find several acts as well as several factors that have drawn an enormous impact on this sector, which must be scrutinized before entering in New Year. Revolutionary acts or bills (like GST, RERA) in 2016, whether they are positive or negative, jolted the country in some way.  If we start from GST (Goods and Services Tax), who doesn’t know about it! GST is levied on all areas, which come under the government of India; however, it was very influential in Real Estate too. Though GST is one tax which includes all direct or indirect taxes, every state needs to pay two GST tax such as CGST (central) and SGST (State). A perusal of Entry 5 of Schedule III of the CGST Act excludes “sale of land” from the ambit of GST as LAND is a matter of state. Union Government should not contradict the valuation of land because Land is a sta

RERA will now be governed under the Ministry of Urban Affairs The Real Estate (Regulation and Development) Act, 2016 has already been the talk of the real estate industry ever since its implementation in past May. The Act has so far managed to successfully make its presence felt throughout the nation. The Real estate developers all across the nation have criticized the Act, whereas few developers from different states have also pledged complete support to the Parliamentary Act. Consumers of the real estate industry on the other hand welcomed the RERA Act with open arms as this has been the only regulation Act introduced in the sector ever. However, in some of the states consumers also protested against the dilution of the Act by the state government. In the recent news about the Real Estate Act, the Urban Affairs Ministry will now be overlooking the implementation of the RERA Act which makes it mandatory for the states to form a Real Estate Regulatory Authority to conduct op

Home loan industry suffers biggest drop in growth since 2013 The real estate sector of the country has been through a number of ups and downs starting from the demonetization phase in the year end of 2016. The realty sector has already struggled to keep its customers satisfied in the past due to a huge number of frauds that are committed in the Indian real estate, let it be by the real estate developers or even the average brokers. The one measure that was started to turn it all was the implementation the Real Estate (Regulation and Development) Act, 2016. However, due to its poor implementation by the state governments in the early stages, the Act so far seems to be unable to reach to its full potential to make any good of the Indian real estate. Only a number of states have observed positive effect of the RERA Act where the Regulatory Authorities have been strict enough. In recent events relating to the realty sector, a report from the Centre for Monitoring Indian Economy