Loan approvals not to be given if the builder is out of sync with RERA

Loan approvals not to be given if the builder is out of sync with RERA

State Bank of India has given a checklist to loan processing officers to ensure that loan approvals are given only to projects that comply with the Act. The checklist includes points like ensuring the project is registered with RERA, whether the promoter has legal title to the land on which development is proposed, if the project land is free from all encumbrances, layout plans and specifications as approved by appropriate authorities, etc. The State Bank of India has issued a circular to this effect and other banks are expected to follow suit.
                                                                      For more information visit to our website

Comments

Post a Comment

Popular posts from this blog

Leased vs. Purchased vs. Co-Working Office Spaces

Image
All the businesses whether they are growing, small businesses or start-ups may someday come up with the question of leasing versus buying versus co-working office space. As everything has pros and cons, this question has many pros and cons and a small business owner needs to carefully look at the pros and cons of leasing or buying or co-working office space. To make your decision easier, here are few key facts of leasing versus buying office versus co-working space:- The Pros of Buying Office Space 1) Fixed Costs:  Fixing in your commercial long-term debt can give your business clear, fixed costs. You don’t have to give the rent as per the decided terms whatsoever. It will be a onetime investment. 2) Tax Deductions : The costs of owning and running an office space can provide tax reductions in the form of debt interest, property taxes and other items. 3) Additional Source of Income : Renting out extra office space from your office can offer the advantage of another so...
Read more
Image
What about complaints on projects not under RERA? Asked Bombay HC The Bombay High Court on Monday asked the state to explain what regulatory mechanism it proposes to ensure that complaints from buyers in unregistered real estate projects are adjudicated. The high court directed the state to file its reply to a petition that has challenged lack of a policy to deal with conflicts that arise between buyers and builders in cases where developers have not registered their projects under the Real estate Regulation and Development Act of 2016.  FOR MORE VISIT:  www.rerafiling.com
Read more

Consumer Organization entreat CM for appellate tribunal

Image
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
Read more