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axhata@gmail.comThe Greater Noida Industrial Development Agency (GNIDA), under whose jurisdiction are the housing projects in Noida Extension where land acquisition cases had stopped work, has spelt out these conditions.
As per the IBC bill, pending applications by home buyers against developers, which have not been admitted will have to meet the new requirements within 30 days of commencement of the Act, failing which the application shall be deemed to be withdrawn.
The plot has development potential of about 18,000 sq ft to 22,000 sq ft depending on the proposed usage, said property brokers operating in South Mumbai.
Mumbai accounted for 6 of the top 10 and 37 of the 100 names being its residents. Delhi and Bengaluru accounted for 19 residents each featured on the list. Almost 75% of the richest Indians from the real estate are based in these three cities.
Buyers of prime residential properties in Mumbai are expected to remain cautious due to deteriorating economic environment impacting market liquidity and an additional 1% stamp duty being levied by the Maharashtra government, Knight Frank said.
Over 22,000 Jaypee Infratech homebuyers had opted for internal voting that started on Wednesday, but it was put on hold after some buyers raised objection on the legality of it. The buyers have also approached the Insolvency and Bankruptcy Board of India regarding the internal voting issue.
On Tuesday, UP government had approved the zero-period policy under which builders will be excused from paying interest on outstanding land dues for the years when litigation stopped construction work.
“We are in touch with Nasscom to showcase Noida better and change the perception of law and order among IT and software companies,” said Geetamber Anand, chairman of Noida-based ATS Group.
A recent survey based on over 50,000 responses received by Local Circles, a community platform, pointed out that cash continues to dominate the real estate market despite the demonetisation of high-value currency notes three years ago.
A growing number of senior living projects are coming up in tier-2 cities on account of availability of affordable land parcels, presence of social amenities, and improving health services standards.
Bangalore dominated the flexible space stock with 7.8 million sq. ft., followed by Delhi-NCR and Mumbai, with 6.7 million sq ft and 4.6 million sq ft, respectively.
“We are clearly seeing the emergence of strong, organized players whose strengths are amplified, rather than diminished, by the newly regulated market environment. Even the most conservative industry estimates indicate a staggering number of developers in the top cities who have been either wiped off the map, or have merged with organized developers after DeMo and RERA.”
While New Delhi and Mumbai have moved up by one and two places, respectively, from 10th and 30th ranks in the previous quarter, Bengaluru has slipped five places to 20th rank in September quarter.
"While housing sales in overall residential market recorded a decline in Q2 FY20, the housing sales value of India's top 9 listed developers remained steady during the quarter," said Anuj Puri, Chairman, Anarock.
The industry body also asked the state government to reduce stamp duty substantially up to September 2020, to exhaust unsold inventory and bring down the same to 1% for affordable homes.
Good connectivity, proximity to offices make this area in Kolkata attractive to buyers. The locality has many renowned schools, hospitals, shopping malls and other recreational places. The nearest railway station is 16 km away.
Environment Pollution (Prevention and Control) Authority, or EPCA, had last Tuesday imposed construction ban till Monday when further decision will be taken depending on the situation. Even if the ban is lifted soon, reorganising labour will be a difficult task and several projects in the NCR will have to push their deadline further, developers said.
In 2016-17, the new launches by these nine listed players in top seven cities comprised 5 per cent share of the overall launches, this share increased to 10 per cent as on 2018-19 and will increase steadily.
Estimates by the finance ministry showed that constructing the entire stock of houses in 1,600 projects, many of which are in standstill state, will require over Rs 50,000 crore and this number could go up. Not all of them will be commercially viable.
A JV or development management agreement puts a large developer in the driver’s seat as the new entrant gains control of the new entity. Additionally, the established developer’s track record and ability to maintain cash flows help bolster project execution and marketing.
The Department of Stamps and Registration is geared up to roll out the new system based on one time password (OTP) across Karnataka in about two weeks.
Real estate regulators from across states have gathered in Lucknow and sources said they would push for amendments in the Real Estate Regulation and Development Act (Rera) to give them more teeth, particularly to execute orders passed by them.
Sales stood at 52,855 units during July-September 2019, down 9.5% from 58,461 units in the year-ago period. "Demand has been definitely impacted in the last quarter with buyers delaying their decisions," Samir Jasuja, founder and MD, PropEquity said.
The collective unsold stock in these cities of UP had declined by 26% - from 1,31,150 units in Q3 2017 to approx. 97,270 units by Q3 2019 end.
Macrotech Developers, earlier known as Lodha Developers, is also looking to increase contributions from so-called affordable housing to about 50 per cent of revenue over the next three to four years from 40 per cent.
Section 14 of the Real Estate (Regulation and Development) Act, 2016, clearly lays down that it is the promoter’s responsibility to rectify any structural defect within a period of five years. Here is a checklist for homebuyers.
Of the 42,000 Amrapali flats sold so far in multiple projects, some 14,000 are currently occupied by homebuyers. Sapphire I flat owners are among the first ones lined up for registration. There are 1033 buyers in Sapphire I.
The court also asked the Centre and the Delhi government to file their response, which they had not despite issuance of notice to them on July 16.
"The message is clear. Strict action is being taken against rogue builders involved in illegal operations."
Some buyers in Amrapali Sapphire, who queued up for the registration process and have submitted documents to verify their ownership, claimed that the wait has dragged on longer than expected.
Of the total vacant housing stock, around 78% or 8.64 million units are in 10 states and Union Territories, showed a Knight Frank India and Khaitan & Co report.
UP RERA has identified 397 projects in the NCR region of several promoters where the compliance of the court orders regarding possession are not being followed.
The plan was discussed in a meeting between officials of the district administration and the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) on Saturday.
While Rera benches have taken several steps against defaulting builders, this is perhaps the first time that such a move has been announced under the new real estate law.
In the fund, Rs 10,000 crore will be contributed by the central government and roughly the same amount will come from outside investors.
The top court also warned that the home buyers' unwillingness to pay the outstanding dues may lead to winding up of the stalled projects due to financial crunch.
This NCR region well-connected to key areas of Noida and Greater Noida through the Expressway and Aqua Metro Line.
The government is also likely to make changes to the definition of affordable housing as sought by developers.
These 23 projects comprised of 7,620 units – about 11 per cent of the total 69,000 units launched in the quarter.
Severity of disasters, which are taking place at shorter intervals, has prompted insurers to consider hiking rates in April 2020, when policies come up for renewal.
The court also warned that officers of Noida and Greater Noida will be sent to jail if there was any delay on their part in handing over possession of flats to buyers.
There are around 1.74 lakh stalled housing units across the top seven cities and their buyers can now stake claims to their dues by initiating insolvency proceedings against the errant developers.
Necessary instructions have already been issued to the designated banks to ensure refund of registration amount to the unsuccessful applicants within a week.
Property builders hope the current rate cut would translate into lower EMIs on housing loans and will aid the sluggish property market.
Home buyers are justified in seeking a refund for a house even if the delayed project is ready, the Supreme Court has ruled.
The Supreme Court, on August 2, 2019, ordered status quo for two weeks, on Jaypee Group’s plea against the NCLAT order, which allowed fresh bidding for debt-laden Jaypee Infratech. A bench of justices AM Khanwilkar and Dinesh Maheshwari ordered the status quo, after the apex court was informed that Parliament had passed the proposed amendments in the Insolvency and Bankruptcy Code. “We have not seen the amendment, let it come and we will see,” the bench said.
While the SC has ordered early addressing of similar problems faced by home buyers of Amrapali and Unitech projects, buyers of Jaypee continue to wait for end to their woes.
Notices are being issued irrespective of age of the building or period of construction with the South Delhi Municipal Corporation casting its net wide.
According to data sourced from RERA-K, around 2,700 complaints are being heard currently and will be resolved at the earliest.
Rera is not applicable in Jammu & Kashmir but the state has notified its own legislation.
The marital status of the daughter is immaterial, and a married daughter has the same rights as an unmarried one.
South Delhi's Saket is a premium micro-market comprising quality residential, high-end retail and commercial offices.
New housing supply fell 47 per cent to 37,852 units in April-June 2019-20 across nine cities due to a liquidity crunch and general elections.
Flats in Wish Town were booked mostly between 2008 and 2009 and should have been ready by 2011-2012. However, the deliveries stopped after the first 5,000 units.
The Bombay High Court, on July 16, 2019, quashed the CRZ clearances granted to the city civic body’s ambitious Rs 14,000-crore Coastal Road project. The court’s ruling means that the Brihanmumbai Municipal Corporation (BMC) cannot continue work on the 29.2-km-long project, proposed to connect Marine Drive area in south Mumbai to suburban Borivali in north Mumbai.
The latest report by a real estate research firm suggests that slack demand, huge inventories and stringent regulations have kept home prices low across major Indian cities.
This developed micromarket is close to key business areas and educational institutions.
The umbrella entity of affected landlords also alleged that the government was applying old tactics of divide and rule.
According to the Union housing and urban affairs minister, 20,125 complaints of home-buyers have been disposed off under the real estate law.
In such cases, many people are left in the lurch if the sole complainant withdraws the case or reaches a settlement with the builder/accused.
Real estate companies have challenged the validity of Section 5(8)(f) of the IBC, 2016 which ensures inclusion of homebuyers as financial creditors.
The apex consumer commission has said builders have to pay compensation and litigation cost to home buyers who seek refund.
The apex consumer commission has said builders have to pay compensation and litigation cost to home buyers who seek refund.
Prime minister Narendra Modi described the Union Budget as citizen-friendly, development friendly and future oriented and one which will empower the poor and provide better future to the youth.
While buying property, investors have high aspirations in terms of returns. Be it residential or commercial, one must consider a long-term horizon for good returns.
Insurers can charge single or regular premiums and issue policies to banks desirous of covering the risk of death on the lives of borrowers.
The locality has a strong road network comprising 132 Feet Ring Road, 120 Feet Ring Road, 100 Feet Road, Netaji Road and Paldi Road.
According to a joint report by JLL-FICCI, co-working market already accounts for 12% of the office leasing market in the first quarter of CY2019 up from 8% in 2018.
Property tax portals of civic bodies are facing multiple glitches. While north and south civic bodies are witnessing technical issues, east corporation’s site had to be shut down.
Property tax portals of civic bodies are facing multiple glitches. While north and south civic bodies are witnessing technical issues, east corporation’s site had to be shut down.
NARDECO has suggested that a 10-year tax holiday be given to real estate developers on profits earned from rental housing.
This week, we look at Prahlad Nagar in Ahmedabad. With numerous properties available under all budgets, here is all that that makes this locality a realty hot spot.
The change has been effected in accordance with the amended rules issued by the Maharashtra Housing Department on June 6, MahaRERA officials said.
Amended RERA rules ensure there is more money available for completion of projects.
The decision will lead to further uncertainty in the resolution process of Jaypee Infratech, the real estate company behind ambitious projects like Wish Town that has fallen into bankruptcy.
A stronger dollar has renewed NRI interest in India's property markets, the report said, adding that the leads and visits on Housing and Makaan.com have improved by 30-40 per cent from last year.
Property prices have appreciated over longer terms, even as short-term growth has been sluggish. The long-term trend in home prices is encouraging for investors.
According to a recent CII-ANAROCK survey, it was found that nearly 55% of the net affordable housing supply came from Delhi-NCR and the Mumbai Metropolitan Region (MMR). Industry experts opine that the major reasons for this rise in supply, are the rising population in these two metros leading to increase in demand and the tax sops for affordable housing. The union budget 2019 has also provided ample opportunities for the home buyers to invest.
Around 7,500 units were in residential segment and rest in commercial. The bulk of the sales were in two township projects in Noida Extension and Yamuna Expressway in Uttar Pradesh.
In a bid to allocate 950 homes across Nashik, the Maharashtra Housing and Area Development Authority (MHADA) will draw the lottery on May 29, 2019. Earlier, the lottery was scheduled to be held in April 2019 but got delayed due to the model code of conduct owing to the Lok Sabha Elections.
Inventory of unsold residential apartments drops thanks to steady prices, cuts in GST.
With the results of the general elections 2019 out, we look at how a second term of ‘Modi Sarkar’ will impact the real estate industry and the expectations of the sector from the government that will rule for the next 5 years.
It is learnt that two names have been recommended for the post of chairperson; one a retired additional chief secretary (ACS) and another serving as ACS.
It is learnt that two names have been recommended for the post of chairperson; one a retired additional chief secretary (ACS) and another serving as ACS.
As a conditional bid cannot be accepted, homebuyers fear the committee of creditors (Coc) may reject the proposal in its meeting.
This locality has affordable homes and is well-connected to key employment hubs of Gurugram, Connaught Place, and Noida through metro and roads.
Two people buying identical flats in the same complex but in different buildings, may end up paying different GST.
The space leased by co-working operators in both Delhi-NCR and Chennai rose to 0.3 million sq ft from 0.1 million sq ft, while in Pune it was flat at 0.2 million sq ft.
Some builders have been levying higher GST on preferential location charges (PLC) and other add-on services.
Cognizant Technology Solutions Corp reported dismal first-quarter earnings as both revenue and profitability missed analysts estimates, prompting the management of the Nasdaq-listed company to cut its full-year revenue growth to 5.1% in constant currency terms from its earlier guidance of 9%.
Scientists have developed a new forecasting system that they say can provide the residents of Delhi and other heavily polluted areas of northern India, critical information for reducing their exposure to potentially unhealthy air.
The Mumbai Metropolitan Region (MMR) has witnessed considerable development over the past decade. It has several areas, which have witnessed a sea-change and have become extremely desirable locations to live in. Called the ‘city of dreams’, Mumbai attracts people from across the country, owing to its infrastructure and career options. However, these factors have also contributed to increasing the population of the city and an upsurge in real estate prices. Many areas in Mumbai have reached a saturation level. This has led to the emergence of new micro-markets.
This week’s realty hot spot is Delhi's Janakpuri locality, which offers a range of properties: 1BHK (580 sq ft), 2BHK (820 sq ft), 3BHK (1310 sq ft) and 4BHK (2350 sq ft). The locality boasts of over 14 schools, 16 hospitals, more than 18 restaurants, 15 plus grocery stores and over 10 petrol pumps.
Homeowners in India are forced to dedicate untold hours to complete the flats they spent years saving up for.
The locality is well-connected to the key job and retail hubs. Other key amenity includes DPS and GD Goenka schools, Dr Baba Saheb Ambedkar Hospital, Malls, etc.
Smart choice of investments, value-added services and a host of online rental disrupters can be a game-changing recipe for India’s rental real estate market and the investors.
Senior citizen Sitalakshmi Nair, a resident of Coimbatore, moved into a rental flat in Mumbai’s Matunga, to live in the same housing complex as her son. However, owing to the high rental in the city and the inability to spend time with her children who travelled frequently, she decided to opt for a quiet residence outside the city.
This year will see increased vigour stemming from policy overhauls, stabilisation of prices and rising demand, according to experts.
Greater Noida's Zeta, Eta, Theta localities are well connected with key job hubs of NSEZ, Surajpur Industrial Area and offices situated along the Noida Expressway.
Top seven property markets of India have a total stock of 5.6 lakh delayed housing units worth Rs 451,750 crore, showed data from ANAROCK Property Consultants.
Interim Budget sops, GST rate cut, reduced home loan rates boost housing.
The agreement entails the buyers pay a higher rate of interest in case of delayed payment with the builders having the option of cancelling allotment in case of a default.
Starting April 1, 2019, developers can choose the new GST rate for under-construction properties, with lower tax, albeit without ITC. We examine the implications that this change is likely to bring, for developers and home buyers alike.
If realtors do not exercise the option, they will be covered under the lower tax rate of 5 per cent and 1 per cent wef April 1 and will not be entitled to avail tax credit on inputs.
This Delhi micro-market offers excellent road and Metro connectivity with all the required amenities.
With students enrolling for higher education in the country growing at a rate of nine per cent annually, we examine the potential of the student housing segment and whether it can emerge as a viable real estate asset class
The GST Council, on March 19, 2019, approved a transition plan for the implementation of the new tax structure for housing units, revenue secretary AB Pandey said. As per the plan, builders will be allowed to choose between the old tax rates and the new ones for under-construction residential projects, to help resolve input tax credit (ITC) issues.
Seven months after the Supreme Court ordered a forensic audit of Amrapali group to track misuse of homebuyers' money, the final report said illegal diversion of over Rs 3,000 crore led to the financial collapse of the group, leaving thousands of investors stranded.
The Brihanmumbai Municipal Corporation (BMC) has asked commercial establishments running from the dilapidated Esplanade Mansion in south Mumbai, to down the shutters for the time being. It is a historical building, recognised by UNESCO as a heritage structure but now considered hazardous. The building, formerly known as Watson Hotel, was built with cast iron fabricated in England and holds the distinction of hosting the first-ever film screening in India in 1896.
The sub-registrar of societies in Vasai division, has served notices to 19 cooperative housing societies, after receiving a complaint that these housing societies were preventing non-Catholics from renting, purchasing flats or becoming members. These cooperative housing societies are a part of the Citizen Housing Complex at Naigaon, in Palghar district of Maharashtra, neighbouring Mumbai.
Lack of clear guidelines and apprehension of possible controversy around transition of unutilised input tax credit as on 31 March 2019, has been a key issue for the sector.
Bandra (West)- Linking Road is sought after for its good schools, hospitals and retail outlets. The social infrastructure is a highlight, as is the availability of premium sea-facing properties.
Peeved over delays in getting possession of flats, a section of home buyers in Noida and Greater Noida have started an initiative, pledging to use the NOTA (none of the above) options, instead of voting for any candidate in the Lok Sabha elections
The SOP would bring relief to homebuyers as around 80% complaints reaching MahaRERA pertain to delay in project completion.
The Mumbai-based firm commenced operations in 2010 as an integrated facility management company, but later ventured into project and construction management as well as real estate advisory and consulting services.
Finding information on the site and navigating it also complex, unlike the portals of other states.
A structural auditor was arrested in connection with last week’s foot overbridge collapse that left six people dead, police said.
South Mumbai offers high-end homes as well as key amenities like schools, hospitals and markets.
The meeting is likely to deliberate only the transition provision and related issues for the implementation of lower GST rates for the real estate sector.
Both the regions contributed 55% share of the overall new budget housing supply between 2014 and 2018.
In a technology-driven lifestyle and rapid urbanisation, builders are largely exploring new construction and interior design options. The construction sector has seen major changes, with an increase in the usage of gypsum-based products.
The Indian real estate sector has witnessed several positive developments over the past few years, with schemes like the Pradhan Mantri Awas Yojana (PMAY), the granting of infrastructure status to affordable housing, 100 per cent tax exemption on the profits for developers building affordable homes, implementation of the Real Estate (Regulation and Development) Act, 2016 (RERA) and the subsidy schemes for first-time buyers of residential properties.
Amendments in 2005 to the Hindu Succession Act, which governs matters of inheritance among Hindus, made women's inheritance rights equal to those of men.
The adjudicating officers themselves have powers to look at only certain sections of the act, while the main powers are bestowed only upon the members.
NBCC has also assured home buyers of completing pending projects within 3 years if its bid gets accepted.
Interest subvention schemes can make buying a home easy for you in the initial stages, but watch out for the pitfalls.
In a first-of-its kind move that will ensure faster monetary transmission, the nation’s largest lender State Bank of India, announced linking of its savings deposits rates and short-term loans to the RBI’s repo rate.
New supply of Grade -A office space in the micro market of North Bengaluru is expected to see 140% rise by 2021 to 5.7 mn sft from 4.7 mn sft now.
Established in July 2017, the authority functioned without a permanent chairman for over 1.5 years. It had had four interim chiefs since its inception.
Indian luxury home markets low on growth with Delhi prices up 1.4%, Mumbai 0.3%.
Reduced GST tax rates will come into effect from 1 April, so wait for a month before you buy realty.
While there will be an increase in demand, the cost will go up for builders due to the withdrawal of input tax credit.
The buyers claimed they have been demanding an EMI holiday for a long time, and it is imperative that such a scheme is extended to the buyers, as they are financially stressed.
This premium and centrally located area in Mumbai is well connected with the rest of the city. It also boasts good social infrastructure.
Affordable homes are defined as ones with sale price of Rs 45 lakh or less and a carpet area of 90 square metres (968 square feet) or less in non-metro cities.
Rising bad debts and real estate project failures have made banks cautious on lending to developers.
The locality boasts of over 20 schools, 16 hospitals, 20 restaurants, 20 banks, 20 grocery stores and 9 petrol pumps.
Real estate developer Peninsula Land Ltd has announced the launch of the second phase of its affordable luxury project, addressOne Central Park, at Pune, offering over 600 apartments of one to three-BHK configurations, priced from Rs 19 lakhs onwards.
“There’s no presidential assent to WB HIRA and therefore is unconstitutional in view of Article 254 (2) of the constitution of India,” said Devashish Bharuka representing the petitioners.
Demanding millennials with disposable income are increasingly turning to professionally managed hostels.
Access to popular malls and employment hubs makes this Malad-Kandivali area in Mumbai attractive to buyers.
Many homebuyers and have been in and out of both the civil and MahaRERA courts, fighting battles for incomplete projects.
The developer was also fined Rs one lakh for not registering an agreement for sale despite accepting more than 20 per cent of flat cost in Kohinoor City, Kurla West.
A separate note to the apex court on behalf of 967 home buyers in the Unitech Burgundy project in Noida said that a majority of them want possession of the apartments.
Midsize apartments in some posh London areas cheaper than similar properties in South Mumbai or Delhi.
It is recommended to go for RERA registered properties only, so you can have recourse to the regulator, should there be a dispute.
To encourage affordable housing, benefits under Section 80-IBA of the Income Tax Act will be extended for a year for housing projects approved till March 31, 2020.
This is not just an interim budget, this is a vehicle for the developmental transformation of the nation: Finance minister, Piyush Goyal.
What can home buyers and developers expect, from the interim budget 2019, which is set to be announced just before the general elections? We get an expert’s opinion on the areas that need to be addressed and whether any action is likely to be taken.
Anarock’s consumer sentiment survey for the second half of 2018 also revealed that nearly 67% of the aspiring homebuyers preferred to buy properties within this budget range.
The new metro rail service, called Aqua line, runs through 21 stations -- 15 of them in Noida and six in Greater Noida -- and covers a distance of 29.7 km.
The trend has gathered steam in Mumbai. It offers several advantages to the society members, but can be quite a tedious task.
Proximity to major schools and colleges is a big draw for this established Mumbai locality.
A bench of Justices Arun Mishra and U U Lalit asked NBCC to complete two projects— Castle and Eden Park— which were chosen by the company.
A bench of Justices Arun Mishra and U U Lalit asked NBCC to complete two projects— Castle and Eden Park— which were chosen by the company.
As per the proposal, NBCC will in the first phase take up three housing projects — Sapphire I and Sapphire II in Noida and Castle in Greater Noida.
Upadhyay, also a member of RERA Central Advisory Council, insisted that any change to this Section would be opposed by the homebuyers’ body at all forums.
A few positive announcements from the affordable housing finance perspective can be expected.
IKEA India will provide ready-to-assemble furniture for around 1,200 apartments in Rustomjee’s project Global City Virar near Mumbai.
This is the third time that circle rates have been revised this fiscal, after revisions in April and October.
Buyers must read this document carefully as the terms and conditions mentioned will help to ensure that your rights are protected and you get what you have paid for.
The regulation, prospective in nature, says all properties measuring more than 5,000 sqft should be part of the guidance value book before the registration process starts.
23 companies, used to divert homebuyer's money, were floated in the name of office boys, peons and drivers.
While 5,500 allottees of the residential plots will be given possession letters by March 31, another 4,500 will be given letters by June 30.
Some consumers said issuing orders without ensuring their execution was inconsequential. MahaRERA led the country in terms of disposal of complaints.
Inventory levels have plummeted to 33 months in at the end of December from 47 months a year ago in Mumbai, Delhi-NCR, Bengaluru, Pune, Hyderabad, Chennai and Kolkata.
The buyers said they would be staging continuous protests every Sunday hereafter till their demand is not met.
The commission ruled in favour of Malad resident Neela More who had booked a 607 square feet flat for Rs 13 lakh in June 2000, but got its possession 22 months later, in April 2002.
Baner in Pune is an established micro-market, enjoying excellent road network, connectivity and social infrastructure.
Higher sales and fall in new supply led to 10 per cent decline in unsold stock at around 6 lakh units as on December 31, 2018.
The following article is an initiative of Amara by Lodha and is intended to create awareness among readers.
Senior officers say that they can issue a default distraint warrant and seize the property of a defaulter. But this is a last resort and a long-drawn process.
Department of town and country planning (DTCP) had launched the scheme on land totalling 1,650 acres in the two cities, targeting three lakh affordable housing units.
This will directly affect around 3,500 buyers who are yet to get their flats in Lotus Panache (Sector 110) and Lotus Boulevard (Sector 100).
While the civic body’s GIS-enabled property tax information system has identified 19 lakh properties in its limits, only 11.5 lakh properties pay the levy.
A government official told ET on condition of anonymity that about 4,00,000 intended beneficiaries may not get a house under the scheme by the deadline of March 31, although the Centre is making all efforts to push states.
The project 'Joyville Gurugram', spread over 18 acre land on Dwarka Expressway, will be developed by a USD 200 million platform established by Shapoorji Pallonji, ADB, IFC and Actis.
If GST is slashed to 5%, denial of ITC will result in increase in the selling price of houses
The year saw sales volume recording marginal growth of 3% at 63,893 units, while total launches rose 74,363 units denoting 220% rise.
The Forum for People’s Collective Efforts (FPCE), a pan-India homebuyers’ association, has objected to realty developers’ proposal to amend the structural defect liability and workmanship clause under the Real Estate Act, 2016.
Launches more than double in Delhi-NCR; Bengaluru and Mumbai record 81% and 22% annual growth, respectively
The home buyers had paid 74% of the cost for one flat, and 94% for the other.
State may have got calculation wrong by jacking up ‘market rates’: officials.
The average rent in MMR jumped to Rs 21,168 last year from Rs 17,912 in 2017 followed by Chennai and Bengaluru with 15% and 14% increase, respectively.
Mira Road in Mumbai is a developing micro-market with a mix of completed as well as under construction residential projects, available under various budget brackets.
Mumbai Grahak Panchayat on Dec 31, 2018 wrote to CM Devendra Fadnavis to bring more than 6,000 redevelopment projects in the three cities under MahaRERA as assured by him.
Following the latest GST council meet, finance minister Arun Jaitely had announced that the proposal to reduce the rate may be taken up in the forthcoming meeting this month.
“The rental policy is unlikely to be formalised any time soon. The main reason is that it is very sensitive,” a senior government official told ET on condition of anonymity.
For under-construction properties, housing prices went up in 39 cities by up to 17 per cent and declined in 8 cities by up to 8 per cent and remained stable in 3 cities.
DDA is also in the process of setting up a call centre having specialised agents, who would ensure that people don’t have to visit its offices for any queries.
The revelation comes when the GST Council is likely to reduce the GST rate levied on under-construction properties to 5% from 12% in its January 2019 meeting.
The large pile of unsold homes resulting from tepid demand conditions gradually led to moderation in price increase.
RERA, which protects the interest of home buyers, empowers states to notify their rules and appoint regulatory authorities.
A total of 15 states/UTs have set up regular Real Estate Regulatory Authority (RERA) while 13 have interim RERA.
The locality is an established residential area comprising good social and retail infrastructure along with sound connectivity.
The official said that construction of almost 62 lakh individual household toilets and 5 lakh community and public toilet seats is already over or nearing completion.
Currently, 12 per cent GST is levied on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale.
This Mumbai location hosts several business centres namely One BKC, Godrej BKC, Parinee Crescenzo, IL&FS Financial Centre, etc.
The residential realty has witnessed a prolonged down-cycle owing to high inventory, muted demand, weak affordability and declining investor interest.
Handing over flats is not just a matter of securing revenues for the state, there are other issues that should be kept in mind too like fire, water, safety etc.
RERA initiate a census of all delayed projects and pass seizure order along with auction of seized assets if it finds that funds have been diverted.
Homebuyers had reason to cheer with the IBC and RERA offering them protection of investments and enabling action against errant developers.
The biggest changes have been proposed in unit area values and use factor. The age factor, occupancy and structure factors have remained unchanged.
The first project is coming up on the outskirts of Bengaluru and will have 2,000 units spread over 22 acres of land in Nelamangala.
DDA vice chairman Tarun Kapoor at a press conference here said several flats are under construction and by the "next six months, about 25,000 flats would be ready".
Noida Expressway enjoys proximity to markets, offices and schools and this makes the NCR locality attractive to all kinds of home buyers.
According to JLL data, Mumbai’s share in total office leasing in co-working sector tripled to 21% during January – September 2018 compared to 7% in the corresponding period of last year.
It said that the issue of compensation was already decided by civil court of Pune.
Sections of developers and home buyers are disappointed that the authority is acting more like another urban civic body rather than learning from KERC.
Homebuyers in Amrapali projects want the Supreme Court to direct probe against the realty giant for diverting their money through dubious transactions.
The report was prepared under proceedings of Insolvency and Bankruptcy Code initiated against the company by the creditor bank after the company failed to pay it back.
NBCC, which had earlier told the apex court that it was ready to undertake the projects of the embattled realtor, placed a proposal before the court for completing the projects in phases.
Despite assurance by Unitech Ltd, Noida resident was not given possession of a flat he booked in Unitech Horizon even after a lapse of over 7 years.
A ban has been imposed on construction in several states & union territories over on waste management norms.
The construction of this project, which is located close to Cyber City that commands high rental, is in advanced stage and the company has already pre-leased about 60 per cent of the area.
Panvel enjoys high property supply, demand is growing due to construction of Navi Mumbai Airport and proximity to railway station and national highways.
Developers registering projects with the Maharashtra Real Estate Regulatory Authority are mandated to declare the delivery date of projects.