RERA is coming into action nationwide from May 1, 2017. That emphasizes that every state should from their Regulatory Authority by that time. The Regulatory Authority will take another 3 months to enclose the rules and regulations.
Meanwhile builders of under-construction projects and projects that are at advanced completion stage are active in arranging Occupancy Certificate (OC) from the local civic bodies. Hypothetical reason would be they want to avoid their on-going projects to be monitored under RERA purview.
“RERA won’t give heed to those projects that have their OC as on the date of notification.’’- said Mahesh Somani, The MD of Somani Realtors PVT. LTD. Kolkata.
“The key objective of RERA is to monitor property possession within due time. RERA will be the overseer of the duration of project completion, so that it can safeguard consumers’ interest and do complete justice to the homebuyers. Once these projects get their OC the risk to the consumers dips intensely. Thus, projects at the finishing stage are able to obtain the OC best advised to work on it.’’- added Mr. Mahesh.
Let’s focus on the hurry
Projects that have not received their OC will attract RERA rules. Developers won’t require any registration for the projects which get their OC before May 1. In case, project failed to obtain the OC during this period and by the buffer time of 3 months within RERA implementation will have to be registered under RERA without any condition.
For, builders anyhow need to complete their ongoing projects and get the OC to be free from the registration clause. On the other hand, this under construction properties will fall under GST purview and buyers have to give the additional service tax of 15% while investing in these properties. Thus, homebuyers are best advised to wait for May 1.
More about OC
OC is a certificate issued by the proficient local authority permitting living inside the buildings which includes water, sanitation and electricity too. According to RERA, once the promoter gets the OC it has to be made offered to the allottees independently or to the society of allottees, as the case may be.
It’s completely a developer’s duty to fulfill all requirements of the housing society with both the internal and external developments such as- roads, water supply, sewage and drainage systems, electricity supply transformer, substation, solid waste management and dumping or any other work which may have to be executed in the in the periphery of, or outside; internal works-footpaths, water supply, sewers, drains, parks, tree planting, street lighting, provision for community buildings or other exertion in a project for its gain, as per approved plans. Buyers will ensure they will get all the above facilities before signing agreements with the promoters.
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Month: April 2017
Stamp Duty, Registration Charges Will Be Set Aside For Startups Buying Commercial Place in Maharashtra
Maharashtra state government has announced that there will be no stamp duty or registration fee for standard incubators or startups who want to purchase/rent commercial spaces within in the state. The government will charge 50% on stamp duty and registration on their second investment. This stipulation is a part of draft policy now in the public sphere.
To success this initiative of boosting up the startups and the growing entrepreneurs Maharashtra state government has planned a range of funding, fiscal allowance and infrastructural backing in the draft of its modernization and Start up policy which has been brought online for feedback and objection up to May 8.
The recently introduced self-certification process under various acts is bumping off the requirement of seeking approvals from the local authorities. This policy stews over at least six incubators with support staff and high-speed internet service all over the state. Some of them contributed or the specific sectors, based on the fiscal activities of various regions, e.g. – in a cotton-breeding belt in Vidarbha, it is to be expected that the state will support innovation and enterprise in similar areas such as textiles.
To empower smooth-operative business a single window system is projected for authorizations and licenses; timeframe for clearances are required to be overturned to 12 days. For all that, the most important component is the endeavor to set up a connection with the campus. This scheme introduces to vest students to utilize their start-up plans as project studies or to seek adorn marks or to counterbalance their effort on a start-up against compulsory attendance in college.
Start-ups require monetary and human resources to come in the frame. This policy is all about encouraging start-ups as well as educational growth of state. In effort to revamp the education system, colleges like ISME have been granted a relaxation of 20% attendance of students and grace of marks by 5%. This initiative aims at motivating students to start early when they are in college. Already, there are over 17 startups and 40+ students working in Fablab riidl (Research Innovation Design Laboratory) which is supported by Somaiya Vidyavihar and Department of Science and Technology, Government of India.
Before Maharashtra, Telangana and Gujarat have already released their respective innovation and start-up policies supported by adequate fund allocation. Yet the policy of Maharashtra holds uniqueness in balancing funding, skill development and setting up of incubation centers in 12 selected sectors which are essentially employers like Manufacturing & Production, Chemical, Real Estate, Textiles and IT.
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Parliamentary Panel Resumes RERA Dilution By Different States
On Wednesday, April 26 The Committee on Subordinate Legislation (COSL) of Lok Sabha had a meeting with the officials from the Ministry of Housing and Urban Poverty Alleviation regarding the dilution of Real Estate (Regulation and Development) Act (RERA) rules by various states. The focal point of this meeting was buyer’s rights, supported the strict implementation of RERA.
This over one hour continued meeting had discussion on the progress of RERA execution, scheduled on May 1, 2017, where COSL expressed the concern to the ministry officials over the dilution of RERA norms by the various states.
Before more than 10 days, COSL issued a letter to the ministry with a 32-point query; including queries related the standing of the implementation of RERA, establishment of regulatory authority and appellate tribunal by state governments, and dilution of rules by various states. COSL has raised further queries that are expected to be answered by HUPA within next few days. Feedback will be monitored by an individual committee and COSL will make its recommendation after that. COSL had also written separate letters to the Prime Minister, Union Minister of Housing, Union Minister of Urban Development and Poverty Alleviation and also to the chief ministers of UP, Haryana and Gujarat to highlight such dilution of rules.,
After the act was notified on May 1, 2016, all states were asked to submit their notified final rules within 6 months, which unfortunately didn’t materialize. By far, Maharashtra, Uttar Pradesh, Madhya Pradesh, Rajasthan, Gujarat and Odisha have notified their rules and HUPA had notified final rules for the 5 UTs by OCT 31.
A pan-India homebuyers’ organization ‘Fight for RERA’ had sought after the intrusion of COSL of both the upper and lower Houses to make certain that the final rules are framed and implemented by states within the ambit of RERA. RERA implementation is now the prime need of the country, which would finally proffer justice to the suffering homebuyers.
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Government Sanctions 1 lakh Urban Homes Under PMAY
Central government has permitted the construction of 100,537 more affordable homes under ‘Pradhan Mantri Awas Yojana’ (Urban) with a total investment of Rs. 4,200 crore.
Out of which, Madhya Pradesh got 57,131 homes approved, followed by Tamil Nadu with 24,576, Manipur with 6,231, Chattisgarh with 4,898, Gujarat with 4,261, Assam with 2,389, Kerala with 643, Jharkhand with 331 and Daman & Diu with 77 homes, according to the latest statement of HUPA.
As of now, including these government sanctioned construction of total 1,875,389 homes for the reasonably unsteady sections under PMAY(Urban) in 2,151 cities and towns in 34 states and union territories (UTs), with a total venture of Rs 1,00,466 crore.
Approximately, 1,065,058 low-budget houses were sanctioned under the beneficiary directed construction element of PMAY (Urban), in which recipients get a union government assistance of Rs 1.50 lakh each to start new construction or development of on-hand properties.
The central government initiated its flagship ‘Housing for All by 2022′ mission on June 25, 2015 and is focusing on 15 states and union territories (UTs) to complete the Housing for All objective by 2019.
587,115 homes have been got authorization under affordable housing in total, in partnership under which state governments give land/financial backing for housing projects for which central assistance of Rs 1.50 lakh each is prearranged for each beneficiary.
The states under focus are Kerala, Himachal Pradesh, Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura, along with the UTs of Andaman & Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman & Diu, Puducherry and J & K.
The central government asked other states to submit proposals by 2018, so that the entire project gets completed within 2022. The government had also directed states and UTs to carry out brand new requirement inspection for affordable housing, and the course of action is close to finish.
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Notices Issued contingent Upon Rs. 200-Crore Benami Property
With the outset of Benami Property Law on Nov last year government issued notices in 140 cases as of now involving properties value of Rs. 200 crore. The Benami Transaction (Prohibition) Act was introduced in 1988 on the rule book for more than 28 years now. Due to some inbuilt shortcomings the law couldn’t made equipped.
Since the law came in to force many of such transactions have been determined from various corners of the country. Show cause notices for these interim attachments of benami properties have been issued in 140 cases involving properties worth and about Rs. 200 crore. Out of these attachments has already been effected in 124 cases of benami properties attached include bank deposits and other immovable assets.
To provide an of use regulation for prevention of benami transactions, the said Act was amended through Benami Transaction (Prohibition) Amended Act, 2016. This is another remarkable move of government to eliminate corruption, black money, soft shell currencies and terror funding.
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