Month: May 2017

BMC have spotted out many infirm constructions in Hoshanagabad road, Arera Colony and Motia Talab area and decided to demolish them before the monsoon arrives. Aloke Verma, the mayor of BMC has revealed that there 163 locations of the city where there are unsafe buildings which could be possible threat to the citizen. Many of these constructions are illegal and violate the existing real estate rules. According to the mayor many of these constructions along drains and water bodies can lead ruthless flood like Uttarakhand, happened before a couple of years. Uttarakhand witnessed one of the worst disastrous landslide and flood incidents in 2013. In Bhopal too there was an incident like this (not so massive) where seven people had died and in 2016 and over 20,000 were displaced.

“You get to see most of the unsafe properties in north Kolkata, central and some of the southern areas of the extended city. KMC has already in process of demolition of the Property in north Kolkata and the civic body also has promised to compensate the existing inhabitants of such buildings with safe residence and healthy inhabitance, said Mr. Mahesh Somani, RERA expert of West Bengal.

Sudden clearance of these constructions might cause an opposite effect in the mass. Thus, BMC has requested the district collector to inspect these sites and take apt action. This declaration of the BMC mayor published on a weekly open forum for grievance redressal. Bhopal Municipal Corporation (BMC) records say that 9 buildings out of 213 around the water body have the needed building permissions. It is projected that of the 11.99 acre land of the Talab, more or less 7 acre is under violation comprise 159 houses, 14 hospitals, 20 shops and hotels. There was an instance of hospital lane along Motia Talab, located near Taj-ul-Masajid, the area has wrangling development, miffed with litigation. This construction causes public health risk. Immediate action should be taken against this as the waterfront can’t hold the construction for long.

BMC’s decision likely to affect many odd private hospitals, pathology labs and nursing homes operating in front of Taj-ul-Masajid. A three storey building in E-11 Arera Colony is built over drain and sanctioned by housing board. BMC is likely do up their sewage and drainage system before the monsoon. Mayor has appointed an independent agency for testing the water as of ponds and lakes to find out the reasons behind death of thousand fishes in the water body.  The civic body of Bhopal also indicated if anyhow natural lives of animals have been disturbed by the human intervenes then suitable action will be initiated. On the contrary BMC has proposed an Entertainment Park and jetty in the Upper lakeside which is supposed to be the biggest man-made lake in India and protected under the UN Ramsar convention. This lake is the source of drinking water of half of the citizen of the state capital. Green activist Subash Pandey has alleged that this project of BMC is likely to impact the water body and contaminate the drinking water as well.

 

-LNN (Liyans News Network)

From August 1, all the builders are ordered to mention their RERA registration number on project advertisements.  According to a clause of the Real Estate Regulation and Development Act, Maharashtra, it’s mandatory for developers to provide correct information about their ongoing projects from May 1, so that the consumers can check every detail of the offering project and related amenities too. It also suggests that builders will have to update their ongoing project status in every 3 months on the RERA official website to keep consumers informed about the development progress.

Developers and realtors have given additional 3 months’ stretch from May 1 to complete their ongoing and new projects’ registration online. After August 1, it’s compulsory for the builders to showcase their RERA registration numbers on project advertisements. Starting from May 1, only 900 projects have been registered under state RERA authority, whereas about 30000 projects are yet to register immediately.

Projects don’t need any registration where promoters have completion certificate for either renovation or re-development purpose before May 1. But development of a new phase requires separate registration certificate under RERA authority. For registration number, promoters need to upload all the required documents online. After the layout gets sanctioned by the local civic body (Municipal Corporation), then builders can register buildings one after another. All the submitted disclosures by the builders and realtors will be available on state RERA website. An independent regulator will monitor every document being submitted. Any fake submission will be legally accountable.

“Real estate is a finance-driving industry of Kolkata. RERA has to be strict enough to protect buyers’ rights and to maintain transparency in realty sector. Builders should be aware of the legal consequence of any delusive document submission. Violation of RERA may set them behind the bars. People are advised to wait till July 31 for complete implementation of RERA, in order to buy property in Kolkata in a secured route,” said Mr. Mahesh Somani, RERA expert of West Bengal chapter.

Maharashtra State RERA authority assured that any complaint after the mentioned period should be approached to the grievance cell and will the resolved within 7days assured. One case at a time can go to one court only. All kinds of authorization for new proposals would be given by the local government under Right to Services Act. Any consumer can complain on the state RERA official website. Deceitful acts will be punished and honest will get a go ahead.

 

–LNN (Liyans News Network)

The union cabinet has given its nod for the amendment in Section 2 and Section 3 of the Public Premises (Eviction of Unauthorized Occupants) Act, 1971 (PPE Act, 1971), by inserting definition of ‘residential accommodation occupation’ in a new clause in section 2 of the Act and inserting provisions relating to eviction from ‘residential accommodation occupation’ in a new sub-section 3B below sub-section 3A of Section 3 of the Act.

The cabinet presided by PM Modi has finally given approval for the amendment of this act as it will enable the Estate officer to apply synopsis proceedings for ejecting unauthorized occupants from housing estates allotted for a fixed tenure or for a limited time period he/she holds office on the basis of an order of allotment on license basis, as non-vacation of such residences leads to unavailability of houses to new occupant.

Henceforth, the Estate Officer can make such inquest as he presumes advisable in the facts of the case and don’t have to proceed from the lengthy procedure of the sections 4, 5 and 7 of the Act. Estate officer even can make an order for the eviction of such occupants, following the procedure straightaway as proposed in the revised addition. In case that person abstains or unable to uphold his order of dispossession, Estate officer holds the power to evict them directly from the premises and take away the possession forcefully (if necessary).

This amendment will make this entire process of uprooting unauthorized occupancy more swift. Through this course of action the union government can expel unauthorized inhabitants from government housing estates across the country smoothly. Currently, government officials and staffs are in queue to have designated residential apartments as government is dealing with unavailability of residential units due to a bulk of unethical incumbency. With this revised law, government can easily increase the vacation volume of government housing estates and benefit the people standing in the line for possession. Employees and staffs of the Central Government offices will be entitled for the General Pool Residential Accommodation (GPRA).

LNN(Liyans News Network)- Visit our  online property portal in Kolkata for Buying/Selling/Renting real estate items across the country.

CREDAI has appealed the state governments to abrogate stamp duty on landed property to dispose of multi-point taxation after the GST approach. In an official statement CREDAI affirms that GST will be a major player in Indian economy as it assimilates central and state tax paying into an absolute tax system for the entire country. CREDAI urges state government to downplay the double taxation of realty by treating land nil rated GST regime.

GST benefits both the state and industry as it waives multiple taxation at the state and centre level and the related other indirect surges. Real estate sector come under 12% slab of GST, which was only a chip of the tax burden, whereas for all other sectors GST is being considered as their indirect tax liability. Real estate sector is at odds as state government levied stamp duty on immovable properties will be operating even after GST implementation.

Stamp duty adds on 5-8 per cent excess taxability on the total valuation of the immovable property. The duty is to be paid on each transaction and is levied by the state governments on circle rates or guideline values of possessions which are at random determined and far in overindulgence of the value at which transactions turns up. Except abatement for land is permissible, cost to the end purchaser would mount. The National Real Estate Development Council (NAREDCO) revealed that 12% GST on construction process meant for relieving the buyers, which would encourage the sale volume in the coming days.

Welcoming the GST roll out West Bengal RERA expert Mr. Mahesh Somani said, “GST takes in more than 16 major taxes and brings together under a single bind. It will levy a simplified tax policy to the consumers. Indian realty is the contributor of 5% GDP revenue of the country and is considered the second-largest employment title-holder.”

“Residential property sale in Kolkata will definitely gain from the GST implementation as market report says that prices of luxury properties are likely to drop by up to 5% in this FY. Yes, the sector is expecting more sale volume this year than the previous one,” added Mr. Somani.

Under Pradhan Mantri Awas Yojana (urban) scheme, 1.49 lac affordable houses have been delivered in FY 2016-17. Updated report says that now government aims to construct as many as 12 lac economical housing estate to meet the ambitious project ‘Housing for All by 2022’ within 2017-18.

As per the sources union government  targets development of 6 lac houses in 2018-19, 26 lac in 2019-20, 30 lac in 2020-21 and 29.80 lac in 2021-22. Sources also revealed that delay in land acquisition is one of the main reasons behind the sloth progress of this enormous flagship scheme of the central government of India.

The recent updates on PMAY declares that, the proposal for 18.76 lac buildings have been approved, and funding for construction of 13.06 lac units has been issued. However, for delay in land acquisition, only 1.49 lakh projects have been completed under PMAY (Urban) in 2016-17.

Speaking about the ambitious project of center, our West Bengal RERA expert Mr. Mahesh Somani said, “As we all know that Pradhan Mantri Awas Yojana (Urban) had been launched in June, 2015 with an objective of delivering dwelling for the economically weaker section of the society by 2022. Under which some of the best-selling low budget flats in Kolkata have been delivered in the extended location of the city. Yet, a large number of projects have been found at under-developed stage. Hopefully these will be completed by the scheduled time span.”

A progressive approach in real estate sector has come perked up with this affordable housing sector. This is the only sector that holds strong and matured selling position even after major market catastrophe.  Central government has come up with some major developments in the realty sector in order to reform the major revenue-collecting sector such as- the Real Estate Regulation Act (RERA), liberalized FDI rules, Real Estate Investment Trusts (REITs), Benami Transaction Prohibition Act and lastly the Goods and Services Tax (GST). Amidst which RERA and GST are expected to be the real game-changers in the coming days. All these positive moves will rejuvenate Indian realty market and lure foreign investment as well.

-LNN (Liyans News Network)