MahaRERA orders Marvel Realtors to Pay Monthly Rent Rs 15000 per flat Given Project Delay

Taking account of three Pune-based real estate development house the Maharashtra Real Estate Regulatory Authority (MahaRera) has asked Marvel Realtors to pay up a monthly rent of Rs. 15,000 to the owners of 3 bhk apartments in their residential project Marvel Brisa, located at Balewadi. Under any circumstances, if the company fails to fully develop any 18-storey residential towers of the two, by March 2018.

At a glance the project Marvel Birsa
Developed by Marvel Realtors, Marvel Birsa is a luxury residential project, offering total 110 apartments with of 2/3 and 3.5 bhk lifestyle apartments and penthouses in tower A and B. This project is located at prime property location. As an additional benefit, it’s in close proximity (3 km) to the software hub Hinjewadi and linked with Mumbai-Pune Expressway.

Reportedly, three individual flat owners, Rohit Kaushal (B-401), Shrikant Pradhan (1902), and Tan wir Bagwan (1802) had filed separate complaints against the builder under Section 18 of the revised Real Estate (Regulation and Development) Act, 2016, for not finishing Building B of Marvel Brisa by the mentioned deadline according to the sale agreement.

Acting on which, the Adjudicating officer Bhalchandra Kapadnis, an active member, MahaRera, said in his order: “The parties have amicably settled their dispute in terms of consent which are taken on record and is part of the order. The complainant does not want to proceed further and hence the complaint is disposed of.”

Apparently both of the developer and the buyers agreed upon the compliance and filed before the adjudicating officer, the Marvel Group promised to complete the remaining construction by March 31, 2018 and thereon apply for the occupancy certificates. In case he fails to fulfil his promise, and unable to complete the construction, then he will have to pay a rent of Rs 15,000 per month for each of the 3 bhk apartments.

The developer also clinched the deal confirming Rs 1cr deposition in the society account for the communication and conveyance purpose of the Marvel Brisa Society. Other than the flat owners the conveyance of the common areas will be in control of the society. This is the first time when MahaRERA has asked a developer to pay rent to the homebuyers, in case the project is not completed by March 31, 2018.

Marvel Birsa is one of the under construction projects, among the 22 other luxury projects Marvel has undertaken in Pune. As per the developer’s website, it also has three commercial ongoing projects including the 10-storey Marvel Edge in Viman Nagar, seven-storey Marvel Fuego at Magarpatta Road (with office space and shops), and Marvel Sangria Boulevard, a pedestrian shopping plaza on NIBM Road.

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PE investment to cross $4 billion (30% up) mark in Indian realty

It seems like Indian realty market is the next big investment pocket of Private Equity companies. PE inflows into real estate sector may set to hold a new record this year with cross $4 billion during the end of 2017, claims a report. Startlingly, a greater part of this investment belongs to commercial assets such as- pre-leased office spaces and retail assets. The prime focus of PE investors has taken a sharp shift from high-end residential segment to the commercial ones, as they find low-risk involvement and definite return from this very sector. The latest market report says that adding over 80% of the PE capital by far this year is from long-term independent and pension funds.

PE investment share into residential sector declined by 50% in 2011 to 28% in 2016 and further has dropped by a little 4% in 2017. Against this scenario, Investment in commercial property sector accounted for 29% in 2011, which augmented to 66% in 2017, while that of retail jumped to 19% in 2016 from almost zero in 2011 and till this September it stood at 14% this year.

Another investment sub-category in commercial property investment i.e. warehouse investment has recorded double investment from 9% in 2011 to 16% in 2016. Private Equity investment will surpass the record of 2015, which was the highest since 2010. Real estate sector failed to grab notice during the 2011-2014 time period, while as of now this year is turning out to be the golden period of PE investment into realty sector.
From an average investment of $2.1 billion in 2011-2014, PE inflow rose by 57% to an average of 3.3 billion in between 2015 and mid- September 2017. In 2017 till now, the number of deals declined to 13, just over one-fourth of the mark in 2010. On the other hand, the average investment per deal improved 10-folds to $246 million per deal, appreciation to a major deal alone accounted for $1.8 billion.

Most of these PE investors are domestic investors followed by investors from the US and Canada recorded by far this year, Singapore had the highest investment per deal on account of a single giant investment GIC-DLF deal of $1,800 million this year.

Going by the ranking in order to fetch most of the PE investments Gurgaon stands at No: 1 position with 56.4%, riding on the back of $1.8 billion DLF-GIC deal, Mumbai holds the second position with 39.8% record. Last month, DLF’s promoters revealed sale of 40 percent stake in a rental arm DLF Cyber City Developers Ltd (DCCDL) for Rs 11,900 crore, which incorporated sale of shares to Singapore’s sovereign wealth fund GIC for Rs 8,900 crore. Institutional funds control the private equity inflow, which reflects long-term resumption in country’s active economic fundamentals.

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Worried About Fake GST Bill? Here’s How To Verify It

July 1, 2017 India got the crucial tax reform till date- ‘GST’. Till date what we know about this new regime is this is an additional payable amount which we suppose to count with the shopping bills. Goods and Service Tax is a single playable tax which dismisses 11 indirect individual taxes including VAT. The current market is not so aware of the entire GST pragmatism; the trap is already set to string along your purchase just by showing a dupe GST bill.
In real estate business, on-hand projects catch 12% and ongoing project investment 18% GST taxation. Under the GST goods and service providers will get benefit of input tax credit for the purchased raw materials used for the project development. Stamp duty and property tax will be subsumed. GST council composed of the state ministers and headed by Union Finance Minister Arun Jaitley has announced to introduce and give effect to National Anti-Profiteering Authority, set up under GST law.

Buying home is one of the major decisions of lifetime, forget the real estate for the time being, when you are purchasing something from the malls, do you really crosscheck the billing amount or are you sure the GST rate is collected from you is the right one? The fact that we all should know is that businesses that have not registered their business under GST, are not eligible to collect the GST tax. The reason behind such activity might be for their less turn over or escaping from this new tax regime. But who knows these businessmen are generating GST bill and smoothly collecting money from the end-users against their purchase.

How to verify GST bill and GST number?
One can verify any fake GST bill or GST number easily. Let’s look at the basics about GST number or GSTIN. In a bill you usually find a term called ‘TIN’ which confirms the ‘Tax Identification Number’. This ‘TIN’ is now ‘GSTIN’ carrying 15 digit number after GST implementation. It’s just the replacement of TIN of the VAT era. GSTIN is a 15 digit unique code for individual taxpayer, which will be both state wise and central-based. The first couple of digits of the GSTIN represent the state code according to Indian Census 2011. After that the ten alpha-numerical code is the PAN card number of the manufacturer/dealer/trader or the exporter. Coming to the 13th digit of GSTIN it indicates registration as a business entity within a state against the same PAN number. The 14th slot will be by default as Z.The last digit is a check code which will be used for recognition of errors.
For crosschecking GST rates on the commodity you purchased visit-

To verify the genuineness of GSTIN visit-

To complain against any fraudulence transaction mail at

Or call- 0120-4888999, 011-23370115

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GST- A Complex Diktat To Small Market Players

GST now has added further trouble for real estate raw material suppliers. As the product itself, as a sample doesn’t attract GST but the freight and the packaging materials are payable under GST. Ever since GST came into action all realty stake holders are in a whirl of become eligible as GST complaint.
According to the small-scale suppliers the compliance cost higher in GST regime. The market analysis says that all SME vendors are needed to well-trained and advised to claim the transition provisions of GST under section 140 and claim input tax credit under Form GST TRAN-1.
After GST implementation almost 2 months are gone. But real estate sector is still finding it tough to grip the entire groundwork of the tax reform. It’s getting difficult for the real estate players working with the vendors and SMEs and getting them becoming GST-compliant as both the developers and suppliers are having vague insight of the newly introduced taxation regime. All the stakeholders have to upload their GST payment details; failing of compliance will indicate that they won’t be eligible to redeem input tax credits. Where realty players upload their documents it’s turning out to be the most complicated task for the SMEs and vendors just to understand this mechanism of uploading the tax details.

“SMEs and Vendors are people who are not technologically really well cooked. Thus the entire taxation regime appears to be highly unsettling for them. Besides it’s a monstrous task for the builders or brokers to make these people well-adaptable with the newly-introduced central policy. Firstly the prime real estate stakeholders should cope with increased compliance and revised costs under the new tax regime. Then the course of the transaction will consequently ease up,’’-said Mr. Mahesh Somani, The Chairman – National RERA Committee, National Association of Realtors India (West Bengal).

Complete awareness of the GST is the cry of the moment. Unless the entire demand and supply chain will be fully-equipped, the bewilderment circle will be getting bigger. GST is supposed to be the single taxation system, but it’s not as simple as the hot air. Where larger real estate houses have created systems to tackle regulatory changes, problems have been increased for the SMEs and suppliers. Still, GST benefit will take longer to be passed through the end-users, as there is still lack of preparedness in the market persists. While output is being charged at GST rates as relevant, computing input credit, filing GST returns, getting previous service tax and excise offset/credit, among others, is rather complicated to the realty dealers. There will be inflationary pressure, inadequacy in cash management and associated costs, which will inflict margin and liquidity pressure as well. Thus, real estate companies are insisting vendors and suppliers furnish invoices. There should be a well-designed frame-work to educate realty stakeholders and enables the vendors to comply with the updated tax frame.

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