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.
LNN (Liyans News Network)- Call us to buy flats in Kolkata now, we will arrange you the best possible property deal for you. You can check every detail of project on our online property portal. Drop your property requirement and give us opportunity to serve you.
Category: Home Buying Tips
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.
–LNN (Liyans News Network)– For investment purpose of affordable flats in Kolkata visit our online property portal, where you can have free property listing for renting/selling intention. Get the best professional suggestion on property buying/selling from our experts.
New Town Property Tax Calculation To Go By KMC Route
To measure the yearly valuation of property in and property tax for flats in Rajarhat and other properties of New Town The urban development department has added up to a committee. New Town Kolkata, Development Authority West Bengal (NKDA) is projected to launch unit area system of tax arrangement for the township within coming few months.
The six-member committee will be administrated by the member secretary of NKDA and will have NKDA CEO, executive officer, finance officer, a representative from West Bengal Valuation Board and an economist nominated by NKDA from an upright business organization.
This panel will be grappled for 5 year period and it will take counsel from the government officials of individual departments, institutions and local governing authorities that have in hands in this related field to come up with the annual assessment of property and property tax within New Town.
As per NKDA officials, Newtown is still experiencing the development process of green townships all around. Ongoing market price of land and permitted floor area ratio for commercial plots are being taken into contemplation for upcoming tax structure.
The valuation board has already introduced unit area system tax structure which will now be surveyed by the property valuation committee. Pursuing that, a draft notification will also be issued. Previously, after getting permitted by the state government NKDA has asked the state valuation board to make an annual valuation of the properties of New Town townships. The authorities have decided to follow unit area assessment system like KMC, as it gels well with the smart city concept.
UAA is a complex process and it varies on the valuation of property to property by 11-14%. UAA system is calculated on the basis of this following formula-
LNN (Liyans News Network) – Search on our property portal to buy property in kolkata, as nowhere you are going to have this handsome volume of discounts on your home-buying. List your property for free, on our web property portal to obtain instant genuine buyers. For property related queries write your requirement under post your property in Kolkata and get the free solution from the expert desk.
GIS Mapping To Benefit The Digitization Of Chandigarh City
Chandigarh administration has discharged tenders for geographic information system (GIS) mapping of properties and other infrastructure to sign up an organization execute and supervise aerial and light detection and ranging (LIDAR) data survey.
For complete digitization of all records of property and other infrastructure this project was sanctioned by the central government earlier. Under this project the authority targets to achieve GIS mapping for all the buildings- residential, commercial, manufacturing, edifying, health services, central government, state government, railway property, spiritual, leisure and public utilities such as- water treatment plants, pumping stations, solid waste management plants and sewage treatment plants.
All the rural areas, slums, vacant areas, agricultural land other eco-sensitive zones, transportation growth communication infrastructure- telephone exchange, cell towers and WiFi hotspots will also be connected through maps. Apart from all these the electricity network will to be observed under mapping. Once finished the execution, the GIS map will be shared with every panning agency of the city.
This GIS integration will monitor ownership, approved building plan and will help in maintaining all records of existing properties of the city. Through GIS service land invasion can be avoided. It will have a strict access on legitimate land/property ownership to fend off illegal property selling inside the city. It will definitely aid in better planning and advanced infrastructure of the city.
Presently, Chandigarh doesn’t have any active mechanism forestalling plan violation. A little control can seriously dissuade residential/ commercial plan violation. For decades, residents have been seen making changes in their buildings as per their comfort which results violation of building rules. For instance- residents of sectors- 20, 21, 22 and 23 have stretched their lawns and parking lots by flatten their boundaries and illegally grasping public lands for personal use. There also are many examples where residents are detected extending the backside courtyards of properties by building-up small store rooms and service quarters.
LNN(Liyans News Network)- To buy flats in Kolkata and to sell your property visit our property portal to have a fair deal in all respect. List property for free to earn genuine buyers. Buyer’s satisfaction is our key to achievement.
2019 Is The upper Limit For 15 States & UTs To Deliver PMAY Affordable Housing
Government has engaged in delivering affordable housing in 15 states and Union territories to meet PMAY ‘Housing for All’ within 2019. On Thursday April 18, Union Housing Minister Venkaiah Naidu declared this officially, on a press conference, was held in the capital taking up the progress of the ‘Housing for All’ move.
The states and union territories going to fall under this focus are- Kerala, Himachal Pradesh, Jammu & Kashmir, Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura, along with the UTs of Andaman & Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman & Diu and Puducherry.
According to the reports all these afore mentioned states and UTS have been asked to sum up their survey related to the requirements for affordable housing and submit within this year end, so that the completion of the constructions could take place within coming couple of years. It’s also announced, that other states have also been ordered to submit affordable housing proposals by 2018, in that the construction could be finished by the provided time.
The Union Housing minister also revealed that the total count of affordable housing to be built under ‘Pradhan Mantri Awas Yojana’ would be published soon after the states and UTs undertake fresh demand survey for cost-effective housing and the process is close to the finishing lines.
Encouraging the private investment in affordable housing sector, government is contemplating backing up such projects carried on privately possessed lands. The government introduced its flagship ‘Housing for All’ by 2022′ mission on June 25, 2015 and has sanctioned the construction of 1,773,533 affordable homes under PMAY (Urban) in 2008 cities and towns, venturing Rs 96,266 crore.
_ By LNN (Liyans News Network) – To buy low budget flats in Kolkata visit our official property portal. We provide the best facilitated property in town within your expense limit. In case you want more information on affordable residential units inside the metro cities and suburbs, drop your property requirement under post your property requirement in Kolkata to have free advice from the industry experts of our team.