RERA Master

A number of writ petitions were filed before the Hon’ble Supreme Court against the projects of various Companies of Amrapali Group in Noida and Greater Noida. In 2011, various housing projects were launched in Noida and Greater Noida by Amrapali Group of Companies to construct approximately 42,000 flats and it was assured that the delivery of possession shall be made in approx 36 months. According to Supreme Court, money of the home buyer was diverted and Amrapali Group was in violation of the Foreign Exchange Management Act (FEMA) and the foreign direct investment (FDI) norms. It all started in April, 2013 when raids revealed that Amrapali was unable to complete any of its projects from 2009 to 2015. Later, a number of homebuyers took legal recourse against Amrapali for various issues primarily the issue of delay in projects. In October 2018, after Amrapali failed to hand over balance sheets of 46 companies to auditors, the court sent three directors of Amrapali- Anil

The Union Budget 2019 was presented on 5 th  July in the Lok Sabha   by the First Female Finance Minister  Mrs. Nirmala Sitharaman.   Highlights of the Budget 2019 for   Real Estate Sector: 1.      Additional tax benefit of Rs 1.5 lakhs to home buyers The government has increased the benefit of tax deduction against interest on home loans for affordable housing, with a value of up to Rs 45 lakhs. Now Interest deduction will be upto Rs 3.5 lakhs for affordable housing, as against Rs 2 lakhs earlier. 2.      Boost to Infrastructure Development The government has said that it is committed to boosting infrastructure across the country. The FM spoke about improving road; suburban railways and Metro connectivity and waterways ; investing Rs 100 lakh crores in infrastructure over the next 5 years. 3.      Housing for All by 2022 Focusing on affordable housing to achieve ‘ Housing for All by 2022 ’, the Finance Minister while quoting  “Gaon, Garib, and Kisan at the c

National Consumer Disputes Redressal Commission (NCDRC) in the case of Amal Ganguli & Anr. v. M/S. Unitech Limited   ordered refund to the Homebuyers. The complainants booked a residential Apartment in a project namely ‘ The Exquisite ’ in Nirvana Country-2 which the builder was to develop in Gurugram. The possession of the Apartment was to be delivered within 36 months from the date of execution of the Agreement which was in 2014, meaning thereby that it ought to have been offered for possession in 2017. The grievance of the complainants was that the possession was not offered to them despite they had already paid Rs.1.78 crore against a total consideration of Rs.1.96 crore. The Complainants approached NCDRC seeking refund of the amount paid by them to the builder alongwith compensation. The complainants stated before the court that they are restricting their claim to compensation in the form of simple interest @ 10% per annum in terms of clause 4(e

                                                                                    CA Ramesh Agrawal The Hon’ble Supreme Court (SC) in the case of Kolkata West International City Pvt. Ltd. v. Devasis Rudra passed a judgment stating that the homebuyers are allowed to claim refund from the defaulting builders/developers in case there is a prolonged delay in delivery of possession of homes.  In the said case, the builder had failed to hand over the possession of flat of the homebuyer within the stipulated time. Even after seven years of delay, the builder had failed to deliver the possession of the flat. The apex court observed that a buyer can be expected to wait only for a reasonable period of time and further held that:  “ It would be manifestly unreasonable to construe the contract between the parties as requiring the buyer to wait indefinitely for possession. By 2016, nearly seven years had elapsed from the date of the agreement. Even according to the develope

The Indian Real Estate is now experiencing rising transparency and discipline in property dealings . In 2013-18, residential property price appreciation in India bottomed out to a mere 12 percent – which effectively worked out to a little over 2 percent annually, even for properties at prime locations. In the unorganised real estate, the drop is nearly 40 percent during 2009-12. Real Estate - Geographically The Indian Realty can be studied on the basis of different areas and region. Hyderabad saw exponential rise in land price during 2004-08, which translated into growth in major localities. Pune saw a significant IT boom during 2009-13, as a result of which land prices appreciated by as much as 60%. Talking in terms of returns, Indian realty cannot be generalized due to varying growth in different states. There are some parts of India that performed extraordinarily well while others didn’t. Some markets are almost end user-driven, which puts the lid on speculat