RERA Master

                                                                                                                            CA Ramesh Agrawal Over 1700 unauthorized colonies in Delhi were regularised in December last year. Owners Delhi’s unauthorised colonies will now get Income Tax Exemption even if they have purchased land or house at rates below the prevailing market price.   The Income Tax Department issued a Notification grating the exemption on any immovable property being land or building, purchased by a resident of unauthorised colony in Delhi NCR and the Central Government has regularised the transactions in favour of resident of such immovable property based on the documents such as latest Power of Attorney, Agreement to Sale, Will, Possession & other documents  if any.   The notification is effective from April 1, 2020 and would be applicable for Assessment Year 2020-21 and subsequent years. The Notification dated June 29 exempts the owners of these properties from paym

                                                                            Ramesh Agrawal ( LL.B, CA)       www.reramaster.com Lot many Builder/Developers have failed to give possession of the property to homebuyers within the agreed period. This week Hon. Supreme Court has held that homebuyers are entitled to reasonable compensation for “delayed handing over of possession” and for the failure of the developer to fulfil their promises regarding the amenities. Homebuyers had booked apartments through DLF Southern Homes Pvt. Ltd. or Begur OMR Homes Pvt. Ltd. in project called Westend heights at New Town DLF, Bangalore. This project is spread in 27.5 Acres with 1980 units in 19 towers. The bench comprising Justices DY Chandrachud and KM Joseph stated that ‘service’ means a service in any form, of any description which is made available to potential users including the provision of facilities in connection with housing construction and other things. The verdict of the National Consu

  The Union Territory of Jammu & Kashmir has notified the Rules under Real Estate (Regulation and Development) Rules 2020. Implementation of RERA in Union Territory of Jammu & Kashmir will lead to a new era of Transparency & Accountability in the Real Estate Sector.   RERA will ensure regulation & promotion of Real Estate Sector. It will also protect interests of Homebuyers by setting up an adjudicating mechanism. It will open up new options for the development of Union Territory of Jammu & Kashmir by ensuring transparent & effective transactions.   Builders of Jammu & Kashmir have been advised to file the written application in Form A with RERA authority till the procedure to file details is made available online.   The Registration Fee to be paid by Builder in the case of a Group Housing Project shall be Rs 5/- Per Sq. Meter for projects where the area of proposed land to be developed does not exceed 1,000 Sq. Meters and Rs 10/- Per Sq. Meter