RERA Master

                                                           CA Ramesh Agrawal In last one year, several incidents have been reported in the state, where properties have been transferred without the knowledge and consent of legal owners. An imposter claims to be owner of the property and sell the property to other party.   The government has launched several new safety measures in its registry system to prevent such fraudulent registries. Therefore, details & revenue records of all property have been digitised and a unique identity number has been given to each property in the Haryana Land Records Information System (HALRIS).ID of each and every property has been linked with the Aadhaar Card and phone numbers of the property owner. In State, for few weeks all the registries were stopped when the government received these t...

                                                                        CA Ramesh Agrawal If a Person books a flat & after sometime deal is cancelled with builder, then the amount received in excess of booking amount will not be Tax-Free Income. In layman language, earlier it was not considered under Capital Receipt. In recent order, The Income Tax Appellate Tribunal (ITAT) Mumbai Bench has ruled that the excess amount received is to be taxed in nature of “Capital Gains”. This ITAT Order will also help to other states, if there is no other contrary order.   During the assessment, an IT Officer treated the excess amount received from booking as “Income from Other Sources”.   As per Section 54 of the Income-Tax Act, if Long Term Capital Gain (LTCG) arising o...

                                                                        CA Ramesh Agrawal The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued 1,985 Recovery Notices to builders in last 2 years. This is to pay Rs 595.25 Crores as compensation to the homebuyers. The Judicial work started on 4 th September 2018 after the formation of UP RERA and a total of 28,020 complaints have been registered in last 2 years. 20,740 complaints are from NCR and 7,280 from Non-NCR parts of the state. Total complaints which has been disposed off are 16,136 from the NCR and 4,893 from the non-NCR.   Orders passed by RERA includes 5,036 Refund Orders and 7,242 orders for Grant of possession with Compensation. Efforts of RERA have brought accountability & tran...

                                                                                                                                         CA Ramesh Agrawal   Introduction: -   Real Estate is one of the most globally recognized sectors. Housing, Retail, Hospitality & Commercial are four sub-sectors of it. The growth of this sector can be seen by the growth in Corporate Environment & need for Office Spaces as well as Urban & Semi-Urban Accommodations.   This sector seems to attract more Non-Resident...

                                                                                 CA Ramesh Agrawal  The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) is coming out with a set of Standard Operating Procedures (SOPs) for home buyers. These SOP are a set of guidelines to be followed by homebuyers if they find out any builder is not honouring the orders of the Authority . Soon the SOP List will be uploaded on UP-RERA Website.   At the moment there are 65 defaulting developers in the state. UP RERA has passed many Orders in favour of lot of homebuyers but defaulting builders have not bothered to comply to the orders.   UP-RERA is looking for an auction house backed by government to trade off the properties which has been ...