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 types of cases. Registry in state has been resumed from 1 st September.   In this new system, the user will have to   apply online for tokens for registration of pr

                                                                        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 out of a sale of a house is invested in another house in India within a specified time period, then to the extent of such investment, the Capital Gain Taxable amount is reduced. This results in a lower Capital Gain Tax outgo.

                                                                        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 & transparency in the Real Estate Sector.   The Monthly Average for Registration of new projects was 20 in 2018, 20 in 2019. 12 Projects on a monthly average have been registered till now in 2020. Till now RERA has aud

                                                                                                                                         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 Indian (NRI) Investment, both in the Short term as well as the Long term. Most favoured property investment destination for NRI is Bengaluru followed by Ahmedabad, Pune, Chennai, Goa, Delhi & Dehradun.   Market Size: -   Real Estate Market is expected to grow to Rs 65,000 Crore by 2040 from Rs 12,000 Crore in 2019. Retail, Hospitality & Commercial Real Estate is growing significantly, providing the much-needed infrastructure for India's growing need

                                                                                 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 secured from defaulter builders for refunding to the buyers, though only 4 builders have disclosed their assets out of the 65 defaulter builders so far. Many builders have ignored the orders of UP-RERA, compliance deadlines have been reinforced on builders