UP Rera To Colour Code The Housing Projects To Mark Reliability Of Developer

CA Ramesh Agrawal

UP Real Estate Regulatory Authority UP-RERA has carried out colour coding of all the 781 housing projects being executed in the city to give homebuyers an idea about the safety of their investment in property.

The regulatory body’s assessment of three months has revealed that only 35.6% housing projects are completely safe investments.

In addition, the regulatory body has uploaded the list of housing schemes along with their colour codes on the website.

The properties have been divided into 3 Colour Categories i.e. Green, Orange and Red after verification of four parameters.

The 4 parameters are

(i) Lucknow Development Authority (LDA)’s due approval of layout map,

(ii) complaints of ongoing projects against Promotors,

(iii) Builder’s Financial Status, &

(iv) developer’s efficiency records for previous projects.

Green Code: Projects which fulfil all four parameters are safe for investment and are kept in ‘Green’ category. There are 278 (35.6%) projects out of 781 Projects that have been coded green.

Orange Code: Projects which qualify 2-3 standards are marked as ‘Orange’ (i.e. a little risky) & there are 319 (40.8%) projects out of 781, which fall in orange zone.

Red Code: Those projects which clear only one or none of the parameters are placed in ‘Red’ category (unsafe). There are 184 (23.6%) projects out of 781, which are in red zone which are not safe at all.

Comments

DEMOLITION OF ILLEGAL FARMHOUSES IN ARAVALLI AREA IN GURUGRAM

CA. Ramesh Agrawal The Duty Magistrate has been appointed to demolish all the illegal farmhouses on Aravalli forest hills will start soon. On the report of Forest Department, approximately 100 illegal farmhouses were built on the Aravalli forest area in Gurugram district, mostly in Gwalpahari and Garatpur Bas villages and areas of Sohna and Manesar and these farmhouses were built in around 50 acres of land without any prior permission from the concerned authority. Nearly all illegal farmhouses are allegedly possessed by retired bureaucrats and politicians. As per the order of the National Green Tribunal demolition of the illegal farmhouses on forest land in the Aravalli region in Gurugram district by January 31. In a survey, the Forest department found approximately 100 illegal farmhouses were built in the Aravalli hills while the cases 10 farmhouses owner are pending in the Court. Requisition was made by the forest department to the District Administration for the appointment of duty

Income Tax Exemption To Owners Of Unauthorized Colonies In Delhi

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

RERA takes over the project of the Builder to Complete

Ramesh Agrawal (LL.B. & CA) Chhattisgarh’s Real Estate Regulatory Authority (RERA) has passed an order to hand over the private project i.e., City of Valencia located in “Narada” of Chhattisgarh district to Chhattisgarh Housing Board. This action is to safeguard the interest of plot allotees. Action was taken up against builder Aftab Siddiqui who was reluctant to develop the project & provide even the basic necessities such as Water, Electricity, Sewer, Road, etc. as mentioned in the brochure. Builder prepared a housing project in Narada in 2010 of 1072 plots. Because of the attractive brochure and other unfair means he was able to sell 691 plots and collected over Rs 41 Crores from the public. Instead of developing the project, the builder siphoned off the funds. Project was supposed to be finished by 2015, no development work commenced even after 6 years. Chhattisgarh’s RERA President Mr. Vivek Dhand said that 130 allottees of the project ‘City of Valencia’ located in Narada,

RERA Master

Search This Blog