RERA Master

Ramesh Agrawal ( CA & LL.B)   The 2 nd wave of  the COVID-19 have lead to drop in future sentiments index in the real estate sector for a minimum of 1 year . Due to uncertainties & spread of 2 nd wave of Covid-19, the “Future Sentiment Score' declined from 65 in Quarter 4 of 2020  to 57 in Quarter 1 of 2021 as per survey conducted by Knight Frank-FICCI-NAREDCO. The 'Current Sentiment Score' recorded a marginal improvement, from 54 in Quarter 4 of 2020  to 57 in Quarter 1 of 2021. As per Knight Frank India, this improvement has been mainly due to the healthy momentum in the Commercial & Residential Real Estate segments during the period October 2020 to February 2021. Due to  increase in COVID-19  cases since March 2021, the search for residential launches and sales has decreased substantially. The share of respondents that expect the residential market to grow or remain steady in the next 6 Months is exceeding 80%, across parameters of launches, sal

                                                                        CA Ramesh Agrawal Farmhouses being built on a 20 acre plot near Sohna are likely to be demolished in a week as  the builder started construction without any permission from the Authority. DTCP team visited the site in Bhogpur village and found out that the builder have already laid a network of internal roads, erected electric poles and constructed boundary walls. DTCP Officials said the developer who was sent a notice, was planning to construct farmhouses to sell. Name of this project is NATURE VALLEY. Director of DTCP, directed the enforcement team to visit the concerned site on Saturday after the developer failed to give   a satisfactory reply to the SHOWCAUSE NOTICE sent to him. After the inspection, it was decided that the construction site would be demolished in 1   week. Mr. RS Batth, the District Town Planner   said that the DTCP Team found that builder had erected electricity poles but they were

CA Ramesh Agrawal   A builder of Chandigarh namely Sushma Buildtech Limited has been directed by the State Consumer Disputes Redressal Commission (SCDRC) to refund Rs 52.74 Lakh and a compensation of Rs 50,000 to an Army official for delaying the possession of an apartment by five months. Major Ashish Saurabh Sharma, booked a residential apartment in a project known as  Sushma Crescent  located at Gazipur, Zirakpur, Punjab. The total price of the apartment was Rs 55.77 Lakh and the buyer paid Rs 52.74 lakhs during January 2015 to June 2016. As per agreement, the Company was committed to give possession of the apartment within 36 months from the date of execution of the agreement. The Company failed to deliver the possession in time. During the case the company pleaded that the homebuyer made a default in making payment and his allotment was cancelled as per the terms of the buyer agreement after giving many opportunities to clear outstanding dues. However, the court stated that the hom

  CA Ramesh Agrawal Bollywood actress Sunny Leone  has recently purchased a flat in Andheri ,Mumbai  for Rs 16 crore. Flat is measuring 4,365 Sq. Ft. Stamp Duty of Rs 48 Lakh was paid. The apartment is on 12 th Floor in an under-construction project named “Atlantis” being developed by a realtor named Crystal Pride Developers. The flat has three mechanised car parking. Transaction has been executed by actress Sunny Leone under her legal name “Karenjit Kaur Vohra”. The state government has announced a reduction in stamp duty charges to 2% from 5% from September to December-end with an objective of kick-starting the real estate sector and nearly 260 linked industries by encouraging housing sales announced. During January and March 31, Stamp duty was being charged at 3% of the agreement value. Maharastra Govt reduced stamp duty  charges to increase demand in the mid-income and affordable segments and also to conclude several large-ticket transactions in the city.