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News News of Real Estate Matters

Site map of Real Estate Matters » Forum : Real Estate Matters

Discussions related to Real Estate matters, Real Estate laws, loans, financial queries

Builders to pay 10.9% interest for delay in house delivery

NEW DELHI: The Union government notified rules on Monday to implement the Real Estate Regulation Act (RERA), which will enable buyers who have invested in real estate projects including existing ones - to secure interest at 10.9% per annum+ for delayed possession.

In case a buyer is seeking a refund, they will now be entitled to a refund on the entire payment at the same rate, and the builder will have to repay the amount ...
Read more : Builders to pay 10.9% interest for delay in house delivery | Views : 1631 | Replies : 1


Supreme Court orders Parsvnath to refund Rs 22cr to buyers

'Consumers must not suffer': SC orders Parsvnath to refund Rs 22 crore to 70 home buyers

NEW DELHI: Holding that a consumer must not suffer due to delay on the part of real estate developers to hand over the possession of flats, the Supreme Court on Tuesday directed refund of money to 70 flat buyers+ who had invested in one of Parsvnath's housing project in NCR.

The company had launched Exotica project in 2007+ with ...
Read more : Supreme Court orders Parsvnath to refund Rs 22cr to buyers | Views : 1164 | Replies : 0


Burdened judiciary to benefit from clubbing of cases

Getting home owners under one umbrella for litigation will save their time and money and ease burden of courts.

With the National Consumer Disputes Re dress al Commission (NCRDC) Bench interpreting Section 12 (1) ( c) to include all homebuyers having similar grievances over quality of construction, delay in possession or maintenance issues, buyers can now hope to get quick relief by approaching the commission directly instead of filing a case first in the lower ...
Read more : Burdened judiciary to benefit from clubbing of cases | Views : 1633 | Replies : 2


Class action lawsuits to ensure quick relief for homebuyers Class action lawsuits to ensure quick relief for homebuyers

All owners in a housing project with ‘common’ grievances to be made party to proceedings against builder; to be awarded compensation too.

Homebuyers with common interests and grievances in one housing project can come together as one group and file a class action lawsuit against a builder under Section 12 (1) (c) of the Consumer Protection Act.

The National Consumer Disputes Redressal Commission (NCDRC) clarification that all homebuyers in a housing project who may or ...
Read more : Class action lawsuits to ensure quick relief for homebuyers | Views : 883 | Replies : 0


Service Tax Relief for Under Construction Flats by Delhi High Court

The Delhi High Court has said home buyers cannot be charged service tax on payments made towards purchase of under-construction apartments from builders if the total value of the apartment includes the land value.
However, service tax can still be levied on preferential location charges (PLC) that builders charge from buyers.

The court also said if the developer has already collected service tax, buyers would be refunded the amount with 6% rate of interest by ...


Real Estate Regulation Bill comes into effect from 1st May 2016

NEW DELHI: The Real Estate (Regulation and Development) Bill, 2016, became an act on May 1, kick-starting the process of making rules as well as putting in place institutional infrastructure to protect the interests of home buyers in India.

While acknowledging that the act is a positive development, property experts said the new rules should address problems faced by builders in getting sanctions and approvals in a timely manner. "Government authorities should also be made ...
Read more : Real Estate Regulation Bill comes into effect from 1st May 2016 | Views : 1827 | Replies : 2


Real Estate Regulatory Bill passed: Features and Highlights

The Rajya Sabha passed the much-awaited Real Estate Bill on Thursday, prompting PM Narendra Modi to hail it as "great news for home buyers". The bill, which seeks to regulate the property sector, bring in transparency and help protect consumer interests, is now slated to be taken up by the Lok Sabha on Monday. Here are 10 key features of the bill:

  • All projects will have to be registered with regulatory authorities, and developers will ...
Read more : Real Estate Regulatory Bill passed: Features and Highlights | Views : 3330 | Replies : 2


Fraud and Cheating by Builders in name of 'L Zone Dwarka'

Many small builders whose basic purpose is cheating home buyers like Piyush Group are selling dreams of having home in Delhi and offering virtual flats in so called 'L Zone Dwarka'. These so called 'projects' do not have any approvals and they quote Land Pooling Policy of DDA which is yet to come into existence. DDA has issued Public Notice advising home buyers to stay way from these projects. I urge DDA and Delhi Police ...
Read more : Fraud and Cheating by Builders in name of 'L Zone Dwarka' | Views : 2026 | Replies : 0


VAT Payment Notice from Builder for Flat

Hi All,

Today I have received VAT payment notice, altogether a new thing which builder asking us to pay. has anyone received the same from builder? can anyone help me to understand why they are asking and do we really need to pay?

regards
Rahul
Read more : VAT Payment Notice from Builder for Flat | Views : 4902 | Replies : 15


Builder Charging Rs16-18 per Unit for DG Set Electricity Supply- Legal or Illegal?

Is it Legal for Builders to charge Rs 16-18 per unit of DG supply electricity to Residents in GH societies.

When a group Housing society is set up than is it not the duty of Developer to set up Substation etc to meet the Increased demand of electricity.

What is the role of HUDA which approves the Electrification plan of that GH societies?


 

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