THE KARNATAKA RERA AUTHORITY MAY IN ALL LIKELIHOOD BLACKLIST AS MANY AS 924 PROJECTS in KARNATAKA, 90% of the projects are located in and around Bangalore. According to Urban Development and Housing Minister U.T. Khader, these projects were identified for not having registered under RERA and were issued the notice. “Since they did not respond, … Continue reading 924 projects may be blacklisted in Karnataka by RERA
RERA-Rules cannot be diluted-Center to States The Ministry of Housing and Urban Affairs has asked the states to amend or formulate rules of the Act in consonance with the spirit of the central Act. “Right from the beginning, we have been telling all the states not to dilute the Act. In a report tabled in … Continue reading CENTER`S DIRECTIVES ON RERA DILUTION
The Maharashtra Real Estate Regulatory Authority (MahaRERA) on Wednesday asked a builder in Mumbai to return an advance amount of Rs 26.15 lakh to a consumer -the first such order since the real estate law came into effect in the state on May 1. The deadline for registering all ongoing projects in the state with … Continue reading MahaRERA order- builder told to return Rs 26L to consumer
The debate on the demonetisation success is not as expected by the citizens and the press, but certainly, it has demoralised and demolished 75% of BLACK MONEY in the real estate market of Bangalore. 75% of the end users(sites or apartments) are loaners!!!! ( borrowers) and the RERA bombed all irregular, illegal and violators (builders) and … Continue reading DEMONETISATION AND ITS EFFECTS ON REAL ESTATE IN SOUTH INDIA
The developers, builders, and agents have registered over 900 projects with the regulator and over 300 agents have registered on the last day. It is said over 100000 apartments either under construction or incomplete or yet to begin are in and around Bangalore and the registration might be to the tune of about 15000 to … Continue reading RERA-KARNATAKA-900+PROJECTS REGISTERED
All India chapter of Fight for RERA has decided to file a petition in the Supreme Court over the dilution of rules by various states, including Karnataka. The Karnataka chapter is planning to challenge separately the state cabinet decision. The Karnataka Fight for RERA chapter is planning to challenge the exclusion separately.
As expected, the state Government has exempted all the ongoing projects from the ambit of the RERA. The builders are happy and the hapless victims, the buyers are grinding their teeth, but helpless as the Government of Karnataka is ready to notify the RERA soon.
The cabinet took the decision to notify the RERA soon and is a boon for the purchaser as well as law abiding builders. The illegal builders may not be able to build and sell. Hope this will bring in a new era in the construction industry and the purchasers are benefited by this law.
The Government of Karnataka was deliberating and discussing the important issues and points of RERA, which had been notified by the Center and other states, but, will be notifying it soon without much MODIFICATION/CHANGE/ALTERATION. This notification has very significant effect on the REAL ESTATE market and will bring about transparency and stability in the business. The … Continue reading RERA NOTIFICATION IN KARNATAKA AND THE IMPLEMENTATION OF GST AND ITS EFFECTS ON THE REALTY SECTOR IN KARNATAKA
DRAFT INCOME COMPUTATION AND DISCLOSURE STANDARD ON REAL ESTATE TRANSACTIONS MAY 2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Draft Income Computation and Disclosure Standard [ICDS] Real Estate Transactions Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and … Continue reading DRAFT INCOME COMPUTATION AND DISCLOSURE STANDARD ON REAL ESTATE TRANSACTIONS
Ignorance is Bliss: For un approved, illegal, unauthorised, green belt, DC Converted sites owners and fake katha property owners across the state, are a happy lot, as long as they are Ignorant about the prevailing laws. There are innumerable layouts formed in Green Belt, Agricultural Zone, amidst Raja Kaluve, Encroaching the lake and on Gomala … Continue reading The effects of NGT order on lakes and raja kaluve