Up to 100% Foreign Direct Investment (FDI) is allowed in the infrastructure sector through the automatic route which means foreign companies can invest in infrastructure projects without needing prior government approval in most cases; this includes construction development, townships, housing, and built-up infrastructure projects.
Real Estate Sector
- Urban Development:
- Smart Cities Mission: Focused on 100 cities with advanced infrastructure.
- Affordable Housing Fund: Extended for urban and rural housing.
- Growth Projections:
- Real estate market to grow at 9% CAGR, reaching $1 trillion by 2030.
- Contribution to GDP: ~10% by 2026.
Growth Sector India 2026
Relief Sought by Public
1. Circle rate increase should be regular monthly automatic process – 2% above the SBI Base rate ( ~10% annually) so that public will get benefit in Real estate investment , Circle rate should not increase once in a five years for doubling prices to give benefit to few real estate builders.
2. Authenticated Circle rate should be searchable on web portal government side and easy to available for public.
3. FAR should be automatically increase 25% every 5 years to minimize unwanted court cases in the name of violation and increasing government revenue for future and in the same time stopping unwanted harassment and corruption at government offices.
Real Estate fields critical for the development of cities in India, expected to contribute to economic growth, job creation, and business opportunities over the next 5–10 years:
Affordable Housing and Real Estate Development
With rapid urbanization, the need for affordable housing is crucial. Developing sustainable and cost-effective residential and commercial spaces can revitalize city infrastructure and create jobs in construction, real estate, and allied industries.
Smart City Infrastructure and Urban Planning India's Smart Cities Mission focuses on integrating IoT, AI, and data analytics into urban planning for efficient resource management (water, electricity, traffic). This sector offers business opportunities in tech, urban planning, and public service, creating demand for skilled professionals.
With rapid urbanization, the need for affordable housing is crucial. Developing sustainable and cost-effective residential and commercial spaces can revitalize city infrastructure and create jobs in construction, real estate, and allied industries.
Smart City Infrastructure and Urban Planning India's Smart Cities Mission focuses on integrating IoT, AI, and data analytics into urban planning for efficient resource management (water, electricity, traffic). This sector offers business opportunities in tech, urban planning, and public service, creating demand for skilled professionals.
#Ministry of Housing & Urban Affairs
US$ 1 trillion potential market size in Real estate sector -PMO Web base Hosting
Relief Sought by Public
1. Circle rate increase should be regular monthly automatic process – 2% above the SBI Base rate ( ~10% annually) so that public will get benefit in Real estate investment , Circle rate should not increase once in a five years for doubling prices to give benefit to few real estate builders.2. Authenticated Circle rate should be searchable on web portal government side and easy to available for public.
3. FAR should be automatically increase 25% every 5 years to minimize unwanted court cases in the name of violation and increasing government revenue for future and in the same time stopping unwanted harassment and corruption at government offices.
4. Buyer Stamp खरीदकर व फुल आधार व बैंक detail के साथ अन्य online detail के साथ रजिस्ट्री डेप्टर्टमेंट में जमा कराने पर OCCUPANCY सर्टिफिकेट व कम्पलीशन सर्टिफिकेट मिलने तक 5 से 6% का फिक्स्ड डिपाजिट intrest pay करे डायरेक्ट बैंक एकाउंट में।
5. रजिस्ट्री 2 महीने में
5. रजिस्ट्री 2 महीने में
6.प्रोजेक्ट डिले होने के केस में बैंक से पेनाल्टी buyer को मिलना शुरू हो जाए। किसी भी तरह के court केस के इनोसेंट buyer ओर investor को फालतू चक्कर न लगना पडे।
7. Advance Bank Guarantee: Builders should provide an advance bank guarantee could be a mechanism to instill confidence in buyers and ensure the completion of projects.
8. Stamp Duty Discount: A 1% additional discount on stamp duty for registrations completed within 6 months could serve as an incentive for timely property transactions.
9. Income Tax Benefits: Both builders and buyers receiving a 10% income tax discount for property transactions completed within 6 months could further encourage prompt real estate dealings.
10. Transparency Solutions: The emphasis on transparency is crucial in preventing corruption and ensuring fair practices. Implementing transparent processes, documentation, and transactions can build trust among stakeholders.
8. Stamp Duty Discount: A 1% additional discount on stamp duty for registrations completed within 6 months could serve as an incentive for timely property transactions.
9. Income Tax Benefits: Both builders and buyers receiving a 10% income tax discount for property transactions completed within 6 months could further encourage prompt real estate dealings.
10. Transparency Solutions: The emphasis on transparency is crucial in preventing corruption and ensuring fair practices. Implementing transparent processes, documentation, and transactions can build trust among stakeholders.
11. Combating Corruption: Tackle corruption by promoting transparency.promoting transparency to mitigate corruption risks.incentivizing timely transactions, ensuring accountability
12.अथॉरिटी एडवांस बैंक गारेंटी ले कर कंडीशनल occupancy certificate दे जिससे बिल्डर के प्रोजेक्ट में काम पूरा करने के लिए बैंक पैसा दे सके। फसे हुए फ्लैट sell purchase शुरू हो जाए। 6 महीने तक फ्लैट sell कर ट्रांसफर करना पॉसिबल हो।
2. Bait and Switch
3. Deviation from approved Plans
4. Project delays to force cancellations
5. Hidden property damage
6. Selling the same unit to Multiple buyers
7. Builders guarantee a return of up to 12- 14 percent
8. Fake promises
9. Delays in the Ownership
RERA, Housing for All, Smart City,- Advance bank गारेंटी बिल्डर द्वारा एक मात्र विकल्प ,रजिस्ट्री 6 महीने में होने वाले stamp duty पर 1%की अतिरिक्त छूट,रजिस्ट्री 6 महीने मे बिल्डर ओर buyer को 10%की income tax में अतिरिक्त छूट
समस्या
Market डाउन है , बिल्डर के पास काम पूरा करने के लिए पैसा नहीं।
सरकार का रजिस्ट्री और स्टाम्प डूएटी का पैसा फसा है।
buyer और इन्वेस्टर रो रहे है। आधे अधूरे प्रोजेक्ट हैंडओवर करने की तैय्यरी हो रही है।
PMO Web base Hosting
जिंदगी हो या गाड़ी जीतेगा वही जो टाइम पर गियर चेंज करता है।
सरकार का रजिस्ट्री और स्टाम्प डूएटी का पैसा फसा है।
buyer और इन्वेस्टर रो रहे है। आधे अधूरे प्रोजेक्ट हैंडओवर करने की तैय्यरी हो रही है।
जिंदगी हो या गाड़ी जीतेगा वही जो टाइम पर गियर चेंज करता है।
समाधान
- Advance bank गारेंटी बिल्डर द्वारा
- प्रोजेक्ट डिले होने के केस में बैंक से पेनाल्टी buyer को
- रजिस्ट्री में होने वाले stamp duty पर 1%की अतिरिक्त छूट
- रजिस्ट्री मे बिल्डर ओर buyer को 10%की income tax में अतिरिक्त छूट
- Buyer Stamp खरीदकर व फुल आधार व बैंक detail के साथ अन्य online detail के साथ रजिस्ट्री डेप्टर्टमेंट में जमा कराने पर OCCUPANCY सर्टिफिकेट व कम्पलीशन सर्टिफिकेट मिलने तक 5 से 6% का फिक्स्ड डिपाजिट intrest pay करे डायरेक्ट बैंक एकाउंट में।
तीनो पक्षों ( सरकार , बिल्डर , Buyer ) के हितो में ध्यान में रख कर
कुछ ऐसा प्रावधान हो कि नए और अधूरे प्रोजेक्ट में जिसमे complitation certificate or occupancy certificate न मिला हो , या चीजे अधूरी हो ,बिल्डर ओर buyer और सरकार , अथॉरिटी के बीच
डिलीवरी संबंधित समय को लेकर बिल्डर advance bank गारेंटी दे।
ताकि प्रोजेक्ट डिले होने के केस में बैंक से पेनाल्टी buyer को मिलना शुरू हो जाए। किसी भी तरह के court केस के इनोसेंट buyer ओर investor को फालतू चक्कर न लगना पडे।
अथॉरिटी एडवांस बैंक गारेंटी ले कर कंडीशनल occupancy certificate दे जिससे बिल्डर के प्रोजेक्ट में काम पूरा करने के लिए बैंक पैसा दे सके। फसे हुए फ्लैट sell purchase शुरू हो जाए। 6 महीने तक फ्लैट sell कर ट्रांसफर करना पॉसिबल हो।
कंडीशनल occupancy certificate के बेस पर maximum 1 साल में बुएर रजिस्ट्री कराए।
सरकार भी एक कदम आगे बढ़ाए।
जो भी घर आने वाले एक साल में मिलने वाले है उनके रजिस्ट्री में होने वाले stamp duty पर 1%की अतिरिक्त छूट दे। जो भी Buyer Stamp खरीदकर व फुल आधार व बैंक detail के साथ अन्य online detail के साथ रजिस्ट्री डेप्टर्टमेंट में जमा कराने पर OCCUPANCY सर्टिफिकेट व कम्पलीशन सर्टिफिकेट मिलने तक 5 से 6% का फिक्स्ड डिपाजिट intrest pay करे डायरेक्ट बैंक एकाउंट में।u
Single flat wise oc दी जाए।
बिल्डर्स को मोटीवेट करने के लिए ओर फ्लैट की डिलीवरी फ़ास्ट करने के लिए
आने वाले 3 से 6 महीने में फ्लैट डेलिवर्ड कर रजिस्ट्री करवाने पर बिल्डर ओर buyer को 10%की income tax में अतिरिक्त छूट दी जाए।
कुछ ऐसा प्रावधान हो कि नए और अधूरे प्रोजेक्ट में जिसमे complitation certificate or occupancy certificate न मिला हो , या चीजे अधूरी हो ,बिल्डर ओर buyer और सरकार , अथॉरिटी के बीच
अथॉरिटी एडवांस बैंक गारेंटी ले कर कंडीशनल occupancy certificate दे जिससे बिल्डर के प्रोजेक्ट में काम पूरा करने के लिए बैंक पैसा दे सके। फसे हुए फ्लैट sell purchase शुरू हो जाए। 6 महीने तक फ्लैट sell कर ट्रांसफर करना पॉसिबल हो।
कंडीशनल occupancy certificate के बेस पर maximum 1 साल में बुएर रजिस्ट्री कराए।
सरकार भी एक कदम आगे बढ़ाए।
Single flat wise oc दी जाए।
बिल्डर्स को मोटीवेट करने के लिए ओर फ्लैट की डिलीवरी फ़ास्ट करने के लिए
Key performance indicators - Real Estate Sector India
1. Payback Period-
Payback Period = Initial Capital Cost for Project / Annual Savings or Earnings from Project
2. Return on Investment (ROI)
ROI = (Net Profit / Total Investment) * 100%
3. Tenant Turnover
4. Average Rent Price Per Property
5. Revenue Growth
6. Feedback Ratings
7. Year-over-Year (YoY) Variance of Average Sold Price
8. Loan to Value (LTV) Ratio – This is a key
performance indicator that is often used by lenders when determining how
much they require as down payment on a mortgage application. As a real
estate investor, you want to put as little down as possible while
obtaining the best interest rate possible. In most cases, the lowest
rate can be obtained with an LTV ratio of 80% or lower.LTV Ratio = Mortgage Amount / Appraised Property Value
9. Construction Cost Per Square Foot
Construction Cost Per Square Foot = Total Construction Cost / Total Area
10. Interest Coverage Ratio
Interest Coverage = EBIT / Interest Expense
Common Real Estate Scams in India
Builder puran and Govt authority scam
1. Fake Property Registration2. Bait and Switch
3. Deviation from approved Plans
4. Project delays to force cancellations
5. Hidden property damage
6. Selling the same unit to Multiple buyers
7. Builders guarantee a return of up to 12- 14 percent
8. Fake promises
9. Delays in the Ownership
10. OCC, CC delayed
11. Sublease of Flats
12.
Noida/Greater Noida Authority से कुछ सवाल।
1. जब पहला plan approval करा गया तो उसकी शर्त 8 व 14 का पालन क्यों नहीं करवाया गया। तीन inspection Basement पर, plinth लेवल पर, G.FL की छत लेवल पर क्यों नहीं हुई।
2. जब Revised plans की approval दिया गया तब क्या site INSPECTION हुई थी।
3. अगर site inspection हुई थी तो कितनी मंज़िल बनी हुई थी, उस वक़्त की फोटोस् कहाँ है, क्या फ्लैट के size छोटे हो सकते थे। Sample flat sizes check क्यों नहीं चेक करे गये।
4. अगर नहीं, तो कैसे Revised plans पास करे गए।
5. किसने पास करे।
6. Revised plans की शर्त 8 व 14 के मुताबिक तीन बार inspection हुई क्या। अगर नहीं तो क्यों नहीं।
7. क्या कोई PMC Company appointed थी, जो की daily construction की निगरानी करती हो।
8. PMC नहीं थी तो क्यों नहीं।
9. Steel placement and billing Reports कहाँ है.
10. कौनक्रेटिंग रिपोर्ट व् cube tests report कहाँ हैं।
11. Final F.A.R. Area का चार्ट submit करा क्या।
12. Super area ka break-up क्या है, Common Areas का percentage कितना है।
The undersigned is directed to inform that the Ministry of Housing and Urban Affairs has received a Public Grievance Petition from the Central Public Grievance Portal (CPGRAMS) with Registered No. PMOPG/E/2021/0453337 registered on Public Grievance Portal on 26/07/2021 to inform that your valuable suggestions have been noted and the same might be considered by the Ministry. Yours faithfully, (Sailesh Jogiani) Under Secretary (Housing) Tel.: 2306 2252 Email ID: housingministry @gmail.com
Fight against corruption.- Reducing corruption through technology
Advance bank गारेंटी बिल्डर द्वारा एक मात्र विकल्प जनता का विश्वास वापस लाने के लिए।
आज किसी के पास टाइम नहीं कोर्ट कोर्ट खेलने का। केवल नीतिगत बदलाव ही रियल एस्टेट मार्किट में जनता का विश्वास वापस ला सकते है।
मेरे सपनो का घर अंधड़ मे। कैसे सरकार हल कर सकती है सभी खरीदारों , बिल्डर , बैंक और सरकार की समस्या
RERA, Housing for All, Smart City
घर मिले सभी को
No GST on Under Construction Property
Real Estate potential as per News
India's real estate sector to grow multifold to about $6 by 2047 - TOI
Back
India's real estate sector likely to expand to $5.8 trillion by 2047 - Live Mint
Real estate is a vital engine of growth in India. It is expected to reach a $1 trillion market size by 2030, accounting for 18-20% of GDP. - The Hindu
India's real estate sector to grow multifold to about $6 tri ..
Negative Move - Points
क्या ये मोदी सरकार सच में सूट बूट की सरकार है। सिर्फ बिल्डर्स प्राइवेट कम्पनीज को फायदा पहुचाने के लिए नए नए नियम जनता के विरुद्ध
पहले 1 करोड़ के amount को बढ़ा10 करोड़ राशि केस के लिए की गई @FightForRERAInd @PMOIndia @MVenkaiahNaidu @BJP4India @RSSorg
किसको फायदा पहुंचना चाहती हे ये सरकार।
https://hindi.news18.com/news/business/modi-government-big-news-consumer-protection-act-2019-can-implement-on-july-20-know-features-in-hindi-nodrss-3178224.html
https://hindi.news18.com/news/business/modi-government-big-news-consumer-protection-act-2019-can-implement-on-july-20-know-features-in-hindi-nodrss-3178224.html
सिर्फ बिल्डर को फायदा घर खरीदार को कोई लाभ नहीं। 2010 से बिल्डर के भूमि आवंटन बकाया पर 8. 5 % ब्याज केवल।
Never trust builder agreement, says homebuyer who won Rs 1.19-crore order from real estate developer
https://www.moneycontrol.com/news/business/real-estate/never-trust-builder-agreement-says-homebuyer-who-won-rs-1-19-crore-from-real-estate-developer-5523121.html
Real estate sector in India is expected to reach a market size of US$ 1 trillion by 2030 from US$ 120 billion in 2017 and contribute 13 per cent of the country’s GDP by 2025.
Housing For All
- 100 per cent more or extra stamp duty to discourage buying more than one house by a family while purchasing second house?
- 100 per cent extra statutory dues like property tax, electricity charges, water and sewerage charges on the second property?
- Prohibit the NRIs from purchasing houses in India to bring down the cost of housing.
Liquidity crisis in Real Estate Sector
Real estate directly and indirectly affects ancillary sectors such as cement, steel, tiles, paints, electrical equipment
the government announced a Rs 25,000 crore bailout package to revive stalled real estate projects. This will be routed through an Alternative Investment Fund (AIF), with the government contributing Rs 10,000 crore and financial institutions like LIC and SBI bringing in the remaining Rs 15,000 crore. The AIF will be managed by SBICap Ventures.
the AIF will only fund projects that are close to completion and with a positive net worth
price restriction (Rs 2 crore for MMR, Rs 1.5 crore for other metros and Rs 1 crore for non-metros).
Due to the price restriction, only 4.95 lakh housing units might benefit from this initiative
To make sure that the Rs 25,000 crore comes back, the government has put several restrictions on how the money will be used.
Government body needs to make this compulsory that builder have to submit online document which is viewable to everyone.
Government ke acche din:
*RERA* , जो कि अब उत्तर प्रदेश कैबिनेट ने पास कर दिया है *( Chapter 3, clause 2 and sub clause 4 d)* के अनुसार # 1) विना CC के विल्डर मेंटीनेस चार्ज नहीं ले सकता । 2)Quality guarantee भी अब 5 साल होगी जो कि पहले 2 साल थी।
Grievance:
Registry of Flat without OC to gain Stamp duty. Buyers are in the puzzle.
बिल्डर की नकेल कसने में सरकार फेल, जब क्लब , पार्किंग , लिफ्ट बनाए बगैर ही sub lease कर फ्लैट रजिस्ट्री करा सिर्फ अपने टैक्स प्रॉफिट की बात सोचती है सरकार, बिल्डर ने जब ठीक से कुछ बनाया नही तो किस बात का maintenance।
नोएडा अथॉरिटी ने नोएडा शहर को बसाने के दौरान केवल अपने अघिकारियो के स्वार्थ की ही सोच एवं चिंता रहती है, नोएडा शहर को बसाने में जिन नागरिकों का हाथ है, उनकी चिंता कभी भी नहीं की, घर के खरिदार अपने को हमेशा असहाय एवं ठगा महसूस करते हैं, जीवन भर कीे घन को बचाने की चिंता है अब तो
केंद और राज्य सरकार के दबाओ में 2019 चुनाव से पहले आधी अधूरी व्यवस्थाओ में बिल्डर को कम्प्लेंटेशन सर्टिफिकेट देने की तैयारी में।
RERA एक धोखा कोई काम नहीं किया बिल्डर को Blind सपोर्ट और BUYER की अनदेखी लोग अभी भी बेघर।जिस तरह धीतरास्ट्र का पुत्र प्रेम नहीं छूटा और महाभारत करा दी उसी तरह करंट सरकार का अपने टैक्स प्रॉफिट के ऊपर कुछ नहीं दिख रहा २८% तक GST , पेट्रोल में लूट , शराब बेचना जरुरी क्योकि टैक्स मिलता हे, यहा भी उसे सिर्फ रजिस्ट्री का लोभ दिख रहा है। जनता जाए भाड़ में हमें क्या टैक्स मिलना चाहिए
जनता को गुमराह कर फ्लैट देने वाला फिगर तो बढ जाएगा पर वोट देने वाली जनता तो वही है ,
Noida अथॉरिटी अधिकारियों की बातों से लगा कि केन्द्र तथा राज्य सरकार का बहुत दबाव है राजस्व नुकसान (रजिस्ट्री से अर्जित धन) रोकने का। अथॉरिटी किसी भी तरह से CC दे देना चाहती है।
अथॉरिटी CC देने से पहले बहुत कम बिन्दु चेक करती है जैसे:
1) विजली का स्थायी कनेक्शन
2) अपरूब्ड नक्शा के हिसाब से निर्माण
3)कोई अवैध निर्माण
4) अग्नि अनापत्तिप्रमाण पत्र (fire NOC)5)अथॉरिटी का बकाया आदि।
अब आप लोग अनुमान लगा सकते हैं कि अथॉरिटी कितनी आसानी से CC दे सकती है। इसके बाद हमलोग के ऊपर रजिस्ट्री कराने का वैधानिक दबाव आ जायेगा।इसके बाद किसी भी सुविधा के सिर्फ कोर्ट ही एक मात्र रास्ता बचेगा।
सरकार को क्या क्या देखना चाहिए
- क्या बिल्डर ने वाटर कनेक्शन लिया है
- क्या हर फ्लैट के पास अलग इलेक्ट्रिकल डायरेक्ट गवर्नमेंट मीटर लगा है।
- क्या क्लब, स्वीमिंग पूल , प्लेग्राउंड , बेसमेंट पार्किंग आल्लोट किया गया हे.
- सारे फ्लैट्स को प्रॉपर फिनिश किया गया हे।
- क्या सिक्योरिटी , लिफ्ट मेंटेनस का और कॉन्ट्रैक्ट कम से कम १ साल के लिए दिया गया है
- क्या फ्लैट buyers को प्रोजेक्ट डिले की पेनल्टी प्रोजेक्ट लांच के ३ साल बाद से pay कर इंडीविसुअल से नोडस लिया गया है।
- कही बिल्डर धोखा दादी कर भाग कर जा तो नहीं रहा।
- क्या RWA को प्रोजेक्ट हैंड ओवर करने की फॉर्मेलिटी उसने पूरी की है , कम से कम 70% flat buyers के सिग्नेचर होने चाहिए completation certificate & occupancy certificate apply करते समय पता चले की कितने लोग संतुस्ट है।
#rera #uprera एक मजाक । सरकार का नो कंट्रोल ।
सरकार कैसे रोक सकती है realestate में किसी भी प्रकार की धोखा धड़ी।
Solution of Builder issue
https://youtu.be/xv_5hi9OhQk
Revenue department को लग रहा करोड़ो का चूना।
बहुत दिया आश्वासन पर ग्रोउँग लेवल पर समाधान जीरो।
घर दे देंगे। प्रोजेक्ट पूरा कर देंगे बिल्डर भाग रहे अपने आप को दिवालिया घोषित कर। सब जुमला है...
Authority -builder -ओर राज्य सरकार की मिलीभगत से ही आम जनता को तंग जा रहा। failure के लिए राज्य और केंद्र सरकार दोनो जिम्मेदार।
तो क्या है समाधान ग्रोउँग जीरो पर इस समस्या का।
जैसे एक देश एक Tax GST की बात कही गई वैसे ही एक देश एक RERA हो।
1. रेरा और realestate बॉडी नेशनल लेवल पर बने राज्य से राज्य रूल चेंज न हो। केंद्र सरकार का पूरा कंट्रोल हो।
2. कुछ ऐसा प्रावधान हो कि बिल्डर ओर buyer के बीच डिलीवरी संबंधित समय को लेकर बिल्डर advance bank गारेंटी दे। ताकि प्रोजेक्ट डिले होने के केस में बैंक से पेनाल्टी buyer को मिलना शुरू हो जाए। किसी भी तरह के court केस के इनोसेंट buyer ओर invester को फालतू चक्कर न लगना पडे।
3. बिल्डर को अपनी इनकम टैक्स ओर balance sheet every years सारे buyer को ईमेल ओर रजिस्टर्ड पोस्ट से भेजना अनिवार्य हो। सारी सर्विस टैक्स जमा की रसीदे वो indivisual buyer को दे। हो सके तो फॉर्म 26 AS में रिफ्लेक्ट हो और वो बुएर को फॉर्म 16 इशू करे बुएर से लिये गए किसी भी प्रकार के टैक्स के लिए सर्विस टैक्स, vat, GST....ताकि पता चल सके कि बिल्डर कोई टैक्स चोरी तो नही कर रहा। बुएर से इक्कठा सारा टैक्स उसने सरकार को जमा किया है।
4. TRANSPERENCY के लिए हर CONSTRUCTION site पर बिल्डर की सारी detail का 3 foot x4 foot का board सोसाइटी मेल गेट पर हो। बोर्ड ने होने या उस पर गलत detail होनेपर या किसी भी प्रकार की कागज लगा कर इनफार्मेशन छुपाने या जनता को गुमराह करने की कोशिश की जाती है तो मिनिमम 1 लाख की पेनल्टी हो और बिल्डर पर FIR करने का पुलिस को इंस्ट्रक्शन हो।
5 डिस्प्ले board में पुलिस थाना, thane के अधिकारी के नाम के साथ सिनियर अफसर का संपर्क नंबर व ईमेल अंकित हो। साथ ही साथ बिल्डर की कंपनी का cin कंपनी identification नंबर, कंस्ट्रक्शन licence, archetect, Tin एंड GST NUMBER की डिटेल। स्टेटस ऑफ OC, CC, क्लब,ओर डेतैइल अस पेर इंडेक्स मेंशन below,
6. बिल्डर आज जो भी थोड़ा समय 6से 8 महीने का समय मांग रहे है प्रोजेक्ट को डिलीवर करने के लिए।एडवांस बैंक गारेंटी दे indivisual buyer को delay की सूरत में इस गारेंटी से पेनल्टी ली जाए।
7. सरकार भी एक कदम आगे बढ़ाए। जो भी घर आने वाले एक साल में मिलने वाले है उनके रजिस्ट्री में होने वाले stamp duety पर 1%की अतिरिक्त छूट दे। जो भी buyer Stemp खरीदकर व फुल आधार व बैंक detail के साथ अन्य online detail के साथ रजिस्ट्री डेप्टर्टमेंट में जमा कराने पर OCCUPANCY सर्टिफिकेट व कम्पलीशन सर्टिफिकेट मिलने तक 5 से 6% का फिक्स्ड डिपाजिट intrest pay करे डायरेक्ट बैंक एकाउंट में।
8. Single flat wise oc दी जाए।
9. बिल्डर्स को मोटीवेट करने के लिए ओर फ्लैट की डिलीवरी फ़ास्ट करने के लिए आने वाले 3 से 6 महीने में फ्लैट डेलिवर्ड कर रजिस्ट्री करवाने पर बिल्डर ओर buyer को 5 से 10%की incometax में अतिरिक्त छूट दी जाए।
10. कोई भी पोलिटिकल पार्टी या राज्य सरकार जनता के हितों में रोड़ा न अटकाए ओर गवर्नमेंट के फ्लैट्स फ़ास्ट डिलीवरी व सबका साथ सबका विकास में रोड़ा न ले पाए इसके लिए अध्यादेश ordinance लाए क्योकि इसका डायरेक्ट सम्बद्ध सरकार के रेवेनुए से है। इंडिया की GDP ओर ECCONOMIC GROWTH से है। देश हित के लिए अगर मनी बिल या आर्डिनेंस की भी जरूरत हो तो लाया जाए
11. अगर ये प्रावधान कर दिए जाते है तो अकेला Real Estate Sector इंडिया की GDP DOUBLE Digit में कर देगा। इन्वेस्टर्स का विश्वास लौटेगा, cement, माइनिंग, स्टील ,बैंकिंग ओर insurance सेक्टर में indirect boom आएगा। फ़ास्ट डिलीवरी से ब्याज दरें घटाने में सरकार को मदद मिलेगी।
12. आने वाले 2019 के लोकसभा चुनाव में इसका सीधे असर दिखेगा।
13. अगर सरकार को special budget सेशन भी ऑर्गनाइज करना पड़ता है देश की तरक्की के लिए तो करना चाहिए। देश पहले
कैसे रोकेगी modi सरकार बिल्डर चीटिंग एंड black money रियल एस्टेट सेक्टर मे।
क्या हम सब लोग बिल्डर के पेड worker है। नही न। तो क्या हम लोग बिल्डर को ट्रेनिंग दे रहे है। नही न। तो बिल्डर हमे छोटी छोटी बातों में क्यों बना रहा है। बिल्डर ओर बिल्डर के बंदे थर थर काँपने चाहिए कि हमने ढंग से प्रोजेक्ट डेलिवर्ड नही किया । बिल्डर क्यों आराम से बैठ कर बाते बना रहा है क्या वो हमारा माई बाप है। हमने फ्लैट का पैसा दिया है इसलिए उसे तनख्वा मिलती ही। तो फिर प्रोटेस्ट के लिए बंदे क्यों नही आते । क्या बिल्डर हमारे घर चलता है जब हमारे घर पानी नही आता और बिजली नही आती। बिल्डर की ईंट से ईंट बजा देंगे। अगर ईमानदारी से जल्दी काम खत्म नही किया तो।
तो क्या आप सब का खून भी खौलता है। या सबको लगता है कि लड़े कोई हमे क्या हमारे बाप का क्या जाता है। क्या प्रोटेस्ट में लोग इखट्टे भी हो पाएंगे। अगर नही आ सकते हो तो कोई question पूछने का हक भी नही रखना।
Project duration 13 years. Completion 2023 builders ने बनाया #rera #uprera एक मजाक । सरकार का नो कंट्रोल । @RSSorg @UPGovt @CMOfficeUP
Letter Reference: PMOPG/E/2017/0404173 PMO India
#war against corrupt Builder
तारीख मिलने लगी है आज कल, फैसला तब भी न हुआ था, अब भी न होता लगता। @myogiadityanath कुछ करिये
अगर सरकार और प्रशासन सचमुच लोगों के मकानों की समस्या का समाधान चाहता है तो करवाई करनी पड़ेगी। बिल्डर अथॉरिटी माफिया आसानी से खत्म नहीं होगा
समाधान निकालने की नीयत है ?निवासी प्रतिनिधियों की monitoring commite बनाये । जो CM ऑफिस को हर महीने रिपोर्ट देगी।
@myogiadityanath @Satishmahanaup @NoidaAuthority @naredermodi @pmoIndia जब तक इनमे से कोई जेल नहीं जाएगा पैसा बाहर नहीं आयेगा, काम नहीं होगा।
If sahara assets can be seized & auctioned to recover investors dues what stops authorities to do d same with builders ?
UP बिजली घोटाला, बिल्डर खरीदे 100 की बेचे 150की। सीधी supply उपभोक्ता को क्यों नहीं @SOPVVNL @MdPvvnl @CMOfficeUP @UPGovt , कौन कौन है शामिल
What Court Says
Refuse to pay taxes if govt doesn't curb 'hydra-headed' corruption: Bombay HC
Antriksh Kanball 3G Noida
रियल एस्टेट बिल में जनता फिर पीस जाएगी क्योगी राज्य सरकारों और केंद्र सरकार में तालमेल में कमी हमेश रहती है और बहुत सारे decision राज्य सरकार पे छोर दिए गए है नियम राज्य -राज्य बदलते जायगे।
https://youtu.be/IM5YU75IVlw
https://twitter.com/bhatia_kishor/status/851023826167246848
What PMO things about Transparency
सौगन्ध मुझे इस मिटटी की मैं देश नहीं मिटने दूंगा मै देश नहीं झुकने दूंगा - श्री नरेंद्र मोदी जी
इंडिया के अच्छे दिन
सौगन्ध मुझे इस मिटटी की मैं देश नहीं मिटने दूंगा मै देश नहीं झुकने दूंगा - श्री नरेंद्र मोदी जी
Ref : Dainik bhaskar 1 may 2017
Ref : Dainik bhaskar 1 May 2017
To stop Corruption and cheating in Sale deed by builder
Fix Heads Structure and streamline cost in all Builder /real estate
Online submit on government portal and same can be only use as for sale deed with all individual buyers. Viewable to everyone.
Bar coded and PAN / TIN Number linking.
Strict provision for builder to upload monthly bases of construction progress picture and until and construction activity going on they cannot send offer for possession and asked for final demand.
Penalty clause on builder if more than 3 year is over after booking the flat -All Builder Play game to get ownership transfer premium –
Cheating in Sale deal Buyer _ builders
Hiding facts and manipulation to gain profit
Sale deal format should be fix national wise and only down able from government online site. All buyer concern and clause should be fixed , penalty clause should be same for builders or Buyer , like if 18 % charges from customer /buyer for any delayed then Builder have to pay same 18 % for delay by builder by any reason, and in addition to above builder have to pay
Hiding facts and manipulation to gain profit
Sale deal format should be fix national wise and only down able from government online site. All buyer concern and clause should be fixed , penalty clause should be same for builders or Buyer , like if 18 % charges from customer /buyer for any delayed then Builder have to pay same 18 % for delay by builder by any reason, and in addition to above builder have to pay
Direct & indirect cost incurred by buyer due to delayed possession.
A 18% interest on the amounts paid till date in addition to per square feet compensation, in line with what he has made all of us pay.
B Rentals paid by flat owners during this delayed period.
C Potential rental revenue loss by the investors due to this delay.
D Bank interest paid by flat owners to the banks towards the home loan.
A 18% interest on the amounts paid till date in addition to per square feet compensation, in line with what he has made all of us pay.
B Rentals paid by flat owners during this delayed period.
C Potential rental revenue loss by the investors due to this delay.
D Bank interest paid by flat owners to the banks towards the home loan.
Aam Budget Fail - Kaha gaya sabka saath sabka vikas-desh nahi mitne dunga
Sarkar Ki Kathani or karni me fark
policy implementation is too slow only sweet talk
Real estate Bill Not covered Roles played by black money
Some of the burning issues facing this Industry are not covered in this legislation. For example the issues of Project Clearance and Environment – lengthy and arduous process of project approvals – clear land titles, search mechanisms and the roles played by black money.
फ्लैट मिलने में देरी हुई तो बिल्डर देगा हर महीने 20 हजार जुर्माना
Tweet aajtak.in[Edited By : स्वाति गुप्ता] | लखनऊ, 25 जनवरी 2016 | अपडेटेड: 12:19 IST टैग्स: फ्लैट मिलने में देरी| राष्ट्रीय उपभोक्ता विवाद निपटान आयोग| 20 हजार हर्जाना
ई-मेलराय देंप्रिंटअअअ
आयोग ने बिल्डरों को सिखाया सबक, अब देना होगा हर्जाना
फ्लैट खरीदने वालों के लिए एक राहत की खबर है. राष्ट्रीय उपभोक्ता विवाद निपटान आयोग ने एक बड़ा फैसला सुनाया है जिसके तहत बुकिंग के बाद अगर फ्लैट मिलने में देरी होती है तो आपको हर महीने 20 हजार रुपये का हर्जाना मिलेगा.
15-20 हजार का हर्जाना देंगे बिल्डर
आयोग का यह आदेश है कि बिल्डर को अब पार्श्वनाथ प्लेनेट रेजिडेंशियल प्रोजेक्ट में 175 स्वायर मीटर का फ्लैट बुक कराने वाले लोगों को हर महीने 15 हजार और बड़े फ्लैट बुक कराने वालों को हर महीने 20 हजार रुपये का हर्जाना देना होगा.
देरी के चलते ग्राहकों को परेशानी
आपको बता दें कि आयोग ने पार्श्वनाथ डिवेलेपर्स को यह आदेश दिया है कि उसके प्लैनेट नाम से चल रहे प्रोजेक्ट में हो रही देरी से ग्राहकों को जो परेशानी हो रही है उसके लिए ग्राहकों को हर्जाना दिया जाए. यह प्रोजेक्ट लखनऊ के गोमतीनगर इलाके में चल रहा है.
54वें महीने से हर्जाने की रकम मिलेगी
आदेश के मुताबिक जिस दिन ग्राहक फ्लैट की बुकिंग कराएंगे यानी डील होने के 54वें महीने से हर्जाने की रकम मिलना शुरू हो जाएगी. दरअलस पार्श्वनाथ डिवेलेपर्स ने बताया था कि उसे लखनऊ डिवेलपमेंट अथॉरिटी के तरफ से सारे अप्रुवल मिल गए है लेकिन जब ग्राहक साइट पर पहुंचे तो काम रुका हुआ था. ऐसे में ये कड़ा कदम उठाया गया.
क्या है पूरा मामला
दलअसल लोगों ने 2006 में पार्श्वनाथ प्लेनेट रेजिडेंशियल प्रोजेक्ट में फ्लैट्स खरीदे थे. एग्रीमेंट के तहत ग्राहकों को 42 महीने के अंदर फ्लैट मिल जाना था लेकिन ऐसा हुआ नहीं. इसके बाद सभी ने राष्ट्रीय उपभोक्ता विवाद निवारण आयोग में शिकायत दर्ज कराई. इसके बाद आयोग ने आदेश सुनाया कि अब पार्श्वनाथ डिवेलपर्स को गोमतीनगर स्थित प्रोजेक्ट में देरी होने के लिए 20 हजार का जुर्माना देना होगा.
http://m.aajtak.in/story.jsp?sid=851840&secid=80
Penalty on builder if more than 3 year is over after booking the flat -All Builder Play game to get ownership transfer premium – Real Estate Bill
All builder are playing and promoting delay in project and not completing project to get occupancy certificate and without occupancy certificate flat owner should not get registry
At the end if buyer or investor want to sell the unit flat builder are asking for premium of approximate RS 100 to 150 per square feet. All this promoting black money transection due to missing penalty clause on builder for not completing project timely on within 3 years after first booking.
Requesting PMO India to help to get our home timely we are in end user or general public are in big trouble
In real estate bill there should be flat penalty clause (10% of flat/house cost) on builder if more than 3 year is over after booking the flat and this amount should have to be paid by builder to Flat owner with PAN number - All Builder Play to get ownership transfer premium
At the end if buyer or investor want to sell the unit flat builder are asking for premium of approximate RS 100 to 150 per square feet. All this promoting black money transection due to missing penalty clause on builder for not completing project timely on within 3 years after first booking.
Requesting PMO India to help to get our home timely we are in end user or general public are in big trouble
In real estate bill there should be flat penalty clause (10% of flat/house cost) on builder if more than 3 year is over after booking the flat and this amount should have to be paid by builder to Flat owner with PAN number - All Builder Play to get ownership transfer premium
#blackmoney #Incometax # Budget 2016
Buyers concern
Builders are playing no work at site they are saying no fund, no finance available 3-4 years are over there 15 to 20 % unit are still unsold. Is this investor fault. Builders, bank, authority playing and getting profit. We need to pay big interest amount to bank as well as rent of house, end customer are in big trouble. Even no responsibility taken by authority accountability need to be define for builders, authority and government , bank also be accountable,
Builder are not filling ITR, No balance sheet and lunching new project every day with different name without completing their old project. This is case with every builder is this the dream of #housing for all
"We're surprised true disclosure forms and deeds of declaration were not submitted, as, according to the UP apartment act, 2010, these two documents are the most important information on a project, which builders need to submit with the authority," Bharti said.
Buyers won’t have to pay 12.36% service tax on one-time maintenance fee paid to builders Developers have to keep records and refund the balance once housing society is formed.
http://timesofindia.indiatimes.com/city/mumbai/Flat-buyers-spared-service-tax-on-maintenance-fee/articleshow/27154579.cms
the government seeking an explanation for not spending the over Rs 5,000 crore that it has collected as EDC since 2001.
http://archive.indianexpress.com/news/explain-external-development-charge-better-hc-to-huda/781994/
Government should send letter to all builders about effectiveness date of bill so that they can rectify the cost return process. Which they have charge in the name of supper area. And clear penalty clause in case of failure to follow no court case direct cancelling of licenses to work as a builder/ or All the property of builder should be in government control
Is cost of supper area going to correct in carpet area cost? This should not be. There should be fixed ration of circle rate and market rate.
1. What is going to happen with people who has booked flats/ home but still they did not get Possession
2. Govt. should send letter to all builders about effectiveness date of bill so that they can rectify the cost return process. Which they have charge in the name of supper area. And clear penalty clause in case of failure to follow no court case direct cancelling of licenses to work as a builder/ or All the property of builder should be in government control
3. Is cost of supper area going to correct in carpet area cost? This should not be. There should be fixed ration of circle rate and market rate.
4. Club membership money, Car parking should be part of Property no separate charges should be taken by customer.
5. Important point policies making and clarifying the points are really good step but Implementation is missing to speed up the implementation Government need to send letter to all builders and banks for corrective action. Also need to demand and submit online data of buyer with PAN card number so that people are easily traceable and real state bill communication from government body is possible.
A builder is been penalised to pay Rs. 12.36 lakh to a cooperative society in Borivali for not registering the society and failing to get an occupancy certificate as per his statutory obligations.
The Maharashtra state consumer commission, ordered Mahalaxmi Construction to compensate Samruddhi cooperative housing society for Rs. 5.6 lakh, along with 9% interest charged since 1998, when the society had filed the complaint.
Dated: New Delhi: July 31, 2014, DHNS:
The Supreme Court on Wednesday directed real estate company Supertech to refund the money of flat aspirants who had invested in its 40-storey residential twin towers built in Noida, as the Allahabad High Court had ordered demolition of the towers in April last.
In October 2013, the NGT had passed orders that no construction activity to be permitted within 10-km radius of the Okhla Bird Sanctuary and for projects already completed, the construction shall be subject to final order passed by the Tribunal and the authority shall not give any completion certificate to such constructed buildings.
For buildings half-way through, the construction was allowed to go on subject to final order to be passed by the Tribunal. In its orders in April this year, in a PIL in the 2004 Goa Foundation versus Union of India case, the Tribunal said any decision taken by the government is subject to final decision by the Supreme Court.
“In September 2013, the U.P. Government said the eco-sensitive zone will be been fixed as 1 km but even this was affecting a number of real estate projects. Then, this January they gave 100 metres radius as the criteria but this is yet to be accepted by NBW,” said Gaurav Bansal, petitioner in NGT.
Basic Documentation requirement for occupancy certificate
1. Fire NOC Copy- issue by Chief Fire control Officer, Fire Department Clearance Status /Fire department clearance Letter
2. Pollution Control Clearance Status /Pollution Clearance Vide Memo No.
3. Environmental Clearance By respective authority- Environment Clearance status Environment Clearance Copy
4. Approved Map by National Institute
5. Electrical Supply related Certificate
6. Water & sewage related certificate & receipt
7. Rain water harvesting related declaration & commitment.
8. Central earth water related certificate
15 . National Consumer Disputes Redressal Commission
http://ncdrc.nic.in/
16. Confonet Judgment Search on real estate Builders project
http://cms.nic.in/ncdrcusersWeb/search.do?method=loadSearchPub
Is Indian government able to bring transparency in real estate sector?
Is effort by government is enough?
Is government committed to bring transparency?
How are the international rating agency (Standard & Poor's (S&P), Moody's, and Fitch Group) reacting on India transparency effort on system?
PIB 10 March 2016
जिस तरह धीतरास्ट्र का पुत्र प्रेम नहीं छूटा और महाभारत करा दी उसी तरह करंट सरकार का अपने टैक्स प्रॉफिट के ऊपर कुछ नहीं दिख रहा २८% तक GST , पेट्रोल में लूट , शराब बेचना जरुरी क्योकि टैक्स मिलता हे, यहा भी उसे सिर्फ रजिस्ट्री का लोभ दिख रहा है। जनता जाए भाड़ में हमें क्या टैक्स मिलना चाहिए
जनता को गुमराह कर फ्लैट देने वाला फिगर तो बढ जाएगा पर वोट देने वाली जनता तो वही है ,
Rera देखा। मजा आया तो ताली ठोको सब जुमला है। बिल्डर्स अभी भी मौज ले रहा है और रोज ले रहा है। सरकार का कोई कंटोल नही सब जुमला
पैसा सहारा के पास भी नहीं था, जेल गए तो सब रास्ते निकल आएंगे। इतने केस हैं बिल्डर्स पर क्यों एक दो को ही जेल हुई
जिस तरह धृतराष्ट्र का पुत्र प्रेम नही छूटा और सरकार का टैक्स प्रेम।उसी तरह सरकार Noida authority and revenue dept. का टैक्स मोह नही छूट रहा। उचित अनुचित को भूल सिर्फ अपना स्वार्थ सिद्धि में लिप्त। बेचारा मिडिल क्लास कितना बोझ सहे सबसे ज्यादा टैक्स मिडिल क्लास ही देता है। यहाँ ये कहावत सही बैठती है सरकार जिस थाली में खाती है उसी में छेद। हाऊ इस द जोश
To bring the trust back in the real estate sector, housing ministry launched an e-commerce platform to facilitate homebuyers in identifying genuine properties. The online platform is for projects that have received occupancy certificates (OCs)
the portal will be open for one month only for the real estate developers to register their projects
the portal will be opened for home buyers with a 45-day sale peridot starting February 14, 2020.
Buyers will also be able to directly book/reserve a unit from the portal with a refundable payment of only Rs 25,000. They will also get 'Money Back Guarantee',
Buyers will be able to view complete listing info including floor plans, room dimensions, video tours of units and external views looking out from windows / balconies.
#realestatebill , India First, #deshnahibikneduga #GIVEUSOURHOMES #housingforall
+MyGOV MOdi Sarkar +Arun Jaitley +Ministry of Information & Broadcasting @MVenkaiahNaidu
Black Money & virtual money has made #realestate costly for Indian citizen
No clarity in possession
Builder, Bank, and local authority playing but actually suffer by end buyer, decision time frame need to fix maximum 1 month, an online portal should be design for all stake holder, financial penalty clause need to introduce for local authority, Even any pollution board, Environment board, state authority, builders for taking delaying in decision and making obstruction in development of India., why they had not wakeup earlier and only for political gain, or gaining profit, black money , Hurting Indian economy money and extra power force comes from out of India & bad mindset organization All this happen .Buyers concern
Builders are playing no work at site they are saying no fund, no finance available 3-4 years are over there 15 to 20 % unit are still unsold. Is this investor fault. Builders, bank, authority playing and getting profit. We need to pay big interest amount to bank as well as rent of house, end customer are in big trouble. Even no responsibility taken by authority accountability need to be define for builders, authority and government , bank also be accountable,
Builder are not filling ITR, No balance sheet and lunching new project every day with different name without completing their old project. This is case with every builder is this the dream of #housing for all
Way to Move forward - Flat buyer Concern
Builder unethical practices and Flat buyer Concern
1. cases solution as per court
http://cms.nic.in/ncdrcusersWeb/search.do?method=loadSearchPub
2. National Consumer Disputes Redressal Commission
http://ncdrc.nic.in/
3. PG Portal for central as well as state ministry
http://pgportal.gov.in/
online submission of scan letter, All / Maximum people need to sign on concern letter and send to ministries, please do not wait for all People start sending letter in in 10 -10 group of people,
Important point is follow up action
Important contact ministry is
4. Please use sites picture with date stamp, supportive document for concern and please verified builder detail information from Ministry of corporate affairs
CIN number and right company name of builder project wise
don't argue with anybody always believe in written communication.
1. cases solution as per court
http://cms.nic.in/ncdrcusersWeb/search.do?method=loadSearchPub
2. National Consumer Disputes Redressal Commission
http://ncdrc.nic.in/
3. PG Portal for central as well as state ministry
http://pgportal.gov.in/
online submission of scan letter, All / Maximum people need to sign on concern letter and send to ministries, please do not wait for all People start sending letter in in 10 -10 group of people,
Important point is follow up action
Important contact ministry is
- Ministry of Urban development
- Ministry of Housing
- Ministry HUPA- M/o Housing and Urban Poverty Alleviation
4. Please use sites picture with date stamp, supportive document for concern and please verified builder detail information from Ministry of corporate affairs
CIN number and right company name of builder project wise
don't argue with anybody always believe in written communication.
Request to PMO India
Looking for support from PMO India in
- Clear date of the possession- Really Big issue for middle class we have to pay rent as well as Interest of Bank
- Transparency of Document with Buyer (Certifying copy of Document)
- Certified copy of the occupancy certificate and the certified copy of the board resolution authorizing the company representative to sign such papers along with the possession letter)
- What additional compensation will they be offering for delayed possession
Real estate developers eye tax relief on deemed rental income
the tax law provides that only one house property owned by an individual will be treated as self-occupied and hence will not be taxed. Any additional house property owned by an individual which is not actually let out is treated as deemed to be let out and taxed accordingly .
Government effort making system for Transparency. this will bring Indian economy on the top
Director Housing
PG Reference: PMOPG/E/2015/0136161
The central Government has moved the Real Estate (Regulation and Development) Bill to curb the malpractices in real estate sector and protect the interests of buyers of houses/flats. The Bill had been examined by a Select Committee of Rajya Sabha and recommendations of the Select Committee are under consideration of the Cabinet. The proposed Real Estate Regulatory Authority will have jurisdiction over the ongoing schemes also.
Reference:
- PMO Office Ref no: PMOPG/W/2015/0075262 dated 08 Aug 2014
- Ministry of Housing & Poverty Alleviation- F.No.O-17034/9/2015-H-FTS-12709
Noida Authority online RTI also very tough,
They do not have intention to solve the issue only making the atmosphere of black money & corruption
Gaps in RTI replies, flat owners file appeals
TOI Noida Sep 17, 2014,
http://timesofindia.indiatimes.com/city/noida/Gaps-in-RTI-replies-flat-owners-file-appeals/articleshow/42654944.cms
NOIDA: Noida Extension Flat Owners Association (NEFOWA) filed 35 "first appeals" with the Greater Noida Authority on Tuesday, claiming that replies to most of the 100 RTIs they had filed in August seeking information from builders on several issues were "unsatisfactory".
A letter highlighting the issue was also sent to the Prime Minister.
"We filed 100 RTIs on August 8, asking GNIDA to share information on maps of various housing projects, their layout plans, deeds of declaration, true disclosure forms, etc. But we didn't get any of these in their responses," said NEFOWA general secretary Shweta Bharti. The body had also asked queries about the quality of building materials being used at various projects.
"We're surprised true disclosure forms and deeds of declaration were not submitted, as, according to the UP apartment act, 2010, these two documents are the most important information on a project, which builders need to submit with the authority," Bharti said.
"Realtors who haven't submitted true disclosures with GNIDA but are selling flats are violating section 4(1) of the UP apartment act. Those who haven't submitted deeds of declaration are violating section 12 of the act. We've been forced to file the first appeal as GNIDA hasn't been able to furnish these," said NEFOWA co-founder Indrish Gupta.
"When an RTI response is incomplete, "first appeal" is the next bonafide action an appelant can take. They also carry a monetary penalty for the respondent if they fail to respond within the allotted time," said Gupta.
"The authority said they don't have a system to check quality of materials used. This is a potential danger. How can we be sure flats are going to be safe in future?" Gupta added.
What is going to happen with people who has booked flats/ home but still they did not get Possession
IFSM: Interest Free Maintenance security /Charge.
In most of the situations, the maintenance charges are paid by the possessers ( Rs.1/2 per sqft) after the RWAl/local authority is elected which generally happens after 2 years following possession. So the builder charges this amount for the first 2 years in the account where he is responsible for the maintenance of the entire society.
Buyers won’t have to pay 12.36% service tax on one-time maintenance fee paid to builders Developers have to keep records and refund the balance once housing society is formed.
http://timesofindia.indiatimes.com/city/mumbai/Flat-buyers-spared-service-tax-on-maintenance-fee/articleshow/27154579.cms
EDC - External Development charges
Explain external development charge better: HC to HUDA
The court had sought a detailed affidavit from the government on the collection and use of EDC.the government seeking an explanation for not spending the over Rs 5,000 crore that it has collected as EDC since 2001.
http://archive.indianexpress.com/news/explain-external-development-charge-better-hc-to-huda/781994/
Supper area & Carpet Area Charges Concern
Government should send letter to all builders about effectiveness date of bill so that they can rectify the cost return process. Which they have charge in the name of supper area. And clear penalty clause in case of failure to follow no court case direct cancelling of licenses to work as a builder/ or All the property of builder should be in government control
Is cost of supper area going to correct in carpet area cost? This should not be. There should be fixed ration of circle rate and market rate.
Club membership money, Car parking
Club membership money, Car parking should be part of Property no separate charges should be taken by customer.Real Estate Bill Implementation
Important point policies making and clarifying the points are really good step but Implementation is missing to speed up the implementation Government need to send letter to all builders and banks for corrective action. Also need to demand and submit online data of buyer with PAN card number so that people are easily traceable and real state bill communication from government body is possible.- What measures are they taking to ensure that possession will be offered soon as pictures of the site suggest it is minimum 12 months away?
- What measures are they taking to address the concern of poor quality construction
- What is the status of the civic amenities inside & outside the residential complex? (Electricity, Sewage & drainage system in particular)
- They should also agree to return the amount of interest collected form all the flat owners, since they have been in the habit of raising the demand much before it becomes due as per the agreement? (For example: Instead of raising the demand on casting of a particular slab they have raised it on commencement of the slab, similarly instead of raising the demand on Completion of plumbing, flooring & tiles work they have raised the demand on commencement of the plumbing, flooring & tiles work etc.
- Why has they not communicated to the flat owners till date on the delayed possession or reason thereof? (Very conveniently they have diverted the funds to Phase II, making all of us bleed which is the actual reason of delayed possession.
- Lesser Carpet Area as compare to broucher.
- Not providing all animates as promise in broucher and during flat booking.
- No fixed date for possession.
- Builder should also furnish the proofs of deposition of Service Tax to the authorities, which he has collected from all of us along with each installment.
- Not ready to pay the penalty as promised as per builder buyer agreement and cheating in sale deal no clause mention. Only one sided penalty clause for delay.
To Bring Transparency in real estate Builder have to put below mention detail in public domain or in government site viewable to general public / investor
Improve Transparency level in Real Estate Sector
Real Estate (Regulation and Development) Bill, 2013 few point need to be consider
1. What is going to happen with people who has booked flats/ home but still they did not get Possession
2. Govt. should send letter to all builders about effectiveness date of bill so that they can rectify the cost return process. Which they have charge in the name of supper area. And clear penalty clause in case of failure to follow no court case direct cancelling of licenses to work as a builder/ or All the property of builder should be in government control
3. Is cost of supper area going to correct in carpet area cost? This should not be. There should be fixed ration of circle rate and market rate.
4. Club membership money, Car parking should be part of Property no separate charges should be taken by customer.
5. Important point policies making and clarifying the points are really good step but Implementation is missing to speed up the implementation Government need to send letter to all builders and banks for corrective action. Also need to demand and submit online data of buyer with PAN card number so that people are easily traceable and real state bill communication from government body is possible.
Benefit:
- No Cheating in Real estate.
- End user satisfaction
- No black money involvement
- NRI Can’t be influence our economy more stability in Rupee as compare to other currency like Euro & Dollar $
- Government can get property tax on actual property value.
Government Initiative /feedback
1. New bill proposes licences for real estate brokers
New bill proposes licences for real estate brokers The UP urban housing department is drafting the bill to regulate property brokers. "Once the draft bill is ready, it will be approved first by the cabinet and then passed by the legislative assembly to make it a law," said an official. The draft states, "The district magistrate or any other top official in each district will be appointed as the nodal officer, who will issue licences and address grievance of buyers against erring agents, Realty experts said this decision will bring in more accountability, reliability and transparency for homebuyers.
2. The Confederation of Real Estate Developers Associations of India has called for adoption of a single window and online approval system to cut short time for clearances and save on costs due to delays.
http://www.thehindubusinessline.com/.../article5459045.ece
3. Refund additional Floor Area ratio charges to institutions: Delhi High Court to DDA
Delhi HC asked DDA to refund the amount taken from certain private educational institutions as additional Floor Area ratio charges on the land given to them on lease-hold basis.
4. The effect due to lack of poor policy in Real Estate Sector
Noida: 30000 flats face uncertainty as SC upholds National Green Tribunal order
New Delhi: In worrying news for home owners, 30,000 flats owners in Noida face uncertainty after a Supreme Court ruling on Tuesday. The apex court upheld the stay on construction imposed by the National Green Tribunal in the eco-sensitive zone surrounding the Okhla Bird Sanctuary. Construction around the eco-sensitive Okhla Bird Sanctuary has been halted.
5. Hon’ble Supreme Court decision on home buyer favor
In what could tame builders who fail to deliver houses on time, the National Consumer Disputes Redressal Forum has asked realty major Parsvnath Developers to return the entire principal amount paid by two flat buyers with 18% interest and another Rs 7 lakh compensation to each for causing mental agony and harassment because of delay in handing over possession.
http://epaper.jagran.com/epaperimages/15092014/delhi/14del-pg12-0.pdf
Flat Owners demanding compensation at an interest rate of 18 percent per annum, the rate at which Raheja charges from buyers for any delay in payment.
“We( Flat Owners) will file a case in the second week of January in the national consumer commission asking for the developer to pay compensation at the rate of 18 per cent per annum,”
http://forbesindia.com/article/special/pmo-asks-haryana-to-probe-complaints-against-raheja-developers/39249/1
The houses in the list are built in over 10 percent structural violations. Earlier, as per the DTCP norms, 10% violations in houses were compoundable which meant that the owner can get occupation certificates by paying some penalty.
The court has asked the DTCP to remove only minor portions so that the building structure is not affected. It has clearly stated that the builder will have to pay penalty for houses where the violations are beyond 10%.
Many of the flat owners have welcomed the court order. An owner said that the court has rightly made builders accountable for the violations. Now the builder only has to pay penalty and applicable compounding charges and not the house owners.
Project not started and undelivered flat on time
A judgement on September 13, gave a landmark decision in favour of the buyer
The commission ordered the developer to pay the current market value of a flat with the same specification in the same locality, which would be around Rs 60 lakh, in case the unit was not delivered within three months. In addition, the commission also directed the developer to pay Ieetkar Rs 3 lakh as compensation for mental harassment and Rs 30,000 for legal charges.
Hon’ble Supreme Court has confirmed the order of the National Forum against Parsvnath Developer to refund the principal amount deposited by two buyers with 18% interest per annum for delaying the possession of the flats. The interest to Subhash Chander Mahajan and Abhishek Kumar Dwivedi will be from the date of deposit with the builder till its realization. Two judge bench comprising Justice V. Gopala Gaur and Justice Adarsh Kumar Goyal has also confirmed the order of National Forum awarding Rs. 7 lakh to each buyer for harassment, mental agony, anguish, frustration, anger and sadness, after the expiry of 90 days’, it will carry interest @ 24% p.a. till its realization. SC has also confirmed payment of Rs. 2 lakh to each buyer as the cost of the case.
http://epaper.jagran.com/epaperimages/15092014/delhi/14del-pg12-0.pdf
6. Real Estate Bill to be presented in Winter Session of Parliament
PTI New Delhi Last Updated: September 17, 2014
7. PMO asks Haryana to probe complaints against Raheja Developers
The Prime Minister’s Office (PMO) has issued a letter to the Haryana chief secretary to look into complaints against a Raheja Developer's housing project in Gurgaon. A group of flatowners had moved the PMO alleging irregularities in the Atharva project on the Delhi-Gurgaon borderFlat Owners demanding compensation at an interest rate of 18 percent per annum, the rate at which Raheja charges from buyers for any delay in payment.
“We( Flat Owners) will file a case in the second week of January in the national consumer commission asking for the developer to pay compensation at the rate of 18 per cent per annum,”
http://forbesindia.com/article/special/pmo-asks-haryana-to-probe-complaints-against-raheja-developers/39249/1
8. High Court orders builder to pay penalty for violating building norms
The houses in the list are built in over 10 percent structural violations. Earlier, as per the DTCP norms, 10% violations in houses were compoundable which meant that the owner can get occupation certificates by paying some penalty.
The court has asked the DTCP to remove only minor portions so that the building structure is not affected. It has clearly stated that the builder will have to pay penalty for houses where the violations are beyond 10%.
Many of the flat owners have welcomed the court order. An owner said that the court has rightly made builders accountable for the violations. Now the builder only has to pay penalty and applicable compounding charges and not the house owners.
9. Delivery of new flats: Delays can attract high penalty for developers
The Maharashtra State Consumer Disputes Redressal Commission,
Oct 19 2013
Project not started and undelivered flat on time
A judgement on September 13, gave a landmark decision in favour of the buyer
The commission ordered the developer to pay the current market value of a flat with the same specification in the same locality, which would be around Rs 60 lakh, in case the unit was not delivered within three months. In addition, the commission also directed the developer to pay Ieetkar Rs 3 lakh as compensation for mental harassment and Rs 30,000 for legal charges.
10. Builder to pay penalty of Rs. 12.36 lakh for not registering society
Aug 22nd, 2014
A builder is been penalised to pay Rs. 12.36 lakh to a cooperative society in Borivali for not registering the society and failing to get an occupancy certificate as per his statutory obligations.
The Maharashtra state consumer commission, ordered Mahalaxmi Construction to compensate Samruddhi cooperative housing society for Rs. 5.6 lakh, along with 9% interest charged since 1998, when the society had filed the complaint.
11. The Supreme Court directs DLF to pay Rs 630 cr fine imposed by CCI
http://www.firstpost.com/business/dlf-beguiled-and-entrapped-home-buyers-says-cci-order-65347.html ,Aug 28, 2014
The case pertains to 2011 when the residential welfare society of DLF's Belaire project in Gurgaon
The Commission considers it appropriate to impose penalty at the rate of 7 percent of the average of the turnover for the last three preceding financial years on DLF," the report said, adding that this amount comes to Rs 630 crore.
The case pertains to 2011 when the residential welfare society of DLF's Belaire project in Gurgaon
The Commission considers it appropriate to impose penalty at the rate of 7 percent of the average of the turnover for the last three preceding financial years on DLF," the report said, adding that this amount comes to Rs 630 crore.
12. Supreme Court orders real estate company to refund flat aspirants
The Supreme Court on Wednesday directed real estate company Supertech to refund the money of flat aspirants who had invested in its 40-storey residential twin towers built in Noida, as the Allahabad High Court had ordered demolition of the towers in April last.
13. “Eco-sensitive area” of the Okhla Bird Sanctuary & the National Board for Wildlife (NBW)
Ref: http://www.thehindu.com/news/cities/Delhi/sc-order-on-noida-projects-puts-ball-back-in-national-board-of-wildlifes-court/article6106493.ece, June 12, 2014
In October 2013, the NGT had passed orders that no construction activity to be permitted within 10-km radius of the Okhla Bird Sanctuary and for projects already completed, the construction shall be subject to final order passed by the Tribunal and the authority shall not give any completion certificate to such constructed buildings.
For buildings half-way through, the construction was allowed to go on subject to final order to be passed by the Tribunal. In its orders in April this year, in a PIL in the 2004 Goa Foundation versus Union of India case, the Tribunal said any decision taken by the government is subject to final decision by the Supreme Court.
“In September 2013, the U.P. Government said the eco-sensitive zone will be been fixed as 1 km but even this was affecting a number of real estate projects. Then, this January they gave 100 metres radius as the criteria but this is yet to be accepted by NBW,” said Gaurav Bansal, petitioner in NGT.
14. Noida- New Okhala Industrial development Authority
Basic Documentation requirement for occupancy certificate
1. Fire NOC Copy- issue by Chief Fire control Officer, Fire Department Clearance Status /Fire department clearance Letter
2. Pollution Control Clearance Status /Pollution Clearance Vide Memo No.
3. Environmental Clearance By respective authority- Environment Clearance status Environment Clearance Copy
4. Approved Map by National Institute
5. Electrical Supply related Certificate
6. Water & sewage related certificate & receipt
7. Rain water harvesting related declaration & commitment.
8. Central earth water related certificate
15 . National Consumer Disputes Redressal Commission
http://ncdrc.nic.in/
16. Confonet Judgment Search on real estate Builders project
http://cms.nic.in/ncdrcusersWeb/search.do?method=loadSearchPub
Transparency in Real estate / Builder/ Properties.
December 2, 2013 at 12:12pm
Is effort by government is enough?
Is government committed to bring transparency?
How are the international rating agency (Standard & Poor's (S&P), Moody's, and Fitch Group) reacting on India transparency effort on system?
Government Initiative /Effort:
Cabinet clears 20 major amendments to Real Estate Bill
10 Dec, 2015
These changes are based on the recommendations of a Rajya Sabha committee that examined the Bill pending in the upper house of Parliament.
10 Dec, 2015
These changes are based on the recommendations of a Rajya Sabha committee that examined the Bill pending in the upper house of Parliament.
Real estate bill: All changes by Rajya Sabha panel accepted
A major amendment is the proposed parity in the interest payable by allottee and developer in case of any default by either party
The committee said in its report: "The interest rate payable by the promoters as well as by allottees shall be same in eventuality of any default by either of them."
ET- 16 November 2015
A major amendment is the proposed parity in the interest payable by allottee and developer in case of any default by either party
The committee said in its report: "The interest rate payable by the promoters as well as by allottees shall be same in eventuality of any default by either of them."
ET- 16 November 2015
Penalty clause on builder if more than 3 year is over after booking the flat -All Builder Play game to get ownership transfer premium – Real Estate Bill
PIB 10 March 2016
http://pib.nic.in/newsite/erelease.aspx
Real Estate Bill passed near unanimously by Rajya Sabha; MPs say Bill spurs the sector
Government lauded for accommodating suggestions of various parties in the Bill
Chairman of Select Committee of the House complimented for widest consultations
Implications of retrospective application of the Bill and discrimination will be addressed in the Rules, says Shri Venkaiah Naidu
Bills can be referred to appropriate committees if the intention is not to delay them and Parliament functions normally- Shri Naidu
Real Estate (Regulation &Development ) Bill, 2016 was today passed near unanimously by the Rajya Sabha with almost all the parties welcoming the Government’s decision requiring developers to deposit 70% of the collections from the buyers in a separate account to meet construction costs including that of land. Many members also welcomed the balance stuck in the Bill to enable orderly growth of the sector in an atmosphere of trust and enhanced credibility. They felt that the Bill is not anti-business and in fact, in the long run prove to be a much desired catalyst for the real estate sector benefitting both the consumers and project developers.
Many members praised Shri Anil Madhav Dave, Chairman of the Select Committee of the House that examined the Bill for enabling widest possible consultations in a very democratic manner resulting in useful suggestions which were accepted by the Government.
Responding to various issues raised by the members during the three hour long discussion on the Bill, Minister of Housing & Urban Poverty Alleviation Shri M.Venkaiah Naidu said that the implication of bringing the real estate projects under construction under the ambit of the Bill will be examined and required clarity will be given in the Rules to be framed after enactment of the Bill. Shri Rahman Khan (Congress) observed that the Bill provides for purchase of houses based on carpet area and its implication to projects under construction wherein houses have been allotted on super area basis needs to be clarified.
Responding to the issue of competence of Parliament to legislate on real estimate matters involving land raised by Shri Naresh Agarwal of SP and Shri Rabi Bernard of AIADMK, Shri Naidu stated that this was examined thoroughly by the Ministry of Law & Justice and the Attorney General and Central Law in the matter was found to be valid.
On ensuring that there is no discrimination in sale of houses to certain sections of the society raised by Ms.Selja and Shri Rajiv Gowda of Congress, the Minister said that the Constitution offered protection against any such discrimination and if required, this issue will be suitably addressed in the Rules to be framed.
On the demand for applying the provisions of the Bill to all real estate projects irrespective of plot size and number of apartments, Shri Naidu replied that the Bill provides freedom to the States to relax the norm of plot size of 500 sq.mtrs or 8 apartments based on local situations.
Shri Naidu who is also the Minister of Parliamentary Affairs assured the House that Bills could be referred to appropriate Committees for examination if demands in this regard were not meant for delaying their consideration and passage and if the Parliament was allowed to function without disruptions which only delay legislation. He said so while responding to the suggestion of Shri Jairam Ramesh who referred to the good work done by the Department Related Standing Committee and the Select Committee of Rajya Sabha by substantially improving upon the Real Estate Bill of 2013.
18 members spoke on the Bill. Reactions of some members of different parties on the Real Estate Bill, 2016 were as below:
Ms.Selja (Congress) :Our party was strongly committed to protect the interests of consumers. I am happy that the Government decided in favour of 70% of collections to be deposited in a separate bank account. I don’t mind the Government taking credit for the same.
Shri Anil Dave (BJP): The Select Committee could gauge the pain and suffering of consumers at the hands of some unscrupulous promoters. The Bill will prove to be a boon both for consumers and developers.
Shri Naresh Agarwal (SP) : I am not against the Bill but only concerned about the Central Law entering the domain of the States. Imprisonment of developers for any violation straight away is being too harsh.
K.C.Tyagi (JDU) : Chennai floods were a result of unregulated construction. Bengaluru also facing several problems. Welcome the Bills that seeks to check irregularities.
Shri NadimulHaq (Trinamul Congress) : Support the Bill though the remedial measures proposed for the real estate sector do not seem to be broad enough.
Shri Rabi Bernard (AIADMK) : Only MP to oppose the Bill on account of legislative competency of Parliament.
Shri Munkad Ali (BSP): Developers exploit the consumers by raising costs from time to time and this needs to be checked.
Shri RitabrataBannerji (CPM); Support the Bill. It should apply to all projects and should ensure that there is no discrimination.
Shri A.U.SinghDeo (BJD) : The Bill is long over due. Single window mechanism necessary to ensure speedy approvals for construction projects.
Shri Praful Patel (NCP): Intention of the Bill is noble and honourable and marks a good beginning. Results will follow in due course. Land needs to be opened up to decongest core central areas of cities.
Shri Rajiv Chandrasekhar :Bill is the most pro-consumer initiative of the Government. Both the UPA and NDA governments stood firmly on the Bill which is certainly not anti-business. It promotes competition and efficiency.
Shri Anil Desai (Shiv Sena) : Bill strikes a balance protecting the interests of consumers and genuine consumers.
Shri Venkaiah Naidu thanked the members and parties for their enthusiastic support to the Bill.
AAR
March 10,2016
(Release ID :137710)
Protest by flat owners at antriksh Kanball Sector 77 Noida
The Governor,
State of Uttar Pradesh,
Raj Bhawan, Lucknow - 226001
Sub: Petition for not signing / approving the Uttar Pradesh Apartment (Promotion of Construction, Ownership and Maintenance) Amendment Bill, 2016.
Respected His Excellency,
This petition is with reference to the Uttar Pradesh Apartment (Promotion of Construction, Ownership and Maintenance) Amendment Bill, 2016 pursuant to which the UP Legislature has approved certain amendments to the Uttar Pradesh Apartment (Promotion of Construction, Ownership and Maintenance) Act, 2010 (“Apartment Act”), which inter-alia include amendments to Section 4(4) and deletion of Section 4(5) of the Apartment Act. Pertinently, these provisions were enacted to prohibit illegal/unauthorized constructions in group housing projects and to ensure timely completion of these projects.
The petitioners submit that these amendments are contrary to the main object of the Apartment Act and the Real Estate (Regulation and Development) Act, 2016 which were enacted to protect the interests of the home buyers and bring about the much needed transparency in the real estate sector. The undersigned, being an association of over 10,000 apartment buyers from Greater Noida (West) region solemnly request you to not give your assent and sign the Uttar Pradesh Apartment (Promotion of Construction, Ownership and Maintenance) Amendment Bill, 2016 (“Amendment Bill”) for reasons set out below:
1. Promote illegal constructions
(a) Section 4(4) of the Apartment Act mandates the builder to obtain prior consent of the development authority and the buyers/apartment owners before making any change to the original layout plans and specifications of the housing project. However, the Amendment Bill has done away with the requirement of consent from the intending purchaser/apartment owner. This dilution will give a free hand to the builders in the state to indulge in illegal and unauthorized constructions, which is likely to jeopardize the lives and property of the apartment owners.
(b) Home buyers who exhaust all their lifetime savings in purchasing an apartment will have no say in any kind of amendment that the builder makes in original plans of the project on the basis of which they agreed to purchase the apartment.
(c) Builders indulge in construction of such additional towers/apartments on the sole pretext of earning more profits. These additional constructions strains the common amenities in the project, adversely affect the environment, the standard of living of the apartment owners in the society and also raises serious questions about safety of lives and property of the residents of the society.
2. Delay in completion of the projects
(a) It is a well-known fact that delays in completion of housing projects have been plaguing the real estate sector. Accordingly, Section 4(5) of the Apartment Act which mandated the builder to complete the construction within 2 years from the date of the sale agreement was a boon for home buyers and served as a deterrent for errant builders.
(b) The Amendment Bill which deletes this provision will lead to more delay in completion of housing projects since there will be no statutory requirement to finish the project on time. The project can drag on for years and the buyer will be left remediless.
(c) Such delays will have disastrous consequences on the financial condition of the home buyers who have to pay hefty interest on the EMIs for home loans and rental expenses.
3. Amendments are against the objective of the Apartment Act
(a) The aforesaid amendments will defeat the very objective of the Apartment Act since it takes away two of the most cherished rights of home buyers/apartment owners.
(b) The Amendment Bill which takes away such important rights from home buyers/apartment owners have been passed by the Legislature in a rush and without seeking any comments from stakeholders. The amendments are illegal, heavily tilted in favour of the builders, arbitrary and have been passed without keeping in mind the growing number of cases of illegal constructions and delay in completion of projects in the state.
4. Miscellaneous
(a) At present, the home buyers in the State have the option to approach the Hon’ble High Court in the event of violation of these statutory obligations i.e. illegal constructions and delay in completion of housing projects. In fact, in several cases the Hon’ble High Court has issued a stay on such illegal constructions. The proposed changes will render the home buyers remediless against such illegal activities of the builders and the inaction of the competent authorities, thereby leaving them remediless.
(b) The Amendment Bill takes away all the rights of the buyers at construction stage of the project thereby, permitting the builder to change the layout plan of the project as many times as he wants and delay the project to his own advantage. The builder will no longer be answerable to the buyers for any delay in the project or for indulging in additional constructions.
(c) The Amendment Bill has been floated with an intention to protect many builders, whose projects have been stayed by the Hon’ble High Court on the basis of petitions filed by the buyers against illegal constructions.
In the light of the aforesaid submissions, we request you to not give your assent to the Uttar Pradesh (Promotion of Construction, Ownership and Maintenance) Amendment Bill, 2016, which is an assault on the most cherished rights of home buyers in the State.
Real Estate Bill passed near unanimously by Rajya Sabha; MPs say Bill spurs the sector
Government lauded for accommodating suggestions of various parties in the Bill
Chairman of Select Committee of the House complimented for widest consultations
Implications of retrospective application of the Bill and discrimination will be addressed in the Rules, says Shri Venkaiah Naidu
Bills can be referred to appropriate committees if the intention is not to delay them and Parliament functions normally- Shri Naidu
Real Estate (Regulation &Development ) Bill, 2016 was today passed near unanimously by the Rajya Sabha with almost all the parties welcoming the Government’s decision requiring developers to deposit 70% of the collections from the buyers in a separate account to meet construction costs including that of land. Many members also welcomed the balance stuck in the Bill to enable orderly growth of the sector in an atmosphere of trust and enhanced credibility. They felt that the Bill is not anti-business and in fact, in the long run prove to be a much desired catalyst for the real estate sector benefitting both the consumers and project developers.
Many members praised Shri Anil Madhav Dave, Chairman of the Select Committee of the House that examined the Bill for enabling widest possible consultations in a very democratic manner resulting in useful suggestions which were accepted by the Government.
Responding to various issues raised by the members during the three hour long discussion on the Bill, Minister of Housing & Urban Poverty Alleviation Shri M.Venkaiah Naidu said that the implication of bringing the real estate projects under construction under the ambit of the Bill will be examined and required clarity will be given in the Rules to be framed after enactment of the Bill. Shri Rahman Khan (Congress) observed that the Bill provides for purchase of houses based on carpet area and its implication to projects under construction wherein houses have been allotted on super area basis needs to be clarified.
Responding to the issue of competence of Parliament to legislate on real estimate matters involving land raised by Shri Naresh Agarwal of SP and Shri Rabi Bernard of AIADMK, Shri Naidu stated that this was examined thoroughly by the Ministry of Law & Justice and the Attorney General and Central Law in the matter was found to be valid.
On ensuring that there is no discrimination in sale of houses to certain sections of the society raised by Ms.Selja and Shri Rajiv Gowda of Congress, the Minister said that the Constitution offered protection against any such discrimination and if required, this issue will be suitably addressed in the Rules to be framed.
On the demand for applying the provisions of the Bill to all real estate projects irrespective of plot size and number of apartments, Shri Naidu replied that the Bill provides freedom to the States to relax the norm of plot size of 500 sq.mtrs or 8 apartments based on local situations.
Shri Naidu who is also the Minister of Parliamentary Affairs assured the House that Bills could be referred to appropriate Committees for examination if demands in this regard were not meant for delaying their consideration and passage and if the Parliament was allowed to function without disruptions which only delay legislation. He said so while responding to the suggestion of Shri Jairam Ramesh who referred to the good work done by the Department Related Standing Committee and the Select Committee of Rajya Sabha by substantially improving upon the Real Estate Bill of 2013.
18 members spoke on the Bill. Reactions of some members of different parties on the Real Estate Bill, 2016 were as below:
Ms.Selja (Congress) :Our party was strongly committed to protect the interests of consumers. I am happy that the Government decided in favour of 70% of collections to be deposited in a separate bank account. I don’t mind the Government taking credit for the same.
Shri Anil Dave (BJP): The Select Committee could gauge the pain and suffering of consumers at the hands of some unscrupulous promoters. The Bill will prove to be a boon both for consumers and developers.
Shri Naresh Agarwal (SP) : I am not against the Bill but only concerned about the Central Law entering the domain of the States. Imprisonment of developers for any violation straight away is being too harsh.
K.C.Tyagi (JDU) : Chennai floods were a result of unregulated construction. Bengaluru also facing several problems. Welcome the Bills that seeks to check irregularities.
Shri NadimulHaq (Trinamul Congress) : Support the Bill though the remedial measures proposed for the real estate sector do not seem to be broad enough.
Shri Rabi Bernard (AIADMK) : Only MP to oppose the Bill on account of legislative competency of Parliament.
Shri Munkad Ali (BSP): Developers exploit the consumers by raising costs from time to time and this needs to be checked.
Shri RitabrataBannerji (CPM); Support the Bill. It should apply to all projects and should ensure that there is no discrimination.
Shri A.U.SinghDeo (BJD) : The Bill is long over due. Single window mechanism necessary to ensure speedy approvals for construction projects.
Shri Praful Patel (NCP): Intention of the Bill is noble and honourable and marks a good beginning. Results will follow in due course. Land needs to be opened up to decongest core central areas of cities.
Shri Rajiv Chandrasekhar :Bill is the most pro-consumer initiative of the Government. Both the UPA and NDA governments stood firmly on the Bill which is certainly not anti-business. It promotes competition and efficiency.
Shri Anil Desai (Shiv Sena) : Bill strikes a balance protecting the interests of consumers and genuine consumers.
Shri Venkaiah Naidu thanked the members and parties for their enthusiastic support to the Bill.
AAR
March 10,2016
(Release ID :137710)
 |
| Protest by flat owners at antriksh Kanball Sector 77 Noida |
The Governor,
State of Uttar Pradesh,
Raj Bhawan, Lucknow - 226001
Sub: Petition for not signing / approving the Uttar Pradesh Apartment (Promotion of Construction, Ownership and Maintenance) Amendment Bill, 2016.
Respected His Excellency,
This petition is with reference to the Uttar Pradesh Apartment (Promotion of Construction, Ownership and Maintenance) Amendment Bill, 2016 pursuant to which the UP Legislature has approved certain amendments to the Uttar Pradesh Apartment (Promotion of Construction, Ownership and Maintenance) Act, 2010 (“Apartment Act”), which inter-alia include amendments to Section 4(4) and deletion of Section 4(5) of the Apartment Act. Pertinently, these provisions were enacted to prohibit illegal/unauthorized constructions in group housing projects and to ensure timely completion of these projects.
The petitioners submit that these amendments are contrary to the main object of the Apartment Act and the Real Estate (Regulation and Development) Act, 2016 which were enacted to protect the interests of the home buyers and bring about the much needed transparency in the real estate sector. The undersigned, being an association of over 10,000 apartment buyers from Greater Noida (West) region solemnly request you to not give your assent and sign the Uttar Pradesh Apartment (Promotion of Construction, Ownership and Maintenance) Amendment Bill, 2016 (“Amendment Bill”) for reasons set out below:
1. Promote illegal constructions
(a) Section 4(4) of the Apartment Act mandates the builder to obtain prior consent of the development authority and the buyers/apartment owners before making any change to the original layout plans and specifications of the housing project. However, the Amendment Bill has done away with the requirement of consent from the intending purchaser/apartment owner. This dilution will give a free hand to the builders in the state to indulge in illegal and unauthorized constructions, which is likely to jeopardize the lives and property of the apartment owners.
(b) Home buyers who exhaust all their lifetime savings in purchasing an apartment will have no say in any kind of amendment that the builder makes in original plans of the project on the basis of which they agreed to purchase the apartment.
(c) Builders indulge in construction of such additional towers/apartments on the sole pretext of earning more profits. These additional constructions strains the common amenities in the project, adversely affect the environment, the standard of living of the apartment owners in the society and also raises serious questions about safety of lives and property of the residents of the society.
2. Delay in completion of the projects
(a) It is a well-known fact that delays in completion of housing projects have been plaguing the real estate sector. Accordingly, Section 4(5) of the Apartment Act which mandated the builder to complete the construction within 2 years from the date of the sale agreement was a boon for home buyers and served as a deterrent for errant builders.
(b) The Amendment Bill which deletes this provision will lead to more delay in completion of housing projects since there will be no statutory requirement to finish the project on time. The project can drag on for years and the buyer will be left remediless.
(c) Such delays will have disastrous consequences on the financial condition of the home buyers who have to pay hefty interest on the EMIs for home loans and rental expenses.
3. Amendments are against the objective of the Apartment Act
(a) The aforesaid amendments will defeat the very objective of the Apartment Act since it takes away two of the most cherished rights of home buyers/apartment owners.
(b) The Amendment Bill which takes away such important rights from home buyers/apartment owners have been passed by the Legislature in a rush and without seeking any comments from stakeholders. The amendments are illegal, heavily tilted in favour of the builders, arbitrary and have been passed without keeping in mind the growing number of cases of illegal constructions and delay in completion of projects in the state.
4. Miscellaneous
(a) At present, the home buyers in the State have the option to approach the Hon’ble High Court in the event of violation of these statutory obligations i.e. illegal constructions and delay in completion of housing projects. In fact, in several cases the Hon’ble High Court has issued a stay on such illegal constructions. The proposed changes will render the home buyers remediless against such illegal activities of the builders and the inaction of the competent authorities, thereby leaving them remediless.
(b) The Amendment Bill takes away all the rights of the buyers at construction stage of the project thereby, permitting the builder to change the layout plan of the project as many times as he wants and delay the project to his own advantage. The builder will no longer be answerable to the buyers for any delay in the project or for indulging in additional constructions.
(c) The Amendment Bill has been floated with an intention to protect many builders, whose projects have been stayed by the Hon’ble High Court on the basis of petitions filed by the buyers against illegal constructions.
In the light of the aforesaid submissions, we request you to not give your assent to the Uttar Pradesh (Promotion of Construction, Ownership and Maintenance) Amendment Bill, 2016, which is an assault on the most cherished rights of home buyers in the State.
Important transparency clue in India for Investor and home buyers.
Before investing in any real estate project ask for CIN Company Identification Number of a company and check public document from a ministry of corporate affairs in India
Document like
- Corporate Identification Number CIN Number
- Registration Number
- Financial Data
- 3 Years Balance sheet - Annual Returns and balance sheet
- Cash Flow Statement
- Profit and loss account
- Ration Analysis
- ShareHolders
- Credit Rating
- Directors Details
- Certificates
- Certificate of Registration of Mortgage
Housing for All
Provide every family with a pucca house, water connection, toilet & 24x7 electricity supply
Shift focus of projects to life cycle cost approach instead of cost per square foot approach.
Use land lying idle with sick/loss making PSUs of central/state governments.
Consider a sub-category under priority sector lending for affordable houses.
Critical Feedback from Public
जिस तरह धीतरास्ट्र का पुत्र प्रेम नहीं छूटा और महाभारत करा दी उसी तरह करंट सरकार का अपने टैक्स प्रॉफिट के ऊपर कुछ नहीं दिख रहा २८% तक GST , पेट्रोल में लूट , शराब बेचना जरुरी क्योकि टैक्स मिलता हे, यहा भी उसे सिर्फ रजिस्ट्री का लोभ दिख रहा है। जनता जाए भाड़ में हमें क्या टैक्स मिलना चाहिए
Before investing in any real estate project ask for CIN Company Identification Number of a company and check public document from a ministry of corporate affairs in India
Document like
- Corporate Identification Number CIN Number
- Registration Number
- Financial Data
- 3 Years Balance sheet - Annual Returns and balance sheet
- Cash Flow Statement
- Profit and loss account
- Ration Analysis
- ShareHolders
- Credit Rating
- Directors Details
- Certificates
- Certificate of Registration of Mortgage
Housing for All
Provide every family with a pucca house, water connection, toilet & 24x7 electricity supply
Shift focus of projects to life cycle cost approach instead of cost per square foot approach.
Use land lying idle with sick/loss making PSUs of central/state governments.
Consider a sub-category under priority sector lending for affordable houses.
Critical Feedback from Public
जनता को गुमराह कर फ्लैट देने वाला फिगर तो बढ जाएगा पर वोट देने वाली जनता तो वही है ,
Rera देखा। मजा आया तो ताली ठोको सब जुमला है। बिल्डर्स अभी भी मौज ले रहा है और रोज ले रहा है। सरकार का कोई कंटोल नही सब जुमला
पैसा सहारा के पास भी नहीं था, जेल गए तो सब रास्ते निकल आएंगे। इतने केस हैं बिल्डर्स पर क्यों एक दो को ही जेल हुई
जिस तरह धृतराष्ट्र का पुत्र प्रेम नही छूटा और सरकार का टैक्स प्रेम।उसी तरह सरकार Noida authority and revenue dept. का टैक्स मोह नही छूट रहा। उचित अनुचित को भूल सिर्फ अपना स्वार्थ सिद्धि में लिप्त। बेचारा मिडिल क्लास कितना बोझ सहे सबसे ज्यादा टैक्स मिडिल क्लास ही देता है। यहाँ ये कहावत सही बैठती है सरकार जिस थाली में खाती है उसी में छेद। हाऊ इस द जोश
Registry of Flat without OC to gain Stamp duty. Buyers are in the puzzle.
बिल्डर की नकेल कसने में सरकार फेल, जब क्लब , पार्किंग , लिफ्ट बनाए बगैर ही sub lease कर फ्लैट रजिस्ट्री करा सिर्फ अपने टैक्स प्रॉफिट की बात सोचती है सरकार, बिल्डर ने जब ठीक से कुछ बनाया नही तो किस बात का maintenance।
नोएडा अथॉरिटी ने नोएडा शहर को बसाने के दौरान केवल अपने अघिकारियो के स्वार्थ की ही सोच एवं चिंता रहती है, नोएडा शहर को बसाने में जिन नागरिकों का हाथ है, उनकी चिंता कभी भी नहीं की, घर के खरिदार अपने को हमेशा असहाय एवं ठगा महसूस करते हैं, जीवन भर कीे घन को बचाने की चिंता है अब तो
Housing ministry launched e-commerce platform
for real estate sector
To bring the trust back in the real estate sector, housing ministry launched an e-commerce platform to facilitate homebuyers in identifying genuine properties. The online platform is for projects that have received occupancy certificates (OCs)
the portal will be open for one month only for the real estate developers to register their projects
the portal will be opened for home buyers with a 45-day sale peridot starting February 14, 2020.
Buyers will also be able to directly book/reserve a unit from the portal with a refundable payment of only Rs 25,000. They will also get 'Money Back Guarantee',
Buyers will be able to view complete listing info including floor plans, room dimensions, video tours of units and external views looking out from windows / balconies.
Reference
दिल्ली-एनसीआर में 1.2 लाख करोड़ रुपये के कुल 1.9 लाख घर कम से कम 7 साल से अटके पड़े हैं। प्रॉपर्टी कंसल्टेंट एनारॉक की एक रिपोर्ट के अनुसार 2020 के अंत तक 1,90,120 हाउसिंग प्रोजेक्ट का काम पूरा नहीं हुआ है, जबकि इनका काम 2013 या उससे भी पहले शुरू हुआ था। https://navbharattimes.indiatimes.com/business/property/property-news/delhi-ncr-housing-projects-delhi-ncr-1-9-lakh-housing-projects-are-still-incomplete-even-after-more-than-7-years-of-their-starting/articleshow/80475606.cms सुपर एरिया पर रजिस्ट्री से दो जगह कट रही बायर्स की जेब सुपर एरिया और कवर्ड एरिया के पेच में फंसे नोएडा के फ्लैट बायर्स की रजिस्ट्री का मुद्दा कोर्ट के आदेश से लेकर स्टांप एक्ट तक सुपर एरिया पर फ्लैट की रजिस्ट्री कराया जाना बायर्स के हित में नहीं माना गया है सुपर एरिया के इस पेंच की वजह से खासकर नोएडा के बायर्स की जेब पर सिर्फ स्टांप का ही बेवजह का भार नहीं पड़ रहा है बल्कि अथॉरिटी से फ्लैट का टीएम (Transfer Memorandum) कराने का चार्ज सुपर एरिया पर ही देना पड़ता है। इसके चलते फ्लैट बायर को फ्लैट की कीमत के अलावा करीब 7-8 लाख रुपये और चुकाने पड़ते हैं। https://navbharattimes.indiatimes.com/business/property/property-news/real-estate-news-registry-on-super-area-buyers-paying-double/articleshow/80357905.cms
Tweets by FightForRERAInd
आत्म निर्भर से कंगाल घर खरीदार-Fight against corruption.- Reducing corruption through technology
गरीब के पास अपना पक्का घर , बिजली और पानी की व्यवस्था 2017 -2022 लक्ष्य
Advance bank गारेंटी बिल्डर द्वारा एक मात्र विकल्प जनता का विश्वास वापस लाने के लिए।
आज किसी के पास टाइम नहीं कोर्ट कोर्ट खेलने का। केवल नीतिगत बदलाव ही रियल एस्टेट मार्किट में जनता का विश्वास वापस ला सकते है।
A long but interesting article on Housing Real Estate funding. Some of our batchmates have also faced similar issues.
An interesting insight into the mysterious links between builders and bankers and the ignorant and helpless common man*
The Great Indian Banking Scam:
I want to bring attention to a disturbing nationwide organised scam that you are a familiar with, but most don’t quite understand the “fraud” part of it . And like some of my answers do, it may ruffle some feathers. But truth must be told. Here it is:
Do these pictures seem familiar to you? Go to the outskirts of any major city in India ,( for example take Noida & Gurgaon which are outskirts of Delhi) , you see miles & miles of semi built structures that just stay dead still & never get completed. All these buildings started in different years, but surprisingly, they all face “financial trouble” just after the basic structure is built. Why don’t we see buildings that stop in-between…..say after 4 floor or 8 floors ? The answer is an organised scam played by the state governments, builders, banks & accounting bodies. This is how it works.
The builders sell you construction linked plan. You assume that its a fair plan as the builder will charge money as & when the construction progresses & it is in builder’s interest to complete the project with speed. Looks fair for all ………. This is where the catch is !!! The so called “construction linked plan” is a sham designed by the agencies listed above, backed fully by the govt & banks. Lets look at the reasons:
What is the scam here ? :
The payment plan is designed in a way that you have to pay 90% of the price of flat “at the laying of the top floor of the building”. By this time the builder has spend only 50% of the project cost. Most of the money is needed later in finishing work, electrical wiring, pluming, flooring, paints, lifts, external work, parking, basements,govt permissions for water,sewage, power, etc. You get the logic here. Now the builder is sitting on neat 40% profit (90% - 50%) & all that he is left to “earn” from you is 10%. Why would he spend another 30% money just to recover 10% from you? He stops work right here !!! You’re thinking — he should not because there is a timeline to deliver the project ……………but wait. What if he misses the deadline of delivery? There must be some penalty ? Check the agreement…….ah…. well……Keep searching !! So if developer delays the project, there is no penalty due on his part (or at best its princely sum of Rs 5 per sq feet per month…. which comes to a meager 1% interest !!! ). But if you delay his payment, interest charged is 12% to 18%. Ever heard of one sided agreements ? Which business would not seize this opportunity to “borrow” free money without interest ?
Why did the banks & RBI supported it ? :
The befitting supporting actor award here goes to the banks & RBI. They lend “you” the money on “your” credit report.Banks don’t finance the builders for land purchase. They are also very shy on financing the builders for construction(rates are more than 15% to 18%). But wait, consumers can always borrow at 10% & “pay” the builder. So essentially, the consumer is “financing the builder” in the name of “purchasing the apartment”. Oh, did i tell you the best part ……… this money is without any interest for the builder as we see above. So a developer to whom no bank lends money below 18% & that too is seen very risky, can “get easy finance from the same banks” at 0% interest rate, all in the name of consumers!!! While RBI could have set this right just by changing the construction linked payment schedule thru banks, it chose to sit with eyes shut, while the banks & builders continue to fleece customers.
Where did the money go ? :
Well, democracy is an expensive way to run governments, specially in developing countries. Every state govt has been enjoying the party with builders & this was a “legal” way to pull huge credit money from the banking system on the books of the “reasonably wealthy middle class” who was sold the idea of buying a house as it “appreciates forever” with tax breaks. Builders diverted money to the political parties to get further favors on land & permits. Seco
ndly, the builder has used this surplus 40% “profits” to buy new land parcels so as to launch more projects & collect even more surplus interest free money. The land prices were assumed to be appreciating forever as more & more money was being pumped out of the banks. The music had to stop some day.
What about the consumers? :
The “middle class” consumer will continue to pay his monthly installment to banks, while their money has been siphoned off by the builders, political parties, govt officials & the banks. The apartment that was sold as 40 lacs will eventually cost 60 to 70 lacs considering the delayed possession, not to mention some cases where money is lost forever. You dare not default since you are just a retail consumer. Don’t dare to become an industrialist who can default & live happily ever after. State governments are all hands in, trying to keep existing projects out of RERA. Even if these are included, try fighting the legal battle to get decision from regulator. Then move to district court (yes, district court first) , then high court & finally supreme court. Can u hold till 20 years or rather take the apartment on builder’s terms whenever he feels like offering the same to you ?
Talk of organised banking loot by the government, this is it. If it feels like your story also, your are not alone. But pls never assume that property prices don’t fall. Staying on rent is not that bad. And don’t you ever buy into the hype !
People must learn to buy a flat only on completion and occupancy certificate. You may pay a little more but will save yourself a big headache. And the extra is nothing compared to the EMI you will be paying. Pay and take the keys immediately and occupy. I tell this to everybody.
The Great Indian Banking Scam:-आत्म निर्भर से कंगाल घर खरीदार -अथॉरिटी एडवांस बैंक गारेंटी ले कर कंडीशनल occupancy certificate दे
गरीब के पास अपना पक्का घर , बिजली और पानी की व्यवस्था 2017 -2022 लक्ष्य,
Tweets by FightForRERAInd
मध्य प्रदेश के इंदौर में लाइट हाउस प्रोजेक्ट के उद्घाटन से प्रधानमंत्री के 'सभी के लिए आवास' उपलब्ध कराने के दृष्टिकोण को मजबूती मिलेगी। प्रधानमंत्री आवास योजना-शहरी के तहत लगभग 128 करोड़ रुपये की लागत से निर्मित इस परियोजना से 1000 से अधिक परिवारों को लाभ होगा। इसमें सभी बुनियादी सुविधाओं के साथ, लेकिन काफी कम निर्माण समय में गुणवत्तापूर्ण घर बनाने के लिए नवीन तकनीक 'प्री-इंजीनियर्ड स्टील स्ट्रक्चरल सिस्टम के साथ प्रीफैब्रिकेटेड सैंडविच पैनल सिस्टम' का उपयोग किया जाता है।
A potential market size of US$1 trillion in the real estate sector suggests a substantial opportunity for growth and investment in this industry. However, it's important to note that the size of the real estate market can vary significantly depending on the specific region, type of real estate (residential, commercial, industrial, etc.), and economic conditions.
Several factors can contribute to the growth and valuation of the real estate market:
Economic Growth: A strong and growing economy typically leads to increased demand for real estate, both for residential and commercial purposes.
Population Growth: An expanding population can drive demand for housing, leading to increased construction and real estate development.
Urbanization: As more people move to urban areas, there is often a higher demand for commercial and residential properties in cities.
Infrastructure Development: Investments in infrastructure such as transportation networks, airports, and amenities can boost real estate values in certain areas.
Interest Rates: The cost of borrowing, as influenced by interest rates, can significantly impact the real estate market. Low-interest rates can stimulate real estate investments.
Government Policies: Policies related to land use, zoning, taxation, and incentives for real estate development can influence market dynamics.
Market Sentiment: Investor sentiment, economic outlook, and consumer confidence also play a role in the real estate market's performance.
Title: Real Estate Sector in India: Challenges, Opportunities, and the Way Forward
Introduction: The real estate sector in India is one of the most critical contributors to the country's economy, playing a significant role in employment generation, GDP growth, and infrastructure development. However, the sector faces various challenges, including regulatory issues, lack of transparency, and unethical practices. This article explores the current state of the real estate sector in India, including its scope of improvement, constructive feedback, potential development, and the dark side of the business.
Current State of the Real Estate Sector in India: The real estate sector in India is vast and diverse, encompassing residential, commercial, retail, and industrial segments. It contributes significantly to the country's GDP and is one of the largest employment generators. However, the sector faces several challenges that need to be addressed to unleash its full potential.
Challenges in the Real Estate Sector:
1. Regulatory Challenges:Complex Approval Processes: The real estate sector in India is plagued by complex approval processes, bureaucratic red tape, and delays in obtaining regulatory clearances.
Lack of Transparency: There is a lack of transparency in the sector, with opaque pricing mechanisms, unclear land titles, and unreliable data.
RERA Implementation: While the Real Estate (Regulation and Development) Act, 2016 (RERA) was introduced to address these issues, its implementation has been slow and uneven across states.
2. Affordability and Accessibility:High Property Prices: Property prices in India, especially in urban areas, are often unaffordable for the average middle-class buyer.
Limited Access to Finance: Limited access to finance, high interest rates, and stringent lending norms make it difficult for buyers to secure home loans.
3. Quality and Timely Delivery:Quality Concerns: There are often quality concerns with real estate projects, including poor construction quality, use of substandard materials, and lack of adherence to building codes.
Delayed Delivery: Many real estate projects are delayed, leading to financial losses for buyers and eroding trust in developers.
4. Land Acquisition and Development:Land Acquisition Challenges: Land acquisition is a complex and time-consuming process in India, leading to delays and cost overruns in real estate projects.
Infrastructure Deficit: Many real estate projects suffer from inadequate infrastructure, including roads, water supply, and electricity, further delaying project completion.
5. Ethical and Legal Issues:Misuse of Funds: Some developers misuse funds collected from buyers for one project to finance another project, leading to financial irregularities and legal disputes.
Litigation Risks: Real estate transactions in India are often fraught with legal risks, including disputes over land titles, encroachments, and zoning regulations.
Scope of Improvement and Constructive Feedback:
1. Strengthening Regulatory Framework:Effective Implementation of RERA: There is a need for effective implementation of RERA across all states, including the establishment of dedicated regulatory authorities and fast-track dispute resolution mechanisms.
Simplification of Approval Processes: Streamlining approval processes, reducing bureaucratic red tape, and implementing a single-window clearance system can help expedite project approvals and reduce delays.
2. Enhancing Transparency and Accountability:Digitization of Land Records: Digitization of land records and introduction of a transparent land titling system can help reduce land disputes and improve transparency in real estate transactions.
Disclosure Norms: Introducing stricter disclosure norms for developers, including mandatory disclosure of project details, financials, and track record, can help protect buyers' interests.
3. Promoting Affordable Housing:Incentives for Affordable Housing: Providing tax incentives, subsidies, and other financial incentives to developers and buyers of affordable housing can help promote affordable housing projects.
Public-Private Partnerships (PPPs): Encouraging public-private partnerships for the development of affordable housing projects can help leverage government resources and private sector expertise.
4. Improving Quality and Timely Delivery:Quality Control Measures: Introducing stringent quality control measures, including third-party quality inspections and certification, can help ensure that real estate projects meet quality standards.
Project Monitoring Mechanisms: Implementing project monitoring mechanisms and imposing penalties for project delays can help ensure timely delivery of real estate projects.
5. Encouraging Sustainable Development:Green Building Practices: Encouraging developers to adopt green building practices, including energy-efficient design, water conservation, and waste management, can help promote sustainable development in the real estate sector.
Smart Cities Initiative: Supporting the development of smart cities with modern infrastructure, sustainable transportation, and digital connectivity can help create vibrant and livable urban spaces.
Potential Developments in the Real Estate Sector:
1. Affordable Housing Segment:Housing for All: The government's Housing for All initiative aims to provide affordable housing to all citizens by 2022, creating a significant opportunity for developers and investors.
Interest Subsidy Schemes: Introduction of interest subsidy schemes for home buyers, such as the Pradhan Mantri Awas Yojana (PMAY), can make housing more affordable and accessible.
2. Real Estate Investment Trusts (REITs):Introduction of REITs: The introduction of Real Estate Investment Trusts (REITs) in India has provided a new avenue for investors to invest in real estate assets, providing liquidity to the sector.
Unlocking Capital: REITs can help developers unlock capital tied up in real estate assets, providing funds for new projects and reducing reliance on debt financing.
3. Technology Adoption:Use of Technology: The adoption of technology, including big data, artificial intelligence, and blockchain, can help streamline real estate transactions, improve transparency, and reduce fraud.
Online Property Portals: The proliferation of online property portals has made it easier for buyers and sellers to connect, facilitating faster and more transparent real estate transactions.
4. Infrastructure Development:Smart Cities and Infrastructure Development: The government's Smart Cities initiative and other infrastructure development projects are creating new opportunities for real estate development, particularly in tier 2 and tier 3 cities.
Transportation Infrastructure: Development of transportation infrastructure, including metro rail networks, highways, and airports, can open up new areas for real estate development and investment.
Dark Side of the Real Estate Sector:
While the real estate sector in India offers significant opportunities for growth and development, there are also instances of misuse and malpractices, particularly by big chains of real estate developers, agents, and property websites:
1. Tax Evasion and Black Money:Underreporting of Property Prices: Some real estate developers, agents, and property websites underreport property prices to evade taxes and launder black money.
Cash Transactions: Many real estate transactions in India involve large amounts of cash, making it difficult to track and regulate.
2. Misleading Advertising and Marketing:False Promises: Some real estate developers and property websites make false promises and exaggerate project features and amenities to attract buyers.
Misleading Advertisements: There have been instances of misleading advertisements and marketing tactics used by real estate developers and agents to lure buyers.
3. Fraud and Misrepresentation:Misrepresentation of Property: Some real estate developers and agents misrepresent property details, such as land titles, approvals, and amenities, leading to disputes and legal issues.
Ponzi Schemes: There have been cases of real estate developers running Ponzi schemes, where they collect funds from investors for one project and use them to finance another project.
4. Exploitation of Buyers:Unfair Terms and Conditions: Some real estate developers include unfair terms and conditions in their agreements with buyers, such as one-sided cancellation clauses and hidden charges.
Delayed Delivery and Quality Issues: Many buyers have faced issues with delayed delivery of projects, poor construction quality, and lack of promised amenities.
PMO Web-Based Hosting:
1. Transparency and Accountability:Online Project Registration: Introducing online project registration and approval processes can improve transparency and accountability in the real estate sector.
Public Access to Information: Providing public access to information about real estate projects, including approvals, project status, and developer details, can help buyers make informed decisions.
2. Streamlined Approval Processes:Online Approval System: Implementing an online approval system for real estate projects can streamline approval processes, reduce delays, and minimize corruption.
Project Monitoring: Introducing online project monitoring mechanisms can help track the progress of real estate projects and ensure timely delivery.
Conclusion: The real estate sector in India has immense potential for growth and development, but it also faces numerous challenges that need to be addressed. By strengthening the regulatory framework, enhancing transparency and accountability, promoting affordable housing, and encouraging sustainable development, India can unlock the full potential of its real estate sector. However, it is also essential to address the dark side of the real estate business, including misuse of big chains of real estate developers, agents, and property websites for tax evasion and fraud. With concerted efforts from the government, regulatory authorities, developers, and other stakeholders, India can build a vibrant and sustainable real estate sector that benefits all stakeholders and contributes to the country's economic growth and development. Date: 18.11.2024To,
Shri Narendra Modi
Honorable Prime Minister of India
Prime Minister's Office
South Block, Raisina Hill
New Delhi - 110011Subject: Concerns Regarding Amendments in Budget Affecting Real Estate Sector
Respected Sir,
I hope this letter finds you in good health and high spirits. I am writing to you to express my concerns about the recent amendments in the budget, particularly the removal of indexation benefits and the increase in short and long-term capital gains tax on real estate transactions. While the government's intention to increase revenue is understandable, these changes could have significant adverse effects on the real estate sector and the broader economy.
Impact on Real Estate Sector
- Increase in Black Money and Corruption:
- The removal of indexation benefits and higher capital gains taxes may lead to a surge in cash transactions in the real estate sector. This could potentially increase black money circulation as sellers and buyers attempt to evade higher taxes by under-reporting property values.
- Reduction in Legitimate Transactions:
- Higher taxes may discourage legitimate real estate transactions. Sellers may hold on to properties longer to avoid higher tax burdens, leading to reduced liquidity in the market. This could stifle investment and slow down the growth of the sector.
Adverse Impact on GDP and Economic Growth
- Slowdown in Real Estate Development:
- The real estate sector is a significant contributor to India’s GDP and employment. Increased taxes can slow down new real estate projects, affecting construction activities and leading to job losses in the sector. This slowdown can have a ripple effect on industries such as cement, steel, and other construction materials.
- Decreased Foreign Investment:
- Higher taxes and increased regulatory burdens may make the Indian real estate market less attractive to foreign investors. Reduced foreign direct investment (FDI) in real estate can limit the inflow of capital and technological advancements, further impacting economic growth.
- Overall Economic Slowdown:
- Real estate plays a crucial role in economic development. A sluggish real estate sector can lead to a broader economic slowdown. Reduced consumer spending, lower employment rates, and decreased investment can all contribute to slower GDP growth.
Recommendations
- Reconsider Tax Amendments:
- I urge the government to reconsider the recent amendments, specifically the removal of indexation benefits and the increase in capital gains taxes. Restoring these benefits can encourage legitimate transactions and reduce the incentive for cash dealings.
- Promote Transparency:
- Implementing measures to increase transparency in real estate transactions can help curb black money and corruption. Encouraging digital payments and stricter enforcement of existing regulations can promote a healthier real estate market.
- Supportive Policies:
- Introducing supportive policies such as lower interest rates for home loans, incentives for first-time homebuyers, and tax benefits for developers can stimulate the real estate sector and contribute positively to the economy.
The real estate sector is a cornerstone of India's economic growth, and supportive measures are essential to ensure its continued contribution to our nation's development. I trust that your esteemed office will consider these concerns and take appropriate action to safeguard the interests of the sector and the economy.
Thank you
for your time and consideration.
No comments:
Post a Comment