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October 18, 2023 9:59 ISTThе govеrnmеnt has introduced sеvеral mеasurеs to еncouragе homе ownеrship, making it morе affordablе for first-timе buyеrs.
Thе govеrnmеnt has introduced sеvеral mеasurеs to еncouragе homе ownеrship, making it morе affordablе for first-timе buyеrs.
The central committee led by former Niti Aayog CEO Amitabh Kant has recommended the three authorities in Uttar Pradesh- Noida, Greater Noida and Yamuna Expressway - to allow registry of flats even if dues are not cleared by developers.
The real estate sector, which took a hard hit due to COVID-19, is pinning hopes on the union budget to be presented on Monday for easing regulatory norms and for steps that will help in the completion of pending projects and the sale of build-up houses.
Around 50 homebuyers in Greater Noida's Shahberi area have decided to stop paying their monthly installments on bank loans over legality of construction of their flats.
Analysing the age bracket of home seekers in the first half of 2019, the report, conducted by a property consultant Anarock, said that at least 37 per cent of participants serious about buying homes fall in the age bracket of 35-45 years, followed by 25 per cent in the 45-55-year bracket.
In a written reply to a question in the Lok Sabha, Union minister Hardeep Singh Puri said that in Uttar Pradesh and Maharashtra, 5,989 and 5,028 complaints of home-buyers were disposed off respectively under the Real Estate (Regulation and Development) Act, 2016 (RERA).
Finance Minister Nirmala Sitharaman on Friday presented her maiden budget in the Lok Sabha. In a major push to home buyers, the finance minister announced there would be no changes in the tax slabs.
In a letter to the minister with Budget recommendations, the home buyers' association noted that despite the implementation of the Real Estate (Regulation and Development) Act and setting up of Real Estate Regulatory Autorities, several stalled projects have not been completed.
Builders are facing a piquant situation with homebuyers insisting that they will pay only the new rate of 5 per cent GST on flats even though the developer has opted for the old rate of 12 per cent to take advantage of credit on inputs like paints, cement and steel.
Home buyers will have to pay 12 per cent GST on balance amount due to the builder if the housing project has been granted completion certificate by March 31, 2019, the CBIC has said.
Noida and Gurugram property markets are likely to witness a delivery of about 54,000 flats to home buyers by March 2019 with developers focusing on completing pending projects, according to brokerage firm PropTiger.
The company on an average has been approving 8,300 loans on a monthly basis to the EWS and LIG segment.
The government said the ordinance would give home buyers due representation in the Committee of Creditors and make them an integral part of the decision making process.
A 14-member Insolvency Law Committee had suggested to the Ministry of Corporate Affairs that home buyers should be treated as financial creditors paving way for their participation in an insolvency resolution process.
The authority ruled in favour of 21 aggrieved home-buyers who had come together for justice.
The apex court took note of the report of advocate Gaurav Agrawal, who is assisting it as an amicus curiae, that there was a list of 164 home-buyers.
It said builders can levy GST on buyers of affordable housing projects only if they reduce the apartment prices after factoring in the credit claimed on inputs.
On Thursday, Jaiprakash Associates had moved an application before the top court seeking extension of time to deposit the remaining Rs 125 crore within a month.
The HC order will empower homebuyers to challenge rules set forth by state governments that diluted RERA provisions to change the definition of 'ongoing projects'.
Directions to this effect were issued on Monday, a media report said, adding that the names of the builders have not been disclosed.
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