RE-Alliance Consultancy

08/11/2019

Stamp duty cannot be charged in retrospect on resale of old flats: HC It is a landmark judgement.
All properties which are old & then stamp duty office charges stamp duty based on current recokner is now gone.
Everyone can save lakhs of Rupee's.

MUMBAI: In a judgement that offers far-reaching relief to prospective sellers and buyers of old properties in Mumbai where stamp duty is steep now, Bo.

24/02/2019

GST relief for realty at last, tax lowered on new home sales.
The council also decided to lower the tax rate on affordable housing projects to 1 percent from 8 percent.

For non-metro cities, the area would be 90 square metres and below.
The GST Council today announced a cut in the goods and services tax charged on sales of residential properties under construction.
The Goods and Services Tax Council, comprising state and federal finance ministers, announced that the new rate will be 5 percent, down from the current 12 percent, on all housing projects which were not in the affordable housing category, the reports said.

The council also decided to lower the tax rate on affordable housing projects to 1 percent from 8 percent.
Several non-BJP states on Wednesday had disagreed to make a decision on the issue without being physically present in the meeting. As a result, union finance minister Arun Jaitley had announced that a final decision on the GST rate will be taken up in a meeting on Sunday.
The council also altered the definition of affordable housing and said any house built on an area of 60 square metres or less in the metro cities of India will now be categorised as affordable housing, according to the reports. For non-metro cities, the area would be 90 square metres and below.

10/02/2019

GoM favours cutting to 5% on , 3% on A panel of state ministers Friday favoured lowering GST on - residential properties to 5 per cent, from 12 per cent currently.

The Group of Ministers, under Gujarat Deputy Chief Minister Nitin Patel, was set up last month to analyse tax rates and issues/challenges being faced by the real estate sector under the Goods and Services Tax (GST) regime.

In its first meeting, the GoM also favoured slashing GST on affordable housing from 8 per cent to 3 per cent.

Officials said the report of the GoM would be finalised within a week and would be placed before the GST Council in its next meeting.

"The GoM favoured lowering GST rates on residential houses to 5 per cent without input tax credit and to 3 per cent for those under affordable housing," an official said.

Currently, GST is levied at 12 per cent with Input tax credit (ITC) on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale.

The effective pre-GST tax incidence on such housing property was 15-18 per cent.

GST, however, is not levied on buyers of real estate properties for which completion certificate has been issued at the time of sale.

There have been complaints that builders are not passing on the ITC benefit to consumers by way of reduction in price of the property after the rollout of GST.

The GST Council, headed by Union Finance Minister and comprising his state counterparts, had on January 10 decided to set up a GoM to look into ways to boost housing sector under GST.

Kumar J Dhanak
Kumar Dhanak

25/01/2019

26 જાન્યુઆરી છે, કોઈએ દેશભક્તિના મેસેજ ના કરવા. બહુ દેશભક્તિ ઉભરાઈ આવે તો ચાલુ વર્ષ માં નક્કી કરજો કે હું ગમે ત્યાં કચરો નહિ નાખું, કચરો કચરા પેટી માં જ નાખીશ ,પાણી નો બચાવ કરીશ, રાષ્ટ્રગીત નું માન રાખીશ, દેશહીત માં જાતિવાદ ને જાકારો આપીશ....

બાકી ખાલી ખાલી ફોટાઓ મોકલી ને દેશભક્તિ નો ડોળ કરવો નહિ...

જનહિતમાંપ્રસારિત 🇮🇳
જય હિન્દ 🕉

03/01/2019

27/10/2017

Happy New year

15/05/2017

Dos and Don’ts for advertisements under RERA

Dos

(a) The advertisement or prospectus issued or published by the promoter shall mention prominently the website address of the Authority, wherein all details of the registered project have been entered;

(b) The advertisement shall include the registration number obtained from the Authority and such other matters incidental thereto;

(c) Possession date mentioned should match with the date that submitted to the authority at the time of registration. For instance if the developer has mentioned 1st December, 2017 as the possession date to the authority, the advertisement should also state the same date and not any other date or vague terms as possession to be given in 6 months etc;

(d) In case names of agents / brokers are mentioned in the advertisements, then they should have been submitted to the authority at the time of registration. In the event the name of any agent/broker is mentioned in the advertisement, the said agents /brokers should be duly registered with the authority;

(e) Highlights of the project have to be factually correct for eg: “close to rly station” – such vague terms should be avoided and instead actual distance should be specified such as 1 km from the railway station;

(f) In case fixtures and fittings are displayed in the advertisements, the brand name of the same should be stated instead of stating vague terms like reputed/world class brand. For example if bath fittings are mentioned in the advertisement, it is advisable to mention the brand along with it like “jaguar bath fittings”;

Don’ts

(a) no promoter shall advertise for any project until it is duly registered with the authority. However ongoing projects can be advertised within a 90 days intervening period i.e. upto 31st July, 2017 until the project is registered or application of registration is made;

(b) the advertisement shall not contain any false and / or incorrect statements regarding their project - ex false possession date;

(c) no exaggerated claims – ex if gymnasium with whirlpool bath is not intended to be provided by the developer, the advertisement should not specify whirlpool bath, it should just state gymnasium;

(d) do not mention anything in the advertisement by way of words or image that cannot be delivered- ex if the builder / developer does not intend to provide the club house the advertisement does not mention the terms club house or use the image of a club house;

(e) making any statement, whether in writing or by visible representation which,

(i) falsely represents that the services are of a particular standard or grade- ex a developer should not mention in the advertisement marble flooring if marble flooring is not being provided;

(ii) represents that the promoter has approval or affiliation which such promoter does not have- ex a developer should not use terms like trump tower or igbc rated project in any advertisement, when the developers have not obtained such approvals/affiliations;

(iii) publication of any advertisement or prospectus of services that are not intended to be offered- ex a developer should mentions in any advertisement regarding providing swimming pool when the same is not intended to be provided.



For example, the following terms that are commonly used appear to be vague and not in line with aforesaid dos and don’ts



(a) “buy and move in tomorrow”: the term appears to be vague and the same may be taken up by the authorities. Instead, the ad should state ready possession with OC;

(b) “exotic club house, super deluxe amenities and indoor games” appears to be vague terms, it is advisable to give a detailed description of the amenities;

(c) “international school adjoining complex” is vague, instead exact distance should be specified.

05/05/2017

Lodha Group gets HC stay on Rs 473-crore fine order for stamp duty evasion

The case relates to a 9.96 lakh sqft plot that Lodha Crown Buildmart bought from the Mumbai Metropolitan Region Development Authority (MMRDA) through a bidding process in August.

The stamps and registrations department of Maharashtra has directed real estate firm Lodha Group to pay Rs 473 crore in penalty and dues in the case of wilful avoidance of stamp duty in a Rs 5,700-crore land deal in Wadala, central Mumbai.

02/05/2017

Naidu to CMs: Implement realty law in letter & spirit

Naidu has said that all incomplete projects will have to be registered with the respective regulator in each state by July 30.

Concerned about the dilution in real estate regulation rules by states and in contravention of the central Act, Union housing minister M Venkaiah Naidu on Monday wrote to all chief ministers asking them to ensure that the law is implemented in “letter and spirit”.

Naidu has said that all incomplete projects will have to be registered with the respective regulator in each state by July 30.

TOI on Monday highlighted how states including Harayana, Maharashtra, Gujarat and Uttar Pradesh have diluted the central norms to keep most of the ongoing projects out of the ambit of Real Estate (Regulation & Development) Act.

“I am deeply concerned by some media reports that some states/UTs have diluted the provisions of some sections of the Act in the draft rules prepared. You would agree that the Act of Parliament has a certain inviolable sanctity and there can no such dilution of the provisions of the Act and the spirit of the Act,” Naidu wrote to states.

The minister said the Act has stipulated that promoters shall register all ongoing real estate projects (that have not received completion certificates as on May 1) with the regulator within three months from the day of the Act coming into force (by July 31, 2017).

“No new projects can be offered by developers to buyers without their registration with regulatory authorities. This, therefore warrants putting in place real estate rules, regulatory authorities and appellate tribunals immediately,” Naidu said in his letter.

On Monday, Chhattisgarh became the fourteenth state to notify the real estate rules.

02/05/2017

RERA: Developers can only advertise projects with CC, OC from May 1

12 states had notified the rules, 18 were in an advanced stage of doing it.

Developers cannot advertise their under construction projects from May 1 2017, once the Real Estate (Regulation & development) Act (RERA) will come into force across the country from May 1, 2017. However, if they have projects that have already obtained completion and occupancy certificates, those can continue to be advertised and sold.

However, the good news is that many states have already created an interim authority and are ready to receive applications from Builders and agents.
This includes Kerala, Maharashtra, Punjab, Rajasthan, Mizoram, Haryana, Delhi, Andaman & Nicobar Islands and Chandigarh.

RERA is central act, it doesn’t need to be notified by states. It’s only the Ministry of HUPA which notifies the sections etc.