Borrowers who want to consider restructuring their loans with their respective banks will need to check the fine print. It is important to establish the exact amount of their monthly EMIs once the moratorium period ends
Investments in 18 projects have been given final clearance and disbursement is at various stages across 7 residential projects; Builders and buyers welcome the move
Extension should only be for the actual period of the lockdown when construction was not permitted, they said
What is truth about the real number of projects being stalled and the belief that prices of realty will definitely fall in the post-Covid era ?
Last week, the Centre issued an advisory to regulatory authorities of all states and Union territories, directing them to treat COVID-19 pandemic as 'Force Majeure' or an act of God. It allowed extension of timeline to complete projects by six months
Measure does little to boost housing sales and may curtail remedies available to homebuyers, say legal experts
While the measures announced by the Centre certainly provide relief to real estate builders, homebuyers say it does not offer any immediate help in the form of interest or rent waivers
Acting on the central advisory, Rajasthan Real Estate Regulatory Authority extends deadline for projects by a year.
While real estate developers will be struggling to comply with completion dates approved by RERA, homebuyers too would be unsure when they would get physical possession of their homes
Lease rent should be deferred for a year and extension for 12 months should be given for paying interest installments as restarting construction activities may take time, the realtors said
Real estate experts caution that several builders may find it difficult to service their interest payment commitments with sales drying up due to the lockdown.
While some have applied for permissions, others are in wait and watch mode.
ICRA said committed collections receivable from sales may get impacted as milestone based payments get deferred and homebuyers delay payments on account of economic uncertainties,
RBI's move will help builders in loan repayment and working capital management and homebuyers in servicing loans, say experts.
Considering the ingredients of a ‘force majeure’ event and the fact that COVID-19 has world-wide led to a situation which is far worse than SARS and Ebola, it should be conclusively categorised as a ‘force majeure event’
The onus is now on the SC to find a middle-ground whereby rights of homebuyers as financial creditors are not curtailed and the developers are not made to bear the brunt of unfettered rights vested in the hands of buyers
"Collective revenues in third quarter of fiscal 2020 stood at a little less than Rs 5,800 crore, increasing 4 percent on a quarterly basis and 2 percent in a year," the report by Anarock said.
Buyers are directly impacted by these changes and should be given an opportunity to be heard
In a tightrope walk, the FM has proposed small giveaways but has promised a host of policy measures for the real estate sector to invest in building the backbone of the country
Higher investment in housing by households may increase the fixed investment in the economy, it says
Homebuyers have proposed that the principal repayment of a housing loan be separated from the overall limit of Rs 1.5 lakh under Section 80C
Some more changes in tax provisions can help energise the real estate sector.
The notice was issued to HDIL Galaxy Apartments in Kurla East for handing over flats without securing the occupation certificate, lift clearance and fire completion certificate for those flats
As per the revised norms, minimum area proposed for developing a residential plotted colony is now 25 acres for hyper areas, 20 acres for high potential areas, 15 acres for medium and 10 acres for low potential zones.
All the good work done by RERA goes down the drain if justice is delayed and not delivered.