JAL had requested for an urgent hearing on October 13 for an extension of the 45-day period (that ends of October 27) for depositing Rs 2000 crore but the Supreme Court disallowed it.
The homebuyers' petition states that buyers be treated at par with financial creditors
Homebuyers in Karnataka have filed a writ petition in the high court challenging the “explanation” attached to 'ongoing projects' rule in the Karnataka Real Estate (Regulation and Development) Rules 2017.
The supporting documents for proof that homebuyers are required to attach with the claim form include documents such as allotment letter, receipts, sale deed, agreement of Sale, bank statements, etc
The government is studying the Insolvency and Bankruptcy Code on a “comprehensive basis” to amend the law to provide relief to thousands of homebuyers stuck in projects where builders are claiming insolvency.
The next hearing is set for November 13. Meanwhile, the SC has restrained the former CEO and Managing Director Manoj Gaur of Jaypee Infratech from leaving the country.
With 50 hours left to file their claims, 40,000 home buyers stuck in incomplete projects floated by Jaypee Infratech, against which the NCLT recently started insolvency proceedings, have three options before them.
While there is no specific provision under RERA that allows states to extend the time period for registration for three months, most of them are doing so by interpreting the penalty clause
Real estate and banking experts anticipate the home loan interest rate to hover around 8 percent once the banks decide to pass on the benefit to consumers.
Over the medium term, developers may be encouraged to pass on the cost benefits to customers to comply with the anti-profiteering clause introduced in the Central Goods and Services Tax of 2017
The decision to sell property must depend on your financial requirements and the price you are getting
Homebuyers wanting to purchase a house immediately should go in for projects that have received an occupation certificate or one that is expected to get permission soon.
Homebuyers may even decide to wait for real estate projects to get completed to avoid paying GST altogether
Real estate developers may pass on differential input tax credit benefit to homebuyers invested in the same project depending on the amount that may be due from them to the builder on July 1, say real estate experts.
Properties bought in e-auctions are sold at an ‘as is where is’ basis and are mostly offered at a discount of 10-15% to market price, because of the problems associated with non-performing assets (NPA).
Finding it hard to purchase a house that suits your budget? A ‘half more’ apartment could be the solution for you.
The new GST rate may increase prices of premium units due to high land costs, but the amount of benefit that a buyer may get will depend on the demand-supply situation and competition in a micro market
The Real Estate (regulation and development), Act, 2016 (RERA) for the first time clearly defines that parking will be part of the common area
The builder is also bound by law to return the money collected from buyers within 45 days, after deducting the booking amount
Financial sector experts believe lenders would gain extra comfort in extending loans to homebuyers under the new real estate law, which came into force from May 1.
In a letter sent to the Prime Minister recently, Fight for RERA, a pan India homebuyers forum, said that “a committee be formed to come up with a Satyam Computer-like solution to provide reprieve to homebuyers whose life-time savings are stuck in unfinished projects. Time is of the essence and any delay would leave homebuyers in a lurch permanently since there will be nothing left in the companies to complete the projects.”
Almost five months after the government announced its decision to ban Rs 500 and Rs 1000 notes, a few MNCs across the country are planning to sell properties that they owned for several years
Home loan interest rates have reduced significantly on the back of huge inflow of deposits in the banking system and creating a good atmosphere for end-users. Homebuyers can now purchase homes of their choice by making full cheque payment.
To avoid the recurrence of Unitech like cases, it is important for homebuyer association members to take the lead and act as a bridge to raise funds, in case the builder claims he is bankrupt.
Low home loan rates have improved affordability for most income groups and have made purchase of property viable. Demand-supply mismatch is also likely to push real estate prices higher. To wait further will be a fallacy on the part of home-buyers, Getamber Anand, President, Confederation of Real Estate Developers’ Association of India (Credai) said in an interview to Moneycontrol.