On August 26, the Maharashtra government decided to temporarily reduce stamp duty on housing units from 5 percent to 2 percent until December 31 to boost the stagnant real estate market hit by the COVID-19 pandemic
A majority of the projects considered for stress funding had RERA and NCLT cases pending against them
Move to lead to real estate development in the region
Small and mid-sized real estate developers stare at huge funding gap.
This is perhaps the worst crisis of their lives due to job losses and pay cuts for which no relief has so far been considered. It’s time steps are taken to restore their confidence
A few weeks ago, Karnataka RERA had also issued orders to auction a builder’s property to compensate a homebuyer; UP RERA plans to auction properties of 25 builders to recover homebuyers’ money amounting to over Rs 500 crore
The NCLAT rules that a decree-holder cannot be treated as financial creditor for the purpose of triggering insolvency proceedings against a company
Absence of affordable rental housing in top cities caused a mass exodus of migrants during the lockdown; ARHCs aims to make cities future-ready during such exigencies
Considering that homebuyers do not benefit much from it, it is advisable for them to request developers for revision of their agreements and sale deeds
Since 2012, NBFCs emerged as the largest lenders for real estate projects in an environment where project delays became commonplace
Other cases to be heard by district and state commissions. Experts say that this will fail to provide quick relief to homebuyers given the huge number of cases pending in these forums. Buyers see this as a move to limit legal option to RERA
UP sees maximum disposal of real estate complaints at 18,509 cases; Haryana comes second with 9,919 cases disposed and Maharashtra is at the third spot with 7,883 cases disposed.
"Due to COVID-19, the work of ongoing real estate projects has halted," the PMO said in response to a petition by Samachar Foundation Director B N Kumar.
Hearings have been taking place in two benches of UP Rera at Gautam Buddh Nagar and Lucknow.
Measure taken to safeguard interests of homebuyers, ensure that projects do not get stalled due to disruptions caused by COVID-19 pandemic and flats get delivered albeit with some delay, he said in a series of tweets
It mandates that the agreement for sale has to be registered with the sub-registrar’s office after being signed by the builder and the buyer
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
This model of homebuyers taking over stuck projects could become popular in post-COVID-19 world, said experts.
Last week, the Centre issued an advisory asking real-estate regulators in states and union territories to extend by at least six months the deadline for completion of projects in the face of the coronavirus outbreak
To address the anxiety amongst home buyers and real estate developers, the government has issued advisory to states/UTs on extending RERA deadline for projects
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.
The interest component of the home loan should be waived during the force majeure period and builders should bear the interest part until homebuyers receive possession, the letters said
The decision was taken due to the adverse impact of the lockdown on the real estate sector, a state Public Relations Department official said on Thursday.