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News Updates

10 Dec19

285 Pending Warrants Issued to the Builders Studied by Maha RERA

The recovery warrant orders have been issued on the developers for the unpaid amount (interest, compensation, penalty) that has to given to the home buyers. Around 285 pending recovery warrant orders issued on developers for incomplete projects and MahaRERA (Maharashtra Real Estate Regulatory Authority) are trying to help them out by starting at least 50% of buyers to provide the deal of completion of all projects under another set of new developers. The section 40 of the RERA Act clearly

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28 Nov19

Relief measures taken by the government to help NBFCs and real estate sectors from stressed assets

The central government is emphasizing on the relief measures to help NBFCs and real estate which are full of stressed assets. The government wants to take some steps to maintain a fluid cash flow and to change the bad time of the Indian economy when banks are also taking back steps to lend money.  The government is willing to unburden the NBFCs from stressed assets by applying some measures on this condition where stressed assets of the realty sector which deals with Property in kolkata

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18 Nov19

Can RERA overturn ‘forced consent’ agreements procured by builders for changing project plans?

To maintain a clean and clear declaration in the buying process of properties, the Indian Government started an act in May 2016. The full form of RERA is the Real Estate Regulatory Authority. To follow the rules of RERA , the developers are bound to inform all the information's about the construction process they look after to provide the keys according to the mentioned date. To buy Property in Kolkata  the buyers know all the details and plans about the construction proceedings to

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13 Nov19

HOWL OR FOUL : REAL ESTATE REVIVAL PACKAGE

Government of India has recently announced the Real Estate Revival Package (Special Window OR Alternative Investment Fund - AIF) of Rs. 25,000 Cr. (by Government of India Rs. 10,000 Cr. and the rest 15,000 Cr. by SBI, LICI, etc.) as debt financing for stalled affordable & mid-income housing segment projects. “We welcome the move by government of India to revive Indian real estate industry. However, there are critical issues which need clarifications like – What about the

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26 Oct19

The Cry of Glory for Maharashtra Developers

This month has been a great moment for CREDAI – MCHI (Confederation of Real Estate Developers Association of India – Maharashtra Chamber of Housing Industry). For the upcoming five years starting from 22/10/2019 they have been granted exclusive rights to act as Self Regulatory Organization (SRO) promoters whose projects are registered with Maharashtra Real Estate Regulatory Authority (MahaRERA). CREDAI with its registered office at Maker Bhavan – II, 4th Floor, 18, V,

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07 Aug19

Article 370: Removal of ‘special status’ for Jammu and Kashmir and its impact on real estate

We examine the impact of the revocation of Jammu and Kashmir’s special standing below Article 370 and also the provisions of Article 35A, on women’s property rights, succession rights of youngsters and avenues for personal investment and jobs, followed by housing demand The government, on August five, 2019, revoked the ‘special status’ granted to the state of Jammu and geographical area, below Article 370 of the Indian Constitution and additionally repealed Article 35A.

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11 Jul19

WB Cabinet Gives a Go to the Amended Thika Tenancy Act

West Bengal cabinet finally blew the green signal for the 'Thika Tenancy' (Acquisition and Regulation) Act. This Act facilitates people living on a 'Thika Tenancy' land. With this amended law, these people can construct their own house or make an alteration on the land/house they have been staying.The amended act would finally privilege inhabitants of the Thika Tenancy land esp. the slum dwellers of Kolkata, Asansol, and Howrah. Finally, they are allowed to construct G+4 structures (each floor

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24 Jun19

Home Buyers Now Have a Keen Eye on Buying a Flat in Newtown, Rajarhat

The real estate sector of Kolkata is going through a rapid transformation. It seems like the property market is coming out from the staling state after demonetization and GST. This market has now gained huge momentum. The uneasiness about the GST being cut down, Newtown has evidently increased the buyers’ interest in the recent time. The real estate market had not seen an uprising for more than one year and no new launches Flats In Rajarhat came up in the past six months. The passive

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14 Jun19

Government Moderates the Rate of ESI Contribution from 6.5% to 4%

The rate of contribution under the ESI Act has been cut off to 4% from 6.5% by The Government of India (employers’ contribution being reduced to 3.25% from 4.75% whereas the employees’ contribution is being reduced to 0.75% from 1.75%). These rates will be active from 01.07.2019. These changes will benefit 3.6 crore employees and 12.85 lakh employers. The reduced rate of contribution will bring about a considerable relief to workers and it will benefit later enrolment of the workers

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13 Jun19

Conflict to be taken to NCDRC if the flat value and claim exceeds Rs 1 Crore

When a flat cost exceeds Rs 1 crore its buyer will now have to file a consumer dispute directly in front of the national commission in Delhi, not before state commission in the city. The Maharastra state consumer dispute redressal commission recently stated that price of a flat will decide which commission has jurisdiction to hear disputes filed under Consumer Protection Act (1986). The market for affordable housing in Mumbai Metropolitan Region (MMR) which gained fame mostly in Kandivali,

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