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News Updates

02 Jul20

Refund the booking amount: MREAT orders omkar ventures

The MREAT (Maharashtra Real Estate Appellate Tribunal) asked the Omkar Ventures to refund the booking amount of the buyer which has been forfeited by showing some clauses in the allotment letter. The appellate jurisdiction set aside the MAHARERA and said that no developer can seize the booking amount illegally by showing certain clauses in allotment letter by signing t forcefully. The tribunal jurisdiction said that homebuyers should not face such problems created by the developers.

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23 Jun20

Boycott Chinese materials in construction: CREDAI West Bengal

The CREDAI (The Confederation of Real Estate Developers' Associations of India) of West Bengal has decided unanimously to boycott the Chinese materials in the construction works and should use local materials. There are more than 900 projects which are registered under WBHIRA (West Bengal Housing Industry Regulatory Authority). CREDAI West Bengal is the crest association of the state which represents the CREDAI Howrah-Hooghly and CREDAI North Bengal. The association has taken such a drastic

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20 Jun20

Chinese building materials are boycotted by Surat realtors

When the country is in tension for losing 20 soldiers as China has killed them, the CREDAI- Surat has decided to boycott the materials which are imported from China. More than 800 realtors are representing the CREDAI of Surat and they have taken a unanimous decision for not using Chinese goods like bathroom fittings, window fittings, kitchenware, etc which will be a big step against China. More than 5000crore per annum is being used for importing the materials from China. One of the officials

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08 Jun20

Real estate is the best way to improve the economy at the earliest!

Due to the severe outbreak of the Covid-19 pandemic, the real estate industry is facing severe loss and came to a halt and leading to the losses and crunches in liquidity cash inflow. The developers are also facing problems with the delivery of the projects due to not completing the projects as there is a lack of workforce and supply of materials. But with the several norms and government measures and funds, the real estate is improving which has a direct impact on the Indian economy

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08 Jun20

West Bengal CREDAI seeks for the aid of the realty sector to Bengal CM

The developers of west Bengal has got the help from the state on certain packages like waivers on taxation and deductions on stamp duty of the properties when the real estate industry was drowning under heavy debts and at a halt due to Covid-19 pandemic. The CREDAI (The Confederation of Real Estate Developers Associations of India) of west Bengal also urges for property and municipal tax waivers including postponing the sanction fees of projects and validity extension of sanction plans for

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20 May20

Major government strikes to attract global investments for coal mining

The government plans to provide rebates on revenue shares to the winners of commercial coal block auction in order to grab the attentions of the global investors. The finance ministry liberalised the amount 20lakhs crore for Atmanirbhar Bharat scheme. The government will pay 50% rebate on revenue shares for early production to the companies. The rebate will start from the day of commencement date of production till the agreed mining time of work. 50% rebate will be offers to the companies which

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20 May20

Changes on beneficial ownership of FPIs

The Banks and custodians got the strict directions from Sebi (The Securities and Exchange Board of India) to alert about the changes made in beneficial ownership of foreign portfolio investment which are linked which China. The directives of Sebi are for the regulatory of capital market and New Delhi which gripped their pose of investment from China and neighbouring countries and they are focusing on the ownership of offshore investors. Until and unless there is a problem Sebi does not ask for

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19 May20

Decriminalising various provisions by amending ordinance to companies law

Our government has permitted such direct overseas or foreign listings for Indian companies and made some changes in the strategies for ease of doing business in post Covid-19 pandemic. Indian industry got a support by the digital seminar which is organized by the Confederation of Indian Industry to recover the mining industry on May 21 with the partnership of Finnish-Russian solution supplier “ZYFRA”. The webinar is organized to support the Indian industry and also for focusing the

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15 May20

Covid-19 will be treated as force majeure in RERA

The ministry of finance of corporate affairs Nirmala Sitharaman has announced to extend the registration and completion of the projects which are to be expired by 25 March by another six  months in suo-moto motion without any individual application and hence it will be issued by the ministry of housing affairs on the states and urban territories including their regulatory authorities. This is an impact of coronavirus pandemic which are to be considered as the risk standing on RERA

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27 Apr20

Property prices has a hike to 10% by FY 2021

Due to Covid-19 pandemic, the world is totally shattered and facing huge problems economically. Moreover, many essential works and supply of goods are being stopped due to lockdowns. Though, the government has taken initiative to open up the transportation for essential goods and start the work at construction sites to support the realty sector but by maintaining social distancing. Though the government has introduced to release the stress fund of 25000 crore for the unsold and stalled

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