Giving a sigh of relief to the real estate buyers, the Bombay high court gave its judgment on the petition filed by real estate developers, challenging the constitutional validity of the Real Estate (Regulation & Development) Act (RERA).
The Ministry of Housing and Urban Poverty Alleviation (MHUPA) recently filed a petition in the Supreme Court requesting to transfer all the cases against the RERA pending in different courts to the Delhi High Court.
The Confederation of Real Estate Developers’ Associations of India (CREDAI) has written a letter to the Prime Minister Narendra Modi requesting him to intervene in the process of RERA implementation.
Banks that are operating under the RBI will now not provide home loans for the projects which are not registered with Real Estate Regulatory Authority (RERA).
Governments of many states are offering the extension to the developers for registering
The Central government gave an ultimatum to all the states to notify the Real Estate (Regulation & Development) Act (RERA) by 1st May 2017 and told all states to mandate developers to register their on-going projects with the RERA by 31st July 2017.
A group of developers from Jabalpur and Nagpur have filed cases in Bhopal and Mumbai High court against keeping on-going projects under the ambit of the Real Estate (Regulation & development) Act (RERA).
As the days are passing by, the real estate developers are rushing to register their projects with the Real Estate Regulatory Authority.
The government has warned the real estate developers for asking full payments in advance from buyers before the implementation of the GST.
The Indian Government recently finalized a new regime of taxation known as the Goods and Services Tax which will merge individually applied taxes into one.
Recently, the builders were allowed to continue advertising and marketing their existing projects till 31st July 2017 without registering with the RERA.
Counting to infuse transparency, accountability and professionalism in the Indian real estate sector, the central government asked states to notify Real Estate (Regulation & Development) Act, RERA rules by 1st May 2017.
The central government notified the remaining sections 3-19, 40, 59-70, 79 and 80 of the Real Estate (Regulation and Development) Act, 2016 through a gazette on Wednesday.
The Ministry of Housing made it clear that the Real Estate (Regulatory & Development) Act, RERA will be implemented in all Indian states from May 1st 2017.
Mr. Venkaiah Naidu, the Union urban development minister, has written a letter to chief ministers of all states that have not drawn rules for the Real Estate (regulatory and development) Act, 2016.
To achieve the aim of housing for all by 2022, the government has announced two subsidy slabs applicable for the people buying their first home.
Still overcoming from the punch of the demonization drive, the real estate sector in India faced another disappointment when the RBI governor Urjit Patel kept the key policy rate unchanged at 6.25% in his third policy review.
Mister Arun Jaitely, the Finance Minister of India, through his speech on the Union budget 2017 has explicitly publicized the much-needed measures to organize and develop the real estate sector in India.