Updates
Localcircles
Termed as the Real Estate (Regulation and Development) Bill, it is designed to protect the interest of consumers from errant developers and ensure timely execution of projects. Here are some of the key benefits as highlighted by NDTV/Firstpost and other media.
Here are 10 ways how the Bill will help property buyers:
1) Each state will get a real estate regulator, which will settle disputes and impose compensation. All housing and commercial projects will have to be compulsorily registered with the regulator so that buyers can have access to genuine projects. Ongoing projects that have not received completion certificates will also be covered.
2) Developers cannot advertise or launch projects without prior registration with the real estate authority.
3) Sale of property on the basis of super area (area in which a flat is spread plus common area such as lobby) will be prohibited. Developers will have to advertise carpet area, which is the area enclosed within the walls of a flat, for sale.
4) Developers will have to disclose layout plans and submit clearances with the regulator. They will also have to name the contractor, architect, structural engineer, etc. associated with the project. This will ensure transparency about property projects.
5) To ensure projects are completed on time, promoters will have to deposit 50 per cent of the amounts realized from buyers in a separate bank account within 15 days.
6) Developers will need the consent of two-third buyers to alter plans, structural designs and specifications of the building. They will have the responsibility to rectify structural defects and refund money in cases of default.
7) Brokers, who intend to sell flats and plots in a project, will also have to get registered with the real estate regulator. They will be punished for non-compliance.
8) Buyers can claim refund with interest and compensation if promoters fail to deliver projects in time.
9) If rules are violated, projects will be de-registered and penalties will be imposed on the developer. Noncompliance will attract fine up to 10 per cent of project cost. Misinformation will attract fine of 5 per cent of project cost.
10) Builders often demand part payment in cash, making many ordinary buyers party to corruption. The Bill will help curb undeclared "black money" in property markets that costs the government billions of rupees in lost taxable income.
LCi
commented
TG
itatonline
<
drr.g.balakrishnan phd, ML.. says:
indeed very right view. ?
i would suggest to all constitutional courts introduce a system of drawal of judges – viz..
one from state judicial services at appropriate time, and drawal from the practising high court or supreme courts and the same such method need be followed in all levels of courts to provide to the citizen petitioners right mix of judges, so that much healthier judicial views can surface is my view..
this also would not force lawyers to seek panel lawyer appointment too, panel lawyer appointment is used as a tool by departments to affect the independence of advocacy..
this aspect was realized in the earlier British system of judiciary why the same cannot be followed, for it develops healthy legal system in the country. this system can minimize political control on advocates who want complete independence of advocacy! ??
Else issues like DK Ravi IAS suspected murder case in karnataka state might go on mounting. ???
CAclub
WORTHY of A Revisit >>>>>
Selecteds :
TOI
www.speakingtree.in/
Mar 24, 2012Professional life flowers best in situations where
collaboration and partnership with others is the norm
Feb 6, 2012Looking forward rather than looking backwards, we
find that maturity consists in focusing on the positive aspects of our lives
Localcircles
Termed as the Real Estate (Regulation and Development) Bill, it is designed to protect the interest of consumers from errant developers and ensure timely execution of projects. Here are some of the key benefits as highlighted by NDTV/Firstpost and other media.
Here are 10 ways how the Bill will help property buyers:
1) Each state will get a real estate regulator, which will settle disputes and impose compensation. All housing and commercial projects will have to be compulsorily registered with the regulator so that buyers can have access to genuine projects. Ongoing projects that have not received completion certificates will also be covered.
2) Developers cannot advertise or launch projects without prior registration with the real estate authority.
3) Sale of property on the basis of super area (area in which a flat is spread plus common area such as lobby) will be prohibited. Developers will have to advertise carpet area, which is the area enclosed within the walls of a flat, for sale.
4) Developers will have to disclose layout plans and submit clearances with the regulator. They will also have to name the contractor, architect, structural engineer, etc. associated with the project. This will ensure transparency about property projects.
5) To ensure projects are completed on time, promoters will have to deposit 50 per cent of the amounts realized from buyers in a separate bank account within 15 days.
6) Developers will need the consent of two-third buyers to alter plans, structural designs and specifications of the building. They will have the responsibility to rectify structural defects and refund money in cases of default.
7) Brokers, who intend to sell flats and plots in a project, will also have to get registered with the real estate regulator. They will be punished for non-compliance.
8) Buyers can claim refund with interest and compensation if promoters fail to deliver projects in time.
9) If rules are violated, projects will be de-registered and penalties will be imposed on the developer. Noncompliance will attract fine up to 10 per cent of project cost. Misinformation will attract fine of 5 per cent of project cost.
10) Builders often demand part payment in cash, making many ordinary buyers party to corruption. The Bill will help curb undeclared "black money" in property markets that costs the government billions of rupees in lost taxable income.
LCi
Risk Management Policy -
commented
MONEYLIFE
commented
piswami.blogspot.com/
praja.in › ... › Groups › Lacunae in Karnataka Apartment
Ownership Act
TG
itatonline
Taparia Tools Ltd vs. JCIT (Supreme Court)
S. 36(1)(iii)/ 37(1): Normally revenue
expenditure incurred in a particular year has to be allowed
in that year and if the assessed claims that expenditure in
that year, the Department cannot deny the same. Fact that assessed has deferred the expenditure in the books of
account is irrelevant. However, if the assessed himself
wants to spread the expenditure over a period of ensuing
years, it can be allowed only if the principle of 'Matching
Concept' is satisfied
U/s 36(1)(iii) when the interest was actually incurred by
the assessed, which follows the mercantile system of
accounting, the assessed would be entitled to deduction of
full amount in the assessment year in which it is paid. The
High Court wrongly applied the “Matching
Concept” to deny the deduction of the upfront interest
payment in the first year.
<
drr.g.balakrishnan phd, ML.. says:
indeed very right view. ?
i would suggest to all constitutional courts introduce a system of drawal of judges – viz..
one from state judicial services at appropriate time, and drawal from the practising high court or supreme courts and the same such method need be followed in all levels of courts to provide to the citizen petitioners right mix of judges, so that much healthier judicial views can surface is my view..
this also would not force lawyers to seek panel lawyer appointment too, panel lawyer appointment is used as a tool by departments to affect the independence of advocacy..
this aspect was realized in the earlier British system of judiciary why the same cannot be followed, for it develops healthy legal system in the country. this system can minimize political control on advocates who want complete independence of advocacy! ??
Else issues like DK Ravi IAS suspected murder case in karnataka state might go on mounting. ???
< Commenting lawyer is, presumably, a constitutional law expert, holding a coveted Doctorate in law at that ! May be,only an equally competent lawyer, more so on like wavelength as he, can make out and understand the contextual relevance of the comment !!
CAclub
ICL
WORTHY of A Revisit >>>>>
Selecteds :
TOI
Gautam Adhikari - Times of India Blogs
West and the rest
TOI Blogs
blogs.timesofindia.indiatimes.com/The-underage-optimist/
February 14, 2015, 12:00 am IST Chetan Bhagat in The Underage Optimist |
Edit Page, India | TOI. Let me forewarn: this is not going to be pretty. After
the Delhi ...
Speaking Tree
www.speakingtree.in/
http://timesofindia.indiatimes.com/toireporter/author-Janina-Gomes.cms
Article
- FROM ACROSS THE BORDER (cd) >
| The People's Budget: Progressive Proposal Aims to Un-Rig Failed Economic System by Deirdre Fulton The budget plan 'fixes an economy that, for too long, has failed to provide the opportunities American families need to get ahead.' < Offering a sustainable alternative to regressive federal budget proposals put forth this week by the Republican majorities on Capitol Hill, the Congressional Progressive Caucus on Wednesday released The People's Budget: A Raise for America, which aims to "level the playing field" for low- and middle-income Americans. > |
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