The Year 2017 started off with many policy changes that were made in 2016. The activity of research, analysis, consultation and synthesis of information to produce recommendations and also involving an evaluation of options against a set of criteria used to assess each option has paved way to retro respective policies. Some of such policies are establishment of Real Estate Regulatory Authority (RERA), Read More
How does it work?
Everyone with the dream of purchasing a piece of property from a builder would have heard of the ‘No EMI till possession’ statement. Just what does this mean? Read More
For many in our country, buying a home or property has been a harrowing experience with project delays and at times huge losses owing to delays in getting possession. But now, with RERA [THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016] coming into effect from the 1stt of May 2017, a safety net is suddenly in place.
Real Estate (Regulation and Development) Act (RERA) came into effect from May 01, 2017 and in a way ushered in a renaissance in the property sector of India.
RERA, now in effect since 1st May, 2017, is primed to usher in a new wave of clarity, fairness, and accountability into the Indian real-estate sector.
Under the RERA Rules Series Part 1, 2 and 3, we have done the comparative study of RERA rules set by seven different states including Karnataka, Maharashtra, Haryana, Telangana, Madhya Pradesh, Punjab, and Rajasthan. To conclude, in this last part, we are covering the rules set by other states like Andhra Pradesh, Gujarat, Uttar Pradesh, Orrisa, Bihar, Uttarakhand, Keralaand the seven Union Territories, broadly under the following categories: Read More
In RERA Part 1 and RERA Part 2, we had covered RERA rules of four states, namely, Karnataka, Maharashtra, Haryana, and Telangana. Some more states are explored in RERA Part 3. Let’s take a look at the analysis done for Madhya Pradesh, Punjab, and Rajasthan:
MADHYA PRADESH RERA RULES (MP RERA):
- Additional Documents: Under MP(Madhya Pradesh) RERA, there are additional documents asked for registration i.e. information relating to the proposed development of a building, the number of car parking areas, declaration by the Builder stating that there shall not be any discrimination against any allottees.
As GST does not apply to the resale of properties that have already obtained an Occupancy Certificate but applies to new and upcoming projects, we will focus our attention on the properties under construction. For these properties, GST has become mandatory from 1st July 2017. Even while they attract GST, the stamp duty will continue to stay and needs to be paid at the time of registration.
The Real Estate (Regulation and Development) Act, 2016 (the “Act”) commonly known as RERA is a consumer centric law framed to protect the rights of property buyers in India. In our previous blog, 10 things you should know about the new Real Estate Act , we have covered some details on RERA. One thing peculiar about this Act is, it did not come into full force across the country overnight but provided provision for States to come up with their own set of Rules and establish Regulatory Authorities within a time frame of six months. The remaining sections were notified during this year and 21 states and union territories have already notified RERA Rules and are in the process of implementing them.
Whether you plan to buy a property or already own one; whether you are a home buyer or a home owner, you should know the legal documents that establish absolute ownership over the Property. When we talk about Sale, there are two terms which are widely used i.e. Sale Deed and Agreement to Sell. Many times we have come across buyers who hold Agreement to Sell and mistake it for the Sale Deed. Lack of understanding of the difference could lead to grave errors and at times, dire consequences.