The Central Act simply has a completion certificate as the benchmark for exemption of projects under RERA.
A group of homebuyers of Jaypee Infrastructure have urged the banks such as HDFC, ICICI and Axis bank for moratorium on EMIs for home loans granted in relation to projects of Jaypee.
Budget 2018: The union budget noted that currently a deduction of 30% is allowed in addition to normal deduction of 100% in respect of emoluments paid to eligible new employees who have been employed for a minimum 240 days during the year.
Six months since the rules under the Real Estate (Regulation and Development) Act were notified, the Haryana real estate authority is still to become fully operational and its website is yet to be in place.
The ministry of rural development is in talks with the finance ministry to change the wage calculation methodology for Mahatma Gandhi Rural Employment Guarantee Scheme using Consumer Price Index-Rural instead of CPI-Agricultural Labour.
Even though the Haryana government appointed IAS officers as chairpersons of the two Real Estate Regulatory Authority (RERA) benches in Panchkula and Gurgaon two months ago, the benches haven’t taken shape so far.
Around 20,000 projects across the country have been registered under the Real Estate (Regulation and Development) Act, a senior housing and urban affairs ministry official said.
The ministry of housing and urban affairs has sought a four-fold increase in outlay for its three key schemes — Pradhan Mantri Awas Yojana (Urban), Smart City Mission and Swatch Bharat Mission — in the Union Budget 2018-19.
There exists a shortage of 39,000 between the accommodation available to government officials and the demand.
Meanwhile, of the sanctioned 36 lakh houses under PMAY (Urban) till date since 2015, when the scheme was launched, about 15.65 lakh houses are being built, while 4.13 lakh houses have been constructed since the launch of the mission.
Though the state government has appointed two authorities — one each in Gurgaon and Panchkula — it is yet to create an online portal. The state may be able to come up with some kind of portal by January 15, an official said.
Allottees have surrendered around 600 of the 12,000 flats sold under the Delhi Development Authority’s (DDA) housing scheme 2017, citing the small size of the facilities, but also reflecting a waning interest in DDA flats that used to be coveted properties once.
After eight months of no action against Jaiprakash Associates and Jaypee Infratech, homebuyers of Jaypee Wish Town who had filed FIR against the builder, have now written to Uttar Pradesh chief minister Yogi Adityanath.
The government plans to tweak the land use policy to ensure affordable housing is accorded top priority.
The interim resolution professional (IRP) for Jaypee Infratech, Anuj Jain, has assured all the homebuyers of the company that every relevant suggestion to safeguard their interest will be considered in the final resolution plan.
Homebuyers of Jaypee Infratech have requested the insolvency resolution professional (IRP) to give them access to portions of the resolution plan dealing with their interest or upload those parts of the broader revival proposal on a website.
In a relief to homebuyers, the Bombay High Court upheld the constitutional validity of the Real Estate (Regulation and Development) Act, 2016 and the authority formed under it.
The GoM also directed officials of all the three relevant authorities in the region, as well as the Greater Noida SSP, to take action against eight builders against whom FIRs have already been lodged.
The ministry of housing and urban affairs will create a central database of delayed real estate projects. It has sought the details of delayed projects from all the states for this purpose.
Home buyers looking for relief from the government and courts are unlikely to be given the status of financial creditors, senior officials in government have indicated.
A consortium of associations consisting of around 2,500 flat buyers of Jaypee Wish Town at Noida has filed an application with the Supreme Court seeking a forensic audit of Jaypee Infratech (JIL) and Jaiprakash Associates (JAL)
About Rs 5 lakh crore of investment is envisaged in urban development under the government’s flagship schemes, including Rs 1 lakh crore for AMRUT, Rs 1 lakh crore for smart cities, Rs 1.8 lakh crore for affordable housing and Rs 62,000 crore for Clean India.
According to the Haryana Real Estate (Regulation and Development) Act, projects that did not have an occupation certificate or had not applied for an OC as on the date of the notification of the Act would come within the purview of the Act.
The Forum for People’s Collective Efforts (FPCE), a non-profit company representing homebuyers, argued before the Bombay High Court that it is constitutionally valid to bring ongoing projects under the Real Estate (Regulation and Development) Act.
The Yamuna Expressway Industrial Development Authority (YEIDA) has urged the state government to cancel the lease of two land parcels of Jaypee Group, senior officials at the authority said.
If the homebuyer defaults in making payments on time to the builder or if the builder defaults in giving possession within the agreed period, the rate of interest payable for both will be the same, according to the Real Estate (Regulation and Development) Act.
Sales of new homes in the country’s key cities plunged 32% year-on-year in the three months to September with transactions down to a trickle.