At present, the Indian legislature has not yet determined any full regulatory requirements for SPACs. However, India’s market regulator, the Securities and Exchange Board of India (SEBI) has set up an expert committee that will look into the possibility of introducing SPACs regulations to India, which may increase the chances of domestic listing for start-ups.
Udyam Registration a government registration for MSMEs which provides them with a unique identity number and a recognition certificate to certify them as micro/ medium or small enterprises.
As per the Central GST Act there being no supply of goods within the meaning of the GST Act in a real estate transaction as ‘Goods’, as per Section 2 (52) include only movable properties.
Once a voluntary consumer association is registered in the Societies Registration Act, it will be deemed to be a recognized consumer association unless it is a voluntary association of the consumers.
In the past five years of RERA, it has been successful to tackle the issues between the Home Buyers and Builders or Developers and providing transparency into the real-estate projects.
Neither the promoter nor the allottee can deny such rights & duties as mentioned in this article no matter what has been documented by the Builder or agreed by the Allottee.
The allottees long waiting for justice will now be able to secure the relief with the speedy process of hearing by single member benches.
“Subsidy” is a form of financial aid provided by the government. On the other hand, Subvention Scheme is a type of incentive provided by the developer of the project.
The allottees are left helpless when the developers stands either insolvent or incapable of delivering the possession even after passage of years beyond the date of delivery.
Real Estate sector has grown beyond expectations in recent times, it has also brought various duties and responsibilities for all the people involved. One of such responsibility lies on the shoulder of the promoter or the developer.
In India after farming, the second biggest financial area is of land and building up of RERA Act, 2017 is a major advance towards a more organized method of managing the housing market in India.
All allottees approaching before these forums secure reliefs for them but the execution force is a bit low therefore they feel remediless even after winning a long legal battle. A better option which has come forward is where allottees come forward to form a group and then approach these forums.
A common practice among the Builders/Developers to issue Possession Letter without obtaining the Occupation Certificate to pressurize the allottees to pay complete sale price without any chance of getting the possession or execution of sale deed.
When a business decides to wind up, it can choose between a voluntary winding up method and a compulsory winding up procedure. In the year 2020, the Ministry of Corporate Affairs will issue notices on the winding up of small businesses.
IFMS is an additional amount given by the buyers to the developer/builder till the time resident’s welfare association (RWA) is formed. The purpose of forming RWA is maintenance purpose, security purpose and projects for developments.