Affordable housing for all, the Narendra Modi government’s plans aimed at housing for the masses, could indeed change the face of home ownership in India.
As GST (Goods and Services Tax) Council still prolongs to meet to fix rates and streamline rollout procedures for the new tax regime, people are still bewildered whether under GST property rates will access or not ?
As per RERA Act every state had to frame rules in respect of Real Estate Regulation Act till 1st of May 2017 but till now many states have not yet notified their rules.
Taking a strong note of builders and construction companies forcing buyers to make full payment before the roll-out of the Goods and Services Tax (GST) on July 1, the Center has warned builders of punitive action for trying to mislead home buyers that they will have to pay more tax under the GST regime.
The real Estate projects that are ongoing and have not received completion certificate or occupancy certificate, on the date of commencement of the Act, i.e. 01/05/2017, the respective promoter shall be required to get registered with RERA
every promoter shall get the eligible real estate project, registered with RERA authority before sale/promotion/advertisement/booking etc.
Every real estate agent needs to take prior registration with RERA authority of Maharashtra before dealing in any transactions relating to sale/purchase, advertising or brokerage of the property of a project registered under this Act.
As per the information, The draft rules of the Haryana Real Estate Regulatory Authority (H-RERA) are set to come into effect from July 1. The town and country planning (TCP) department will soon submit a report on the draft rules to the government for them to be notified.
As per REDA, no promoter can sell/book/advertise or enter any agreement for sale any part of the project without prior registration with RERA authority.