Union Cabinet Approves Real Estate Regulatory Bill
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08 June 2013 3 Union Cabinet ap- ‘Yeh Jawaani Hai Deewani’ set to enter 100 crore club proves Real Estate Regulatory Bill GURU GYAN FUNNY JOKES & Many More page no. 8 Read page no. 3 Read page no. 4-5 Read page no. 8 Weekly Realty Digital Magazine Union Cabinet approves Real Estate Regulatory Bill Read Inside Ministry sources said 22 states had given Cover Gautam Gambhir’s their approval to the Bill while five states All about circle rate?choice Serabella wanted certain amendments. Story Cover Story 4-5 Contents Important Helpline Nos.11 News & Updates - Noida Guru Gyan 6 3 Knowledge & Entertainment 7 bollywood & Cricket updates 8 Our Team Edited by - Priyanka Jadon | [email protected] Contents - Danish Suhail | [email protected] Design - Sunil Bidaliya | [email protected] Call us toll Free 2 www.rudrabuildwell.com 1800 1800 5555 Guru Gyan All about circle rate? Budget 2013-14 Highlights 1. Additional Rs. 1 lakh Interest De- duction for first time home Buyers. Individuals can take first time home loan of upto Rs 25 Lakh in 2013-14 will be allowed an addi- tional tax deduction of interest up to Rs. 1 Lakh. 2. 1 % TDS on sale/Purchase of Prop- erty above Rs. 50 Lakh. The union budget 2013 purposes to levy 1% TDS on sale of immov- able properties of above Rs 50 Lakh, but exempts agriculture land. 3. Rs 2,000 Crore Fund for Urban housing development. The Finance Minister P.Chidam- baram proposes to start a fund for urba housing to mitigate the huge shortage of houses in urban areas. He asks National Housing Bank to set up the fund in consultation RBI, proposes to provide Rs. 2,000 crore for it. 4. Luxury Living Homes to be More expensive. The Union Budget 2013 makes luxury homes costlier by cutting abatement on service tax on a flatwith a floor area iver 2.000 sq.ft OR prices exceeding 1 cr. Rate of abatement reduces from 75% to 70%. 5. Unmet Expectation & Demands. The long standing demands such as Infrastructure status, Regulatory Bill, One window clearance etc to the Real Estate sector has not been acceded to. Expectations are not met from this Budget 2013. Call us toll Free 3 1800 1800 5555 [email protected] Cover Story A Bill providing for setting up a reg- ulator for the real estate sector and having provisions like a jail term of Union Cabinet up to three years for developers who make offences like putting up misleading advertisements about projects repeatedly was approved approves by the government Tuesday. The Real Estate (Regulation and Development) Bill, approved by the Real Estate cabinet, seeks to provide a uniform regulatory environment to the sec- tor. It also intends to make it man- datory for developers to launch Regulatory Bill projects only after acquiring all statutory clearances from relevant dow clearance. While the Airports The developers will also have to authorities. Builders and develop- Authority of India and municipal specify the common area in the ers who become repeat offenders bodies have come on board, there society. The term “apartment” has may even face a jail term of up to are some objections from the Envi- been specified in the Bill and will three years. ronment Ministry which are being include the space to be provided The Bill makes it mandatory for looked into. for a garage builders to clarify the carpet area Ministry sources said 22 states Key provisions of the Bill of the flat. This would be made had given their approval to the 1. Establishment of a Real Estate uniform for the entire country. This Bill while five states wanted cer- Regulatory Authority - Government rule would make the concept of tain amendments. These chang- has proposed to appoint a chair- super area - which is often used to es have been incorporated in the person with two other members mislead owners - virtually non-exis- Bill cleared by the Cabinet today, supporting him. The people who tent. The Bill has provisions under sources said. Chhattisgarh is the get appointed as part of the regu- which all relevant clearances for sole state to still oppose the Bill. latory authority should have suffi- real estate projects would have to Builders and developers will have cient professional knowledge and be submitted to the regulator and to get all clearances - from ti- experience in the field of public ad- also displayed on a website before tle deed to project cost - cleared ministration, urban development, starting the construction, sources before construction begins. FAR finance, law or management. said. (Floor Area Ratio) will also have to The proposed legislation has tough be specified clearly by the builder. 2. Transparency and Powers of the Regulatory Authority - This author- provisions to deter builders from While the Regulator in the states ity is also going to maintain a web- putting out misleading advertise- will be appointed by the state gov- site which will have the records of ments related to the projects carry- ernments, in Delhi the Urban De- all real estate projects with all oth- ing photographs of the actual site. velopment Ministry will appoint er details as provided in the appli- Failure to do so for the first time the regulator. DDA is likely to be cation at the time of registration. would attract penalty which may made the regulator in Delhi, sourc- be up to 10 percent of the project es said. The Regulator will also be 3. Registration with the Regulato- cost and a repeat offence could the appellate authority in cases of ry Authority - The builder is going land the developer in jail. The Min- dispute. This will save the owners to file all the details of his proj- istry of Housing and Urban Poverty the hassle of running around to ect with the regulatory authority Alleviation is working on bringing different authorities for redressal. and provide all necessary details all projects under a single-win- of property dealers or middlemen Call us toll Free 4 www.rudrabuildwell.com 1800 1800 5555 Cover Story dealing in the project. ters into a written agreement with on a daily basis for non compliance the buyer before taking any ad- or as a percentage of the develop- 4. Establishment of Appellate Tri- vance money. After the execution ment costs or sale price. bunal - The bill will also provide of the agreement, the builder will for the establishment of a real es- The Model Real Estate Bill seeks not be entitled to create a mort- tate appellate tribunal, which will to bring clarity and consistency in gage charge on the plot, building decide upon any dispute and will the fast growing Indian real estate or apartment, without the prior hear appeals against any decision sector. The proposed Act will lead written consent of the buyer. of the regulatory authority. to better information sharing and 6. Offences and Penalties - In order decision making, between build- 5. Obligations of a Promoter - This to make the proposed act effective, ers and the consumers. Further, by model bill has also outlined the the Government will also penalize seeking to establish the Regulatory role of the property developer and those who will not comply with its Authority and Appellate Tribunal, their duties towards the regulato- clauses. The penalties range from the Model Act provides for a forum ry authority and also the property up to three years imprisonment where disputes could be heard by buyers. The developer is obligat- for not registering a project or for a specialized expert body, which ed to provide all documents and not complying with the orders of would result in speedy dispensa- information for inspection to the the Appellate Tribunal to monetary tion of justice. prospective buyers. The builder en- penalties which may be ascertained Call us toll Free 5 1800 1800 5555 [email protected] News & Updates - Noida Akhilesh Yadav keeps ‘safe’ distance from Noida NOIDA: Thirty-nine-year-old Akhilesh Yadav might be But then, Akhilesh is not the only CM to fall prey to the projected as a tech-savvy, new-age politician who dis- Noida jinx. The “visit Noida and lose power” superstition tributes free laptops, but he seems to have superstitious has haunted politicians for the past 20 years, with nei- beliefs, much like his father, Mulayam Singh Yadav. In ther Noida nor Greater Noida figuring in many of his pre- keeping with the promise made during the assembly decessors’ itinerary. The Delhi-Noida flyway, thrown open elections last year, Akhilesh distributed 8,000 free lap- in 2001 by CM Rajnath Singh, was inaugurated from the tops on Monday. Delhi side and not from Noida. In 2002, Mayawati laid foundation stones for two Noida-based projects, the Though nearly 2,500 students were from Noida and Gautam Budh University and the Noida-Greater Noida Greater Noida, his choice of Ghaziabad over Noida, Expressway from Lucknow. Akhilesh Yadav follow suit. barely 20km away, as the venue has fuelled speculation After coming to power, he chose to inaugurate Yamuna about the jinx keeping him away from the city. Expressway through remote control from Lucknow. In April too the CM had inaugurated infrastructure proj- The jinx attached to Noida goes back several years. The ects in excess of Rs 3,700 crore in Gautam Budh Nagar belief, a figment of popular imagination, started doing from Lucknow, bypassing Noida. the rounds in the 80s. The first CM to lose his post was N D Tiwari in 1989, who was voted out of power report- Despite the SP’s attempt at an image makeover after edly after his visit to the industrial township.