Real Estate News Updates for April 7
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The Gautam Buddh Nagar district administration has said it will launch a crackdown on real estate defaulters from Friday, noting that over Rs 500 crore are to be recovered from developers against whom the Uttar Pradesh real estate authority has issued notices.
District Magistrate Manish Kumar Verma, who took charge last month, said "munaadi" (beat of drum) will be carried out against the builders over the next two days for the recovery of dues towards the Uttar Pradesh Real Estate Regulatory Authority (UP RERA).
After this, the defaulters would be further "named and shamed" and coercive action -- including attachment and auction of their properties -- will follow in accordance with the law, Verma told reporters.
A recent Appellate Authority for Advance Rulings (AAAR) order in the case of a Thane-based developer will gladden the hearts of buyers of under-construction properties, as it could translate into reduced costs.
The appellate bench held that charges for several services collected by the developer, Puranik Builders, such as for water connection, electric meter installation and deposit for meter, development charges and legal fees are "inextricably linked" to the primary service of construction.
These charges will be part of a "composite" or bundled supply and will be subject to GST at the rate applicable to construction services- which is a lower rate of 12%.
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has decided to take action against 41 developers for not joining the review meeting of the authority.
The action could include freezing of bank accounts, withholding on purchase of unit sales, ban on new project registration among others.
51 promoters were called to attend the review meeting but 41 of them were absent in the meeting.
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Realty firm Macrotech Developers' sales bookings rose 34 per cent to a record Rs 12,064 crore in the last fiscal, on better demand despite rise in interest rates on home loans. Mumbai-based Macrotech Developers, which sells homes under the Lodha brand, is one of the leading real estate firms in the country.
In a regulatory filing, Macrotech Developers said it has delivered a strong pre-sales momentum with sales bookings of Rs 3,025 crore in the fourth quarter of last fiscal and Rs 12,064 crore for 2022-23 fiscal.
The company said it has surpassed the full-year guidance of Rs 11,500 crore.
In yet another move targeted to help colonisers defaulting on arrears of licence and renewal fee, the Haryana cabinet on Wednesday gave a go-ahead to one-time settlement scheme ‘Vivadon Ka Samadhan’. The scheme will be valid for six months from its notification.
As on April 1, 2022, there are 756 cases where such licences are required to be renewed. Outstanding dues on account of renewal of licence in such cases are Rs 3,660 crore, out of which principal amount of renewal fee is Rs 1,604 crores and interest component is Rs 2,056 crore. Therefore, in order to safeguard the interest of allottees, ‘Vivadon Ka Samadhan’ has been introduced.
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