Tag Archive: property

Builders get 3 months to come under RERA rules

Property

Panaji: A delay in notifying the Real Estate (Regulation and Development) Act (RERA) rules for Goa has once again delivered a setback to consumers who were waiting for RERA to be enforced before buying homes. The BJP government on Sunday extended the deadline to October for ongoing projects to register with RERA, even though the central government and other states have clearly refused to grant an extension. The central Real Estate (Regulation and Development) Act (RERA) came into effect on May 1, 2017, exactly a year after it was passed by Parliament. As per the Act, developers, projects and agents had till July 31 to mandatorily register their projects with the Real Estate Regulatory Authority. Any unregistered project would be deemed to be unauthorized by the regulator, but since the state government has failed to notify the rules…
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12% GST will boost real estate sector: NAREDCO

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New Delhi: The GST regime will be a game changer for real estate sector and the 12 per cent GST on construction projects meant for sale to buyers will boost the sector, National Real Estate Development Council (NAREDCO) said on Wednesday. “The GST will be a game changer for industry, including for real estate sector, since it will subsume more than 16 major taxes and levies into a single consolidated tax,” NAREDCO President Parveen Jain said. Additionally, he said, the unified tax regime will stop the unwanted practice of double taxation, which hurt real estate and other sectors, given their cascading effect which inflated prices for end-users. “NAREDCO further hopes that the GST Council will also address the issues related to affordable housing, which was exempt from service tax in the previous tax regime,” Jain said. NAREDCO Chairman…
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