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EVERYTHING ABOUT RERA 2016

RERA : The Real Estate (Regulation and Development) Act, 2016 An Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment of building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to…

RERA 2016: PROS & CONS

Issue: It bans advertisements or brochures inviting advances or deposits. What it means for consumers: This will reduce chances of fraud but also leave buyers in the dark about new projects. What it means for developers: Unable to garner eyeballs for their projects, they could witness a decline in the pre-launch sales. Issue: Mandatory registration…

Are on-going realty projects being covered under RERA ?

Will ongoing projects be covered? The RERA Act holds promises for the existing buyers of real estate properties, both residential and commercial, who have still not got possession of their properties. “According to the RERA Act passed by Parliament last year, which was supposed to be implemented in its entirety in all states, every ongoing…

WHAT ARE CAPITAL GAINS ON PROPERTY SALE?

The income tax rules define gain in two broad categories; namely short term capital gain (STCG) and long term capital gain (LTCG). Any gains arising by selling a property after holding it for 3 or lesser number of years, is short term capital gain. Any gains arising by selling the property after holding it for…

WHAT IS TDS OR TAX DEDUCTION AT SOURCE ON PROPERTY?

A new section 194IA has been inserted in the Income-tax Act, 1961 by the Finance Act, 2013. It provides for tax deduction at source on transfer of certain immovable property other than agricultural land of Rs. 50 lakh or more. As per this new provision, any person, being a transferee responsible for paying to a…

WHAT IS THE DIFFERENCE BETWEEN MAINTENANCE V/S HOLDING CHARGES?

Maintenance charges are the charges either annually or monthly applicable to be paid by the owner once he/she has taken possession of the Property. These charges are paid for the general maintenance and upkeep of the building/society. Holding charges are to be paid by owner/holder who is a non-occupying owner (has not yet occupied the…

WHAT IS POWER OF ATTORNEY?

Power of Attorney is the right/authorization given by a property– owner to someone through whom the owner transfers the power and rights to deal with the Property to his/her chosen power of attorney. A power of attorney can be either a co-owner of the property, a blood- relative of the owner or any other person…

HOW TO CONVERT LEASEHOLD PROPERTY INTO FREEHOLD PROPERTY?

Conversion from leasehold to freehold can be done only if the local laws allow it. For instance, property owned under Delhi Development Authority can be converted to freehold by executing a Conveyance Deed. However, conversion of leasehold to freehold is not an option for properties falling in New Okhla Industrial Development Authority (NOIDA). The process…

CHECKLIST OF DOCUMENTS AT THE TIME OF POSSESSION

1. All original chain of agreements form part of the title documents and must be obtained by the buyer. 2. Do remember to obtain the original registration receipts and the original stamp duty receipts. 3. A letter of possession duly witnessed by two witnesses confirming the physical handover of the premises. 4. In case of…

WHAT IS A SALE DEED?

A title deed is a document that proves the right of a person to an immovable property. A person can acquire an immovable property by various means and a properly stamped and executed document evidencing the transaction is a title document. For example a sale deed, a release deed, a relinquishment deed, a gift deed,…

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