#RealtyNewsRoundup: MahaRERA Reduces Minimum Registration Fee To Rs 10,000

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has reduced the minimum registration of a project from the earlier Rs 50,000 to Rs 10,000. The move is aimed at promoting project registration among small developers in Tier-II and Tier-III cities and rural areas.

Meanwhile, amending its rules the MahaRERA has also informed that developers will no longer be able include expenses made on advertisements, promotions and brokerage commissions as part of their construction costs. The 70 per cent of homebuyers money kept in an escrow account can only be used for construction purposes and for no other expenses.

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The National Consumer Disputes Redressal Commission (NCDRC) has ruled that developers cannot force homebuyers to pay an interest of 18 per cent incase of delayed payment of installment while they themselves pay nearly two per cent for delay in construction is unfair. The redressal commission was hearing a case of one homebuyer who had booked a flat in Umang Realtech’s Winter Hills 77 project in Gurugram in 2012. The deadline to give possession of the flat was December 2015, for which the homebuyer was paying around Rs 83 lakh in installments. However, the builder failed to deliver the project even four years after the deadline, for which the buyer sought refund of the money with 18 per cent interest per annum, a rate at which he had paid a penalty to the developer for delay in payment on his part.

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The Chandigarh Housing Board now plans to cancel the allotment of small flats across the city for which the allottees do not clear pending dues during the ongoing camps that end on June 16. Many allottees of small flats have failed to pay the pending dues worth over Rs 20 crore. Cancellation notices to these allottees have already been issued and cancellation process will begin on June 17.

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The tax settlement commission has asked Indiabulls Real Estate to pay a penalty of Rs 300 crore in the undisclosed income case. The undisclosed income worth Rs 800 crore was detected during a probe by the income tax department in 2016, media reports unveil. The developer is being charged interest on its tax liabilities.

Source: Media reports