Regulation of Real Estate
Real Estate (Regulation and Development) Act, 2016
An Act to establish the Real Estate Regulatory Authority[RERA] for regulation and promotion of the real estate sector and to ensure sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and for matters connected therewith or incidental thereto.
Maharashtra Real Estate Regulatory Authority
Real Estate Regulatory Authority Karnataka
National Real Estate Development Council (NAREDCO)
The National Real Estate Development Council strives to be the collective force influencing and shaping the real estate industry. It seeks to be the leading advocate of developing standards for efficient, effective, and ethical real estate business practices, valued by all stakeholders of real estate sector and viewed by them as crucial to their success.
Appellate Tribunal
Section 43 (4) of the Real Estate (Regulation and Development) Act, 2016 reads as below:
Provided also that until the establishment of Appellate Tribunal under this Section, the appropriate Government shall, designate by order any Appellate Tribunal functioning under any law for the time being in force, to be the Appellate Tribunal to hear appeals under the Act.
Government of Karnataka appoints Karnataka Appellate Tribunal as Interim Appellate Tribunal
Odisha Real Estate (Regulation & Development) Rules, 2017
Effect of GST and tax regime on Real Estate transaction
- GST rate on under-construction properties is 18 per cent but could vary 12-18%
- Rental income from residential use will not be taxed under the GST
- 18 % GST tax in case Rent from Commercial property if earning over Rs 20 lakh P.A
- Real estate covers 5% of GDP
- Purchasers are not liable to pay any indirect tax for the purchase of ready-to-move-in properties
Bye a Vacant Land
Bye an Old House
Bye a Flat
Government Housing
Purchase from co-operative society
Purchasing property by Court Auction
Searching the Title
Bank loan for purchasing a land or flat
Sale a Vacant Land
Sale an Old House
Sale a Flat as owner
Salling of flats by Developer
Development agreement with Promoter
Power of attorney in the name of Promoter
Bank loan by Promoter
Construction quality check
Failure to delivery in time
Insolvency of the promoter
Consumer action against the Promoter
Transfer through registered sale Deed and साफ बिक्रय कोबाला
Transfer without Registration
Value of Baina nama(बाई नामा पत्र ) or agreement to sale deed on Rs Ten stamp paper
Handing over Peaceful possession
Stamp Duty and Registration Charges on Market Value differs from State to State
Consideration money
Brokerage : 1-2% valuation
Lawyers Fees: 1-2% of valuation
Legal remedies in case of disputes
Declaratory suit
Injunction
Possession of the property
Eviction Suit
Investment Scenario in Real estate
- Return
- Risk Cover
- Fund Security
