Q:
Hi! The Real Estate Regulation Bill, which was 1st presented by the UPA government in the Rajya Sabha in August 2013, was accepted by the Union Cabinet on 7th April 2015.
Yes Saurav,
The Union Cabinet on 7th April 2015, gave its approval to changes to the Real Estate (Regulation and Development) Bill, 2013 awaiting in the Rajya Sabha, and approved changes recommended in the Bill. The recommendations of the Standing Committee of Parliament on Urban Development and suggestions of various stakeholders such as consumer organizations, industry associations, universities, experts etc. have also been involved after considerable discussions.
Now the promoters have to compulsorily deposit 50% (or lesser percentage as notified by the authority) of the amounts realized for the real estate project from the allottees in a escrow account in a scheduled bank within a period of 15 days to cover the cost of construction to be used for that purpose. This is targeted at preventing developers from redirecting money raised from allottees.
Q:
Hi All,
Can some one please let me know how to correct/what is the procedure to correct the owner name mentioned in property tax bill?
I have recently received my Property tax bill first time but my name is incorrect on that.
I am not in India currently and my property is in Pune (Wakad)
Regards, Amit Singh
I had purchase a resale flat and now needs to change the name in the Municipal corporation. I purchase the flat from the legal successor(i.e. WARIS) as the owner of the flat had died. I went to PMC office of KarveNagar to transfer the flat name in mine, but they are saying that you need to first transfer the name from the death owner to their successor and then from them to your name. And for this you have to pay two time transfer charges of rupees 1800 each.
I do not understand why I need to transfer the name from the owner who died to their successor as this flat had never been transferred to them, it's been directly sold by their successor on behalf of death owner to me. So is it necessary to do so. Please provide me relevant information on this.I had purchase a resale flat and now needs to change the name in the Municipal corporation. I purchase the flat from the legal successor(i.e. WARIS) as the owner of the flat had died. I went to PMC office of KarveNagar to transfer the flat name in mine, but they are saying that you need to first transfer the name from the death owner to their successor and then from them to your name. And for this you have to pay two time transfer charges of rupees 1800 each.
I do not understand why I need to transfer the name from the owner who died to their successor as this flat had never been transferred to them, it's been directly sold by their successor on behalf of death owner to me. So is it necessary to do so. Please provide me relevant information on this.
The RBI might have cut the repo rate and banks have partly passed it to customers, but developers feel it would take a couple of more quarters for demand to bring around in the realty sector. They feels that the festive season will see a marginal improvement in demand, which is expected to pick up only from January-March next year as customers remain alert.The RBI might have cut the repo rate and banks have partly passed it to customers, but developers feel it would take a couple of more quarters for demand to bring around in the realty sector. They feels that the festive season will see a marginal improvement in demand, which is expected to pick up only from January-March next year as customers remain alert.
My comments to replies
Yes, but at the same time developers will have to think that demand is not expected to pick up immediately as customers remain alert and are mostly in a wait-and-watch mood. Buyers are expecting some more correction in prices.
Right Dharmesh......we really appreciate the step taken by the RBI Governor. Many banks such as The Punjab National Bank, Bank of Baroda, Bank of India, Uco Bank, IDBI Bank, Oriental Bank of Commerce, Axis Bank and Yes Bank have announced a cut in their base rate while many state-run banks and private sector lenders have cut their base rates on 30.09.2015.
5th October 2015
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