Real Estate Regulatory Act 2016| RERA

The  Housing Ministry  has  asked to  implement RERA ( Real Estate Regulatory Act)  to all states  from 1st May 2017, Till  date  11 states and  UT’s have so far notified the rules. The states that have notified the rules are Uttar Pradesh, Rajasthan, Uttarakhand, Kerala, Haryana, Gujarat, Odisha, Andhra Pradesh, Maharasthra, Madhya Pradesh and Bihar.

The housing ministry had last year notified the rules for five UTs—Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman and Diu, and Lakshadweep, while the urban development ministry came out with such rules for the National Capital Region of Delhi .

The bill was passed last year  in both the houses of parliament, Now each of the state will have its own regulator and will have to come out with their own rules.

The major reason to establish RERA act is to ensure Transparency & efficiency in Real Estate Sector, &  protecting the interest of buyers.

Key Highlights Of  RERA.

The Real Estate Projects more than 500 Sq.mt. or  more than 8 apartment has to do registration with the authority before start Selling .

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Real Estate- Union Budget 2017 India.

Finance Minister Mr. Arun Jaitley presented Union Budget on Wednesday,

Key highlights of the Real Estate & Infrastructure Sector.

The key area which got benefit is a affordable housing.

• Under the scheme for profit-linked income tax deduction for promotion of affordable housing, carpet area instead of built up area of 30 and 60 Sq.mtr. will be counted.
• The 30 Sq.mtr. limit will apply only in case of municipal limits of 4 metropolitan cities while for the rest of the country including in the peripheral areas of metros, limit of 60 Sq.mtr. will apply.
• For builders for whom constructed buildings are stock-in-trade, tax on notional rental income will only apply after one year of the end of the year in which completion certificate is received.

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