Gujarat RERA revises submission deadline for quarterly returns
April 10, 2018

Gujarat Real Estate Regulatory Authority (Gujarat RERA) has extended the deadline for promoters to file quarterly return as mandated by the RERA norms. As per RERA rules, all promoters are mandated to update the details of their registered projects with the Authority within seven days from the expiry of each quarter. Officials have shared that all promoters, as per RERA norms, are required to update all necessary information about their project by April 7, 2018 for the previous quarter ending March 2018. However, most of them failed to comply due to formalities involved with the financial year-end and public holidays.…

Gujarat RERA approves over 2000 ongoing projects
March 30, 2018

Till now, 27 states and Union Territories (UTs) have notified Real Estate (Regulation and Development) Act (RERA). Of these, only four states, including Gujarat, have established permanent regulatory bodies. Gujarat has also launched an online portal, where the number of applications for registration submitted. Gujarat’s real estate regulatory authority has finally shared the list of approved projects and agents on its website. Interested homebuyers may check the approved list of projects and agents before making any purchase decision. Experts advise buyers to only purchase realty properties from registered developers in order to avoid any hassles later on. It should be…

Ahmedabad civic body issues over 5000 notices to tax defaulters
February 26, 2018

The Ahmedabad Municipal Corporation has recently issued over 5,000 notices to owners for not paying property taxes. There are over 8,300 such properties in the city. The civic body has to recover Rs 2,000 crore from property owners in the city. Officials kicked off a drive and handed out 5,500 notices to property owners who have failed to pay the property tax. Apart from sending notices to property tax defaulters, the civic body has sealed a commercial complex on CG Road. To improve traffic chaos, the Ahmedabad civic body has recently launched a drive to prevent traffic snarls due to…

Gujarat allocates Rs 592 cr for Ahmedabad metro for FY18
February 25, 2018

The Gujarat government has recently announced its budget for the upcoming financial year (FY) 2018-19. Apart from several announcements for the overall development of the state, the Gujarat Deputy Chief Minister, Nitin Patel, has announced some major projects for the real estate and aligned industries. One of the biggest announcements was the allocation of Rs 592 crore for the Ahmedabad metro rail project. The Ahmedabad Metro will connect Gandhinagar and Ahmedabad. The phase 1 of the metro project is in the construction stage. Approved in 2014, the metro project is expected to become operational by the end of 2020. Under…

Highway projects of Rs 12000 cr in progress in Gujarat
February 18, 2018

In Gujarat, about 36 national highway projects at an expected budget of Rs 11,830 crore are at different stages of construction. The information was shared by the Road Construction and Highways Minister, Gujarat, Mansukh Mandaviya. The construction of roads as National Highways stretching about 1,093 km has been added in the last four years. The total length of national highways in Gujarat is 5,145 km. The Ministry has shared that more highway projects worth Rs 23,000 crore are in the pipeline and will be approved by the state government in the next three months. Nearly 35,000 road projects have been…

Ahmedabad civic body hikes tax for flats built after 2008
February 5, 2018

The Ahmedabad Municipal Corporation (AMC) has increased the property tax for three BHK flats measuring 150 sqm that have constructed after 2008. If X is paying Rs 3855 as property tax for a 150 sqm 3BHK flat, now after the hike, he will have to pay Rs 4212 as tax. The property tax for the remaining property will remain unchanged. The Municipal Corporation has recently approved Rs 6990 crore budget for the year 2018-19. Pravin Patel, Chairman, Standing Committee, AMC, has said that the 50 percent discount on the Jantri rate for the buildings added under the jurisdiction of AMC…

GIFT City to get committed funding worth Rs 10,500 cr
January 26, 2018

India’s first operational smart city and International Financial Services Centre - Gujarat International Finance Tec-City (GIFT) has been committed an investment of Rs 10,500 crore, said Ajay Pandey, MD and Group CEO, GIFT City on Tuesday. It is to be noted that GIFT City has been included in the Union government’s Smart City Mission Statement and Guidelines as Model City in Greenfield category. Pandey further stated that IFSC banking transactions have already crossed $8 million and by 2025, the city is anticipated to produce one million jobs - half a million direct jobs and half a million indirect jobs. While…

Ahmedabad civic body to issue TDR certificates to landowners
January 20, 2018

Ahmedabad Municipal Corporation (AMC) will soon grant transferable development rights (TDR) certificate to owners of the land parcels that have been acquired for road widening and other infrastructure projects. Currently, the landowners receive either Floor Space Index (FSI) or cash compensation. Officials have said that the decision to give TDR certificate to the owners has provided another compensation option to the government while acquiring private owned lands. The owner will get a TDR certificate, which would allow the owner to develop additional built-up area anywhere in the city. Pravin Patel, Chairman, Standing Committee, AMC, has stated that owners have been…

Gujarat RERA revises penalty amount again for builders
January 4, 2018

The Gujarat Real Estate Regulatory Authority (Gujarat RERA) has again revised the penalty amount for builders and developers registering their ongoing housing and commercial projects under the Real Estate (Regulation and Development) Act (RERA). This is for the third time that the Gujarat RERA has extended the registration deadline. With this extension, all developers across the state have to deposit 2.5 times the registration fee as penalty for the registration of projects with the regulatory authority post December 31, 2017. In November 2017, the Authority had imposed twice the registration fee as the penalty for projects getting registered post November…

Ahmedabad registers 52% fall in home launches during 2017
January 4, 2018

In 2017, Ahmedabad witnessed a steep fall in new home launches. The city had registered a 52 percent decline in launches of new residential units as compared to launches in 2016. According to a recent report by Cushman and Wakefield, only 4,680 residential units were launched in 2017 as compared to 9,713 units in 2016. Ahmedabad registered the steepest decline among the top eight cities in India, including NCR, Mumbai, Chennai, Kolkata, Bangalore, Pune and Hyderabad. Experts have opined Real Estate (Regulation and Development) Act (RERA) and Goods and Services Tax (GST) are the primary drivers for such poor numbers…

Gujarat RERA extends registration deadline, imposes double penalty
November 30, 2017

The Gujarat Real Estate Regulatory Authority (Gujarat RERA) has now revised the penalty charges for developers registering their ongoing realty projects under the Real Estate (Regulation and Development) Act (RERA) post November 30 till December 31, 2017. Now, the penalty has been raised to twice the registration fee for the properties registering during the extended period. In September 2017, the Authority had imposed a penalty equivalent to the registration fee for the properties registered between October 1 and 31. However, no penalty will be charged for developers registering their projects till September 30. Gujarat RERA has approved over 800 real…

Gujarat RERA: Over 800 projects, 300 agents registered
November 27, 2017

Till now, over 1100 applications have been successfully approved by the Gujarat Real Estate Regulatory Authority (Gujarat RERA) under the Real Estate (Regulation and Development) Act (RERA). However, the registration numbers were sluggish in the first few months after the implementation of the Act. Officials have stated that out of all applications approved, over 800 realty projects have been approved by the regulatory authority. Only 300 real estate agents have registered with the Gujarat RERA till now. The steady growth in registration numbers was witnessed on the back of smooth compliance procedure. Till September 2017, the number of registrations was…

Gujarat govt approves Ahmedabad metro Phase 2 project
November 5, 2017

The Gujarat government has approved the detailed project report (DPR) of Phase II Ahmedabad Metro Rail project connecting Mahatma Mandir, Sachivalaya, Gift City and PDPU, which would be developed at an estimated cost of Rs 6,758 crore. The 34.6-km long stretch will be completely elevated comprising 24 stations. A separate line from Pandit Deendayal Petroleum University (PDPU) to GIFT City will link Gift City to the main line. The DPR of Phase-II was prepared by the Delhi Metro Rail Corporation (DMRC). The construction work will begin from Motera and will connect PDPU, Raysan, Gujarat International Finance TecCity (GIFT) and Sardar…

Ahmedabad Metro clears land acquisition hurdle
September 21, 2017

The land acquisition issue hampering the construction of the Metro Link Express between Gandhinagar and Ahmedabad (MEGA) has finally been settled. This spells good news for the real estate potential of the localities situated along the route. The land acquisition for the project had been stuck since January 2016 as the residents of localities that were in the way of the metro alignment had refused to move. They appealed to the court that the project’s route be altered. Later, MEGA authority offered to compensate them in cash or plots, which finally placated the residents. The authority proposed to pay around…

Gujarat RERA announces penalty for registrations after October 1
September 20, 2017

The Gujarat Real Estate Regulatory Authority (Gujarat RERA) has decided to impose penalty charges for developers registering their ongoing projects under the Real Estate (Regulation and Development) Act (RERA) post October 1. A fine equivalent to the registration fee for the properties would be charged on projects registering between October 1 and 31. Meanwhile, a higher penalty amounting to double the registration fee would be levied on registration applications received between November 1 and November 30. However, no penalty will be charged for developers registering their projects till September 30. Gujarat RERA has also asked all builders to furnish reasons…

Gujarat fails to meet rural housing targets
July 29, 2017

The Gujarat government has failed to achieve the targets set for constructing homes under the Pradhan Mantri Gramin Awas Yojana (PMGAY) for the last five years. Consequently, in 2016-17, the state government reduced its targets to just one-fifth of the construction target set for 2012-13.  Vijay Rupani, Chief Minister (CM), Gujarat, expressed concern over the failure of the rural housing project in the state. All concerned officials have been asked to expedite implementation of housing programme initiated by the central government. Official records have shown that the state government was unable to achieve more than 40 percent of rural housing…

RERA registrations commence in Ahmedabad
July 17, 2017

Registration of real estate projects and developers in Ahmedabad has finally commenced under the state Real Estate (Regulation and Development) Act (RERA). As per the rules, all projects initiated in the city and within Ahmedabad Urban Development Authority (AUDA) limits before May 1, 2017 will have to be registered under RERA before July 31. While the online registration procedure has been made user friendly, officials state that the pace of registrations is still slow. Officials add that the RERA website has received about 3,700 hits so far while the exact number of completed registrations is still unavailable. Dhruv Patel, honorary…

Gujarat HC issues notice to state govt to set up RERA regulator
July 13, 2017

In reply to a Public-Interest Litigation (PIL) filed, the Gujarat High Court has issued a notice to the state government to give an update on the process of setting up a regulatory authority under the Real Estate (Regulation and Development) Act, 2016 (RERA). As other respondents, the state Urban Housing and Urban Development Department have also been included. Headed by the Chief Justice, R Subhash Reddy and Justice, V M Pancholi, a division bench issued the notice. The next hearing would be held after a week. The State government has not established the regulatory authority proposed under Gujarat RERA rules…

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