169

Unitech, Gardenia contest charge of fund diversion in Noida, Greater Noida project

Noida: Two developers of private housing projects on Monday claimed before the New Okhla Industrial Development Authority that they have papers of expenditure made for developing of housing projects. They assured the authority that they will produce the papers as proof of expenditures made for development of housing projects.

These developers represented their sides before top officials of the authority while the government appointed firm was presenting the audit report in the board room of the development authority. This meeting was chaired by AlokTandon, chief executive officer and chairman of Noida.

850

2018 May Not Bring the Big Residential Revival

The year 2017 will be remembered as the year of disruption and radical policy reforms in the history of Indian real estate. While RERA and GST might be considered as a disruption by the industry, the government’s sustained efforts towards promoting affordable housing provided some hope to the beleaguered residential sector.  However, the year 2017 was another watershed year for the residential sector wherein neither new launches nor sales could not ignite the hope of revival.

As 2017 comes to end, developers are hoping that the year 2018 will bring in the much-anticipated revival of the residential sector. However, the year 2018 is expected to be no different than 2017 because of the following notable trends:

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Noida Residents Suggest New Model For Civic Bodies

Noida: The Uttar Pradesh government may form a separate institution for providing better civic services to residents in the city. Though the institution will provide services similar to what a municipality provides to its citizens but its model of governance may be different from the one which is of a municipal corporation in the city. 

DrPrabhat Kumar, divisional commissioner with Meerut Division, recently said that they received suggestions from various social, industrial and real estate organizations in which they have expressed reservations about the model of governance by elected representatives.  

238

India Residential Property – A 2017 Recap and Peek into 2018

2017 was quite an eventful year for the Indian economy at large, and the real estate sector got more than its usual share of the limelight. A series of reforms and structural changes tore into the very heart of the industry, effecting a surgical strike at market opacity, unaccounted funds transactions and customer victimization.
 
The entire real estate fraternity had to re-orient their businesses to sustain in the changing environment. Already, the real estate sector has shed a massive part of its unorganized and fragmented nature, and the ways and means of doing business in changed for good in 2017.
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Registration Of Property Under RERA In UP In Long Run May Leave Scope Of Confrontation

With the implementation of Real Estate (Regulatory and Development) act-2016 (RERA) in the state of Uttar Pradesh, the registration of property will be executed on the basis of carpet area against the ongoing registration in which property registration is executed on the basis of carpet areas and super areas.

Expert says that an individual buyer will breathe some relief as he will have to deposit registration charge of areas that are within four walls of the homes while registering properties with the registrar of stamp and duty. This much portion of home of a particular housing complex will be registered in the name of individual home buyer.