Housing ministry supports homebuyers stand to repeal West Bengal HIRA
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The Ministry of Housing and Urban Affairs has supported the petition of a pan-India homebuyers’ body to repeal the West Bengal Housing Regulation Act, 2017 (HIRA).
The Ministry of Housing and Urban Affairs has supported the petition of a pan-India homebuyers’ body to repeal the West Bengal Housing Regulation Act, 2017 (HIRA). The housing ministry’s affidavit came after the Supreme Court issued a notice to the West Bengal government and the Centre while admitting the plea by Forum for People’s Collective Efforts (FPCE) against the state government.
Real Estate Dictionary: Know what the jargons mean - Part 1
Here is a list of some technical words oft-used in real estate and what they mean.
You may have heard of these real estate jargons and often wondered what they actually mean. Here is a list of such technical words oft-used in real estate and what they mean.
Blanket Loan: A single loan amount that encompasses multiple real estate assets and is commonly used by developers and investors to invest in more than one property. However, it allows selling of individual assets without the need to pay off the entire loan.
Ongoing realty projects must register with State regulator before Dec. 31 Real estate developers may have to pay heftier penalties if they fail to keep the December 31 deadline for compulsory registration of ongoing real estate projects in the State.
With many developers yet to register their projects with the Kerala Real Estate Regulatory Authority (K-RERA), the authority has warned that the hefty penalty could turn even heavier if they failed to meet the deadline. After December 31, the penalty will be determined by K-RERA on a case-to-case basis following a hearing, the State regulator said.
10% of cost
“The promoters may take notice that the penalty for non-registration of projects may be extended up to 10% of the estimated cost of the project, as laid down under Section 59 of the Real Estate (Regulation & Development) Act, 2016,” K-RERA said in a final notice in this regard issued on December 17.