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Bhanu Sahu

Bhanu Sahu
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https://www.ipropunited.com
Talks about real estate and finance. Besides this, he is an eternal optimist , he loves to explore new heights and worships nature.
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RERA Bengal: Updated Provisions and Registration Process

By
Bhanu Sahu
-

Bengal RERA stands for the Real Estate (Regulation and Development) Act in the state of West Bengal, India. The act was enacted in 2017 by the state government of West Bengal, to regulate the real estate sector in the state.

The Bengal RERA promotes transparency, accountability, and efficiency in the real estate sector with the objective of safeguarding the interests of homebuyers. It creates a regulatory body to supervise how the state’s real estate market is operating and lays out rules for developers, promoters, and real estate agents to follow.

Bengal RERA mandates that developers register their projects with the regulatory body and submit comprehensive project information, including the project’s budget, approval status, and completion date. In accordance with the law, developers must also put a specific amount of the project’s cost into an escrow account that can only be used for the project’s construction.

In addition, Bengal RERA establishes a grievance resolution mechanism to handle conflicts between developers and homebuyers. Homebuyers can complain about developers using this mechanism if they violate any of the act’s guidelines.

Bengal RERA is a significant piece of legislation that aims to encourage accountability and transparency in the real estate market in West Bengal.

Impact of RERA Bengal on reals estate sector 

The RERA Act was enacted with the objective of regulating and promoting transparency, accountability and efficiency in the real estate sector in India. The implementation of RERA in Bengal, also known as West Bengal Housing Industry Regulation Act (WBHIRA), has had significant impacts on the real estate sector in the state.

Here are some of the impacts of Bengal RERA on the real estate sector:

Protection of Homebuyers: One of the most significant impacts of Bengal RERA is the protection it provides to homebuyers. According to the act, developers must register their projects with the regulatory body and submit all pertinent paperwork, including agreements with buyers, approvals, and land titles. By ensuring that all necessary compliances are in place before approving the project, the regulator prevents unscrupulous developers from defrauding homebuyers. 

Accountability and Transparency: The regulatory body established under Bengal RERA makes sure that the real estate sector is accountable and transparent. The act requires that developers post all project-related details on the regulator’s website, including the project layout, the construction schedule, the stage-by-stage completion, and other information. Developers are now held accountable for any inconsistencies, increasing transparency in the industry.

Timely Delivery: Bengal RERA mandates that developers complete projects within the stipulated timeline, failing which they may face penalties. This has pushed developers to complete projects on time and deliver possession to homebuyers as per the schedule.

Boost to the Real Estate Sector: Bengal RERA has also boosted the state’s real estate sector by increasing the confidence of homebuyers and investors in the sector. The act has provided a level playing field for developers, and those who follow the regulations and deliver projects on time are likely to attract more buyers.

Bengal RERA has had a favorable effect on the state’s real estate market. The act has improved the industry’s accountability, transparency, and efficiency, creating a better environment for investors and homebuyers.

Developer and Agent registration

You will need to follow the below steps to register as an agent or a developer with the Real Estate Regulatory Authority (RERA) in Bengal:

For Agent registration:

  • Visit the official website of RERA Bengal rera.wb.gov.in
  • Click on the “Registration” tab and select “Agent Registration”.
  • Fill in the required details such as personal information, contact details, and educational qualifications.
  • Upload the necessary documents such as your ID proof, photograph, and PAN card.
  • Pay the required registration fee through the online portal.
  • Submit your application form and wait for it to be processed.

For Developer registration:

  • Visit the official website of RERA Bengal rera.wb.gov.in
  • Click on the “Registration” tab and select “Project Registration”.
  • Fill in the required details such as project information, developer details, and project status.
  • Upload the necessary documents such as project details, NOC, and building plan.
  • Pay the required registration fee through the online portal.
  • Submit your application form and wait for it to be processed.

It is important to note that you adhere to the rules and regulations under RERA Bengal and provide accurate information while registering. After your registration is processed, you will receive a unique registration number, which must be mentioned in all your advertisements and communications related to real estate transactions.

Project Registration with RERA Bengal 

The following steps are involved in the project registration process with Bengal RERA:

Project Registration: To register a project, a developer or an agent must submit an application and include details about the project, including its name, location, land information, level of approval, timeline, etc. The developer must also upload supporting documents like title deeds, land records, and government approvals.

Payment of Fees: Following the submission of the application, the developer must pay the necessary fees in accordance with the schedule outlined by Bengal RERA. 

Review and approval: The project will be reviewed by the Bengal RERA authority following the payment of fees. The project will be accepted and given a registration number if all the information and materials are satisfactory and comply with the necessary requirements.

Information Display: Both on the project website and the Bengal RERA website, the developer must upload the registration number, project details, and any other pertinent data.

Project Completion and Closure: When the project is finished, the developer must submit a completion certificate, and the Bengal RERA authority will close the project registration.

It is important to note that the RERA has set certain guidelines and regulations that must be followed by developers while registering their projects. These regulations are designed to protect homebuyers’ interests and promote transparency and accountability in the West Bengal real estate market.

Responsibilities associated to RERA Bengal

The West Bengal Real Estate Regulatory Authority (WB RERA) is the state of West Bengal’s regulatory body, and its duties include:

Real estate project registration: In order to increase transparency and accountability in the real estate industry, WB RERA is in charge of registering real estate projects.

Protection of homebuyers: WB RERA safeguards homebuyers’ interests by requiring that builders and developers complete projects on schedule, maintain the standard of construction, and abide by the terms of the contract. 

Adjudication of disputes: WB RERA has the power to adjudicate disputes between homebuyers and builders, and to impose penalties and compensation if necessary.

Monitoring of real estate projects: WB RERA keeps an eye on the development of projects that have been registered to make sure they are finished on schedule and in accordance with approved plans.

Enforcement of rules and regulations: To encourage accountability and transparency in the real estate industry, WB RERA is in charge of enforcing the laws and guidelines established by the RERA Act.

Real estate sector development: WB RERA also aims to advance the development of the state’s real estate market by fostering investment, fostering a positive business climate, and supplying an even playing field for all parties involved.

The responsibilities of WB RERA include protecting the interests of homebuyers, promoting transparency and accountability in the real estate sector, and promoting the growth of the real estate industry in the state of West Bengal.

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Telangana RERA: Regulations and its benefits

By
Bhanu Sahu
-

As a traditional means of investment, real estate was the most controversial sector because it lacked a formal legal framework. RERA, the Real Estate Regulation and Development Authority, has responded in the best possible way to all the unaddressed concerns by protecting every individual or entity registered with it. 

It protects all parties engaged in real estate transactions, including buyers, agents, and promoters. The provisions, such as periodic updates of registered projects and part of the fund to be credited to the bank for construction purposes, eliminate the main worries about the project stalling. The government of India established RERA Act in 2016 and has left its implementation to the discretion of the states. Almost over 22 states and 6 Union Territories have a notified RERA, and 19 states have active portals, reflecting the potential of the RERA Act.

What is Telangana RERA Act 

The Real Estate Regulatory and Development Act came into existence in Telangana on August 4, 2017, to support the real estate sector. It is introduced to regulate the transactions in the market and protect consumers from any malpractices by promoters, developers, and agents.

The Telangana RERA provisions are required to be followed by all the real estate under construction or startup projects whose land area exceeds 500 sq meters, including more than 8 units for proposed residential projects. This applies to all the projects seeking approval on or after January 1, 2017. Telangana RERA has launched a TS RERA website to provide a platform for buyers to check on the registered projects and their status. 

Functions of RERA Telangana

  • Safeguarding the interest of both buyers and sellers
  • Bring transparency in real estate dealings and transactions
  • Eliminate fraudulent transactions by regulating the real estate industry 
  • Establish an Appellate Tribunal to provide speedy resolutions to disputes
  • Maintaining the records of registered projects and agents on a website for public reference

Provisions of RERA Telangana 

  • As per the state government, or Telangana, 70 percent of the total amount must be credited into a bank account that must be used only for construction purposes. This rule aids in the elimination of any delays in the under-construction properties. 
  • Real estate agents are required to renew their certificates every five years. 
  • On failure of project registration with RERA Telangana, the promoter is liable to a penalty
  • In case the project is completed in phases, then the project must be registered at every phase by the promoter 
  • Promoters should provide quarterly updates of project status through the online TS RERA website to let the buyers know the status 
  • Under RERA, promoters must pay registration fees based on the project’s Project Registration. 

How to Register a Project under RERA?

Here are the given steps to register a project under RERA –

  • Go to the official website of Telangana RERA at http://rera.telangana.gov.in/.
  • Navigate to the “Service” option, and click on “Real Estate Project Registration”. 
  • You will be redirected to the login page to enter the username and the captcha code to login into the TSRERA account.
  • After logging into your account, select “Project details” and then press “Add project” from the pop-up option. 
  • Now, enter the details of your project, and it will redirect you to the payment gateway. 
  • Make the required payment and complete your project registration process. 

Exemption of Projects Under RERA

The projects are not required to get registered if –

  • The proposed project whose developed area does not exceed 500 sq meters or the number of apartments proposed to be constructed does not exceed 8. In that case any of the above conditions, projects are exempted from registration. 
  • If the developer has received the completion certificate for the project before implementing the RERA Act. 
  • RERA Act applies to all the projects that are approved after 1 January 2017. 
  • Any redeveloping and renovating project that does not involve marketing, advertising, selling, or a fresh allotment of any plot, apartment, or building are not required to get registered. 

Who can apply for RERA 

Here is the list of entities that can apply for RERA registrations of the projects. 

  • Individual
  • Societies
  • Local Authority 
  • Limited Liability Partnership
  • Partnership Firm
  • Competent Authority 
  • Company
  • Proprietorship Firm

Services of RERA Telangana  

Through their official website, TS RERA offers a number of services to the general public, business owners, and real estate brokers.  

Citizens

  • Homebuyers can register their complaints with RERA online and the Appellate Tribunal Authority would process the complaint and investigate at the earliest, and the guilty would be penalized accordingly. 
  • Consumers can check whether the projects are registered with the RERA  and their status with all the required details. This option aids in getting information about the project and looking over customers’ and developers’ interests.

Promoter

  • If your project is within RERA’s purview, that is, if it does not fall under the category of exempted projects, you can register it through the official website. This would increase your credibility and accountability to your clients, thereby defending you against defaulting clients.
  • You must follow the deadlines for the project completion. Otherwise, you may be charged with a fine. But, RERA provides promoters to file for an extension for the project. 
  • The registered projects are required to be updated by promoters every quarter. This will allow the consumers to know the status of their project and make payments for the next installments.

Real Estate Agents 

  • Agents can register with the real estate authorities.
  • They can file a complaint if they got breached with non-payment by the customers or promoters protected under the RERA Act.  
  • Agents are required to get renew their registration every five years

 

Filing a complaint in Telangana RERA

Consumers can submit their complaints online with RERA for any project, whether registered or unregistered. 

Log on to your account on the RERA official website and select whether you are the complainant or the end-user accordingly.

If you are a complainant, you will be redirected to a page where you have to provide your reasons and the documents for registering a complaint.

Now, pay the complaint registration fee of Rs 100 and complete the registration process.

Benefits for first-time home buyers

Home buyers can access all the required information regarding the project on the RERA website

Some part of the total amount is credited to the bank that is used for construction purposes. This reduces the risk of project stalling 

Only approved projects get the registration search numbers, which are used to track the data regarding the projects, and only such projects are allowed to market them. This drives efficiency in the industry by building trust

Investors can view the project status when required to get information about it. This informs potential buyers of any construction-related deviations. Additionally, the buyers can see the project plans, government approvals, subcontractors, bank approvals, etc., fostering an environment of transparency throughout

In case of delay in the project, the developers are liable to pay a penalty of 2 percent above SBI’s Marginal cost lending rate to the buyer, ensuring the buyers do not experience any losses. 

Bottom Line

RERA has reshaped the functionality of Telangana’s real estate sector thanks to its advantages and regulations. Establishing a procedure to register the projects within Telangana and providing the search numbers to projects registered with TS RERA, has made the transactions organized and transparent. Telangana RERA has occasionally sent notices to projects for failing to comply with the requirements and for not registering with it, demonstrating the responsibility and the motivation to legalize the state’s real estate sector. Without a doubt, it safeguards users and real estate agents to have a successful trading experience. 

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Latest updates on Delhi RERA: Primary functions and benefits

By
Bhanu Sahu
-

The Real Estate Regulatory Authority came into force on 1 May 2016, intending to protect home buyers while boosting real estate investments. This was deemed necessary due to the widespread perception in the real estate market that most transactions were biased and, more often than not, in favor of the project’s developers. The RERA Act is intended to make the real sector prosperous and sustainable by bringing accountability and transparency to the whole process.

Important functions of RERA Delhi

Following are some of the important features of the RERA:

Real estate regulatory authority is established in every Indian state with the vision to regulate and provide resolution to any real estate disputes within the state

Appellate Tribunal has been formed to provide speedy resolution of real estate issues via concerned officers

Under the RERA, all real estate projects are required to be registered with RERA, so that it can regulate all things related to the compliance of the project. The authority has the right to reject any application for registration if it finds proper procedure has not been followed. 

Both buyer and promoter are required to pay an equal interest in case of default

If a company is found to have violated any of the provisions of this act, both the company and the person in charge of it at the time will face penalties.

Any matter that is subject to the RERA or the Appellate Tribunal’s jurisdiction is not subject to the jurisdiction of any civil court. Currently, no court has the authority to order a reversal of a decision made by the Tribunal or the RERA.

A fine must be paid if the appellate Tribunal’s orders are disobeyed. A fine of up to 10% of the project’s cost or three years in prison is a possible penalty. 

If the promoter fails to function under RERA’s order, they are liable to pay a penalty, which may extend up to 5 percent of the total cost of the project. 

One can file a complaint with RERA if they have any problems regarding the violation of rules by an agent, promoter, or buyer 

In case a complaint has been raised against an agent or a buyer, the RERA has the authority to stop them from continuing the activity with which the complaint was raised 

If any party is not satisfied with the solution provided by the RERA, they can submit an appeal before the Appellate Tribunal

If the buyer suffers a loss as a result of the promoter’s failure to protect the property, the promoter must pay the buyer. There is no binding legislation governing the amount of compensation 

Advantages of RERA Delhi

RERA also offers various benefits to buyers, agents, and promoters. Here are some of the advantages of this act:

Defining carpet area 

Before the implementation of RERA, there were no particular methods to calculate the price of a project. However, after the RERA came into effect and provided an established formula to calculate the carpet areas.

Advance payment

As per RERA, a builder is not permitted to receive more than 10 percent of the total cost of the project as an advance payment or application fee. This has made it easy on the buyer, as they do not have to pay a large amount initially. 

Eliminate the threat of insolvency 

Before the implementation of RERA, developers had the freedom to reallocate funds gathered from one project to another.  Since the RERA requires that 70% of the funds be deposited in a different bank account, this is no longer the case. These funds can only be withdrawn with the approval of a chartered accountant, architect, or engineer. 

Rights of the buyer 

This states that if there is a defect or fault in construction within 5 years of allotment, the builder is required to make repairs within 30 days at no cost to the buyer.

Interest paid for default

Before the implementation of RERA, in the event of a property possession delay, the interest owed to the buyer was significantly lower than what the buyer had to pay if there was a default on their part. Now, both parties must pay the same interest rate in the event of default.

Buyer’s right if there are cases of false promises

The buyer may request a full refund of the advance payment if there is a discrepancy between what the builder initially offered and what is being delivered. In some circumstances, the builder might be required to pay interest on the sum.

In case of fault in title 

Buyers are entitled to compensation from the promoter if they discover a flaw in the title when taking possession. There is no set limit for this amount.

Right to information

The buyer has the right to ask for all the information about the project at all times. Information on the layout, progress toward completion, execution, and other details are included but not limited to this.

Resolution of complaints

They can complain with RERA if the buyer, agent, or promoter has any grievances regarding the project. If the RERA’s decision is unsatisfactory, an appeal can be made to the Appellate Tribunal.

Delhi RERA Purpose

The National Capital Territory’s real estate market is governed and regulated by the Real Estate Regulatory Authority. This is carried out by the RERA of 2016, which aims to bring professionalism, accountability, and transparency to the real estate sector. People looking to purchase property in Delhi should visit the RERA Delhi official website and review all the pertinent details about the unit they are interested in. Due to the variety of information provided on the website, the builder’s potential to defraud the buyers is eliminated.

Procedure for Delhi RERA Registration 

The steps for registering with RERA as an agent, buyer, or promoter are as follows:

Register as an Agent

Follow the given steps to register with RERA Delhi as an agent:

  • Visit the official Delhi RERA website at rera.delhi.gov.in
  • Now, select the “Registration” tab at the top of the homepage
  • Select the “Real Estate Agent” from the three options (Projects, Real Estate Agent, and Promoter)
  • You will then be redirected to a page where you must fill out a pre-registration form.
  • You must now enter some basic information, including your name, phone number, email address, and date of birth.
  • To register, you can now sign up.

How to Register as a Promoter

The following are the steps you need to follow while registering as a promoter with the RERA:

  • Visit the official Delhi RERA website at rera.delhi.gov.in
  • Click on the “Registration” tab at the top of the homepage.
  • Select the “Projects (Application by Promoter)” option from the list of options you will see.
  • You will then be redirected to a page where you must fill out a pre-registration form.
  • You must now enter some basic information, including your name, phone number, email address, and date of birth.
  • Now sign up and register

How to Register as a Buyer

Let’s take a look at the steps you need to follow to register as a buyer with the RERA:

  • Visit the official Delhi RERA website at rera.delhi.gov.in
  • Click on the “Registration” tab at the top of the homepage.
  • Select the “buyer” option from the list of options you will see.
  • You will then be redirected to a page where you must fill out a pre-registration form.
  • You must now enter some basic information, including your name, phone number, email address, and date of birth.
  • Now sign up and register

Required Documents for Registration with RERA Delhi 

You will need to provide specific documents for the registration process if you choose to register with Delhi’s RERA. The following are some of the documents you will need:

  • Aadhaar number and a PAN Card
  • Financial records such as income tax returns and cash flow statements
  • Deed of title
  • Layout of the project
  • Plans for development
  • Sanctioned plans 

How to File a Complaint in RERA Delhi

According to the type of complaint, you can submit a RERA complaint to one of the three following authorities in Delhi:

RERA Authority

The aggrieved promoter, buyer, or agent can file a complaint to the Delhi RERA using Form M in the event that any of the RERA’s provisions have been violated.

RERA Adjudicating Officer

You can submit a complaint to the adjudicating officer using Form N if the complaint relates to any loss or damage brought on by inaccurate information in the brochure. Additionally, you can use this form to complain about a structural defect or a delay in the project’s completion.

RERA Appellate Tribunal

Any aggrieved party dissatisfied with the solution provided by the RERA authority or RERA Adjudicating Officer may file an appeal with the Delhi State Tribunal using Form L.

RERA Delhi Complaint Procedure

Here is the procedure that you need to follow to file a complaint with Delhi RERA:

  • Go to the RERA web portal and click on the “File Complaint” tab. Create your ID and password with the user type set as “Complainant”. 
  • Fill up all the required information and click “Create User”. A confirmation email will be sent to your email address. Verify your account by clicking on the activation link that has been sent to you on your mail address.
  • log on to the web portal using the user ID and password you generated in the first step.
  • Fill in all the relevant information in the respective form.
  • Now, make a payment of Rs 1000 as a complaint registration fee using a debit card, credit card, or net banking.
  • Upload all documents that support your complaint. You must upload a Vakalatnama in the current format along with the form if you decide to involve a legal professional. 
  • By selecting the “Submit” button, you can now submit your application. Please remember that keeping the complaint reference number handy is crucial for use in subsequent procedures.

Details to be Mentioned in RERA Complaint

Depending on the specifics of your complaint, you can submit it to the Real Estate Regulatory Authority of Delhi using Form M, Form N, or Form L. To bring a complaint before the RERA Tribunal, you must file an appeal against the decision made by the adjudicating officer or RERA Authority. The information that should be included when filing a complaint is as follows:

  • Basic details of the buyer
  • Address/location of the concerned project
  • Registration number of the project
  • Response of the developer
  • A solution as sought from the RERA Authority
  • The facts surrounding the reason for the delay of the project

Once the complaint has been filed with RERA Delhi and the respective registration fees have been paid, the complaint is usually resolved within 60 days of receipt.

Conclusion

The RERA Delhi controls the registration of real estate projects and agents in addition to ensuring greater transparency in the real estate market. The primary purpose of the RERA is to resolve complaints made by developers, agents, or buyers. Additionally, it is responsible for stopping any unethical or immoral practices in the real estate sector. 

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RERA Odisha: Latest updates and registration process

By
Bhanu Sahu
-

The establishment of the Real Estate Regulatory Authority resulted in a paradigm shift in Odisha’s real estate sector. Buyers and sellers had many conflicts between them in the past years. In 2017, the government of Odisha introduced the RERA Act, Odisha, to regulate the dealings of properties in the state. Today, every estate has a fully functional RERA website for agent and project registration. The RERA Act’s emergence has encouraged investment and brought transparency to the real estate sector.

What Is RERA Act Odisha

On May 1, 2017, the government of Odisha brought the RERA Act into existence to maintain and gain the trust of consumers in Odisha. It encouraged the buyers, meanwhile, it regulated the activities of builders, not only in Odisha but also across the country.

The state government has set up Odisha Real Estate Regulatory Authority or Odisha RERA, as the real-estate industry of Bhubaneshwar, Cuttack, and another tier 2, as well as tier 3 cities of Odisha, is gaining prominence. This regulatory authority is intended to maintain a harmonious environment between buyers and sellers. 

RERA Odisha regulates the real estate market and its stakeholders in an organized way. After the arrival of the RERA Act, real estate investments have witnessed a tremendous boost.                                                                   

According to Section 84 of the Real Estate Regulatory and Development Act of 2016, the State Government is required to establish rules that adhere to the Act’s requirements within six months of the Act’s commencement.

The center published the general rule imposed by the Real Estate Regulation and Development Act, 2016, on October 31st, 2016, with assistance from the HUPA Ministry (Housing and Urban Property Alleviation Ministry). 

The Union Territories (Delhi, Daman and Diu, Chandigarh, Lakshadweep, Dadra & Nagar Haveli, and Andaman & Nicobar Islands) are subject to all of the Act’s regulations.

Features of RERA Odisha 

Here are some of the important points of the Odisha RERA Act:

Security

As per the RERA Act, 70 percent of the buyer’s and investor’s amount is required to be kept in a separate account that is withdrawn by the builders for construction and development purposes of the project. Developers are not allowed to receive more than 10 percent of the property’s cost as advancement or application charges before signing an agreement. 

Transparency 

Builders must submit all the required documents related to the project that they undertake. Builders must receive the consent of the buyer if he wants to make any changes to the project’s plan. 

Fairness 

As per the RERA Act, the developers can only sell the property based on the carpet area. Investors and buyers reserve the right to get a full refund in case of a delay in project completion or possession. 

Quality 

The builder is required to resolve any buyer dispute related to any defect in the project within five years of the buyer purchasing the property. The rectification must be provided within 30 days of filing it. 

Authorization 

Developers are not allowed to advertise, sell, or book any project without the registration of the regulator. Developers must register their project with RERA and thereafter advertise the project with a unique RERA registration number mentioned in the advertisement. 

Functions of RERA Act Odisha

The advent of RERA in Odisha has brought accountability and transparency to the real estate sector for buyers and sellers. Here are the major functions of the RERA Act:

Every state in India has its own set of RERA regulations that regulate real estate transactions. All the disputes relating to real estate are monitored, adjudicated, and resolved under this authority.

A speedy mechanism was established through RERA for the settlement of real estate disputes. An appellate tribunal with dedicated officers is being appointed for this work. 

As per the RERA Act, all real estate projects are required to be registered with it. The authority reserves the right to revoke the registration of a project in case if it does not adhere to the guidelines of RERA. 

The promoter needs the written consent of two-thirds of the owners in addition to the written approval of RERA if they want to transfer or, in any case, assign the majority of the rights and obligations of a specific real estate project to a third party.

In case of any faults from the sides of buyers or promoters, both parties will need to pay an equal amount of rate of interest.

The promoter is responsible for compensating the buyer if there are any problems on their end with regard to the buyers, such as a defective title to the land (other parties claiming ownership of the property), which has been built or is being built. There is currently no law that determines the amount of compensation.

If a person has a problem with a buyer, promoter, or agent for violating the rules, he can file a complaint with RERA.

RERA can stop the buyer, promoter, or agent from continuing the activity against which the complaint has been raised.

If the buyers are not satisfied with RERA’s decision, they can submit an appeal before the Appellate Tribunal. 

The promoters are liable to pay a penalty of 5 percent of the total cost of project if they fail to follow the RERA’s decisions.

If the Appellate Tribunal’s orders are not followed, a penalty will be imposed. This penalty can be three years in prison, 10% of the assessed value of the property, or both.

If a company violates this Act, the person in charge of the company at the time the offense is committed, as well as the company, will be punished.

A civil court has no jurisdiction over any matter that comes under RERA or the Appellate Tribunal’s jurisdiction. The RERA authority will deal with RERA-related cases. So, no court can grant an injunction related to any action taken by the authority.

RERA Act rules for carpet areas

Builders are allowed to sell the project only on the basis of carpet area. There are certain rules formed by the authority for carpet area, which are as follows: 

  • The carpet area is the area of the floor within the walls of the apartment that the buyer can use. This carpeted area does not include any open terrace space, balconies, shafts, etc.
  • To prevent consumers from being duped or misled by illegal promoters, the carpeted area has been normalized.

The builder has the right to inflate the saleable area if the project’s loading factor is high. The builder will be able to lower the earlier increased rate per square foot area. It misleads buyers into believing they are getting a great deal on the project. The flat size remains constant while only the loading factor changes.

The rule of selling projects by carpet area ensures certainty in usable areas. Additionally, it facilitates comparisons between various projects by assisting in the analysis of the cost per square foot of the projects.

Registration procedure for RERA Odisha 

For real estate agents 

  • Complete the application form and submit it to the authority with all the required documents attached and fees for the registration process.
  • A registration number will be provided to you by the authority that needs to be mentioned on all the property advertisements. 
  • You must maintain a book of accounts, documents, and records related to the transactions as a real estate agent in accordance with RERA Odisha on a quarterly basis.
  • Promoters must provide the buyers with access to all project-related documents and information. 
  • The authority will suspend you if you commit fraud or misinterpret yourself during the registration process.

Real estate agents can register online through the RERA Odisha website or in person at the RERA office.

For a real estate promoter

  • As a promoter, you must make a checklist of all the required documents and collect it before going for the registration process.

  • Obtain the number of bank accounts opened in accordance with Section 4 (2) (I) (D) of the Act.

  • After completing Form A, submit it. This form is used to complete the registration process.
  • After that, submit Form B. This form is for the promoter’s declaration in accordance with Section 4 of RERA.
  • After completing Form G, submit it because it is the draft agreement for both allotments as well as the sale of the project.
  • You must submit an affidavit stating that the information on Form G is correct and in accordance with RERA rules.
  • Submit another affidavit stating that you have not collected any booking fees from prospective buyers and implying compliance with Section 3 of the Act.
  • Pay the registration fees under the Odisha RERA. The registration fees vary by state.
  • Then send properly signed hard copies of the documents to the appropriate RERA authority official via registered post.
  • Finally, finish and submit Form C to get the registration certificate.

You can register your project for the RERA Act Odisha by visiting the RERA website, where you will also find the registration form, or by going in person to the RERA office.

Required documents under RERA Odisha 

Keep the following documents handy in order to register a project under RERA Odisha.

  • The promoter’s income tax returns for the last three years.
  • Along with the promoter’s profit and loss statement, the balance sheet and auditor report are all required.
  • The promoter’s PAN card and a copy of their Aadhar card.
  • Passport-sized photo of the promoter. If the promoter is a company or a group of people, then pictures of every member should be attached, along with pictures of the chairman and directors.
  • Any relevant document or legal title deed (with authentication). These documents should reflect all of the promoter’s legal rights to the land. If the promoter is unable to provide this, they must submit a non-encumbrance certificate. This document can only be obtained by revenue officials with the rank of Tehsildar or higher.
  • If the promoter is not the owner of the land on which the project is being developed or is under development, a copy of the collaboration agreement and the owners’ consent must be provided.
  • The approved project’s floor plan.
  • The project’s approved plan was sanctioned.
  • A complete blueprint of every amenity that will be offered to buyers. It consists of drinking water, electricity, firefighting equipment, the use of renewable energy sources, and evacuation plans.
  • Details of the project are presented in a well-made location. The project’s boundaries, longitude, and latitude should all be included in this detail.
  • A detailed and estimated invoice. This must contain the proposed conveyance deed and a sales agreement.
  • The number of apartments, carpet area, as well as open terrace area and balcony area if there are any.
  • Details of a number of parking and garages for sale.
  • The promoter must provide information such as the names and addresses of any real estate agents involved in the project (if any).
  • Names and addresses of architects, structural engineers, contractors, and other people involved in the project’s development.
  • Form B declaration is required. This form will be completed to ensure that neither the project’s promoters nor anyone they have authorized will discriminate in project allocation. 
  • Any additional paperwork is needed by the state agency you are registering the project with.

How to file a complaint with RERA Odisha?

The ways mentioned below will help you file a complaint under Section 31 of RERA against buyers, promoters, and agents. 

  • With the assistance of a RERA attorney, file a complaint under the appropriate jurisdiction.
  • File the complaint in accordance with the guidelines recommended by the state where the project is located.
  • It must contain:
  1. Information about the applicants and respondents.
  2. Address and the project’s registration number.
  3. The statement of facts and the basis for the claim.
  4. If any type of relief is sought, the details, as well as any interim relief, must be provided.
  • Pay the applicable fees. The fee amount varies by state.
  • Another option is to file a complaint on the RERA Odisha website.
  • You have the option to file a complaint with the RERA Appellate Tribunal if you are dissatisfied with the RERA’s final decision. Within 60 days of the initial judgment, the complaint must be submitted to the Appellate Tribunal.
  • If the Appellate Tribunal’s ruling does not satisfy you, you can also appeal to the high court.

Benefits of RERA Act

  • With the standardization of carpet area selling, project costs are calculated.
  • Builders’ insolvency has been reduced because they can no longer invest money from one project to another. 70% of the total amount must be submitted in a separate account, and they can only withdraw the remaining 30% after an engineer, architect, or chartered accountant certifies it.
  • Buyers will no longer be required to pay the promoter, agent, or builder more than 10% of the project’s total coThe purchasers will be protected from fraud and bulk payments.
  • Within five years of the purchase, the builder must resolve any issues raised by the purchasers within 30 days. The builder cannot demand additional fees to fix these issues.
  • In the event of a default, both the buyer and the promoter will be required to pay interest.
  • If there are discrepancies or inconsistencies between the terms mentioned and the terms delivered to the buyer, the buyer is entitled to a full refund.
  • In the event that the project’s title is incorrect, the buyer has the right to compensation.
  • The buyer has a right to be fully informed about the project.

The main purpose of RERA is to relieve pressure on buyers. Buyers will now have greater transparency in the project in which they intend to invest, as well as speedy resolution of disputes with sellers.

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RERA Meghalaya: Updated Provisions and Registration Charges

By
Bhanu Sahu
-

The Real Estate Regulation and Development Act (RERA) is a landmark legislation passed by the Government of India in 2016 with the objective of protecting the interests of homebuyers and promoting transparency in the real estate sector. The act established a regulatory authority in each state to oversee the implementation of the provisions of the act.

In Meghalaya, the RERA was notified in November 2020, and the Meghalaya Real Estate Regulatory Authority (MERA) was established to regulate and promote the real estate sector in the state. The primary aim of MERA is to ensure that real estate projects are completed within the stipulated time frame, and homebuyers are not left in a lurch due to delays or other issues.

Under the provisions of the RERA Meghalaya, all real estate projects that are larger than 500 square meters or have more than eight apartments need to be registered with MERA. Developers must also provide a detailed project plan, including the timeline for completion, the number of units available, and the amenities and facilities that will be provided.

The act also mandates that developers must deposit 70% of the funds collected from buyers in an escrow account, which can only be used for construction purposes. This provision ensures that developers cannot divert funds meant for construction to other projects, and it provides buyers with the assurance that their investment will be used only for the development of the project.

The RERA Meghalaya also establishes a fast-track dispute resolution mechanism for resolving issues between homebuyers and developers. In case of any dispute, homebuyers can file a complaint with MERA, which will then try to resolve the issue within 60 days.

The RERA Meghalaya has been instrumental in promoting transparency and accountability in the real estate sector in the state. The act has provided homebuyers with the necessary safeguards and has helped restore their confidence in the real estate market. It has also helped encourage more investment in the sector and has been instrumental in promoting the growth of the real estate sector in Meghalaya.

Impact of RERA Meghalaya 

The RERA Meghalaya was enacted in 2020 with the objective of regulating and promoting transparency in the real estate sector. The impact of RERA Meghalaya on the real estate sector can be seen in the following ways:

  • Increased transparency: RERA Meghalaya has brought in more transparency in the real estate sector by making it mandatory for developers to register their projects and disclose all relevant information related to the project.
  • Protection of homebuyers: RERA Meghalaya ensures that the interests of homebuyers are protected by making it mandatory for developers to complete projects within the stipulated time and adhere to quality standards.
  • Increased credibility: RERA Meghalaya has brought in more credibility to the real estate sector by regulating the activities of developers and agents. This has resulted in increased trust and confidence among homebuyers.
  • Reduction in fraudulent activities: RERA Meghalaya has made it mandatory for developers to register their projects, provide detailed information, and adhere to quality standards. This has resulted in a reduction in fraudulent activities in the real estate sector.
  • Boost to the real estate sector: The increased transparency, protection of homebuyers, and credibility of the sector have resulted in a boost to the real estate sector in Meghalaya. This has led to more investments and increased activity in the sector.

Provisions Under RERA Meghalaya 

Some of the key provisions of RERA Meghalaya are:

  • Registration of projects: RERA Meghalaya makes it mandatory for all new and ongoing real estate projects to be registered with the regulatory authority. The registration process includes providing details about the project, the developer, the land title, and financial details.
  • Compulsory disclosure of information: Developers are required to disclose all relevant information about the project such as the layout plan, floor plans, carpet area, number of apartments, facilities, and amenities provided, etc.
  • Standardization of unit sizes: RERA Meghalaya has standardized the definition of carpet area to ensure that there is uniformity in the way developers measure and advertise their projects.
  • Establishment of escrow account: Developers are required to deposit 70% of the funds collected from buyers into an escrow account. This ensures that the funds are used only for the development of the project and not diverted for other purposes.
  • Timely completion of projects: Developers are required to complete the projects within the stipulated time as mentioned in the agreement with the homebuyers. In case of any delay, developers are required to compensate the buyers as per the provisions of the act.
  • Grievance redressal mechanism: RERA Meghalaya has set up a grievance redressal mechanism where buyers can file complaints against developers for any grievances related to the project.
  • Penalty provisions: In case of any violation of the provisions of the act, developers can be penalized, and in case of repeated violations, their registration can be revoked.

These provisions ensure that the interests of homebuyers are protected, and there is transparency in the real estate sector in Meghalaya.

Benefits for homebuyers under RERA 

Under RERA Meghalaya, homebuyers are provided with several benefits, including:

  • Protection of their interests: RERA mandates that all real estate projects must be registered with the state RERA authority. This ensures that the project details are verified by the regulatory authority and homebuyers are protected from fraudulent activities by developers.
  • Timely delivery of projects: RERA Meghalaya makes it mandatory for developers to complete projects within the stipulated timeline mentioned in the agreement with homebuyers. If developers fail to meet the deadline, they are liable to pay compensation to homebuyers.
  • Disclosure of project details: Developers are required to disclose all information about the project, including details about the land, approvals, layout plans, and schedule of completion. This ensures that homebuyers have complete information about the project before making a decision.
  • Standardized sale agreements: RERA mandates that all sale agreements must be drafted in a standard format. This ensures that homebuyers are not at a disadvantage and the terms of the agreement are fair and transparent.
  • Redressal of grievances: RERA Meghalaya has provisions for a fast-track dispute resolution mechanism. This ensures that homebuyers can approach the regulatory authority for any grievances related to the project or the developer.

RERA Meghalaya provides a level playing field for homebuyers and ensures that the real estate sector operates in a transparent and accountable manner, which is beneficial for all stakeholders involved.

Functions of RERA Meghalaya 

RERA Meghalaya is the regulatory authority in the state of Meghalaya responsible for the implementation of the provisions of the Act. The following are the functions of RERA Meghalaya:

  • Registration of Real Estate Projects: RERA Meghalaya is responsible for the registration of real estate projects and agents who are involved in the sale or purchase of properties.
  • Protection of Homebuyers: RERA Meghalaya ensures that the interests of homebuyers are protected by ensuring that builders adhere to the guidelines and regulations set forth by the Act. Homebuyers can file complaints with RERA Meghalaya if they feel that their rights have been violated.
  • Dispute Resolution: RERA Meghalaya is responsible for the resolution of disputes between builders and homebuyers. This includes mediation, conciliation, and adjudication of disputes.
  • Transparency in the Real Estate Sector: RERA Meghalaya ensures that there is transparency in the real estate sector by requiring builders to disclose all relevant information about the project, including the timeline for completion, land status, and approvals obtained from the relevant authorities.
  • Enforcement of Rules and Regulations: RERA Meghalaya is responsible for the enforcement of the rules and regulations set forth by the Act. This includes the imposition of penalties on builders who violate the guidelines.
  • Promoting Accountability: RERA Meghalaya promotes accountability in the real estate sector by requiring builders to maintain a separate escrow account for each project and to deposit 70% of the funds collected from homebuyers into this account. This ensures that builders use the funds for the specific project and not for any other purpose.

Process for Agent Registration 

Each state has set up its own Real Estate Regulatory Authority (RERA) to oversee the implementation of the Act at the state level.

If you wish to register as a real estate agent with RERA in Meghalaya, you can follow these steps:

  • Visit the official website of RERA Meghalaya at rera.meghalaya.gov.in
  • Click on the ‘Registration’ tab on the homepage and select the option ‘Real Estate Agent’.
  • You will be directed to a new page where you can read the instructions for registration. Click on the ‘Registration Form for Real Estate Agent’ link to download the form.
  • Fill in the required details in the form, including your personal information, contact details, and professional information.
  • Attach the necessary documents, such as proof of identity, proof of address, and PAN card.
  • Pay the registration fee, as specified by RERA Meghalaya, through the online payment gateway provided on the website.
  • Once you have completed the registration form and made the payment, submit the form and wait for confirmation of your registration from RERA Meghalaya.

It is important to note that, as a registered agent, you will be required to comply with the regulations of RERA Meghalaya and maintain transparency in your business transactions. Failure to comply with the regulations can result in penalties and legal action

Filing a complaint with RERA Meghalaya 

RERA (Real Estate Regulatory Authority) is a regulatory body that oversees and regulates the real estate sector in India. If you have a complaint against a builder or developer, you can file a complaint with RERA to seek redressal. Here’s how you can file a complaint with RERA:

  • Visit the RERA website of your state where the property is located.
  • Look for the “Complaint Registration” or “File a Complaint” section on the website.
  • Register yourself on the website by providing your basic details such as name, contact number, and email ID.
  • Once you have registered, fill in the complaint form with the details of the builder/developer against whom you want to file a complaint.
  • Provide all relevant details such as the project details, the amount paid, the timeline of the project, and the nature of the complaint.
  • Upload any relevant documents such as the booking form, allotment letter, and payment receipts.
  • Pay the applicable fee for filing the complaint. The fee varies from state to state.
  • Once you have submitted the complaint, you will receive a complaint number, which you can use to track the status of your complaint.

The RERA authority will then investigate the matter and take the necessary action to resolve the complaint. It is advisable to engage a lawyer or a legal expert to help you with the complaint filing process and to represent you during the proceedings.

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RERA Karnataka: Latest Updates

By
Bhanu Sahu
-

The emergence of the RERA Karnataka has significantly changed the landscape of the real estate sector in Karnataka. This regulatory body ensured accountability and transparency across the real estate industry.

This Act was established with the objective to offer home buyers the utmost security and enhance the overall amount of real estate investments. The RERA Act makes it mandatory for agents and developers to get registered, this eliminated the malpractices and fraud in the real estate sector. Homebuyers’ interest is secured now as they will only invest in registered projects and will access secure and unshakable investment sources. 

RERA Karnataka

The government of Karnataka established the RERA official online portal in 2017 in accordance with the RERA act of 2016. The RERA Act intended to regulate the vast real estate market and eradicate fraudulent realty sector activities. This act approaches improving transparency in the industry as well as incorporating accountability, and financial discipline. 

Responsibilities of RERA Karnataka

The Karnataka RERA was established with the following objectives:

  • To regulate the real estate sector dealings and to enhance the promotion mechanism across the state 
  • To ensure transparency in the transaction of commercial and residential properties
  • To protect the homebuyer’s interest and promote real estate investments
  • To establish an Appellate Tribunal to provide speedy resolution to the consumers’ disputes 

According to the Karnataka RERA, every residential and commercial project must be registered with RERA. Moreover, investors and homebuyers must ensure that they are investing in RERA-registered projects. The following are the reasons that make it mandatory to check the project whether is registered or not. 

  • Projects which are not registered are considered illegal for investment. Moreover, buyers might have to face future consequences. 
  • While filing a complaint for an unregistered project will also raise questions for you too. 
  • Developers and promoters having unregistered property are liable to pay an applicable penalty and in extreme cases authorities consider imprisonment.

RERA Karnataka Provisions

Prior to investing in commercial and residential projects in Karnataka, you must get familiar with the RERA rules. Here is the list of critical rules that you must follow to avoid any hassle:

  • Developers are allowed to charge based on the carpet area instead of the super-built-up area. 
  • Builders need to keep 70 percent amount of the received payment in a separate account. This amount is not permissible to use in other projects, as it can be used for only development and construction purposes. 
  • Developers must disclose every detail related to the project on the Karnataka RERA Portal.
  • Developers are not permitted to make any changes to the project’s plan without the homebuyers’ consent. 
  • Every small change, made in the ongoing project submitted to the K-RERA officials must include in the project plan. 
  • Developers are liable to pay a penalty if he fails to deliver the project within the deadline.
  • Violation of RERA norms is subjected to imprisonment of one year for agents and buyers, while it might 3 years for developers. 
  • The developer is responsible for five years from the date of selling the project to provide a resolution if any damage is found by the buyer in the property. The builder needs to fix the same within 30 days. 
  • Builders can only ask for a maximum of 10 percent as advance payment from the buyers. 
  • Buyers can make a complaint if the developer is failed to deliver the promised amenities and this has to be done within 1 year of possession. 

Project registration process 

As per the RERA Act, upcoming projects are required to get registered with state RERA. Here are the steps that you will need to follow in order to register for a project. 

  • Log on to the official website of Karnataka RERA 
  • Click on “Project registration” and you will be redirected to the next page 
  • A dialogue box will appear encompassing a checklist of online procedures and required documents. Refer to it before moving further with the registration process 
  • Now, fill out the application form and select the promoter type and enter your email address 
  • Click on “Next” then fill in relevant details and submit it
  • Enter the project details and move forward to the document upload 
  • Upload a scanned copy of your PAN card along with address proof and click on “Next” button
  • After uploading relevant documents select payment and pay applicable registration fee

Login to the portal to get the registered project list and determine their status in addition to other details such as promoter name, registration number, certification, etc. 

Steps to register with RERA Karnataka

Follow the given steps to get registered with RERA  by exploring the official RERA website Karnataka: 

  • Log on to the official website of Karnataka RERA at rera.karnataka.gov.in
  • Click on the registration tab and a drop-down menu will appear
  • Now, you have to select from the following options; Quarterly update, project registration, Apply for extension, Project registration, and change request.
  • Refer to the checklist carefully and ensure that you have all the relevant documents handy
  • On the resulting page, you need to choose from the following options: Company/trust agents/societies/individual/partnership firm/development authority
  • Now enter your email address and proceed to register for the project

Steps for agent registration with RERA Karnataka 

It is necessary for an agent to get registered with the RERA to facilitate any dealing of the real estate project. Here are the steps that you will have to follow while registering yourself as an agent under RERA. 

  • Visit the official RERA Karnataka website 
  • Click on the “Registration” tab 
  • Now click on “Agent Registration” to go further with the agent registration procedure
  • Fill out the relevant details and email address and then click on next
  • In the next form enter the required details and click on “Next”
  • Now, upload the required documents and make registration payment after checking the filled details are correct 

Required documents for registration 

The following are the required documents that you will be required during the process:

  • Basic details about the agency like name, partnership information, business type, address of the business, etc
  • Registration details of the firm, including MOA, AOA, etc
  • In case the agent is an individual, further details like name, address, and contact details will be required. If an agency is involved, then information and a photograph of the Board of Directors are required
  • Self-attested copy of PAN card
  • Copy of address proof

Impact of Karnataka RERA 

The emergence of the Karnataka RERA has helped the sector eliminate malpractice and fraudulent activities. It has forced developers to deliver on-hold projects before embarking on new projects. The market gradually becoming more favorable to buyers owing to easier payment models, an increase in accountability for developers, and better credibility. As proof of the effectiveness of the RERA act, Bangalore has become one of the most active residential markets over the last 2 years. 

Benefits for homebuyers under RERA

The following are some of the benefits for the homebuyers associated with the RERA:

  • Homebuyers can access all the information related to the project such as the true carpet area of the project, price of the project, number of units in the project, etc by using the RERA  portal
  • It restricts the developer to charge on the basis of super-built-up area, as they can only charge based on carpet area
  • RERA mandate developers to keep 70 percent of the received amount in a separate account and it can only be used for construction and development purpose. 
  • The developers are responsible to fix any damage found within 5 years of possession 
  • Any disputes between the developer and buyer must be resolved within 120 days 
  • In the event of a delay in delivering the project, the developer has to pay an interest of 2% of the total cost of the project

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What is a double taxation avoidance agreement (DTAA)

By
Bhanu Sahu
-

The Double Taxation Avoidance Agreement (DTAA) helps Non-resident Indians (NRIs) working in other countries avoid making double tax payments on their income earned in other countries and their country of residence. Signing DTAAs between the nations is especially to minimize tax evasion by taxpayers in either or both of the nations between whom bilateral/multilateral DTAAs were inked.

What is Double taxation avoidance agreement?

DTAA is a tax treaty signed between two or more countries to help taxpayers avoid paying double taxes on their income earned from the source country as well as the residence country. Currently, India has signed double tax avoidance treaties with more than 80 countries around the world.

Imbalanced tax collection on the global income of individuals necessitates signing the DTAA. If a person aims to do business in a foreign country, he may end up paying income taxes in both the country where the income is earned and the country where the individual holds his citizenship or residence. For instance, suppose you are moving to a different country from India while leaving income sources such as interest from deposits here, you will be charged interest by both India and the country of your current residence as per your consolidated global earnings. Such a scenario is when you pay twice the tax on the same income. Here,  the DTAA becomes useful for taxpayers.

Benefits of DTAA

The DTAA offers taxpayers a variety of advantages. The primary advantage is avoiding paying two taxes on the same income. Apart from this,

  • Lower Withholding Tax (Tax Deduction at Source or TDS)
  • Exemption from taxes
  • Tax credits

Less withholding tax means that taxpayers can pay less TDS on their interest, royalties, or dividend income in India. Additionally, some agreements offer tax credits in the source or resident country to prevent taxpayers from paying the same tax twice. Capital gains tax may be exempted in some agreements, such as those with Egypt, Singapore, Mauritius, and Cyprus, which is advantageous for taxpayers because they can use the DTAA agreement to pay as little tax as possible.

Eligibility for DTAA?

Any NRI who has been earning money abroad is eligible for DTAA, which is a provision that aids in receiving tax relief.

Documents required for availing of DTAA

During each fiscal year, a set of documents must be submitted by NRIs who want to take advantage of DTAA relaxations. These documents make it simple to file taxes by the due date.

  • Certificate of tax residence (TRC)
  • Format for self-declaration and indemnity
  • Self-attested Visa copies
  • Self-attested copy of a PAN card
  • Proof of PIO
  • Self-attested Passport

How is tax calculated under the DTAA?

Tax relief is applicable to those who are eligible to receive payment from India as well as from abroad sources. This tax relief is applicable under section 90 of the Income Tax Act. Below are given some steps to calculate tax relief under the DTAA:

  • Firstly, calculate the global income by adding earnings from India and foreign
  • Next, ascertain the income tax that must be paid on this calculated global income.
  • Calculate the average tax rate by dividing the total tax revenue by the worldwide income. 
  • Calculate the total by multiplying the amount of foreign income by the standard tax rate.

The scope of the relief under section 91 will be calculated by comparing the foreign tax rate and the Indian tax rate. Now, multiply the income with the lower tax rate to get your tax relief applicable under section 91.

Penalties for tax evasion

Here are some penalties that apply to those who evade tax:

  • Those who miss the deadline to file their income tax return are liable to a penalty of Rs 5,000 late fee.
  • Anyone who fails to report their income may be prosecuted and must pay a penalty that ranges from 100 percent to 3000 percent of the unpaid tax.
  • One will be punished if they provide the incorrect PAN card number. According to the regulations, the employer may deduct 20% of the tax deducted at source (TDS), or a penalty of Rs 10,000 may be owed.
  • Companies that fail to audit their accounts or fail to submit the audit report as required by section 44AB will be liable to a fine of Rs. 1.5 lakhs or 0.5 percent of their annual sales turnover.

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Simple ways to enhance your home decor

By
Bhanu Sahu
-

One of life’s greatest pleasures might be relocating, yet it can also be a period of uncertainty, particularly when it pertains to decorating. How can you style your space to reflect your distinct sense of style and make it look best? If you do it right, your house will be cozy and joyful. If you do it incorrectly, you’ll have a jumble of furniture, fabrics, and paint colors that never come together into a visually appealing whole. You’ll have a lot more success if you plan ahead and take the same actions that experienced interior designers do.

Ways to enhance your home appearance

Few Decor Ideas to help you get your ‘Dream Home’.

Following are some useful decor ideas to keep in mind while going through the decor process:

Locate Another Place for Flowers

If you frequently keep a flower vase in your living room or kitchen, spread your enthusiasm for fragrant flowers across the entire home. It’s the ideal justification for buying a brand-new vase for your bathroom or bedroom. Or, if maintaining actual flowers is excessive work, consider artificial alternatives.

Change the Art

Whether there are a few small or a few medium-sized frames on a wall, they can be simply substituted with new discoveries. Check a flea market or torn pages from a bedside table book for fresh artwork.

Stimulate coffee table books:

If you find it impossible to resist a good coffee table book, add a new book to your collection. Alternatively, if you have them scattered throughout your house, simply rearrange your piles for a fresh appearance.

Decorate a shelf unit:

You’ve run out of space on your panels for paintings- No issue. On a shelving unit, you may hang anything from artwork and light fixtures to plants and bookmarks.

Include a mirror:

Use another vacant wall space whether it’s in your hallway, foyer, or bedroom, to hang a giant mirror. It won’t just look nice, it will also give the impression that the space is bigger and brighter.

Have no fear of black paint

The velvety black paint color in bedrooms gives the space a particular, cozy sensation that is impossible to attain with a brighter color. 

Create a Cozy Reading Area:

No special reading area? No issue. If there isn’t any extra space in your house to create a reading nook, make your conventional living room double as a comfortable seating place. Select furniture with materials and designs that are elegant yet comfortable, ideal for socializing or relaxing alone.

Consider Your Windows:

A good window treatment may really make a difference. Roman colors with lively patterns are extremely popular. Putting little patterns together might be easy on the eye, despite the fact that it is in contrast to decorating 101.

Redesign a Bookcase:

To break up the boredom of a wall of books, you could either fill it with volumes or add decor highlights and extras like vases and sculptures. Or make your books match in color. In addition to seeming more coherent, if your collection has a lot of vibrant hues, they will outshine even more.

Beautify Your Entrance:

If your home doesn’t have a large entrance or if the existing one could use some care, add a simple console table. Choose a conventional tabletop and then hang contemporary abstract art over it for a traditional yet contemporary look. Then, for a casual interpretation of the gallery wall, lay some paintings or portraits against the wall.

Insert Sheepskin:

Sheepskin wraps are the simplest remedy for any room in your house that feels sparse. They are very reasonably priced, easy to move around your area as your requirements and emotions change, and they add warmth, depth, and coziness.

Change the pillows you use as throws:

Throw pillows are the easiest way to update your living space or bedroom. With the addition of a throw pillow, you may give the room a fresh new look by adding a new color, print or form.

Add a stool into the restroom:

Place a stool close to the tub. The additional surface area will not only aid in organizing but will also give the room a more upscale appearance.

Put up a canopy:

Add a canopy to your bedroom to make it into a palace suitable for a king or queen. For instance, a white gauze cloth hanging so exquisitely, gives a monochromatic bedroom an ethereal appearance.

Put in fresh lighting:

The only item that has the power to entirely change a room is a light fixture. A soft light clashes with the more conventional features found throughout a bedroom and feels far more elegant and refined than a desk lamp would.

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Taxation on inherited assets in India – know its implications and methods

By
Bhanu Sahu
-

Inheritance tax is imposed on property and assets (including ancestors’ assets) after a person passes away and is paid by their legal heirs, such as children, grandchildren, or wards. In many nations, you must pay an inheritance tax if you inherit any of these assets or property from your parents, grandparents, or any other family members or friends.

Today, most inheritance taxes are only found in developed countries, and they are frequently imposed at rates as high as 55%. However, there isn’t an inheritance tax in India right now. It was in effect until 1985 and applied to slabs ranging from 10% to 85% of the value of the inherited property. It was eliminated in India with effect in 1985 as a result of implementation and other factors.

Inheritance tax methods

  • Will of succession: A traditional and age-old method of passing down wealth is through a will. In a will of succession, the deceased person names the rightful owner of his or her property in advance.
  • Inheritance through nomination: A person may name a candidate of their choosing. The asset and the benefit it generates are then legally owned by the nominee.
  • Joint ownership inheritance: If an asset is owned in joint ownership by two or more people, the surviving owner(s) will be in charge of it after the other owner(s) pass away.

Implications of Income Tax on Inheritance

Property belonging to a deceased person is typically transferred to their legal heirs upon death. Such a transfer is undoubtedly a transfer of assets without any payment in exchange and may be taxed as a gift on income tax returns. However, inheritance is not considered a gift under the Income Tax Act of 1961, so such a transfer of property is also not subjected to income tax.

Tax on Inheritance-Related Income

Even so, inherited property frequently provides the owner with a sizable source of income in the form of rent or interest. It is considered new income for an heir to receive when they take ownership of a property that generates income. This implies that the heir to a property that generates income will still have to pay taxes on it.

For instance, Kamal builds a building worth Rs 1 crore on a land worth Rs 2 crores. He earns Rs 3 lakhs per month from the building’s various tenants. Assume that he leaves this property to his brother Ramesh upon his death. Regardless of whether the property is worth two or three crores, Ramesh won’t be required to pay any income or inheritance tax on it. Ramesh will now receive Rs 3 lakh in rent from that property, but that amount will be taxable to him as income.

Tax on Potential Property Sales

Any revenue or gain derived from the sale of a capital asset is referred to as a capital gain. In general, inherited property is not regarded as a capital gain because there is no sale, only a transfer of ownership, which falls under the category of a gift, which is a specifically exempted asset under the Income Tax Act of 1961. However, if the person who inherited the asset decides to sell it, capital gains tax will apply because any property that has been inherited can always be sold. 

Additionally, the holding period (the duration of ownership) will determine whether the capital gains are considered long-term capital gains or short-term capital gains, and the taxes on a sale of such property would need to be calculated accordingly.

For instance, when David’s father passed away in the year 2019, David received a piece of property as his inheritance. In 1999, David’s father paid Rs. 1 lakh for the property. At the beginning of 2020, David sells the property shortly after inheriting it for Rs. 20 lakhs. When determining the holding period for an inherited property, David is also bound by the testator’s, David’s father, original acquisition date. As a result of holding the property in question for more than 24 months, the capital gains are now considered long term. This means that when calculating his capital gains, David would be able to take advantage of indexation benefits.

The process of indexation involves multiplying the cost of the property by the Cost Inflation Index (CII), which is a measure of inflation for the year it is sold and is set by the central government in its official gazette, and dividing the result by the CII for the year it was purchased.

Every citizen is required to file income taxes. If any amount has been paid in excess, the IT department will refund it to the assessee’s bank account after verifying these income declarations. The same could be said for failing to declare and pay the correct taxes, which could result in fines, jail time, or both. To avoid penalties, everyone must submit their tax returns on time and accurately.

The income tax return is the document that includes details about the assessee’s earnings and taxes paid. There are several forms available from the Income Tax Department of India, including the ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6, and ITR 7.

Due Dates for IT Return Filing

It is advisable to use Google Calendar to receive early notification of due dates and ensure on-time ITR filing.

Taxpayer Category 

Due Date for Tax Filing- FY 2021-22 (unless extended)

Individual / HUF/ AOP/ BOI (books of accounts not required to be audited)

July 31, 2022

Businesses (Requiring Audit)

October 31, 2022

Businesses (Requiring TP Report) 

November 30, 2022

 

Who Must File an Income Tax Return?

The following entities are required to file annual IT returns under the provisions of the Income Tax Act of 1961:

  • Regardless of income or loss, all businesses, whether private limited, LLPs, or partnership firms, are required to file IT returns.
  • Individuals making money from mutual funds, bonds, stocks, fixed deposits, interest, and other sources
  • People who receive income from assets held by charitable trusts, trusts for the benefit of religions, or from contributions made voluntarily
  • Anyone seeking a tax refund, whether an individual or a business
  • Salaried people whose gross income exceeds the exemption limit before deductions under sections 80C to 80U
  • All people on onsite deputation who have assets or income in another country, NRIs, or both.
  • People who chose one job over another are also qualified.

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RERA Himachal: Know Registration Process and Charges

By
Bhanu Sahu
-

The introduction of RERA in the country made it mandatory for each state to set up an authority to look after the real estate activities of their region. Following this Himachal Pradesh launched its own set of RERA (Real Estate Regulatory Authority) that would regulate all matters pertaining to real estate dealings and transactions.

In the last few years, Himachal Pradesh has witnessed several new investments, with the remarkable expansion of the real estate sector helping the state transform into a modern one. 

Infrastructure improvement and the Pradhan Mantri Awas Yojna housing scheme, initiated by the government, have boosted the real estate industry in the state. 

The real estate business needed proper regulations, and as a result, the emergence of RERA gave way to many upcoming projects in the state. 

RERA Himachal Pradesh

RERA Act came into force on September 28, 2017, in Himachal Pradesh, while the RERA rules were notified in February 2017. The state appointed the director of town and country planning as the designated officer. 

RERA Himachal Pradesh is applicable to both ongoing and upcoming projects in the state. The infusion of the RERA in the state brought transparency and efficiency to the real estate sector. The Act functions with the main objective to protect homebuyers from fraudulent and malpractices by developers or agents. 

Provisions under RERA Himachal Pradesh 

As per the RERA rules, every real estate project, developer, and agent must get registered with HP RERA. Additionally, the rule says that real estate developers must share every project detail with homebuyers or investors. This will ensure the interests of homebuyers are protected as the government stays in sync with customers and developers.

As per the RERA Act, builders and agents are not allowed to advertise or sell any project without registering it under RERA. In the event of a violation of the provisions, strict actions would be taken against the promoter, and he would be liable for a penalty. 

Developers and promoters are not allowed to receive any advance or deposit without entering into an agreement. 

The RERA Act is in charge of establishing a quick mechanism to provide timely resolution to homebuyer complaints.

Benefits of RERA implementation 

Here are the benefits of the real estate regulatory authority in general: 

Developers are required to make all pertinent disclosures and offer quarterly updates regarding the projects that have been registered.

Developers are permitted to charge based on carpet area rather than super built-up area. 

70 percent of the collected amount must be kept in a separate bank account that is to be used for only development and construction purposes. This reduces the chances of a delay in the completion of the project. 

In the event of a delay, the developer is liable to pay an interest rate of 2%  (that is above the marginal cost of SBI’s lending rate).  

The builder is responsible for a total of 5 years in case of any defect in the construction and provides a resolution within 120 days from the date of the complaint. 

Project registration procedure  

Below is a stepwise guide to registering the project under RERA. 

  • First visit to the official website of the HP RERA at hprera.nic.in
  • Navigate to the”‘Registration” option and select “Promoter” 
  • Now, enter the required details along with the necessary documents, click on “save” to create the profile, and move to the project registration. 
  • Choose the “Registration” option from the homepage and click on “Real Estate Project” and select “Apply New Project” as per the requirement
  • You will be redirected to the new webpage where you need to log in to your promoter’s account 
  • There are seven pages that need to be filled 

Promoter’s details– All personal details and other financial details

Project details– Key information such as the project’s size, ownership, and location must be entered 

Sanctioned project– The sanctioned project details include the type of project, sanctioned plan, stability certificate of the structure, etc.

Project professionals– You must enter the names and credentials of the professionals involved in the project

Civic facilities– Depending on the project’s requirements, the appropriate facilities must be chosen

Project Declaration– An affidavit or declaration must be used to verify the pertinent documents in Form B. This page is crucial because before the form is submitted, all of the documents must be verified. 

Project fee– The project fee is based on the project’s type, size, and scope. The payment method is online.

Agent registration process

The registration process is simpler than project registration as it does not require the submission of many documents. 

Here are the steps that you need to follow to register as an agent. 

  • Visit the official website of the HP RERA at hprera.nic.in
  • Click on “Registration” and then navigate to the “Agent” option  
  • Enter the basic details to log in and continue with the registration form and fill out the registration and fee tabs 
  • After filling in all the required boxes verify the information and click on the “Final Submit” option to receive your real estate certificate of registration. 

Documents Required for registration 

Here is the list of necessary documents that are required to be uploaded to the official portal of the HP RRERA during the registration process. 

Financial Documents

  • The sale agreement, Conveyance deed, Allotment letter, possession letter
  • Details and certificates of Professionals involved in the project
  • Civic facilities
  • Structural stability certificate
  • Sanctioned project plan and location plan
  • Himachali Certificate of Agriculturist

Personal Details 

  • Bank details
  • Aadhar number and PAN
  • Annual financial report
  • Passport size photos
  • Ownership document
  • Revenue documents 

Documents Required

To be registered under the RERA, each RERA agent must submit the following documents.

  • Aadhar number and PAN
  • Copy of resolution
  • Address proof (business)
  • Experience certificate
  • Registration details (UT/State)
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