List of approved projects and agents – Gujarat RERA

Apr 5,2019 / By Prahalad Singh / No Comment

Gujarat RERA:

Since the Real Estate (Regulation and Development) Act, 2016 came into force, Gujarat is among the top states in the implementation and adoption of the new reality law. The government of Gujarat established Gujarat Real Estate Regulatory Authority (GUJRERA), vide Notification No. 23 dated 8 March 2017, for regulation and promotion of the real estate sector in the State of Gujarat. It formed the regulatory authority to help homebuyers and register builders, promoters and real estate agents.

As of now, 3880 real estate projects have successfully registered under Gujarat RERA and the authority has issued 702 registration certificated to its agents. Moreover, the regulatory authority has passed judgment for all the 73 complaints received till date.

List of approved agents for Gujarat RERA: Click here to view

List of approved projects for Gujarat RERA: Click here to view

Irrespective of these proved projects/agents, RERA has rejected several real estate projects as well.

Latest updates on Gujarat RERA

Gujarat realty’s property registration has been increased by 33% because of Affordable Housing.

Disclaimer: the data provided here is based on industry and news reports. CommonFloor will not be held legally responsible for any action taken based on the information provided.

RBI cuts repo rate by 0.25%, hope for all types of loans to get cheaper across India

Apr 4,2019 / By Prahalad Singh / No Comment

RBI’s Repo Rate Cut:

RBI has cut the repo rate by 0.25%. It has decreased from 6.25% to 6%. After the meeting of the Monetary Policy Committee (MPC) meeting, interest rates were announced on Thursday. 4 out of 6 MPCs supported the rate reduction. Even in the February review meeting, the RBI had reduced the repo rate by 0.25%, after which the repo rate was 6.25%.

Repo rate decreased from 6.25% to 6%, RBI gives loans to banks on the basis of repo rate.
Banks will get cheaper loans, it will be easy for them to pay a low-interest rate.
According to the Expert, the drop in repo rate can reduce the rate of impact on deposits, but if the bank wants to cut it, we will welcome the decision.

Impact of Repo Rate Cut

Loan EMIs will be lower:

The repo rate is the rate at which the RBI lends to the banks. Due to this, banks get Cheaper Loans. It also clears the way for customers to lower the rates of loans. However, last time banks did not reduce the interest rates as much as the RBI had reduced the repo rate.

GDP growth to be 7.2% in current fiscal:

RBI has expressed that GDP growth in the current financial year (2019-20) will be 7.2%. Retail inflation in the first half (April-September) is expected to be between 2.9 to 3%. Last time RBI had released an estimate of 3.2-3.4%. In the second half (October-March), retail inflation could be 3.5-3.8%. While fixing the interest rates, RBI keeps retail inflation in mind.

Neutral outlook:

Even after the reduction in the repo rate last time, bankers also expressed the hope that the repo rate can be reduced in the April policy as retail inflation is consistently lower than the target (4%) of the RBI. MPC has changed the outlook to neutral from the last time. This time, the same outlook has maintained.

Lower interest rates on loans will depend on the banks:

Reducing the rate by RBI, banks will not immediately and fully benefit the customers. Despite lowering the repo rate of 0.25% last time, the major banks had reduced the rates of loans from 0.05 to 0.10%. On this issue, the RBI governor had also held meetings with the banks last week. SBI, however, has added interest rates to the Repo Rate. This decision will come into effect from 1st May.

New circular for NPA solution rules will be released soon: RBI governor

The Supreme Court had canceled the circular of RBI on February 12, 2018. According to him, defaulting on one day was a matter of putting any company’s debt in NPA. Under this, the bank has to apply for bankruptcy proceedings against the company under the IBC Code within 15 days of the deadline of 180 days. RBI governor Das has said that the new Circular of NPA solution rules will be released soon.

Mihan is yet to be paid for land for Mahametro

Apr 4,2019 / By Prahalad Singh / No Comment

Mihan is yet to be paid for land for Mahametro:

Maharashtra Airport Development Company (MADC) developing the Mihan project has to collect over Rs252 crore from entities allotted land in the Special Economic Zone (SEZ) and non-SEZ parts of Mihan.

In the meanwhile, hopes of economic growth tied with Mihan project, 21 out of 112 investors allotted land in the area have not paid up their dues.

The highest amount is owed by MahaMetro (former Nagpur Metro Rail Corporation) which was granted 92 acres. MADC has not yet received Rs91 crore towards land cost from MahaMetro.

MahaMetro has been allotted land two years ago in the non-SEZ area for setting up a station and a township but no amount has been paid to MADC since.

A MahaMetro spokesperson confirmed that the amount was pending but the said payment was to be done through book adjustment. The state government has to pay the amount into MADC’s account. Once the book adjustment is done, the amount would be available in MADC’s overall funds.

Other organizations whose funds are due in the non-SEZ area to have been allotted land in the limit of 1 to 2 acres. There are 36 investors in the non-SEZ area out of which 5 have not paid their dues towards the land cost. The total pending dues from allottees in the non-SEZ area reach at Rs97 crore.

Patanjali Group is the biggest and the only investor in the non-SEZ part who has cleared all its dues and its unit is under construction.

There are 76 investors in the SEZ area of the Mihan project. Of these, 16 have not paid up their dues, amounting to Rs155 crore and the land has only been allotted to them on paper. They have not yet taken physical possession. The final transfer would happen only after the whole amount is paid. It is expecting that MADC may soon take a decision on eliminating the allotment of these.

On the other hand, there are 40 investors in the SEZ who have not yet started their project even after paying the whole amount for the land.

Image Credit – Reacho

List of approved projects and agents – Maharashtra RERA

Apr 4,2019 / By Prahalad Singh / No Comment

MAHARASHTRA RERA:

Maharashtra was among the few states to come up with a RERA Act’s website in its initial phase of implementation.

As per the information available on the MAHA RERA website, the total projects that are registered on the website are 19625. Among them, 3652 projects are registered and completed and 15826 are ongoing projects and 147 projects are yet to be registered on the website. Over 18% of the projects registered with MahaRERA are now complete.

The state has recorded 18505 agents have applied for registration over 18419 agents have been registered. 86 agents yet to be registered.

When it comes to the complaint status, 5,700 complaints have been registered and out of them 3543 have passed their orders and 2157 are in the process of hearing.

As per MahaRERA website, 1716 projects where the penalty is paid between Rs.50, 000 to Rs.10, 00,000 for various reasons.

List of approved agents for Maharashtra RERA: Click here to view

List of approved projects for Maharashtra RERA: Click here to view

Irrespective of these proved projects/agents, RERA has rejected several real estate projects as well.

Latest update about MahaRERA releasing an SOP to remove delaying developers:

Recently, the Maharashtra Real Estate Regulatory Authority (MahaRERA) issued a standard operating procedure (SOP). Under this procedure, homebuyers are eligible to dismiss a developer in the case the project was delayed. The project would then be allocated to an expert panel for completion. The expert also clarified that action could be taken only against non-litigated projects. This procedure will help complete all delayed projects in the state.

Disclaimer: the data provided here is based on industry and news reports. CommonFloor will not be held legally responsible for any action taken based on the information provided.

RBI monetary policy: Central banks likely to cut the repo rate by 25 bps again as three-day policy meeting ends on Thursday

Apr 3,2019 / By Prahalad Singh / No Comment

The Reserve Bank of India (RBI), after a gap of 18 months, had reduced the Repo Rate by 25 basis points in February. A back-to-back cut in interest rate would provide ease to borrowers. It is expecting that the Reserve Bank of India (RBI) will cut rates for a 2nd consecutive time when its 3-day policy meeting finishes on Thursday.

The 6-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das who was appointed as the new RBI Governor in December, will announce the intention of the meeting at around Thursday noon.

Das has already carried meetings with stakeholders including industry bodies, MSME representatives, bankers, and depositors association. It would be the first bi-monthly monetary policy of this financial year (2019-20).

According to the rating firm ICRA, the RBI could go for a 25 bps rate cut in the current meeting of the monetary policy committee.

Industry Experts views
Industry and experts are assuming that the regulator of the banking sector to cut the key lending rate at which it lends to commercial banks by 0.25% with respect to increase the economic activities as doubts rise high about global economic slowdown which can impact India’s growth outlooks.

According to industry estimates, inflation is considerably below the RBI’s mandate of 4% and therefore it should cut the repo rate (the rate at which RBI lends to banks) to raise economic growth.

As per Director General of CII Chandrajit Banerjee, weaken in the growth in the 2nd half of 2018-19, it is requested that the RBI should reduce the Repo Rate by at least 25 basis points in the future policy and maintain a relieving course in monetary policy.

Banerjee further said that the rate cut should be transferred to banks effectively, a reduction in the cash reserve ratio (CRR) is also advised so that it enables banks cash for lending targets.

Softened performance of the manufacturing sector, particularly capital and consumer goods, had lowered the growth in industrial production to 1.7% in January from 7.5% a year ago.

Retail inflation based on the Consumer Price Index (CPI) continues to below 4%. It was 2.57% in February year-on-year.

Economists expect that the RBI should execute at least one more cut after this month’s meeting, which would take the repo rate to its lowest since 2010.

Inflation has continued below the RBI’s 4% target for 7-months and was expected to average 4.0% this financial year.

Pics Credit – ZEENEWS

Monthly Archives: Apr 2019

List of approved projects and agents – Gujarat RERA

Gujarat RERA:

RBI cuts repo rate by 0.25%, hope for all types of loans to get cheaper across India

RBI’s Repo Rate Cut:

Mihan is yet to be paid for land for Mahametro

Mihan is yet to be paid for land for Mahametro:

List of approved projects and agents – Maharashtra RERA

MAHARASHTRA RERA:

RBI monetary policy: Central banks likely to cut the repo rate by 25 bps again as three-day policy meeting ends on Thursday