Tag Archives: CREDAI

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MahaRERA: Public Authority Selling Land to Developers Can’t be a Co-Promoter

Jun 20,2019 / By / No Comment
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Builders register a complaint against CIDCO with MahaRERA

MahaRERA in one of its significant decision has ordered that a public body which sells land to Developers/Builders cannot be made promoter accompanying the builder in the housing project. Builders from Navi Mumbai, who are members of CREDAI-MCHI (Raigad) had registered a grievance with MahaRERA, asking that the City and Industrial Development Corporation (CIDCO) formed a co-promoter of their projects.

They alleged that CIDCO delays its commitments after selling the plots and, as a result, their project gets obstructed and they are caught responsible for the delay. They said that CIDCO must be assigned promoter under RERA because it is a public authority and MCHI members are allottees of plots held by CIDCO.

MahaRERA chairperson Gautam Chatterjee ordered that the sale transaction made by CIDCO are the sale of immovable property where permits for development is yet to be furnished by the concerned authority. “Such a transaction doesn’t come under the limit of real estate project”.

CREDAI-MCHI has complained that CIDCO has been marketing plots without registration with MahaRERA. It further added that CIDCO has not acknowledged the provisions of RERA in its agreements and dealing with the highest bidder and is violating the terms of RERA.

The complaint said that CIDCO is needed to register the scheme as a project with RERA before its advertising, marketing and inviting bids for the plots. Moreover, CIDCO is responsible for several obligations to be executed pre-and post-tender like the eviction of encroachments and encumbrances, the limits of the plot, providing water and drainage connections.

The builders, who intend to register a petition against Chatterjee’s order, said that CIDCO frequently delays carrying out these tasks. Hence, they face flak from flat buyers, who drag them before the housing authority for project delays.

As per the builders, CIDCO comes under the limits of the promoter under RERA and its exercises of requesting bids for plots and allocation of the same for the lease of 60 years fall under the terms of RERA.

 

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Maharashtra: Property is Expected to Get Expensive as Buyers to Pay Input Tax Credit

Jun 12,2019 / By / No Comment
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Property Cost in Maharashtra is Expected to Get Costlier as Buyers Have to Pay Input Tax Credit

The Confederation of Real Estate Developers Association of India (CREDAI) in its annual general meeting which was held in Kolhapur on 8th June 2019 has decided to pass the responsibility of Input Tax Credit to buyers. This move by CREDAI is expected to increase property prices in Maharashtra by Rs.200 per sq ft.

Rajiv Parikh, President of CREDAI has informed that a discussion was made which influenced the industry body to take the decision. However, the effective date of the same is yet to be determined. The industry body will follow up with the State government regarding the same.

Shantilal Katariya, Vice-President, CREDAI, has added that builders are paying 13% tax on all construction materials to the government but they are not recovering the same from the buyers. Input Tax Credit is a part of the Goods and Services Tax (GST), which is applicable in case any goods or services are furnished to a taxable person. Builders were not passing this tax to the buyer.

He also added that CREDAI will follow up the government in this concern.

Earlier a resolution was passed in this regard, asking the government to possess equal provision for RERA as all states have different terms under RERA, which was giving difficulty for business.

As per vice-president of CREDAI, builders in Maharashtra are the most affected as the state alone has a share of almost 50% of real estate business due to rapid urbanization. If there will be an equal RERA in all states, it would ensure a smooth business environment.

In another initiative, CREDAI complimented the government’s decision to amend the Land Title Act. However, to avoid litigation in future, search report for land will be prepared by the state government and not a private lawyer. As a result, it will bring down the number of litigation.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. CommonFloor does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

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MS Dhoni Signed as the Brand Ambassador of Sumadhura Group

Jun 27,2018 / By / No Comment

SumadhuraSumadhura Group, one of South India’s leading realty majors, has roped in the stellar World Cup-winning Captain, Captain of Chennai Super Kings and the ‘Captain Cool’ – MS Dhoni as its first brand ambassador to represent the brand in all their national campaigns, in a multi-year engagement.

Delighted on bringing in MS Dhoni on-board as their brand ambassador, Madhusudhan G., Chairman and Managing Director, Sumadhura Group said, “We are honored to have Dhoni, an eminent cricketer of international stature, join the Sumadhura Group family. He combines his exceptional performance with his legacy and values – precisely what we, at Sumadhura Group also stand for. Dhoni’s intelligence, humbleness, ‘full of life’ attitude, passion, and reliability along with his focused leadership qualities with a trustworthy reputation are the perfect attributes that match Sumadhura’s brand image. Our association with him has come at a most opportune time.”

Sumadhura Group has made significant inroads across Bengaluru and Hyderabad over the last 20 years has completed 30 projects. Their current portfolio includes residential projects of 5 million sq. ft. under construction and 8.2 million sq. ft. under planning. The venture is also a member of CREDAI, Bengaluru, and Hyderabad. With its stronghold in these two cities, the developer seeks to strengthen its market presence across the country.

Speaking about the brand association, Dhoni said, “As a brand ambassador, I seek for brands that I relate to and can be impactful for, and this partnership makes me fulfill that very purpose. In this endeavor, I am proud to be associated with Sumadhura Group, who are known for their uncompromising values and trust earned over 20 years of excellence in business.”

Srinivas Moramchetty, Vice President, Sales, and Marketing, Sumadhura Group, who was instrumental in signing Dhoni, said, “Sumadhura’s journey has been similar to that of Dhoni’s, which shows a commendable capability of facing adversity and overcoming the odds. With him being the best example of a responsible and loving family man, and us uniting families through our projects, we couldn’t think of anyone apart from MS Dhoni. I am sure we will go a long way with his leadership, dedication, and perseverance to contribute towards the brand’s success.”

About Sumadhura Group

Sumadhura Group is the fastest growing real estate developer in South India. Their in-house capabilities and infrastructure give them the confidence to deliver projects on time with unbeatable quality. It has also been recognized as an iconic real estate brand garnering three prestigious awards in FY2017-18 which include Promising Builder of South India in 2017 by QuikrHomes, Global Real Estate Brand Awards 2017 and Best project of the year in Affordable Segment by CNBC Awaaz 2017 for Sumadhura Madhuram. The company has also been awarded the ‘Great Places to Work’ in April 2018. In all its residential apartments, the company lays a very strong emphasis on its safety standards, environmental management, rainwater harvesting and a proper waste management system.

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