The apex court observed that if builders were diverting money invested by a person in a particular housing or commercial project to complete other projects, it, prima facie, amounted to misappropriation and criminal breach of trust.
The apex court said that the real-estate major Jaiprakash Associate Limited will have to deposit Rs 100 crore by April 6 and another Rs 100 crore by May 10.
Industry players are expecting rationalisation of the GST rates from the current 12 per cent to 6 per cent and bringing stamp duty under the ambit of GST.
Thousands of daily wagers and semi-skilled workers have been rendered jobless after the state government initiated large-scale action in July against rampant illegal sand mining and imposed restrictions.
Reforms promise to make residential real estate dealings more transparent than ever before and the market is expected to see at least a partial recovery in 2018 on the back of revived confidence of homebuyers.
“We are more concerned with home buyers and not the company or those holding fixed deposits,” the top court said, while fixing the hearing for Tuesday.
Jaitley said that as far as black money and benami transactions were concerned, it is no longer safe in India to deal with excessive cash.
UP Chief Minister Yogi Adityanath on Sunday warned builders to deliver flats to 1.5 lakh buyers on time or face action.
Prime Minister Narendra Modi’s massive push for affordable housing for the country’s billion plus population will unleash a staggering Rs 84 lakh crore in investments over the next seven years, a recent report has said.
BJP govt wants to review the decision taken by the Akhilesh Yadav dispensation on the real estate law.
There are several hurdles which stand firm on the road of implementation of the Real Estate Regulation Act across the country.
In what could come as good news for home buyers, the Real Estate (Regulation an Development) Act, 2016 has come into force from today, with a promise of protecting the right of consumers and ushering in transparency, after a long wait of nine years.
Real Estate Act comes into force from tomorrow with a promise of protecting the right of consumers and ushering in transparency but only 13 states and UTs have so far notified rules.
Unitech MD Sanjay Chandra and two others face charges of illegally diverting funds from one project into a shell company which then parked it in foreign accounts
the Supreme Court today directed the builder to pay 14 per cent interest to 39 flat buyers who chose to withdraw from the project.
Finance Minister Arun Jaitley today announced infrastructure status to affordable housing in Budget 2017-18.
• Provide clarity on beneficiaries under Pradhan Mantri Awas Yojana The government recently announced that interest rates of 3% would be applicable on loans of up to Rs. 12 lakh and 4% on loans
The real estate sector is all set to be hit by the demonetisation process with estimates suggesting a sharp decline in property prices following the government’s drastic move to ban high-denomination currency notes.
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