Daily Real Estate News Digest (21st May 2019)

Kerala: 'Some clauses in Rera against buyers' interest'.

While the Act insists that the builder has to deposit 70% of the project money in a scheduled bank to cover land cost and construction cost, it do not mention anything about the remaining 30%,” he said.

ET Realty

Mumbai: No fire NOC, yet BMC clears Khar building proposal in record time.

Architect Ameet Pawar who submitted the Khar building proposal on behalf of developer Damji Shah told TOI this was his first proposal that has been cleared so quickly.

ET Realty

MREAT directs Forefront Property Developers to pay interest for delayed possession.

The buyers had pointed out that the original possession date of June 30 2017 was not adhered to, and had sought interest for the delayed period. 

ET Realty

Societies in Ahmedabad confused by lack of clarity in redevelopment bill.

Residents have also pointed out how most of the MoUs signed by builders with residential societies over the past year had no plans or buildings design specifications attached with the proposals.

ET Realty

Warburg Pincus forms JV with Runwal Group to build malls in India.

Both partners will commit $200 million each in the form of equity and raise another $600 million in debt to create a corpus of $1 billion to invest in and develop shopping malls across tier 1, 2, and 3 cities in India.

Livemint

Most builders opt for 12% GST slab for ongoing projects.

Old rate allows them to avail input tax credit while the new levy does not.

The Hindu

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