Real Estate Sector benefits for Budget 2020

The Government of India has made its final presentation about the Union Budget of the session. The Union Budget has received some big news, acknowledging torpidity in the real estate sector that has been struggling with shallow growth over the past few years. The government has made some important disclosures that will provide the necessary ease to the common people. , Including home buyers as well as builders. This is an interesting budget, in which the government has tried to help the industry to control the decline in the real estate industry.

The realty sector that changes key are:

Exemption of TDS

The proposal to reduce GST on homebuyers is very helpful. Under the current Income Tax Act (Sec-194L), a person who is responsible for paying rent, has to deduct TDS on the amount paid if he passes more than Rs 1 lakh 80 thousand during a financial year. The Interim Budget 2019 proposed to increase this exemption limit from Rs 1 lakh 80 thousand to Rs 2,40,000 for a year. This step will be very useful for property owners who rent their property for business as they will receive higher rental income which will doubtless be deducted as tax. The move may entice more investors to buy a second home.

Demonetization rent

According to current regulations, when a person owns several residential homes, they can now choose one of them as "self-occupied" and the other will be seen as renting by default. Prior to this, no one would have to pay any tax on the "self-occupied" property, but the other would be charged the same as the house that was rented.

With this move, the government has tried to increase second home sales by meeting the criteria for genuine self-occupiers who already own a house. For self-occupied second homes, where families are living, consumers do not have to pay any tax on the rental income.

On the other hand, for the real estate industry, where flats / apartments serve as its index, the tax exemption on constitutional rent was proposed to be increased from 1 year to 2 years. This means that builders or developers will not have to pay any outstanding interest on their untax properties for a period of two years, for a period of two years after the completion of the project.

Income tax per year Rs. 5 Lakh

As per the Budget 2019 proposal, salaried employees with an income of up to Rs 5 Lakh per year will be exempted from income tax, and if they avail the 1.5 Lakh exemption available under 6.5 Crore per year, then earning 6.5 Lakh per year. Employees with the same will be exempted. Income Tax Act. However, tax rates have been retained. The proposal to give tax exemption for income up to Rs.5 Lakh will help in increasing the budget of the home buyer and may also provide for the demand of housing.

The new standard deduction limit, which is Rs 40,000 as per last year's budget, has been increased to Rs 50,000.

LTCG discount

Under Section 54 of the IncomeTax Act, the benefit of saving capital gains will increase from an investment in a residential house to a capital gain of up to two crore rupees for a taxpayer in two residential houses and this benefit can be availed only once in a lifetime.

Tax Benefit Expansion on "Housing for All by 2022"

Section 80-IBA was added on 1 April 2017 of the Income Tax Act to allow a 100% deduction on any profits or gains from the business of developing and building. This benefit is proposed to be extended for one year now, that all housing projects to be registered and approved under the Real Estate Regulatory Act by 31 March 2020. The move will force builders to develop more and more affordable housing projects but this tax exemption proposal is directed at setting limits based on the location of the house and the carpet area.

An interest grant on a home loan of 4% will be provided for housing loans up to Rs 9 lakh, with an income of Rs 12 lakh per year and a rebate of 3% on home loans up to Rs 12 lakh for those earning Rs 18 lakh. Last year has already been offered in the interim budget last year to improve housing demand benefiting homebuyers.

The conclusion

Apart from this, the above changes which have a great impact on the real estate sector, other proposals are those that give tax exemption to individual taxpayers whose annual taxable income is Rs 5 lakh and for a salaried employee from Rs 40,000 in standard deduction amount. There will be an increase of up to Rs 50,000 Profitable investors.

RERA Complaint Filing | How can buyers file complaint under RERA?

RERA Complaint Filing | What is RERA?

The Real Estate (Regulation and Development) Act (RERA) seeks to protect the interests of homebuyers and investors in the real estate sector. The RERA Act was notified on 1 May 2016, with some of its clauses notified, while all the remaining sections were notified on 1 May 2017. Under this Act, each state and union territory must notify the rules and regulatory authority for redress of grievances. The Act was formulated to streamline and standardize the unorganized real estate structure in India.

The Real Estate (Regulation and Development) Act, 2016 has been enacted by the government to protect homebuyers against unfair trade practices of housing development and real estate project developers. Developers must obtain all necessary approvals from government bodies before essentially presenting the project to the public.

Developers must display all relevant information on the RERA website of the respective states. In the era before RERA, homebuyers were required to file complaints with the Consumer Disputes Redressal Commission (CDRC), which took longer periods of time to address issues related to possession delays. RERA accelerates the grievance redressal process and removes the wrong builders from the market.

                                                                                                                           
Any person who has invested or has some legal interest in a real estate project can file a complaint with RERA. Under RERA, a buyer can file a complaint of: -

•    Passion delay
•    Wrong advertisement
•    Discrepancy in project registration
•    High advance payment
•    Structural defect
•    Incomplete project description

As per RERA Act, complaints can be lodged under Section-31 against developers, builders, contractors, agents or promoters of the project. Complaints can be lodged with the concerned State Regulatory Authority or the Assistant Officer within the norms prescribed under the RERA Act. It is advisable to seek the help of a lawyer at the time of filing a complaint as well as project document verification to avoid any future hassles.

The state-wise RERA portal has made online complaints for homebuyers hassle free. Filing a complaint under RERA can be given through the following steps:-

State's RERA website- Homebuyer is required to access the state's RERA website and register as a user. On the homepage of the website, the user can click on the "Complaint Registration" tab to file a complaint.

Filling up the complaint form - Once the user lands on the complaint registration form, he needs to fill his details and communication address to receive further communication. Subsequently, the user has to submit the reason for filing the complaint supported with the defendant (developer / builder / promoter / agent) details and supporting documents.

Fee Payment - Once the form is duly filled and verified, the user will have to make a small payment of Rs 1000 (varying from state to state) to further process the complaint. Users can pay online filing fees through various methods of payment.

Confirmation- post fee payment, the user will receive payment notification via message and email. The user can track the status of their complaint on RERA's website.

Chapter 8 of the RERA Act defines penalties, offenses and settlements in case the builder / developer / promoter fails to comply with the RERA rules. Delay in delivery, false advertising, structural defects and non-registration of a project with regulatory authority may impose a builder penalty of up to 10% of the estimated project cost.

In order to claim compensation from the builder, it is required to file a complaint with an officer in the same format as above. However, it should include additional details highlighting the cumulative interest developed for the payment schedule, distribution overrun and distribution overrun. Under the RERA Act, all complaints against builders / developers / promoters must be addressed by the RERA authority within 120 days.

Documents Required for Complaint Filing are:-

•    Sales agreement
•    Conveyance deed
•    Application letter

The RERA Act, which came into force in 2016, only managed to notify regulations and regulatory authority in 12 states and 1 union territory, Delhi, Maharashtra, Madhya Pradesh, Karnataka etc. are some of the states that are pioneers in the implementation process. In addition, 7 states and the remaining 6 union territories have managed to notify regulations in their respective states, but lack a regulatory authority to oversee this. Further, RERA is in progress in essentially the North-Eastern states, in the remaining 9 states except Jammu and Kashmir, where it is not applicable.

Until RERA is fully implemented pan-India, it will not succeed in reviving buyer sentiment in its area of ​​transparency and realty. Once the market is standardized, there will be an array of unsightly and out-of-market opportunities. However, in states where it has been successfully implemented, there has been a surge in demand from developers as buyers are riding sentiment.

Interpretations of the Indian real estate sector from the Union Budget

Below are some of the expectations of the Indian real estate sector from the Union Budget 2017-18:

Encouraging Developers to Build Affordable Housing Projects: The government may announce several new measures to encourage developers to build affordable housing projects to fulfill their "Housing for All by 2022" mission. If "housing for all by 2022" has become a reality, the government will have to provide tremendous incentives for the real estate sector to make homes more affordable and produce much faster to meet overall objectives. Currently, there has been no intervention from the government in terms of land acquisition or land development costs which remain high.If the government can work towards reducing pain for these budget housing segments, more relevant housing units will be built quickly and successfully by private developers. In addition, the government is required to expand the scope of External Commercial Borrowing (ECB) for construction finance for a broad range of housing projects and is not limited to low cost / affordable housing. Tax benefits should be relaxed further for home buyers. For the first time all home loans should be revised to include all home loans up to Rs 3,00,000 including interest and not limited to a value of only Rs 50 lakh. The government has already announced benefits of home loans to low-income people by providing a rebate of up to 4 percent on home loans of 12 lakh taken under the Pradhan Mantri AwasYojana.

                                                                                                 

To grant industry status to the Indian real estate sector: The demand for granting industry status to the Indian real estate sector has been pending for some time. Directly or indirectly, the real estate sector contributes more than 15% of India's GDP. Developers are forced to borrow at high interest rates in the absence of industry status. Due to high borrowing costs and non-availability of funds, construction activities are delayed and hence the cost of houses increases. Once the status of the industry is given to real estate, it will become easier to make affordable housing a dream for all. So far, the affordable housing target is far behind and this can only be achieved if the sector gets industry status which will help drive housing demand in India.

Clarity on GST: While the Goods and Services Tax (GST) tax structure has been announced last year, the clarity of GST as to which tax rate will be applied to the real estate sector is still awaited. This will define the way in which the real estate sector will grow in this financial year. A GST clarification will also be required on the abatement scheme and whether credit for input tax will be allowed if the composition scheme is availed by the developers.

Single window clearance for the real estate sector: Developers have long been demanding for single window clearance to address delays in government approval. If developers are able to get all the necessary approvals on time, then they are able to execute their projects on time and this will also reduce the cost of homes. Therefore, to avoid unnecessary delays in construction and to reduce the cost of homes, single window clearance is required.

Need to increase house rent deduction limit: Salaried individuals receive House Rent Allowance (HRA) as a component of their total salary, and can therefore claim substantial deductions in cases where the salary and its HRA component are high. However, a salaried person or a self-employed person without an HRA component or those making lump sum payment without an HRA component can only claim a maximum deduction of Rs 5,000 a month under Section 80GG. This budget should address this variation in house rent reduction limits.

To make tax slabs and tax reporting easier: Government can focus on easing tax reporting structures. In addition, the benefits of demonetization practice should be extended to the common man through relaxation of tax slabs and offering higher level of exemption. The idea is to reduce the actual tax incidence as well as broaden the scope of tax, with the stated intention of reducing corporate tax.

Apart from the above points, the real estate sector is expecting some more announcements in the Union Budget 2017-18, such as higher tax savings on income tax sups, housing loans and house insurance premiums for first time home buyers and providing clarity on beneficiaries Under the Pradhan Mantri Awas Yojana etc.

Who are the top 10 builders in Bangalore? Learn more. Top 10 Builders in Bangalore

Planning to invest in your dream house in Bangalore but not sure which builder to choose?

Here is the list of top builders in Bangalore that will help in your property search. These developers are innovators in their field and have core experience in the real estate market, serving for over a decade. His experience has already earned him huge encouragement and customer support to help him reach heights of success over the years.

Each of his projects will feature unique designs inspired by the history, history and contemporary style that attracts their residences to experience the outstanding architects here. Below is the list of top 10 builders in Bangalore.

Sobha Limited: Sobha Developers is one of the leading real estate companies in India. Primarily, the company focuses on residential projects. SOBHA's footprint is spread across ten cities, such as Bengaluru, Chennai, Coimbatore, Gurugram, Gujarat (Gift City), Kozhikode, Kochi, Mysore, Pune and Thrissur. SOBHA's portfolio includes presidential apartments, luxury, and super luxury apartments, plotted developments, aspirational homes, villas and row houses.

Godrej Properties: Godrej Properties is the real estate wing of the Godrej Group. The Godrej Group offers an assortment of services including real estate development, fast moving consumer goods, advanced engineering and so on. It has garnered over 200 awards and recognitions over the years. Godrej Properties won the title of 'Real Estate Company of the Year' at the Construction Week India Awards held in 2015.

Godrej Properties is active in 12 cities in India. This real estate developer strives to create lasting value for its investors. Over the years Godrej Properties has built homes that are comfortable and luxurious.

Prestige Group: Prestige Group has carved out a niche in the real estate domain by influencing its mark in several asset classes. The Prestige Group completed about 210 completed projects, 53 ongoing projects, and they also have several upcoming projects. Prestige Group is now expanding to other South Indian cities like Mysore, Mangalore, Chennai, Hyderabad, Kochi and Goa.

Brigade Group: Brigade Group is one of the leading property developers in South India. They have a uniquely diverse multi-domain portfolio covering property management services, hospitality, property development and education. His projects span several major cities of South India such as Chennai, Hyderabad, Mangalore, Kochi, Chikmagalur and Mysore.

The Brigade Group has a wide range of residential portfolios including luxury and super-luxury apartments, penthouses, villas, independent living spaces for seniors and so on.

Salarpuria Sattva Group: The Salarpuria Sattva Group mainly focuses on developing high quality construction. The group has a portfolio of various world-class IT parks, residential, commercial, retail and hospitality properties.

Artha Group: As of today, Artha Group is the fastest growing real estate company in South India. Earth Group offers exceptional and novel concepts to its investors and homes that are precisely tailored. The group has won various awards and has also been awarded Power Brand status by the esteemed Brand Finance Institute, UK.

Puravankara: Puravankara believes that there is only one mantra for success and that is quality. They mainly focus on rigorous values, strong engineering, customer satisfaction and transparency in business functions. Purvanchal is known as the "most preferred" brand in both the residential and commercial sectors. Currently, the company has 29 million sq ft of projects under development, with an additional 88 million sq ft in projected growth over the next 7-10 years.

L&T Realty: Larsen & Toubro is present in North, South and West India with several residential, commercial and retail projects. The company is creating places of excellence through the development of several buildings, business parks and transit-oriented developments such as Navi Mumbai- Seawoods Grand Central. Being an environmentally friendly real estate developer, L&T always focuses on developing environmentally sustainable locations and campuses.

Under Pradhan Mantri Awas Yojana Gramin PMAY(G) Center for construction of 50 lakh houses in rural areas

Recently, the government said that by March 31, more than 50 lakh houses in rural areas across the country will be constructed for the poor as part of a central scheme that will bring social change in the villages.

A target was set to construct one crore new houses by 31 March 2019 under the PradhanMantri Awas Yojana - Rural PMAY (G). Of these, 51 lakh houses were to be completed by 31 March 2018, the Ministry of Rural Development said in an official statement.

The Ministry of Rural Development said in an official statement that under the Pradhan Mantri Awas Yojana (Rural), a target was set to build one crore new houses by 31 March 2019. Out of which 51 lakh houses were to be completed by 31 March 2018.

After its launch in 2016, it took some time to complete the process of beneficiary registration, geo-tagging, account verification etc. The ministry said it used the 2011 Socio Economic Census to select beneficiaries.

The homeless and those living with a kuccha roof or two kachcha rooms are the beneficiaries of this poor PMAY scheme.

The ministry said that the houses are planned by the best institutions after studying the existing local design configurations and are constructed by the beneficiaries as needed. The cost of construction of the houses is directly transferred to the accounts of the beneficiaries.

The poor are getting safe houses and can live with self-respect with facilities like toilets, drinking water facilities, electricity connections, cooking gas connections etc.

To check transparency and corruption, the Center has put in place an online policy, where anyone can view the construction of houses with geo-tagged photographs and give full details of beneficiaries and the expenses incurred to them.

The ministry has also decided to conduct a study on social change to understand the impact of the housing program. In addition, the National Institute of Public Finance and Policy will also study the impact of high demand for steel and cement on governance reforms and development under PMAY (G).

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Builders to take stuck projects at Puravankara

BENGALURU: Property developer Puravankara has teamed up with regional builders in Pune and Mumbai to launch stalled projects in the backdrop of a drastic liquidity crisis, a movement that will aid it to gain a share in Western India's residential market.

“We have reached a significant level in our focus markets, but will continue to move forward. Purvankara has distinguished Pune and Mumbai as the top 5-6 major cities that will be expansion accelerators for the company beyond India,” said Abhishek Kapoor, COO Residential, Purvankara, “ Moving on, Bengaluru, Mumbai, Hyderabad , Chennai, and Pune will be our focus markets. "

Several developers have enrolled in the western and northern markets to resume projects stuck in the midst of the cash crisis, threatening the real estate regulatory act and NCLT to be put into practice.

The company intends to generate 7 m sq ft of residential portfolio in these two markets spanning the Provident and Purvankara brands over the next 24–36 months. It currently develops luxury homes under the Purvankara luxury brand, while premium affordable housing is developed under the Provident Housing brand, which originated in 2008. Currently, 65% of the company's business originates from the larger housing brand - Provident - while the rest rest from the Purvankara brand.

Non-Bengaluru projects launch immediately for an ongoing 53% share and currently 77% for Purvankara. Future accounts for 3 / 4th of the boat pipeline.

Individually, the firm is developing its commercial duties. It plans to generate 10 meters square feet of commercial projects and use it in retail expansion overhead over the next five years in major cities.

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Know the difference between Porches, Balcony, Verandas, Patios and Deck

A well-designed outdoor is a lucky circumstance for all homes and all seasons. Some of us have balconies, other decks, porches, patties or verandas. While most of us have a penchant for swapping these terms (and for believing that they all have the same meaning), they each have their own character and specifications.

Porches: They are generally low and covered structures, which are located in the entrance of the building. Porches can be both: open structures without windows; or covered interior expansions that protect the home from asymmetrical weather conditions. Their roofs provide shade; This is why porches are the perfect area for relaxation during summer; Nevertheless, porches differ in different parts of the world, both in function and look.

Balcony: It is an exterior extension of the upper floor of the building; on average one meter-enclosure (railing, ballasters, etc.). Balconies can be made from any solid and good-looking material; There is no strict rule. The balconies provide outdoor areas for various activities; Especially for apartment owners who lack the satisfaction of having a personal yard.

Verandas (also known as verandas): Stand for all sorts of enclosed platforms around the house. In fact, they play the role of a ground floor balcony, such as provides access around the house and both sides of the back door of the house. While the verandas is mostly an open area and can be used for all types of outdoor activities.

Patios: They represent living space outside your home, either a proper garden or a basic rest area. Depending on their size, the patios can be both attached and open. They are usually made of brick, concrete, stone, gravel or flagstone. Usually, the courtyards are attached to the house but again it all depends on your needs, desires and possibilities.

Deck: A deck is usually a roofless platform connecting a house. The decks are usually made of wood and are elevated from the ground. This may include places to sit, food as well as BBQ. The deck is usually covered by a railing. In some cases, the deck may also be covered by a pergola or canopy.

Such places can be found in both residential and commercial buildings; And are preferred due to the remarkable urban landscape they provide. This trend is becoming so popular that construction companies have begun to specialize in the design of these modern outdoor havens.

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Writing-irreversible reasons with the help of Society by-law

Housing societies need a set of rules and regulations to run large or small.

However, they require bye laws in place to register it. The in-laws are nothing, but the guidelines have to be followed by the members of the society to ensure the proper functioning of the community. In addition, with the help of bye-laws, issues can be addressed in a timely and effective manner.

These are local / private laws and are imposed immediately after the housing complex is registered. These laws are mandatory and extremely useful as the day-to-day functioning of the campus is monitored and the issues are resolved in no time.

The by-laws also cover all monetary transactions conducted and received by the housing committee and require members of the housing committee to show all monetary details during the audit. It is here that it becomes difficult, especially for the Treasurers, to keep a record of irrevocable liabilities. Well-known irrevocable dues include loans and money spent to recover any cause or loss caused by circumstances inevitable by the housing society.

Laws are different for different societies as it also depends on the committee members which laws they want to incorporate for the smooth functioning of their society. However, below are the two main by-laws which we feel should be added to the by-laws of any housing society for the committee so that its irrevocable arrears can be written off smoothly.

Society By-Law No. 148

Under this law, fees charged by society according to irreparable dues can be written off and members are required to pay these expenses. As noted before these irrevocable liabilities, some money for debts or other such accumulated losses may be spent to recover the stuck. However, check whether classified as irrevocable arrears as stated by the statutory auditor appointed under Section 81 of the Act.

Society By-Law No. 149

•    By-laws can be written only when the general body of the society approves the same.
•   If the society is indebted to a financial agency, the approval / approval of the agency is very important for such amounts.
•   The third also requires the approval of the registration authority. However, if the Society is classified as A or B in its final audit, the bank's permission (if it is associated with any) or any such financial agency or registration authority is not required.
•   By-laws are thus important for every housing society, not only for their proper functioning but also for registration and other legal processes. However, if you want to get an in-depth knowledge about these

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Foreign Exchange Management Act vs. Foreign Exchange Regulation Act or (1999 vs 1973)

Foreign Exchange Regulation Act (FERA), 1973

The Foreign Exchange Regulation Act (FERA) was promulgated in 1973 and came into power on 1 January 1974. Section 29 of this Act related to the services of MNCs in India. According to the section, all non-banking foreign subsidiaries with more than 40 percent foreign equity are required to certify separate functions, to receive allowances in subordinate companies, or to acquire each other company wholly or exclusively.

An amendment to the law governing specific payments, transactions in foreign exchange and contracts, transactions affecting the import and export of foreign currency and foreign currency, maintenance of the country's foreign exchange reserves and its use.

Peculiarities of FERA:

·     It continues for the entirety of India.

·   It applies to all residents outside India and to departments and firms outside India, which are outside organizations or bodies in India or are disclosed or consolidated in India.

It shall come into force on this date by a declaration in the Gazette of the Central Government, the representative in this regard:

It is submitted that different dates can be chosen for different requirements of this Act and any endorsement in any purchase for the initiation of this Act will be interpreted as a sign of developing in the strength of that purchase.

According to these instructions, the initial rule was that all parts and branches of foreign companies operating in India should convert themselves into Indian organizations, including at least 60 percent local equality support. In addition, all foreign subsidiaries must produce foreign equity shares of 40% or less than 40%. The exact effect of the act was completely contradictory to the economic expansion of the country as it obliged the instructions of giant corporate houses to grow their enterprises, hence it was considered by policy makers that the Act should have notable entertainment so that the economic Promotion can be done in the country through industrialization for development.

Foreign Exchange Management Act (FEMA), 1999

The ForeignExchange Management Act (FEMA) was launched in Parliament on 4 August 1998 by the Government of India. The purpose of the Bill is to "strengthen and improve the law that reads foreign exchange with foreign currency to promote and improve external trade and payments." Systematic expansion and protection of the foreign exchange market in India.

Within the many aspirations of the Foreign Exchange Management Act (FEMA), there is a comprehensive one to reform and consolidate all laws associated with foreign exchange. In addition, FEMA aims to improve foreign payments and trade in the country. Various important objectives of the Foreign Exchange Management Act (FEMA) are to encourage the maintenance and improvement of the foreign exchange market in India.

Features of FEMA some of the essential features of the Foreign Exchange Management Act are:

This is consistent with substantial prevailing account convertibility and includes purchases for liberalization of statement account transactions.

It is highly translucent in its use due to deposits under sections claiming special permission of ReserveBank of India / Government of India on recovery of foreign currency.

It listed foreign exchange transactions in two divisions, viz. Capital Account Transactions and Current Account Transactions.

This presents the Reserve Bank with the ability to submit consultations, investments, Types of capital account transactions and transfer limits for all those transactions.

It is the absolute freedom of any foreign resident / person residing in India or the residence of a person living outside India to bear / self transfer and purchase any foreign security / immovable property established outside India.

This action contradicts a civil law and an act that exists only for arrests in exceptional cases.

FEMA: A Major Departure from FERA

As is evident from the name of the Act itself, the importance of explaining FERA is on 'Exchange Management' as under FERA this importance was on Exchange Regulation or exchange fee. Under the FERA, it was necessary to obtain the Reserve Bank's permission, unless specific or common to most regulations. FEMA has initiated about a sea change in the interest and absence of Section 3 which is aided for distribution in foreign exchange etc. There is no other requirement to obtain FEMA designated Reserve Bank permission.

Comparison between FERA and FEMA:
The principal variations among FERA and FEMA:-

                                                                 

The FERA was assembled with 81 different and complex requirements, although FEMA has only 48 simple divisions.

It is prevalent that this account was not settled under FERA, although it was established in FEMA.

Another extended meaning of FEMA is "authorized person" and includes banks.

Adaptability with IT was not traded at all with the support of FERA, yet FEMA has made purchases for IT.

Under, its demolition was an illegal crime that was turned into a civil offense in FEMA.

Under FERA, the application managed to be transferred to the High Court, however, FEMA required a Special Director (Appeals) and a Special Tribunal.

Under FERA, no assistance was given to the accused, although as per section 32 of FEMA, the accused have the right to seek guidance from legal practitioners or lawyers.

FERA was with the major objective of the preservation of foreign exchange, although FEMA was introduced with the major objective of managing foreign exchange.

FERA was formed by assuming that foreign exchange is a scarce resource and therefore should be protected and managed with exceptional care, although FEMA was created with the principle that foreign exchange is an asset and its exact must be management.

Only authorized dealers and money changers under FERA were determined to be authorized individuals, however, even after FEMA, offshore banking units were included in this definition.

FERA is an act prescribed for the payment and monitoring of foreign exchange in India. FEMA inaugurated an act to promote external trade and payments and to encourage the systematic management of the foreign exchange market in the country.

FEMA turned out to be an extension of the more early foreign exchange act FERA.

When the foreign exchange reserve position in the country was not reliable at the time of the establishment of FEMA, FERA came into force, the foreign exchange reserve position was sufficient.

FERA's strategy towards foreign exchange transactions is quite traditional and definitive but in the case of FEMA, the approach is favorable.

FERA depreciation is a non-compound crime at the heart of the law. The FEMA contradiction violation is a complex offense and charges can be dropped.

A person's citizenship is the foundation to search for a person's residential status in FERA, whereas in FEMA the person's domicile in India should not be less than six months.

Controlling the requirement of FERA can lead to imprisonment. Conversely, the penalty for breaking and violating FEMA provisions is a monetary penalty, which can result in imprisonment if the penalty is not paid on time.

Acquisition of property under FERA and FEMA

There is a major difference between FERA and FEMA related to the acquisition of property in India. Following FERA, "citizenship 'was a guideline for acquiring property; under FEMA it is" domicile "which is the criterion. This indicates that, under the FERA provisions, a person who is an Indian citizen owns property in India. Can acquire and a foreign citizen cannot buy property in India (except with permission to NRI).Nevertheless, under FEMA, an Indian resident can acquire property in India which is not allowed to non-residents. In particular, FEMA has evolved as a replacement or enhancement on the former FERA.

Further, as per FERA / FEMA regulations, a foreign company has a branch office or other place of business in India, which can acquire immovable property in India which is incidental or subsidiary to carry out such activity.

More than 60% of sub-registrars in Karnataka fail to meet revenue targets

Bengaluru: Out of 240 sub-registrar offices in Karnataka, over 60% have failed to reach the fixed revenue target for the initial seven months of the current financial year, causing a permanent decline in the real estate division in the state.

Reacting to this, the government has written a letter to 146 sub-registrar offices in the last week of November, recording a reduction of 17% for the period between April 1, 2019 and October 31, 2019.

Someshwar Reddy, Quick Past Chairman (Karnataka), Builders Association of India (BAI), said, "A compound of circumstances, tax rates ranging from demonetization to rectification, economic downturn and lack of price rise in the market, everything on sale. There has been impact, which is speculation on registration in the state. "

Out of 146 offices, 33 are in Bengaluru urban district, four in Bengaluru rural and 13 in Mysuru. And, in these offices which do not meet the 100% revenue target, some like Shiva ji nagar have less than 1%, while others like Doddaballapur have a deficit of 35%.

Nevertheless, in its letter to the sub-registrars, the Stamps and Registration Department has advanced requests about the valuation of the property. "It has been directed that sub-registrars, as in practice, assure that they accumulate funds, because they have been incurred due to valuation and due to incorrect order of documents."

Demonstrating how the wrong ordering of documents could harm the government treasury, an official said, "For example, if the document of commercial property is classified as residential, the change in services paid Will happen."

Both Realtors and officials acknowledged that the real estate regulatory authority could have an impact. He said, "Now, before construction starts, they panic to enroll a property for sale when construction is nearing completion,” one of them replied.

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Boost Ballabhgarh's real estate market by Violet Line of Delhi Metro

Violet line metro of Delhi has been established for the development of Ballabgarh's growing industrial center in Faridabad. The 3.2 km elevated corridor will have two stations and is expected to meet the extended deadline by June 2018. Earlier the launch was planned in December 2017.

The corridor will extend from the 13.8 km Badarpur-Escorts Mujesar section which was opened to the public in September 2015. The other end of the line extends to the ITO in Delhi and there are plans to connect it to the Kashmiri Gate on the Red Line.

Travelers heading to Ballabhgarh will benefit greatly from the development as the destination is a noticeable business center with many educational institutions and industries. This will also increase employment opportunities.

Recently Ballabgarh was renamed as Balramgarh. Chief Minister of Haryana, Manohar Lal Khattar had publicized several developmental projects to declare the area as a development area.

The cost of the metro project from YMCA Chowk to Ballabhgarh is Rs 580 crore, with around Rs 95 crore provided by the central government.

The YMCA Chowk-Ballabhgarh metro project is one of the Rs 1,090 crore two-line expansion projects approved by the Public Investment Board (PIB) of the Ministry of Finance. The second is an underground corridor from Najafgarh to Dhansa border. The metro train at Badarpur-Faridabad is powered by solar energy which is a major feature of the project.

The project began in 2015, but was delayed due to the construction of columns for the crossover track near the main Ballabhgarh station, as well as a legal dispute over the land required to remove or move water and sewer pipelines.

Infrastructure connectivity in Ballabhgarh:-

Ballabgarh is connected to the emerging NCR hub of Sohna near Gurgaon via the 35-km-long Ballabgarh-Sohna (BS) road. The nearest railway stations are Ballabgarh railway station and Faridabad NW TN railway station.

There are extensive rural healthcare projects in the area (rural area practice area of ​​AIIMS) or reputed educational institutes like Civil Hospital and Cement Research Institute of India. In addition, the YMCA University of Science and Technology is less than five kilometers from the locality. Reputed companies like IBM and Cognizant also have their offices.

Healthcare centers, elementary schools, and retail shops are available in the surrounding areas. The government had announced Rs 10crore for the reconstruction of the dilapidated bypass of Faridabad and restoration of tubewells in the area.

Ballabhgarh  Real Estate status:-

Ballabhgarh, located on National Highway-2, about 30 km from Delhi, is a commercial hub and residential development is not as noticeable in the neighboring areas of Sector 56, Sector 76 to Sector 88 in Faridabad.

These neighborhoods are active residential colonies with abundant availability of affordable homes. There are many such upcoming residential properties in the surrounding area started by local developers. The average capital value of residential properties in Ballabgarh is Rs 2,800 per sq ft. The price of a 2BHK apartment is less than Rs 20 lakh for an average size of 850 sqft.

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