#RealtyNewsRoundUp: To Offer FSI Benefits, Maharashtra Plans To Dilute RERA
According to media reports, the Brihnamumbai Municipal has been told by the Maharashtra government to formulate a transitional policy to provide FSI (floor space index) benefits to ongoing real estate projects, notified in Mumbai’s new development plan. To do that, the BMC has been directed to do away with the consent-clause prescribed under the real estate law. Under the Maharashtra Real Estate (Regulation & Development) Rules, 2017, it is mandatory for builders to obtain the consent of flat buyers for modifications to the sanctioned building plan.
According to a recent report, the Indian real estate market is expected to touch $1 trillion by 2030, becoming the third-largest globally. The report by KPMG, which was prepared in association with developers’ body Naredco and the Asia Pacific Real Estate Association, says that the sector is estimated to grow to $650 billion by 2025 and surpass $850 billion by 2028 to touch $1 trillion by 2030. The report also notes that India has consistently improved its ranking in global real estate since 2014, boosting investors’ confidence.
The Ghaziabad Municipal Corporation will levy 12 per cent interest on default payments of house, water and drainage taxes. The Uttar Pradesh Municipal Corporation Act, 1959, has provisions for charging simple interest on default payments.
Tenants in Noida, who have not registered their rent agreements, have only two days left to complete the task ─ September 30 is the last day to complete the obligation ─ to avoid penalty and legal action. After that, tenants will have to pay a penalty of up to 10 times the outstanding registration and stamp duty dues. They will also have to pay fine at an interest rate of 18 per cent since the execution of the rent agreement.
Source: Media reports