RERA says MoU proof enough for ownership

 Though two home-buyers had only a Memorandum of Understanding (MoU) as evidence that they invested in a flat in an Oshiwara high-rise, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has ruled that it is proof enough of ownership and directed the developer to refund Rs 82.95 lakh with 10.75 per cent interest from 2012.

According to the complaint, Krishna and Veena Agarwal had booked flat no 2202 in Verona Tower S3 in Oshiwara, a project by Sahyog Homes Ltd, in 2012 and paid Rs 82.95 lakh out of the flat cost of Rs 89.41 lakh. The complaint said the developer had assured possession in 2016, but in 2017, unilaterally changed the possession date to July 31, 2022. The complaint also said that on the MahaRERA portal, the developer has mentioned that 40 floors are proposed, 28 are completed, but the Commencement Certificate is only till 27th floor; therefore, the Agarwals want to withdraw from the project and seek refund of their investment with interest.

Source: Mumbai Mirror, Friday 6 September 2019

Make the right living choice

Before making the big buying decision, home-seekers should consider where they want to be a part of a township or buy their dream in a standalone building. Both offer different living styles to different buyer segments. Both have their share of rewards and drawbacks and each surpasses the other in various parameters.

The standalone story: Most city-centric properties are standalone projects. So, if buyers are keen on sticking to the city limits for their dream home, then they have to contend with a standalone building. Of course the maintenance and amenities that come with such projects is also higher due to the superior quality of services. In case of resale, a well maintained house with good elite amenities may get a premium over a bulky and congested development.

Source: Mid-Day, Friday 6 September 2019

No GST if maintenance paid to hsg soc is less than Rs 7,500 every month

The GST exemption on maintenance charges paid to a housing society by a member is available only if it doesn’t exceed Rs 7,500 per month, the Authority for Advance Rulings (Tamil Nadu) has ruled. If the charges exceed the sum, the entire amount is taxable. In its order, the AAR bench provides a numerical illustration. If the maintenance charges are Rs 9,000 per month per member, GST shall be payable on the entire amount of Rs 9,000 at the rate of 18%. It shall not be payable on the differential of Rs 1,500 (Rs 9,000 minus Rs 7,500). The ruling has been recently made public and is in sync with a clarification issued (after the order) by the finance ministry on July 22.

Source: The Times of India, Tuesday 10 September 2019

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