MP Builders

The Karnataka government has proposed a number of incentives for developers and buyers investing in green projects. These incentives would include a reduction in property tax and stamp duty for builders and buyers of green buildings in both residential and commercial segment. These incentives will be offered on the basis of the rating given to the green structure through agencies, including LEED, IGBC, GRIHA and EDGE. The government will also expedite the provision of environmental clearances for such structures.

Haryana’s Department of Town and Country Planning has cancelled licences of over 31 ongoing projects, both commercial and residential. According to the DTCP, it is yet to recover dues worth over Rs 200 crore as external development charges from these projects. Of the defaulting projects, 14 are in Gurgaon, five in Sonipat, three in Faridabad and three in Palwal. Meanwhile, the DTCP has also formed a three-member committee that will look into applications received under the Deen Dayal Jan Awas Yojana.

National Building Construction Company (NBCC) is now planning to buy insolvency-hit Jaypee Infratech, a move that would help the public company to acquire land parcels in tony localities, Taj Expressway and Japyee Hospitals. NBCC will be competing with other construction majors, including L&T, Suraksha Asset Restructuring Company, Kotak group and ICUBE, which have shown interest in buying Jaypee Infratech, the sister concern of Jaiprakash Associates Limited (JAL). This is the second time process is on to acquire the insolvency-hit realtor.

The National Board for Wildlife has restored the two per cent fee of the project cost it had earlier planned to levy on real estate developers constructing in such areas. The decision will impact at least 13 projects near the Sanjay Gandhi National Park and the Tungareshwar Sanctuary.

Selling an under-construction flat could be a completely different transaction when compared to that of selling a completed property. In such a transaction the builder is also party as the first buyer given that you have neither paid the full amount of the property, nor you are in possession of it. Here are certain legalities and financial aspects that you must know before making a move.