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Legal Developments for Real Estate and Property for buyers and sellers- NRI - New Delhi, India
There has been a few legal developments and changes in the Real estate sector for buyers and sellers recently, some of them being mentioned here
(i) The builder / developer / owner / company would disclose in the pamphlets / brochures / advertisements etc., the name(s) of the entity to which the property is mortgaged.
(ii) The builder / developer / owner / company should indicate in the pamphlets / brochures, that they would provide ‘No Objection Certificate' / permission of the mortgagee entity for sale of flats / property, if required.
NBFCs vide the said notification have been advised to ensure compliance with the above stipulations and that the funds should not be released unless the builder / developer / owner /company fulfils the above requirements.
Ministry of Finance Provides Slight Tax Relief to Realtors
The Ministry of Finance (MoF) has introduced a partial rollback of a budget levy on realtors by announcing that the realtors would pay a 10 per cent service tax on 25 per cent of the value of the built property, including the cost of land, against the budget announcement of 10 per cent tax on 33 per cent of the value of the property. This relief has been provided by enhancing the rate of abatement from 67 per cent to 75 per cent of the gross value, where such value includes the value of the land constructed upon.
A service tax of 10 per cent had been levied on real estate complexes for the first time in this year's budget. The abatement (tax rebate) has been increased to 75 per cent from 67 per cent of the gross value of a property that includes land value.
Special Economic Zones
No Objection for Shifting of Units from one Special Economic Zone (SEZ) to another SEZ
As there are no specific provision under the SEZ Rules, 2006 for shifting of units from one SEZ to another SEZ and no rules prohibiting the shifting of the units, the GOI has in principle no objection for shifting of units from one SEZ to another SEZ. However, all proposals for shifting of units from one SEZ to another must be placed before the board of approval (constituted under the SEZ Act, 2005) for its consideration.
Consolidated Guidelines on Staff Management
The Department of Commerce (SEZ Section), Ministry of Commerce & Industry, GoI, has issued a circular providing consolidated instructions on staff management of GoI and Private SEZ which is applicable with effect from August 16, 2010.
For more information relating to real estates and property you may contact Global lawyers at : 9810153965
287, Block # 2
Delhi High Court
New Delhi, INDIA
CELL (0091) 9810153965
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