Amrapali Residents Can Now Get Water, Power Lines, All Amenities

Amrapali Residents Can Now Get Water, Power Lines, All Amenities

Residents of Amrapali projects like Sapphire, Silicon City, Zodiac, and Leisure Park, who have moved into their new homes were struggling with basic amenities like power and water connections, fire safety and functional lifts for several years. But now these problems are planned to be fixed and a fresh tripartite agreement to be signed between the Noida or Greater Noida authorities, NBCC and the homebuyer.

This agreement will allow the completion certificates to be issued, which would, in turn, pave the way for all amenities to be provided to the societies. The societies where construction has otherwise been completed should get completion certificates from the Noida and Greater Noida authorities within a month.

Earlier this week the public sector construction giant, NBCC, to complete Amrapali’s projects, the Supreme Court even ordered completion certificates to be issued irrespective of the dues that Amrapali owes to the Noida and Greater Noida authorities. The water and electricity departments have been asked to provide the necessary connections.

Around 7,000 residents in multiple Amrapali projects are at present living without completion certificates.

Amrapali has handed over keys and no-objection certificates to them after they cleared all their dues. Even though it did not fully complete the buildings, leaving gaps in amenities like water supply, sewage treatment, fire safety, and lifts. One of the conditions of the completion certificate is that all amenities in a project must be in place.

“According to the Supreme Court order, residents already in possession of their flats but without completion and occupation certificates would be given the completion certificates after NBCC fills the existing gaps. A tripartite agreement between buyers, the authorities and NBCC would then be made,” the advocate representing a section of buyers of Sapphire Phase I at the Supreme Court.

July 29, 2019 / by / in
Key Real Estate Expectations: Union Budget 2019-20

Real Estate industry of India, which is reeling under the pressure of financially crisis and slump in home buyer’s confidence, is expecting the union budget 2019, to be presented on 5th July 2019, to give much drive to the slow moving sector.

In its last union budget of the 1st term, the ministry had provided some inducement to address the stress on both demand as well as supply side. But the real estate industry expected a lot more is needed to take the sector out of the clutched to the slump it has been in the last few years. So here are few of the key expectations of the industry from the upcoming (Presented on 5th July 2019) union budget

Some Important Expectations of the Industry are:

  • No cap for residential property: the limit set-out for loss from residential property of 2 Lacs* should be closed at least for rented housing property
  • Reinstall ITC (Input Tax Credit) and extending it to the commercial segment against Good Service Tax (GST) payable on rent of few projects or any other rental property
  • Affordable Housing Scheme: Further extension should be given for availing benefits falling under sector 80 IBA
  • Elimination of TAX on the unsold inventory
  • Elimination of Good Service Tax (GST) pay by the landowner in a JDAs (Joint Development Agreement)
  • Framing a National Rental Housing Policy in order to meet the target of Housing for all Indians

Overall, these measures would expectation, accelerate the pace of ongoing consolidation in the real estate sector and ultimately benefit the organised and compliant real estate developers.

July 1, 2019 / by / in ,