Homebuyers

IBBI revises insolvency rules to support homebuyers in resolution process

The Insolvency and Bankruptcy Board of India has amended rules to allow distressed homebuyers to take possession of their properties while the resolution process is ongoing. The amendments, notified on February 3, and effective immediately, aim to enhance efficiency in insolvency proceedings, particularly for real estate projects, by introducing measures such as appointing facilitators, involving land authorities in the process, and ensuring better monitoring of resolution plans, according to an official release. The Insolvency and Bankruptcy Board of India (IBBI) has amended rules governing the corporate insolvency resolution process. One of the important changes empowers resolution professionals after obtaining approval of the Committee of Creditors and upon fulfilment of all obligations can now hand over possession of plots, apartments, or buildings to the homebuyers while the resolution process is still ongoing, the IBBI said. This move is expected to ease the long delays often

Homebuyer awarded Rs 2.26 cr for 10-year delay in flat possession

Haryana RERA's order in case underscores the legal obligations of real estate companies and homeowners' rights, say legal experts

Homebuyers' body urges govt action on misleading real estate advertisements

The Forum for People's Collective Efforts has urged the Ministry of Consumer Affairs to implement stricter guidelines and enforce penalties for non-compliance with advertisement guidelines

SC asks Greater Noida authority for proposal to resolve homebuyers' issues

Considering the plight of the hassled homebuyers, the Supreme Court on Tuesday asked the Greater Noida Industrial Development Authority (GNIDA) to submit a proposal for grievance redressal and imposed Rs 5 lakh cost on it for failing to file a timely response. A bench comprising Chief Justice Sanjiv Khanna and Justice Sanjay Kumar expressed dissatisfaction over the approach of GNIDA and said, "You are responsible for the mess. Of course, developers made money from the homebuyers. But that does not condone your acts. The bench said it may order a CBI probe into the whole "mess" if the GNIDA did not come up with a plan to redress the grievances of the homebuyers. "You come up with a plan in 10 days otherwise we will order a CBI investigation...You will have to ensure that interests of homebuyers are safeguarded. You are also part of the problem. You allowed this mess to be created, the CJI said. The bench suggested the GNIDA to take over the entire land, develop the projects and give

Insolvency law must protect homebuyers, avoid complex resolution process

A more effective solution would be to adopt the waterfall mechanism from the FSC framework, which prioritises the interests of customers over those of other claimants

Most urban Indians aspire to own homes, prefer home loans: Report

52 per cent of people prefer apartments, according to Business Standard-Knight Frank report

Tata Housing announces Independence Day offers to potential customers

Tata Housing Development Company on Wednesday announced Independence Day offers, including lower stamp duty and freebies, for potential customers in some of its projects across India in order to boost sales amid strong demand. In a statement, the company said it is providing exclusive Independence Day offers for its prestigious luxury projects in the South and West regions of India. "Tata Housing is leveraging this period of high demand to offer substantial financial benefits such as reduced stamp duty fees to make homeownership more attainable and rewarding for buyers during this festive season," the company said. In the Western region, Tata Housing's 'Serein' project in Thane is offering a substantial saving of up to Rs 19 lakh on stamp duty. At the same time, Tata Housing's 'Amantra' in Kalyan, is providing its homebuyers with savings of up to Rs 4 lakh on stamp duty for the first 25 units. Furthermore, Tata Value Homes, 'Sense 66' in Pune presents flexible payment plans. In t

Budget pinches homebuyers, earns praise of real estate developers

The Union Budget 2024-25 has left homebuyers disappointed, as it did not address concerns like high interest rates on home loans and the annual increase in stamp duty charges, while real estate developers lauded the Budget. Apartment Owners Associations in Noida and Greater Noida in the national capital region believe revoking indexation benefits in property deals will be a big setback for homebuyers. "This budget has left homebuyers disappointed, with no specific provisions or reliefs offered for them. Despite the high interest rates on home loans and the annual increase in stamp duty charges, the budget did not address these concerns," said Abhishek Kumar, president of Noida Extension Flat Owners Welfare Association (NEFOWA). Noida along with Greater Noida adjoining Delhi in the national capital region has thousands of distressed homebuyers and stuck housing projects. Rajiva Singh, president of Noida Federation of Apartment Owners Association (NOFAA) believed the budget revoking

Dispute with builder about parking space? Have a look at MahaRERA new order

It specifies the type, size, and place where parking is booked should be mentioned in the flat allotment letter

Jaypee Infratech's stalled Wish Town leaves homebuyers in the lurch

Homebuyer's appeal to be heard by NCLAT if the two bodies do not reach settlement by April 18

Relief to homebuyers: Allotted houses to stay out of liquidation, says IBBI

12 key changes to overall regulations introduced to ensure transparency

Tech continues to lead; diversification shapes demand in real estate sector

By the end of 2023, office leasing space is expected to cross 50 million sq ft according to CBRE's 2023 Real Estate Overview and Outlook

Tax sops, flexible payment plans influence prospective homebuyers: Survey

Tax incentives from central as well as state governments and flexible payment plans from builders will motivate prospective homebuyers to buy residential properties, according to a survey by Housing.com and Naredco. Proptech firm Housing.com and realtors' body Naredco on Thursday released their latest survey report titled "Residential Realty Consumer Sentiment Outlook H2 2023 - Trends and Insights". The online survey engaged over a thousand potential homebuyers. Tax incentives, such as stamp duty and GST waivers, along with flexible payment plans, are identified as the primary motivators for homebuying. They are also inclined towards additional perks offered by developers, the survey found. According to the survey, 48 per cent of respondents favour real estate investment, significantly outperforming other asset classes such as stocks, fixed deposits and gold. The data indicates that 18 per cent prefer the stock market, 19 per cent opt for fixed deposits, and 15 per cent choose ...

Most homebuyers feel hike in home loan rate will impact purchase: Survey

A significant percentage of prospective homebuyers feel that their purchase decisions will be impacted if interest rate on home loans rises further to cross 9.5 per cent, according to a survey by Anarock. Real estate consultant Anarock's online 'Consumer Sentiment Survey' with a sample size of 5,218, showed that the people would like to buy mid-range and premium homes. More respondents want to buy 3BHK flats. According to the survey, high inflation has impacted disposable incomes of over 66 per cent of respondents. "... Any further home loan rate hikes - particularly if interest rates breach 9.5 per cent - will have a 'high impact' on residential sales, according to 98 per cent survey respondents," Anarock said. The average home loan rate is 9.15 per cent currently, the consultant added. In the last one and half years, the mortgage rate has hardened by around 250 basis points, with the RBI raising the key policy rate to control inflation. Among other findings of the survey, Anaro

Conduct separate title searches on plot, apartment to avoid disputes

Not doing so can hurt buyer even years later, when he tries to sell the unit

Indians comprise largest share of homebuyers in Central Texas: Report

According to the report, Central Texas provides an alternative to expensive metropolitan areas like New York and San Francisco for Indian homebuyers.

Setback for realty developers as SC recalls order capping interest rate

With the recent order, the way has been unlocked for the government authorities to get the land dues worth Rs 40,000 crore from the defaulters which were pending for years

Future sentiment score hints a decline in housing market momentum in Q4

The Current sentiment score has declined marginally from 62 in the second quarter of 2022 to 61 in the third quarter of 2022.

Supertech twin tower: SC directs refund to 15 home buyers from deposit

The Supreme Court said on Friday 15 home buyers of the now razed twin-towers of real estate firm Supertech in Noida will be refunded on pro-rata basis from the Rs 1 crore deposited by the Interim Resolution Professional (IRP). A bench of Justices DY Chandrachud and Hima Kohli directed that Rs 1 crore more be deposited by the IRP by December 8 and be disbursed to the 15 home buyers. The top court listed the matter for December 13 for resumed hearing. The top court was hearing a batch of contempt petitions filed by home buyers seeking a refund as per the last year's order of court. On August 26, the top court had assured the home buyers of the razed 40-storey twin-towers they will be refunded the full amount they had deposited with the builder. The apex court had asked the IRP of the firm, facing insolvency proceedings, to deposit Rs 1 crore with the apex court registry. The twin-towers at Emerald Court Project in Sector 93A of Noida were pulled down using explosives on August 28.

Rising median loan rates lead to fall in affordability of homebuyers

A cumulative increase of 0.95 per cent in median home loan rate has impacted the purchase affordability and purchase decisions of homebuyers, according to the Affordability Index by Knight Frank