Chhattisgarh Developers to Follow CREDAI Transparency

CREDAI is coming up with new system for Real estate developers in Chhattisgarh. They will have to follow way to ensure transparency in the dealings of the sector. “The sector has been under the scanner of customer and the real estate developers across the country are on one operation, that is ‘transparency’ and hope to achieve it through the code of way initiated,” National President Lalit Jatin of CREDAI said.

The members in the state were prompt and had signed the declaration to follow the new rule drafted by the apex body of the real estate developers. The state will also have a consumer redressal forum managed by the Confederation. Under this new system, it would be compulsory for the developers to mention the actual usage area to buyers, reimbursement in case of project delay and honouring of the agreement between the two parties, said Anand Singhania, president of Chhattisgarh Chapter of CREDAI.

Moreover, there should be a true revelation of the property under development in the
“Title Certificate” from a solicitor or an Advocate showing the rights and obligations of the developers along with the Agreement for sale. All sanction from the sanctioning authorities like approved plans and starting certificates, should be made available for scrutiny of the purchaser at the time of signing the agreement.

The members will have to follow set of rules laid down by the national body. “If any member defy them, would be removed from the Association,” Jain said, also added that they would appeal people not to buy any property from the developer
who was not a member of CREDAI.

Sunil Mantri Group Announces The Square

The textile capital of India Sholapur has a reason to rejoice. Sunil Mantri Group, a leading real estate development company with pan-India presence in association with Kumar Yashraj Group, a leading Sholapur-based developer, has announced its new project “The Square” with an aim to set new bench marks in the western zone.

Week 04 - Lomond Shores - 0075 HDR
Photo by Alan Caldwell
The project will incorporate top of the line amenities, security and design aspects and is the first of its type in Sholapur that will encompass residential, commercial and retail real estate segments creating a unique neighborhood in the center of the city where residents of the city can relax, shop, and enjoy fine dining in a modern setting. The Square will be spread across 27,000 sq. meters.

The Square, a juxtaposition of Residential & Retail, constitutes  flats of 2 , 2.5 and 3 bedroom configuration and more than 180 shops, a major anchor retail outlet, and a hyper mart on a total area of 2,81,000 sq feet. Situated on the main road, it gives easy accessibility, luring consumers to the premises. The Square also introduces a modern food court with fine dine facilities and a shopping arcade for a totally relaxing environment to chill out in.

Mr. Sunil Mantri, Chairman, Sunil Mantri Group said on the occasion, “Tier II and Tier III cities in India have tremendous potential. We see great opportunity in smaller cities and we are confident about the success of our Sholapur project. At The Square, we look forward to making available premium lifestyle offerings in southern Maharashtra. Our experience has lead to a greater understanding of the demands of ultra-modern living and we are committed towards creating landmarks of exemplary design, comfort and quality that benchmark the highest standards of urban living.”

The plush arrangements for the club house and modern gymnasium, box cricket, children’s play area, swimming pool and landscape grounds studded across The Square creates a self-contained world of extravagance and indulgence for all its residents and offers them all the amenities and facilities of modern living within its premises.

The Square promises to be a combination wherein nature and urban living co-exist with modern and premium amenities in the center of the city.

Memorandum to Govt. from CREDAI to Take Off Service Tax

Ministère des Finances QuébecApril 14, 2010

A memorandum has been submitted to the Finance Ministry concerned with the appeal for removal of service tax on housing complexes under construction by CREDAI, Confederation of Real Estate Developers’ Associations of India which is a real estate industry body.

The Chairman of CREDAI, Kumar Gera stated that they have put forth their concerns and suggestions and also discussed the probable impact of the provisions with the Ministry. An understanding of the problem and required corrective steps will be taken is a hope from the government. The list of recommendations was built in consultations with KPMG, its knowledge partner and was submitted to Y G Parande, a Finance Ministry Member (Budget).

According to Gera, the money collected through the imposition of service tax on real estate development will not be big enough; rather it would majorly lead an overall negative sentiment and a net loss of revenue.

In budget 2010, it was announced by Mr. Pranab Mukherjee, the Finance Minister that a tax would be imposed on the housing complexes under construction but later it was clarified by the officials that service tax would be imposed on 33 per cent of total selling price. This was interpreted by the real estate players as a 3.5% price escalation for the buyers.

According to CREDAI, it was an impractical proposal to levy service tax on construction of complex since would lead to government giving preference to the secondary market of completed projects.