Gift City Paramount of grade residential options

Real-estate Bill the land acquisition disputes in NOIDA and Greater NOIDA are yet to subside, confirming the need for establishing a real-estate regulator. Specialized regulation of the sector would boost planned development and both domestic and foreign investment to meet the demand for housing the much-awaited Real-estate Regulation and Development Bill, 20131, covers a wide range of aspects viz. obligations of promoter’s vis-à-vis project disclosures, execution, setting up of regulatory mechanism, dispute resolution mechanism between promoters and allotters and allotters inter-se. With definitions of terms such as 'carpet area common areas etc, the Bill seeks to standardize finest practices in construction sector. Gift City Ahmedabad added that the state government has addressed almost all the issues of the developers related to real-estate sector and at the same time the state government has taken various initiatives to ease down the registration process the Real-estate Regulation and Development Bill is framed with aim to protect the interest of consumers, promote fair play in real-estate transactions and to ensure timely execution of projects the Bill provides a uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real-estate sector.

Before I proceed to understand the taxability of the transactions and in order to appreciate and understand the issues raised the following judgments are relevant: The agreement provided that K. Raheja Development Corporation, as developer on its own behalf and as developer of such person, would construct the flats as a unit, ultimately to belong to such person. Gift City Development Corporation was constructing the unit for and on behalf of the person who had agreed to purchase the flats. Article 17 provided that the vessel would be at the risk and expense of the builder until handed over and accepted by the owner and the builder had to keep insured at its own cost for all builders’ risks. Any insurance moneys recovered on damage being sustained were to be applied for the reinstatement of the vessel. If any insurance money was received on destruction of the vessel or total or constructive total damage, the builder was to refund to the owners the monies paid by them.

The question was whether the transaction was a sale or only a works contract for the purpose of sales tax under the Andhra Pradesh General Sales Tax Act, 1957. The High Court held that the transaction was a sale. On appeal to the Supreme Court emphasis supplied: However, the story of rental values has not been the same with the commercial property and interestingly the demand for rental commercial properties has shown an upward trend. Analysts point out that it is as well as indicative of the fact that even the capital value of the commercial property in the major markets has shown better appreciation than the housing segment in the last few quarters. That nevertheless has been only one of the indicators to reflect why and how commercial rentals have shown better appreciation than the residential property. This is what is actually needed for the growth of the retail and housing segment in general and in effect in its rental demand in particular. Hence, any upward movement of rental values in any of the segment of real-estate is quite encouraging for the Gujarat property market.