NCP Guidance Value as per BBMP


Guidance Value for Nitesh Caesar palace Apartment Registration

Guidance Value – JP Nagar

Guidance Value for Nitesh Caesar palace as on 31.01.2016 is Rs.4140/sq feet

Why…Dealy …When…Possession


20160130_131104Remedies Available for Buyers to Deal with Delay in Possession

Here are some remedies available to homebuyers for dealing with delay in possession:

1. Ask for Refund- A homebuyer can ask for a refund from his builder when there are excessive delays in completion of a housing project. As the buyer, you have the entitlement to ask for a refund from your builder.

2.File Case in Consumer Dispute Redressal Commission -If a property is being purchased by you exclusively for your personal use, you can even file a case in one of the 3 levels of the Consumer Dispute Redressal Commission based on the value of the property purchased. If the dispute occurs for a property whose value is more than 1 crore, then the case has to be filed in the National Commission located in New Delhi. For properties whose values are over 20 lakhs, the dispute needs to be resolved in front of the State Commission while for disputes related to properties below 20 lakhs, the case has to be filed in the district commission.

3.Special Provisions in Select States in India- Some states in our country enjoy special provisions for the benefit of their consumers. Maharashtra, for instance, has a provision whereby a remedy is available to you through the Section 8 of Maharashtra Ownership Flat Act of 1963. The section specifies that if a builder is not able to give proper justifications for the delay in possession or non-completion of the project, he’ll have to refund the amount, with interest, to the buyer.

4.Additional Provision- The ‘Domestic Building Contracts Act’ of 1995 lays down that the builder has to provide the following warranties:

(a) The builder should complete all the work on time.

(b) All construction work should be carried out as per the specifications and plans that have been specified in the contract.

(c) The builder should use and supply high-quality materials.

(d) The builder would endeavor to do the work with reasonable skill and care as per the legal process.

(e) The home should be apt for occupation when the work gets completed as per the builder.

5.Serve Legal Notice- Before taking any type of action against the builder, it is recommended that you serve them a legal notice and give them an opportunity to respond. The builder might take corrective actions to get the problems resolved, thus saving your valuable time and costs that are usually associated with visiting the court.

Buyers set for legal action over delays at Emaar’s Indian project

Frustrated property buyers in an Emaar-MGF development in the Indian city of Gurgaon are stepping up their action against the developers with a case set to be lodged in the consumer court.

frustrated with the ongoing delays, a group of 90 buyers, have formed a group to collectively get solid information as to when the properties will be delivered and to try and get adequate compensation.

They will take their case to the consumer court, where Metha said they hope to have their claim dealt with efficiently.“They take up a case pretty fast by Indian standards. Within three months you will get the first hearing and within 45 days the respondent has top respond,” Read Ahead

More news: Why is no one thinking about us, ask homebuyers

eTutorial – TDS on sale of property


Click here to download eTutorial – TDS on sale of property-HOW TO PAY TDS ON PURCHASE OF NEW PROPERTY

1% TDS rule on sale of property explained:The 1% TDS rule on sale of property was introduced in the 2013-14 Budget to put a check on underhanded property deals.

In effect since June 2013, the regulation mandates that on sale of property exceeding Rs. 50 lakhs in India, a tax of 1% has to be deducted on the total sale consideration before making the payment to the seller.

The buyer must then deposit this 1% TDS to the Government. PAN of both the buyer and seller must be compulsorily specified while filling out Form 26QB to ensure that sellers don’t avoid taxes on the capital gains they make.This rule does not apply on sale of agricultural land.

What is the procedure to deposit TDS?

  1. Calculate 1% TDS on the total sale consideration. For a property getting sold for Rs. 60 lakhs, the seller would receive Rs.59,40,000 after tax.
  2. Make the payment online on Form 26QB. A challan is generated. Note that this must be done within 7 days from the end of the month in which TDS is deducted.
  3. The payment is reflected on the seller’s Form 26AS under the head Part F within 7 days.
  4. The buyer is then required to furnish a TDS certificate called Form 16B to the seller. This can be downloaded from the TRACES website.
    -For this, register on the TRACES website with your PAN and challan number.
    -Click on “Application for request of Form 16B” from the header.

Read Ahead:TDS rule on sale of property

NCP-30 Jan Meeting Updates


30 Jan Meeting with NEL – Topic where #‎NiteshEstates  Need to revert back by 15 Feb 2016

  1. Revised Plan / Dates for Project completion and handover – Full, Final and Binding
  2. Project completion delay – Formal Communication, Penalty
  3. Occupancy Certificate (OC) – Partial OC by block as needed by law
  4. Power – BESCOM and Generator
  5. Maintenance Agreement – Maintenance Charges –Contatct review
  6. Water – Bore Well, Tankers, Cauvery water, Rainwater Harvesting, Solar Heating, STP, WTP

IMG-20160130-WA0015  ncp3433

IMG-20160130-WA0017IMG-20160130-WA0016

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Kindly share  by email, facebook more pictures and videos to stand united for delayed deliveries and unfulfillment on promises.

Email:ncpbassociation@gmail.com

Blog: https://ncpbassociation.wordpress.com

Facebook Group: https://www.facebook.com/groups/493665760779280/

Google Group:nitesh-caesars-palace-flat-owners@googlegroups.com 

 Join the association and share your flat details once only-Click Here

Meeting Invite 10 am. 30 Jan-NCP Buyers Association


Thanks for the overwhelming response and active participation in the initiative towards forming the “Nitesh Caesars Place Buyers Association” (NCPBA).
Buyers Voted for Association: 110+( till 29 jan 2016)
Meeting Time & Venue: 10:00 AM on 30th Jan 2016, at NCP Site
buyersassociation
All Buyers those in/around Bangalore are requested to please participate and contribute positively.NCPBA will be a formal united platform to be registered under Societies Act. NCPBAs overarching objective will be to “Protect the Rights of the NCP Buyers” by working collectively, constructively towards under legal consultation,
  • Two-way productive and regular communication with the builder.
  • Networking and adding more buyers to NCP BA
  • Final confirmation of dates for flats delivery -Expediting the completion and handover of flats
  • Delayed delivery compensation and penalty, which is legitimately due from NEL to NCP buyers
  • Time bound obtaining of Occupancy Certificate for NCP by NEL
  • Follow up on Completion of all promised amenities and facilities beyond individual apartments / blocks.
Agenda for the NCPBA meeting at 10:00 AM

Articulate the Objectives of NCPBA

Nomination of Office Bearers

Next Steps for NCPBA

Contributions are requested from Rs. 1000.00 per apartment (Cash) as member ship fees for NCPBA .The fund collected will be deposited in NCPBA Bank Account and utilized for expenses like Society Registration charges, Lawyer Consultation fees etc with fully transparent reporting of every expense.

“United we Stand” -NCP BA TeamBLOG

 Join the association and share your details one time only-Click Here

Facebook Group: https://www.facebook.com/groups/493665760779280/ fb

Click here on facebook logo to join NCP Buyers closed facebook group

Google Group:nitesh-caesars-palace-flat-owners@googlegroups.com 

Blog: https://ncpbassociation.wordpress.com

Email:ncpbassociation@gmail.com


Time to stand united and connect more and more NCP Flat owners 490+
NCP-Buyers Association Agenda Suggestion- fill it out in Google Forms.

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NCP-Buyers Association Agenda Suggestion- fill it out in Google Forms.

Buyers and flat owners of NCP ,must join the below forums to support and stand united 

Blog: https://ncpbassociation.wordpress.com

Facebook Group: https://www.facebook.com/groups/493665760779280/

Google Group:nitesh-caesars-palace-flat-owners@googlegroups.com 

Email:ncpbassociation@gmail.com

 Join the association and share your details one time only-Click Here

NCP Buyers Association Formation Meeting 30 Jan


Click here : Join the Meeting event :JAN 30 2016, 10 AM

Buyers of many under construction projects in the region form group to fight against the builder.While the group of buyers can put pressure on builder through means of constant meetings, emails and protests, it is equally significant to give it a legal standing by virtue of which the group may fight the case as a registered entity.Also, this would enable core members of the group to get contribution from group members/buyers in a traceable manner with complete book keeping.
Hence, it becomes imperative for such a group to register the buyer’s association under Societies Registration Act of 1860 .

Below is the process to form registered association of buyers:

  • At least 7 buyers with local (where property is located) address proof.
  • At least 1 buyer with local (where property is located) permanent address proof.
  • Elect/choose the office bearers – President, Vice President, Treasurer, General Secretary, Secretary among these 7 odd buyers and share the same when applying.

Post formation of the buyer’s society/association, you may open a bank account and apply for PAN card.Update model bye-laws if required and share the same with the members.Invite other group members for joining society/association after defining the minimum joining fees that shall be in form of cheque in favor of society account.After this, contribution can be collected legally as and when necessitated.Ensure that responsibilities are well communicated to the office bearers and the members.

You may also fight the case against builder legally in consumer and other jurisdiction courts as a registered association.

Note: This buyers association is different from RWA (Resident welfare association). The RWA can only be formed by people residing in the project after possession once a minimum timeframe post possession (of minimum percentage of total flats) has crossed.

Join the association and share your details one time only

Click here on facebook logo to join NCP Buyers closed facebook groupfb