Date – January 22, 2019 Issue no – 201902

TABLE OF CONTENT • CREDAI YouthCon2019

• CREDAI Events

• Installation of CREDAI New Chapter

in Telangana

• CREDAI at Industry Forefront

• Meetings Update

• Real Estate Industry Updates

• CREDAI Makes News

• Industry News

• CREDAI at Glance

• CREDAI’s Govt. Interface

• CREDAI E-library

CONTACT US For events/PR/Sponsorship queries – Ms. Meenakshi Chopra, PR & Communications Manager |E: meenakshi@credai.org | Landline: 011-42136200 Follow us on www.credai.org or

CREDAI YouthCon 2019, Feb 13-14, 2019, Delhi

Register today to avail Early Bird Offer! ! -

https://credai.org/youthcon

For any other enquiry please contact the following:

Name Enquiry on Email Mobile

Mr. Vishesh Jaiswal Overall Enquiries vishesh@credai.org +91 9953683298

Ms. Sonam Gairola Registration sonamgairola29@gmail.com +91 9555943001

Ms. Balvinder Kaur Registration balvinder@credai.org +91 9873310839

CREDAI YouthCon 2019, Feb 13-14, 2019, Delhi

Be a part of the once in a Lifetime Event

Speakers at CREDAI YouthCon 2019

Hardeep Singh Puri, Union Minister of

State with Independent Charge in the

Ministry of Housing and Urban Affairs

Piyush Vedprakash Goyal, Minister of

Railways & Minister of Coal, Govt. of

India

CREDAI National Events Date Location

CREDAI YouthCon’19 Feb 2019

Talkatora Stadium, Delhi

CREDAI NATCON 2019 Aug 2019 Tel Aviv, Israel

CREDAI State Chapters Events Date Location

CREDAI Chennai FAIRPRO Feb 2019

Chennai http://www.credaichennai.in/index.php

Installation of CREDAI New Chapter in Telangana

CREDAI Telangana installed its new chapter in Siddipet on Jan 6, 2019

CREDAI at Industry Forefront

CREDAI at the Launch of Global Housing Technology Challenge India

Our Chairman, Shri. Getamber Anand addressed the audience at the launch of Global Housing Technology Challenge in New Delhi on Jan 14, 2019. Dignitaries from Ministry of Housing & Urban Affairs, PIB India along with urban planning experts from across the country & the world graced the occasion with their presence.

Meetings Update

Ministry of Housing Meeting Regarding Land Title Insurance

Meeting with - Ministry of Housing regarding land title insurance (LTI) CREDAI Representative - CREDAI VP, Shri. Manoj Gaur Following pointers were discussed-

1. Promoters are already getting construction ensured. No resistance, to LTI in principle. 2. Premium for LTI should be worked out considering the total value of all registered projects under RERA (and not the reinsurance costs as is being currently done). 3. There should be option to pay the premium annually instead of the entire premium being paid in advance. 5. Notification by State Governments is a precondition for promoters to buy LTI under Section 16 of RERA. 6. LTI should take into account when land is being bought from State Government and Development Authorities.

CREDAI MAKES NEWS!

1. REITs may help generate 14% return annually to investors: Anarock. Read more at:

https://economictimes.indiatimes.com/industry/services/property-/-cstruction/reits-may-help-generate-14-return-

annually-to-investors-anarock/articleshow/67526986.cms

2. Unsold residential inventory hits two-year low on ready properties’ sales traction. Read more at:

https://realty.economictimes.indiatimes.com/news/residential/unsold-residential-inventory-hits-two-year-low-on-

ready-properties-sales-traction/67536963

3. Mumbai: MahaRERA flat buyers want to withdraw investments; chief says no. Read more at: https://www.mid-

day.com/articles/whose-side-is-maharera-on/20248197

4. Stamp duty cannot be charged in retrospect on resale of old. Read more at:

http://timesofindia.indiatimes.com/articleshow/67186552.cms?utm_campaign=andapp&utm_medium=referral&utm_so

urce=native_share_tray&utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

5. GST collections drop to Rs 94,726 cr in December, lowest in three months. Read more at: https://www.business-

standard.com/article/economy-policy/gst-collections-drop-to-rs-94-726-cr-in-december-lowest-in-three-months-

119010200032_1.html

6. Govt forms committee for 'effective' implementation of real estate law RERA. Read more at:

https://economictimes.indiatimes.com/industry/services/property-/-cstruction/govt-forms-committee-for-effective-

implementation-of-real-estate-law-rera/articleshow/67326683.cms

Industry News

GST Council Forms Panel To Aid Real Estate Sector The Ministry of Finance on January 15, 2019 constituted a Group of Ministers (GoM) for boosting the Real Estate Sector under the GST regime. The panel will be headed by Gujarat Deputy Chief Minister Nitin Patel.

Maharashtra Finance Minister Sudhir Mungantiwar, Krishna Byre Gowda Karnataka Finance Minister, TM Thomas Isaac, Finance Minister of Kerala, Manpreet Singh Badal, Punjab Finance Minister, Rajesh Agarwal, Finance Minister of Uttar Pradesh and Mauvin Godinho, Minister of Panchayat, Goa will also be a part of the GoM, the finance ministry

The terms of reference of the panel include:

• Studying GST rates and problems the residential segment faces under the new indirect tax regime.

• Suggesting a scheme for the sector like the composition scheme—where taxpayers can pay a flat GST rate without the option of availing credit on inputs—for traders.

• Examining GST on transfer of development rights and development rights in a joint development agreement.

• Examining legality of inclusion or exclusion of land in composition scheme and suggest valuation mechanism. Currently, purchase or sale of land doesn’t attract GST.

32nd GST Council Meet held on Jan 10: Exemption Limit Increased to Rs 40 Lakh

1. Threshold limit increased to 40 Lakhs

2. Power to states

• Now states will be able to choose if they want to keep the GST exemption limit at Rs 20 lakh or Rs 40 lakh,

Jaitley said.

3. Composition limit increased to 1.5Cr from the present 1 cr

• The existing Composition Scheme turnover threshold raised to Rs 1.5 crore. Those who use the scheme from

April 1,2019

4. Quarterly payment and Annual Return

• Now Composition tax payers will pay tax quarterly, but file returns annually.

5. Composition scheme for services

• Those providing services or mixed supplies (goods and services) with a turnover up to Rs 50 lakhs will now be

entitled to avail composition scheme.

6. Rate for services under comp scheme @ 6%

• Compounding rate for services under composition scheme is fixed at 6 percent.

7. RealEstate

• A committee has been set up to consider real estate GST rates, a consensus is yet to be achieved, says FM Arun

Jaitley.

8 Calamity cess by Kerela @1%

• GST Council lets Kerala levy 1% cess for 2 years on intra-state sales: Finance Minister Aru Jaitely

Real Estate Industry Updates

CREDAI AT GLANCE

CREDAI-MCHI Women’s Wing organized a Health Camp for Construction workers at Kohinoor Group Majestic site, Kalyan on Jan 7, 2019. The purpose of this was to educate workers on healthy living & tobacco-free life.

CREDAI Vijayawada Property Show held on Jan 4, 2019. Hon'ble Speaker of Andhra Pradesh Assembly, Shri Kodela Siva Prasad Garu inaugurated the Show.

The assessment of the first batch of the Bar bender & Steel Fixer under the RPL-4 Scheme at Ashiana Anmol in Gurgaon, Haryana successfully held on Jan 8, 2019

REDAI Andhra Pradesh 22nd Management Committee Meeting at Vijayawada held on Jan 20, 2019

Sl. no Date Representatives Topic

1 22.1.2019 Manohar Parrikar, Goa Finance Minister, Goa Sadan, New Delhi CREDAI delegates: 1.Manoj Gaur 2. Pankaj Goel 3. Kushagara Ansal 4. Rajiv Wadhwa 5.Reginald J Sinclair

GST

2 22.1.2019 Shri Shivdas Meena, Additional Secretary, MOHUA, New Delhi CREDAI delegates: 1.Getamber Anand 2.Atul Kumar Rai 3.Rajiv Wadhwa 4.Reginald J Sinclair

RERA Provisions

3 21.1.2019 Shri Hardeep Singh Puri, Hon’ble Minister, MOHUA, New Delhi CREDAI delegates: 1.Getamber Anand 2.Atul Kumar Rai

Youthcon19 invite

CREDAI’s Govt. Interface Update, January 4-21, 2019

The assessment of “First batch of Assistant Painter and Decorator under the RPL-4 Scheme “ at Ashiana Anmol, Sohna (Gurgaon, Haryana) successfully held on January 8, 2019.

PMAY 2019 Awards

CREDAI Registration Status across India

3.Rajiv Wadhwa 4.Reginald J Sinclair

3 21.1.2019 Shri Hardeep Singh Puri, Hon’ble Minister, MOHUA, New Delhi CREDAI delegates: 1. Atul Kumar Rai 2. Rajiv Wadhwa

3. Reginald J Sinclair

Launch of Global Housing Technology Challenge-India

4 21.1.2019 Shri Durga Shanker Mishra, Secretary, Ministry of Housing and Urban Affairs, New Delhi

Request for registration of Development Authorities/ Housing Development Corporations and Industrial Development Corporation under RERA

5 14.1.2019 Shri Arun Jaitley, Hon’ble Finance Minister,

Government of India

Request for Meeting

6 14.1.2019 Shri Hardeep Singh Puri, Hon’ble Minister, MOHUA, New Delhi CREDAI delegates: 1. Getamber Anand

2. Reginald J Sinclair

Launch of Global Housing Technology Challenge-India

7 10.1.2019 Additional Secretary (Housing & AMRUT), MoHUA

CREDAI delegation:

1.Manoj Gaur

2. Atul Kumar Rai

3. Reginald J Sinclair

Land Title Insurance

8 7.1.2019 Shri C. K. Mishra, Secretary, Ministry of Environment,

Forests and Climate Change, New Delhi

Exemption of Corporate Environment responsibility (CER) for Real Estate Projects

9 7.1.2019 Shri Yogendra Garg

Additional Director General, Directorate General of

GST, New Delhi

CREDAI delegates:

1.Getamber Anand

2.Pankaj Goel

3.Sushant Gupta

CREDAI’s submission on GST

Date Section Sub-section Document Title Link

2/1/2019

Home Loan

Home loans and

guidelines

Extension Class for MIG https://knimbus.s3.amazonaws.com/org_ab15180f-

4cce-4e43-bbb5-f3e159ba0f98/a153e1cc-805c-4eb4-bae2-08070073233f/ExtensionCLSSforMIG3.pdf

2/1/2019

RERA State Rules (UP RERA)

UP Rera : Web based services of Enquiry, Complains and suggestion

https://knimbus.s3.amazonaws.com/org_ab15180f-4cce-4e43-bbb5-f3e159ba0f98/00e1c85d-08a3-499e-90c2-e9e9ea2f8d76/officeorder-conciliationforum.pdf

2/1/2019

RERA State Rules (UP RERA)

Standered Operatiing Procedure for Decantation of complains in UP RERA

https://knimbus.s3.amazonaws.com/org_ab15180f-4cce-4e43-bbb5-f3e159ba0f98/00e1c85d-08a3-499e-90c2-e9e9ea2f8d76/UpReraSOP.pdf

2/1/2019

RERA State Rules (BIHAR)

Registration of Ongoing Real Estate Projects with Authority

https://knimbus.s3.amazonaws.com/org_ab15180f-4cce-4e43-bbb5-f3e159ba0f98/00e1c85d-08a3-499e-90c2-e9e9ea2f8d76/PublicNotice1.pdf

CREDAI E-Library

4/1/2019 GST IGT IGST Export Refunds–resolution of errors– reg.

https://knimbus.s3.amazonaws.com/org_ab15180f-4cce-4e43-bbb5-f3e159ba0f98/da739c1b-c682-4978-94f4-a8598f18a053/Circular-01-2019-Customs.pdf

4/1/2019

Statistic and Data

NHB-Residex

HPI@Assessment Prices

https://knimbus.s3.amazonaws.com/org_ab15180f-4cce-4e43-bbb5-f3e159ba0f98/2794a74f-6d4f-11e7-9035-0200cd936607/HPIAssessmentPrices_Index.pdf

4/1/2019

Statistic and Data

NHB-Residex

HPI@Carpet Area Prices (Rs.Per Sq. Ft.)

https://knimbus.s3.amazonaws.com/org_ab15180f-4cce-4e43-bbb5-f3e159ba0f98/2794a74f-6d4f-11e7-9035-0200cd936607/HPIAssessmentPrices_Prices.pdf

4/1/2019

Statistic and Data

NHB-Residex

HPI@Market Prices for Under Construction Properties

https://knimbus.s3.amazonaws.com/org_ab15180f-4cce-4e43-bbb5-f3e159ba0f98/2794a74f-6d4f-11e7-9035-0200cd936607/HPIMarketPricesforUCP_Index.pdf

4/1/2019

Statistic and Data

NHB-Residex

HPI@Market Prices for Under Construction Properties : Carpet Area Prices (Rs.Per Sq. Ft.)

https://knimbus.s3.amazonaws.com/org_ab15180f-4cce-4e43-bbb5-f3e159ba0f98/b6cf3ed3-d5af-462d-9101-154f67bdf613/100SmartCitiesSelectedin4Rounds.pdf

7/1/2019 Registration

Rate and Stamp Duties

State Act on Stamp Duty

REDUCTION OF STAMP DUTY AND EXEMPTION

https://knimbus.s3.amazonaws.com/org_ab15180f-4cce-4e43-bbb5-f3e159ba0f98/2794934a-6d4f-11e7-9035-0200cd936607/StamDutyreduction.pdf

7/1/2019

RERA

State Rules / Madhya Pradesh

Late fee on delayed filing of Quarterly details & fee for Extension of time for completion of Project

https://knimbus.s3.amazonaws.com/org_ab15180f-4cce-4e43-bbb5-f3e159ba0f98/00e1c85d-08a3-499e-90c2-e9e9ea2f8d76/350065034352.pdf

7/1/2019

Landmark Judgments

MahaRera orders AMi Estatest LLP to refund Rs 1.94 crores for two flats with interest @ 10.7 % alongwith Rs. 40k costs to father daughter duo.

https://knimbus.s3.amazonaws.com/org_ab15180f-4cce-4e43-bbb5-f3e159ba0f98/dca591d6-5168-4752-a2a316f4e53f163/MahaReraordersAMiEstatestLLPtorefundRs1.94croresfortwoflatswithinterest10.7alongwithRs.40kcoststofatherdaughterduo..pdf

7/1/2019

Housing Policies

National housing policies

Clarifications Regarding House Building Advance

https://knimbus.s3.amazonaws.com/org_ab15180f-4cce-4e43-bbb5-f3e159ba0f98/3ddc5497-c6c5-4fb0-84bc-e669fee6c74a/5b6187ae3f717Scan_0001.pdf

7/1/2019

GST

CGST Central Goods and Services Tax (Amendment) Act, 2018-Clarification regarding section 140(1) of the CGST Act, 2017-reg.

https://knimbus.s3.amazonaws.com/org_ab15180f-4cce-4e43-bbb5-f3e159ba0f98/da739c1b-c682-4978-94f4-a8598f18a053/circular-cgst-87.pdf

15/1/2019

Affordable Housing

PMAY

Amendments in guidelines of PMAY (Urban) Mission

https://knimbus.s3.amazonaws.com/org_ab15180f-4cce-4e43-bbb5-f3e159ba0f98/9578e183-8a44-40e9-8f36-cde0c048a84d/Amendments_clss1.pdf