By SRELJ Bureau
The builders will now have to bear marketing and brokerage expenses following the sale of apartments. According to circular passed by the housing department on June 6, 2019, “The development cost or cost of construction of the project shall not include marketing and brokerage expenses. Such expenses should not be borne from the amount which is required to be deposited in a separate account.”
R. K. Dhanawade, Deputy Secretary to Government had passed the circular which said, “In case the transaction being executed by this agreement between the promoter and the allottee is facilitated by a Registered Real Estate Agent, all amounts (including taxes) agreed as payable remuneration, fees, charges for services, commission, brokerage to the said Registered Real Estate Agent, shall be paid by the Promoter, allottee or both, as the case may be, in accordance with the agreed terms of payment.”
The builder for the conveyance of title, by the promoter, to the legal entity of allottees in case of single building project shall execute the conveyance of title within three months from the date of issue of occupancy certificate, it said.
In the case of a building or a wing of a building in a Layout, the builder will have to execute the conveyance of the structure of that building or wing of that building (excluding basements and podiums) within three months from the date of issue of occupancy certificate and execute the conveyance of the entire undivided or inseparable land underneath all buildings jointly.
As of now, there are over 21,200 builders and 20,300 brokers registered with Maharashtra Real Estate Regulatory Authority (Maha RERA). There are 50,000 real estate brokers registered in India and 50% are in Maharashtra.
By SRELJ Bureau
The builders will now have to bear marketing and brokerage expenses following the sale of apartments. According to circular passed by the housing department on June 6, 2019, “The development cost or cost of construction of the project shall not include marketing and brokerage expenses. Such expenses should not be borne from the amount which is required to be deposited in a separate account.”
R. K. Dhanawade, Deputy Secretary to Government had passed the circular which said, “In case the transaction being executed by this agreement between the promoter and the allottee is facilitated by a Registered Real Estate Agent, all amounts (including taxes) agreed as payable remuneration, fees, charges for services, commission, brokerage to the said Registered Real Estate Agent, shall be paid by the Promoter, allottee or both, as the case may be, in accordance with the agreed terms of payment.”
The builder for the conveyance of title, by the promoter, to the legal entity of allottees in case of single building project shall execute the conveyance of title within three months from the date of issue of occupancy certificate, it said.
In the case of a building or a wing of a building in a Layout, the builder will have to execute the conveyance of the structure of that building or wing of that building (excluding basements and podiums) within three months from the date of issue of occupancy certificate and execute the conveyance of the entire undivided or inseparable land underneath all buildings jointly.
As of now, there are over 21,200 builders and 20,300 brokers registered with Maharashtra Real Estate Regulatory Authority (Maha RERA). There are 50,000 real estate brokers registered in India and 50% are in Maharashtra.