Real Estate Bill approved by Union Cabinet

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Real Estate (Regulation and Development) Bill, 2015, as reported by the Select Committee of Rajya Sabha. The Bill will now be taken up for consideration and passing by the Parliament.

The Real Estate (Regulation and Development) Bill is a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects.

The Bill provides uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector. It will boost domestic and foreign investment in the Real Estate sector and help achieve the objective of Government of India to provide ‘Housing for All’ by enhanced private participation.

The Bill ensures mandatory disclosure by promoters to the customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority. The Bill aims at restoring confidence of consumers in the real estate sector; by institutionalizing transparency and accountability in real estate and housing transactions which will further enable the sector to access capital and financial markets. The Bill will promote orderly growth through consequent efficient project execution, professionalism and standardization.

The salient features of the Bill are as under:

1. Applicable both for commercial and residential real estate projects.

2. Establishment of ‘Real Estate Regulatory Authority’ in States/UTs to regulate real estate transactions.

3. Registration of real estate projects and real estate agents with the Authority.

4. Mandatory disclosure of all registered projects, including details of the promoter, project, layout plan, land status, approvals, agreements along with details of real estate agents, contractors, architect, structural engineer etc.

5. Deposit of specified amount in a separate bank account to cover the construction cost of the project for timely completion of the project.

6. Establishment of fast track dispute resolution mechanisms for settlement of disputes through adjudicating officers and Appellate Tribunal.

7. Civil courts jurisdiction prohibited from taking up matters defined in Bill, however, consumer court allowed to hear real estate matters.

8. Promoters barred from changing plans and design without consent of consumers.

9. Provision of Appropriate Government to make rules for the matters specified in the Bill, and the Regulatory Authority to make necessary regulations.

-- CA Kasliwal Ambar

Complete Details for Sukanya Samriddhi Yojana

Complete Details for Sukanya Samriddhi Yojana

Sukanya Samriddhi Account Scheme is a small deposit scheme for girl child, as part of 'Beti Bachao, Beti Padhao’ campaign, which would fetch yearly interest rate of 9.1 per cent and provide income tax deduction Under section 80C of the Income Tax Act,1961.

Notification by government:

Sukanya Samriddhi Account Scheme is been notified by Ministry of Finance vide Notification No. G.S.R.863(E) Dated 02.12.2014. This Shceme become operational by notification of rules namely Sukanya Samriddhi Account Rules, 2014.

Terms to be known:

1.Depositor-

For this scheme Depositor is an individual who on behalf of a minor girlchild of whom he or she is the guardian and deposits amount in account opened under this scheme.

2.Guardian:

under this Scheme – In relation to a minor girl Child Guardian means
(i) either father or mother
(ii) where neither parent is alive or is incapable of acting, a person entitled under the law for the time being in force to have the care of the property of the minor.

1 for 1:

One Girl One Account means Depositor cannot open multiple or more than one account in the name of a Girl Child.

Maximum:

Natural or legal guardian of a girl child allowed to open one account each for two girl children

For third Girl:

Under this scheme natural or legal guardian of the girl child shall be allowed to open third account in the event of birth of twin girls as second birth or if the first birth itself results into three girl children,  production of a certificate to this effect from the competent medical authorities where the birth of such twin or triple girl children takes place.

Age limitation:

The account may be opened by the natural or legal guardian in the name of a girl child from the birth of the girl child till she attains the age of ten years and any girl child, who had attained the age of ten years, one year prior to the commencement of these rules shall also be eligible for opening of account under these rules. Scheme has been commenced from 02.12.2014.

Document required for Sukanya Samridhi Yojana :

1. Birth certificate of girl child.
2. Address proof.
3. Identity proof.

How to open the account :

Birth certificate of a girl child in whose name the account is opened shall be submitted by the guardian at the time of opening of the account in post office or bank along with other documents relating to identity and residence proof of the depositor. As of now, government owned banks are still in the process of completing formalities to open the Sukanya Samriddhi Yojana (SSY) Account, So you may visit any of the government banks for the purpose of opening the account ,like State Bank of India , Bank of Baroda, Punjab National Bank, Bank of India, Canara Bank, Andhra Bank, UCO Bank, Allahabad Bank, Corporation Bank

Interest Rate:

Rate of interest on Sukanya samridhi yojana has been increased to 9.2% for financial year 2015-16

Under this scheme Interest rate is not fixed and Government will declare on yearly basis the Interest on accounts opened under these rules. For the Financial Year 2014-15 Government has declared Interest Rate of 9.10%

Interest will be compounded yearly and will be credited to account till the account gets matured or withdraw from the date of opening.In case of account holder opting for monthly interest, the same shall be calculated on the balance in the account on completed thousands, in the balance which shall be paid to the account holder and the remaining amount in fraction of thousand will continue to earn interest at the prevailing rate.

Maximum and Minimum Deposit:

The account may be opened with an initial deposit of one thousand rupees and thereafter any amount in multiple of one hundred rupees may be deposited subject to the condition that a minimum of one thousand rupees shall be deposited in a financial year but the total money deposited in an account on a single occasion or on multiple occasions shall not exceed one lakh fifty thousand rupees in a financial year.

Minimum – Rs, 1000/- Per Year

Maximum- Rs. 1,50,000/- Per Year.

- CA Kasliwal Ambar