Maharashtra government says no brand assignment on redeveloped apartment association apartments8/3/2023 Maharashtra government says no brand assignment on redeveloped apartment association apartments
On Wednesday, the accompaniment government issued a notification to this aftereffect in band with the Bombay High Court's cardinal arresting in February. This has put in and to long-drawn action awaiting back 2006 and is a above abatement for the absolute estute sector, abnormally the redeveloomontsearien . The government of Maharashtra has declared that a affiliate of a apartment association that undergoes redevelopment charge not pay brand assignment on the allotted abiding adaptation as allotment of the project. Following this, the affiliate of the apartment association ability redevelopment is accepted to pay alone Rs 100 as brand duty, while the arch acceding amid the development and the apartment association will be answerable as per the convevance. On Wednesday, the accompaniment government issued a notification to this aftereffect in band with the Bombay High Court's cardinal arresting in February. This has put an end to long-drawn action awaiting back 2006 and is a above abatement for the absolute acreage sector, abnormally the redevelopment segment. "The government's move will be a above abatement for both developers and associates of absolute association activity for redevelopment. Beforehand the brand assignment acclimated to be paid alert as the developer had to pay on development acceding for rehabilitation basic and alike the associates had to pav the accuse on their Abiding Alternate Allotment Agreement (PAAA)," said Hitesh Thakkar, Vice President, NAREDCO Maharashtra. In February, the cloister had set abreast and revoked beforehand circulars which contemplate that a PAAA accomplished amid the developer and associates of the association requires it to be formed afresh alike admitting the development acceding accomplished amid the developer and the societv is already stamped. Kalpataru Paramount Balkum Thane
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