Tag Archives: Supertech

Supertech promises delivery of flats by July 2022

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The Supertech Group has assured its buyers of fast delivery of flats in Noida, Greater Noida and other cities after the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) warned it of action if they fail to do so, said officials on Monday.

“We have asked the Supertech Group to expedite the work so that the units can be delivered at the earliest, without a further delay, after the homebuyers filed complaints in the matter. Our motive of issuing instructions is to make sure that the homebuyers can deliver their respective flat as soon as possible… They have already suffered a lot. If the developer won’t expedite the work and deliver according to the schedule, we will have to take action against it,” said Balvinder Kumar, member of UP-Rera — a quasi-judicial expert body formed by the state government to address issues faced by the real estate sector and homebuyers.

Also Read – Supertech defends twin towers as legal; to file review petition against SC order

Reacting to the development, the chairman of Supertech Limited, RK Arora, said that it will deliver all incomplete units by July 2022, under its ‘mission completion programme’ to ensure that the homebuyers receive the units in time.

The realty sector is facing a major crisis as its Emerald Twin Towers project at Sector 93A is facing demolition, following orders from the Supreme Court.

It claimed that on Diwali, it has delivered nearly 800 units to its customers in different projects in Noida, Greater Noida and the Yamuna Expressway. And more than 200 units were delivered to the buyers in Meerut, Gurugram and Dehradun, among other cities.

“The real estate sector has been facing a slowdown and a financial crisis due to the impact of Covid-19 pandemic. But we are working day and night to ensure that the homebuyers receive their units without any hassle in the future. We will deliver all flats by July 2022. We have prepared a roadmap for the delivery so there’s no further delay,” said Arora.

Source – Hindustan Times

Understanding GST rules for different real estate assets – Supertech

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Are you planning to invest in real estate? Keep track of GST rates first and acquire an understanding of how it affects the taxes in the real estate sector. Mohit Arora Supertech company is present right here to cater to the requirements of investors like you at a nominal rate.

Goods and Services Tax or GST, which has been put into practice in the year 2017 has worried the greater part of citizens and sellers because of its consistent prerequisites. In the previous expense system, when property under development was bought, the buyer was exposed to the installment of Value Added Tax (VAT), administration charge, stamp obligation, and enrollment charges. Property bought after fulfillment was excluded from VAT and administration charges, and just stamp obligation and enlistment charges were payable. The real estate sector contributes around 7.8% to India’s Gross Domestic Product and it is the second-largest generator of employment opportunities after the IT sector. This assessment law has been established to tackle the difficulties or hardships confronted by the real estate sector. As per Supertech owners, GST has brought lucidity in the operation of the real estate industry, the predominant increase in price for the latest residential properties could be lesser than that for new commercial properties.

GST charges on affordable real estate property

The property cost for an affordable real estate property is Rs. 3500 per square ft. A GST of 1% will be imposed on the purchase.

GST Charges on a Luxury Real Estate Property

If we keep the updated rules and regulations in mind, the buyer of the luxury property will have the opportunity to save a handsome amount. The property cost per square ft. is Rs. 7,000. A GST of 5% will be implied.

GST Rates on different construction raw materials

There are two sorts of GST on property in the Indian market that are pertinent in the development business – charges on merchandise and expenses on administrations. As per Supertech reviews, duties on merchandise are the charges imposed on the acquirement of development material, and assessments on administrations are the expenses required on the help of development itself. Various rates are appropriate to various sorts of products and various kinds of administrations. These duties summarize to be an expansion to the cost of development for the proprietor. The complete responsibility of GST is determined by adding the State GST (SGST) and Focal GST (CGST) similarly. For Instance, GST 18% equals SGST 9% plus CGST 9%. This applies to each pace of GST.

GST charges on construction services

While land in India isn’t precisely dependent upon the GST system, certain exercises and administrations in the real estate sector are taxable under the new principles. Our Supertech company presents the following rates at which tasks in the developmental sector are burdened under the GST system:

> An under-developed home purchased under the PMAY Credit-linked Subsidy Scheme

(CLSS) : 8%

> An under-developed home purchased without the subsidy: 12%

> Works contract for lodging at a reasonable: 12%

GST Charges on maintenance of housing properties

Proprietors should disburse a GST rate of 18% on private property if they pay essentially a sum of Rs 7,500 in support expenses to their lodging society. Residents Welfare Associations (RWAs) that gather Rs 7,500 every month for each unit should likewise pay an 18% tax on the aggregate amount. For the GST to pertain, two characteristics should be met: every part should pay more than Rs 7,500 every month in upkeep charges, and the RWA’s yearly turnover should be prominently more than Rs 20 lakhs.

The public authority has additionally expressed that if the charges outperform Rs 7,500 every month for every member, the full aggregate is taxable.

Do you want advanced consultation from experienced investors before making a big move? Don’t hold back and get in touch in touch with R K Arora Supertech company for an elaborate discussion.

Supertech to file review petition against SC order; twin towers built as per law: chairman R.K. Arora

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Realty firm Supertech Ltd. on Saturday said it will file a review petition against the Supreme Court order to demolish the company’s twin 40-storey towers in Noida while asserting that the buildings were constructed as per the bye-laws with approval of the competent authority.

Last week, the apex court had ordered to demolish the twin 40-storey towers, which are part of the Supertech’s Emerald Court project in Noida, Uttar Pradesh.

“While we respect the Hon’ble Supreme Court order, we have decided to re-present the matter before the Hon’ble Supreme Court in a review application as the towers were constructed as per the approval of the competent authority conforming to the building bye-laws,” Supertech chairman R.K. Arora said.

He said in a statement that the Apex and Ceyane towers are not linked to or part of any ongoing project of the company.

Supertech group is developing 10 crore sq ft across its projects, while Apex and Ceyane towers only constitute a mere 6 lakh sq.ft which is 0.6% of the total portfolio, he added.

“While we have already refunded most of the customers in this project after the Hon’ble High Court, Allahabad decision passed in 2014 — we will further comply with the Hon’ble Supreme Court directions as per the order passed,” Mr. Arora said.

Supertech’s chairman exuded confidence that the order will not have any adverse impact on the company as every project has its own independent RERA Account and cost centre.

“Supertech is a financially stable and strong group. Work is going on at all our project sites as scheduled.

“We would like to reassure all our customers, bankers, vendors and other stake-holders that we will deliver all our projects in the scheduled time frame,” Mr. Arora said.

In its order, the Supreme Court directed that the entire amount of homebuyers be refunded with 12% interest from the time of the booking.

The Residents Welfare Association be paid ₹2 crore for the harassment caused due to the construction of the twin towers.

A Bench of Justices D.Y. Chandrachud and M.R. Shah had said that the April 11, 2014, verdict of the Allahabad High Court, which directed demolition of twin towers, does not deserve any interference.

The Bench had said the construction of Supertech’s twin 40-storey towers having 915 flats and shops was done in collusion with Noida authority and the High Court was correct in holding that view.

The apex court ordered that demolition exercise of the twin towers be carried out within three months under the supervision of Noida authority and an expert agency, and the cost of the entire exercise has to be borne by Supertech Ltd.

Source: Supertech to file review petition against SC order; twin towers built as per law: chairman R.K. Arora

Demolition order of two towers will not impact other projects, says developer Supertech

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Realty developer Supertech said that the company has decided to re-present the matter before the Supreme Court in a review application as the towers were constructed as per the approval of the competent authority conforming to the building byelaws.

Uttar Pradesh government has also formed a four-member committee to investigate the role of Noida authority in the construction of illegal towers at Supertech’s Emerald Court, which the Supreme Court has ordered to demolish.

Read more: Demolition order of two towers will not impact other projects, says developer Supertech

Supertech to file review petition against SC order; twin towers built as per law: Chairman R K Arora

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New Delhi, Sep 4 (PTI) Realty firm Supertech Ltd on Saturday said it will file a review petition against the Supreme Court order to demolish the company”s twin 40-storey towers in Noida while asserting that the buildings were constructed as per the bye-laws with approval of the competent authority.

Last week, the apex court had ordered to demolish the twin 40-storey towers, which are part of the Supertech”s Emerald Court project in Noida, Uttar Pradesh.

“While we respect the Hon”ble Supreme Court order, we have decided to re-present the matter before the Hon”ble Supreme Court in a review application as the towers were constructed as per the approval of the competent authority conforming to the Building bye-laws,” Supertech Chairman R K Arora said.

He said in a statement that the Apex and Ceyane towers are not linked to or part of any ongoing project of the company.

Supertech group is developing 10 crore sq ft across its projects, while Apex and Ceyane towers only constitute a mere 6 lakh sq.ft which is 0.6  per cent of the total portfolio, he added.

“While we have already refunded most of the customers in this project after the Hon”ble High Court, Allahabad decision passed in 2014 – we will further comply with the Hon”ble Supreme Court directions as per the order passed,” Arora said.

Supertech”s chairman exuded confidence that the order will not have any adverse impact on the company as every project has its own independent RERA Account and cost centre.

“Supertech is a financially stable and strong group. Work is going on at all our project sites as scheduled.

“We would like to reassure all our customers, bankers, vendors and other stake-holders that we will deliver all our projects in the scheduled time frame,” Arora said.

In its order, the Supreme Court directed that the entire amount of homebuyers be refunded with 12 per cent interest from the time of the booking.

The Residents Welfare Association be paid Rs 2 crore for the harassment caused due to the construction of the twin towers.

A bench of Justices D Y Chandrachud and M R Shah had  said that the April 11, 2014, verdict of the Allahabad High Court, which directed demolition of twin towers, does not deserve any interference.

The bench had said the construction of Supertech”s twin 40-storey towers having 915 flats and shops was done in collusion with NOIDA authority and the high court was correct in holding that view.

The apex court ordered that demolition exercise of the twin towers be carried out within three months under the supervision of NOIDA authority and an expert agency, and the cost of the entire exercise has to be borne by Supertech Ltd. PTI MJH HRS

Source: Supertech to file review petition against SC order; twin towers built as per law: Chairman R K Arora