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Maharashtra RERA Issues Notices to 11,000 Lapsed Housing Projects

Tuesday 17th December 2024

Maharashtra's Real Estate Regulatory Authority (RERA) has issued notices to approximately 11,000 housing projects that have lapsed, instructing developers to either complete the projects or refund the homebuyers' money. These projects had been delayed or left incomplete beyond their original deadlines, leaving many consumers in limbo. RERA is taking a strict approach to enforce transparency and accountability in the real estate sector, especially given the large number of pending projects. Developers have been given a deadline to respond to the notices. If they fail to act, RERA may take legal action, including initiating refund procedures. The move aims to ensure that homebuyers are protected and that developers adhere to the timelines established under the RERA Act. This also highlights the growing efforts of RERA to tackle delays and uphold consumer rights in the state. ...

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Bihar RERA to Auction Confiscated Land of Defaulting Builder to Refund Homebuyers

Tuesday 10th December 2024

Bihar RERA plans to auction land confiscated from defaulting builders to reimburse affected homebuyers. This initiative aims to recover funds for buyers who have been impacted by stalled or incomplete real estate projects. It represents a proactive step towards enforcing accountability and ensuring justice for homebuyers in Bihar ...

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Himachal RERA Rejects Homebuyers Complaint on Structural Defects Filed 10 Years After Possession

Thursday 5th December 2024

The Himachal Pradesh Real Estate Regulatory Authority (RERA) recently dismissed a structural defect complaint filed by homebuyers over 10 years after they took possession of the property. The authority cited Section 14(3) of the RERA Act, 2016, which limits the defect liability period to five years from the date of possession. Under this provision, promoters are obligated to rectify structural defects reported within five years. Complaints lodged beyond this timeframe are generally not entertained?This decision underscores the importance of timely action by homebuyers to address any construction-related grievances. The five-year defect liability period ensures accountability while providing a clear timeframe for reporting and resolving issue ...

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Homebuyers, Centre Push Karnataka to Empower K-RERA with Recovery Powers

Thursday 5th December 2024

The Union Ministry of Housing and Urban Affairs has urged states, including Karnataka, to adopt a more robust recovery mechanism for the Real Estate Regulatory Authority (RERA), similar to the Gujarat model. This suggestion comes as recovery orders from the Karnataka RERA (K-RERA) have faced significant implementation challenges, leaving numerous homebuyers unable to secure compensation despite favorable rulings.As of now, over ?700 crore in recovery orders remain largely unfulfilled due to lack of enforcement powers for K-RERA. Homebuyers and the central government have been advocating for giving RERA direct authority to enforce these orders, bypassing the need to rely on the state revenue department, which often leads to delays. This has left many buyers in projects like Ozone Urbana in Bengaluru stranded, unable to claim refunds or possession of their homes despite years of legal battles? ...

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MahaRERA Recovers Over ?200 Crore from Developers to Compensate Homebuyers Across Maharashtra

Tuesday 3rd December 2024

MahaRERA has recovered over ?200 crore from developers to compensate homebuyers, issuing more than 1,100 warrants across Maharashtra. Key recoveries include ?46.47 crore in Mumbai city, ?76.33 crore in the suburbs, and ?39.10 crore in Pune. Retired officials have been appointed to expedite proceedings, reinforcing transparency and accountability in the real estate secto ...

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Haryana RERA Mandates Annual Report Submission from Real Estate Developers

Tuesday 3rd December 2024

Haryana RERA (Real Estate Regulatory Authority) has mandated that real estate developers and builders in the state submit annual reports on their projects. This directive aims to enhance transparency, accountability, and the overall monitoring of ongoing and completed developments. The reports will provide updates on project status, financials, and adherence to timelines. The move is expected to strengthen the regulatory framework and protect the interests of homebuyers in Haryana. ...

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Odisha RERA Lists Builders Owing Rs 6 Crore in Unpaid Fine

Monday 2nd December 2024

The Odisha Real Estate Regulatory Authority (RERA) has published a list of builders who have failed to pay fines totaling Rs 6 crore. These fines were imposed due to non-compliance with various regulatory requirements. The builders have been urged to settle the dues, and RERA is taking further steps to ensure enforcement. The penalties are related to violations such as delayed project completions and non-registration of projects under RERA. ...

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Maharashtra RERA Orders Spenta Enclave to Compensate Homebuyers for Delayed Project Delivery

Friday 29th November 2024

The Maharashtra RERA directed Spenta Enclave to pay interest to two homebuyers for delayed possession of flats in its Altavista project in Mumbai. Despite agreements promising possession by late 2018 and 2019, the builder failed to deliver, prompting the buyers to file complaints. The authority ruled under Section 18 of RERA, allowing interest compensation for delays, and recommended additional compensation for one buyer for mental agony. ...

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BAI Calls for Urgent Reforms to Streamline Tamil Nadu RERA Processes

Monday 25th November 2024

The Builders' Association of India (BAI) has urged for significant reforms in Tamil Nadu's Real Estate Regulatory Authority (RERA) processes, citing inefficiencies that are impeding the real estate sector. Key concerns include prolonged project approval times, lack of procedural clarity, and administrative delays. The BAI emphasized the need for a streamlined system to enhance transparency, improve operational efficiency, and foster a more conducive business environment for developers. The reforms are seen as critical to boosting confidence among stakeholders and accelerating growth in Tamil Nadu's real estate market. ...

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MahaRERA Receives Deregistration Requests for 19 Real Estate Projects Across Maharashtra

Monday 25th November 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has received applications from prominent developers, including Lodha Group, K Raheja Corp, Puranik, and Lokhandwala Infrastructure, seeking deregistration of 19 real estate projects across Maharashtra. These projects are located in cities such as Mumbai, Thane, Pune, Nashik, and Nagpur. The reasons cited for deregistration include financial difficulties, economic infeasibility, ongoing legal disputes, family disputes, and changes in government regulations restricting construction. MahaRERA has invited public objections to these applications within 30 days from the date of the list's issuance ...

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Bombay HC Orders Maharashtra Civic Bodies to Integrate Websites with RERA Portal

Wednesday 20th November 2024

The Bombay High Court has instructed all municipal corporations and councils in Maharashtra to link their websites with the Maharashtra RERA portal. This integration is intended to ensure better coordination, enhance transparency in the approval of real estate projects, and facilitate compliance with RERA rules. The court emphasized that this measure will help buyers access accurate project information and hold developers accountable. ...

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Telangana RERA Slaps 18 Lakh Penalty on Sterling Homes for Project Delays

Wednesday 20th November 2024

The Telangana Real Estate Regulatory Authority (RERA) has imposed an ?18 lakh penalty on Sterling Homes, a real estate developer, for project delays. This action stems from a complaint by a buyer who alleged that the developer failed to deliver the property on time, violating RERA regulations. The authority ruled in favor of the buyer, emphasizing the importance of adhering to agreed timelines and safeguarding consumer interests in the real estate sector. ...

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Buildox fined for collecting flat booking amount without Telangana RERA approval

Friday 15th November 2024

Buildox, a real estate firm, has been fined for collecting flat booking amounts without obtaining prior approval from the Telangana Real Estate Regulatory Authority (RERA). RERA regulations require developers to register their projects before accepting any payments from homebuyers. The fine serves as a reminder to developers about the importance of complying with RERA rules to ensure transparency and protect consumer interests in the real estate sector. ...

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Telangana RERA Orders Bhrigu Infra to Refund Rs. 20 Lakh

Thursday 14th November 2024

The Telangana Real Estate Regulatory Authority (RERA) has directed Bhrigu Infra, a real estate developer, to refund Rs. 20 lakh to a buyer who had paid for a plot that was not registered as promised. The buyer had entered into an agreement with the developer for the purchase of the plot, but the plot was not registered under RERA, which is mandatory for real estate transactions in the state. RERA found the developer in violation of the rules and ordered the refund of the amount paid along with interest.This decision underscores the importance of RERA registration for developers and offers protection to buyers against such defaults. ...

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Uttar Pradesh Government Seeks List of Builders Handing Over Flats Without Registries

Wednesday 13th November 2024

The Uttar Pradesh government has asked for a list of builders who are handing over flats to buyers without completing the mandatory property registration. This action aims to address concerns about builders bypassing the registration process, which leaves buyers without legal ownership of their properties. The move is part of efforts to protect homebuyers' rights, ensure transparency in property transactions, and hold builders accountable for adhering to legal requirements. ...

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Bhutani Infra acquires Logic City centre in Noida

Tuesday 12th November 2024

Bhutani Infra has acquired the Logix City Center Mall in Noida for around Rs. 1000 crore. Logix City Center is a significant mixed-use development, comprising retail, office, and entertainment spaces.This deal involves a large mixed-use property with retail, office, and entertainment spaces. The acquisition aligns with Bhutani Infra's strategy to expand its presence in the National Capital Region (NCR), and the company plans to rebrand and revamp the property to cater to evolving market demands. The deal highlights the ongoing growth and investment in the commercial real estate sector in NCR. ...

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Maharashtra RERA Mandates Broker Fee Disclosure in Property Sale Agreements

Saturday 9th November 2024

The Maharashtra Real Estate Regulatory Authority (RERA) has mandated that brokers' commission fees must be disclosed in property sale agreements. This new regulation requires real estate brokers to clearly mention their fees in the agreement, ensuring transparency in transactions. By making broker fees visible upfront, RERA aims to avoid disputes and hidden costs in property deals, benefiting both buyers and sellers. The rule seeks to promote greater accountability within the real estate sector and enhance the trust between all parties involved in a property transaction. ...

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Maharashtra RERA Puts Grading of Real Estate Projects on Hold

Saturday 9th November 2024

Maharashtra's Real Estate Regulatory Authority (RERA) has temporarily suspended its grading system for real estate projects. This system was designed to rate projects based on criteria such as legal compliance, project delivery timelines, and customer satisfaction. The decision to put the grading process on hold comes after concerns about the transparency and effectiveness of the system. RERA plans to review and refine the grading methodology before resuming the process. This suspension may impact the way homebuyers assess developers and projects in the state in the short term. This pause in grading is seen as a step towards ensuring more reliable and meaningful ratings in the future, addressing any issues that could affect the credibility of the system. ...

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Builder cant sell properties without basic amenities: Rajasthan HC

Wednesday 9th October 2024

The Rajasthan High Court raised concerns on Wednesday about the sale of plots and houses in privately developed colonies lacking essential services such as drainage, electricity, and water supply. The court directed the state government, development authorities, and urban bodies to ensure that no developer or builder can sell such properties without meeting construction regulations. ...

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Government issues new quality standards for construction materials

Wednesday 9th October 2024

On Friday, the government announced a new quality control order aimed at establishing rigorous quality standards for essential construction materials, including ropes, cordages, geotextiles, and industrial textiles. This initiative is expected to enhance construction worker safety and improve efficiency in construction processes. The new quality control orders (QCOs) will be implemented gradually, allowing Small and Medium-sized Enterprises (SMEs) more time to comply with the updated standards. ...

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Maharashtra government offers 1.33 FSI incentive for rental housing in Dharavi redevelopment

Wednesday 9th October 2024

Maharashtra Government Offers 1.33 FSI Incentive for Dharavi Redevelopment Rental Housing In light of ongoing litigation, the Maharashtra government has recognized that only 50 of the 246 acres of salt pan land will be available for rental housing for ineligible residents in Dharavi's redevelopment. As an alternative, the state is providing developers with an FSI incentive. On Friday, the state housing department issued a resolution allowing the Dharavi Redevelopment Project Private Ltd (DRPPL) to acquire land outside the Dharavi Notified Area (DNA) for rental housing. ...

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Gurugram: Homebuyers of Hero Homes protest against delayed possession of flats

Wednesday 9th October 2024

Hero Homes Homebuyers Protest Delayed Flat Possession Frustrated homebuyers from Hero Homes in Sector 104 gathered at the project site on Sunday to protest against the delayed possession of their flats. With banners and slogans, the buyers voiced their anger over the developer's lack of communication, claiming there have been no updates on the project's completion timeline. ...

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Bengaluru Development Body Enforces Mandatory e-Khata System for Properties

Monday 16th September 2024

Starting from September 13, the Bangalore Development Authority (BDA) requires all properties under its jurisdiction to transition to the e-khata system, replacing the old paper-based khata system. This move impacts over 2 lakh properties in Bengaluru under BDA's purview and aims to improve transparency in property dealings, making it easier to identify double registrations, financial irregularities, and other fraudulent activities. ...

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Gujarat RERA to Relax Quarterly Progress Report Requirements

Monday 16th September 2024

The Gujarat Real Estate Regulatory Authority (GujRERA) is planning to ease the rules for submitting quarterly progress reports (QPR) for real estate projects. The upcoming changes, expected soon, will remove the automatic quarter lock in case of delayed QPR submissions. Instead, developers will face a daily penalty for late submissions, aiming to improve compliance and ensure better transparency for homebuyers. ...

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Will engage with IRP of Jaiprakash Associates on cement asset acquisition: Dalmia Bharat

Saturday 8th June 2024

Dalmia Bharat announced on Friday that it will engage with the interim resolution professional (IRP) of Jaiprakash Associates Ltd (JAL) to discuss acquiring JAL's cement assets.   Source: ET Realty ...

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H-RERA inspects eight underconstruction projects in Gurugram to grant more time for completion

Saturday 8th June 2024

On Friday, the Real Estate Regulatory Authority (RERA) in Gurugram inspected eight under-construction real estate projects that are set to receive extensions for their completion and handover to buyers, an official reported.   Source: ET Realty ...

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Home loan borrowers may have repaid higher amounts

Saturday 1st June 2024

Mortgage disbursals are significantly outpacing the amount of outstanding home loans, signaling rapid industry growth and a marked increase in incomes. This trend has led end-users to prepay liabilities or reduce debt through lump-sum payments ahead of schedule.   Source: ET Realty ...

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Suraksha Group all set to take over Jaypee Infratech

Saturday 1st June 2024

The National Company Law Appellate Tribunal (NCLAT) recently approved Suraksha Group's resolution plan for Jaypee Infratech Limited (JIL). Suraksha Group is expected to take control of the debt-ridden company following a meeting scheduled for next week.   Source: ET Realty ...

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China may impose record fine on PwC over Evergrande auditing work

Friday 31st May 2024

China is set to levy a record fine on PricewaterhouseCoopers LLP and suspend some of the global auditor’s local operations due to its involvement in one of the country's largest alleged financial fraud cases, according to sources familiar with the matter. ...

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ED attaches assets worth over Rs 290 crore of International Amusement

Friday 31st May 2024

The Enforcement Directorate announced on Thursday that it has attached properties valued at over Rs 290 crore belonging to an amusement and recreation services company. This includes assets in the popular GIP Mall in Noida, as part of an ongoing money laundering investigation.   Source: ET Realty ...

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CPC, KITES plan merger to expand footprint in senior living & geriatric care

Wednesday 29th May 2024

Columbia Pacific Communities (CPC), a leading entity in senior living, is set to merge with KITES Senior Care, a geriatric care provider, aiming to expand nationwide to 10,000 senior living units and 2,000 geriatric care center beds outside hospitals within five years.   Source: ET Realty ...

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NCLAT upholds Adani Goodhomes bid with 93% haircut for Radius Estate

Wednesday 29th May 2024

The Insolvency Appellate Tribunal (NCLAT) has confirmed the approval of Adani Goodhomes' resolution plan for Radius Estate, which involves a 93 percent reduction in debt for creditors. A two-member panel, including the NCLAT Chairman, dismissed the objections from two dissenting financial creditors, citing the "commercial wisdom" of the Committee of Creditors (CoC) that approved the payouts to various creditors.   Source: ET Realty ...

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Transit rent paid by builder not income, cant be taxed: Bombay HC

Tuesday 28th May 2024

In a landmark ruling, the Bombay High Court has determined that transit rent, paid by developers to flat owners/tenants during dispossession, is not considered a revenue receipt and thus not taxable for the recipient. Consequently, developers are not required to deduct tax at source (TDS) from these payments.   Source: ET Realty ...

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Godrej & Boyce sells 58,500 sq ft office space in Mumbais Vikhroli to Godrej Industries

Tuesday 28th May 2024

Godrej & Boyce Manufacturing Company has sold an office space of nearly 58,500 sq ft, spread across two floors in one wing of the Godrej One commercial complex in Vikhroli, Mumbai, to Godrej Industries for Rs 157 crore.   Source: ET Realty ...

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Noida authority submits report on cancellation of two commercial plot allotments

Monday 27th May 2024

The Noida Authority has submitted a report to the Uttar Pradesh government regarding the cancellation of two commercial plot allotments due to alleged violations of terms and noncompetitive rates. On May 10, the state government revoked the allotments to Lavish Buildmart and Skyline Propcon, subsidiaries of the Gurgaon-based real estate company M3M, following a complaint about the ineligibility of the realtors.   Source: ET Realty ...

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Awfis Space Solutions IPO fully subscribed on Day 1

Thursday 23rd May 2024

On the first day of bidding, the initial public offering (IPO) of co-working space operator Awfis Space Solutions was subscribed twice over. The Rs 599 crore IPO received bids for 17,446,143 shares compared to the 8,629,670 shares available, according to data from the NSE. Sourcec: ET Realty ...

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L&T Realty inks pact for joint development of 12.2-acre land in Thane

Thursday 23rd May 2024

L&T Realty, the real estate division of engineering giant Larsen & Toubro, has signed an agreement to jointly develop a 12.2-acre land parcel in Thane’s Panchpakhadi area. This project, which involves the rehabilitation of a large slum area, has a total development potential of over 3.12 million square feet. Source: ET Realty ...

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Shriram Properties to jointly develop four-acre land in Yelahanka, Bengaluru

Wednesday 22nd May 2024

Shriram Properties (SPL) has entered into a joint development agreement (JDA) to develop a four-acre land parcel in Yelahanka, Bengaluru. The proposed project will include 270 apartments with a total saleable area of around 3.8 lakh sq ft. It has a potential revenue of over Rs 250 crore and is expected to be completed over the next three years.     Source: ET Realty ...

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Enforcement directorate attaches assets worth Rs 59-crore of IREO, others

Wednesday 22nd May 2024

The Enforcement Directorate (ED) announced on Tuesday that it has attached new assets worth approximately Rs 59 crore belonging to the real estate company IREO and others as part of a money laundering investigation. The agency has been investigating the company and its promoters for several years on allegations of defrauding home buyers by failing to deliver promised flats, plots, and commercial spaces.   Source: ET Realty ...

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Yamuna authority submits complaint against SDS Infracon for diverting Rs 182 crore

Tuesday 21st May 2024

Nearly six years after the Yamuna Authority filed a complaint against SDS Infracon for allegedly diverting Rs 182 crore of homebuyers’ money to other companies, the realty firm will face a reinvestigation following a recent Allahabad High Court order. The case had been closed by the police in 2020, but the closure report was challenged by the Authority.   Source: ET Realty ...

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Project loan provisions to impact earnings due to limited pass-through: Banks to RBI

Tuesday 21st May 2024

Due to intense competition among lenders and the pressure to maintain relationships with large corporate clients, banks will have only a 'limited ability' to pass on the effects of the proposed increase in project loan provisions. This was conveyed by officials from several large banks to the Reserve Bank of India (RBI) last week, according to sources familiar with the matter.  Source: ET Realty ...

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Haryana RERA imposes penalty on Countrywide Promoters for misleading advertisement

Monday 20th May 2024

The Gurugram bench of the Haryana Real Estate Regulatory Authority (HRERA) has fined Countrywide Promoters Private Limited Rs 50 lakh for publishing a misleading advertisement about its Green Oaks project in a newspaper. The authority issued a show cause notice to the promoter after noting the advertisement in an English daily on March 2, according to an official.   Source: ET Realty ...

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MAHARERA to make amenities deadlines disclosure mandatory

Wednesday 1st May 2024

MAHARERA on monday said that developers have to mentioned end dates by which the amenities will be available for use to the buyers.Prospective buyers are often lured by the vision of swimming pool, gym or a community centre, but agreement to sale remains silent regarding usage and specifications of the amenities.  "The proposed order now makes it mandatory to specify the exact date by which these amenities and facilities will be made available to the residents.  Details of amenities like swimming pools, badminton court, spa, gym , table tennis court , squash , basketball court etcwill have to be provided along with deadline.        ...

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DLF acquires 29 acres land in Gurugram for Rs 825 crore

Wednesday 28th February 2024

According to a BSE filing, DLF has entered into an agreement with Deutsche Investments India, DB International (Asia), Singapore, Standard Chartered Bank, Singapore Branch, and the company for the purchase of privately placed, listed, secured, nonconvertible, redeemable bonds with a face value of Rs 600 crore. The bond issuer has defaulted on repayment of the bonds, along with accrued interest. ...

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EaseMyTrip co-founder buys office space in Gurugram for Rs 99 crore

Wednesday 28th February 2024

Rikant Pittie, a co-founder of EaseMyTrip, paid Rs 99 crore for an office building in Gurgaon. The 65,000 square foot office building is located in sector 32, and Egis India is a tenant in part of the property. ...

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SC refuses bail to Radius Groups MD in Yes Bank money laundering case

Wednesday 28th February 2024

On Thursday, Sanjay Chhabria, a realtor, filed a plea with the Supreme Court challenging the Bombay High Court's decision to deny him default bail in the Yes Bank money laundering case. Judges Bela M. Trivedi and Pankaj Mithal's bench stated that the offense is grave and that the high court took all relevant factors into account. ...

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Bollywood writer, director Krishna DK buys duplex for Rs 35.50 crore in Mumbai

Wednesday 28th February 2024

Krishna Kuppuswami Dasarakothapalli, popularly known as Krishna DK, is a Bollywood writer, director, and producer. He paid more than Rs 35.50 crore for a lavish duplex flat in the Goregaon area of Mumbai.   Source: ET Realty ...

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Nisus-BCD Fund invests Rs 60 crore in Project High Cliff

Monday 26th February 2024

A real estate credit fund called Nisus Finance has contributed Rs 60 crore to High Cliff, a late-stage residential development in Bellandur, Bengaluru, through listed nonconvertible debentures. ...

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Registries to begin in Noida with 1,000 flats first to get green light

Monday 26th February 2024

After much anticipation, the city will launch its long-awaited registry of flats, with 1,084 buyers who have already taken possession of their properties receiving the initial go-ahead. ...

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Gurugram: One-time settlement scheme for EDC dues extended till March end

Monday 26th February 2024

The Haryana government on Wednesday gave builders until March 31 to fulfill their outstanding external development costs under a one-time settlement arrangement, the terms of which have also been modified. ...

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Insolvency & bankruptcy code doesnt give immunity to promoters, directors: SC

Monday 26th February 2024

The Supreme Court has ruled that promoters and directors of an insolvent firm are not entitled to the shield of protection under the Insolvency and Bankruptcy Code, and that proceedings may be brought against them. This decision is a relief to homebuyers, many of whom are left in the dark after real estate companies enter insolvency proceedings and a moratorium is imposed under the code. ...

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Ghaziabad: NGT directs Nipun Builders & Developers not to continue with its group housing project

Tuesday 20th February 2024

A relator in Ghaziabad has been instructed by the National Green Tribunal to halt their group housing project because it does not adhere to environmental standards. ...

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Seven builders in Noida agree to pay 25% dues as part of new policy to revive stuck projects

Tuesday 20th February 2024

In order to cover the cost of registering apartments for more than 1,000 customers, seven Noida developers have committed to pay 25% of the total amount owed to the authorities. ...

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Jamshyd Godrej resigns as nonexecutive director of Godrej Properties

Tuesday 20th February 2024

Godrej Properties, a real estate company, announced on Tuesday that Jamshyd Godrej, who was 75 years old, has stepped down as a non-executive director, effective January 24. The resignation is effective as of January 24. ...

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Kolte-Patil acquires two society redevelopment projects in Mumbai

Tuesday 20th February 2024

Two new society redevelopment projects worth a combined 3.06 lakh sq ft of saleable area have been signed by Kolte-Patil Developers in the western suburbs of Mumbai. This translates into a potential top-line of roughly Rs 545 crore. ...

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Sobha approves issuance of equity shares upto Rs 2,000 crore

Thursday 15th February 2024

The issuance of equity shares of Sobha for a sum not to exceed Rs 2,000 crore through a rights issue to the qualified equity shareholders of the firm has been evaluated and approved by the board of directors, according to a BSE filing. ...

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Gulshan Homz buys 2.5-acre land in Noida for Rs 150 crore

Thursday 15th February 2024

For Rs 150 crore, real estate developer Gulshan Homz bought a 2.5-acre plot of land from a bank in Sector 129, Noida, one of the most desirable real estate districts in the National Capital Region, according to two people with knowledge of the transaction. ...

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Keystone Realtors to redevelop two societies in Mumbai

Thursday 15th February 2024

The preferred developer to redevelop the plot and premises of Veena Nagar Cooperative Housing Society & Neel Kamal Ghruh Cooperative Housing Society on a combined land area of around 12,120 square meters in Malad (West), Mumbai, is Keystone Realtors (Rustomjee Group). ...

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Oberoi Realty net profit dips 48.74% in Q3 FY24

Thursday 15th February 2024

For the quarter that concluded on December 30, 2023, Oberoi Realty's net consolidated profit decreased by 48.74 percent. According to a BSE filing, the company's profit after tax for the third quarter of FY24 was Rs 360.15 crore, compared to Rs 702.57 crore for the same quarter in the previous fiscal year. ...

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DDA released Rs 460 crore to 2,300 bidders in recent and ongoing housing scheme in record time

Monday 12th February 2024

According to an official statement on Sunday, the Delhi Development Authority has released more than Rs 460 crore to over 2,300 bidders in record speed for its recent and current housing initiative.   ...

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Government seeks information on Gurugram civic body colony takeover for audit

Monday 12th February 2024

Nearly two years after the Department of Town and Country Planning (DTCP) mandated that nine approved colonies be turned over to MCG, the Haryana government's principal accountant general (audit) has requested information in order to conduct an inquiry. ...

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Centre to take final call on Maharashtra Registration Act amendment

Monday 12th February 2024

Registration department officials stated on Saturday that in order for sub-registrars in the state to decline registration of property documents that violate federal or state regulations, the central government would need to change the Registration Act, 1908. ...

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BNY Mellon inks lease deal for Pune office with Prestige Group

Monday 12th February 2024

The Prestige Group in Pune and global financial services company BNY Mellon have inked one of the largest release agreements in India, covering almost a million square feet, enabling the American financier to combine several offices located throughout the city into a single site. ...

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Noida authority own panel to inspect old buildings before safety audit

Friday 9th February 2024

A committee consisting of three DGM officials has been established by the Noida Authority to look into requests for structural evaluations of older units. After the builder or Apartment Owners Association (AOA) files a request to have the apartments audited, the committee will take over. ...

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Halan family buys apartments in South Mumbai Mahalaxmi for Rs 104 crore

Friday 9th February 2024

Investors in stocks For around Rs 104 crore, the Halan family purchased eight exquisite sea-view apartments totaling 16,000 square feet in the upscale Mahalaxmi neighborhood in south Mumbai. ...

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HC asks Supertech chairman to respond to EDs plea challenging interim bail

Friday 9th February 2024

The Enforcement Directorate (ED) filed a plea contesting a decision giving R K Arora, the chairman and promoter of the prominent real estate company Supertech Group, interim bail on medical grounds in connection with a money laundering case. The Delhi High Court on Friday requested Arora's answer to the motion. Arora was notified by Judge Manoj Kumar Ohri and requested to provide a response to the petition. ...

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Gurugram: Another Chintel Paradiso tower declared unsafe, evacuation ordered

Friday 9th February 2024

A district administration commission has deemed another Chintels Paradiso Society tower in Gurugram's Sector 109 dangerous, an official said on Friday. According to a study provided by an IIT Delhi team, Tower J became the sixth of the housing unit's eight towers to be deemed unfit for habitation on Friday. ...

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Edelweiss fund to provide Rs 350 crore debt to Adarsh Developers entity

Wednesday 7th February 2024

According to two persons with knowledge of the situation, Edelweiss Special Opportunities Fund gave Bengaluru-based real estate firm Shreshta Infra Projects Pvt Ltd a Rs 350 crore loan facility, in part to finish two projects and repay loans raised from Oaktree Capital. ...

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Lessor has to pay GST on rent if property is used for commercial purposes

Wednesday 7th February 2024

The Rajasthan bench of the Authority for Advance Rulings has ruled that if a lessee (who is registered for GST purposes) uses a residential property for commercial activities, then GST (Goods and Services Tax) is chargeable on the rent. ...

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Gurugram: Structural audit of 22 highrises held up as builders yet to pay fee

Wednesday 7th February 2024

Due to the developers' failure to pay the survey price, the structural assessment of 22 highrise societies that the district administration requested last year has been delayed for the last six months. The developers are now receiving notifications from the deputy commissioner informing them that if they continue to wait, they risk legal action. ...

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Give 64 acres in Mulund for rental homes for Dharavi squatters, Maharashtra tells BMC

Wednesday 7th February 2024

In order to build rental homes for Dharavi locals, the Dharavi Redevelopment Project Private Ltd (DRPPL) has requested an additional 18 acres of Mulund octroi property in addition to a 46-acre land block in Mulund. BMC owns both of the land lots. ...

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Now, pay stamp duty on carpet area for homes in West Bengal

Monday 5th February 2024

In compliance with the directives of the Real Estate Regulatory Authority (RERA), the state has modified the module for registering houses and apartments. Instead of being registered according to super built-up area, as was the case up until this week, houses and apartments in the state will henceforth be recorded according to carpet area. ...

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Table Space, Runwal ink 10-year, Rs 333-crore Mumbai office lease deal

Monday 5th February 2024

In the Andheri district of Mumbai, managed workspace provider Table Space and real estate developer Runwal have reached an agreement for the long-term lease of more than 1.31 lakh square feet of office space in the developer's commercial tower. The period of the lease is more than ten years. ...

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MahaRERA mandates single registration number for each standalone project

Monday 5th February 2024

To protect the interests of homeowners, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has enforced a single registration number for each standalone project. In response to instances when developers obtained two or more MahaRERA registration numbers for the same or different phases of a real estate project, the regulatory body has implemented this procedure. ...

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NCLAT set asides show cause notice against lenders over liquidation of SARE Realty Projects without bids

Monday 5th February 2024

On Wednesday, the National Company Law Appellate Tribunal (NCLAT) overturned an NCLT judgment that had issued a show cause notice and recommended SARE Realty Projects' liquidation without considering other options, such as finding a buyer. ...

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BIS comes out with model building regulation for seamless adoption across nation

Saturday 3rd February 2024

The 'model building regulations' that the Bureau of Indian Standards (BIS) announced on Tuesday are straightforward and easy to apply, which will facilitate their widespread acceptance throughout the nation. The National Building Code (NBC) 2016 and other current national and international building laws were studied in order to produce the model building regulation, Standardized Development and Building laws 2023. ...

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Palava City annual revenue may top Rs 8,000 crore in a few years: Lodha

Saturday 3rd February 2024

Real estate giant Lodha, listed as Macrotech Developers, anticipates that in the coming years, development of residential and commercial properties, including offices, a life sciences hub, warehousing, and industrial spaces, will lead to the scaling up of its integrated smart township Palava City, which is spread over nearly 5,000 acres near Mumbai, and generate revenues worth $1 billion, or over Rs 8,000 crore, annually. ...

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Delhi court grants 30-day interim bail to Supertech chairman

Saturday 3rd February 2024

In a money laundering case, R K Arora, the chairman and promoter of the prominent real estate company Supertech Group, was given temporary parole by a Delhi court on Tuesday for a period of one month due to medical reasons. The accused was given relief by Judge Devender Kumar Jangala in exchange for two sureties and a personal bond of Rs. 1 lakh each. ...

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Omaxe raises Rs 450 crore from Kotak Mahindra Bank

Saturday 3rd February 2024

The lending facility that Omaxe Group acquired from Varde Partners on behalf of Omaxe Heritage has been closed. The entire loan sum of Rs. 440 crore, including interest, has been reimbursed by the corporation. ...

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Ghaziabad: Supertech Estate developer builds 110 extra flats, GDA starts probe

Thursday 1st February 2024

The developer of Supertech Estate in Vaishali is the subject of an investigation by the Ghaziabad Development Authority (GDA) for reportedly chopping out 110 more apartments from larger units. Additionally, it was discovered that the developer had built apartments in a section of the original plan designated as a green belt. ...

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Dharavi residents to get 350 sq ft flats after redevelopment: Adani group

Thursday 1st February 2024

On Monday, the Adani group announced that it would provide new, 350 square foot apartments to qualified residents of the Dharavi slum clusters. According to the Adani group, which is working with the Maharashtra government to rehabilitate the Dharavi slums, the flat size was "17% more" than what is typically provided as part of such projects. ...

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Amitabh Bachchan buys 10,000 sq ft plot worth Rs 14.5 crore in Ayodhya

Thursday 1st February 2024

Bollywood star Amitabh Bachchan has acquired a 10,000 square foot plot in an Ayodhya project being constructed by Mumbai-based real estate company House of Abhinandan Lodha for approximately Rs 14.5 crore, according to sources on Monday. The agreement was confirmed by the House of Abhinandan Lodha, but no financial information was disclosed. ...

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Sobha pays Rs 121 crore to Chintels India for land in Gurugram project

Thursday 1st February 2024

For land that is a part of their joint venture project in Gurgaon, Bangalore-based real estate developer Sobha Ltd has paid Gurgaon-based developer Chintels India Pvt Ltd Rs 121 crore. The property is a component of Sobha International City, a joint venture between the two enterprises. ...

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MahaRERA plans three-tier audit of housing projects

Wednesday 31st January 2024

In order to guarantee that there are no complaints from buyers and that developers are complying with the regulations, the Maharashtra Real Estate Regulatory Authority, or MahaRERA, will be inspecting housing developments at three different levels. ...

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Ghaziabad: House tax may rise by up to Rs 5,000 from April 2024

Wednesday 31st January 2024

As the civic corporation is set to make property tax equivalent with the DM circle rate, homeowners may have to pay an additional Rs 5,000 in taxes every year as of the start of the new fiscal year. ...

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Delhi-NCR air pollution: Centre bans non-essential construction work

Wednesday 31st January 2024

In response to the region's deteriorating air quality, the central government on Sunday issued an order prohibiting unnecessary development projects and the use of BS-III gasoline and BS-IV diesel four-wheelers in Delhi-NCR. ...

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UP-RERA directs the promoters to file backlog of quarterly progress reports

Tuesday 30th January 2024

The promoters of all registered projects have been directed by the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) to submit an updated quarterly progress report (QPR) on their projects, including any backlogs, on the authority's website within a period of 15 days. ...

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Maison Sia founder buys luxury pad for Rs 116 crore in Mumbai Worli

Tuesday 30th January 2024

The founder and CEO of the upscale home décor company Maison Sia, Vratika Gupta, paid over Rs 116.42 crore for a seaview luxury apartment in a super-luxury residential tower on Dr. Annie Besant Road in Mumbai's affluent Worli neighborhood. This is the first single residential transaction with a price tag of more than Rs 100 crore this year. ...

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Migsun Group sells retail space in Delhi to Dmart for Rs 108 crore

Tuesday 30th January 2024

The national capital's commercial project's 47,000 square feet of retail space was sold to Dmart for Rs 108 crore, according to a statement released by real estate company Migsun Group on Friday. According to a statement, Dmart has purchased space at the project in Delhi's sector 22, Rohini. ...

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IDFC FIRST Bank leases 1.4 lakh sq ft in Bengaluru

Tuesday 30th January 2024

In order to grow and streamline its operations in Bangalore, IDFC FIRST Bank has leased more than 1.4 lakh square feet of office space in Koramangala. According to a published lease document, the recently leased property charges a rental of Rs 135 per square foot and has a total lease period of nine years. ...

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Supertech chairman seeks interim bail in money laundering case on medical grounds

Monday 29th January 2024

In a money laundering case, R K Arora, the chairman and promoter of the significant real estate company Supertech Group, asked a Delhi court on Wednesday to give him temporary release for a period of three months, citing a number of medical conditions. Arora informed Judge Devender Kumar Jangala of Additional Sessions that he needed "urgent medical assistance" because he had lost about 10 kg since his detention. ...

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Gurugram: Adani Oyster Grande owners protest outside builder office

Monday 29th January 2024

Residents of Adani Oyster Grande organized a protest on Tuesday at the developer's office in Sector 49, objecting to the transfer of maintenance to the RWA and requesting that interest-free maintenance security (IFMS) charges not be transferred. ...

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Nuvama, Cushman form JV to launch Rs 3,000 crore commercial realty fund

Monday 29th January 2024

A joint venture between Nuvama Asset Management and the international commercial real estate services company Cushman & Wakefield was established on Wednesday. This venture will introduce a commercial real estate fund valued at Rs 3,000 crore. The new company will be called Cushman & Wakefield Management and Nuvama. ...

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NCLAT rejects Union Bank plea to oppose Darwin Platform Group bid for Lavasa Corp

Monday 29th January 2024

On Wednesday, the National Company Law Appellate Tribunal dismissed Union Bank of India's request to contest Darwin Platform Group's acquisition proposal for Lavasa Corporation. ...

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CBI names Chintels Indias CMD, seven more in Paradiso cave-in chargesheet

Wednesday 24th January 2024

In a supplemental chargesheet presented to a Panchkula court on Tuesday, the CBI accused Chintels India CMD Ashok Solomon and seven other individuals in connection with its investigation into the February 2022 collapse of flats at Paradiso, the Sector 109 housing complex, in which two residents died. ...

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MahaRERA brings in three-level scrutiny for housing projects registrations

Wednesday 24th January 2024

Housing developments that are registered will undergo a three-level inspection by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to guarantee that there are no complaints from buyers and that developers are complying with the regulations. ...

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NCR: Six builders made Rs 600 crore cash transactions to evade tax

Wednesday 24th January 2024

Six real estate companies in Delhi-NCR were the target of IT raids on their premises on the sixth day. According to officials, the companies transacted in cash worth more than Rs 600 crore. To avoid paying taxes, the businesses allegedly sold apartments in residential and commercial developments for cash. ...

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Noida: Rudra Buildwell Homes promoter hospitalised after arrest over pending dues

Wednesday 24th January 2024

Following his arrest for failing to pay debts of Rs 40 crore, a real estate firm promoter complained of chest trouble and was admitted to the hospital, according to officials on Tuesday. ...

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Can HIRA and RERA co-exist inWest Bengal? Government to decide

Tuesday 23rd January 2024

The government is investigating whether it is possible for two different Acts—one passed by the Centre and the other by a state—that address real estate sector regulation to coexist. The subject matter pertains to the Real Estate (Regulation & Development) Act, 2016 (RERA), a piece of legislation issued by the central government, and the Housing & Industrial Regulation Act, 2017 (HIRA), a law passed by the government of West Bengal.   ...

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No timeline set for Chintels Paradiso rebuilding so far: Flat owners

Tuesday 23rd January 2024

Residents of Sector 109's Chintels Paradiso stated the Supreme Court hasn't provided any relief since the day the apartments were vacated, despite the court's decision for time-bound repair of the flats and request that the developer provide rental assistance to the affected flat owners. Furthermore, they stated that no schedule for reconstruction has been set. ...

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Signature Global sale bookings up 47% to Rs 1,263 crore in Q3 FY24

Tuesday 23rd January 2024

Due to robust housing demand, real estate company Signature Global reported on Monday a 47% increase in sales bookings to Rs 1,262.73 crore for the third quarter of this fiscal year. A year ago, its sales bookings totaled Rs 856.77 crore. ...

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NCLT approves amalgamation, arrangement between JP Infra (Mumbai) entities

Tuesday 23rd January 2024

The plan of amalgamation and arrangement of JP Infra (Mumbai), a real estate company situated in Mumbai, and its related companies, Four D Estates, Four D Buildspace, and JP Infra Realty, has been accepted by the National Company Law Tribunal (NCLT). ...

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Execution of sale agreement must before demanding over 10% of unit cost: UP-RERA

Saturday 20th January 2024

The promoters and home buyers are advised by the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) to execute a registered agreement for sale before the promoter can demand more than 10% of the unit cost or before the allottee can pay any amount over 10% of the unit cost. ...

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Promoters must sale apartments according to carpet area only: UPRERA

Saturday 20th January 2024

The promoters have been instructed by the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) to guarantee that flats and apartments be sold based only on the carpet area. According to the RERA Act's requirements and other contracts/legal agreements, there is no basis for the term "super area." ...

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New circle rates in Gurugram likely from next month

Saturday 20th January 2024

The city's circle rates are anticipated to change before the end of this month and take effect on February 1. Although no announcement has been made thus far, the new tariffs were intended to go into effect on January 1. Properties will currently be registered based on the current rate. ...

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Builders of 52 projects in Greater Noida say yes to rehab deal, time to pay 25% dues

Saturday 20th January 2024

The recalculated dues of 52 stalled projects in Greater Noida were approved in principle by the developers during a meeting with Manoj Kumar Singh, the UP Industrial Development Commissioner (IDC) on Sunday. The IDC stated that any differences should be settled in a matter of two days. ...

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Sobhas sales bookings up 37% to Rs 1,952 crore in Q3 FY24

Thursday 18th January 2024

Due mostly to Bengaluru's robust home demand, real estate company Sobha Ltd. reported a 37% increase in sales bookings at Rs 1,951.6 crore in the third quarter of this fiscal year. A year ago, its sales bookings were valued at Rs 1,424.7 crore. ...

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Macrotech Developers sale bookings up 12% to Rs 3,410 crore in Q3 FY24

Thursday 18th January 2024

Due to increased demand for its residential homes, real estate company Macrotech Developers reported on Friday a 12% increase in its sale bookings to Rs 3,410 crore for the December quarter of this fiscal year. Macrotech Developers, which sells its real estate under the Lodha brand, had Rs 3,040 crore in sale bookings during the same time last year. ...

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Seven penthouses, 138 super HIG flats booked on first day in DDA eauction

Thursday 18th January 2024

As part of the DDA's new housing project, 274 units total—including 138 super HIG flats and seven penthouses—were reserved on Friday, according to officials. The homes are being auctioned through an online auction. The e-auction for these apartments started on Friday, and registration for them opened on November 30. ...

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DHC Advisorys co-founder buys duplex in South Mumbai Breach Candy for Rs 85 crore

Thursday 18th January 2024

For more than Rs 85 crore, Dilip Bhikhalal Desai, cofounder and chairman of the professional services company DHC Advisory LLP, bought a luxury duplex property with a view of the sea in a superpremium building directly across from the Breach Candy Club in South Mumbai's affluent Breach Candy neighborhood. ...

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DDAs two-day live e-auction for 2,093 flats begins

Monday 15th January 2024

Delhi Development Authority (DDA) will conduct a two-day live e-auction for 2,093 flats starting at 11 am on Friday. The authority received earnest money deposits from 3,055 applicants participating in the auction. ...

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Income tax demand of Rs 4,000 crore looms over Shree Cement

Monday 15th January 2024

The Income Tax department is set to issue a ?4,000 crore tax demand on Shree Cement after a survey revealed wrongful claims of certain deductions by the company. A demand notice is expected to be sent to Shree Cement. ...

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ED gets custody of Ornate Spaces MD accused of duping several flat buyers

Monday 15th January 2024

City-based builder Vijay Machindar was remanded in Enforcement Directorate custody till January 12 in a Rs 700 crore money laundering case. He faces allegations of cheating flat buyers and was arrested under the Prevention of Money Laundering Act. ...

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Noida: I-T department searches Bhutani Infra, Group 108, Logix Group premises

Monday 15th January 2024

The Income Tax department conducted searches on prominent real estate groups in Noida, Uttar Pradesh, including Bhutani Infra, Group 108, Logix, and others, as part of a tax evasion investigation. ...

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Adanis to fund Dharavi project via internal accruals, SPV stake sale

Saturday 13th January 2024

The Adani group, leading the redevelopment of Dharavi slums, plans to fund the entire project through internal accruals and potential equity sale in the special purpose vehicle (SPV) created for the project. The company recently appointed three firms, including renowned architect Hafeez Contractor, as city planners to present a draft development plan for Asia's largest slum cluster earlier this week. ...

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Sunteck Realty, 24 other entities express interest for bankrupt HDIL

Saturday 13th January 2024

Around 25 entities, including Sheth Developers and Sunteck Realty, have shown interest in taking over the bankrupt Housing Development and Infrastructure (HDIL). ...

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ED opposes interim bail plea of Supertech chairman in money laundering case

Saturday 13th January 2024

The Enforcement Directorate opposed an application by R K Arora, chairman and promoter of Supertech Group, seeking interim bail on medical grounds in a money laundering case, during a hearing in a Delhi court on Wednesday. ...

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Noida: Developers of stalled projects to be apprised of recalculated dues this week

Saturday 13th January 2024

The authorities of Noida and Greater Noida are scheduled to meet with defaulting builders of stalled projects this week to inform them of recalculated dues and establish a payment schedule before the industrial development commissioner (IDC). ...

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Gurugram: DTCP razes six illegal colonies, frees 15-acre agriculture land

Wednesday 10th January 2024

In an effort to combat illegal colonies in and around the city, the enforcement wing of the town and country planning department (DTCP) has demolished six such colonies, spread over 15 acres of valuable agricultural land. ...

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Over 2,000 residential plots near airport? Yamuna Authority starts survey

Wednesday 10th January 2024

The Yamuna Authority has commenced a survey to acquire approximately 3,778 acres of land spanning four upcoming sectors. Among these, Sector 5 is designated for residential purposes, Sector 6 for industrial use, and Sectors 7 and 8 for mixed land use. ...

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MahaRERAs action on noncompliance prompts increase in quarterly project updates

Wednesday 10th January 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is observing a rise in the number of projects adhering to the mandatory Quarterly Progress Reports (QPR) even before receiving any notice from the regulator. ...

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Godrej Properties subsidiary receives GST demand and penalty order worth Rs 22.54 crore

Wednesday 10th January 2024

Oasis Landmarks LLP, a subsidiary of Godrej Properties, has been served an order on December 31, 2023, by the Excise and Taxation Officer, Gurgaon (East), Haryana. The order demands Rs. 10.45 crore for GST, along with Rs. 11.04 crore in interest and a penalty of Rs. 1.05 crore under Section 73(9) of HGST/CGST Act, 2017, read with section 20 of IGST Act, 2017. ...

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Ghaziabad development body asks nine builders to complete EWS flats or face project cancellation

Tuesday 9th January 2024

The Ghaziabad Development Authority (GDA) has warned nine group housing developers to complete EWS and LIG flats promptly or face project cancellation. Out of the 7,030 EWS units and an equal number of LIG units planned by the developers, only 2,691 EWS units and 2,474 LIG units are currently ready. ...

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Homebuyers urge MahaRERA to build regulations to ensure construction quality

Tuesday 9th January 2024

Homebuyers and citizens' groups are urging the Maharashtra Real Estate Regulatory Authority (MahaRERA) to establish a framework for developers to uphold construction quality. On December 4, the authority sought public suggestions on its proposed regulatory framework through a consultation paper. ...

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Mumbai: Ahuja developers booked for cheating home buyer

Tuesday 9th January 2024

The Santacruz police have recently filed a new case of cheating against Ahuja developers, directors, and their Chinese partners. They are accused of cheating a flat buyer of Rs 1.33 crore by not registering the agreement and selling the booked flat to a third party. ...

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Godrej Properties buys four-acre land parcel in Bengaluru

Tuesday 9th January 2024

Godrej Properties (GPL) has acquired a four-acre land parcel outright in Yeshwanthpur, Bengaluru. The project is expected to yield approximately 0.7 million sq ft of saleable area, mainly consisting of premium residential apartments. The estimated revenue potential is Rs 1,000 crore, with the possibility to increase to Rs 1,250 crore if an additional 1-acre land is acquired, making it a total of about five acres. ...

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Kochi corporation issues demolition notice to flat at Kaloor

Monday 8th January 2024

Despite possessing the necessary building permit, residents of a Kochi apartment complex face a quandary as the corporation issues a demolition order for the Regal Royal flat complex at Kaloor. ...

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Maharashtra CM lays foundation stone for cluster development at Wagle estate

Monday 8th January 2024

Chief Minister Eknath Shinde lays the foundation stone for cluster development at Wagle estate, emphasizing his 15-20 years of dedication to the project since his initial election as MLA. ...

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Mumbai: Property tax bills uploaded by BMC citing hike send citizens into tizzy

Monday 8th January 2024

The BMC's property tax bills for 2023-24, uploaded on Friday, cause confusion and concern among citizens and public representatives due to an unexpected hike. ...

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John Abraham buys bungalow in Mumbai Khar for over Rs 70.83 crore

Monday 8th January 2024

Bollywood actor and entrepreneur John Abraham invests over Rs 70.83 crore in a Khar bungalow on Linking Road, boasting a vast 5,416 sq ft built-up area. ...

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Amitabh Bachchan leases four offices in Mumbai Andheri to Warner Music India

Friday 5th January 2024

Amitabh Bachchan has entered a long-term agreement, leasing out four office properties on an entire floor in a commercial tower in Oshiwara, Mumbai's Andheri suburb, to Warner Music India for a total tenure of five years. ...

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Promoters of Kolte-Patil Developers sell stake worth Rs 111 crore

Friday 5th January 2024

On Friday, three promoters of Kolte-Patil Developers, Rajesh Anirudha Patil, Sunita Rajesh Patil, and Sunita Milind Kolte, divested a 3% stake in the Pune-based realty firm for Rs 111 crore through open market transactions. ...

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Industry experts expects about 10% rise in property prices in 2024

Friday 5th January 2024

The Indian real estate sector experienced a resurgence in 2023, with the midsegment and luxury-segment leading the way. Anarock data reveals that approximately 4,76,530 units were sold across the top seven cities, including Bengaluru, Chennai, Delhi-NCR, Kolkata, Hyderabad, Mumbai Metropolitan Region (MMR), and Pune, compared to 3,64,870 units in 2022. ...

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ED attaches more assets of Kunal Builders & Developers who sold slum flats to celebrities

Friday 5th January 2024

The Enforcement Directorate (ED) has provisionally attached properties worth Rs 6.93 crore belonging to builder Shailesh Savla. This action is part of a money laundering case linked to the rehabilitation of slum dwellers at Juhu Taj slum society. ...

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Maharashtra government scraps affordable housing in special development zones

Tuesday 2nd January 2024

The state issued a notification on Thursday, restoring No-Development Zones (NDZs) in the city, scrapping affordable housing in these areas, now termed Special Development Zones (SDZs) limited to high-density slums. NDZs will have a low floor space index of 0.025, permitting tourism development, educational institutions, groundplus-one residential structures, and IT parks. ...

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Why Gurugram civic body building tax bills are coming back

Tuesday 2nd January 2024

Municipal Corporation of Gurgaon (MCG) faces revenue challenges due to discrepancies in residents' property tax data. Many residents returned assessment bills, noting the mismatch with their properties. ...

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Ghaziabad: Five months since cavein, no walls yet around plots dug up for a mall

Tuesday 2nd January 2024

Despite an FIR against Mahagun India Pvt Ltd and Sparsh Builder Pvt Ltd directors for neglecting a GDA complaint, the realtors haven't erected retaining walls on a plot intended for a mall's basement. In July, a section of Gaur Global Village Society's service road in Crossings Republik, overlooking the abandoned pit, collapsed, posing a threat to nearby buildings. ...

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Ahmedabad civic body to auction off eight plots in January 2024

Tuesday 2nd January 2024

The civic body disclosed auction dates for eight plots, including a Bodakdev plot valued at Rs 333.14 crore. After a failed attempt to auction plots in February, the civic body, on November 29, decided to reauction eight new plots. ...

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Maharashtra deputy CM hints at probe intoWakad land -TDR scam

Saturday 30th December 2023

Deputy Chief Minister Ajit Pawar has indicated the possibility of an investigation into allegations of irregularities in the Transfer of Development Rights (TDR) deal for reserved land development in the Wakad area of Pimpri Chinchwad. ...

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Delhi: Signature View Apartment residents defy MCD eviction notice

Saturday 30th December 2023

Following an eviction notice issued by MCD to residents of Signature View Apartment, the building's Residents Welfare Association (RWA) has urged the civic body to redirect the notice to the Delhi Development Authority (DDA). This request is made as DDA has been in discussions with residents regarding an eviction deal. ...

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IBBI prepares list of 787 insolvency professionals to expedite resolution process

Saturday 30th December 2023

The bankruptcy regulator has compiled a provisional list of 787 insolvency professionals (IPs). This list will be shared with the adjudicating authority, streamlining the selection process for overseeing resolution or liquidation cases. The goal is to minimize administrative delays, expedite insolvency resolution, and prevent further erosion of stressed asset value, according to a senior official. ...

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Separate authority for redevelopment in new housing policy: Maharashtra minister

Saturday 30th December 2023

The housing minister, Atul Save, recently announced the state government's plan to establish a dedicated monitoring authority for redevelopment projects. This initiative aims to ensure the timely completion of projects, with a focus on citizen demands, especially in cities like Mumbai, Pune, and Thane. ...

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Fundraise by Damji Shamji Realty rated D a sign of junk bond market breaking free

Thursday 28th December 2023

Despite defaulting on repayments, Indian companies find success in the debt market as a real estate firm with a D rating raises ?95 crore through private bond placement, signaling the emergence of India's junk bond market. ...

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Noida, Greater Noida authority paves way to restart stuck housing projects

Thursday 28th December 2023

Approval from Noida and Greater Noida authorities for recommendations by a committee led by former NITI Aayog chairman Amitabh Kant clears the path for the revival of over 200,000 stalled flats in the region. ...

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BofA leases 1.1 million sq ft office space in Chennai

Thursday 28th December 2023

Bank of America (BofA) secures 1.1 million sq ft of office space in Chennai, a significant move for its offshore operations, highlighting its commitment to DLF Downtown, Taramani. ...

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Kansai Nerolac Paints to sell land parcel to Aethon Developers for Rs 726 crore

Thursday 28th December 2023

Kansai Nerolac Paints' board greenlights a deal with Aethon Developers, a subsidiary of Runwal Developers, to sell its land parcel and building in Lower Parel, Mumbai, for Rs. 726 crore. ...

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Mumbai: Sai Estate consultant properties seized over loan default

Wednesday 27th December 2023

Sai Estate consultant and the four Wadhwani brothers had their properties seized by the court commissioner due to a loan default of Rs 62.5 crore from the Mumbai District Central Cooperative Bank, following the SARFAESI Act, 2002. ...

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MMRDA picked for development of Malad land at meet chaired by Maharashtra CM, DCM

Wednesday 27th December 2023

The Mumbai Metropolitan Region Development Authority (MMRDA) received approval, chaired by CM Eknath Shinde and deputy CM Devendra Fadnavis on December 12, to transfer 1,387 hectares across Aksa, Daravli, Erangal, Madh, Malvani, and Marve to them, free of encumbrances. ...

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Hand over Indirapuram to Ghaziabad civic body by Feb 2024, Uttar Pradesh CM tells GDA

Wednesday 27th December 2023

Chief Minister Yogi Adityanath instructed the Ghaziabad Development Authority (GDA) to finalize the handover of the Indirapuram township to the civic body by February of the upcoming year. ...

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Fine Future scam: Seven attached properties auctioned for Rs 4 crore

Wednesday 27th December 2023

In connection with the Fine Future scam, District Revenue Officer Dr. M Sharmila auctioned seven properties for Rs 3.83 crore. The Economic Offences Wing (EOW) had previously attached 140 properties of Fine Future's managing directors and agents, who defrauded investors of ?189.15 crore. ...

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MahaRERA resolves 15,000 complaints in seven years

Tuesday 26th December 2023

Maharashtra's real estate regulatory authority, in the past seven years since the initiation of the Real Estate (Regulation and Development) Act, has successfully resolved 15,423 consumer complaints, ranking among the top three states in addressing homebuyers' grievances, according to a report from the Ministry of Housing and Urban Affairs. ...

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Delhi residents miffed at mandatory geo-tagging of properties

Tuesday 26th December 2023

The Municipal Corporation of Delhi has mandated the geotagging of properties to obtain real-time information on taxable properties within its jurisdiction. Property owners are required to complete geotagging by January 31 next year to qualify for a 10% property tax rebate. However, this move has caused discontent among property owners, who argue that the civic body did not adequately prepare before announcing this measure. ...

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Mumbai: MMRCL gets 38,000 sq ft Mahim plot on lease for commercial use

Tuesday 26th December 2023

The Mumbai Metro Rail Corporation Limited (MMRCL) has secured a 38,650 square feet plot at Naya Nagar, Mahim, for commercial development. The plot has been granted on a 30-year lease. ...

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ICICI Securities leases over 1.88 lakh sq ft office in Mindspace Juinagar for 12 years

Tuesday 26th December 2023

ICICI Securities, the financial services arm of ICICI Bank, has acquired more than 188,000 sq ft of office space in the Mindspace Juinagar information technology park in Navi Mumbai through a long-term lease spanning over 12 years. ...

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Greater Noida Sky Garden project to be revived under the new policy of UP government

Saturday 23rd December 2023

Shree Radha Sky Garden in Greater Noida becomes the first project approved for revival under the recently approved policy of the Uttar Pradesh government for stressed projects, benefiting over 2,000 homebuyers. ...

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Uttar Pradesh: 24 months or 46? Zero-period relief for developers isnt a blanket one

Saturday 23rd December 2023

The state government emphasizes the significance of implementation in reviving stalled projects, quoting, "The role of decision in success is 5%, and the role of implementation 95%." ...

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Over one lakh complaints by homebuyers resolved by RERA of various states

Saturday 23rd December 2023

Real Estate Regulatory Authority (RERA) in various states has resolved up to 1,16,300 cases of homebuyers till November this year. Uttar Pradesh led with 38% of cases, followed by Haryana (18%) and Maharashtra (13%). ...

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Awfis Space Solutions files DRHP with Sebi

Saturday 23rd December 2023

Awfis Space Solutions (Awfis) has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) for an initial public offering comprising a fresh issue of up to Rs 160 crore and an offer for sale of equity shares. ...

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Delhi HC asks Centre to consider representation for linking property with Aadhaar

Saturday 23rd December 2023

The Delhi High Court has asked the Centre to consider a plea seeking the linking of immovable and movable property documents with Aadhaar numbers to curb corruption, black money generation, and 'benami' transactions. ...

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Bombay HC refuses to condone delay by Radius Group MD in filing revision plea

Saturday 23rd December 2023

The Bombay High Court has rejected realtor Sanjay Chhabria's petition seeking condonation of delay in filing a revision petition against a special court's order allowing his arrest in the Yes Bank-DHFL fraud case. ...

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Sachin Tendulkar company leases two apartments in Mumbai Bandra

Saturday 23rd December 2023

SRT Sports Management, managed by cricketer Sachin Tendulkar and his wife Anjali Tendulkar, has acquired two apartments on Mount Mary Road in Mumbai's Bandra suburb through a lease agreement. ...

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NCLT admits insolvency plea against Ansal Properties promoter

Saturday 23rd December 2023

The National Company Law Tribunal (NCLT) has accepted a personal insolvency application by Indian Bank against Pranav Ansal, the promoter of Ansal Properties and Infrastructure, according to a court order. ...

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Kalpataru group company raises Rs 525 crore to complete 10 Mumbai towers

Thursday 21st December 2023

A Kalpataru group subsidiary secured ?525 crore in debt facilities from PAG, a global alternative investment firm, spanning 3.5 years. The funds aim to finalize the construction of 10 residential towers in a Mumbai suburb, as per informed sources. ...

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Blackstone exits Embassy REIT; sells entire 23.5% stake for Rs 7,100 crore

Thursday 21st December 2023

Blackstone has reportedly divested its entire 23.5% stake in Embassy Office Parks REIT, garnering around Rs 7,100 crore in a block deal on stock exchanges. The units were sold at approximately Rs 316 per share, with SBI Mutual Fund emerging as a new investor alongside existing unitholders. ...

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Only 18% MahaRERA recovery warrant orders executed

Thursday 21st December 2023

Maharashtra Real Estate Regulatory Authority (MahaRERA) data reveals that out of 1,123 recovery warrant complaints, only 204 have been executed by 13 district collectorates in the state over the past six years. This represents an 18% resolution rate, resulting in the recovery of Rs 137.74 crore out of the total Rs 736.66 crore. ...

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Toro Investment plans GIFT Citys maiden realty fund worth Rs 1,600 crore

Thursday 21st December 2023

Toro Investment Managers, a financial services company, is in the process of raising a real estate Alternative Investment Fund (AIF) totaling Rs 1,600 crore. Notably, this marks the inaugural fund of its kind to be established within the Special Economic Zone of India's offshore hub, Gujarat International Finance Tec-City (GIFT City). ...

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Blackstone to sell $833 million stake in Embassy REIT

Wednesday 20th December 2023

Blackstone Inc. plans to divest its entire 23.59% stake, valued at $833 million, in Embassy Office Parks, India's largest real estate investment trust, marking the exit four years after its initial listing, as per a Reuters term sheet and a source with direct knowledge. ...

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Suraj Estate Developers IPO subscribed 2.42 times on day two of offer

Wednesday 20th December 2023

On the second day of bidding, Suraj Estate Developers' Initial Public Offering (IPO) garnered 2.42 times subscription, with bids for 1,99,30,592 shares against the 82,35,293 shares on offer, according to NSE data. ...

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Uttar Pradesh government approves Amitabh Kant Committee proposals

Wednesday 20th December 2023

The Uttar Pradesh cabinet has approved the implementation of recommendations from the Amitabh Kant Committee report on real estate projects on Tuesday, a move that could offer relief to numerous homebuyers in the state. ...

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Stability more important than profitability: Shesh Rao, co-founder, BHIVE

Wednesday 20th December 2023

Shesh Rao Paplikar, the co-founder & CEO of BHIVE Workspace, reflects on his nearly decade-long journey, acknowledging both successes and mistakes. He highlights creating growth, wealth, and quality spaces for the company, its employees, investors, partners, and tenants. ...

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Mumbai: 13 years after offer to builder, Mhada lets CHS selfredevelop

Tuesday 19th December 2023

Thirteen years after Mhada issued an offer letter to a builder for the redevelopment of a Chembur building, the Bombay High Court has cleared the way for its self-redevelopment. Mhada, represented by advocate P G Lad, informed the HC about issuing an offer letter to the Chembur Nishant Cooperative Housing Society (CHS). ...

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Suraj Estate Developers IPO subscribed 71% on first day of subscription

Tuesday 19th December 2023

Suraj Estate Developers' initial share sale garnered a 71% subscription on the first day, with bids for 58,50,946 shares against the offered 82,35,293 shares, according to NSE data. ...

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Property tax on building only after completion of work: Karnataka HC

Tuesday 19th December 2023

The High Court observed that property tax on a building can be levied once it is completed. Until then, the levy would only be on the vacant/open land. In response to a petition by M/s BM Habitat, Justice Suraj Govindaraj directed Mysuru City Corporation to collect property tax for the petitioner's multiplex building on Vinobhanagar Road, Jayalakshmipuram, from April 25, 2011, the date of the occupancy certificate. ...

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ED registers case against Tulsiani Builders CMD & MD for loan fraud

Tuesday 19th December 2023

The Enforcement Directorate has registered a case under the Prevention of Money Laundering Act (PMLA) against Tulsiani Builders' Chief Managing Director Anil Kumar Tulsiani and Director Mahesh Tulsiani. The case involves a loan of Rs 4.63 crore obtained by submitting forged documents. ...

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ED attaches Neomax Properties assets worth Rs 207 crore in money laundering probe

Monday 18th December 2023

The Enforcement Directorate announced on Sunday that it has seized immovable properties worth Rs 207 crore in Tamil Nadu. This action is part of a money laundering investigation related to an alleged fraud committed by a Madurai-based group. The ED's inquiry originates from an FIR filed by the Tamil Nadu Police's Economic Offences Wing (EOW). ...

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Gurugram: Structural audit of highrises stuck, builders yet to pay fee for second round

Monday 18th December 2023

The progress of the second round of structural audits for 15 city high-rises is stuck as multiple developers have yet to pay the required fees for necessary tests to assess construction quality and standards. Over the past six months, the district administration and the Department of Town and Country Planning (DTCP) have issued several reminders to developers to submit the fees, officials reported on Sunday. ...

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Noida authority CEO meets builders, asks them to clear water dues

Monday 18th December 2023

In a joint meeting with five builders on Saturday, the Authority has instructed a builder to remit Rs 1.07 crore as water dues. The meeting, attended by builders and residents' bodies, directed water department officials to ensure that Sethi Buildwell Pvt Ltd settles the dues promptly. ...

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SC upholds Palais Royales 2019 sale to Pune Honest Shelters

Monday 18th December 2023

Dozens of high net worth individuals who invested tens of crores a decade ago to secure luxury apartments in the 3,500-crore Palais Royale, a skyscraper in Worli, may find a glimmer of hope. Standing at 294m (56 floors), it ranks among the tallest residential towers in the country. ...

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Haryana government proposes steep hike in circle rates

Friday 15th December 2023

The Haryana government is proposing a 30%-80% increase in circle rates for land and properties in the city, with finalization expected by month-end. Objections and suggestions can be submitted until December 17. ...

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Government rolls back three-tier property guideline value in Chennai

Friday 15th December 2023

A week after introducing a new three-tier guideline value for apartment complexes in Chennai and its suburbs, the state government has decided to retract the order and revert to the street and road-based composite value for registration. ...

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Mumbai: BMCs credit notes worth Rs 450 crore under lens as no GST paid

Friday 15th December 2023

The BMC's credit note policy, involving payments of Rs 450 crore to builders for constructing 35,000 tenements for project-affected persons, is under scrutiny for non-payment of GST. ...

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Conciliation bench a must to resolve complaints quickly: Haryana RERA chairman

Friday 15th December 2023

Arun Kumar, the new chief of the Haryana Real Estate Regulatory Authority's city bench, directed senior officials on his first day to resolve allottees' complaints within the stipulated time limit. ...

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Uttar Pradesh government changes rules, developers cant build first & regularise later

Thursday 14th December 2023

The new guidelines from the UP government regarding purchasable floor area ratio (FAR) declare any additional FAR as illegal. If applied after construction, it is subject to demolition—an established practice in the NCR region. In multi-storey buildings, developers were previously allowed to purchase FAR in case of slight deviations from the sanctioned layout map. ...

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NCLT Mumbai approves sale of Reliance Communications real estate assets

Thursday 14th December 2023

The NCLT Mumbai has granted approval for the sale of certain real estate assets of telecom company Reliance Communications, according to a regulatory filing on Wednesday. ...

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Two promoter entities offload 4.1% stake in Sunteck Realty for Rs 288 crore

Thursday 14th December 2023

Two promoter entities, Satguru Infocorp Services and Starlight Systems, have sold their entire 4.1% stake in Mumbai-based real estate developer Sunteck Realty for Rs 288 crore through open market transactions. ...

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Cant tax flat agreement & stamp duty value difference: ITAT

Thursday 14th December 2023

The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has ruled in favor of a taxpayer who, along with her husband, jointly purchased a flat. The tribunal stated that the sum of Rs 24.3 lakh, representing her share of the difference between the agreement value and the stamp duty value at the time of registration, cannot be taxed in her hands. ...

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UP-RERA directs builders to get project accounts audited within six months of financial year end

Wednesday 13th December 2023

Promoters are required to audit project accounts and upload the audited balance sheet on the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) website within six months of the financial year's end. In case of significant discrepancies or complaints, the authority may appoint an auditor from its panel to audit the project accounts, with the promoter bearing the associated costs. ...

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NCLT admits IIFL Finance claim against Satra Properties as financial debt

Wednesday 13th December 2023

The National Company Law Tribunal (NCLT) has accepted IIFL Finance's application to recognize its claim against Satra Properties as financial debt in an ongoing dispute with Vistra ITCL (India), the property developer's financial creditor. ...

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Provident Housing looks to invest Rs 750-1,000 crore in FY25

Wednesday 13th December 2023

Provident Housing, a 100% subsidiary of Puravankara, intends to invest Rs 600 crore in acquiring new land parcels. Additionally, it plans to allocate Rs 750-1,000 crore in the financial year 2024-25 for the development of these acquired land parcels. ...

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Ashiana Housing plans to invest Rs 650-700 crore in FY24

Wednesday 13th December 2023

Ashiana Housing plans to invest between Rs 650-700 crore in land and construction during the financial year 2023-24, aiming for area bookings totaling Rs 1,500 crore. The company aims to add 7-8 million sq ft in the next three years. ...

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Mumbai: Shreenath Developers director sent to police custody

Tuesday 12th December 2023

Niraj Ved, a builder associated with Shreenath Developers, faced arrest by Pant Nagar police for allegedly deceiving a flat buyer. Ved appeared before a local court on Monday and was remanded in two days of police custody. The arrest followed an FIR filed by a flat buyer who claimed non-delivery of a 1,640 sq ft flat in a Ghatkopar project after paying the builder Rs 3.31 crore. ...

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Cognizant plans to sell office assets in Hyderabad, Bengaluru

Tuesday 12th December 2023

Cognizant Technologies, a software services firm, is strategically divesting its office assets in Hyderabad and Bengaluru to transition to an asset-light model and leverage non-core real estate. ...

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Shriram Properties plans to enter into fractional ownership

Tuesday 12th December 2023

Shriram Properties (SPL) is exploring entry into the fractional ownership model, anticipating significant traction. Additionally, SPL plans to extend its presence in Pune and monetize a 60-acre land parcel in Kolkata. ...

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Indian Bank offers to sell Rs 610- crore bad loans

Tuesday 12th December 2023

Indian Bank, under state control, aims to cleanse its financial records by selling bad loans totaling ?610 crore by the end of the fiscal year. Among these loans are those tied to Ashvi Developers, LMJ International, and ACCIL Corporation, with the bank anticipating recovery of at least 25% of the value. ...

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Layout revised, government panel wants work to resume on Noida Sports City after two years

Monday 11th December 2023

The UP assembly's public accounts committee has urged the Noida Authority to prioritize the review of a revised layout submitted by the Sports City developer in Sector 150 and grant approval if it complies with all requirements. ...

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Sebi mulling framework for issuance of subordinate units by REITs, InvITs to sponsors

Monday 11th December 2023

Sebi is planning to introduce a framework for the issuance of subordinate units by REITs and InvITs to sponsors and their associates. The regulator has also suggested a framework for unit-based employee benefits (UBEB) related to REITs and InvITs. ...

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Mumbai: Srinath Builders director arrested for failing to hand over flat

Monday 11th December 2023

Niraj Vaid (54), the director of Srinath Builders, was arrested by the police on Sunday from his Ghatkopar residence in connection with a cheating case filed earlier this year. Approximately 10 cheating and forgery cases have been registered against Niraj and his relatives, primarily in Ghatkopar, Tilak Nagar, Bhandup, and Mulund. ...

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Canada TD Bank India HQ lease in Mumbai BKC sets new record

Monday 11th December 2023

Mumbai's office property market has achieved a new milestone with the highest-ever lease rentals in the country. Toronto-Dominion (TD) Bank has renewed its lease for India headquarters at Maker Maxity in Mumbai's Bandra-Kurla Complex (BKC) business district at Rs 604 per sq ft per month, surpassing the previous benchmark of Rs 565 per sq ft, according to individuals with direct knowledge of the development. ...

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Jaypee buyers requests UP CM to approve proposal of out of court settlement for farmers compensation

Saturday 9th December 2023

More than 20,000 Jaypee homebuyers have appealed to the Uttar Pradesh Chief Minister to approve the proposed out-of-court settlement between Yamuna Expressway Industrial Development Authority (Yeida) and Suraksha for farmers' compensation.   ...

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Adani Group to invest over Rs 1,700 crore to expand cement business in Uttarakhand

Saturday 9th December 2023

Adani Group, on Friday, announced an investment exceeding Rs 2,500 crore in Uttarakhand. The investment includes expanding cement plant capacities, installing smart electricity meters, and exploring possibilities for developing an aero-city and knowledge city in the northern Indian state, as stated by group director Pranav Adani. ...

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Karnataka government tables bill in assembly proposing hike in stamp duty

Saturday 9th December 2023

In an effort to boost revenue, the Karnataka government introduced The Karnataka Stamp (Amendment) Bill, 2023 in the Legislative Assembly on Thursday. The bill, presented by Rural Development Minister Priyank Kharge on behalf of Revenue Minister Krishna Byre Gowda, aims to increase stamp duty rates and include stamp duty on bank guarantees. ...

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Chintels India MD gets bail from CBI court

Saturday 9th December 2023

Chintels India CMD Ashok Solomon, along with the project manager and three others, among the eight accused in the case of a Sector 109 society's vertical collapse last year, were granted bail by a CBI court on Friday. ...

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Central government amends rules to allow demarcation of non-processing area under IT SEZs

Friday 8th December 2023

On December 6, 2023, the Ministry of Commerce and Industry amended the Special Economic Zones Rules-2006. The amendment allows the demarcation of a portion of the built-up area within an SEZ unit on a floor-by-floor basis as a non-processing or non-SEZ area. ...

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Delhi court initiates process to declare Nivas Promoters director absconder

Friday 8th December 2023

In a separate development, a Delhi court is in the process of declaring builder Rahul Chamola, Director of 'Nivas Promoters Pvt Ltd,' an "absconder." This stems from allegations of cheating home buyers in a Greater Noida project, as NBWs against him remain unexecuted. ...

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Hyderabad: All 50 criminal cases related to Sahiti Infra moved to CCS

Friday 8th December 2023

A Telangana high court order has led to Hyderabad police's CCS investigating 50 criminal cases against Sahiti InfraTec Ventures and its MD, Lakshmi Narayana. The accusations involve cheating numerous individuals through false promises of property deals in various projects. ...

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Listed REITs have failed to sparkle

Friday 8th December 2023

In 2023, REITs listed on domestic stock exchanges have faced challenges, with a delay in commercial real estate recovery, an IT sector slowdown, and higher interest rates limiting returns. Listed REIT prices have mostly declined this year. Investment advisors, however, anticipate improved prospects in 2024 if the government eases occupancy rules in SEZs. ...

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Hindustan Construction Company sells 2.35 lakh sq meters land for Rs 95 crore

Thursday 7th December 2023

Hindustan Construction Company (HCC) has finalized a 'deed of conveyance' for the sale of a land parcel spanning 2,35,870 sq meters in Village Karnala (Tara), Maharashtra. The company has successfully sold the land for Rs 95 crore to Oak and Stone Construction.   ...

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Brigade Group to jointly develop two lakh sq ft office space in Bengaluru

Thursday 7th December 2023

Brigade Group has entered a joint development agreement with a landowner for the construction of grade-A office space on Sankey Road in Bengaluru. The project, with a developable area of approximately 0.20 million sq ft, is valued at around Rs 500 crore in gross development value (GDV). ...

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NFRA bans two auditors for up to 10 years for lapses in DHFL FY18 audits

Thursday 7th December 2023

The National Financial Reporting Authority (NFRA) has penalized two partners from Mumbai-based Chaturvedi & Shah LLP (C&S) for alleged professional lapses in auditing the FY18 accounts of the now-defunct Dewan Housing Finance Corporation Ltd (DHFL). This action is part of the ongoing regulatory measures against the auditors of the crisis-hit housing finance company. ...

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Actis, Mahindra Lifespace to make partial exit worth Rs 120 crore from Mahindra Homes

Thursday 7th December 2023

Actis and Mahindra Lifespace Developers, the real estate and infrastructure arm of the Mahindra Group, are jointly making a partial exit exceeding Rs 120 crore from Mahindra Homes. The developer has submitted an application to the National Company Law Tribunal (NCLT) to reduce equity share capital and facilitate the exit of both entities. ...

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Seller PAN-Aadhaar not linked? Pay 20% TDS on property purchase

Wednesday 6th December 2023

Ensure that when buying property, both your Aadhaar and PAN cards are linked, and verify that the seller has done the same. Failure to do so may result in a 20% TDS on your property purchase instead of the standard 1%. As per the Income-Tax Act, if the property is valued at Rs 50 lakh or more, the buyer must pay 1% TDS to the government and 99% to the seller, who can later claim it as credit. ...

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Byju reducing real estate footprint, vacates two offices in Bengaluru

Wednesday 6th December 2023

Edtech giant Byju's has relinquished 6,20,000 sq ft of office space in Bengaluru to cut costs and raise capital amid crises. The surrendered office assets include 550,000 sq ft in Kalyani Tech Park, Whitefield, and 70,000 sq ft in IBC Knowledge Park, relinquished between 2022 and 2023. ...

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Falsely named in duping case by Samir Kochhar &Varun Bangera: Architects

Wednesday 6th December 2023

Architects Pronit Nath and Amisha Nath, based in the city, refute allegations in a Rs 1 crore cheating case filed by actor Samir Kochhar and his friend Varun Bangera. They claim it was the accusers who defaulted on payment for two flats. ...

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Oberoi Realty completes acquisition of 6.4 acres land in Thane for Rs 196 crore

Wednesday 6th December 2023

Oberoi Realty has successfully acquired approximately 6.4 acres of land for around Rs. 196 crore, paid in full. ...

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UP-RERA issues standard directions for advertisements of projects

Tuesday 5th December 2023

Following a directive from the Uttar Pradesh government regarding real estate project advertisements, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has instructed all stakeholders to adhere to specified standard guidelines for promotions and advertisements. ...

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Brigade Enterprises to jointly develop four acres project in Mysuru

Tuesday 5th December 2023

Brigade Enterprises has engaged in a joint development agreement with landowners to construct a residential project spanning four acres in Kurubarahalli, Mysuru. The project's developable area is approximately 0.40 million sq ft, with a gross development value (GDV) of Rs 300 crore. ...

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MahaRERA to set framework for quality assurance of real estate projects

Tuesday 5th December 2023

In response to a query, Minister Kishore mentioned that the Maharashtra Real Estate Regulatory Authority (MahaRERA) aims to implement a robust framework for quality assurance, mirroring Singapore's Building and Construction Authority (BCA), marking the first such initiative by an Indian regulatory authority. ...

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Over 340 proposals cleared till Nov 16 to complete stalled real estate projects: Government

Tuesday 5th December 2023

The government, as of November 16 this year, greenlit 342 proposals to revive stagnant real estate projects, benefiting over 2 lakh homebuyers and unlocking projects valued at Rs 94,367 crore. Union Minister Kaushal Kishore revealed these approvals under the Special Window for Completion of Affordable and Mid-Income Housing (SWAMIH) investment fund. ...

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About 5,000 registries across 20 projects in past four months: Greater Noida development body

Monday 4th December 2023

Over the last four months, the Greater Noida Industrial Development Authority (GNIDA) has completed almost 5,000 property registrations. This followed developers of more than 20 housing projects settling their outstanding payments and obtaining occupation certificates from the Authority.   ...

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Ericsson in talks to pick up over five lakh sq ft workspace on lease from Skootr in Gurugram

Monday 4th December 2023

Ericsson, the Swedish telecom equipment manufacturer, has entered agreements to lease up to 525,000 square feet of office space from Skootr at the Vatika One on One building in Gurgaon. This marks one of the most significant managed workspace deals in the country, as disclosed by three individuals familiar with the matter. ...

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Everest Food promoters buy two more flats in Mumbai Worli for Rs 143.50 crore

Monday 4th December 2023

Everest Food Products' promoter group, renowned for the Everest spice brand, has acquired two additional sea-view luxury apartments in a high-end residential tower on Dr. Annie Besant Road in Mumbai's upscale Worli area, totaling a transaction value exceeding Rs 213 crore, with the latest purchase amounting to over Rs 143.50 crore. ...

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Land fee illegal , HC asks YEIDA to return over Rs 60 crore to Logix Infrabuild

Monday 4th December 2023

The Allahabad High Court directed the Yamuna Expressway Industrial Development Authority (YEIDA) to refund over Rs 60 crore to Logix Infrabuild, stating that the deduction was made "illegally" despite the developer surrendering the allocated land for a township. ...

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Greater Noida: Rs 2 crore dues not cleared, movie theatre sealed in Grand Venice Mall

Thursday 30th November 2023

The district administration in Greater Noida sealed a "cinema hall" at Grand Venice Mall on Monday. This action followed the developer's failure to settle dues of at least Rs 2 crore against recovery certificates issued by the Uttar Pradesh Real Estate Regulatory Authority (Rera) and the consumer forum. ...

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Delhi RERA withdraws order banning registration of new property after meeting LG

Thursday 30th November 2023

The Delhi Real Estate Regulatory Authority reversed its September order instructing sub registrars not to register properties violating building bylaws. This decision came shortly after top officials met with Lt Governor V K Saxena on Tuesday. Saxena had earlier convened a meeting at Raj Niwas with the chairman, members of Delhi RERA, chief secretary, and divisional commissioner to address the issue. ...

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Maharashtra government cuts transfer fee for slum rehabilitation flats by 50%

Thursday 30th November 2023

In a significant relief for slum dwellers, the state cabinet decided on Wednesday to slash the flat transfer fee in slum rehabilitation units by 50%. Currently set at Rs 1 lakh, the transfer fee will now be reduced to Rs 50,000. Officials clarified that Slum Rehabilitation Authority (SRA) flats are provided free of cost to slum dwellers. ...

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Piramal Group can get back 75% at least of Rs 600-crore loan

Thursday 30th November 2023

The Piramal Group has secured a binding bid from CFM ARC for the sale of Tridhaatu Realty, ensuring a minimum 75% recovery in the structured deal. CFM ARC proposed a ?450 crore payment for the ?600-crore bad loan, employing a 15:85 structure with 15% in cash and the remainder in security receipts, which are quasi debt instruments paid to the lender upon recovery. ...

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Gurugram: 21 floors in two buildings sealed for violating occupation norms

Friday 24th November 2023

The District Town Planner Enforcement (DTPE) sealed 21 floors across two apartment buildings for allegedly running commercial activities in violation of occupation certificate norms. Additionally, Malibu Town Club faced closure following complaints about illegal construction within its premises.   ...

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Allotted land not available, Rudra Buildwell gets zero period relief

Friday 24th November 2023

Another real estate company, similar to the Ace group, received a 'zero period' waiver from the Allahabad high court. This waiver was granted due to the company's inability to acquire unencumbered land for its project, which is essential for construction to proceed. ...

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Three entities sell Home First Finance shares for Rs 753 crore

Friday 24th November 2023

Home First Finance Company's two promoters and a Warburg Pincus affiliate sold shares worth Rs 753 crore through open market transactions. The company's promoters, True North Fund V LLP and Aether Mauritius Ltd, along with Warburg Pincus affiliate Orange Clove Investments BV, offloaded shares on the BSE in two tranches each. ...

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NCLAT admits SBI plea against Lavasa Corporation resolution

Friday 24th November 2023

The insolvency process for Lavasa Corporation took a new turn as the National Company Law Appellate Tribunal's principal bench granted State Bank of India's petition to set aside a lower court's approval of the resolution plan by Darwin Platform Infrastructure (DPIL). ...

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NCDRC enforces Parsvnath Developers to refund, monitors timely payments

Thursday 23rd November 2023

Addressing consumer concerns about non-compliance with orders from consumer commissions, the NCDRC, through continuous monitoring, has compelled a major real estate player to compensate a flat buyer with around Rs 80 lakh. ...

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Sebi board likely to discuss regulation of realty platforms, delisting changes

Thursday 23rd November 2023

On November 25, the Securities and Exchange Board of India's board is expected to discuss proposals on regulating investment platforms offering fractional real estate ownership and changing delisting rules, aiming to enable companies to go private at a fixed price. ...

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NCLT allows 936 days exclusion from Lok Housing resolution process

Thursday 23rd November 2023

The NCLT has granted an exclusion of 936 days from the 270-day Corporate Insolvency Resolution Process (CIRP) for Lok Housing and Constructions, marking one of the lengthiest exclusions for any company. ...

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Mumbai: Actor Samir Kochhar and Karishma Tanna husband duped by builder

Thursday 23rd November 2023

Mumbai Police has filed a case against a builder couple accused of duping actor Samir Kochhar and Varun Bangera, Karishma Tanna's husband, of over Rs 1 crore. The allegations involve taking advance payment for two flats. ...

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Haryana RERA benches yet to appoint a chairman

Wednesday 22nd November 2023

While the Haryana Chief Minister's Office (CMO) is actively preparing for next year's Lok Sabha and assembly elections, crucial state organizations—such as the Haryana Human Rights Commission (HHRC), Haryana Electricity Regulatory Commission (HERC), and the Gurgaon and Panchkula benches of Haryana Real Estate Regulatory Authority (HRera)—are currently without leadership. ...

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WeWork enters financing agreements with certain lenders

Wednesday 22nd November 2023

WeWork announced securing commitments for up to $682.5 million in debtor-in-possession financing from certain lenders on Tuesday, following its recent filing for bankruptcy protection. ...

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Unregistered Navi Mumbai projects get MahaRERA notices

Wednesday 22nd November 2023

In the last 1.5 years, a coalition of small-scale developers, with support from property brokers, has elevated land speculation in Navi Mumbai. After securing Cidco plots in auctions by quoting exorbitant rates—sometimes three to four times the reserved price—they proceeded to sell apartments without the necessary permissions or allotment letters from Cidco.   ...

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DLF buys office space in Gurugram for Rs 81 crore

Wednesday 22nd November 2023

DLF Building and Services Pvt Ltd, an entity within the DLF group, has acquired 31,254 sq ft of high-end office space at Horizon Centre on Golf Course Road in Gurgaon for Rs 81 crore, as revealed by documents on FloorTap.com, a commercial property marketplace. ...

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MahaRERA suspends registration of 248 projects over failure to update reports

Tuesday 21st November 2023

MahaRERA has taken decisive action by suspending the registration of 248 projects, including three MHADA projects in Pune and Beed. These projects, registered in February, face suspension due to their failure to update quarterly progress reports. Additionally, registration for 224 projects registered in March is on the verge of suspension for similar non-compliance regarding quarterly project reports. ...

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Delhi-RERA order stalls registration of properties

Tuesday 21st November 2023

Property registrations in Delhi came to an abrupt standstill on Monday following a directive from the Real Estate Regulatory Authority (RERA). The directive instructed all sub-registrars not to register new properties that contravene the maximum number of dwelling units permitted on a certain plot size under the Unified Building Bye Laws for Delhi, 2016 (UBBL). ...

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Uttar Pradesh set to unveil plan to revive stalled projects

Tuesday 21st November 2023

The Uttar Pradesh government is gearing up to unveil a rehabilitation package for legacy stalled projects. The package, based on recommendations from an expert panel led by former Niti Aayog CEO Amitabh Kant earlier this year, is highly anticipated by realtors and homebuyers. It is expected to include a rescheduling scheme enabling builders to settle dues owed to the state in manageable instalments. ...

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Everest Food Products promoters buy flat in Mumbai Worli for Rs 73.50 crore

Tuesday 21st November 2023

The promoter group of Everest Food Products, renowned for its Everest spice brand, has successfully purchased a sea-view luxury apartment in Mumbai's plush Worli locality. This upscale residence, located on the 37th habitable floor of the Oberoi Three SixtyWest tower, spans an impressive 6,130 sq ft carpet area. The transaction, valued at over Rs 73.50 crore, reflects a premium rate exceeding Rs 1.16 lakh per sq ft. ...

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Book builders if stop-work notice ignored, BMC chief tells squads

Saturday 18th November 2023

BMC chief I S Chahal directed 96 squads to file FIRs against developers ignoring air pollution mitigation measures. Despite stop-work notices, some construction sites continue without pause. ...

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Delhi HC grants bail to ex-Amrapali Group director in four cases

Saturday 18th November 2023

Delhi High Court granted bail to former Amrapali Group director Ajay Kumar in four cheating and fraud cases filed by police on complaints from homebuyers in Greater Noida. Homebuyers allege stalled projects despite payment. ...

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Priyanka Chopra sells two Mumbai apartments to director Abhishek Chaubey

Saturday 18th November 2023

Priyanka Chopra Jonas, busy with Hollywood projects, sold two Mumbai apartments in Andheri to director Abhishek Chaubey for a total of Rs 6 crore. ...

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One-time, 50% Covid rebate to buy extra FSI to stay till projects completed: Bombay HC

Saturday 18th November 2023

The Bombay High Court has ruled that the 50% rebate for developers on additional Floor Space Index (FSI) during the pandemic, granted by the state government, applies until project completion. The court directed BMC to renew building permissions without insisting on differential premiums. ...

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Realty prices in Mumbai may rocket on back of Dharavi revamp TDR

Friday 17th November 2023

A recent notification from the state urban development department mandates city builders in Mumbai to incorporate transfer of development rights (TDR) from the Dharavi redevelopment project. The directive specifies that 40% of TDR utilized in a building project must originate from the Dharavi initiative. Market observers express concerns about a potential surge in real estate prices in Mumbai when TDR from the Dharavi redevelopment project becomes accessible.   ...

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Adani Unit, ArcelorMittal, JSWin race to buy Vadraj Cement

Friday 17th November 2023

In the context of the Insolvency and Bankruptcy Code process, Adani group, JSW Cement (owned by Sajjan Jindal), and ArcelorMittal Group are potential buyers for Vadraj Cement, an ABG Shipyard group company. The Bombay High Court had ordered Vadraj Cement's winding up in August 2018 following a legal dispute with a trade creditor, Beumer Technology India. ...

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Brigade Group to develop over 14 acres land in Yelahanka, Bengaluru

Friday 17th November 2023

Brigade Group has entered into a joint development agreement (JDA) with Krishna Priya Estates and Micro Labs for the development of a 14-acre land parcel in Yelahanka, Bengaluru. The project aims to create a residential housing space with a total area of approximately two million sq ft, carrying a gross development value (GDV) of Rs. 2,100 crore. ...

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Suraksha Realty directors buy Rs 100-crore apartments in Mumbai Worli

Friday 17th November 2023

Paresh Parekh and Vijay Parekh, directors of Suraksha Realty, recently acquired two luxury apartments in Mumbai's Worli area for a combined sum of Rs 100 crore. These residences, situated on the top floors of Naman Xena, offer 6,458 sq ft of carpet area each on the 26th and 27th floors of the ongoing construction project. ...

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Control of Aamby Valley stays with the Sahara Group

Thursday 16th November 2023

Sahara Group asserts full control over its real estate assets, including Aamby Valley City near Mumbai and Pune, following the passing of founder Subrata Roy at the age of 75 in Mumbai. The group emphasizes that these assets are operating at their full potential. ...

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Puravankara acquires rights for three-acre redevelopment project in Mumbai

Thursday 16th November 2023

Puravankara, a realty developer, has obtained redevelopment rights for two housing societies spanning three acres in Andheri, Mumbai, with a potential gross development value of Rs 1,500 crore. This acquisition marks Puravankara's entry into the redevelopment business in the western region. ...

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Mumbai: BMC draws flak for nod to 10,000 PAP flats on private plot in three days

Thursday 16th November 2023

Criticism arose over the BMC's swift decision to change the reservation of a 20-acre private open plot in Andheri (West) and, within three days, approve a developer's proposal for commercial exploitation under a different scheme, providing flats for project-affected persons (PAPs). The plot's ownership changed twice in three months, and the PAP project request was swiftly approved. ...

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Mumbai: Royal Realtors partner who cheated buyers of Rs 11 crore gets three years jail

Thursday 16th November 2023

A 50-year-old developer was sentenced to three years in prison by a magistrate's court for defrauding flat purchasers in a redeveloped Byculla building, totaling nearly Rs 11 crore. The primary complainants, a mother-son duo, had paid the full amount of Rs 57 lakh for a 1,000 sq ft flat in 2012. ...

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Delhi HC asks DDA if forged property allotment case be given to CBI

Tuesday 14th November 2023

The Delhi High Court has inquired with the Delhi Development Authority (DDA) about whether the allocation of 128 properties in Delhi, based on forged recommendation letters, should be referred to the Central Bureau of Investigation (CBI). This query arises in response to a plea from Govind Saran Sharma, seeking the execution of conveyance deeds or title documents for one of the properties. ...

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Gurugram: 10 realtors flout GRAP norms, to cough up fines, DTCP warns of strict action

Tuesday 14th November 2023

The enforcement wing of the town and country planning department (DTCP) has opted to levy penalties on developers for violating GRAP norms. Additionally, the department has introduced helpline numbers for residents to report offenders. DTCP has issued warnings to developers in licensed colonies, urging compliance with GRAP norms and cautioning of potential action for detected violations during inspections. ...

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Housing rental grow up to 30% across top seven cities during Jan-Sept 2023

Tuesday 14th November 2023

In the first nine months of 2023, housing rents in the top seven cities, including IT/ITeS hubs Bengaluru, Hyderabad, and Pune, rose by over 30%, as per ANAROCK Research data. Residential rentals in prominent areas of Bengaluru surged by more than 30% during the same period. ...

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WeWork refuses to sell India unit stake to Embassy; talks continue

Tuesday 14th November 2023

WeWork Inc. has declined WeWork India's offer to repurchase its 27 percent stake in the local business. However, sources indicate that discussions between the majority owner of the local unit and WeWork Inc may result in a different outcome. ...

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Star Housing Finance raises Rs 60 crore capital for expansion

Friday 10th November 2023

Star Housing Finance (Star HFL), a home finance company, has received board approval for a capital raise of Rs 60 crore, pending shareholders' approval. This capital infusion aims to support the company's growth and expansion plans, as indicated in a filing with the Bombay Stock Exchange (BSE). ...

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SC grants three months interim bail to HDIL promoter

Friday 10th November 2023

In the Punjab and Maharashtra Cooperative (PMC) Bank scam case involving Rs 4,300 crore, the Supreme Court granted HDIL promoter Rakesh Wadhawan interim bail for three months on medical grounds. The bench of justices Aniruddha Bose and Bela M Trivedi considered Wadhawan's medical condition when approving the bail. ...

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Signatureglobal (India) posts net loss of Rs 19.92 crore in Q2 FY24

Friday 10th November 2023

Signatureglobal (India) reported a net consolidated loss after tax of Rs 19.92 crore for the quarter ending September 30, 2023. In the corresponding quarter of the previous fiscal year, the company had incurred a loss after tax of Rs 59.25 crore, as stated in a BSE filing. The company's net consolidated total income for Q2 FY24 was Rs 121.16 crore, reflecting a 10.70% decrease from the Rs 135.68 crore recorded in the similar quarter last year. ...

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NDTV leases 1.28 lakh sq ft at Max Square in Noida

Friday 10th November 2023

Max Estates, the real estate branch of the Max Group, has disclosed that NDTV secured a lease for approximately 128,000 sq ft at Max Square in Noida. Skootr also secured a lease for around 103,000 sq ft of super built-up area in the same building. The project's total leasable area is approximately 0.7 million sq ft, with New York Life Insurance Company holding a 49% stake. ...

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WeWork filed for bankruptcy protection

Thursday 9th November 2023

WeWork, a flexible workspace provider, filed for bankruptcy protection in the United States on Monday due to substantial debt and increased losses stemming from reduced demand for office space among cost-conscious customers. WeWork, once valued at $47 billion and attracting investments from notable entities like SoftBank, Benchmark, and major Wall Street banks such as JPMorgan Chase, has faced financial challenges leading to this decision.   ...

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Nexus Select Trust net profit declines 27.18% in Q2 FY24

Thursday 9th November 2023

In financial news, Nexus Select Trust reported a 27.18 percent decrease in its net consolidated profit for the quarter ending on September 30, 2023. Their profit after tax for Q2 FY24 was Rs 251.46 crore, down from Rs 345.34 crore in the same quarter the previous fiscal year. The company's net consolidated total income for Q2 FY24 was Rs 557.32 crore, reflecting a 34.38 percent decline from the Rs 849.30 crore recorded in the corresponding quarter of the previous year. ...

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Maharashtra government to acquire Air India building for Rs 1,601 crore

Thursday 9th November 2023

The Maharashtra government has made a decision to purchase the iconic Air India building at Nariman Point in Mumbai for Rs 1,601 crore during a cabinet meeting chaired by Chief Minister Eknath Shinde. Additionally, the government has agreed to waive around Rs 250 crore of unrealized income and interest associated with the property. ...

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Kinnteisto LLP buys office spaces for Rs 739 crore in Mumbai BKC and Andheri

Thursday 9th November 2023

Kinnteisto LLP, backed by Rekha Jhunjhunwala, has acquired prime office space worth approximately Rs 740 crore in Mumbai's commercial towers located in the Bandra-Kurla Complex (BKC) and Andheri, adding to their real estate portfolio. Rekha Jhunjhunwala, the wife of the late billionaire stockholder Rakesh Jhunjhunwala, is renowned for her investments, and Rakesh was often likened to India's Warren Buffett for his four-decade-long investing career in Mumbai. ...

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MahaRERA initiates action against 370 projects in state

Wednesday 8th November 2023

In the state, 370 projects have received show-cause notices and fines totaling Rs 33 lakh for failing to display MahaRERA registration numbers and QR codes. Of these, 173 projects are from the Mumbai region, followed by 162 from Pune region and 35 from Nagpur. ...

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IBBI proposes changes to rules for insolvency resolution process

Wednesday 8th November 2023

The Insolvency and Bankruptcy Board of India (IBBI) has introduced several key changes to address issues in the insolvency resolution process for real estate projects. These changes include mandatory project registration with the Real Estate Regulatory Authority, the exclusion of properties in the possession of homebuyers from liquidation proceedings, maintaining separate bank accounts for each real estate project, executing registration/sublease deeds with Committee of Creditors (CoC) approval during resolution, and allowing the CoC to consider separate plans for each project. ...

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Delhi development body to offer 36,000 flats around Diwali

Wednesday 8th November 2023

Around Diwali, the Delhi Development Authority is set to launch its largest housing scheme, offering over 36,000 newly constructed flats in Dwarka, Lok Nayak Puram, and Narela. These flats will include 14 penthouses, 170 super HIG, 3,000 HIG, 4,700 MIG, 20,000 LIG, and 8,430 EWS flats. ...

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SoftBank makes another bet on WeWork, hoping landlords will too

Wednesday 8th November 2023

WeWork's $3 billion debt-to-equity swap deal with creditors is the latest attempt by SoftBank, its top shareholder, to revive the troubled office space provider and recover some of its significant investments. The success of this endeavor hinges on WeWork's ability to renegotiate expensive long-term leases signed during prosperous times, which it is now struggling to pay, potentially leading to a bankruptcy filing on Monday. ...

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No registration for 182 realty projects, says MahaRERA

Tuesday 7th November 2023

The MahaRera has rejected requests to lift the suspension on the registration of 182 projects that failed to meet the conditions of quarterly progress report updates. Promoters of 222 projects had sought to have the suspension lifted, claiming they had paid penalties and updated their quarterly reports. ...

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Jaiprakash Associates defaults on Rs 4,258 crore loans

Tuesday 7th November 2023

The Jaypee Group's primary company, Jaiprakash Associates, announced a default on loans totaling Rs 4,258 crore, including both principal and interest amounts. This default occurred on October 31, with a principal default of Rs 1,733 crore and interest default of Rs 2,525 crore. ...

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DB Realty divests 100% stake in Real Gem Buildtech for about Rs 231.42 crore

Tuesday 7th November 2023

DB Realty has entered into a share purchase agreement to sell its entire 100% stake in equity and preference shares of Real Gem Buildtech to Kingmaker Developers, a company within the Rustomjee Group, for approximately Rs 231.42 crore. ...

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SoftBank WeWork, once most valuable U.S. startup, succumbs to bankruptcy

Tuesday 7th November 2023

WeWork, a startup backed by the SoftBank Group, filed for bankruptcy protection in the United States on Monday. This move comes as a recognition by SoftBank, which owns around 60% of WeWork, that the company's survival depends on renegotiating its expensive leases during bankruptcy, as its strategy of providing office-sharing space to companies did not yield the expected results. ...

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REITs, InvITs collect Rs 18,658 crore in April-September 2023

Monday 6th November 2023

Driven by strong demand for infrastructure investment, attractive returns, and supportive government policies, the mobilization of funds through listed Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) in India reached Rs 18,658 crore during the April-September period of the current fiscal year. This impressive figure follows a total collection of Rs 2,596 crore through listed InvITs in the entirety of the 2022-23 fiscal year, although no funds were raised through listed REITs, as reported by the Securities and Exchange Board of India (SEBI).   ...

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DRI conducts search operation at Havells India corporate office

Monday 6th November 2023

The Directorate of Revenue Intelligence (DRI) recently conducted a search operation at the headquarters of Havells India, a prominent manufacturer of electrical goods and appliances. The DRI, acting as the primary agency for combatting smuggling and cases of commercial fraud, conducted this search in relation to alleged misclassification in the import of Heating Elements, as stated by the company. ...

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Mumbai: More than 460 building sites get directives from civic body

Monday 6th November 2023

Following an extensive inspection of approximately 815 construction sites, the BMC has issued written directives to 461 of these sites, instructing them to adhere to air pollution control guidelines. The civic body has also issued a warning, indicating that stop-work notices or site closures may occur if the specified environmental norms are not promptly met. Construction projects have been given a specific timeframe within which to align with these regulations. ...

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Brookfield Properties Equinox Business Parks refinances Rs 2,100 crore debt

Monday 6th November 2023

Brookfield Properties, a global real estate services company under Brookfield Asset Management, has successfully refinanced a debt of Rs 2,100 crore associated with its commercial property, Equinox Business Park in Mumbai. The company secured these funds from Punjab National Bank to replace the previous debt, which was initially provided by Housing Development Finance Corporation (HDFC) in two separate installments in 2018 and 2020. ...

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Provident Housing in talks with HDFC Capital to raise over Rs 1,000 crore

Friday 3rd November 2023

Provident Housing Ltd (PHL), a wholly-owned subsidiary of Puravankara Ltd, is currently in discussions with HDFC Capital Advisors to secure over Rs 1,000 crore in funding to support its expansion plans. The proposed capital infusion will be in the form of equity and will be utilized for the construction of middle-income housing projects in the southern regions of Bangalore, Chennai, and Hyderabad, as well as for venturing into new markets. ...

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Godrej Properties net profit grows by 7.41% in Q2 FY24

Friday 3rd November 2023

Godrej Properties has announced a 7.41 percent increase in its consolidated net profit for the quarter ending on September 30, 2023. In Q2 FY24, the company's profit after tax reached Rs 72.64 crore, compared to Rs 67.63 crore in the same period of the previous fiscal year, as stated in a filing with the BSE. ...

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Berger Paints net profit increases by 33% in Q2 FY24

Friday 3rd November 2023

Berger Paints India has posted a 33.08 percent growth in its consolidated net profit for the quarter ending on September 30, 2023. The company's profit after tax in Q2 FY24 reached Rs 292.13 crore, compared to Rs 219.51 crore in the corresponding quarter of the previous fiscal year, according to the company's BSE filing. ...

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Aptus Value Housing Finance net profit up 20% in Q2 FY24

Friday 3rd November 2023

Aptus Value Housing Finance India has reported a 20.04 percent increase in its consolidated net profit for the quarter ending on September 30, 2023. In Q2 FY24, the company's profit after tax stood at Rs 148.01 crore, compared to Rs 123.30 crore in the same quarter of the previous fiscal year, as per the company's BSE filing. ...

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MCD changes building plan sanction fee, houses to cost more in east & south Delhi

Thursday 2nd November 2023

The Municipal Corporation of Delhi (MCD) has decided to impose a compensatory regulatory charge, an additional fee for obtaining building plan approval for all properties, including residential ones, aimed at strengthening civic infrastructure. This fee was previously applied only in areas under the erstwhile north corporation, and there has been ongoing demand for its implementation across the entire MCD jurisdiction since the unification of the three civic bodies. ...

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Punjab & Haryana HC grants bail to M3M group MD in money laundering case

Thursday 2nd November 2023

In a significant development, the Punjab and Haryana High Court has granted regular bail to Roop Bansal, Managing Director of M3M, in a money laundering case, declaring his arrest as "illegal." This decision has led to an embarrassment for the Enforcement Directorate (ED). ...

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Housing policy draft to be cleared in December: Maharashtra housing minister

Thursday 2nd November 2023

The housing policy draft in Maharashtra, which is expected to be approved in December, will emphasize skilled manpower, rental housing programs for migrant workers, and colonies for senior citizens. It will also offer incentives for affordable housing and streamline approval processes, as announced by State Housing Minister Atul Save. ...

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Builders, RWAs liable to pay GST for over-charging electricity tariff from flat owners

Thursday 2nd November 2023

Real estate developers and Resident Welfare Associations (RWAs) will be required to pay 18% GST on electricity bills when they charge more than the power tariff prescribed by Discoms to flat owners. The Central Board of Indirect Taxes and Customs (CBIC) has provided clarification regarding the application of GST on the reimbursement of electricity charges received by entities like real estate companies, malls, airport operators, etc., from their lessees or occupants. ...

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Mumbai air pollution: Cant meet 30- day deadline for smog guns, say builders

Wednesday 1st November 2023

On Monday, builders requested more time from the BMC to implement mandatory measures at project sites to combat pollution, including 35ft-high metal sheets, sprinklers, anti-smog guns, and air quality index (AQI) monitors. Representatives of a developer's organization, along with local MLA Mihir Kotecha, met with the T ward officer and other civic officials to seek this relaxation. ...

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SC issues notice to ED on bail plea of Supertech chairman

Wednesday 1st November 2023

The Supreme Court issued a notice to the Enforcement Directorate regarding the bail plea of Supertech's chairman, who alleges that his arrest by the agency violated the apex court's order. He claims that he has not been provided with the grounds for his arrest. ...

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WeWork plans to file for bankruptcy as early as next week

Wednesday 1st November 2023

WeWork is reportedly planning to file for bankruptcy as early as next week due to its significant debt and substantial losses. The company, backed by SoftBank Group, has seen its shares decline by 96% this year, with a 32% drop in extended trading after the news was first reported by the Wall Street Journal. ...

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Maharahstra housing ministry to help revive stuck realty projects

Wednesday 1st November 2023

The Housing Minister of Maharashtra, Atul Save, has announced that the Maharashtra Real Estate Regulatory Authority will review and revive 7,500 stalled real estate projects in the next two weeks. This initiative is based on recommendations from a committee led by former NITI Aayog CEO Amitabh Kant, which called for state intervention or a rehabilitation policy to address stuck projects. The committee submitted its report to the Ministry of Housing and Urban Development in August. ...

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Dont ban non-polluting infrastructure work, say NCR builders

Monday 30th October 2023

With deteriorating air quality affecting the National Capital Region (NCR), real estate developers are urging the government not to impose bans on construction-related activities that do not contribute to pollution. They emphasize the need to meet project deadlines. According to the revised graded response action plan (GRAP) for the NCR, in the event of "severe" air quality conditions (stage III), authorities will be required to implement a ban on construction and demolition activities in the region. ...

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Delhi government digitises land records to make property sales safe

Monday 30th October 2023

To combat fraudulent property transactions, eliminate corruption, and prevent delays in the registration of sale deeds, the Delhi government's revenue department has initiated an effort to make all land records easily accessible to the general public. Officials have disclosed that digitized records related to various types of land and properties, including gram sabha, enemy, evacuee, custodial, prohibited, acquired, and earmarked properties, have been centralized and integrated with the Delhi Online Registration Information System (DORIS) portal of the revenue department. ...

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Mumbai air pollution: BMC asks some builders to stop work over foul air

Monday 30th October 2023

Under pressure, the BMC has initiated the issuance of stop-work notices to builders who fail to adhere to their recent anti-air pollution guidelines. Reports indicate that a minimum of three to four construction sites, including one in Mulund and another in Santacruz, have received these stop9-work notices. For instance, Prestige City in Mulund (West) received a stop-work notice from the T ward office, which stated that a specialized team tasked with enforcing air pollution control measures visited the construction site and discovered that the builder had not met 13 specified conditions. ...

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Macrotech Developers posts net profit of Rs 202.8 crore in Q2 FY24

Monday 30th October 2023

Macrotech Developers has reported a net consolidated profit after tax of Rs 202.8 crore for the quarter ending on September 30, 2023. This marks a significant turnaround from the net consolidated loss after tax of Rs 932.9 crore registered during the same quarter in the previous fiscal year, as reported in a filing to the BSE. However, the company's net consolidated total income for Q2 FY24 was Rs 1,755.1 crore, representing a slight decrease of 0.35% compared to the Rs 1,761.2 crore recorded in the corresponding quarter of the previous year. ...

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Mumbai: BMC scraps credit note deal with DBS Realty for PAP tenements

Friday 27th October 2023

The BMC has revoked a contract it had previously awarded to DBS Realty in March of the previous year. This contract was for the construction of 4,000 tenements intended for project-affected people (PAPs) in Chandivali, under the new "credit note" policy. The reason for this cancellation was the developer's failure to transfer the land title as required. DBS Realty was responsible for acquiring the necessary land and ensuring the land title was transferred to the BMC before commencing construction. ...

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Indian Bank to wind up Ind Bank Housing after RBI cancels CoR

Friday 27th October 2023

The public sector Indian Bank will wind up its subsidiary, Ind Bank Housing Ltd, following the cancellation of the certificate of registration (CoR) for the Housing Finance Company (HFC) by the RBI. Indian Bank's MD & CEO, S L Jain, confirmed in Chennai that Ind Bank Housing had remained inactive for the past two decades. ...

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ED attaches assets worth over Rs 70 crore of DHFL promoters

Friday 27th October 2023

The Enforcement Directorate has announced the attachment of assets, including diamond jewelry and flats, valued at over Rs 70 crore, belonging to DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan. This action is part of a money laundering investigation related to an alleged bank loan fraud case. ...

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Embassy REIT net profit increases by 68.67% in Q2 FY24

Friday 27th October 2023

Embassy Office Parks REIT (Embassy REIT) has reported a significant increase of 68.67 percent in its net consolidated profit for the quarter ending on September 30, 2023. Its profit after tax reached Rs 216.67 crore in Q2 FY24, compared to the Rs 128.46 crore recorded in the same quarter of the previous fiscal year, as stated in a filing with BSE. ...

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Goldman,Warburg sell - Good Host Spaces for Rs 2,700 crore to Alta Capital

Thursday 26th October 2023

In the most extensive student housing deal ever conducted in India, the real estate investment and asset management firm Alta Capital has acquired a 100% stake in the country's largest student housing platform, Good Host Spaces, previously owned by Goldman Sachs and Warburg Pincus. This acquisition was valued at $320 million, which is nearly 2,700 crore Rupees, according to individuals with direct knowledge of the matter.   ...

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Tenants in cessed buildings must get 405 sq ft rehab flats: Bombay HC

Thursday 26th October 2023

Bombay High Court reaffirmed on Monday that tenants residing in cessed buildings are entitled to receive a rehab flat with a carpet area of 405 square feet. This decision came in response to a writ petition filed by 59 residents of Mohamed Tajbhai chawl in Worli, contesting the developer Oricon Properties Pvt Ltd's proposal to provide them with 351 square feet of carpet area. ...

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NCLT admits insolvency plea against Pune-based Darode Jog Realties

Thursday 26th October 2023

The National Company Law Tribunal (NCLT) has accepted the insolvency application filed by ICICI Bank against the real estate developer Darode Jog Realties. The tribunal has appointed Akansha Rathi as the insolvency professional to oversee the company's affairs until the process is finalized. The bank initiated this action under the Insolvency and Bankruptcy Act of 2016 in February 2022 due to outstanding dues amounting to 154 crore Rupees. The company began defaulting on these payments in November 2021. ...

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Preity Zinta buys apartment in Mumbai Pali Hill for over Rs 17 crore

Thursday 26th October 2023

Bollywood actress and entrepreneur Preity Zinta has recently bought a residential apartment spanning approximately 1,721 square feet in the upscale Pali Hill area of Mumbai's Bandra suburb, within the high-end residential tower known as Rustomjee Parishram. The purchase price for this property exceeded 17 crore Indian Rupees. This transaction values the 11th-floor apartment in the under-construction tower at over 1.15 lakh Rupees per square foot based on a carpet area of 1,474 square feet. ...

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NCLT admits insolvency plea against Precision Realty Developers

Wednesday 25th October 2023

The National Company Law Tribunal (NCLT) has accepted a petition submitted by Phoenix Asset Reconstruction Company, initiating the Corporate Insolvency Resolution Process (CIRP) against Precision Realty Developers, a real estate company. This action was taken by a financial creditor due to a default of nearly Rs 119 crore by the property developer.   ...

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Gurugram: Checks at building sites to curb dust rule violations

Wednesday 25th October 2023

In response to the escalating air pollution caused by construction activities and the non-compliance of NGT rules in licensed colonies by property developers and owners, the Department of Town and Country Planning (DTCP) has established a team of assistant town planners, junior engineers, and field technicians. This team's role is to monitor and enforce adherence to NGT rules as part of stage 2 of the Graded Response Action Plan (GRAP). ...

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Piramal Group gets premium for Rs 531 crore residual bad loans

Wednesday 25th October 2023

Piramal Group has successfully offloaded residual non-performing loans amounting to Rs 531 crore related to its Advantage Raheja exposure. This includes assets like the JW Marriott hotel in Bengaluru and a Crowne Plaza unit in Pune. Omkara Asset Reconstruction Co. has acquired these loans, granting them complete ownership of all loans associated with this exposure. These loans, previously represented as security receipts (SR) on Piramal's books, are now being sold for an upfront cash sum. ...

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Macrotech Developers raises Rs 650- crore to refinance high-cost debt

Wednesday 25th October 2023

Macrotech Developers, a prominent player in Mumbai's real estate sector, has secured a debt facility of Rs 650 crore from Standard Chartered Bank and Deutsche Bank for a three-year term. This funding will be used to refinance their high-cost debt. Standard Chartered Bank extended Rs 245 crore at an annual interest rate of 9%, while Deutsche Bank provided Rs 405 crore at a quarterly interest rate of 9.5%. ...

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Mumbai civic body directs infra, realty projects to follow pollution control measures

Monday 23rd October 2023

In response to a recent decline in air quality in Mumbai, the city's civic authority has issued directives to real estate developers and infrastructure-related contractors to adhere to pollution control measures. ...

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Mumbai: Ninth FIR on jailed builder for cheating 28 of Rs 40 crore

Monday 23rd October 2023

Builder Jayesh Tanna, along with his brother Deep and son Vivek, faces another FIR for allegedly defrauding 28 flat buyers of Rs 40 crore. This case is expected to be transferred to the police's economic offenses wing. The new complaint relates to a 2012 redevelopment housing project in Goregaon, which was co-owned by Tanna and operated by Sai Siddhi. Bhavin Barot was seeking to purchase a flat when he visited Pearl CHS in Goregaon. ...

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MCD penalises Godrej Properties arm for violating NGT construction norms

Monday 23rd October 2023

A subsidiary of Godrej Properties was fined Rs 5 lakh by the Municipal Corporation of Delhi (MCD) for not adhering to environmental safety precautions during its construction project. In a regulatory disclosure, Godrej Properties stated that its subsidiary, Godrej Vestamark LLP, received an order under the Delhi Municipal Corporation Act 1957 on October 16. ...

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DLF & Shapoorji Pallonji take Hubtown, PNB to HC over South Mumbai project

Monday 23rd October 2023

DLF and Shapoorji Pallonji jointly held 37.5% each, with their partner Hubtown owning 25% of Joyous Housing LTD (JHL). JHL was in the process of redeveloping a 17-acre slum property near Willingdon Club in Mahalaxmi's Tulsiwadi area. Upon providing free housing to slum dwellers as part of a rehabilitation scheme, the three developers were entitled to around 12 lakh sq ft of free sale space valued at a total of Rs 10,000 crore. ...

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Mumbai: Three builders booked for forging construction documents in Virar

Saturday 21st October 2023

The Virar police, who were investigating a case involving counterfeit seals, arrested five individuals in August. These individuals were accused of constructing 55 residential buildings using forged documents. Now, three more builders have been booked by the Virar police in a similar case.   ...

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MahaRERA deregisters three projects in Mumbai, one in Pune

Saturday 21st October 2023

MahaRERA (Maharashtra Real Estate Regulatory Authority) has canceled the registration of seven projects in the state. This decision came after developers cited financial difficulties and poor responses to their projects. Among these projects, one is from Pune, three from Mumbai, two from Thane, and one from Sindhudurg. The Pune project is located in the Karvenagar area. ...

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Lake Shore India invests Rs 415 crore in 3.3 lakh sq ft mall in Pune

Saturday 21st October 2023

Lake Shore India has invested around Rs 415 crore in its first mall located in Koregaon Park. The real estate investment manager acquired this property in 2019. The mall spans over 3.3 lakh square feet and houses a collection of 100 brands, including renowned luxury brands such as Michael Kors, West Elm, White Crow, Victoria's Secret, Nappa Dori, Hugo Boss, Brooks Brothers, and Tumi in anchor spaces. ...

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Lake Shore India invests Rs 415 crore in 3.3 lakh sq ft mall in Pune

Saturday 21st October 2023

Lake Shore India has invested around Rs 415 crore in its first mall located in Koregaon Park. The real estate investment manager acquired this property in 2019. The mall spans over 3.3 lakh square feet and houses a collection of 100 brands, including renowned luxury brands such as Michael Kors, West Elm, White Crow, Victoria's Secret, Nappa Dori, Hugo Boss, Brooks Brothers, and Tumi in anchor spaces. ...

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Paytm Payments Bank MD buys two duplexes in Mumbai for Rs 20 crore

Saturday 21st October 2023

Surinder Chawla, who serves as the Managing Director and Chief Executive of Paytm Payments Bank, has acquired two duplex apartments in the luxury residential tower named 'Sky Forest' located in the Lower Parel area of Mumbai. The combined cost of these two adjacent apartments on the 42nd and 43rd floors, both offering a sea view, is Rs 20 crore. These apartments have a total area of 3,488 square feet. Additionally, Chawla will have access to four parking slots as part of the deal. ...

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Mumbai builder sent to judicial custody in Rs 4 crore flats scam

Friday 20th October 2023

In a cheating case, Mumbai-based builder Suresh Bhatade has been remanded to judicial custody by Judicial Magistrate NR Indalkar for the illegal sale of six flats in Pioneer CHS, Panvel, collectively valued at Rs. 4.3 crore. In a separate development, Additional Sessions Judge KG Paldwar has denied anticipatory bail requests for two other builders, including retired Assistant Commissioner of Income Tax Sunita Joshi, and another Mumbai-based builder Bhavesh Jain. ...

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Adani Group set to refinance $3.5 billion debt taken for ACC-Ambuja buy

Friday 20th October 2023

The Adani Group is on the verge of finalizing an agreement to refinance $3.5 billion in loans used for the acquisition of ACC Ltd and Ambuja Cement last year. A consortium led by Barclays, Deutsche Bank, Standard Chartered, and supported by 18 global banks, is facilitating the debt refinancing for what was the largest M&A deal in India's building materials industry. ...

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PropShare Capital launches second fund PREF II; plans to raise Rs 500 crore

Friday 20th October 2023

PropShare Capital, a SEBI-registered category-II AIF manager, has introduced the PropShare Real Estate Fund II (PREF II), the second scheme within their existing category II Alternative Investment Fund (AIF). PREF II aims to raise Rs. 500 crores with an additional Rs. 200 crore green shoe option. It will primarily invest in completed Class A income-generating commercial real estate properties leased to multinational and blue-chip tenants in India's technology hubs. ...

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Godrej Landmark Redevelopers receives order for GST demand worth Rs 129.39 crore

Friday 20th October 2023

Godrej Landmark Redevelopers (GLRPL), now merged with Godrej Projects Development (GPDL), a subsidiary of Godrej Properties, has been ordered by the Additional Commissioner of CGST & C. Ex. in Navi Mumbai to pay a GST demand of Rs. 129.39 crore, in addition to interest and a penalty of Rs. 129.39 crore. ...

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Ahmedabad civic body cancels permit, licences of HR Exeter-2 project

Thursday 19th October 2023

The Ahmedabad Municipal Corporation (AMC) revoked development permission for the HR Exeter-2 construction site in Ambawadi following a tragic incident in which a girl lost her life on the site. Upon inspection, AMC officials discovered that the company had failed to implement necessary safety measures at the location. ...

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Delhi development authority launches mega e-auction for prime plots

Thursday 19th October 2023

The Delhi Development Authority has initiated a large-scale e-auction for prime plots, built-up shops, kiosks, mobile tower sites, and other properties. This online bidding event is scheduled to take place over three days, from November 7 to 9, for the convenience of the public. ...

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SC order paved way for bail to Ireo MD in money laundering case

Thursday 19th October 2023

The Supreme Court's decision to grant bail to the directors of real estate firm M3M, Basant Bansal and Pankaj Bansal of Gurugram, set the stage for Lalit Goyal, MD of Ireo Group, to secure bail from the special Prevention of Money Laundering Act (PMLA) court in Panchkula. Goyal was granted bail on October 13, with the judge meticulously examining potential violations related to his arrest by the enforcement directorate in light of Supreme Court directives. ...

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NCLT admits insolvency plea against Supertech ORB

Thursday 19th October 2023

Supertech ORB, a project constructing luxurious high-rise residential apartments in the southeastern suburbs of Delhi-NCR, is facing bankruptcy proceedings. This situation may lead to a delay in handing over the properties to the homebuyers in one of Noida's most upscale residential areas. Furthermore, Supertech's other project along the Noida-Greater Noida Expressway encountered issues when twin towers had to be demolished due to construction faults and rule violations. ...

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Mahindra Lifespaces to jointly develop 37-acre plot in Mumbai Bhandup

Wednesday 18th October 2023

One of the largest land parcels in Mumbai, spanning 37 acres and owned by the defunct engineering firm Guest Keen Williams (GKW) in Bhandup, will undergo joint development by the landowner and the real estate company Mahindra Lifespaces. ...

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Orient promoter CK Birla taps Adani for cement business sale

Wednesday 18th October 2023

CK Birla, an industrialist, has approached Gautam Adani to sell his promoter stake in Orient Cement, a listed company. This move came after Birla rejected initial offers from other domestic players as they did not meet his valuation demands. Senior executives from both sides have held discussions regarding a potential deal. It's worth noting that the Adani Group already possesses India's second-largest cement capacity. ...

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Google leases office space in Blackstone GIFT City tower

Wednesday 18th October 2023

Google Inc, the tech giant, has secured office space spanning an entire floor in the Fintech One commercial tower at Gujarat International Finance TecCity (GIFT) in Gandhinagar, which is owned by Blackstone Group. This space will be used to establish Google's global fintech center. ...

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Mukesh Ambani luxury real estate bet gets HSBC financing boost

Wednesday 18th October 2023

HSBC Holdings Plc has increased the size of a loan arrangement for a part of Mukesh Ambani's business empire in India, showing confidence in Asia's wealthiest individual. Initially, the London-based bank offered a £60 million ($73 million) loan facility to a Reliance Industries Ltd subsidiary shortly after its acquisition of the Stoke Park estate in southeast England for £57 million in 2021, as per UK registry filings. ...

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Builders not to build power infrastructure, as Haryana brings in major policy change

Tuesday 17th October 2023

In a significant policy change rectifying a prior decision that burdened numerous housing societies, the Haryana government will no longer require developers to construct power substations or provide bank guarantees for them. The Haryana Electricity Regulatory Commission (HERC) has notified that these substations will be built by distribution companies. Developers will be responsible for the sanctioned load of a condominium or township and will need to allocate land for the substation to the discom at no cost. ...

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Noida authority demolishes 50 farmhouses on Yamuna floodplains, more to follow

Tuesday 17th October 2023

In its first anti-encroachment operation since this year's floods, the Noida Authority demolished approximately 50 illegal farmhouses situated on the Yamuna floodplains in Sector 151. These farmhouses encompassed several acres and had concrete structures where commercial activities were being conducted. ...

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Maruti leases 270,000 sq ft at Tag Avenue in Gurugram

Tuesday 17th October 2023

Maruti Suzuki, India's largest passenger car manufacturer, has secured a 270,000 sq ft lease in Tag Avenue, a commercial building located in Gurgaon. This move follows a request from Haryana Chief Minister Manohar Lal Khattar last year for the automobile giant to relocate its corporate office to Gurgaon. As part of this agreement, 900 acres of land were allocated to Maruti Suzuki India Limited and Suzuki Two Wheeler India Private Limited in Haryana. ...

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Cidco cancels allotment of two plots in Navi Mumbai to Godrej Properties

Tuesday 17th October 2023

The City and Industrial Development Corporation of Maharashtra (CIDCO) has revoked the allocation of two adjacent plots in Sampada, Navi Mumbai, to Godrej Properties, as reported in a BSE filing. Godrej Properties has contested this cancellation by filing a writ petition with the Bombay High Court. ...

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Emaar India to invest $1.85 billion in two years: CEO Kalyan Chakrabarti

Monday 16th October 2023

Emaar India, the local subsidiary of Dubai's Emaar Properties, plans to invest at least $1.85 billion over the next two years. CEO Kalyan Chakrabarti aims to achieve in 21 months what previously took 21 years, with a plan to release approximately 10 million square feet of real estate in key markets such as Mumbai, Pune, Bengaluru, and Hyderabad.   ...

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Cement industry struggles to compete in oversees markets

Monday 16th October 2023

The Indian cement industry is facing challenges in competing in international markets due to duty-free imports of cement in the country, along with the duties imposed on domestic producers for raw materials. The PHD Chamber of Commerce and Industry (PHDCCI) has conveyed this concern to the commerce and industry ministry. ...

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Proptech firm Blox to buy controlling stake in Justo for Rs 350 crore

Monday 16th October 2023

Blox, an AI-powered proptech company, is in the final stages of acquiring a controlling stake in Justo, a mandate brokerage firm with a strong presence in Maharashtra. The deal is valued at ?350 crore and is expected to be completed using a combination of cash and stock, according to individuals with direct knowledge of the matter. ...

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Delhi court denies default bail to Supertech chairman in money laundering case

Monday 16th October 2023

A Delhi court has rejected R K Arora's request for 'default bail' in a money laundering case. Arora, the chairman and promoter of Supertech Group, argued that he should be granted bail due to an 'incomplete charge sheet' filed by the central probe agency, but Additional Sessions Judge Devender Kumar Jangala dismissed the application. ...

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Mumbai: Highstreet Paramvir Developers failed to give information sought for audit

Friday 13th October 2023

The Economic Offences Wing (EOW) of the city police has launched an investigation into Highstreet Paramvir Developers for financial irregularities following a complaint from the Maharashtra Real Estate Regulatory Authority (MahaRera). These irregularities revolve around a project situated on a 6,525 sqft plot in Khar. MahaRera filed the complaint after conducting a forensic audit of the project. Notably, this marks the first instance in which the real estate regulator has taken action against financial improprieties. ...

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Mumbai: Borivli CHS, developer sent to arbitrator over transit rent dispute

Friday 13th October 2023

In a separate legal matter, the Bombay High Court has appointed a single arbitrator to resolve a dispute related to a redevelopment agreement that has been ongoing for over a decade. The court has also directed the secretary of the cooperative housing society involved to provide the relevant documents and records of the society, including checkbooks, to its chairman within one month. ...

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Bombay HC refuses bail to Radius Group MD in Yes Bank money laundering case

Friday 13th October 2023

The Bombay High Court has declined to grant default bail to realtor Sanjay Chhabriaa in the Yes Bank money laundering case. The court reasoned that money laundering involves intricate processes designed to legitimize illegally obtained funds, necessitating thorough investigation. ...

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Litigants cant hijack court cases: Bombay HC; Rs 2 lakh cost imposed on Modern Realty

Friday 13th October 2023

Bombay High Court bench, comprised of Chief Justice Devendra Kumar Upadhyaya and Justice Arif Doctor, dismissed a petition from builder Modern Realty Pvt Ltd seeking permission to participate in a BIT chawl redevelopment tender process. The court also imposed a fine of Rs 2 lakh on Modern Realty Pvt Ltd, payable to KEM Hospital and Medical College within one month, emphasizing that court proceedings should not be exploited by unscrupulous litigants. ...

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Supreme Court rejects bail plea of expromoter of AN Buidwell

Thursday 12th October 2023

The Supreme Court has dismissed the bail request from the former promoter, Surendra Kumar Hooda, of a real estate company accused of defrauding investors, and has ordered them to surrender. On October 4, a bench of justices Aniruddha Bose and Bela M Trivedi rejected the plea of Surendra Kumar Hooda, the former promoter and director of AN Buildwell, a real estate firm.   ...

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NGT bars leasing of plot next to Navi Mumbai creek for development

Thursday 12th October 2023

The National Green Tribunal (NGT) has prohibited Cidco, the planning authority for Navi Mumbai, from leasing a 25,000 sq m (6.2 acre) plot near the NRI Colony in Seawoods, Nerul, falling under Coastal Regulation Zone (CRZ). Local residents and activists have been opposing Cidco's plans to auction the plot, which is located in a mangrove and flamingo habitat, for residential and commercial purposes. ...

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Hero Realty forms JV with Saheb Enterprise for a residential project in Gurugram

Thursday 12th October 2023

Hero Realty Pvt Ltd has formed a new joint venture (JV) with Saheb Enterprise, based in Gurgaon, to construct a high-end residential complex in sector 104, Gurgaon. This marks the second partnership between Hero Realty and the same company. In April 2023, both firms entered into a JV to develop a project covering approximately 2 million square feet, with an anticipated revenue of Rs 2,000 crore. ...

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Jaypee Group cites banks support, Amitabh Kant panel report before Allahabad HC

Thursday 12th October 2023

Banks that provided financing to Jaiprakash Associates Ltd (JAL), the primary company of the struggling Jaypee Group, have submitted affidavits in the Allahabad High Court in support of the developer's petition to invalidate an order from the Yamuna Expressway Industrial Development Authority (YEIDA) that canceled the allocation of 1,000 hectares of land to the company. ...

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iSprout raises Rs 40 crore from Vivriti Asset Management

Wednesday 11th October 2023

iSprout, a co-working company, has secured an investment of Rs 40 crore by issuing its first secured bond. This bond was subscribed by Vivriti Asset Management (VAM), a credit asset manager with investments exceeding Rs 3,000 crore in mid-market enterprises. ...

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Give SRA powers to evict illegal occupants: Bombay HC

Wednesday 11th October 2023

The Bombay High Court, on Monday, expressed the need to grant the Slum Rehabilitation Authority (SRA) and the state government summary powers, even if they are considered "draconian," to remove unauthorized occupants of SRA flats. This concern arises due to illegal transfers and the improper use of rehabilitation tenements. The ownership of SRA rehabilitation flats, allocated free of cost to project-affected individuals, cannot be transferred within 10 years of allocation, except to heirs. ...

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NSDL to acquire office space in BKC from IDFC Bank

Wednesday 11th October 2023

The National Securities Depository Limited (NSDL) has purchased a 68,000 sqft office space from IDFC First Bank in Mumbai's Bandra-Kurla Complex (BKC) for roughly Rs 198 crore. This decision is part of the bank's efforts to consolidate its operations near its corporate office at IDFC FIRST Bank Tower (The Square), C-61, G Block, BKC, Mumbai, as mentioned in their regulatory filing. ...

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Godrej Properties to sell 14 acres land in Gurugram

Wednesday 11th October 2023

Godrej Properties is in advanced negotiations with Hero Realty to sell a 14-acre land parcel in Gurugram, valued at around Rs 730 crore. The Mumbai-based real estate company acquired this land in Sector 89 approximately two years ago from a local land-aggregating company. ...

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MahaRERA to cancel 291 projects if builders dont update QPR in a month

Tuesday 10th October 2023

MahaRera is set to cancel the registration of 291 real estate projects that have been suspended unless builders update quarterly progress reports by November 10. These projects include 104 in MMR, 63 in Pune, and 46 in Nashik. The suspension of registration came about because Forms 1, 2, and 3, which provide project status information, were not submitted on the MahaRera website. Out of the 363 initially suspended projects, 72 have updated their information and paid a fine of Rs 50,000. ...

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Ghaziabad: 18 years on, no nod for Suncity hi-tech township yet

Tuesday 10th October 2023

The GDA board has revoked Suncity Hi-tech Infrastructure's plan to develop a residential project on 828 acres off NH-9 due to MoU violations and unpaid dues. This decision has left numerous homebuyers in uncertainty. Originally proposed in 2005 under the state government's hi-tech township policy, the project was meant to cover 4,312 acres. However, land acquisition delays due to farmer protests allowed the developer to acquire only 828 acres over 18 years. ...

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Gurugram: 45 South City houses are under lens for violations

Tuesday 10th October 2023

The Department of Town and Country Planning (DTCP) has issued show-cause notices to 45 residential properties in South City 2 for property misuse and violations of the Haryana Urban Development Act, 1975. After a recent survey, the DTCP enforcement team found these properties to be in violation of regulations. Property owners have been given seven days to respond to the notices, or they could face actions such as restoration orders and cancellation of occupation certificates. ...

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Experion buys six-acre land parcel in Gurugram for Rs 400 crore

Tuesday 10th October 2023

Experion Development has successfully acquired a six-acre land parcel in Gurugram's Sector 53, valued at approximately ?400 crore, through an auction organized by the Haryana Shahari Vikas Pradhikaran (HSVP), the state's urban development authority. Additionally, the HSVP auctioned a two-acre plot in Sector 56 for ?120 crore to TREVOC (The Real Estate Venture of Chawlas), one of the three promoters in the Spaze group. ...

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Godrej Properties land deal in Nagpur faces one more case

Monday 9th October 2023

Another lawsuit has been filed against Godrej Properties regarding the Rs227 crore real estate deal from last year, involving a 58-acre land parcel near the Besa area of the city. Following a case citing provisions of Muslim personal law, this second suit challenges the deal on the grounds of the Mental Health Act, which safeguards the interests of mentally challenged individuals. ...

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Centrum Capital explores sale of its stake in housing finance business

Monday 9th October 2023

Centrum Capital, the financial services company led by Jaspal Bindra, is considering the possible sale of its stake in its mortgage financing business, Centrum Housing Finance, as reported by two informed sources. The Mumbai-based Centrum group currently holds a 74% stake in Centrum Housing Finance, with private equity investor Morgan Stanley PE Asia holding approximately 25%, following a ?190 crore investment in the business in 2020. ...

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Repair or demolish? Bombay HC to examine civic guidelines for unsafe buildings

Monday 9th October 2023

The legal dispute surrounding Mehta Mahal, referred to by the Bombay High Court as one of the most contested properties in south Mumbai, may determine whether local body guidelines can ever establish enforceable rights in favor of private individuals. This 56-year-old commercial building on Mathew Road, a narrow lane leading from Charni Road to the rear of Opera House, is once again in court, this time over a 2021 report by an expert panel appointed by the BMC concerning its structural stability. ...

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Implement old zoning policy for fourfloor buildings in one month: Gurugram builders

Monday 9th October 2023

Developers and residential plot owners are reiterating their demand for the state to implement its policy, which allows for the construction of four floors before Diwali, in order to provide relief to property owners and homebuyers. It has been eight months since the government put approvals for new four-floor building plans in residential areas on hold, following protests by residents who claimed that these "builder floors" were straining resources and infrastructure in already densely populated colonies. ...

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Maharashtra CM orders fire safety audits of all SRA buildings

Saturday 7th October 2023

Following a tragic blaze in a residential building in Goregaon, Mumbai, resulting in the loss of seven lives and injuries to 62 individuals, including two minors, Maharashtra Chief Minister Eknath Shinde has instructed officials to conduct fire audits for all Slum Rehabilitation Authority buildings. The fire occurred in the Jay Bhavani SRA building, leaving five people in critical condition out of the 62 injured. ...

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Title not clear but Ahmedabad development body offers plots to LuLu Group

Saturday 7th October 2023

The Ahmedabad Urban Development Authority (Auda) plans to auction two plots in Chandkheda town planning scheme 44, even though it has not officially taken possession of one of the plots, which still belongs to private landowners. These plots were included in the TP scheme and designated for commercial sale by Auda. ...

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Haryana CM announces regularisation of additional 303 unauthorised colonies

Saturday 7th October 2023

Haryana Chief Minister Manohar Lal Khattar announced the immediate regularization of 303 unauthorized colonies across 14 districts, allocating Rs 3,000 crore for comprehensive infrastructure development within these colonies. Among these colonies, 193 fall under 39 municipalities, and 110 are under the jurisdiction of the Town and Country Planning Department. ...

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HSVP auctions two land parcels in Gurugram for Rs 520 crore to Experion & Trevoc group

Saturday 7th October 2023

Experion Developers recently acquired a six-acre land parcel in Gurgaon's Sector 53, valued at approximately Rs 400 crore, through an auction conducted by the Haryana Shahari Vikas Pradhikaran (HSVP), the state's urban development authority. Additionally, a two-acre plot in Sector 56 was auctioned to TREVOC (The Real Estate Venture of Chawlas) for Rs 120 crore. TREVOC is one of the three promoters associated with the Spaze group. ...

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Macrotech Developers sales bookings up 12% annually to Rs 3,530 crore in Jul-Sep 2023

Friday 6th October 2023

Macrotech Developers has reported a 12 percent year-on-year increase in sales bookings, totaling Rs 3,530 crore during the July-September period, driven by robust demand in the housing sector. In the same period of the previous fiscal year, the company had recorded sales bookings of Rs 3,150 crore.   ...

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Enforcement directorate attaches Shine City properties worth Rs 17.9 crore

Friday 6th October 2023

The Enforcement Directorate (ED) has provisionally attached properties valued at Rs 17.92 crore belonging to M/s Shine City Properties Ltd under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. These attached properties consist of 47 parcels of land measuring 10.27 hectares located in Rajatalab Tehsil of Varanasi. ...

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Gurugram: Five illegal colonies near Sultanpur sanctuary demolished

Friday 6th October 2023

In an effort to combat illegal colonies and unauthorized commercial activities, the enforcement team of the Department of Town and Country Planning (DTCP) has demolished five illegal colonies that had sprung up in a no-construction zone near Sultanpur Sanctuary. Additionally, the department has sealed 28 major commercial stores that were operating illegally in Sushant Lok 2. ...

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SMFG India Credit leases 1,94,000 sq ft at Embassy 247 in Mumbai

Friday 6th October 2023

SMFG India Credit Company, a subsidiary of the Japanese conglomerate Sumitomo Mitsui Financial Group (SMFG), and Singapore's Fullerton Financial Holdings (FFH) have signed a lease agreement for 194,000 square feet of space at Embassy 247 in Vikhroli, Mumbai. Cushman & Wakefield played a role in facilitating this transaction for SMFG. ...

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Developers on land acquisition spree on Noida Expressway

Thursday 5th October 2023

While more than 20,000 homebuyers await the delivery of their homes due to the insolvency of Jaypee townships in Noida and Greater Noida, these land parcels have attracted various developers. In the past year, companies like Max, L&T, Gaurs, Saya, Paras, and Gulshan have purchased land worth Rs 3,000 crore and initiated projects with a revenue potential exceeding Rs 10,000 crore.   ...

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Raymond to invest Rs 301 crore in Ten X Realty

Thursday 5th October 2023

Raymond's board of directors has approved an investment of up to Rs. 301 crore in Ten X Realty (TXRL), a wholly-owned subsidiary of the company. This investment will include up to Rs 125 crore in redeemable preference shares, subject to final terms and agreements. ...

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In jail since 2019, plead HDIL promoters; court refuses to grant bail

Thursday 5th October 2023

The special PMLA court has denied bail to HDIL promoters Rakesh and Sarang Wadhawan. They had requested bail, arguing that they had spent more than half of the prescribed sentence as undertrials. The court's decision was based on the rejection of their earlier bail pleas, indicating their deep involvement in money laundering. The father-son duo was initially arrested in a case related to the Punjab and Maharashtra Co-operative (PMC) Bank in 2019. ...

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Lenskart Peyush Bansal buys south Delhi property for Rs 18 crore

Thursday 5th October 2023

Peyush Bansal, the CEO and co-founder of Lenskart, has acquired property in Delhi's Neeti Bagh for Rs 18 crore, purchasing the basement and ground floor of an 813-square yard property. He also paid Rs 1.08 crore for stamp duty and corporation taxes, according to documents accessed through CRE Matrix, a data analytics firm. ...

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Two directors of M3M granted bail by SC in money laundering case

Wednesday 4th October 2023

In a money laundering case, the Supreme Court on Tuesday granted bail to Basant Bansal and Pankaj Bansal, directors of the Gurugram-based realty group M3M. Following the submission of arguments by lawyers, a bench of justices A S Bopanna and Sanjay Kumar, which had reserved its verdict on September 11, extended relief to the directors of the realty firm. ...

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Maharashtra government approves law to evict redevelopment dissenters

Wednesday 4th October 2023

In private housing societies registered under the Maharashtra Apartment Ownership Act, the state cabinet has approved a proposal from the housing department to amend the act, enabling the forcible eviction of members who obstruct redevelopment. ...

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Gurugram: All stages of structural audit to be carried out at a time in highrises

Wednesday 4th October 2023

To enhance transparency and reduce costs and time, the district administration has instructed that all three stages of structural audits for high-rise residential societies be conducted concurrently. Although tests to assess the structural integrity and stability of 38 societies in the city have been underway in two phases since April last year, no concrete progress has been made yet. ...

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Uttar Pradesh plan for stalled projects: Four-year zero period & codeveloper rights

Wednesday 4th October 2023

The state government is likely to introduce a rehabilitation package for stalled projects, taking into account key recommendations from an expert committee led by bureaucrat Amitabh Kant earlier this year. During a meeting in Lucknow on September 28, specifically convened to discuss the expert panel's suggestions and chaired by the chief secretary, there was unanimous agreement to provide developers with a four-year 'zero period' and allow the original allottees to bring in co-developers to complete financially viable projects. ...

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Ludhiana civic body collects 71% of revenue target for property tax

Tuesday 3rd October 2023

In the first half of the current fiscal year, the Ludhiana Municipal Corporation (MC) has successfully collected around 70.7% of its targeted property tax revenue, amounting to Rs 130 crore for the city. The local body had set a goal of acquiring Rs 90 crore in property tax by September 30. To encourage tax return filing, the local bodies department had also announced a 10% rebate for taxpayers who settled their dues by September 30. ...

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WeWork to withhold interest payment on some notes

Tuesday 3rd October 2023

WeWork Inc. announced on Monday its decision to withhold approximately $95 million in interest payments related to some of its notes as part of its efforts to enhance its capital structure. WeWork, supported by SoftBank, has been facing challenges since its 2019 initial public offering plans fell apart due to concerns about substantial losses and doubts about its business model, which involves long-term leases and short-term rentals. ...

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Breather for buyers as town planner revokes ban on registries in Sushant Lok

Tuesday 3rd October 2023

Providing relief to numerous homeowners and potential buyers of Ansal properties, the Department of Town and Country Planning (DTCP) has executed deeds in Sushant Lok 2 and 3. Builder floor owners have faced difficulties in selling or buying properties since DTCP imposed a registration ban in the area last year, following the developer's failure to renew its license on May 25, 2022. ...

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SSSC Escatics properties seized by court in loan default of over Rs 200 crore

Tuesday 3rd October 2023

A court-appointed commissioner has taken symbolic possession of properties owned by developer Jayesh Tanna in various Mumbai locations, including Borivli, Andheri, Goregaon, south Mumbai, and Kandivli, due to a loan default exceeding Rs 200 crore under The Securitisation And Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Symbolic possession is a tactic to pressure the debtor to clear the dues without banks physically taking control of the properties. ...

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Over 1,600 properties on list of tax defaulters in Nagpur

Friday 29th September 2023

The Nagpur Municipal Corporation (NMC) has compiled a list of 1,664 properties, including hotels, clubhouses, lawns, hospitals, and theaters, with outstanding property tax payments totaling Rs 66.38 crore. Private hospitals, which have been criticized for misusing parking spaces and causing traffic problems, top the list of defaulters, owing the corporation Rs 27.29 crore collectively.   ...

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Gujarat RERA to penalize builders for pre-registration sales

Friday 29th September 2023

To safeguard home buyers from potential fraud, the Gujarat Real Estate Regulatory Authority (Rera) will take proactive measures and impose penalties on builders involved in soft launches or pre-Rera marketing without obtaining the mandatory Rera registration number. Many developers sell units at lower rates before obtaining Rera approval, which violates Rera regulations and leaves buyers unprotected under the law. ...

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Co-working firm EFC exploring FPO, other routes to raise funds for expansion

Friday 29th September 2023

Co-working spaces firm EFC India is exploring various options, including a Follow-on Public Offer (FPO), to raise funds for expanding its capacity to accommodate 60,000 seats by the end of this fiscal year. The company recently announced the acquisition of approximately 5 lakh square feet of office space in Pune, Noida, Hyderabad, and Kolkata. ...

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Godrej Properties acquires 49% equity shares of Godrej Skyline Developers for Rs 37.64 crore

Friday 29th September 2023

Godrej Properties (GPL) has purchased 49% of Godrej Skyline Developers' (GSDPL) equity shares for Rs 37.64 crore from the existing shareholder. Following this acquisition, the company, along with its wholly-owned subsidiary Godrej Projects Development (GPDL), now holds 93% of GSDPL's equity share capital. ...

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Over 20 government departments owe Rs 23.84 crore property tax to Panchkula civic body

Thursday 28th September 2023

The Municipal Corporation (MC) commissioner, Sachin Gupta, conducted a review meeting of the property tax branch on Tuesday and instructed them to send notices to 22 government property tax defaulters who collectively owe Rs 23.84 crore to the MC. ...

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Linkedin renews lease for office space in Mumbai Bandra-Kurla Complex

Thursday 28th September 2023

LinkedIn, the social media platform focusing on business and employment, has extended its lease for approximately 18,000 square feet of office space in the Maker Maxity commercial project located in Mumbai's business district, Bandra-Kurla Complex (BKC). This lease renewal is for a long-term tenure of five years. ...

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Delhi: Construction firms told to register on portal before GRAP kicks in

Thursday 28th September 2023

With the updated GRAP set to be enforced from October 1, the Delhi Pollution Control Committee (DPCC) has instructed construction companies to register on a designated web portal to be allowed to carry out their activities. DPCC has also reinforced the importance of adhering to a 14-point dust mitigation plan for all construction and demolition activities in Delhi. Additionally, they have introduced a 27-point checklist for projects exceeding 500 square meters in a bid to reduce dust pollution. ...

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Cement makers hike prices to counter rising costs

Thursday 28th September 2023

Cement manufacturers have recently increased prices by approximately 12-13% in response to rising input costs, even though the expected post-monsoon demand surge has not yet materialized. This move is seen as a bold departure from the cautious approach cement companies had taken in setting prices in previous months. ...

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How to revive stalled projects? Uttar Pradesh government may decide on waivers this week

Wednesday 27th September 2023

Representatives from the Noida, Greater Noida, and Yamuna Expressway authorities are scheduled to convene in Lucknow on Thursday to discuss strategies for reviving stalled real estate projects in their respective regions. They will also deliberate on the recommendations put forth by a committee chaired by bureaucrat Amitabh Kant regarding potential waivers for developers to facilitate the completion of delayed projects. ...

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Delhi court takes cognisance of charge sheet against Supertech chairman

Wednesday 27th September 2023

In a money laundering case, a Delhi court has acknowledged the charge sheet submitted by the Enforcement Directorate against the chairman and promoter of the Supertech real estate group. Special Judge Devender Kumar Jangala has stated that there appears to be sufficient incriminating evidence against the accused in the case. ...

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UP RERA warns buyers, investors against misleading, fraudulent ads

Wednesday 27th September 2023

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has labeled the advertisements for Sarvottam World as "misleading and fraudulent." UP RERA has cautioned prospective buyers and investors about an upcoming project called 'Megapolis/Sarvottam Megapolis' within the hi-tech township of 'NEWOIDA,' which is being promoted by 'Sarvottam World.' These misleading advertisements have been disseminated across various media platforms, including newspapers, radio, and digital channels, according to an official statement. ...

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Godrej Fund set to sell three floors in BKC project for Rs 900 crore

Wednesday 27th September 2023

Godrej Fund Management, the real estate private equity arm of the Godrej Group, is nearing the sale of office space spanning three floors in the Godrej BKC commercial project located in Mumbai's Bandra Kurla Complex. The deal, valued at approximately ?900 crore, is in its final stages, with both parties having signed a term sheet, and property due diligence is underway. ...

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Japan Sumitomo Corp concludes 80- year lease for BKC plot for Rs 2,067 crore

Tuesday 26th September 2023

Japan's Sumitomo Corporation Group has finalized a long-term lease agreement for a nearly 3-acre land parcel in Mumbai's Bandra-Kurla Complex, in collaboration with the Mumbai Metropolitan Region Development Authority (MMRDA), for a sum exceeding Rs 2,067 crore. This land parcel was acquired through an 80-year lease agreement by Goisu Realty, a subsidiary of Sumitomo Realty & Development Company. ...

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What is your stand on Jaypee Group land row, Allahabad HC asks financiers

Tuesday 26th September 2023

The Allahabad High Court has requested that banks which provided financing to the Jaypee Group clarify their positions in a case related to the cancellation of 1,000 hectares of land allocated to the group by the Yamuna Expressway Industrial Development Authority (YEIDA). Notably, this disputed land includes the Buddh International Circuit, where the three-day MotoGP event concluded on Sunday. ...

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House construction may get costlier in south, east Delhi

Tuesday 26th September 2023

The construction of residential buildings in south and east Delhi may soon become more expensive due to the Municipal Corporation of Delhi (MCD) considering the imposition of "compensatory regulatory charges." Previously, this fee was only applied in north Delhi by the former north corporation. The proposed fee will be calculated based on the built-up area of new residential constructions or renovations to existing residential buildings. ...

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ED provisionally attaches land worth over Rs 125 crore in Unitech case

Tuesday 26th September 2023

The Enforcement Directorate has provisionally attached land valued at Rs 125.06 crore owned by Unitech Infopark Limited as part of its investigation into money laundering allegations stemming from complaints by Unitech group home buyers. Officials announced this development on Monday. Specifically, the ED has provisionally attached 39.83% of the shares of a 4.79-acre land parcel within the Uniworld City township in Nallambakkam, Chennai. ...

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Gurugram: Buyers seek handover of flats, Orris Infrastructure says waiting for SC order on plea

Monday 25th September 2023

A group of homebuyers gathered at the Greenopolis project site in Sector 89 to inquire about the status of their flats on Sunday. They urged the developer to complete the project, which has been delayed by over eight years, as soon as possible and hand over the flats to them. ...

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Uttar Pradesh government to launch trust-based building plan approval system

Monday 25th September 2023

Uttar Pradesh is set to introduce a new system called FASTPAS (fast and simplified trust-based plan approval system) for granting approvals for building maps and layouts in townships. This new system is being implemented to accommodate the latest tools and concepts introduced by the state to promote urbanization. FASTPAS will enable applicants to purchase additional floor area ratio (FAR), facilitate land use changes, and avail of compensatory FAR, among other options. ...

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LandCraft leases Salman Khan Mumbai property for gourmet store

Monday 25th September 2023

LandCraft Retail has signed a lease for a commercial property on Linking Road in Mumbai, owned by actor Salman Khan, at a monthly rent of 1 crore rupees. They intend to open a new gourmet store called Food Square, replacing the debt-ridden Future Group's Food Hall. This new chain will compete with Nature's Basket and Reliance Freshpik, both owned by RP Sanjiv Goenka. ...

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Gaurs Group buys two projects for Rs 700 crore

Monday 25th September 2023

The Gaurs Group, based in Noida, has acquired 18 acres of land in Sector 129 of Noida and a stalled project in Jaypee Greens, Greater Noida, for approximately 1700 crore rupees, according to three individuals familiar with the transaction. The Noida land will be utilized for a Grade-A retail and office project. In Jaypee Greens, the real estate company will complete two stalled residential towers and create an additional 1.5 million square feet of space. ...

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Real estate agents in Maharashtra can get competency certificates by January 1

Friday 22nd September 2023

MahaRERA has extended the deadline for 32,000 registered real estate agents to complete their competency certification from September 1 to January 1, 2024. The order specifies that only agents with valid certificates will be permitted to apply for and renew real estate registrations. ...

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Limit our responsibility to seven days after granting OCs: Gurugram architects

Friday 22nd September 2023

Architects, who are now authorized to issue occupation certificates (OCs) for residential buildings under a self-certification scheme, are calling for a seven-day time limit for their responsibilities after granting the certificates. They also propose that property owners should be held accountable if there are any rule violations or changes in the buildings after this seven-day period. ...

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DLF rental arm DCCDL raises Rs 1,100 crore through issue of debentures

Friday 22nd September 2023

DLF's rental subsidiary, DCCDL, has successfully raised Rs 1,100 crore through the issuance of non-convertible debentures on a private placement basis. DLF has disclosed that the DLF Cyber City Developers Ltd (DCCDL) board has approved the allocation of these debentures. DCCDL has sanctioned the allotment of 1,10,000 senior, listed, rated, secured, redeemable, transferable, rupee-denominated NCDs (Non Convertible Debentures) with a face value of 1 lakh each, on a private placement basis to eligible investors. ...

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Viacom18 to strike deal with Blackstone for new Mumbai HQ: Sources

Friday 22nd September 2023

Viacom18, the broadcasting unit of Indian billionaire Mukesh Ambani, is reportedly finalizing a lease agreement with Blackstone-owned Nucleus Office Parks for its new headquarters in Mumbai, spanning 400,000 square feet. This new office will be situated across approximately eight floors within the "One International Center" complex in Mumbai's Lower Parel business district. Viacom, known for its TV channels and the JioCinema digital streaming platform, competes with giants like Walt Disney in India. ...

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Nagpur: MahaRERA freezes builders escrow accounts over non-filing of returns

Thursday 21st September 2023

In a firm response to builders, the Maharashtra Real Estate Regulatory Authority (MahaRera) has frozen the bank accounts of more than 40 real estate projects in the Nagpur division. This includes projects in Nagpur city and surrounding districts in eastern Vidarbha, such as Wardha, Bhandara, Gondia, Gadchiroli, and Chandrapur. ...

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Bafna Motors sells four-acre plot in Navi Mumbai Nerul to Greenscape IT Park

Thursday 21st September 2023

Bafna Motors (Mumbai), a prominent dealer for Tata Motors commercial vehicles, has successfully sold the leasehold rights to a prime 4-acre land parcel in Navi Mumbai's Nerul locality within the Trans Thane Creek industrial area for an impressive sum of over Rs 145 crore to Greenscape IT Park LLP. ...

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Signature Global Rs 730 crore IPO receives 54% subscription on first day of bidding

Thursday 21st September 2023

On the first day of its Initial Public Offering (IPO), real estate firm Signature Global (India) witnessed a 54 percent subscription rate. The public offering garnered bids for 60,34,704 shares out of the 1,12,43,196 shares available, according to data from the NSE. Non-institutional investors subscribed 1.42 times, while the Retail Individual Investors (RIIs) category achieved an 89 percent subscription rate.   ...

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Ranbir Kapoor leases out apartment in Trump Tower Pune for Rs 4 lakh per month

Thursday 21st September 2023

Bollywood actor Ranbir Kapoor has leased his luxurious apartment in Pune's Trump Towers for 36 months at a monthly rate of Rs 4 lakh. The apartment, situated on the 10th floor of one of the towers in Kalyani Nagar, spans nearly 6,100 sq ft. It has been rented to Duroshox, a Pune-based company that specializes in suspension and motion control solutions for automobile Original Equipment Manufacturers (OEMs). ...

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MSRDC to monetize land parcels along Pune-Mumbai expressway to fund big projects

Wednesday 20th September 2023

The Maharashtra State Road Development Corporation (MSRDC), responsible for major infrastructure projects in the state, plans to monetize 24 land parcels along the Pune-Mumbai expressway. These parcels, totaling 450 hectares, will be leased to generate funds for key infrastructure projects, including the Samruddhi expressway, Pune ring road, Virar-Alibaug multimodal corridor, and Jalna Nanded expressway, among others, according to a senior MSRDC official. ...

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Plot in Ahmedabad sells for Rs 3.25 lakh per square yard

Wednesday 20th September 2023

A significant land deal has taken place on S G Road, with a plot of approximately 4,000 square yards, situated between Iskcon Circle and Prahladnagar, being sold at a record rate of Rs 3.25 lakh per square yard. The buyer is in discussions with a developer for a joint venture project on the land. This transaction is noteworthy as it is the first major land deal since the jantri revision in mid-April. ...

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Income tax department raids five builders, finds Rs 400 crore tax evasion

Wednesday 20th September 2023

200 income tax officials have conducted raids at 28 locations over the past five days, uncovering alleged tax evasion of Rs 400 crore by five real estate developers, some of whom own hotels and schools in the city. The raids began on September 14 and are still ongoing. ...

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Insolvency & Bankruptcy Code cannot be used as a tool for recovery NCLT

Wednesday 20th September 2023

The National Company Law Tribunal (NCLT) dismissed a plea from two unit buyers of a commercial complex, stating that the Insolvency & Bankruptcy Code cannot be used as a "tool for recovery." The plea sought to initiate insolvency proceedings against Orris Infrastructure for an alleged default of Rs 3.60 lakh. The NCLT bench noted that the buyers had already received full payment from Orris Infrastructure according to their agreement. ...

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MahaRERA suspends 388 realty projects registration for not providing quarterly updates

Tuesday 19th September 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken action against 388 real estate projects by suspending their registrations due to non-compliance with the mandatory quarterly updates of project information, as required by the Real Estate (Regulation & Development) Act, 2016. According to the act, real estate developers must register their projects with MahaRERA and regularly update project-related information. ...

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Delhi: 3,000 premium DDA houses up for grabs

Tuesday 19th September 2023

The Delhi Development Authority (DDA) is set to unveil its next housing scheme, featuring 3,000 premium properties, ahead of Diwali. These flats will be allocated through a lottery system and will include penthouses, Super HIG, HIG, MIG, and EWS flats in locations such as Dwarka, Lok Nayak Puram, Vasant Kunj, among others. Officials have noted that several of these properties are currently under construction. ...

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SRS Group directors and promoters get pre-arrest bail in bank fraud cases

Tuesday 19th September 2023

In a recent development, the special judge at the CBI court in Panchkula has granted anticipatory bail to four individuals currently incarcerated in Faridabad jail in connection with two separate cases of cheating and fraud involving a nationalized bank, amounting to Rs 152 crore. Both cases were filed by the CBI three years ago. ...

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Signature Global raises Rs 318.5 crore from anchor investors ahead of public issue

Tuesday 19th September 2023

Signature Global, a realty firm preparing to launch its initial public offering, has successfully secured Rs 318.5 crore from anchor investors, including Nomura. In a regulatory filing, Signature Global revealed that 82,72,700 equity shares were subscribed at Rs 385 per share in the Anchor Investors (AIs) segment, with Nomura Trust and Banking Co Ltd acquiring the largest portion of 18,70,094 shares. ...

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Salary not an issue, safety is: Construction workers at NBCC lift crash site in Noida

Monday 18th September 2023

At the Amrapali Dream Valley project in Noida Extension, where a tragic lift accident claimed the lives of eight construction workers on September 15, concerns have been raised by construction workers regarding safety measures at the site. The troubled Amrapali Group's ambitious housing project, originally planned for over 7,500 flats, is now being completed by the state-run NBCC under the Supreme Court's supervision. ...

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Aerotropolis to be built next to Noida airport on 6,500 acres

Monday 18th September 2023

The Noida aerotropolis is set to serve both residential and industrial needs, featuring modern infrastructure to support various themed developments. These include an innovation and tech hub, commercial centers, a logistics hub, hospitality options, and recreational and entertainment areas, as stated by YEIDA CEO Arun Vir Singh. ...

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Bombay HC asks BMC to grant builder TDR in four weeks

Monday 18th September 2023

During this week, the Bombay High Court issued a directive to the BMC to issue a transferable development rights (TDR) certificate to a private builder who had provided and surrendered land for the Sahar Elevated Ring Road leading to International Airport Terminal 2. This order followed the MMRDA's statement that it was not the planning authority for the section of the Sahar Elevated Road constructed on land owned by Eversmile Construction Company Pvt Ltd. ...

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Income tax department raids Noida premises of Orris Group

Monday 18th September 2023

On Saturday, the Income Tax department conducted searches at properties associated with a real estate developer in Noida and Greater Noida, suspecting tax evasion. Similar searches had been conducted on Friday at locations of the same group in Noida, Greater Noida, and Gurugram. Over the past two days, the Income Tax department has conducted raids at various sites belonging to different builders in the Delhi-NCR region. ...

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I-T department conducts raids in offices of several builders in NCR, Haryana, Punjab

Saturday 16th September 2023

The Income Tax department initiated raids on the offices and premises of multiple builders in Gurugram and other cities. These raids, conducted at 28 locations, are part of an investigation into builders accused of tax evasion. The affected areas include Gurugram, Chandigarh, Karnal, Delhi, Ludhiana, and Rewari. The searches commenced at 6 am and extended into late Friday evening, resulting in the confiscation of certain documents, according to an official statement. ...

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Uttar Pradesh government plans Olympic Village with 5,000 flats near Noida airport

Saturday 16th September 2023

In Uttar Pradesh, plans are underway for an expansive Olympic Park near the upcoming Noida International Airport. This development aligns with India's infrastructure ambitions as it seeks a larger role on the global stage, following the recent expression of interest from the Indian government to host the 2036 Olympics. ...

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Adore Group to invest Rs 200 crore in Gurugram project

Saturday 16th September 2023

Adore Group, a real estate developer based in Gurgaon, has acquired a 10.20-acre land in sector 77 for a residential project with an investment of Rs 200 crore. The project will feature a 60,000 sq ft clubhouse and is expected to generate revenue of Rs 1,000 crore. It will consist of 12 towers and over 700 units. Adore Group has successfully completed 20 projects covering a cumulative area of 10.11 million sq ft. ...

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MahaRERA soon to bring an act to monitor quality housing: Chairman

Saturday 16th September 2023

MahaRERA, the Maharashtra Real Estate Regulatory Authority, is in the process of discussing an act to oversee housing quality, aiming to protect the interests of homebuyers and ensure they receive the promised quality from developers, as stated by Ajoy Mehta, the chairman of MahaRERA. Currently this enactment is at an discussion stage. ...

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Builders without QR code in ads may be fined by MahaRERA

Thursday 14th September 2023

The Maharashtra Real Estate Regulatory Authority (MahaRera) has mandated that builders include a QR code for every project in their promotional materials, enhancing transparency. Officials at the Rera office in Nagpur have reported no complaints thus far. In case of non-compliance, builders can face penalties of up to 5% of the project's cost. ...

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Amid boom in Mumbai redevelopment projects, triple GST sees court cases build up

Thursday 14th September 2023

In Mumbai, the redevelopment of cooperative housing societies is progressing vigorously, but challenges related to goods and services tax (GST) in such schemes are resulting in legal disputes that is litigation. Appeals in the court are being made to the finance ministry to streamline the tax process. Typically, members of a cooperative housing society collectively transfer their development rights to a redeveloper, receiving a new flat in exchange for their old one upon project completion. ...

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ASK Property Fund invests Rs 225 crore in Pune

Thursday 14th September 2023

ASK Property Fund, the real estate private equity division of the ASK Group, has injected an investment of Rs 225 crore into Pune through its recently raised fund, ASK Real Estate Special Opportunities Fund IV (RESOF IV). This venture primarily focuses on residential developments and forms an integral part of the Megapolis integrated township within Hinjewadi, developed by Kumar Realty. Within this township, 4,600 units have already been delivered, with a majority being occupied, and there are an additional 3,000 units currently under construction. ...

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Signature Global cuts IPO size by 27% amid high borrowing costs

Thursday 14th September 2023

Indian real estate firm Signature Global has adjusted the total offer size for its initial public offering (IPO) to 7.3 billion rupees ($88 million) from the initially planned 10 billion rupees, as per the updated prospectus dated Sept. 12. The IPO comprises a fresh issue of shares worth 6.03 billion rupees and 1.27 billion rupees worth of shares being divested by the company's existing shareholder, International Finance Corporation, a member of the World Bank Group. ...

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Kochra Realty acquires Rs 700 crore stressed residential project in Mumbai Dahisar

Thursday 14th September 2023

Kochra Realty, a real estate developer, has taken over a stalled residential project worth Rs 700 crore in Mumbai's Dahisar suburb. The company aims to revive and complete the long-delayed project by early 2025. Initially, the project, which has nearly 600 homebuyers, was being developed by Ashapura Housing with financial support from an alternate investment fund. ...

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Ajmera Realty to redevelop four residential societies in Mumbai Borivali

Thursday 14th September 2023

Ajmera Realty & Infra India (ARIIL) is embarking on the redevelopment of four societies in Yogi Nagar, Borivali West, Mumbai. This project is expected to yield sales of approximately Rs. 330 crore and primarily features 2 & 3 BHK residential apartments with an estimated total carpet area of 1,07,000 sq ft. The company has secured a Letter of Intent from these societies, and the project is slated for launch in the first half of 2024, with an estimated completion timeline of three and a half years. ...

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Sonakshi Sinha buys apartment in Mumbai Bandra

Thursday 14th September 2023

Bollywood actress Sonakshi Sinha has recently acquired a Rs 11 crore apartment in the upscale residential tower, 81 Aureate, located near Bandra, in Mumbai. Her new apartment, situated on the 26th floor, spans approximately 2,430 sq ft. The purchase was made directly from developers Pyramid Developers and Ultra Lifespaces, and she paid a stamp duty of Rs 55 lakh for the registration of the transaction, which occurred on August 29, as per documents obtained from Zapkey.com. ...

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In Mumbai, Malabar Hill bungalow give way for flats for netas

Wednesday 13th September 2023

In a separate development, there are plans to demolish a bungalow in Malabar Hill to make way for the construction of 12 luxury sea-view apartments. Out of these, six will serve as residences for prominent government officials, including the speaker and deputy speaker of the assembly, the chairperson and deputy chairperson of the council, and the leaders of the opposition in both Houses. Ajantha bungalow on Narayan Dabholkar Marg, currently the official residence of the council chairperson, will be razed to create these 6,500 sqft luxury condominiums. ...

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Gurugram: DTCP serves notices to 19 more architects for violating OC rules

Tuesday 12th September 2023

The planning division of the Department of Town and Country Planning (DTCP) has sent notification of notices to 19 architects for breaching regulations in the issuance of occupation certificates (OCs) through the self-certification scheme. These infringements were identified in properties situated within licensed colonies such as Sushant Lok 1 and 3, South City 1, DLF 2 and 3, and others, which had received OCs in August. During the on-site inspection, Rajesh Kaushik, the DTP (Planning), identified violations such as unfinished work, filled cutouts, breaches of projections, and additional constructions such as bathrooms on stilts. ...

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Sebi issues framework for REITs, InvITs about board nomination rights

Tuesday 12th September 2023

On Monday, the Securities and Exchange Board of India (SEBI) issued a framework for the exercise of board nomination rights by eligible unitholders of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). During its board meeting on June 28, SEBI approved the introduction of nomination rights for unitholders of REITs and InvITs. An eligible unitholder is defined as a unitholder who holds 10 percent or more of the total outstanding units of a REIT or InvIT, either individually or collectively. ...

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Prestige Group looks to partner TDI in Lutyens Delhi

Tuesday 12th September 2023

The Prestige Group, headquartered in Bengaluru, is currently in advanced discussions with TDI Infratech to establish a joint development agreement for the construction of a residential property spanning 5,100 square yards located on Kasturba Gandhi Marg in the prestigious Lutyens' Delhi area. Individuals familiar with the matter have disclosed that the property, owned by TDI Infratech, is valued at approximately ?325-350 crore and holds a projected revenue potential of ?700 crore. Experts believe that Prestige Group is likely to consider the development of eight to nine boutique apartments, signifying its entry into the residential real estate market in Delhi. ...

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Gurugram: After audit, builder of Brisk Lumbini starts repairs, RWA says - keep us in loop

Tuesday 12th September 2023

Following a structural audit conducted by the district administration, the developer of Brisk Lumbini in Sector 109 has initiated repair work to address structural issues through its contractor. Nevertheless, the Residents Welfare Association (RWA) expresses dissatisfaction with the process, asserting that both the residents and the structural audit agency are not adequately informed about the methodology and other updates related to the repairs. ...

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Motilal Oswal buys 12-storey tower in Ahmedabad from Claris Life Sciences

Tuesday 12th September 2023

Motilal Oswal Financial Services (MOFSL) has completed the acquisition of a standalone commercial tower encompassing 12 upper floors, spanning approximately 1,10,000 sq ft in Ahmedabad's financial district. This strategic acquisition from Claris Life Sciences aligns with MOFSL's growth and expansion strategy. The property, situated on 0.56 acres of land, will be the new home of Motilal Oswal Tower, marking the company's third independent commercial tower alongside its existing properties in Mumbai and Bengaluru. ...

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Sumadhura Infracon to invest Rs 5,000 crore in next three years

Tuesday 12th September 2023

Sumadhura Infracon, a real estate developer, intends to expand its residential and commercial portfolio significantly over the next three years, with an investment of approximately ?5,000 crore, as per the company's chairman's. The company has recently acquired 45 acres of land situated along Bengaluru's Outer Ring Road for the construction of a commercial facility. In 2023, their plan includes the construction of three million square feet of new homes and the development of two million square feet of land. ...

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Real estate leasing companies in a fix over blocked credit eligibility

Tuesday 12th September 2023

Real estate developers who lease their commercial properties are currently facing credit eligibility challenges under sections 17 (5) C and 17 (5) D, even as the matter is being debated in the Supreme Court, according to stakeholders in the real estate industry. In cases where a developer constructs a commercial building and sells it before obtaining an occupancy certificate, they might be able to qualify for credit, as long as they fulfill their obligation to pay the output GST for the sale transaction. ...

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MahaRERA clears 323 project registration applications in three months

Monday 11th September 2023

Over the past three months, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has approved a total of 323 project registration applications out of 1,100. These approvals were granted after thorough verification by the respective local authorities. The majority of the approved applications (117) were from Pune district, followed by Raigad (52), Thane (48), and Mumbai suburban (35). Since June 19, MahaRERA has been implementing a policy where project registrations are only granted following the verification of commencement certificates (CC) issued by civic bodies. ...

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Gurugram: 18 architects, owners served notices for flouting OC norms

Monday 11th September 2023

The Department of Town and Country Planning (DTCP) has taken action by sending show cause notices to both architects and property owners of 18 properties. This action follows an inspection of 45 residential properties situated in prestigious licensed residential colonies within the city. Furthermore, an additional 17 properties are also expected to receive notices for similar violations in the near future. These notices are being issued due to the construction activities carried out by these properties after they had already obtained occupation certificates (OCs). ...

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WeWork begins to renegotiate leases globally

Monday 11th September 2023

WeWork announced on Wednesday that it has initiated a worldwide effort to engage with landlords to reevaluate almost all of its lease agreements. This move resulted in an increase in its shares, rising as much as 9% during morning trading. With backing from SoftBank, the company expressed its intention to negotiate more favorable terms with its landlords and intends to exit leases for locations that are not suitable or are underperforming. The goal is to redirect these resources towards reinvesting in its other assets. ...

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Flipspaces raises $4 million in pre series-B funding in mix of equity and debt

Monday 11th September 2023

Flipspaces has successfully raised $4 million in funding from its current investors, with Prashasta Seth, former CEO of IIFL AMC, heading the group of investors. This funding round also attracted participation from various family groups and investment funds. According to the company, these funds will be allocated towards expanding their presence in the US market and enhancing their integrated technology platform, coupled with a global supply chain, for the design and construction needs of SMEs. ...

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Indian REITs Association formed to foster industry best practices

Monday 11th September 2023

The Indian REITs Association (IRA) has officially unveiled its establishment as a non-profit trade organization with the primary goal of promoting the expansion and progress of the Real Estate Investment Trust (REIT) industry in India. This association will work in partnership with the Securities and Exchange Board of India (SEBI) to champion the interests of both businesses and investors while ensuring compliance with regulatory guidelines. ...

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Greater Noida: Pay 50% dues by this year to get discounts

Monday 11th September 2023

The Greater Noida Authority has introduced an Offer-to-Settle (OTS) program designed to assist purchasers of multi-story buildings in settling outstanding payments. This initiative is set to be advantageous for more than 2,200 property buyers who have yet to finalize their lease agreements. It is estimated that the GNIDA will be able to recover around Rs 468 crore in outstanding fees and premiums through this program. Prospective applicants will have a window of over three months to apply for this scheme, running from September 5th to December 31st. Depending on the size of their apartments, participants can enjoy discounts ranging from 20% to 80% on penalties related to premiums, additional compensation, and late fees for lease deeds. ...

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MahaRERA to grade every real estate project

Tuesday 5th September 2023

In a significant step aimed at enhancing transparency and accountability in the real estate sector and ensuring greater consideration for homebuyers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has achieved a milestone by becoming the first regulatory body in the country to implement a grading system for every real estate project. Builders will be required to regularly submit technical, legal, financial, and general project information through an online platform every six months for assessment. ...

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Banks moot covering stamp duty, registry charges in home loans

Tuesday 5th September 2023

Individuals seeking home loans could potentially access increased financing if a proposal submitted by banks to incorporate stamp duty and additional registration charges into the project cost gains approval from the banking sector regulator, as per sources familiar with the situation. Following internal discussions during a meeting held last month, lenders have reached out to the Reserve Bank of India (RBI), according to these sources. ...

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About 3,000 building sites in Gurugram, but only 220 registered on dust portal

Monday 4th September 2023

Winter is approaching in a matter of weeks, yet out of over 3,000 construction sites within the city, only 220 have registered on the government's dust portal so far. This indicates a continuation of normal operations, despite regulations aimed at preventing Delhi-NCR from experiencing hazardous air conditions once again. The dust portal was introduced by the Haryana government in January of the previous year, following directives issued by the Commission of Air Quality Management (CAQM) in October 2021. ...

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Mindspace REIT acquires 2.41 lakh sq ft in Chennai for Rs 181.60 crore

Monday 4th September 2023

Mindspace Business Parks REIT (Mindspace REIT) has purchased a leasable area of 2,41,694 square feet at Commerzone Porur, Chennai, for a total cost of Rs 181.60 crore, inclusive of transaction expenses, equating to Rs 7,512 per square foot, as reported in a filing with the BSE. This acquisition will enable the company to strengthen its ownership stake in the project. ...

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SIT uncovers forged land registries worth Rs 400 crore in Dehradun

Monday 4th September 2023

The Special Investigation Team (SIT) probing the fake property registry scandal in Dehradun has revealed the participation of a 'white-collar gang' consisting of attorneys, government personnel, and real estate agents who were involved in deceptive property registrations. While the estimated total worth of these properties is assessed at Rs 400 crore, a senior SIT official suggests that the actual extent of the scam could be even larger. ...

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Bombay HC directs Mhada not to insist on NOC for building reconstruction

Monday 4th September 2023

The Bombay High Court has issued a directive to the Maharashtra Housing and Area Development Authority (Mhada), instructing them not to insist on a No Objection Certificate (NOC) from any prior developer or architect when the housing society of a seven-story building in Kherwadi, Bandra (East), which collapsed 25 years ago, selects a new developer and submits a reconstruction proposal. ...

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Pilot launched for easier property registration, rent agreements in Delhi

Friday 1st September 2023

In order to expedite the registration process for property documents, wills, lease agreements, rental agreements, and similar documents, the revenue department has initiated an online system. A pilot project was recently initiated at the Defence Colony and Najafgarh subregistrar offices. Under this system, applicants have the option to enter their personal information, upload necessary supporting documents, make online payments for stamp duty, and schedule appointments for document registration. ...

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Over 1.7 lakh register for 1,200 plots near Noida airport

Friday 1st September 2023

A scheme introduced by the Yamuna Expressway Industrial Development Authority (YEIDA) less than three weeks ago, which aims to allocate plots for independent houses near the upcoming Noida International Airport, has garnered an overwhelming response. People are rushing to secure a piece of what is widely perceived as a lucrative opportunity in the real estate market. As of Wednesday evening, the online portal recorded 173,000 users registering their interest for the 1,184 plots available. Additionally, 123,000 individuals purchased application forms online, 110,000 applications have been submitted, and 78,290 applicants have also submitted 10% earnest money. The application deadline expires on Friday night. ...

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Defaulting builders should not be given three-year time to complete stalled projects: FPCE

Thursday 31st August 2023

The FPCE, an organization representing homebuyers, has recommended that concessions to real estate developers be exclusively offered to address long-pending, stalled housing projects from the past. The organization emphasized that developers with a history of not meeting deadlines should not be granted a general three-year extension for completing these projects. ...

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If SRA transit rent is unpaid, act within 30 days, says Bombay HC

Thursday 31st August 2023

On Wednesday, the Bombay High Court issued a directive stating that recently appointed nodal officers of the Slum Rehabilitation Authority (SRA) must expeditiously address complaints regarding the nonpayment of transit rent to eligible individuals and slum residents during the ongoing redevelopment process. The court specified that these officers should take necessary actions within a 30-day timeframe. ...

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Architects flouting norms in Haryana? DTCP to check OCs granted after Aug 1

Thursday 31st August 2023

In response to complaints about norm violations, the Department of Town and Country Planning (DTCP) has mandated the inspection of buildings for which architects have issued occupation certificates (OCs) after August 1. ...

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Noida: 14 builders have two days to open escrow accounts or face recovery certificates

Wednesday 30th August 2023

The Noida Authority has given a deadline until August 31st to fourteen developers who have defaulted, requiring them to establish escrow accounts. This decision aims to help the Authority recover the outstanding payments owed by these builders. Currently, six developers have complied by creating such accounts under the Authority's supervision. Around two months ago, the Authority had instructed 59 developers, who collectively owed Rs 7,000 crore, to initiate escrow accounts. The primary purpose of these jointly managed accounts is to discourage the practice of diverting funds collected from homebuyers towards other projects. ...

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Mindspace REIT to raise Rs 500 crore by way of private placement

Wednesday 30th August 2023

According to a filing with the Bombay Stock Exchange (BSE), the executive committee meeting of K Raheja Corp Investment Managers, which serves as the manager for Mindspace Business Parks REIT (Mindspace REIT), has granted approval for a private placement to raise Rs 500 crore. ...

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Delhi court to consider taking cognisance of charge sheet against Supertech chairman on Sept 15

Tuesday 29th August 2023

On September 15, a Delhi court is scheduled to deliberate whether to acknowledge a charge sheet filed against R K Arora, who is the chairman and promoter of Supertech Group, in connection with a money laundering case. Special Judge Devender Kumar Jangala presided over the proceedings on Monday and noted the extensive nature of the documents, leading to an adjournment of the proceedings. ...

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Noida, Greater Noida authorities have six-point plan to compete projects, recover dues

Monday 28th August 2023

The authorities of Noida and Greater Noida have devised a comprehensive six-point strategy with the goal of tackling challenges within group housing ventures, retrieving outstanding payments from developers, and encouraging property registrations. This strategy encompasses several measures, such as revoking plot allotments for projects that haven't commenced, facilitating project completion via co-developers in case of stagnation, offering alternatives for surrender, and even revoking permissions for projects that fail to adhere to regulations. ...

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Circle rates in Delhi to go up by 35%? Work on to redraw proposal

Monday 28th August 2023

The Delhi government's intention to modify the circle rates for residential and commercial zones within the city has encountered a setback. Officials have indicated that the earlier proposal, crafted by the revenue department, which suggested the establishment of subcategories within the A to H categories for residential areas, accompanied by various tiers of circle rates, has been sent back by the finance department. This return was made with specific objections and recommendations. ...

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China approves guidelines to boost affordable housing amid property debt crisis

Monday 28th August 2023

China's cabinet, chaired by Premier Li Qiang, has endorsed guidelines for the planning and construction of affordable housing. The Xinhua news agency, a state-run media outlet, reported this development. The Chinese property sector is currently grappling with a deepening crisis, marked by an increasing risk of default among certain developers as they encounter difficulties in selling apartments and raising funds. ...

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Flats ready, submit papers, take them: 1,100 Amrapali buyers get final notice

Monday 28th August 2023

The Supreme Court-appointed receiver for the Amrapali projects has issued a "final" notification to approximately 1,100 homebuyers who have yet to verify their allocated flat documents. This includes those who have not taken possession of their units even after reviewing the provided papers. The Amrapali Group's projects have been in a standstill since its promoters were imprisoned. The completion of these projects is being overseen by NBCC, a government-backed construction company, under the supervision of the Supreme Court.  ...

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Metamor Software directors buy Hyderabad property for Rs 48 crore

Friday 25th August 2023

In a recent high-value residential transaction in Hyderabad, directors Meghna Dilip Bhanushali and Tummala Vipul Reddy of Metamor Software Solutions have acquired a property for Rs 48 crore. The residence, located in the Jubilee Hills locality, spans 13,000 sq ft in total area, with a built-up area of 3,951 sq ft. The sellers of this property were Manoj Kumar Tibrewala and the purchase marks one of the most expensive real estate deals in the city recently. ...

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Bandhan Bank spends Rs 160 crore to buy office space in Mumbai

Friday 25th August 2023

Bandhan Bank has made the strategic choice to establish a corporate office in Mumbai. Additionally, the bank intends to create a zonal office that will also serve as a government business center in New Delhi. To facilitate this expansion and development, the private sector bank has invested approximately Rs 160 crore to acquire commercial real estate in Mumbai, the nation's financial hub. This newly acquired space will not only serve as the corporate center but will also accommodate the bank's treasury operations, according to Chandra Shekhar Ghosh, the Managing Director of Bandhan Bank. ...

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ED files charge sheet against Supertech chairman in money laundering case

Friday 25th August 2023

On Thursday, the Enforcement Directorate (ED) submitted a formal charge sheet against R K Arora, who is the chairman and promoter of the prominent real estate firm Supertech Group, along with his company and eight other individuals. This charge sheet is a result of a money laundering investigation and alleges that they were involved in a "criminal conspiracy" to deceive individuals who had purchased homes. The accusations revolve around the claim that they collectively swindled a minimum of 670 home buyers, amounting to Rs 164 crore. ...

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Shriram Properties &ASK Property Fund invest Rs 206 crore in a residential project in Chennai

Thursday 24th August 2023

Shriram Properties (SPL) and ASK Property Fund have collaboratively infused Rs 206 crore to acquire complete development rights for an ongoing project in Chennai. This transaction has been facilitated through SPL's wholly-owned subsidiary, Shrivision Elevations. The necessary working capital for the project will be provided independently. The funds for this investment are sourced from the ASK Real Estate Special Opportunities Fund IV ...

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Register projects with RERA, safeguard interests of buyers: UPRERA chairman to promoters

Wednesday 23rd August 2023

On Tuesday, Sanjay Bhoosreddy, the chairman of Uttar Pradesh RERA, urged real estate developers in the state to ensure the registration of their projects with the authority. He emphasized their obligation to protect the interests of all stakeholders, particularly homebuyers. Recently appointed as the second chairman of UP RERA, Bhoosreddy also underscored the importance for developers to actively build a strong and advancing real estate industry by willingly adhering to regulatory guidelines. ...

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Delhi RERA directs builders to open allottee grievance cell

Wednesday 23rd August 2023

The Delhi Real Estate Regulatory Authority (DRERA) has issued a directive to real estate developers and builders in the national capital, instructing them to establish an "Allottee Grievance Cell" for every project. This cell should include a dedicated phone number to effectively address any concerns raised by allottees. Additionally, DRERA has mandated that these developers prominently display their names, addresses, RERA registration numbers of the projects, along with the contact details of the Allottee Grievance Officer and the Allottee Grievance Cell, at the construction site of each respective project. ...

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Expert panel suggests changes in insolvency law among others to revive stalled realty projects

Wednesday 23rd August 2023

An expert panel has proposed a range of measures to the government for revitalizing inactive real estate projects in the country. Led by former NITI Aayog chief Amitabh Kant, the 14-member committee submitted its findings to Union Housing and Urban Affairs Minister Hardeep Singh Puri on Monday. The committee's report, suggests various steps, including the establishment of a program that provides reduced interest rates. This proposed interest rate subsidy scheme, akin to the one for MSMEs, aims to incentivize financial institutions to support stalled projects. ...

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Survey soon, circle rates in Noida to be revised after three years

Wednesday 23rd August 2023

Following a pause lasting three years, there are indications of a potential adjustment in circle rates in Noida, as the stamp and registration department gears up to initiate property assessments. Atul Kumar, the ADM (Finance and Revenue), stated that the district administration issued instructions to subregistrars on Thursday, tasking them with examining the existing circle rates and market valuations across diverse sectors and classifications such as residential, industrial, commercial, agricultural, and more. The objective is to compile a comprehensive report that will pinpoint the specific areas warranting a revision in rates. ...

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Refunds, a relief guaranteed under UP-RERA, eludes many homebuyers

Wednesday 23rd August 2023

To what extent are Rera recovery certificates (RC) effective in providing relief to distressed homebuyers? In Noida, the largest real estate market in Uttar Pradesh and also the one grappling with most of the issues – primarily related to project delays and incomplete constructions – only 5% of RCs issued by the real estate ombudsman since 2018 have been successfully retrieved. RCs are granted based on two provisions — Section 40 (1) of the UP Rera Act and Rule 23 of UP-Rera Rules — when affected homebuyers file complaints with Rera against non-compliant developers to seek refunds. However, the responsibility for enforcing the collection of RCs rests with the local administrations. ...

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Premium for open space relaxation can only be 10%: SC

Wednesday 23rd August 2023

The Supreme Court has affirmed a 2017 ruling from the Bombay High Court, stating that the premium imposed for inadequate open space can only be 10%, rather than 100%. The court has instructed the BMC (Brihanmumbai Municipal Corporation) to subtract the 10% fee and reimburse the remaining amount along with interest within six weeks to Wadhwa Estate and Developer (I) Pvt. Ltd. In 2011, the developer had submitted a proposal to renovate a MHADA building and requested leniency for the shortfall in open space. ...

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Noida authority to set up a special cell to check illegal constructions

Wednesday 23rd August 2023

The Noida Authority board has given its endorsement for the establishment of a specialized enforcement unit within the planning division. This unit will be responsible for monitoring and curbing unauthorized constructions by residents and developers who deviate from approved layouts. Officials have revealed that there is a proposal underway to hire 20 junior engineers through external sourcing. Their primary task will involve examining construction undertakings and ensuring rigorous compliance with the sanctioned architectural plans. ...

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Government to soon launch scheme for those who want to own house in cities: PM

Wednesday 23rd August 2023

On Tuesday, Prime Minister Narendra Modi announced that the government will introduce a scheme in the near future aimed at offering interest relief on bank loans for individuals aspiring to own homes in urban areas. Speaking to the nation on the occasion of the 77th Independence Day, Modi stated that his administration will initiate this program to assist middle-class households residing in urban locations who currently lack their own residences. He further highlighted that individuals with limited financial means residing in urban areas without proper housing often encounter challenges. ...

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MahaRERA asks realty developers to set up redressal cells for homebuyers’ issues

Wednesday 23rd August 2023

Realty developers in Maharashtra have been instructed by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to establish dedicated grievance redressal cells aimed at handling complaints from homebuyers. These cells, which pertain to the developers' projects, are required to include a minimum of one grievance redressal officer. Adherence to this requirement will hold significant weight in the potential assessment of projects by the regulatory authority. ...

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Noida: 13 builders told to pay fines in one week over illegal groundwater extraction

Wednesday 23rd August 2023

Thirteen builders have been notified by the groundwater department, with a stipulated period of seven days, to halt their unlawful extraction of groundwater and to remit a fine of Rs 5 lakh each. This action has been prompted by the builders' non-compliance with previous notices issued by the department. These earlier notifications had instructed the builders to settle the charges for their unauthorized utilization of groundwater, conducted without the necessary permissions. Despite receiving these notifications, the builders persisted in drawing water for construction activities through their unapproved borewells. ...

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Solitaire Group acquires 20-acre land parcel in Mumbai’s Andheri for Rs 550 crore

Wednesday 23rd August 2023

Real estate firm Solitaire Group, operating under its subsidiary Honest Vastunirman, has purchased a land parcel measuring over 20 acres in the Andheri suburb of Mumbai. The seller of the land is Arogya Bharti Health Parks and Arogya Bharati Hospitals, and the transaction amount is approximately Rs 550 crore. The overall deal encompasses 140 residential units with a carpet area totaling almost 38,000 square feet. The responsibility of constructing these units lies with the developer, and they are expected to be completed and handed over to the seller within six years from the date of the conveyance deed. ...

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Notices sent to 18 homeowners in Gurugram for building norm violations, may lose OCs

Monday 14th August 2023

Authorities announced on Sunday that show-cause notices have been served to eighteen residents in Sushant Lok-1 and -2, DLF-2, Vatika India Next, and Uppal Southend. These notices pertain to suspicions of unauthorized construction and the operation of commercial establishments without proper permissions. The homeowners have been granted a one-week period to provide their responses to the notices. If the responses are deemed insufficient, the department of town and country planning (DTCP) holds the authority to revoke their occupation certificates (OCs). ...

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FIR against Puri Construction for alleged fraudulent practices in Gurugram project

Monday 14th August 2023

Based on a complaint filed by a collective of eight homebuyers, the Economic Offence Wing (EoW) of the Delhi Police has initiated the registration of an FIR against a real estate developer. The complaint accuses the developer of engaging in fraudulent tactics to wrongfully obtain the money of these homebuyers. Among the accusations is the claim that the builder guaranteed apartments with picturesque views, yet upon inspecting the completed units, the homebuyers were dismayed to find that a few of them overlooked an operational crematorium. ...

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HC slams PNB for auctioning property without clear title, orders refund to bidder

Monday 14th August 2023

The high court has ruled that the inclusion of the 'as is where is' clause in a public auction does not imply any deficiency in the absolute ownership of the property under consideration. As a result, the court has instructed a nationalized bank to reimburse a sum of Rs 30.7 crore to a successful bidder who had acquired a property. In response to a petition submitted by M/s Paramount Constructions, Justice M Nagaprasanna has mandated Punjab National Bank (PNB) to provide a payment of Rs 30,69,08,217 to the petitioner. This amount encompasses the property's purchase cost, coupled with interest calculated at the bank's lending rate, as well as any associated charges. ...

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HC axes builders from redevelopment project in South Mumbai over arrears

Monday 14th August 2023

A week ago, the Bombay High Court, which had previously expressed its frustration with the repeated defaults on transit rent payments, has now taken the step of excluding the builders from a combined redevelopment venture in the southern part of Mumbai. The reason for their removal stems from their failure to comply with the court's directive to deposit Rs 3.5 crore in arrears for tenants who had left their homes seven years ago. The builders, namely Parekh Constructions, Parekh Constructions LLP, and Nishcon Realty Swati Deshpande, must vacate the project site located in the Chira Bazar area before Independence Day, as ordered by the High Court on Friday. The court also ruled that Mhada has the authority to select a new builder for the project. ...

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MahaRERA appoints intelligence agency to get real-time project information

Friday 11th August 2023

The MahaRera authority has enlisted the services of a real estate intelligence agency with the aim of assisting its compliance cell in obtaining firsthand insights regarding real estate projects. This pertains specifically to projects that have lapsed, are facing financial strain, or have been neglecting their obligations to submit quarterly reports or adhere to regulatory standards. This agency will furnish MahaRera with an additional means of independently verifying the "current status of the project," encompassing the provision of on-site photographs depicting various stages of completion. Moreover, the agency will collaborate with MahaRera in implementing corrective measures against any project in which the developer furnishes inaccurate information or fails to provide any information at all. ...

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Home loan, other borrowers can switch to fixed-rate regime: RBI

Friday 11th August 2023

On Thursday, the Reserve Bank announced its intention to introduce a system that permits borrowers to transition from a floating interest rate to a fixed interest rate. This initiative aims to alleviate the financial burden faced by borrowers of various types of loans, such as home and auto loans, who are currently grappling with the repercussions of high interest rates. During the unveiling of the bi-monthly monetary policy, Shaktikanta Das, the Governor of the Reserve Bank, explained that this forthcoming framework will require lenders to effectively communicate important details regarding the loan tenure and equated monthly installment (EMI) to the borrowers. ...

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ED arrests suspended Panchkula special court judge in relation to M3M-Ireo case

Friday 11th August 2023

On Thursday, the Enforcement Directorate apprehended Sudhir Parmar, a suspended judge from the Panchkula special court, in connection with an ongoing money laundering probe related to accusations of bribery, according to official sources. Following an interrogation at the agency's Gurugram office, the former judge was arrested under the provisions of the Prevention of Money Laundering Act (PMLA), situated near Delhi. It is anticipated that he will be presented in court on Friday, where the ED will request his custody for further investigation. ...

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Once worth $47 billion, WeWork shares near zero after bankruptcy warning

Thursday 10th August 2023

On Wednesday, the value of WeWork shares nearly plummeted to zero, marking a turnaround for the once-favored startup. The company, which was previously assessed at a substantial $47 billion in private valuation, is indicating the possibility of bankruptcy. WeWork, backed by SoftBank, has faced a series of challenges since its ambitious attempt to become publicly traded faltered back in 2019. ...

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Nearly 470 flats, 1,200 plots are up for grabs as YEIDA rolls out new schemes

Thursday 10th August 2023

Yamuna Expressway Industrial Development Authority (YEIDA) has initiated the launch of two residential schemes, presenting an opportunity for individuals to acquire homes in close proximity to the upcoming Noida International Airport. The flat scheme encompasses a total of 468 flats, whereas the plot scheme provides access to 1,184 plots ranging in size from 120 to 2,000 sqm. Those interested in the plot scheme can submit their applications until September 1. The allocation of plots in sectors 16, 17, and 20 will be determined through a fortunate draw scheduled for October 18. The plots are being offered at a rate of Rs 24,600 per sqm. ...

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Tata Realty & Infra buys 25-acre land parcel in Bengaluru for Rs 986 crore

Thursday 10th August 2023

Tata Realty and Infrastructure Ltd (TRIL), which is the real estate development branch of the Tata Group, has successfully purchased a land area spanning 25.3 acres in Doddanekundi, located near the Whitefield area in Bengaluru. The acquisition cost for this land parcel amounted to over Rs 986 crore. The transaction involved the acquisition from Graphite India through TRIL's wholly owned subsidiaries, namely TRIL Bengaluru Real Estate Five Ltd and TRIL Bengaluru Real Estate Six Ltd. ...

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Mindspace REIT appoints Ramesh Nair as its CEO

Thursday 10th August 2023

Mindspace Business Parks REIT, known as Mindspace REIT, has designated Ramesh Nair as its incoming chief executive officer (CEO). The company has officially confirmed, through a regulatory submission, that the board of directors of K Raheja Corp Investment Managers, the entity managing Mindspace REIT, has granted approval for Ramesh Nair to assume the role of CEO and become a significant member of the company's leadership team, starting from September 1, 2023. ...

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Gifting property? Uttar Pradesh relaxes stamp duty to a flat Rs 5,000

Thursday 10th August 2023

As of August 3, the state government has introduced a new rule that sets a maximum stamp duty of Rs 5,000 for property gifting. Previously, the stamp duty rate was 5% for properties in the city and 7% for properties in other parts of the state. However, the new notification, issued by principal secretary Leena Johri, applies only to residential or agricultural properties gifted from one individual to another and does not include properties gifted by firms, companies, trusts, or institutions. Additionally, if a person receives a property as a gift, the notification will not apply to them if they decide to gift the same property to someone else within a period of 5 years from the date of property registration. ...

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About 125 property documents under lens for MahaRERA violations

Thursday 10th August 2023

Property registration officials in Maharashtra have revealed that they are investigating at least 125 property registrations in the district for non-compliance with various laws related to the real estate sector. This scrutiny was conducted over the past two months across 27 offices in the district, examining a total of 28,200 documents. The identified 125 documents have been found to be in violation of the Real Estate (Regulation and Development Act) 2016 and the Maharashtra Prevention of Fragmentation and Consolidation of Holdings Act, 1947. ...

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Applicants anxious as Mhada yet to declare date of Mumbai housing lottery

Thursday 10th August 2023

Hopeful participants of Mhada's Mumbai housing lottery 2023 are eagerly anticipating the agency's announcement of the draw date. Initially scheduled for July 18, the lottery got postponed due to an extension in the application deadline. Mhada officials have now stated that they will finalize the date "within a day or two". ...

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Karnataka RERA asks builders, banks to deposit mortgage amount into designated account

Thursday 10th August 2023

The Karnataka Real Estate Regulatory Authority (KRERA) has released a notification that mandates real estate promoters, banks, and other stakeholders to deposit the money obtained through mortgages on housing project land into a specific account designated by the RERA project. Furthermore, KRERA has directed the real estate promoters to utilize the borrowed funds exclusively for the development of the respective housing project. ...

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Panel moots relief for home buyers of stalled projects

Wednesday 9th August 2023

A committee of experts, tasked with finding solutions for reviving stalled real estate projects, has put forward several recommendations. These proposals include making changes to the insolvency law and implementing a payment moratorium to land-owning authorities affected by "unusual circumstances" (four years for Noida properties). The aim is to bolster the financial position of builders, enabling them to successfully complete and hand over apartments to homebuyers. This initiative is expected to bring much-needed relief to hundreds of thousands of buyers. According to the committee's assessment, there are over four lakh properties across the country with a combined value of approximately Rs 4.5 lakh crore that are currently stalled. ...

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Brookfield India REIT raises over Rs 2,300 crore through QIP of units

Wednesday 9th August 2023

Brookfield India Real Estate Trust (Brookfield India REIT) has successfully raised Rs. 2,305 crore through a Qualified Institutional Placement (QIP) of units. The funds raised will be utilized to finance the acquisition of two major commercial assets from Brookfield Asset Management's private real estate funds, as previously announced. ...

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Mere pendency of civil suits cannot act as a legal bar on registration of realty projects: Assam REAT

Wednesday 9th August 2023

On Monday, the Assam Real Estate Appellate Tribunal (REAT) ruled that the mere pendency of civil suits should not serve as a legal impediment to the registration of real estate projects. The tribunal dismissed an appeal filed by a builder against a judgment issued by the Real Estate Regulatory Authority (RERA), Assam. ...

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Sify Infinit Spaces leases over 1.5 lakh sq ft office space in Hyderabad

Wednesday 9th August 2023

Sify Infinit Spaces, a subsidiary of Sify Technologies, an Information and communications technology (ICT) company, has recently leased more than 1.5 lakh sq ft of office space in Hyderabad. The office is situated in Nanakramguda, within the financial district of Hyderabad, and spans across five floors with a lease period of 60 months. ...

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Noida: NCLAT allows Sequel Buildcon to finish housing project

Wednesday 9th August 2023

The National Company Law Appellate Tribunal (NCLAT) has granted permission for a reverse corporate insolvency resolution process (CIRP) for a group housing project in Sector 79. The project will be overseen by an interim resolution professional (IRP). This decision was made after the developer provided assurance that they would complete the project within a specified timeframe and secure interim finance for the same. ...

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Real estate agents cannot operate from homes, commercial address must for registration: Delhi-RERA chairman

Wednesday 9th August 2023

The Chairman of Delhi's Real Estate Regulatory Authority (RERA), Anand Kumar, emphasized that all real estate projects, whether in planned or unplanned areas of Delhi, fall under RERA's purview and must be registered with the Act. Additionally, he stated that real estate agents are not permitted to operate from residential addresses and must maintain a commercial office for which property tax has been duly paid. Kumar issued a stern warning to builders and developers, cautioning them against promoting false narratives to sell properties in projects without RERA registration. He emphasized that strict action will be taken against such offenders, and there will be no leniency from RERA in this matter. He stressed that plots larger than 500 square metres and projects featuring more than eight units, including shops, flats, apartments, or commercial spaces, are mandated to be registered under RERA. ...

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Hostel rent not exempt from GST, to attract 12% tax: AAR

Wednesday 9th August 2023

In two distinct instances, the GST Authority for Advance Rulings (AAR) has ruled that hostel rent paid by occupants does not fall under the category of 'residential dwelling' and, therefore, does not qualify for goods and services tax (GST) exemption. Additionally, the AAR highlighted that the exemption from GST for hostel accommodation tariffs below Rs 1,000 per day was applicable only up to July 17, 2022. Consequently, hostel rent will be subject to a 12% GST rate. ...

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Dues stuck, Noida authority plans escrow accounts for 59 developers

Wednesday 9th August 2023

The Noida Authority has taken the decision to establish escrow accounts for 59 developers who have failed to meet their payment obligations. The main objective of this step is to recover outstanding dues and minimize financial losses. Investigations have revealed that several developers diverted funds meant for one project to other ventures. By creating escrow accounts, developers are required to deposit 50% of the funds collected from homebuyers and other sources. This measure allows the Authority, currently grappling with losses, to access a portion of these funds as needed. Both the developers and the Authority will jointly manage these escrow accounts. ...

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Display QR code in ads or face up to Rs 50,000 fine, Maharashtra builders warned

Wednesday 9th August 2023

Starting from August 1, developers across the state of Maharashtra have been instructed by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to prominently display the QR code of their real estate project in advertisements on various platforms. Failure to comply with this requirement may result in penalties ranging from Rs 10,000 to Rs 50,000. If a promoter does not rectify the violation within 10 days after the penalty is imposed, appropriate action will be taken against them, as stated by a MahaRERA official. ...

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MahaRERA clears 290 of 450 projects after verification

Wednesday 9th August 2023

In the past 40 days, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has approved the registration of 290 projects out of a total of 450 applications received from builders. The approval process involved thorough verification conducted by local authorities, including the Pune Municipal Corporation in Pune. To ensure authenticity, these local authorities were instructed to send the commencement certificates (CC) of the projects from their official email ID to MahaRERA for verification and subsequent registration starting from June 19. This measure was taken in response to the submission of fake documents for project registration in Kalyan Dombivali. ...

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Income tax department raids on DN Group offices in Odisha

Wednesday 9th August 2023

For the second consecutive day, Income Tax Department officials carried out raids at 20 locations associated with DN Group, a prominent real estate company based in Odisha, on charges of tax evasion. Although both the company and the IT department have not provided any official statements regarding the ongoing situation, sources revealed that the raids persisted at the director's residence, staff members' residences, and the company's office in IRC Village. Notably, a significant sum of cash, approximately Rs 9 crore, was allegedly seized from the home of an employee residing in Unit-4. ...

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HDFC sells more bad loans to ACRE ARC

Thursday 6th July 2023

HDFC Bank, which recently merged with HDFC, has successfully sold a collection of eight real estate accounts to Assets Care and Reconstruction Enterprise (ACRE) ARC for a total value of ?305 crore. The portfolio includes well-known entities such as Tridhaatu Realty, ATS Infra, Paranjape Schemes, and Puranik Builders. The combined outstanding loan amount for these accounts was approximately ?1,300 crore, resulting in an immediate recovery of around 23%. ACRE ARC, supported by Ares SSG, emerged as the primary bidder by offering ?305 crore in upfront cash for the acquisition. Furthermore, HDFC is entitled to receive 65% of any recoveries above ?85 crore for one group of accounts. ...

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Prestige to develop 1.1 million sq ft IT park on seven acres in Chennai

Thursday 6th July 2023

Prestige Group, a property developer based in Bengaluru, has recently formed a joint venture with WS Industries, located in Chennai, to collaborate on the development of a 1.1 million sqft IT park. This park will be constructed on a seven-acre plot of prime land situated on Mount Poonamallee Road. It is worth noting that the size of the upcoming park is comparable to that of Tidel Park, which was the city's pioneering mega tech park established in 2000, spanning 1.2 million sqft. ...

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HDFC looks at promoter offer for two Radisson Blu hotels

Wednesday 5th July 2023

Currently, HDFC, which recently merged with HDFC Bank on July 1st, is in the process of considering a one-time settlement (OTS) proposal put forth by promoter DP Jain regarding the sale of two Radisson Blu hotels located in Ghaziabad, situated on the outskirts of New Delhi. The promoter has made an offer of ?315 crore, while Prudent ARC has submitted a binding offer of ?311 crore, and HDFC is carefully evaluating these options. ...

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Piramal Capital & Housing Finance to sell more loans for Rs 1,669 crore

Wednesday 5th July 2023

Piramal Capital & Housing Finance is currently engaged in discussions to sell a distressed loan portfolio amounting to ?2,437 crore, which is spread across 14 accounts, to JM Financial ARC for ?1,669 crore. This proposed transaction would result in a recovery of 68% on the loan amount. To facilitate a transparent process and optimize the value of the asset, the loan was put up for sale through a Swiss auction, which involves a competitive bidding mechanism. The auction was concluded on June 27, with JM Financial ARC emerging as the main bidder. As no other interested parties came forward, the loan will be sold to the anchor bidder. ...

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YEIDA will contest NCLT nod to Ace Infracity resolution plan for 3C Homes

Wednesday 5th July 2023

The Yamuna Expressway Authority (YEIDA) has decided to challenge the approval of a resolution plan for the Lotus City residential plots project in Sector 22 by the National Company Law Tribunal (NCLT) in June. The NCLT, consisting of Atul Chaturvedi and Bachu Venkat Balram Das, expressed satisfaction with the resolution plan amounting to Rs 140.39 crore, submitted by Ace Infracity Developers. They deemed it compliant with the provisions of the Insolvency and Bankruptcy Code (IBC) as well as the regulations set by the Insolvency and Bankruptcy Board of India (IBBI). The plan received a unanimous endorsement from the Committee of Creditors (CoC) with a 100% vote. However, YEIDA intends to challenge this approval. ...

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L&T Finance sells real estate loans to Phoenix ARC for over Rs 1,000 crore

Tuesday 4th July 2023

According to individuals familiar with the matter, L&T Finance, a subsidiary of the publicly listed L&T Finance Holdings, recently conducted an auction where they sold a distressed portfolio of loans worth ?1,800 crore to Phoenix Asset Reconstruction Company (ARC), which is backed by Kotak Mahindra Bank. Within this portfolio, there were six real estate accounts that were successfully sold for ?1,075 crore, resulting in L&T Finance recovering 60% of the total value. To facilitate the sale process, the finance company had earlier invited offers for ten accounts with a combined loan amount of ?3,022.5 crore, following a 15:85 structure. This invitation was made through a notice posted on the finance company's website in the early part of the previous month. ...

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Piramal Capital & Housing Finance sells bad loans to Omkara ARC

Tuesday 4th July 2023

According to two sources familiar with the matter, Piramal Capital & Housing Finance has successfully sold a pool of bad loans with an outstanding amount of ?3,656 crore to Omkara ARC for ?625 crore. The sale, which was concluded last week, resulted in Piramal recovering 17% of the total value. The loan pool comprises accounts obtained through the acquisition of Dewan Housing Finance Limited (DHFL) as well as Piramal's own loan book. ...

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Amalgamation of two flats under FCFS housing scheme allowed: DDA

Monday 3rd July 2023

Officials have announced that the Delhi Development Authority (DDA) has allowed the amalgamation of two adjacent flats offered under their new housing scheme. The scheme, which offers 5,500 flats in various categories across Delhi, has received a positive response from the public, with approximately 4,000 registrations so far. Applicants who purchase two adjacent flats through the scheme will have the option to merge them by creating a common door in the shared wall, pending necessary structural approvals. This opportunity applies to all types of flats and locations. Additionally, if an applicant already owns a flat from a previous scheme and purchases an adjacent flat in the current scheme, they can also merge the two units. The available flats range from 1-BHK to 3-BHK and are located in Narela, Siraspur, Rohini, Loknayak Puram, Dwarka, and Jasola. ...

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Risland Holdings gets nod to resume realty project, sales in Delhi

Monday 3rd July 2023

Risland Holdings, a Hong Kong-based company, has been granted permission by Delhi's Real Estate Regulatory Authority (RERA) to recommence construction and sales for its inaugural project in India. The project, located in Chattarpur, South Delhi, had faced a halt of approximately nine months due to incomplete documentation. Both the building sanction plan and the RERA registration had expired, and the Municipal Corporation of Delhi (MCD) and RERA had previously refused to extend the validity of these documents owing to a dispute over land ownership. ...

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Gurugram: Dhoot Sare buyers yet to get flats, protest

Monday 3rd July 2023

On Sunday, the Dhoot Sare Distressed Homebuyers (DSDHB) Association organized a protest in Sector 92, demanding prompt possession of their homes from KGK-Dhoot company. Around 50 homebuyers gathered with placards, expressing their grievances. According to the association, a total of 471 buyers of SARE Homes were unable to obtain their flats as they were allegedly not informed about the filing process by KGK-Dhoot and the Interim Resolution Professional (IRP). ...

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RCs worth Rs 1,200 crore resolved since 2018: UP-RERA chairman

Friday 30th June 2023

Rajive Kumar, the chairman of the Uttar Pradesh Real Estate Regulatory Authority (UP RERA), announced that a total of Rs 1,200 crore worth of recovery certificates have been successfully resolved in the state since 2018. The resolution of these certificates involved both recovery actions and mutual consent between builders and homebuyers. In the 2022-23 fiscal year alone, recovery certificates worth Rs 394.26 crore were resolved. Kumar shared this information during the 125th meeting of the UP RERA, which coincided with his last working day as the chairman of the authority. ...

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Conscient Infrastructure buys 6.6 acre land in Gurugram for around Rs 85 crore

Friday 30th June 2023

Conscient Infrastructure, a realty firm, has recently purchased approximately 6.6 acres of land in Gurugram for approximately Rs 85 crore. The purpose of acquiring this land is to develop a housing project. According to a statement from real estate consultant Cushman & Wakefield, they played a role in facilitating the land deal for this 6.6-acre plot situated in Sector 80, Gurugram. The land holds a development potential exceeding one million square feet. ...

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Developers may soon have to pay cess along Ghaziabad metro & RapidX routes

Friday 30th June 2023

On Wednesday, the Uttar Pradesh cabinet granted approval to a proposal regarding the imposition of a "metro and RRTS cess" on developers in cities where these two services are under construction. Initially, this charge is expected to be enforced in Ghaziabad and Meerut, where the construction of the RapidX corridor, also known as RRTS, is underway. Officials have stated that the relevant authorities have been instructed to formulate the specific details before issuing an official notification. In Ghaziabad, the cess is likely to be implemented within a 1.5km radius from either the metro or the RapidX corridor. ...

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Gurugram: Developer of Platinum Tower fined for illegal construction waste dumping

Friday 30th June 2023

In response to the unlawful disposal of construction and demolition (C&D) waste within the city, the Municipal Corporation of Gurugram (MCG) has taken strong action. On Thursday, the MCG issued a challan of Rs 1.1 crore to the developer of Platinum Tower in Sector 28 for illegally dumping construction waste onto the master stormwater drain that runs alongside the greenbelt. A senior official from the MCG reported that an alarming quantity of 12,881 metric tonnes of C&D waste had been generated and illegally dumped in the greenbelt area. ...

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REIT firms plan to form an association

Wednesday 28th June 2023

Real Estate Investment Trust (REIT) companies in India are engaged in discussions regarding the establishment of an association that would serve as a representative body for the industry and foster the growth of this nascent product. Drawing inspiration from the Association of Mutual Funds in India (AMFI), the proposed association aims to provide a unified platform for the REIT sector. Currently, India has only four REIT entities that are listed in the market. ...

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UP-RERA slaps Rs 3 crore penalty on Ansal API for fund misappropriation

Wednesday 28th June 2023

The Uttar Pradesh Real Estate Regulatory Authority (RERA) announced on Tuesday that it has prohibited realty firm Ansal API from engaging in the sale or transfer of any residential properties within its hi-tech township project in Greater Noida. This action has been taken due to the company's non-compliance with regulations. Additionally, Ansal API has been imposed with a penalty of Rs 3.05 crore for the misappropriation of funds amounting to Rs 60.57 crore, collected from home buyers across three distinct projects, as stated by UP RERA. ...

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Developers of 107 projects apply for deregistration from MahaRERA

Wednesday 28th June 2023

The Maharashtra Real Estate Regulatory Authority, known as MahaRERA, has encountered a wave of requests seeking the annulment of registration for a total of 107 projects, with 41 of them situated in Pune. Notably, the initial count stood at 88, but this number expanded as an additional 19 applications for cancellation were recently submitted. This update was shared by an official representing MahaRERA. ...

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Godrej Properties approves issuance of NCDs worth Rs 750 crore

Wednesday 28th June 2023

The board of directors' management committee at Godrej Properties has granted approval for the placement memorandum concerning the issuance of 75,000 rated listed unsecured redeemable non-convertible debentures (NCDs). These NCDs hold a face value of Rs 1,00,000 each, amounting to a total of Rs 750 crore. This announcement was made by the company through a filing on the Bombay Stock Exchange (BSE). The issuance encompasses a core offering of 50,000 rated listed unsecured redeemable NCDs, carrying a face value of Rs 1,00,000 each, totaling Rs 500 crore. ...

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Macrotech Developers emerges top bidder for Mumbai-based V Hotels

Wednesday 28th June 2023

In a noteworthy development, Macrotech Developers, a listed entity of the esteemed Lodha Groups, has emerged as the highest bidder for V Hotels Ltd, a Mumbai-based hospitality company that owns the renowned Tulip Star, previously known as Centaur Hotel Juhu. The Committee of Creditors (CoC) overseeing the insolvency proceedings of V Hotels has officially declared Macrotech Developers as the successful applicant for resolving the company's financial distress through the Corporate Insolvency Resolution Process (CIRP). ...

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Surge in joint development projects as land prices soar in Ahmedabad

Monday 26th June 2023

In the city's real estate sector, there is a notable increase in joint development agreements, as two well-known developers have joined forces with groups of landowners to initiate fresh projects. This emerging trend is believed to be a direct result of the substantial escalation in land prices observed in recent years, which has posed challenges for developers in allocating significant funds towards land acquisition. ...

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Banks may give up rights to revive housing projects

Monday 26th June 2023

Several CEOs and senior officials from high-street banks engaged in discussions a week ago regarding a significant development. They expressed a willingness to surrender their primary claims over assets and cash flow to new financiers who are prepared to rescue stalled housing projects. These projects have unfortunately left countless home buyers in a state of uncertainty across the nation. The banks are open to granting priority funding rights to these new lenders. ...

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Intel to sell Bengaluru office and lease it back

Saturday 24th June 2023

Intel, the American technology giant, has made the decision to sell its office space located on the Old Airport Road in Bengaluru. This move is part of their strategy to generate revenue from their real estate assets. The office space spans 250,000 square feet and the deal is expected to exceed ?450 crore. According to multiple sources familiar with the matter, the sale is likely to follow a salescum-lease model for a duration of three years, with a one-year lock-in period for the asset. ...

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Train RERA officials on provisions, Bihar REAT tells state government

Saturday 24th June 2023

In a striking development highlighting the need for enhanced oversight in the real estate sector, the Real Estate Appellate Tribunal (Reat) of Bihar has issued a compelling appeal to the state government. The tribunal has urged the government to provide comprehensive "training" to the members of its regulatory authority, Rera, with the aim of fostering a deeper comprehension of the pertinent laws governing the industry. Citing the "improper functioning of the authority" as the driving force behind this call to action, the appellate tribunal expressed its concern over a particular instance where a commercial-cum-residential project was registered without conducting thorough verification of the validated documents. ...

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Pay shifting fee to flat owners in three Chintels Paradiso towers, builder told

Saturday 24th June 2023

District Town Planner (Enforcement), Mr. Manish Yadav, took a proactive step on Friday by addressing a letter to Chintels India, the esteemed developer behind the Paradiso residential project situated in Sector 109. The letter emphasizes the need for the developer to fulfill their obligation of paying the shifting charges to the flat owners residing in towers D, E, and F. Furthermore, DTP Yadav specifically directs the builder to ensure that these charges are disbursed to residents who wish to relocate without providing their consent for either option I or option II as presented by the developer. ...

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Ahmedabad civic body clears 33,000 applications pertaining to property tax-related issues

Saturday 24th June 2023

The Ahmedabad Municipal Corporation announced a significant achievement during its recent 'green corridor drive', having successfully resolved 33,000 applications related to property tax matters. Jainik Vakil, the esteemed chairman of the revenue committee, highlighted the substantial volume of applications received, encompassing various requests such as name changes, ownership transfers, and tax rebates, among others. This commendable accomplishment showcases the diligent efforts undertaken by the corporation to address and resolve property tax-related issues efficiently. ...

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Noida: NexGen Infracon pays penalty for five-year delay in delivering possession of flat

Friday 23rd June 2023

A man based in Delhi has received approximately Rs 16 lakh as a penalty for delay from the developer of a residential complex project in Noida. The possession of the flat was handed over to him five years beyond the originally promised deadline. As per the Uttar Pradesh Real Estate Regulatory Authority (RERA), the buyer had made a booking for a flat in Mahagun Mezzaria, located in Sector 78 of Noida, in 2017. The buyer had paid a sum of Rs 1.35 crore to the promoter, NexGen Infracon. ...

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Gurugram: Five-storey illegal building tilts in DLF 3, 20 residents moved out

Friday 23rd June 2023

Approximately 20 residents residing in a five-storey building located in DLF 3 had to be relocated after the building tilted on Monday night, potentially due to excavation activities taking place on the adjacent plot. The owner of the building, identified as U-20/8, has received a notice for engaging in construction activities that violate the Haryana Buildings Code of 2017. Similarly, the owner of the neighboring plot has also been requested to provide an explanation for conducting excavation work without the presence of an architect or engineer at the site. At present, the building, which has tilted slightly to the right, is being supported by two cranes. ...

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Gurugram: Directors, senior executives of Ansal Housing booked for fraud

Friday 23rd June 2023

The police have filed charges against the directors and a number of high-ranking executives of a developer based in Delhi for allegedly defrauding an investor. As per the authorities, numerous individuals had invested in shops at Ansal Hub, a commercial complex located in Sector 83, back in 2010. The builder, known as Ansal Housing Limited, had promised to deliver the properties by 2014; however, the completion of the properties is still pending. ...

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No decision yet on MOFA repeal, says deputy Maharashtra CM

Friday 23rd June 2023

Deputy Chief Minister Devendra Fadnavis stated on Thursday that the state government has not yet made a decision to revoke the Maharashtra Ownership of Flats Act (MOFA), 1963. Although associations representing developers have called for the repeal of the Act, numerous individuals, including the cooperation department, have expressed their support for its continuation. Various consumer groups have taken the initiative to voice their opposition to the proposal of repealing MOFA by submitting multiple representations to the housing department. ...

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Gurugram: Investors of two projects allege fraud by Ninaniya Estates, protest

Thursday 22nd June 2023

A collective of investors, comprising mainly senior citizens, who have invested in two projects, namely Prism Portico in Sector 89 and Prism Suites in Gwalpahari by Ninaniya Estates Limited, expressed their grievances by staging a protest at the developer's office on Wednesday. These projects have remained incomplete for the past decade, and the investors alleged that the developer has defaulted on multiple occasions and is refusing to provide them with refunds. Despite lodging several complaints with various authorities such as the Department of Town and Country Planning (DTCP), the police, and others, the government has failed to take any action in response to their plight. ...

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Conduct structural audit of tower A again, town planner tells Chintels India

Thursday 22nd June 2023

The Department of Town and Country Planning (DTCP) has instructed the developer of Chintels Paradiso, a society located in Sector 109, to arrange for another structural audit of Tower A. This audit is to be conducted by a different agency, preferably the Central Building Research Institute (CBRI), and must be completed within a period of 30 days. Previously, the Indian Institute of Technology Delhi (IIT-Delhi) had conducted an audit of the tower. While the institute's report, which was made public earlier this month, stated that the tower is currently deemed safe, it also highlighted signs of deterioration. As a precautionary measure, the report recommended an annual structural audit to ensure the safety of the residents.  ...

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Delhi civic body bars 140 architects for three years for approving wrong building plans

Thursday 22nd June 2023

According to officials, the Municipal Corporation of Delhi (MCD) has taken the decision to bar 140 architects from granting approval for building plans. This action was prompted by complaints regarding the approval of plans containing incorrect information by architects affiliated with the MCD. In response, the MCD has announced that 20% of the plans will undergo a thorough scrutiny process. Currently, the MCD has approximately 1,300 architects on its panel. ...

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Taxpayer co-owning more than one home can claim benefit: ITAT

Wednesday 21st June 2023

The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has ruled that owning multiple residential houses in co-ownership does not prevent taxpayers from availing tax exemption on long-term capital gains. This significant decision, which pertains to Section 54F of the Income-tax (I-T) Act, will have advantageous implications for numerous taxpayers. It is particularly relevant in situations where joint investments in real estate are commonly made within large families. ...

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Ahmedabad: Eight plots with base prices totalling Rs 561 crore on block

Wednesday 21st June 2023

The Ahmedabad Urban Development Authority (AUDA) has recently announced an upcoming auction of eight plots, collectively valued at Rs 561.28 crore. These prime plots are situated in Chandkheda, Bopal, Vejalpur, and Manipur-Godhavi. Notably, these exclusive spaces will be auctioned at a considerable discount compared to their market price. The auction is scheduled to take place on June 30 and July 1. ...

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MREAT modifies MahaRERA order, directs builder to pay interest from date of payments

Wednesday 21st June 2023

The Maharashtra Real Estate Tribunal (MREAT) has made modifications to a previous 2021 order issued by the Maharashtra Real Estate Regulatory Authority (MahaRERA). The original order had denied home buyers the entitlement to receive interest on their payments from the day they were made, as well as refunds for additional payments like stamp duties and registration fees. However, in the latest ruling, MREAT directed a developer based in Andheri to compensate the home buyer with interest, commencing from the day of the initial deposit, and further mandated the refund of all statutory payments. ...

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Delhi HC grants interim protection from arrest to M3M Group owners in money laundering case

Wednesday 21st June 2023

In relation to a money laundering case involving the real estate firm IREO, the owners of M3M Group, Basant Bansal and Pankaj Bansal, have been granted interim protection from arrest until July 5 by the Delhi High Court. A vacation bench presided by Justice Chandra Dhari Singh has specified that if the arrest were to occur, the Gurugram-based realty company owners would be eligible for bail, subject to specific conditions. These conditions include a personal bond of Rs 10 lakh each, along with two sureties of the same amount.  ...

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ED arrests two M3M promoters in money laundering case

Wednesday 21st June 2023

According to official sources, the Enforcement Directorate (ED) has apprehended Basant Bansal and Pankaj Bansal, who serve as directors of M3M, a real estate group based in Gurugram. Their arrest is connected to a case of money laundering linked to a former special court judge from Panchkula, as per an anti-corruption bureau investigation. The agency took the two directors into custody on Wednesday, utilizing the provisions outlined in the Prevention of Money Laundering Act (PMLA). ...

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ED arrests nephew of suspended Panchkula special judge in money laundering case

Saturday 17th June 2023

According to official sources, the Enforcement Directorate has arrested the nephew of a suspended judge, who was previously stationed at a special court in Panchkula. The arrest is part of a money laundering investigation connected to a bribery case involving the said judicial officer. Ajay Parmar, the nephew of suspended special court judge Sudhir Parmar, was apprehended after the federal agency conducted searches at his residence. Following his arrest, he was presented before a special Prevention of Money Laundering Act (PMLA) court in Panchkula, which remanded him to ED custody until June 20. ...

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Madras HC seeks report on illegal sand mining in Dindigul

Saturday 17th June 2023

In response to a public interest litigation filed by P Mahalingam, a resident of Dindigul district, the Madras High Court has instructed the Dindigul district collector and the assistant director of the geology and mining department to conduct an investigation and submit a report regarding a plea aimed at preventing illegal sand mining in water bodies within the Dindigul district. This directive was issued by a division bench consisting of Justice R Subramanian and Justice L Victoria Gowri. ...

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Noida: 13 builders extract groundwater for projects, fined Rs 5 lakh

Friday 16th June 2023

In an effort to curb the unauthorized extraction of groundwater for construction purposes in Noida and Greater Noida, the district administration took action on Wednesday by imposing a fine of Rs 5 lakh on each of the 13 developers involved. The decision came after a comprehensive survey conducted at the behest of District Magistrate Manish Kumar Verma, carried out by a collaborative team comprising representatives from the Noida and Greater Noida authorities, the pollution board, and the groundwater department. This step signifies the administration's commitment to safeguarding the region's precious water resources and ensuring sustainable development practices. ...

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ED arrests two M3M promoters in money laundering case

Friday 16th June 2023

In connection with a corruption case involving a former special court judge from Panchkula, the Enforcement Directorate (ED) has apprehended Basant Bansal and Pankaj Bansal, who serve as directors of M3M, a real estate group based in Gurugram. The official sources revealed on Thursday that the ED took both directors into custody on Wednesday, utilizing the provisions outlined in the Prevention of Money Laundering Act (PMLA). This move stems from an ongoing money laundering investigation conducted by the agency. ...

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DDA to offer 5,000 flats on firstcome, first-serve basis, more may be added

Thursday 15th June 2023

According to officials, the highest decision-making body of the Delhi Development Authority (DDA) has granted approval to commence Phase IV of DDA's online housing scheme on June 30. Under this scheme, individuals will have the opportunity to book a flat of their choice in their preferred location by paying a token booking amount. The decision was made during a meeting of the authority, chaired by Delhi Lieutenant Governor V K Saxena, who also serves as the Chairman of DDA. Additionally, the authority has approved two options, namely buyback and re-development, for the owners or allottees of Signature View Apartments located in Mukherjee Nagar. ...

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I-T searches 31 places of Vianaar Group and Isprava Group for tax evasion

Thursday 15th June 2023

The Income-Tax Department's Investigation Wing in Panaji has initiated an extensive search and survey operation on two prominent luxury real estate developers, namely Vianaar Group and Isprava Group, as part of an alleged tax evasion investigation. This operation, which is being conducted across multiple states, aims to reveal any instances of tax evasion and undisclosed assets associated with high-end luxury villa projects. ...

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Godrej Properties to acquire about 7.44 acre land for a residential project in Kolkata

Thursday 15th June 2023

Gofrej Properties (GPL) has announced that it will acquire a land parcel of approximately 7.44 acres in New Alipore, Kolkata from the West Bengal Housing Infrastructure Development Corporation. This acquisition was secured by GPL as the highest bidder in an e-auction, as mentioned in a filing submitted to the Bombay Stock Exchange (BSE). GPL intends to utilize this land for the development of a luxury group housing project. The projected size of the project is estimated to be around 9.8 lakh square feet, with an anticipated revenue potential of approximately Rs 1,200 crore. ...

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Noida: 23,000 flats handed over without registry, 66 builders get notices

Wednesday 14th June 2023

A notification has been issued by the stamp and registry department, targeting a total of 66 developers who have granted possession of flats to buyers without completing the necessary registration process. These developers have now received official notices, cautioning them about potential legal consequences if the registration of these flats is not completed within a month. According to officials, a significant number of completion and occupancy certificates, totaling over 23,000 flats, have been issued to these developers. However, it is important to note that none of these flats have been registered as of yet. ...

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WeWork India adds over one lakh sq ft at Raheja Mindspace in Hyderabad

Wednesday 14th June 2023

WeWork India, a renowned provider of flexible workspace solutions, has recently inked an agreement for a brand-new workspace located at Raheja Mindspace in Madhapur, Hyderabad. Encompassing an impressive area of 100,000 square feet, this workspace is designed to accommodate over 1,500 desks. It is anticipated to be operational by August 2023, offering professionals and businesses a convenient and dynamic environment to work and thrive in. ...

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Gurugram: Told to vacate alternative flats in one week, say Chintels Paradiso residents

Wednesday 14th June 2023

Several residents of Chintels Paradiso, who have chosen not to settle after discovering defects in the buildings they reside in, have voiced concerns over the possibility of facing eviction. These homeowners claim that the developer has issued a notice instructing them to vacate their temporary accommodations within a strict timeframe of seven days. According to the affected individuals, at least 10 flat owners residing in towers D, E, and F of the society located in Sector 109, received email communication from the developer on June 11. The emails explicitly state that their rental contracts are being terminated and the families must evacuate the premises within one week. ...

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Government directs states to provide information on stuck housing projects, aims to resolve issues

Tuesday 13th June 2023

As part of its commitment to assisting distressed homebuyers and facilitating the timely completion of housing projects, the government has initiated the process of identifying stalled projects across the nation. The Ministry of Housing & Urban Affairs (MoHUA) has issued instructions to the chief secretaries of all states and Union Territories, urging them to furnish necessary details regarding the stalled projects within their jurisdictions. This proactive step by the government aims to address the concerns of homebuyers and ensure the successful delivery of these projects in a timely manner. ...

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Patna residents can file property tax seven days a week

Tuesday 13th June 2023

In a positive development for residents of the Patna Municipal Corporation (PMC) area, they now have the convenience of filing their property taxes or other municipal taxes throughout the week. The tax filing counter will be operational from 7 am to 7 pm, allowing individuals to avail of these services for extended hours. Additionally, the PMC website offers an online platform for tax filing, making the process even more accessible. Mayor Sita Sahu inaugurated the 7-to-7 tax collection counter on Sunday, with the presence of the deputy mayor and other members of the empowered standing committee. ...

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EY Global Delivery Services India renews office lease of 4.2 lakh sq ft in Bengaluru

Tuesday 13th June 2023

Amid a global financial slowdown, EY Global Delivery Services India has taken a significant step by renewing its lease for office space in Bengaluru. The multinational firm, headquartered in London, has secured 420,000 square feet of office space in WTC Coral, Bengaluru, spanning across 11 floors. The lease agreement, which spans a duration of 60 months, was confirmed through a lease register document provided by Propstack, a data analytics firm. Notably, the lease renewal includes a rental escalation of 13.5% after 12 months, followed by subsequent increments every 36 months. ...

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Delhi HC grants interim protection from arrest to M3M Group owners in money laundering case

Tuesday 13th June 2023

The Delhi High Court has provided temporary protection against arrest until July 5 to Basant Bansal and Pankaj Bansal, who are the owners of the M3M Group. This action comes in relation to a money laundering case connected to the real estate company IREO. Justice Chandra Dhari Singh, presiding over a vacation bench, stated that if the need for arrest arises, the owners of the realty company based in Gurugram would be granted bail under specific conditions. The conditions include a personal bond of Rs 10 lakh for each individual, along with two sureties of the same amount. These orders were issued by the court in response to separate anticipatory bail applications filed by Basant Bansal and Pankaj Bansal. The case is currently being investigated by the Enforcement Directorate (ED). ...

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Successful resolution seen in 62% real estate insolvency cases

Monday 12th June 2023

Experts have noted that despite the complexities involved, the resolution of insolvency and bankruptcy cases in the real estate sector has shown consistent progress. One of the key factors contributing to this progress is the potential for the government to introduce amendments to the existing code, allowing for tailored resolutions based on the specific nature of individual projects, rather than applying a rigid framework to the entire property sector. This flexibility is expected to enhance the performance of the sector and address the challenges faced by numerous homebuyers. ...

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Ahmedabad: Nod from all society members needed to apply for regularization

Monday 12th June 2023

In order to legalize any unauthorized construction within a multi-storied complex, whether it's in a residential apartment or commercial complex, it is necessary to obtain consent from all members before applying to the Ahmedabad Municipal Corporation (AMC) for regularization. This requirement is one of the contributing factors to the limited number of impact fee applications received by the civic body. The officials have conducted site visits for a total of 15,506 applications. Among the approved applications, nearly 90% were related to residential construction, while only 10% pertained to commercial construction. ...

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Taxpayer co-owning more than one home can claim benefit: ITAT

Monday 12th June 2023

The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has ruled that individuals who co-own multiple residential houses can still claim tax exemption on long-term capital gains. This decision, which pertains to Section 54F of the Income-tax Act, will be advantageous for many taxpayers, especially in larger families where investments are often made jointly. Under Section 54F, if a taxpayer sells capital assets such as jewelry or shares and reinvests the entire net sale consideration in the purchase or construction of a house property within the specified timeframe, no tax liability will arise on the resulting long-term capital gains. In cases where only a portion of the sale consideration is invested in a house property, the tax exemption will be allowed proportionately. ...

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Customised insolvency & bankruptcy code resolutions for real estate on the cards

Friday 9th June 2023

According to sources familiar with the matter, the government is expected to modify the insolvency law in order to facilitate tailored solutions for insolvent residential real estate projects. The aim is to ensure the prompt provision of flats to homebuyers in distressed housing projects. The proposed amendments to the Insolvency and Bankruptcy Code (IBC) would enable project-specific resolutions, rather than imposing a rigid framework applicable to the entire real estate sector. ...

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Now, stamp duty as per circle rate for power of attorney in Uttar Pradesh

Friday 9th June 2023

The UP Cabinet has approved a new rule aimed at combating stamp duty evasion cases that have surfaced recently. Under this rule, if a power of attorney grants the authority to sell a property to someone other than a family member, the registration of that property will be subject to stamp duty based on the circle rate. This measure was implemented due to builders exploiting a loophole and persuading farmers to sell their lands under the pretext of a power of attorney, thereby circumventing the payment of stamp duty. ...

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Panchkula civic body to organise two day property tax camp

Friday 9th June 2023

The Panchkula Municipal Corporation (MC) is preparing to host a property tax data correction camp, catering to both urban and rural property owners in Panchkula. These camps will span two days and will be set up in various wards across Panchkula. Sachin Gupta, the Commissioner of the Municipal Corporation, shared that the camp will be conducted on both Saturday and Sunday. ...

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Delink registries from land dues, UPRERA suggests to state government

Thursday 8th June 2023

The Uttar Pradesh Real Estate Regulatory Authority has put forth a recommendation to the state government, suggesting that the registration process for finished real estate projects should be dissociated from the outstanding debts owed by builders to the Noida and Greater Noida authorities. This proposal aims to provide much-needed respite to homebuyers. However, an impasse between the development authorities and builders, regarding land dues amounting to Rs 39,000 crore, has left approximately 40,000 homebuyers in both cities in a prolonged state of anticipation for the registration of their flats. ...

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Jaiprakash Associates defaults on Rs 3,961-crore loans on May 31

Thursday 8th June 2023

Jaypee Group's prominent company, Jaiprakash Associates, which is currently facing a crisis, has encountered a default situation on loans totaling Rs 3,961 crore, encompassing both the principal amount and accrued interest. As per a regulatory disclosure made by Jaiprakash Associates Ltd (JAL), on May 31, the company failed to fulfill its repayment obligations of Rs 1,600 crore as principal and Rs 2,361 crore as interest. These loans were obtained from various banks and comprised fund-based working capital, non-fund-based working capital, term loans, and FCCB (foreign currency convertible bonds). ...

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Realty projects on three-cottah plot now underWest Bengal RERA watch

Thursday 8th June 2023

Moving forward, all future advancements pertaining to a 3-cottah plot that encompasses six or more flats will be subject to the regulations outlined in the Real Estate (Regulation and Development) Act of 2016. The primary objective behind encompassing these projects within the scope of the real estate regulatory authority is to ensure strict adherence to compliance standards, particularly in approximately 90% of small-scale developments. This proactive measure aims to address the concerns of customers who previously had limited avenues for seeking resolution, often resorting to legal action when developers failed to fulfill their commitments. ...

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About 39 realty projects in Pune apply for deregistration

Thursday 8th June 2023

On Monday, a representative from MahaRERA disclosed that a group of developers involved in 39 real estate ventures located in Pune have submitted applications for deregistration. The state regulatory authority, MahaRERA, has received a cumulative count of 88 applications originating from various regions within the state. These applications were submitted by developers who find themselves unable to proceed with their projects due to an assortment of challenges, including insufficient financial resources, ongoing legal disputes, alterations in government planning regulations, and other related factors. Notably, Pune accounted for the highest number of applications, with 39 submissions, followed by Raigad with 16, Thane with 8, and Mumbai city with 4 applications. ...

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Shareholder seeking to sell property can’t buy shares of other shareholders: Karnataka HC

Thursday 8th June 2023

In a recent ruling, the Karnataka High Court has established that a shareholder who advocates for the sale of a property under Section 2 of the Partition Act is prohibited from purchasing the shares owned by other shareholders. Justice Sreenivas Harish Kumar, while dismissing the petition presented by Mukunda Rao and Venkatesh Rao, emphasized that the petitioners, who expressed their preference for a sale, are not entitled to exercise their rights under Section 3 of the Act if the respondents are willing to acquire their shares at the valuation determined by the court. ...

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Government to take over stalled city redevelopment projects: Maharashtra CM

Thursday 8th June 2023

According to insiders, Adani Cement, the parent company of Ambuja Cement and ACC, has withdrawn from the Cement Manufacturers' Association (CMA), an industry lobby group representing major cement players in the country. The decision was reportedly prompted by disagreements between the Adani Group company and the CMA on various matters, although specific details were not provided by the sources. Additionally, both Ambuja Cements and ACC had ceased sharing their production and sales data with the CMA several years ago and had not actively participated as members of the association. An analyst from a domestic brokerage, who preferred to remain anonymous, confirmed this information. ...

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Ghaziabad: GDA to recover costs from builders if HC upholds land compensation hike

Tuesday 6th June 2023

The Ghaziabad Development Authority (GDA) is potentially facing a significant financial obligation as it may be required to pay an enhanced land compensation amount ranging from Rs 1,000 to 1,200 crore to farmers. This compensation pertains to the acquisition of 1,748 acres of land between 1986 and 1989 for the development of the Indirapuram and Vaishali housing schemes. On July 12, the Allahabad High Court is scheduled to hear the GDA's review petition challenging the court's previous decision in 2017, which set the higher land compensation rate at Rs 297 per square yard. ...

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Embassy REIT raises non-convertible debentures of Rs 1,050 crore at 7.77% coupon

Tuesday 6th June 2023

Embassy Office Parks REIT (Embassy REIT) has announced the successful completion of its Rs 1,050 crore fundraising through coupon-bearing non-convertible debentures (NCDs), as stated in the regulatory filing. The NCDs have a tenure of 24 months, commencing from the deemed date of their allotment, and offer a coupon rate of 7.77% per annum. The interest payments on the NCDs will be made on a quarterly basis to the esteemed debenture holders. ...

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ED raids IREO, M3M, seizes luxury cars worth Rs 60 crore

Tuesday 6th June 2023

The Enforcement Directorate (ED) announced on Monday that it has confiscated luxury cars with an estimated value of Rs 60 crore, encompassing renowned brands such as Ferrari, Lamborghini, and Bentley. Additionally, high-value jewelry worth Rs 5.75 crore was seized during the meticulous raids conducted as part of a money laundering inquiry into the real estate firms IREO and M3M. The esteemed federal agency divulged in an official statement that these extensive searches were executed on the 1st of June at seven distinct locations situated in Delhi and Gurugram. ...

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Mumbai: Now, SRA to acquire slum plots reserved for amenities

Monday 5th June 2023

In accordance with the Development Control and Promotion Regulations 2034 (DCPR-2034), the Slum Redevelopment Authority (SRA) has announced its decision to acquire privately owned plots that have been earmarked for public amenities but are currently burdened by slum encroachments. This move aims to address the issue of slums and ensure the effective utilization of such designated spaces. Notably, three years ago, the Brihanmumbai Municipal Corporation (BMC) acquired a plot in Dahisar for a significant sum of Rs 349 crore, despite its original value being assessed at Rs 54 crore due to the presence of encroachments. This transaction has drawn the attention of BJP leader Kirit Somaiya, who has filed a police complaint against the BMC, raising concerns about the purchase of a plot that had already been designated as a slum. ...

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Panchkula civic body to rein in property tax defaulters

Monday 5th June 2023

MC commissioner Sachin Gupta revealed that a staggering amount of Rs 38.66 crore in property tax is owed by 119 commercial private properties, encompassing esteemed establishments such as Hotel Golden Tulip, Ramgarh Fort, Holiday Inn, Vintegrate Technology Private Limited in Sector 22, and St Teresa Public School in Sector 25. Emphasizing the gravity of the situation, he urged officials to adopt a stringent approach when dealing with those who default on their property tax obligations. It is noteworthy that an additional sum of Rs 32.19 crore remains outstanding from 46 government properties, including UHBVN, HSVP, Tau Devi Lal Stadium, and Gymkhana Club in Sector 3. ...

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Info Edge (India) initiates forensic audit of 4B Networks

Saturday 3rd June 2023

Allcheckdeals India (AIPL), a completely owned subsidiary of Info Edge (India), has commenced a forensic examination of the activities concerning 4B Networks. In connection with this matter, the company has enlisted the services of Deloitte Touche Tohmatsu India LLP as the designated forensic auditor, while Saraf and Partners Law Offices will offer their support and assistance. Over time, AIPL has made substantial financial investments and provided periodic funding to 4B Networks, which totals approximately Rs 288 crore. ...

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Wave Group clears Rs 96 crore UPRERA dues

Saturday 3rd June 2023

Wave Mega City Centre Private Limited, a prominent real estate developer, has deposited a substantial sum of Rs 96 crore to the district administration as a part of settling the recovery certificates (RCs) issued by UP-Rera, with a combined value of Rs 136 crore. In response to the developer's failure to fulfill its obligations towards UP-Rera, the district administration had previously issued an order to auction off 38 shops constructed within a commercial project located in Sector 18. However, with 70.5% of the outstanding dues now settled, it is likely that the district administration will defer the e-auction of the shops at Wave 1st Silver Tower in Sector 18. ...

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NBCC to invest Rs 67 crore in Amrapali projects

Saturday 3rd June 2023

NBCC, a government-owned construction company, has decided to allocate an investment of Rs 67 crore towards the reinforcement and strengthening of buildings in six Amrapali projects. The decision came after a comprehensive structural audit highlighted significant concerns regarding the current condition of these structures. The projects identified with structural deficiencies include Sapphire Phase 1, Sapphire Phase 2, Princely Estate, Zodiac, Platinum, and Titanium. ...

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Delhi Police summons Emaar MD for questioning on Friday in forgery case

Friday 2nd June 2023

The Economic Offence Wing of the Delhi Police has served a formal notice to Mohamed Ali Alabbar, the visionary founder and managing director of Emaar Properties, a renowned real estate company based in Dubai. The notice mandates his presence for interrogation on Friday, regarding a serious and grave accusation of forgery and criminal breach of trust in connection with a residential development undertaking in Gurugram. In response to the query made by PTI, a representative of Emaar India acknowledged the receipt of the aforementioned notice. ...

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CREDAI urges centre to remove GST on flats given free of cost in redevelopment projects

Friday 2nd June 2023

A prominent association of real estate developers, CREDAI, has put forward a strong request to the government to eliminate the Goods and Services Tax (GST) on flats that are provided free of charge to current residents as part of redevelopment projects. The objective behind this plea is to enhance the economic feasibility of such projects, particularly in the Mumbai region. A delegation comprising members from both CREDAI and CREDAI-MCHI had the honor of engaging in a meeting with the esteemed Union Finance Minister, Nirmala Sitharaman. During this significant encounter, the delegation presented a formal representation, shedding light on the paramount issue at hand. ...

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Rebate ends, Chandigarh civic body receives Rs 42 crore property tax in two months

Friday 2nd June 2023

During the two-month rebate period, which concluded on Wednesday, the municipal corporation (MC) has collected a substantial amount of Rs 42.47 crore as property tax. Notably, Panjab University and the UT administration made significant contributions of Rs 1 crore each, while the PGI contributed Rs 88 lakh, and the civic body itself contributed Rs 50 lakh. Out of the approximately 1.42 lakh taxpayers in the city, a commendable number of 64,000 residential property owners and 16,000 commercial property owners fulfilled their tax obligations by submitting their payments in April and May. ...

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TDR allowed for buildings on internal layout roads in Mumbai

Friday 2nd June 2023

The esteemed Municipal Commissioner, Iqbal Chahal, has granted approval to a proposal that permits the Transfer of Development Rights (TDR) for the revitalization of old buildings located on internal roads, specifically private layout roads. However, this provision applies only if the width of the road is a minimum of 9 meters and it is situated at a distance of 50 meters from a public road. Additionally, the TDR will still be permissible even if the width of the private layout road diminishes in certain sections. ...

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Noida authority e-auctions duplex villa for Rs 2 crore

Thursday 1st June 2023

On Tuesday, the Noida Authority conducted an e-auction for four duplex villas, and interestingly, three of them were sold at prices higher than the base price of Rs 1.79 crore. One of the villas fetched a price of Rs 2.08 crore, according to officials. Among the four units put up for auction, the HD-223 unit located in Sector 135 had a reserve price of Rs 1.79 crore but was eventually sold for Rs 2.08 crore. The sale of this unit saw a significant increase of Rs 29.50 lakh, equivalent to a 16.45% surge over the reserve price. ...

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Maharashtra: Now get society land ownership within one month

Thursday 1st June 2023

A government resolution has stipulated that if a residential community successfully passes a self-redevelopment resolution with a majority vote and proceeds to apply for deemed conveyance or land ownership, they will be granted the same within a month. It should be noted that, as per the previous resolution, the decision regarding the application for deemed conveyance was expected to be finalized within six months from the date of submission. ...

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Aurum PropTech set to buy Ratan Tata-backed NestAway

Thursday 1st June 2023

According to individuals familiar with the matter, Aurum PropTech, a prominent proptech company, is preparing to acquire NestAway Technologies, a managed rental home company that has received backing from Goldman Sachs, Tiger Global, and Ratan Tata. In addition to the founders, the shareholders of the company consist of global institutional investors and notable business figures, including the former chairman of Tata Sons. ...

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Gurugram: 18 farmhouses, road network razed in DTCP crackdown

Thursday 1st June 2023

The department of town and country planning (DTCP) took action to demolish six illegal colonies that had been recently established by offenders without obtaining the necessary permissions from the authorities. These violators had constructed 18 farmhouses, 30 additional structures, and offices within these unauthorized colonies. Additionally, the enforcement team demolished the road network that had been developed in connection with these colonies. ...

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Ordinance cleared to comply with Odisha RERA

Wednesday 31st May 2023

On Monday, the state government approved an ordinance to align the local housing regulations with the provisions of the Real Estate (Regulation and Development) Act, 2016. This measure aims to enable the resumption of apartment registrations that have been on hold for over a year since May 17, 2022. During a state cabinet meeting led by Chief Minister Naveen Patnaik, the decision was made to implement the Odisha Apartment (Ownership and Management) Ordinance, 2023, which involves repealing the Odisha Apartment Ownership Act, 1982. ...

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Nod for 50% cut in premium for on year for cluster redevelopment in Mumbai

Wednesday 31st May 2023

With the aim of promoting cluster redevelopment in the city, the state cabinet granted approval on Tuesday to a 50% reduction in premiums. Deputy Chief Minister Devendra Fadnavis, who also oversees the housing portfolio, clarified that this reduction in premiums would be applicable for a duration of one year. Domnic Romell, President of CREDAI-MCHI, a representative organization of the housing industry, expressed that this decision discourages the fragmented development of standalone buildings that lack adequate infrastructure, while simultaneously fostering the adoption of cluster redevelopment. ...

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QR code display for projects must from August 1: MahaRERA

Tuesday 30th May 2023

On Monday, the Maharashtra Real Estate Regulatory Authority (MahaRERA) issued a directive stating that all advertisements or social media displays related to registered housing projects must feature QR codes along with their respective registration numbers, starting from August 1. Since March, the authority has been issuing QR codes for registered projects. By scanning the QR code, prospective homebuyers can access crucial information about a project, including its commencement and completion dates, records of registered complaints, and necessary approvals. Additionally, any modifications to approved plans and project renewals are also incorporated into the QR code. Currently, MahaRERA boasts a registration count of approximately 40,000 projects. ...

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Over 25 lakh property owners in Bengaluru may face hike in tax

Tuesday 30th May 2023

If the hike proposal put forth by the Bruhat Bengaluru Mahanagara Palike (BBMP) receives approval, more than 2.5 million property owners in the city of Bengaluru will need to prepare themselves to allocate additional funds for property tax. Deputy Chief Minister and Minister of Bengaluru City Development, DK Shivakumar, who assessed the functioning of BBMP on Monday, disclosed that the government is contemplating an increase in property tax for the vibrant IT hub. ...

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Need for credible framework to differentiate good & bad builders: Housing Secretary

Tuesday 30th May 2023

Housing and Urban Affairs Secretary Manoj Joshi emphasized the need for a "credible framework" that can distinguish between reliable and unreliable real estate developers. This framework would facilitate easier access to credit from banks for the construction of projects, reducing dependence on customers' funds. Speaking at a real estate conference hosted by CII, Secretary Joshi highlighted that customer advances predominantly finance real estate ventures, particularly housing, and stressed the necessity of altering this existing model. ...

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MahaRERA orders Rs 7 crore refund for 12, but defers payment till Dec 2023 for project completion

Monday 29th May 2023

The builders of the lavish Mirabilis project in Santacruz have been ordered by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to return the money that 12 allottees paid after the allottees complained about the project's delay. Every case is eligible for a refund of up to Rs 1 crore, for a total of over Rs 7 crore. Under the subvention scheme, nine of the allottees will be reimbursed without any interest, while the remaining three buyers will receive full refunds along with accrued interest. ...

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Noida: UPPCB imposes Rs 76.5 crore fine on 38 builders for illegal groundwater extraction

Monday 29th May 2023

The Uttar Pradesh Pollution Control Board (UPPCB) has levied a hefty penalty of Rs 76.5 crore on 38 construction developers for the unauthorized extraction of groundwater through borewells. These builders are required to remit the specified sum within a span of 15 days. According to officials, the UPPCB has imposed the highest penalty of Rs 6.6 crore on the Gaur City 2 undertaking, while the Gaur City 1 project has been fined Rs 4 crore. ...

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Covid moratorium benefit not for plan-flouting builder: MahaRERA

Saturday 27th May 2023

In a cautionary decree aimed at builders, the MahaRERA has denied the advantage of the Covid-19 pandemic moratorium, accessible to all promoters. Furthermore, the regulatory authority has instructed a builder to remunerate the complainant with interest, even for the duration covered by the moratorium, due to a violation of the approved plan. Ajoy Mehta, the chairman of MahaRERA, emphasised that only projects that follow the approved plan are eligible for the benefits of the moratorium. The recent order firmly states that benefits or privileges are exclusively granted to entities that operate within the confines of legal compliance. ...

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Four years on, Karnataka to hike guidance value by 15%

Saturday 27th May 2023

The Congress government is considering raising property guideline values by 15% in an effort to boost income and pay for its poll assurance programme. According to a minister, the government seeks to increase guidance value and encourage online registration by expanding the use of the web-based programme Kaveri 2.0 to places like Bengaluru in order to take advantage of the real estate market's expansion. Due to Covid-19, the guideline value has not been changed since 2019, although being required to be increased by 15% annually. ...

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Gurugram: Audit to check structural flaws in 15 highrise societies in second phase

Saturday 27th May 2023

On Friday, Deputy Commissioner Nishant Yadav issued an order for conducting structural audits of 15 residential societies in the city, marking the commencement of the second phase of an initiative launched following the collapse of flats in Chintels Paradiso last year. These societies will be selected from a pool of 60 projects, where residents and Resident Welfare Associations (RWAs) had lodged complaints regarding construction quality and structural flaws in the past two years. ...

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Mumbai: Post-2000 slums dwellers can buy 300 sq ft rehabilitation flat for Rs 2.5 lakh

Friday 26th May 2023

Post-2000 slum dwellers in Mumbai will have the opportunity to purchase rehabilitation flats measuring 300 square feet at a cost of Rs 2.5 lakh. This initiative aims to provide affordable housing options to residents living in slum areas. According to Satish Lokhande, the CEO of the Slum Rehabilitation Department of the Maharashtra government, the previous cost of these homes was between Rs 10-12 lakh, making them unaffordable for most individuals in the low-income group.  ...

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Push to speedy disposal of land acquisition and rehabilitation cases in Delhi

Friday 26th May 2023

On Thursday, Lieutenant Governor V K Saxena granted approval to the recommendation of appointing an additional district judge as the presiding officer of the Land Acquisition, Rehabilitation and Resettlement (LARR) Authority. According to officials, this new appointment is expected to facilitate the swift resolution of disputes pertaining to land acquisition, compensation, rehabilitation, and resettlement. ...

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Now, separate nod not required for non-agricultural land in Maharashtra

Thursday 25th May 2023

In a significant stride towards enhancing the Ease of Doing Business, developers are now relieved from the obligation of obtaining separate non-agricultural permission subsequent to acquiring building approvals. State revenue minister Radhakrishna Vikhe-Patil emphasized that once the competent authority grants permission for construction on a specific plot, it automatically implies that the land has been converted to non-agricultural usage, thereby eliminating the need for a separate non-agricultural permission. ...

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Registries of almost 1,100 flats approved but held up by builders: Noida Authority

Thursday 25th May 2023

The Noida Authority has declared that the subleased agreements, commonly known as registries, for 1,097 apartments in 21 collective housing ventures within the city are eligible for completion. However, these agreements are currently being delayed by the real estate developers, who are neglecting their responsibilities towards the prospective homeowners. The Authority has issued a strong warning about imposing punitive actions on developers who persistently obstruct the implementation of these registries. ...

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Civic bodies ask UDH to shelve Rajasthan RERA order on registering schemes

Thursday 25th May 2023

A multitude of civic organizations in the state of Rajasthan, comprising the esteemed Jaipur Development Authority (JDA), have corresponded with the Urban Development and Housing department (UDH), expressing their opposition to a notification put forth by the Rajasthan Real Estate Regulatory Authority (RERA) in September 2021. The mandate requires all civic authorities to assume the responsibility of registering all real estate schemes under RERA. ...

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MahaRERA recovers over Rs 8 crore from errant developers

Wednesday 24th May 2023

Without going through the entire recovery process of auctioning properties of defaulting developers, the MahaRera has managed to recover approximately Rs 8 crore against 20 recovery orders issued in Mumbai city, Mumbai suburbs, Raigad, and Thane district. MahaRera has diligently pursued the relevant authorities at the district collector's offices to ensure the effective implementation of the recovery procedure. ...

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Pune civic body earns Rs 40 crore property tax in a week

Wednesday 24th May 2023

It has been one week since the property tax bills were issued, and the civic administration has accumulated a sum of Rs 40 crore through this levy. The Pune Municipal Corporation (PMC) has introduced a favorable initiative by granting a 40% reduction on property tax for self-occupied properties, following the approval of the scheme by the state government. According to the official notification, properties that were registered after the year 2019 and had previously missed out on availing the discount will now undergo evaluation. ...

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Group 108 to invest Rs 2,000 crore Uttar Pradesh

Wednesday 24th May 2023

Group 108, a prominent real estate developer, and the managing partners of Grandthum, an ongoing IT/ITES project situated in Greater Noida West, have announced their intention to allocate a sum of Rs 2000 crore for investments in the region. These investments will be directed towards multiple projects undertaken by the company. ...

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Over 400 brokers appear for MahaRERA certification examination

Tuesday 23rd May 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) certification evaluation was attended by a total of 423 realtors from various state areas on Saturday. According to an authoritative source, this marks the inaugural examination designed to certify real estate agents within the state, organized by MahaRERA. To practise their trade as real estate property agents, all 39,000 agents, both those registered and those not, must obtain the MahaRERA certification by September 1. ...

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Plan in two weeks to resolve stuck housing projects in Noida: Uttar Pradesh officer

Tuesday 23rd May 2023

A high-ranking official from the Uttar Pradesh government announced on Monday that a comprehensive plan to resolve the deadlock among stakeholders in group housing projects in Noida and Greater Noida is expected to be developed within two weeks. According to official assessments, more than 100 housing projects in the neighboring cities of Noida and Greater Noida are currently mired or experiencing significant delays, adversely impacting a large number of individuals. ...

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Blockchain technology for e-registered property deals in Maharashtra

Tuesday 23rd May 2023

The property registration department of the state is currently in the advanced phase of embracing blockchain technology as a measure to safeguard against the replication of authentic online agreement records. An official from the registration department stated that e-registration data will be stored using blockchain technology. This technology enables the sharing of data with pertinent stakeholders, such as property buyers, government authorities, and financial institutions participating in funding the purchase. ...

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Adobe Systems India buys four lakh sq ft office in Bengaluru for Rs 505 crore

Tuesday 23rd May 2023

Amidst corporate expansion concerns, Adobe Systems India, a leading technology company from the United States, has purchased 400,000 square feet of office space in Bengaluru for Rs 505 crore. The purchased office premises, located in Prestige Tech Park IV, will grant the company access to a generous allocation of 640 car parking spaces, along with an undivided share of over 124,000 square feet of land, equivalent to its super-built area. ...

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Charge taken for open car parking area justified: UP-RERA

Monday 22nd May 2023

The Kanpur Development Authority (KDA) has received a crucial judgement from the Real Estate Regulatory Authority of Uttar Pradesh (UP RERA) confirming the legality of the fees levied by KDA for allotted open parking spots for flat owners. Diwakar Patel had challenged the amount being demanded by KDA for the open parking area, but the RERA chairman upheld KDA's right to receive that amount. The clarification was given based on the allotment book of KDA. ...

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Supertech settles 32 recovery certificates issued by UP-RERA, wants cases stopped

Monday 22nd May 2023

Supertech, a real estate company, has settled 32 recovery certificates issued by UP-Rera, amounting to Rs 7.6 crore. It has also paid Rs 3 crore to the administration. Supertech is making efforts to settle the remaining complaints amicably by offering alternative units or other facilities. It has requested the administration to stop RC proceedings against it. ...

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Illegal quarrying found on patta land, Tamil Nadu government informs HC

Saturday 20th May 2023

According to a report by the Tamil Nadu government, the Madras High Court has been notified about the discovery of illegal quarrying activities on land, known as patta land. The information was provided in response to a public interest litigation filed by M Murugan, a local agriculturalist. The concerned region is Kadaladi taluk, located in Ramanathapuram district. M Murugan stated in his plea that the Gundaru river, which runs through Kadaladi taluk, plays a vital role in irrigating agricultural fields and recharging the groundwater. He alleged that an individual had commenced sand quarrying operations on the patta land parcels in Kadaladi and K Veppangulam without obtaining the necessary permissions from the authorities. ...

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Jharkhand RERA blacklists Rebloon Impex, partners for violation of norms

Saturday 20th May 2023

Jharkhand Real Estate Regulatory Authority (RERA) has blacklisted a real estate firm and its three partners from undertaking any projects due to the violation of norms and non-registration of projects. The firm and its partners have received a total of 18 complaints. Birendra Prasad, a member of Jharkhand RERA, stated that the authority is dedicated to ensuring justice to buyers and had to blacklist the firm as a last resort. ...

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About 4,360 acres in Haryana municipal areas illegally occupied, HC told

Friday 19th May 2023

The Punjab and Haryana High Court has ordered that a copy of the status report, which shows that 4,360 acres of land is under unauthorized encroachment in Haryana municipal areas, be sent to the Haryana Chief Secretary for necessary action. The court also ordered that officials/employees who have committed lapses should be dealt with appropriately. In Ambala, more than 115 acres of land are illegally occupied, but no officer has been transferred to the post responsible for clearing squatters. ...

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SC refuses to stay allocation of house sites in Amaravati

Friday 19th May 2023

On Wednesday, the Supreme Court made it clear that the distribution of house sites in the R5 zone of Amaravati to underprivileged individuals is contingent upon the final ruling of the AP High Court. Despite the state government's assertion that it has already allocated sites, the Supreme Court declined to issue a stay order on the allocation. The court emphasized that the rights of plot holders who are not directly involved in the case will also be determined by the judgment of the high court. ...

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Maharashtra CM waives additional development charges in PMRDA areas

Friday 19th May 2023

Builders and individual homeowners will benefit from the Chief Minister Eknath Shinde's decision on Wednesday to waive 100% of the additional development fees that will be assessed and recovered in areas under the Pune Metropolitan Regional Development Authority (PMRDA) with retrospective effect for the period from July 2018 to April 2023. At the PMRDA annual budget meeting on Wednesday, the suggestion was presented to the CM. ...

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Greater Noida authority may cancel allotment of group housing plots lying idle

Friday 19th May 2023

The Greater Noida Authority is conducting a survey to evaluate the construction status of plots allocated to real estate builders for group housing projects. The survey will identify defunct projects and assess under-construction projects. The builders who have failed to commence construction or deposit dues will have their plot allotments cancelled. The development authority is considering a co-developer policy, which will allow another promoter to complete the project and clear dues. ...

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Ganga realty acquires 8.35 acre land in Gurugram for housing project

Thursday 18th May 2023

A senior executive revealed that Ganga Realty has acquired 8.35 acres of land in sector 84, Gurgaon, at a cost of Rs 132 crore. The purpose of this acquisition is to develop a high-end group housing project, for which the company plans to invest an additional Rs 750-800 crore. Furthermore, Ganga Realty plans to invest Rs 750 crore in its brand-new affordable home development Tathastu in Gurugram. The project spans 22 acres and will include approximately 2972 units. This will be Ganga Realty's inaugural affordable housing project. ...

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Premium on transfer of slum flat to dip to Rs.50,000: Maharashtra deputy CM

Thursday 18th May 2023

Deputy Chief Minister Devendra Fadnavis, who also holds the housing portfolio, announced that the state government plans to reduce the premium for the transfer of a slum redevelopment flat from Rs 1 lakh to Rs 50,000. The premium must be paid to the housing society. Fadnavis also stated that builders will be required to pay a year's rent in advance. At all 56 MHADA layouts, camps will be held to distribute Deemed Conveyance to housing societies and complete paperwork for redevelopment. Fadnavis shared these details at a seminar on self-redevelopment. ...

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West Bengal RERA to hear realty plaints lodged with HIRA, says SC

Thursday 18th May 2023

The West Bengal Real Estate Regulatory Authority (WBRERA) will take over all proceedings on complaints filed by home buyers against developers before the now-defunct West Bengal Housing Industry Regulatory Authority (WBHIRA). The Supreme Court has clarified that all orders issued by WBHIRA will remain valid. However, those aggrieved by an order passed by WBHIRA can seek remedy before WBRERA. This clarification brings significant relief to homeowners who had sought resolution through WBHIRA but faced uncertainty following the court's decision to revoke the law. The homeowners will not have to initiate proceedings against developers who have failed to meet their commitments all over again, resulting in time and cost savings. ...

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Ahmedabad civic body to auction off 258 properties over tax dues

Thursday 18th May 2023

The Ahmedabad Municipal Corporation (AMC) has commenced the process of auctioning off 258 properties located in the city after releasing a list of properties in default. The release of the list prompted 55 owners to come forward and pay their tax dues. The AMC has initiated the process of auctioning off the remaining properties. Jainik Vakil, the Chairman of the AMC Revenue Committee, has stated that the AMC will also share the defaulters' information with the Credit Information Bureau (India) Limited (CIBIL). The AMC began to put liens on properties in April to guarantee that defaulters pay their property tax. This marks the first time that the civic body has placed a lien on property. ...

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Prestige Group set to rebuild malls business

Wednesday 17th May 2023

According to a senior official, Bengaluru-based Prestige Group intends to reconstruct its mall collection by adding eight new malls within the next four years. In 2021, Prestige Group divested 4.4 million square feet of retail space across seven shopping malls, valued at approximately ?9,000 crore. Their plan is to augment their existing retail portfolio from four malls spanning 2 million square feet to 12 malls encompassing 9 million square feet within the same four-year timeframe. ...

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Deregistration okayed for two projects in state by MahaRERA

Wednesday 17th May 2023

On Tuesday, authorities said that out of the 60 petitions it received, the Maharashtra Real Estate Regulatory Authority (MahaRERA) had approved the deregistration of two projects in the state. Developers may deregister their projects under specific circumstances, according to a February ruling from the authority. This provision was introduced to address the challenges faced by developers who are unable to initiate or complete construction work. The MahaRERA permits the deregistration of real estate projects without any homebuyers. However, if there are homebuyers involved, deregistration will only be considered if the developer resolves the rights and claims of these buyers. This order was issued on February 10, earlier this year. ...

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For now, DTCP will allow only three floors on affordable housing plots

Wednesday 17th May 2023

The Deen Dayal Jan Awas Yojna (DDJAY) will permit buildings with no more than three floors on affordable housing plots, according to the department of town and country planning (DTCP), as the expert committee set up to look into the policy allowing the construction of stilt plus four floors has not yet turned in its report. On February 23, the state government decided to suspend the approval of fourth floors due to widespread protests by residents' groups. These groups argued that while additional floors have been built in residential areas, there has been insufficient progress in improving infrastructure such as roads, power supply, sewerage, and drainage. ...

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UP-RERA invites EOI for use of AI in quasi-judicial process in e-courts

Wednesday 17th May 2023

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) is looking for Indian consulting and IT firms to express their interest in helping to design, develop, and implement the Smart Court, a sophisticated quasi-judicial decision-making system. UP-RERA aims to utilize cutting-edge technologies like artificial intelligence (AI), machine learning, and natural language processing to design and implement the Smart Court. With the aid of this ground-breaking approach, UP-RERA will be able to address received complaints in a transparent, timely, and effective manner while guaranteeing fairness. ...

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Construction cess collection up 30% in FY 2022-23

Tuesday 16th May 2023

The Gujarat government saw a tremendous increase in its construction cess revenue in the fiscal year 2022–2023, exceeding any preceding year with a growth rate of over 30%. During that time, the cess revenue increased from Rs 572 crore to Rs 748 crore. The government has high hopes for the current year and anticipates even higher cess collections. It has set aside Rs 900 crore as part of its plans to provide housing, healthcare, and educational options for construction workers and their families. ...

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Pune civic body finally starts issuing property tax bills

Tuesday 16th May 2023

After a delay of one-and-a-half months, the municipal corporation has commenced the issuance of property tax invoices starting from Monday.  The bills can also be accessed online in addition to the conventional approach. By going to the official website of the Pune Municipal Corporation (PMC), property owners may easily access them. In light of the recent announcement of a 40% tax decrease on self-occupied houses, PMC authorities have reviewed the billing procedure. ...

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Malabar Hill building residents have right to common terrace: Court

Monday 15th May 2023

Residents of a 60-year-old building in Malabar Hill received a favorable ruling from a civil court, affirming their entitlement to access the shared terrace. The residents were compelled to take legal action when a couple, who owned multiple flats and sections of the property, including inherited portions from the original owners, asserted in 2022 that the terrace exclusively belonged to them and denied access to other residents. The plaintiffs, who are owners of other flats involved in the case, informed the court that they intended to utilize the terrace for activities such as walking and other recreational purposes. ...

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ED starts Ansal API probe, seeks details on Thursday

Monday 15th May 2023

According to informed sources, the Enforcement Directorate (ED) has commenced an inquiry into Ansal API, a real estate developer, and has requested details regarding one of the company's projects in Gurgaon. The ED, which is responsible for probing offenses under the Prevention of Money Laundering Act (PMLA), launched the investigation in response to complaints that were raised concerning Ansal API's township project in Lucknow. ...

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Incentive helps Madurai civic body net 35% of property tax dues

Monday 15th May 2023

The introduction of a government incentive by the state has resulted in the Madurai corporation successfully collecting approximately 35% of property tax dues during the first half of the yearly tax cycle. Specifically, in the latter half of April, a significant portion of the total dues amounting to 18 crore out of 50 crore was collected. As part of the incentive, property taxpayers were offered a 5% reduction from their total dues, capped at 5,000 rupees, if paid before April 30. It is important to mention that this incentive, initially exclusive to residents of the Greater Chennai Corporation (GCC), was expanded to encompass other municipal corporations via an amendment in the Tamil Nadu Urban Local Bodies Act of 1998, as clarified by a revenue official. ...

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Nearly 7,000 cases pending with MahaRERA

Sunday 14th May 2023

Chira Bazaar resident Jayshree Sukhadia approached MahaRERA in October 2020 after the developer of a project in Neral demanded additional money and refused to refund the Rs 13 lakh she had paid as consideration for a unit she had reserved in 2017. She had asked for a refund after the builder had failed to do so and demanded additional payment. One year after she initially submitted her complaint, the first hearing on it was held in October 2021, and the subject was then forwarded to the conciliation forum. Despite the conciliation's failure in March 2022, no hearing date has been established. ...

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Odisha RERA may exempt registration & late registration fee for affordable housing projects

Sunday 14th May 2023

For city-wide affordable housing developments, the Odisha Real Estate Regulatory Authority (ORERA) is contemplating waiving registration and late registration fees. The department of housing and urban development is requesting ORERA to waive these costs. Siddhant Das, the chairperson of ORERA, acknowledged receiving the government's request and said that the organisation has agreed to retain an affidavit from the Bhubaneswar Development Authority (BDA) and temporarily exclude affordable housing projects from paying registration costs. ...

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Revenue from property registration up 10% in Indore

Sunday 14th May 2023

A senior revenue department official reported that a rise in the acquisition of residential plots and commercial spaces resulted in a 10% increase year over year in the revenue from property registrations in April. 10,610 homes in total were sold in April, generating income of Rs 131 crore. The revenues from property registrations in Indore in April of the previous year was Rs 119 crore, a 10% rise in revenue. ...

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Rs 100 crore property tax raked in by Thane civic body in 40 days of fiscal

Sunday 14th May 2023

Municipal commissioner Abhijit Bangar has informed that the Thane Municipal Corporation (TMC) in Maharashtra has collected Rs100 crore in property tax in just 40 days of the new financial year of 2023-24, which is nearly 10% of its target annual revenue for this fiscal year. Officials have stated that the collections in this period are nearly 10 times more than what was collected in the same period last fiscal year. Experts have attributed the increase in tax collections to the overall positive approach in the city, which is a result of heightened focus on citizen initiatives and beautification works undertaken by the administration. ...

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SC turns down plea to bring entire Supertech group under insolvency proceedings

Friday 12th May 2023

The Supreme Court has recently issued an interim order regarding the insolvency proceedings of real estate giant Supertech, highlighting that it would bring immense hardship and uncertainty to the homebuyers if all their projects were brought within the insolvency proceedings. The bench of Justices Dinesh Maheshwari and Sanjay Kumar, however, directed that only one of the projects, namely Ecovillage 2 in Greater Noida West, would be proceeded under the Insolvency and Bankruptcy Code (IBC), instead of the entire group. ...

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Supertech to raise over Rs 1,200 crore for the completion of stuck projects

Friday 12th May 2023

Real estate developer Supertech wants to raise between Rs 1,200-1,600 crore from OakTree Financial, according to Mohit Arora, the company's managing director, in order to finish its unfinished projects. Arora continued by saying that on Thursday, the Supreme Court affirmed the NCLAT order from June 2022, allowing the promoters of Supertech to seek money for the projects on a priority financing basis without being hindered. ...

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Mumbai: Housing society office bearers debarred from society elections for five years

Friday 12th May 2023

Due to their alleged improper treatment of the sinking fund and other financial matters, as well as their inability to file audit rectification reports for five years in a row, former members of the management committee of a housing society have been subject to repercussions. According to the judgement, the complainant in the case, M.H. Kapadia, informed the registrar's office that the management committee and its office bearers failed to give the society members access to the audit rectification reports for the fiscal years between 2015 and 2019. ...

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Noida authority may allow co-developers to complete pending projects

Thursday 11th May 2023

The Noida and Greater Noida authorities are exploring a co-developer policy as a viable remedy to deal with two major issues: finishing housing projects that have stopped owing to a lack of funding and collecting its debts. Instead of individual realtors entering into co-development agreements, as has happened for a few delayed projects in the city, under this approach, companies will be able to put money in a project and see it through. ...

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Kolkata civic body may extend property tax rebate date as snag hits e-payment

Thursday 11th May 2023

Many property owners in Kolkata have been unable to pay their property taxes online due to technical issues with the KMC system, which has caused them to miss the deadline for applying for the refund. The Kolkata Municipal Corporation (KMC) is contemplating extending the rebate period for people who missed the cut off by one week in response to this problem. The extension is being taken into consideration in order to offer relief to individuals who were impacted by the server issue in the previous three to four days, claims a source in the KMC evaluation department. ...

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Kolte-Patil Developers signs two new residential projects in Pune

Thursday 11th May 2023

Pune-based builder Kolte-Patil Developers (KPDL) has recently inked agreements for two new residential development projects in Pune, which have a combined estimated saleable area of 1.9 million sq ft and a top-line potential of Rs 1,300 crore. The two projects will be situated in Kondhwa's NIBM Road and Wagholi's Nagar Road. Five acres of land in Wagholi that have a potential buildable area of about 7.5 lakh square feet and a potential revenue of about Rs 400 crore have been acquired by KPDL. ...

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Punjab to enlist design professionals to make buildings energy efficient

Wednesday 10th May 2023

Aman Arora, the Minister of New and Renewable Energy, has announced that Punjab Energy Development Agency (PEDA) plans to engage energy conservation building code (ECBC) experts to improve the energy efficiency of buildings and encourage energy conservation. The Minister also mentioned that the PEDA has initiated the process of selecting ECBC design professionals who can help architects and owners achieve ECBC compliance in the state. Applications can be submitted until May 25th at 3 PM. ...

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SC stays Bombay HC order allowing recreation grounds on podiums

Wednesday 10th May 2023

The Supreme Court has stayed a Bombay High Court order from January 2023 that permitted recreation grounds (RG) on tower podiums, which has caused a setback for builders.  The National Real Estate Development Council (Naredco) had approached the HC seeking clarification on a September 2022 National Green Tribunal (NGT) order that prohibited developers from treating podiums in buildings as RGs, stating that an RG should be open to the sky to enable tree planting. ...

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Builders flout green laws, Rajasthan pollution board fumes

Wednesday 10th May 2023

Builders in the city are constructing high-rise buildings without adhering to environmental laws that are aimed at preventing environmental degradation. While these builders offer state-of-the-art amenities to lure buyers, the Rajasthan State Pollution Control Board (RSPCB) has expressed its displeasure over the lack of environmental clearance sought by most builders. The RSPCB has also found instances where builders sell completed projects to buyers without obtaining Consent to Operate (CTO) from empanelled architects. ...

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SC directs Himachal government to consider objections to the Shimla draft development plan

Wednesday 10th May 2023

The Himachal Pradesh government has been ordered by the Supreme Court to examine and decide on the objections made against the draft development plan for Shimla. The final development plan needs to be made public within six weeks, but it is unable to be put into action until a month after that. On the basis of the draft development plan, the court has further ordered that no construction should be permitted. ...

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MahaRERA issues notices to 584 developers for non-update of quarterly information

Tuesday 9th May 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued show-cause notices to more than 584 housing project promoters for failing to update project-related information after their details were registered in January. This action has been taken in relation to a total of 746 new housing projects that include about 50,288 flats and have a registered value of nearly Rs 22,449 crore. MahaRERA provides accurate information on various housing projects, including their status, costs, and other important factors, which can be easily accessed through the regulator's portal, empowering homebuyers by ensuring that developers and builders comply with regulatory directives. ...

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Jaiprakash Associates defaults on Rs 3,956-crore loans on April 30

Tuesday 9th May 2023

The main business of the financially troubled Jaypee Group, Jaiprakash Associates Ltd. (JAL), has defaulted on loans totaling Rs 3,956 crore, which includes both principal and interest payments. The business acknowledged in a regulatory statement that it missed its April 30 principal and interest payment deadline of Rs 1,642 crore and Rs 2,314 crore, respectively. The loans were obtained from several banks and were divided into the following categories: term loans, FCCBs (foreign currency convertible bonds), fund-based working capital, and non-fund-based working capital. ...

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Noida administration gives Supertech chairman 10 days to clear RERA RCs

Tuesday 9th May 2023

Supertech has been given recovery certificates (RCs) by the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera), but the business has not yet complied with them.  According to officials, Arora was summoned to the SDM Dadri's office to present a schedule for fulfilling the requirements of the recovery certificate. 52 certifications of Rs. 26 crore are included in the RCs, which are for a project off the Yamuna Expressway. ...

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Goa: Quelossim panchayat to hike house tax after 25 years

Tuesday 9th May 2023

The Quelossim village panchayat unanimously decided during a recent gram sabha meeting to amend the house tax rate, which has been the same for more than 25 years. There was no argument or disagreement when the decision was made. The last time the house tax rate was revised was in 1996. The conference also covered the topic of garbage collection in the panchayat's area of responsibility. The panchayat members decided to take action to stop the garbage menace and prevent the area from suffering the negative impacts of waste disposal. ...

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Nagpur civic body sells 80,000 sq ft plot for Rs 111.75 crore

Monday 8th May 2023

A site on the London/Orange City Street Project sold for Rs 14,000 per square foot, setting a new record for the highest sale price in Nagpur Municipal Corporation's (NMC) history. The corporation has received a profit of Rs 156 crore from the project as a result of this sale. By selling an 80,000 square foot plot for Rs 111.75 crore, or over Rs 14,000 per square foot, the municipal commissioner Radhakrishnan B, executive engineer Naresh Borkar, and his team made history. ...

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ASK Property Fund raises over Rs 1,500 crore

Monday 8th May 2023

For its sixth fund, Real Estate Special Opportunities Fund IV, ASK Property Fund, the real estate private equity division of the ASK Group, has successfully raised more than Rs 1,500 crore. Co-investors have also made contributions to the fund. The top five real estate markets in the country will be the primary focus of this fund, with a special emphasis on investments in development projects for mid-income and cheap residential properties. ...

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Crackdown on buildings flouting norms in Jamshedpur

Monday 8th May 2023

In order to identify and penalise building owners who are using their basements for commercial purposes, the Jamshedpur Notified Area Committee (JNAC) has started a series of ad hoc inspections of commercial structures. This unexpected examination started on Saturday and will go on for a while. On the first day of the operation, it was found that three known establishments, two of which were in the upscale Bistupur market and one in the Sakchi market, were making use of their basement spaces for business. ...

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HC directs Noida authority to maintain status quo over farmhouses on Yamuna flood plain

Sunday 7th May 2023

The destruction of farmhouses in Noida's Sector 135 has been put on hold by an order from the Allahabad High Court to the Noida Authority. These buildings are said to have been constructed on the Yamuna River floodplain. The court set the next hearing for the week of July 2, 2023, and directed the Noida Authority and the National Mission for Clean Ganga to submit rebuttal affidavits. The judgement attempts to postpone the farmhouses' destruction until further notice. ...

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Odisha HC backs curbs on owning land in development authority areas

Sunday 7th May 2023

The Orissa High Court has asked the state government to stop allocating property under another development scheme in the same city or any other district to those who already own land in a development authority area. This limitation will prevent some people who have already received land from such entities in any district from receiving preference and will guarantee that all true citizens have access to land. The court's ruling aims to allocate land fairly to all inhabitants. ...

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Civic body, post office complete property tax bill distribution in Chandigarh

Sunday 7th May 2023

All property tax invoices were delivered to 1.42 lakh taxpayers in the residential and commercial categories by the municipal corporation (MC). In order to resolve taxpayer complaints, the civic body is attempting to collect the greatest amount of property tax revenue during the rebate period. The Indian Post Office was employed by the authorities to deliver the bills, and the job was finished on schedule. People now have until May 31 to deposit their tax bills and take advantage of the refund option. ...

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In Pune district, just 39 of 277 recovery warrant orders executed: MahaRERA report

Sunday 7th May 2023

A recent study by the Maharashtra Real Estate Regulatory Authority discovered that only 39 out of 277 orders to recover money from dishonest real estate agents have been completed in the past six years. These agents owe a total of Rs170.37 crore, but only Rs32.92 crore has been collected through the completed orders. In simpler terms, many offending real estate agents owe lots of money, but only a small amount has been collected so far. ...

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Noida authority seals offices, unsold flats in three projects over Rs 1,000 crore dues

Sunday 7th May 2023

The marketing offices and unsold inventory of three projects with outstanding debts totaling Rs 1,000 crore were sealed on Thursday by the Noida Authority. Action was taken against two Gardenia Group projects in sectors 46 and 75 for failing to pay debts totaling Rs. 707 crore, as well as a Logix project in sector 137 for failing to pay Rs. 380 crore. ...

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SC rejects bail plea of Amrapali founder

Sunday 7th May 2023

Anil Kumar Sharma, who founded Amrapali and was its chairman, asked for bail, but the Supreme Court refused. The court said that he didn't deserve mercy because he cheated thousands of people who had bought homes. After reviewing a forensic audit report, the court ordered the arrest of Sharma and other company directors. The report showed that the management had taken a lot of money from homebuyers and didn't finish most of the housing projects. More than 46,000 people had invested their money in these projects. ...

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Delhi: L&DO seals properties for violation of lease conditions

Sunday 7th May 2023

The Land and Development Office (L&DO), which is a part of the housing and urban affairs department, is taking action against those who have broken the terms of their lease agreements. This includes sealing properties where there has been unauthorized construction, non-payment of dues, or the commercial use of residential properties. As part of this crackdown, officials sealed a 800 square yard house in East Patel Nagar this week. The L&DO has also identified other leased properties, including those in wealthy areas of Delhi, where the lessees have violated the terms of their lease agreements. ...

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Max built-up area for farmhouses hiked to 1,000 sq meter in Goa

Friday 5th May 2023

The TCP department has released a new notification allowing farmhouses built on agricultural land to have a maximum built-up area of 1,000 square metres. This is a change from the previous notification on April 27, which limited the maximum built-up area to 500 square metres. The recent notification clarifies that the phrase "maximum built-up area of 500sqm per holding" should be understood as "maximum built-up area of 1,000sqm per holding" for farmhouses. James Mathew, the chief town planner (administration), issued this notification. ...

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Two residential buildings, illegal office sealed for violations in Gurugram

Thursday 4th May 2023

On Wednesday, two residential premises in DLF 1 and an office running out of the Palm Springs Plaza basement on Golf Course Road were sealed by the department of town and country planning (DTCP) for infringing laws. District Town Planner (enforcement) Manish Yadav initiated action against residential premises for breaking occupation certificate regulations in response to complaints received on the CM window. ...

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Chennai: NGT directs Jain Housing to pay Rs 2 crore for violating environmental laws

Thursday 4th May 2023

When Jain Housing expanded one of its high-end properties in Thoraipakkam in violation of environmental rules, the pollution control board fined the company Rs 2.19 crore. The National Green Tribunal has ordered Jain Housing to pay this fine. For the first phase of the Jains Pebble Brook apartment complex, which included 412 housing units, and the second phase, which included 396 additional units, the company received environmental clearance in 2009. ...

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Mumbai: Nirmal Lifestyle directors denied bail in cheating case

Thursday 4th May 2023

On Wednesday, the Esplanade Metropolitan Court dismissed Dharmesh Jain's request for bail in an alleged cheating case and placed him and his brother Rajeev in judicial custody till May 16. The directors of the building company Nirmal Lifestyle, Dharmesh and Rajeev, were both arrested last week in connection with the case. According to the bail request presented by attorney Harshad Bhadbhade, "applicants have settled the matter amicably and have entered into consent terms" with all 29 of the customers who were complainants in the initial information report, the basis for why the economic offences wing initiated the arrest last month. ...

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Telangana government to regularise notarised property deals, eyes Rs 2,000 crore revenue

Thursday 4th May 2023

The state administration will shortly provide guidelines to regularise property transactions on notarized documents, putting an end to the long-running problem. Nearly six lakh people in the state, particularly in Greater Hyderabad, stand to gain from the decision, which will also bring in Rs 2,000 crore for the government in the form of regularisation fees. ...

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‘Partial occupancy’ sparks concern

Wednesday 3rd May 2023

The Karnataka Real Estate Regulatory Authority (K-RERA) must adhere to the regulations governing the occupancy certificate (OC), according to homebuyers. They are asking the K-RERA to prohibit civil bodies to give certificates of partial occupancy to builders. According to Sanchalak Dhananjaya Padmanabhachar of the Karnataka Home buyers Forum, one of the key reasons why RERA Karnataka failed to give justice to home purchasers is the diluted RERA Act 2016 and misunderstood understanding of RERA Rules. ...

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MahaRERA issues show-cause notice to chartered accountants

Wednesday 3rd May 2023

Upon discovering that MahaRERA regulations were being violated, as the same chartered accountant (CA) had been appointed to serve as both the project auditor and the statutory auditor, appropriate action was taken by authorities. MahaRERA issued show-cause notices to CA and also wrote to the Institute of Chartered Accountants of India. Promoters are needed to provide Form 3 when withdrawing funds from the bank, which must be confirmed by the project auditor. Promoters must also present a statutory audit report from a statutory auditor or accountant once a year. MahaRERA discovered that a single chartered accountant had filed both the forms and the certifications, which was against MahaRERA rules. ...

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Panel to collect data on real estate value to plug revenue leaks in Goa

Tuesday 2nd May 2023

The revenue department has agreed to organise a working group committee to collect data on the average real estate value in various locations in order to plug revenue leakage and ascertain the correct market value of real estate. The market value of built-up properties and land will be categorised as "urban, developing, coastal, rural, and similar areas" and communicated with sub-registrars so that stamp duty and registration charges may be computed correctly. ...

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Four lakh owners in Bengaluru issued unique property ownership records cards

Tuesday 2nd May 2023

Under the Urban Property Ownership Records (UPOR) programme, over four lakh property owners in Bengaluru received digitised and georeferenced property cards with a unique land property identification number until mid-April. The UPOR cards issued by the revenue department contain all property-related information. The project seeks to give property cards to all 25 lakh properties within the borders of the Bruhat Bengaluru Mahanagara Palike (BBMP). Staff at Survey Settlement and Land Records (SSLR) are in charge of carrying out the UPOR project. ...

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High court seeks TIDCO housing details from government in Andhra Pradesh

Tuesday 2nd May 2023

On Monday, the high court ordered the petitioners and the government to provide detailed information regarding the residences built by the Andhra Pradesh Township and Infrastructure Development Corporation (APTIDCO) in the capital city for economically weaker individuals. ...

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Coimbatore corporation mops up Rs 50 crore in property tax in April 2023

Tuesday 2nd May 2023

Due to the 5% incentive announced by the department of municipal administration and water supply, the city corporation received a stunning 50.2 crore in property tax in the first month of the fiscal year itself, setting a new record. The offer is valid for individuals who pay the first six months' installment by the end of April.  ...

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Chandigarh civic body collects Rs 4 crore property tax in April

Monday 1st May 2023

In April, one of the two months with a rebate facility, about 12,000 commercial and residential property owners paid Rs 4 crore tax to the municipal corporation (MC). The local body got Rs 3.20 crore tax from 11,500 residential properties and roughly Rs 70 lakh from commercial properties in the first month after offering a 20% rebate on residential property tax and 10% on commercial property tax in April and May. ...

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HC contempt notice to Mumbai collector for inaction on Avarsekar Realty

Monday 1st May 2023

The Bombay High Court has issued a notice to the Mumbai City Collector, Rajiv Nivatkar, for "willfully disobeying" its order to attach flats owned by a builder in Mahim. The notice asks Nivatkar to show cause as to why action should not be taken against him under the Contempt of Courts Act. This notice stems from a legal dispute initiated by a flat buyer seeking compensation from the builder for delayed possession. ...

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About 8% rebate sees Nashik civic body collect Rs 50 crore property tax in April 2023

Monday 1st May 2023

The decision made by the civic body to offer an 8% discount to taxpayers who paid their annual property tax in April appears to have produced favorable outcomes. During the designated month, over 1.5 lakh taxpayers paid approximately Rs50 crore in total property tax. ...

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Do not insist on NOC for building redevelopment halted in 2009, says Bombay HC

Sunday 30th April 2023

In order to allow for the halted project's redevelopment, the Bombay High Court recently instructed Mhada and BMC not to insist on no-objection certificates (NOC), including those from the building's prior developer. ...

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MahaRERA fines 12 builders for issuing advertisements without registration numbers

Saturday 29th April 2023

MahaRERA penalised 12 developers Rs5.8 lakh for publishing project advertising in publications without revealing their registration numbers. The 12 developers were each given a different sum in fines. For publishing an advert with the registration number in a small font and mentioning it, one was fined Rs. 10,000. ...

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MahaRERA cautions homebuyers against 308 projects facing insolvency proceedings

Saturday 29th April 2023

More than 308 real estate projects in significant real estate markets, including Mumbai and Navi Mumbai, have received warnings from the Maharashtra Real Estate Regulatory Authority (MahaRERA). There are insolvency and bankruptcy procedures against Thane, Pune, and the rest of Maharashtra. ...

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Pune civic body to start distribution of property tax bills on May 15

Thursday 27th April 2023

After a one and a half month delay, the civic administration is set to begin delivering property tax bills on May 15. The deadline for taxpayers to receive the 10% discount for on-time payment has also been extended until July 15.  ...

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Over 4,500 get 10% more rebate in property tax for prompt pay in Nagpur

Wednesday 26th April 2023

Municipal commissioner Radhakrishnan B's "pay online and get 5% rebate in property tax" initiative, which was included in his budget for 2023–2024, has gotten positive feedback. According to Milind Meshram, deputy municipal commissioner (revenue), as many as 4,598 property owners have paid their property taxes for 2023–2024 in the last 24 days and received a combined rebate of Rs19.89 lakh. ...

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Property tax defaulters to be issued sealing notices in Ludhiana

Tuesday 25th April 2023

Dr. Shena Aggarwal, the MC commissioner, has instructed the zonal commissioners to begin issuing sealing notice against defaulters and launch a sealing drive if they still fail to pay the outstanding dues after taking strict note of the non-payment of property tax. ...

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Income tax department launches searches at G Square

Monday 24th April 2023

The Income Tax authorities conducted searches at the offices of G Square, a well-known Tamil Nadu-based real estate firm, on Monday, according to official sources. According to reports, searches were being conducted throughout the state, particularly in Chennai, Coimbatore, and Tiruchirappalli. G Square did not respond immediately to the tax searches that were taking place on its premises. ...

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MPCB issues notice to Safal Developers for its redevelopment project in Mumbai

Sunday 23rd April 2023

The MPCB has issued a show cause notice to an in progress building project, purportedly a redevelopment project, on Bhau Daji Road near the Manav Seva Sangh in Sion for failing to get environmental clearance and generating noise pollution. Activists had previously complained that the noise pollution created by hammering and building operations was disturbing elderly residents living in an old age home nearby, and they had demanded action. ...

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Ahmedabad civic body instates lien on defaulting property

Saturday 22nd April 2023

The Ahmedabad Municipal Corporation (AMC) has begun imposing liens on homes whose owners have defaulted on property tax in order to get them to pay. The AMC has filed a lien against the Bandhan Party Plot, which is held by Iiva Khoda. The property tax of Rs 17.38 lakh has not been paid by the owner. According to Vakil, the AMC instructed in an order that a lien be placed on the aforementioned property. ...

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Madurai and Trichy corporations offer 5% incentive on property tax

Friday 21st April 2023

The corporations of Trichy and Madurai have provided a 5% waiver incentive of up to 5,000 for people who pay their existing property tax dues for the fiscal year (April 2023 to March 2024) before April 30. Property tax income generated by 2.3 lakh property assessments across five zones yields around 110 crore per year for Trichy Corporations. With over 53 crore accrued as arrears owing to late payments each year, the corporation has stated that residents might get 5% of their total tax demand if they make an early payment. ...

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Pune property market March deal registrations, stamp duty collection at FY23 peak

Thursday 20th April 2023

With a total of Rs 621 crore, up 20% from February, the Pune real estate market posted its biggest monthly stamp duty collection for the fiscal year 2022–2023 in March. According to Knight Frank India statistics, the total value of the 14,309 properties registered in March 2023 was Rs 9,215 crores. ...

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Complainant wants Karnataka Lokayukta to investigate K-RERA

Tuesday 18th April 2023

On Saturday, a property buyer filed a complaint with the Karnataka Lokayukta alleging negligence on the part of the secretary, deputy secretary and under secretary of the housing department as well as the secretary of the RERA. Shailesh Charati, a homebuyer and participant in the Karnataka Home Buyers Forum and Bangalore City Flat Owners' Welfare Association, filed the complaint. ...

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Centre to hold conference in Mumbai to discuss ways to redress consumer grievances in real estate

Monday 17th April 2023

The Department of Consumer Affairs will hold a round table meeting in Mumbai on Tuesday to examine strategies to address the complaints of property buyers because the real estate industry accounts for 10% of all consumer commission cases. The need for comprehensive policy initiatives to lower litigation in the housing industry will be covered during the conference. The cases submitted to the Consumer Commissions would be examined in this respect, and the key causes of consumer cases would be noted and presented for discussion. ...

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Homebuyers seek damages from MahaRERA for project information update delay

Monday 17th April 2023

The Forum for People's Collective Efforts (FPCE), a pan-India of homebuyers in India, has asked MahaRERA to compensate consumers because real estate developers failed to provide the regulatory authority with a quarterly project update as required by law, and the authority disregarded the information for six years. ...

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UP RERA sends notice to M3M India for publicising project in violation of law

Monday 17th April 2023

On Saturday, the Uttar Pradesh RERA said that it had sent a notice to developer M3M India for allegedly beginning promotion and marketing for the sale of apartments in a project in Noida without first registering it with the regulatory authority, resulting into a clear breach of the law. Promoters of M3M India have been advised by the UP RERA to "strictly comply" with Section 3/59, which prohibits them from publicising any housing project without first registering it with the state's RERA. ...

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Rudrapur: Same land sold to many people, director of Samiah Builders arrested

Saturday 15th April 2023

Sagir Khan, the director of Samiah Builders, was detained on Friday for cheating by a combined team from Udham Singh Nagar and the Special Operations Group (SOG). Owner Zameel Ahmed Khan has gone missing. It is noteworthy that since 2006, Samiah Builders has been in charge of erecting a colony on 125 acres of land along the Kashipur highway. ...

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Delhi court orders putting Gopal Ansal on trial in cheating case

Friday 14th April 2023

Gopal Ansal, a real estate magnate in Delhi, has been ordered to go on trial for allegedly deceiving and defrauding a private firm and its promoters in 1991 in connection with an investment in a building at Connaught Place. Ansal will be charged with cheating, forgery, and criminal conspiracy as part of the alleged offence, Metropolitan Magistrate Yashdeep Chahal ordered. However, the court dismissed Sushil Ansal, a director of the accused Ansal Properties, which was building the Statesman House in this location, finding that the papers on file were "grossly insufficient." ...

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Haze over 40% discount hits property tax bill distribution in Pune

Thursday 13th April 2023

Citizens are still unable to pay their property taxes on the Pune Municipal Corporation (PMC) website 12 days into the new fiscal year. Citizens reported being able to check their property tax bills online, however the website displays the message "bill not generated for the current year" when they attempt to make a payment. According to city administration sources, the lack of clarity on property tax invoicing following a 40% reduction for self-occupied houses has caused PMC to delay the distribution of invoices. ...

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Hubballi-Dharwad civic body drive to trace property tax evaders

Wednesday 12th April 2023

Hubballi-Dharwad Municipal Corporation has initiated a campaign to track down and collect property tax evaders as well as penalties. There are various open spots in HDMC's 82 wards that lack sufficient fencing and have become waste dumps. Many of the owners of these properties who do not live in the Twin Cities have not paid property taxes in years. Some people have built houses illegally and are just paying taxes on the open spaces. So far, HDMC has identified 3,614 such properties and made procedures to reclaim unpaid taxes totaling Rs 22 million. According to HDMC commissioner B Gopalkrishna, Rs 6 crore has been received thus far. ...

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Delhi HC directs constitution of joint task force to stop illegal sand mining near Yamuna bank

Tuesday 11th April 2023

The Delhi High Court has ordered the city police to work with their counterparts in Uttar Pradesh to form a combined task force to combat suspected unlawful sand mining on the banks of the Yamuna River in the city's northern outskirts. Justice Prathiba M Singh, who was hearing a petition alleging illegal sand mining near the Yamuna river embarkment in the national capital's Hiranki village area, observed that illegal sand mining was still going on and that undue advantage was being taken of the fact that while some of the area was within Delhi, the other part was in Uttar Pradesh. ...

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Bihar RERA to compensate aggrieved buyers of Agrani Homes in Patna

Monday 10th April 2023

The Bihar Real Estate Regulatory Authority (RERA) seized 27 katha of land held by Agrani Homes in Patna after it failed to meet its commitments to home purchasers and breached RERA standards. On Saturday, RERA erected a sign on the property. The authority would auction the land, according to Naveen Verma, chairman of RERA, Bihar, and the money will be divided to the dissatisfied consumers of various Agrani Homes Private Limited projects to compensate them. ...

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Many services linked to flat construction to attract lower 12% GST: AAAR

Sunday 9th April 2023

A recent Appellate Authority for Advance Rulings (AAAR) judgement in the instance of a Thane-based developer would be welcomed by buyers of underconstruction houses, since it may result in lower costs. The appeal panel determined that payments received by the developer, Puranik Builders, for services such as water connection, electricity meter installation and deposit for metre, development costs and legal fees are "inextricably linked" to the principal service of building. ...

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Order asking BMC to refund extra property tax upheld by Supreme Court

Sunday 9th April 2023

After the Supreme Court's rejection of its review petition, the Brihanmumbai Municipal Corporation (BMC) would have to recalculate the capital value of all homes in Mumbai and reimburse people who paid property tax under the Capital Value System from 2010 to 2012. The Supreme Court dismissed a review plea filed by the BMC last month appealing a Bombay High Court ruling from 2019 that set aside certain BMC-framed guidelines for retrospective tax assessment. The court has ordered the BMC to create new guidelines and pass new legislation. ...

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Chennai civic body aims for Rs 300 crore property tax boost with reassessment

Saturday 8th April 2023

Any city resident who is engaging in unlawful construction in violation of building plans may soon have a corporate official knocking on his or her door. Greater Chennai Corporation intends to reassess 2.79 lakh underassessed properties, bringing them into the tax fold and increasing its property tax collection by 300 crore per year. The assessment job has been contracted out to Prime Meridian Surveys Private Limited, Arasu Associates, and Arul Nambi Engineering Consultants, and the civic authority will review under-assessed houses with its own tax assessors. The corporation intends to complete the work in the next nine months, with a budget of 5 crore. ...

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Uttar Pradesh RERA hires company to find a way out of land dues logjam

Thursday 6th April 2023

The development authorities of Noida and Greater Noida and real estate corporations are at odds over legacy land dues of about Rs 39,000 crore. UP Rera has appointed a consultant who will produce a report in a month outlining potential resolutions. The deadlock has stalled registration processes in Noida's residential societies and resulted in additional issues like residents of buildings with incomplete amenities. Realtors have been requesting a refund for the punitive interest that has accumulated as a result of their repeated defaults. Developer delegations recently presented their requests to Manoj Kumar Singh, the newly appointed infrastructure and industrial development commissioner (IIDC), and Rajive Kumar, the head of UP Rera. ...

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Uttar Pradesh RERA to take action against 41 developers

Thursday 6th April 2023

For failing to attend the authority's review meeting, the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has decided to take action against 41 developers. Rajesh Kumar Tyagi, the secretary of UP RERA, claims that promoters who persistently skip review meetings and disobey authority directives have been singled out for harsh punishment. Promoters will be charged with violations of the RERA Act and may face imprisonment if they sell the unit after the project registration has expired. ...

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Mohali civic body makes record collection of Rs 33 crore property tax last fiscal year

Wednesday 5th April 2023

For the fiscal year 2022–2023, the municipal corporation collected property taxes at a record-breaking rate, totaling Rs 33.36 crore. The civic organisation set a target of Rs 22 crore for the fiscal year but was able to make an additional Rs 11.36 crore. At the end of March, the municipal organisation had collected a record Rs 33.36 crore in unpaid property taxes, according to MC commissioner Navjot Kaur. Using this as a starting point, MC has suggested collecting Rs 33 crore in the fiscal year 2023–2024. ...

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Government calls meeting of stakeholders over real estate pendency cases

Tuesday 4th April 2023

The consumer affairs ministry has organised a high-level meeting of all stakeholders for the purpose of "effectively addressing" such complaints due to the significant number of real estate-related consumer commission cases that are still pending (nearly 10% of all cases) and their growing backlog despite states having RERA tribunals. 53,518 consumer cases are currently pending before consumer commissions nationwide, 9,767 of which are before the National Consumer Disputes Redressal Commission, according to the Consumer Affairs Ministry. ...

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Uttar Pradesh RERA got 48,500 complaints in five years, 60% from Noida

Tuesday 4th April 2023

On Monday, the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) said that it had received 48,500 complaints over the previous five years, with over 60% of them coming from Gautam Buddh Nagar and 17% from Lucknow. UPRERA stated in a statement that it was able to resolve 42,980, or 88.61 percent, of the total complaints submitted over the time period. According to the UPRERA, Unnao had the lowest complaint disposal percentage (77.02%) and Kanpur Nagar had the highest (93.56%). ...

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Over 35 builders in Greater Noida West to be booked for water theft

Monday 3rd April 2023

The National Green Tribunal mandated that 38 builders in Greater Noida West be charged with water theft for allegedly exploiting groundwater and neglecting to pay environmental compensation despite notifications from the Uttar Pradesh Pollution Control Board (UPPCB). The groundwater department was requested by the environmental control board in a letter sent last week to lodge a complaint against the negligent builders. ...

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Pune: June 30 last date to avail property tax concessions

Monday 3rd April 2023

The deadline for making reduced property tax payments has been extended by the local government. If diligent property owners pay the tax before June 30 as opposed to the previous deadline of May 31, they will receive a discount. Moreover, tax defaulters will get an additional month to pay their debts. They have till April 30 to pay the tax for the fiscal year 2022–2023. ...

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Rajasthan RERA fines builder for changing sale deed

Monday 3rd April 2023

In one of its significant rulings, the Real Estate Regulation Authority (RERA) ruled that the builder (promoter) may not alter the draft agreement to sell a specified unit in accordance with RERA Guidelines. The allottee is not needed to wait for the resale of the cancelled booking of the apartment in order to receive a refund from the promoter, according to a subsequent Rajasthan RERA ruling. Salvinder Singh Sohata, a member of Rajasthan RERA, made the decision in response to a complaint submitted by allottee Pramod Kumar. ...

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Visakhapatnam civic body collects record Rs 421 crore in property tax

Sunday 2nd April 2023

The GVMC collected 421.5 crore in property taxes, including proceeds from the unoccupied land tax, for the just ended 2022–2023 fiscal year. The Vizag civic authority has never received tax income this high. By doing this, the GVMC exceeded its own goal of 375 crore in tax revenue for the 2023 fiscal year. The interest waiver offered by the state government for long-term defaulters or for the accumulated debt, as a one-time action, the GVMC officials claim, worked in the municipal body's favour. After the disturbance brought on by the Covid-19 outbreak, the state administration granted the request of several politicians and authorities of the populace. ...

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Gurugram: FIR likely against Malibu Estate for illegal construction

Sunday 2nd April 2023

In a letter to police commissioner Kala Ramachandran, the department of town and country planning (DTCP) requested that a FIR be filed against Malibu Estate Pvt Ltd, the company that developed Malibu Towne, for unauthorised building and encroachment. The developer, according to DTCP, encroached on the park area and carried out unauthorised development in the club building. Manish Yadav, the district town planner (enforcement), wrote to the police chief requesting the filing of a FIR and the prosecution of the builder and any accomplices in the unlawful conduct. ...

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Vatika, its directors booked for fraud after Noida court order

Sunday 2nd April 2023

A city-based builder and its directors have been charged with forgery, fraud, and criminal conspiracy. Assotech Ltd, a real estate firm based in Noida, claims that Vatika Limited entered into a deal with them in 2012 to build a group housing society on 10 acres of property in Gurgaon. A Vatika spokesperson refuted the charges, claiming that Assotech owes them money, including payment for the land as well as fees paid to DTCP on its behalf by Vatika. ...

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Chennai civic body proposes 20% discount to property tax defaulters

Saturday 1st April 2023

A one-time 20% rebate has been proposed by the Greater Chennai Corporation for high-profile property tax defaulters who collectively owe the civic body more than 346 crore. However there are certain restrictions on the GCC's offer. Defaulters are only eligible for the concession if they pay all of their debts at once and do so within three months of the council enacting a resolution to that effect. At least 44,436 of the 1.12 lakh defaulters have not paid property tax for more than ten years, and they alone owe the GCC 245 crore. The programme, which has been submitted to the state government for approval, is aimed at those whose overdue accounts have been open for more than five years. ...

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Regularisation law not weapon to be utilized for illegal construction: Bombay HC

Saturday 1st April 2023

The Bombay High Court ruled that the legal mechanism for regularisation "cannot be a weapon to be utilised by the petitioner in every case of rank unlawful building." The HC turned down a hotelier's request for an injunction to stop a civic organisation from tearing down the unlawful buildings and provide time to file a regularisation application. The petitioner, Saqib Khan, agreed to dismantle the unauthorised commercial structure himself in four weeks after the High Court rejected the argument in the morning session on March 15 and allowed for civic action. ...

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Thiruvananthapuram corporation sets record in property tax collection, grosses Rs 115 crore

Saturday 1st April 2023

The controversy surrounding tax theft at zonal offices has actually worked in the municipal corporation's favour. According to the most recent numbers included in the budget paper for 2023–24, an updated database of tax dues and vigorous promotion of online payment of property tax have generated a sort of record in collection, with the corporation earning Rs 115 crore as property tax in 2022–23. The city authority set a goal of Rs 100 crore in 2022–2023. According to statistics, the city's property tax collection climbed by 167% during the previous five fiscal years. ...

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NCLT orders initiating insolvency proceedings against Mantri Developers

Friday 31st March 2023

The NCLT has ordered that Mantri Developers, a real estate company with offices in Bangalore, begin bankruptcy proceedings after allowing the claim made by Indiabulls Housing Finance Ltd. A two-member panel has also suspended the Mantri Developers board and named Ahsan Ahmad as the organization's temporary resolution specialist. Mantri Developers, a member of the Mantri Group of Companies operating in the real estate sector in Bengaluru, had been accused of defaulting by Indiabulls Housing Finance Ltd (IHFL), according to a complaint filed with the NCLT's Bengaluru bench by IHFL. As of January 1, 2022. ...

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MahaRERA issues notices to 261 projects with slow progress

Friday 31st March 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has sent 261 projects show cause notices because less than 40% of the work has been completed despite the flats' projected possession date of December 2023. There are 45,539 flats altogether in the developments, 26,178 of which have been reserved by house purchasers. As part of its monitoring effort, the regulatory authority has been reviewing projects that have been registered with it. MahaRERA has sent the developers show-cause warnings to find out how they plan to finish these projects in the following nine months. ...

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Chennai: Property tax keeps the cash flowing

Thursday 30th March 2023

The Greater Chennai Corporation has managed to reduce its income shortfall while maintaining critical infrastructure projects like as storm water drains, roads, bridges, and buildings, thanks to increased revenue from the property tax hike and smart budgeting. The corporation predicted a deficit of '788.5 crore for fiscal year 2022-23, but the actual deficit was 517.6 crore. The revenue shortfall is predicted at '334.5 crore in the budget for 2023-24, which was announced on Monday, and officials believe they can reduce it further. According to Vishu Mahajan, deputy commissioner of revenue and finance, the corporation got a significant increase in revenue from property taxes and state financial handouts. ...

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Vatika, its directors booked for fraud after Noida court order

Thursday 30th March 2023

A city-based builder and its directors have been charged with forgery, fraud, and criminal conspiracy. Assotech Limited, a real estate firm based in Noida, claims that Vatika Limited entered into an agreement with it in 2012 to build a group housing society on 10 acres of land in Gurgaon. "Assotech paid Vatika around Rs 133 crore, but they did not honour the agreement," the Noida firm claimed in a police complaint. ...

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Promoters can de-register their projects: MahaRERA

Thursday 30th March 2023

The MahaRERA allows promoters to de-register their projects if they are unable to begin or finish construction of a project, or complete a component or a phase of a project, for a variety of reasons such as a lack of funding, the project not being economically feasible, litigation, disagreements, and so on. Yet, according to MahaRERA's requirements for de-registration of a project, the project must have zero allottees or no bookings.   ...

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Enforcement directorate attaches Rs 33 crore assets of Heera Group in Hyderabad

Wednesday 29th March 2023

In connection with the Heera gold scam, the Enforcement Directorate on Saturday provisionally attached 24 movable properties owned by Nowhera Shaik and the Heera Goup of companies, totaling Rs 33 crore, in accordance with the Prevention of Money Laundering Act. Investigations showed that Nowhera Shaik and her Heera Group of companies used some of the profits of crime to buy diverse real estate under their names and the names of their businesses. ...

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Bhopal civic body on overdrive for property tax collection as fiscal year nears end

Wednesday 29th March 2023

In the state capital, the effort by civic bodies to collect property and water taxes is in overdrive. The local body authorities are now going door to house standing to collect every penny owing from city residents after weeks of focusing on huge defaulters. Since November, the Bhopal Municipal Corporation (BMC) has published the names of people who have threatened to put their homes up for sale in order to avoid paying taxes. ...

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Maharashtra: Homebuyers can access all project details with QR code

Wednesday 29th March 2023

Soon, prospective homeowners will be able to view all pertinent project information by just scanning a QR code located on the project registration certificates. In the whole state of Maharashtra, developers' registration certificates are now being given QR codes by the Maharashtra Real Estate Regulatory Authority (MahaRERA). With a project registered in the Wagholi district of Pune, the procedure has already started. "Smartphone users can scan the QR code to instantly access the basic information about each project. Also, anyone would be able to view any grievances filed against the project, "added the top MahaRERA representative. ...

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Assets of Holy Faith Builders to be auctioned

Tuesday 28th March 2023

Sani Francis, the MD of Holy Faith Builders and Developers Pvt Ltd, will have his immovable properties put up for auction for the third time by revenue officials on May 12 at the conference room of the Ernakulam collectorate. There will be 13 properties up for auction, and each plot's value has also been determined. This time, an auction will be conducted plot per plot. Due to Francis' failure to pay the Rs 42 crore he owes to the owners of Holy Faith H2O, one of the four flat complexes razed at Maradu for breaking CRZ regulations, the government has already attached these assets as a result of a Supreme Court order. ...

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DHFL case: SC dismisses ED appeal, says grant of default bail duration to include remand period

Tuesday 28th March 2023

The Supreme Court ruled on Monday that the remand time will be included in the 60/90-day period for the issuance of default bail in a criminal case, dismissing an appeal from the Enforcement Directorate. An appeal by the ED challenging the Bombay High Court judgement granted bail to former DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan in a Yes Bank money laundering case being investigated by the agency was dismissed by a bench of Justices KM Joseph, Hrishikesh Roy, and BV Nagarathna. ...

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Residents protest in Dehradun over delayed probe in Orchid Park case

Tuesday 28th March 2023

Many aggrieved residents staged a protest on Monday outside the Real Estate Regulatory Authority (RERA) office in Dehradun, outraged about the slow-moving investigation into the four-year-old Orchid Park issue. The locals said that despite filing a FIR more than three years prior, a charge sheet was only recently submitted in the case. Residents further stated that they anticipated further action from RERA and cited section 8(a) of the Real Estate (Regulation and Development Act, 2016) which gives RERA the authority to seize a property and transfer ownership to another builder in the event that the original builder is found to be in violation of a provision. ...

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Allahabad HC to monitor civic upkeep in Noida society

Monday 27th March 2023

Since residents claimed that the area lacked basic facilities for over two decades, the Allahabad high court decided to examine the progress of municipal work at a township constructed by the Noida Authority. The court was hearing a plea filed last year by the RWA of Express View Apartments (Super MIG) in Sector 93, alleging "inaction" by the Authority despite multiple letters and reminders. The Authority built the township in 2002, and it now houses roughly 5,000 people in 1,008 flats. ...

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Bombay HC orders occupancy certificate for 27 Virar buildings

Monday 27th March 2023

The Bombay High Court on Friday asked the Vasai Virar Municipal Corporation to award occupancy certificates (OC) to 27 buildings completed more than two years ago on a large HDIL plan in four weeks, providing significant relief to over 1,000 unit buyers. Velson Developers and eight others, including flat owners from nine buildings, petitioned the HC last year to overturn an August 2022 municipal judgement rejecting OC, citing the lapse of a green nod. ...

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Property tax collection doubled in financial year 2022-23 in Chennai

Monday 27th March 2023

The Greater Chennai Corporation has more than doubled its tax collection from 778 crore in fiscal year 2021-22 to 1,408.9 crore this fiscal year. With a week until the fiscal year ends, the civic body has set a target of Rs. 1,500 crore. The civic authority collected 928 crore in 2019-20, however due to Covid-19, it only collected 471.6 crore in 2020-21. Residents who have not paid their taxes have been advised by the corporation to do so promptly. ...

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Bombay HC quashes Jawahar Talkies land auction on Srei petition

Sunday 26th March 2023

Following a petition filed by non-banking financial institution Srei Equipment Finance, the Bombay High Court on Thursday set aside the public auction of Jawahar Talkies Complex, a 0.65-acre property in Mumbai's central district of Mulund. Two Srei enterprises, which are part of the Kolkata-based infrastructure financing group, are in administration. ...

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Greater Noida: GNIDA issues RCs worth over Rs 23 crore against two builders over dues

Sunday 26th March 2023

The Greater Noida Industrial Development Authority issued recovery certificates totaling Rs 23.39 crore against two real estate developers on Wednesday for non-payment of dues dating back a decade, officials said. GNIDA CEO Ritu Maheshwari stated that those who have not paid their dues will face severe consequences. ...

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MahaRERA initiate action against eight more in Pune for advertising unregistered projects

Friday 24th March 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken action against 25 projects across the state that have been advertised without being registered. Officials stated on Thursday that notices had been sent to the developers. In this way, Pune has the second greatest number of breaches. Earlier this month, MahaRERA handed similar letters to 14 such developers across the state. Developers are not permitted to market or sell apartments in a project unless they first register with MahaRERA, according to the Real Estate Regulatory Authority (RERA) Act. The Act requires this registration for each new ongoing project larger than 500 square metres or eight apartments. ...

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Now, camps in your area for property tax collection in Gurugram

Thursday 23rd March 2023

MCG has begun organising camps in various parts of the city where citizens can submit dues in order to supplement property tax collection. The camps will run until March 29. Property tax is one of the civic body's major sources of revenue. According to MCG officials, the corporation aims to collect Rs 1,100 crore from property tax alone in the current fiscal year, but has only collected 16.3% – Rs 180 crore — so far. ...

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Promoters can de-register their projects: MahaRERA

Thursday 23rd March 2023

The MahaRERA allows promoters to de-register their projects if they are unable to begin or finish construction of a project, or complete a component or a phase of a project, for a variety of reasons such as a lack of funding, the project not being economically feasible, litigation, disagreements, and so on. Yet, according to MahaRERA's requirements for de-registration of a project, the project must have zero allottees or no bookings. ...

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Telangana HC stays single-judge order on Ramky Integrated Township, relief for HMDA

Wednesday 22nd March 2023

The Telangana High Court heard an appeal filed by HMDA in relation to a dispute with Ramky Integrated Township Ltd and stayed the ruling of a single judge who asked Maheshwaram sub-registrar in Rangareddy district to allow registration of villas and apartments at its Discovery City. A bench of Chief Justice Ujjal Bhuyan and Justice N Tukaramji was considering HMDA's appeal, which claimed that the single judge order would be detrimental to its interests. Farmers were also dissatisfied with the works being built in their region without their agreement or compensation, and they petitioned the civil court to order Ramky to stop. They also went to the High Court. The bench delayed the single judge's order and scheduled the case for March 23 to hear both HMDA and the farmers' appeals. Discovery City, founded by Ramky, is sprawled across more than 80 acres of land in survey numbers 227 and 230 of Srinagar village in Maheshwaram mandal. ...

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Homebuyers concerned over no representation in West Bengal RERA implementation committee

Wednesday 22nd March 2023

The Forum for People's Collective Efforts (FPCE), a pan-India homebuyers' organisation, has expressed concern about the formation and structure of the West Bengal housing department's committee for implementing the Real Estate (Regulation & Development) Act, 2016 and the West Bengal Real Estate (Regulation & Development) Rules, 2021. FPCE has expressed concerns about the committee's composition, stating little representation for homeowners and a skewed strength of real estate developers despite the committee's goal of easy implementation of the Act and guidelines. ...

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Gujarat HC issues notices over construction near monument

Tuesday 21st March 2023

The Gujarat High Court served notice on the Archaeological Survey of India (ASI), the Ahmedabad Municipal Corporation (AMC), and two developers in response to a public interest litigation (PIL) filed against the erection of buildings in the prohibited and regulated zones of a listed monument in Paldi, the small stone mosque or Rani Masjid. Janaksinh Parmar, a local homeowner, filed the PIL alleging that HR Space Con LLP and Param Con Corp LLP constructed structures inside the 100m restricted and 200m regulated zones. ...

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Ludhiana civic body razes five illegal buildings

Tuesday 21st March 2023

On Tuesday, the Municipal Corporation (MC) razed five illegal buildings being built at Kunj Vihar, Noor Villa, and Malhi road in the Haibowal district, as part of its ongoing campaign against illegal constructions. The proprietors were erecting the buildings without the civic body's approval and in violation of building bylaws. Two residential and one commercial building in Kunj Vihar, one industrial building in Noor Villa, and one commercial building on Malhi Road were all targeted. ...

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Will come up with new planning norms: Cuttack development body to Odisha HC

Tuesday 21st March 2023

The Cuttack Development Authority (CDA) has notified the Orissa High Court that it is working on a new regulation for suitable planning in the city's core/old sections for residential and other purposes, such as kalyan mandaps (banquet halls), and so on. CRISIL, a consultant, had been engaged by the CDA to prepare the new regulation. ...

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Delhi HC dismisses plea by home buyers against loan EMIs without possession of flat

Monday 20th March 2023

The Delhi Court has dismissed many home purchasers' petitions asking banks and financial institutions not to impose EMIs till real estate developers handover possession of their particular units. The sanctioned loan money was given straight to the builder, who was expected to pay the pre-EMIs or full EMIs under the scheme. Unfortunately, in this situation, the builders failed to fulfil their obligations of giving possession and paying EMIs, but the banks demanded repayment from the borrowers. ...

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Bombay HC advises tenants of 10- year stalled redevelopment project to choose new builder cautiously

Monday 20th March 2023

The Bombay High Court warned tenants of a Girgaum building whose reconstruction was suspended ten years ago to be cautious about whatever new developer they chose to finish the unfinished work. A petition was filed by 44 Ratilal Mansion CHSL residents who have been in transit since 2009. The project was halted in 2013 after the developer, Orbit Corporation, went bankrupt. A ground-plus-nine-story incomplete construction stands on the site. ...

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Gurugram court directs police to initiate process to declare former IREO CEO a proclaimed offender

Monday 20th March 2023

Ramesh Sanka, former CEO of IREO Residences Co Pvt Ltd, has been declared a "proclaimed offender" by a Gurgaon court. The Gurgaon Police stated that the order was being carried out. According to the FIR, the accused defendants fraudulently misrepresented the company's data in order to compel its consumers into signing agreements in order to profit from them. ...

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UP-RERA may freeze accounts of 18 promoters who missed hearings

Sunday 19th March 2023

UP-Rera has produced a list of 18 promoters who have failed to appear at its hearings and has threatened to freeze their bank accounts and blacklist them. Officials indicated at a review meeting on incomplete projects in the state that many projects that have passed their projected completion date have not obtained occupancy or completion certificates, and the promoters have not sought an extension of the deadline. ...

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Strict action being ensured against illegal constructions in green belt: Haryana minister

Sunday 19th March 2023

Haryana minister J P Dalal said on Friday that strict action will be taken against unauthorised constructions in green belts on scheduled roads and national highways in the state. Answering to a query from Congress member B B Batra during Question Hour in the state assembly, Dalal stated that over 1,700 unlawful structures have been discovered, with many already dismantled. On the house table, detailed information on such buildings, whether residential or commercial, their construction era, actions taken, and FIRs recorded, was placed. ...

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Andhra Pradesh government waives interest on property tax dues

Sunday 19th March 2023

The state government has waived interest on accrued dues until the end of the current fiscal year, which is a huge relief for property tax payers. Those who pay their property tax and vacant land tax (VLT) before March 31 will be eligible for the interest waiver. Y Srilakshmi, special chief secretary (municipal administration and urban development), stated that the decision to waive interest on old dues was made as a one-time incentive to provide relief to all those who were unable to pay taxes in the previous two years due to lockdowns following the outbreak of Covid-19. ...

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Maharashtra government revises guidelines for houses built, allotted by MHADA

Sunday 19th March 2023

The Maharashtra government has updated the criteria to modify the allowable carpet area of flats to be created and sold through the lottery system of the Maharashtra Housing & Area Development, the state government's nodal agency and statutory housing authority. The state government has also prohibited EWS and LIG applicants from applying for HIG segment apartments. Before, applicants from these groups could apply for any apartment in any category. ...

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Haryana RERA directs Splendor Landbase to pay fine with interest to home buyers

Saturday 18th March 2023

For failing to deliver units on schedule, the real estate regulatory authority (Rera) has ordered a builder to pay delayed possession penalties to its allottees. The authority also set aside a unit cancellation notice issued on February 7 by the builder, Splendor Landbase Limited. ...

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Bombay HC restrains Avarsekar Realty from selling unsold flats across projects

Saturday 18th March 2023

Avarsekar Realty Pvt Ltd, a builder, was recently prohibited by the Bombay High Court from selling any of its unsold flats in a proposed luxurious 42-story highrise in Mahim and its other projects until further orders. A civil contempt plea filed by an advocate and his wife who had booked a flat in Shrishti Sea View in Mahim in January 2012 was deferred to March 27 by the court. The Centre introduced the Real Estate (Regulation and Development) Act in 2016, which went into effect in Maharashtra in April 2017. The same month, Paranjpe demanded interest from the builder over the delay in flat possession, claiming a buyer-friendly provision in RERA, and filed a complaint with MahaRERA in September 2019 when they did not receive possession of the flat booked. ...

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MahaRERA issues notices to 14 projects for advertising without registration number

Friday 17th March 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken Suo Moto action against real estate developers who advertise housing projects without a MahaRERA registration number. MahaRERA has issued show-cause warnings to 14 projects in the previous few days after noticing advertisements produced by these developers without a registration number. All of these projects have been given 7 days from the date of notification to present their case to the regulator. The problems are required to be corrected within the specified time frame, and developers who fail to respond correctly will face penalties. ...

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Delhi HC dismisses plea by home buyers against loan EMIs without possession of flat

Friday 17th March 2023

The Delhi High Court has dismissed many home purchasers' petitions asking banks and financial institutions not to impose EMIs till real estate developers handover possession of their particular units. The petitioners have alternative remedies under several statutes, including the Consumer Protection Act, the Insolvency and Bankruptcy Code, and the Real Estate Regulation and Development Act, according to Judge Purushaindra Kumar Kaurav, who refused to hear the writ petitions. Supertech Urban House Buyers Association (SUHA) Foundation and other similarly situated people who have obtained home loans from banks and financial institutions under the subvention plan were among the petitioners before the court. ...

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Civic bodies in Rajasthan to face music over deeds for unregistered projects

Thursday 16th March 2023

The Rajasthan Real Estate Regulatory Authority (RERA) has directed all local bodies to withhold lease documents for plotting projects. Even though the RERA was established in Rajasthan on May 1, 2017, urban bodies such as municipalities, UITs, and development authorities continue to issue leases of houses allotted to private developers or private account holders in plotted schemes in other major cities such as Jodhpur, Kota, and Ajmer. Upon the receipt of complaints, the RERA authority issued a warning letter and stated that fines would be applied for failing to obey the guidelines. "If a local body provides lease deeds without registration, it shall be liable for penalties," stated advocate Mitesh Rathore. According to the RERA rule, if a promoter seeks to create a project with nine or more plots on a plot of land larger than 500 square metres, the project must be registered under RERA. ...

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Plan to bring projects on smaller plots under West Bengal RERA

Thursday 16th March 2023

The state government may explore placing smaller residential constructions under the purview of the West Bengal Real Estate Regulatory Authority (WBRERA) or enact separate legislation to manage these projects. Mamata Banerjee, the chief minister, has urged the housing department to consider the suggestion so that purchasers who are now not covered by WBRERA can also obtain some protection. Sushil Mohta, president of the Confederation of Real Estate Developers' Association of India (West Bengal), raised the issue of small-time local promoters bringing disrepute to the trade by defrauding homebuyers who had no protection, unlike larger developments covered by WBRERA, during the interactive session on Wednesday. ...

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New bill likely to replace MOFA under review: Maharashtra cooperation minister

Tuesday 14th March 2023

On Wednesday, state cooperation minister Atul Save informed TOI that the government was closely evaluating the text of the new Maharashtra Transfer of Title in Real Estate Project Bill, which is expected to replace the existing Maharashtra Ownership of Flats Act (MOFA), 1963. He stated that the draught bill would be discussed with all parties before being approved. The proposed law addresses conveyance documents of housing societies that are not covered by the RERA Act. He stated that his department was reviewing the draught of the Maharashtra Transfer of Title in Real Estate Project Bill, which emphasises the completion of conveyance deeds by developers within three months. Developers' organisations have urged that the current MOFA be replaced. According to state cooperation department officials, the draught bill states mandatory occupancy certificate (OC) for carrying out conveyance deeds, in contrast to the MOFA, which issued a GR for authorising considered conveyance without the OC following a self-declaration that it would be done later. ...

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Special officials must under PMLA for estate agents with Rs 20 lakh turnover: MahaRERA

Tuesday 14th March 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) issued an order on Monday mandating real estate agents with an annual turnover of Rs 20 lakh or more to share information about appointments of a principal officer and a designated director. This obligation is mentioned in the Prevention of Money Laundering Act of 2002 (PMLA) and the Prevention of Money Laundering (Maintenance of Records) Rules of 2005. (PMLR). The primary officer would serve as a central point of contact for reporting suspicious transactions and identifying possibly suspicious transactions. The designated director would be responsible for ensuring overall compliance with the duties imposed under the PMLA and the PMLR. Real estate agents have been classified as "reporting entity" under the PMLA Act. It is the reporting entity's responsibility to keep business records. A "reporting entity" is defined as a banking corporation, a financial institution, an intermediary, or a person engaged in a specified activity or profession under the PMLA. ...

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Lapsed building projects haunt Mumbai homebuyers

Monday 13th March 2023

In the city's hot real estate market, a large discount provided in an underconstruction property is particularly appealing to a house buyer. Is it better to wait for a project to be completed and obtain an occupation certificate before purchasing a somewhat higher-priced flat? Particularly given the city's countless terrible stories of families who paid tens of lakhs or even crores to reserve flats but have been unable to take possession for years. A businessman who paid Rs 30 crore for a premium apartment in a central Mumbai skyscraper in 2016 is still waiting after the project was marred by FSI violations and litigation. A prominent builder, whose company has since divided into multiple groups, collected money from clients while guaranteeing them completed Kandivli flats within three years. After fourteen years, the project is still on hold, with only the skeleton of 13 of the 37 levels approved. People who paid exorbitant prices for the flats filed a lawsuit and a receiver was appointed. With the existing area decaying with time, "they are now gathering cash to get their flats erected from scratch. "For the time being, the court has allowed them to develop up to 27 floors," said housing campaigner Chandrashekhar Prabhu. According to Maharashtra Real Estate Regulatory Authority (MahaRERA) data, 988 projects in Mumbai have lapsed through January 2023. ...

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MahaRERA scam: Two architects who prepared plan layouts of buildings untraceable

Monday 13th March 2023

The Enforcement Directorate (ED) is investigating for two architects who developed and certified plan layouts for majority of the unlawfully constructed buildings in Kalyan-Dombivli. However, both architects provided incorrect information about their firms and are untraceable. The ED is conducting an independent investigation into the MahaRERA scandal, suspecting that the developers used black money to illegally construct these structures, causing revenue-related departments such as KDMC and the MahaRERA office to lose money. According to the sources, the ED identified the two architects of two firms, Golden Dimension and Vastu Rachana, who both generated most of the building designs and layout for the fraudster developers. ...

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Cabinet approves Odisha apartment bill 2023

Saturday 11th March 2023

According to reliable sources, the Odisha Apartment (Ownership & Management) Bill, 2023 was approved by the state cabinet chaired by chief minister Naveen Patnaik on Thursday. The cabinet approved the apartment bill in order to bring the legislation controlling housing projects in line with the Real Estate (Regulation and Development) Act of 2016. The bill requires the formation of associations of allottees of housing projects prior to the first selling deed of any unit in an apartment. The shared parts of the apartment, full property, staircases, and existing facilities were registered proportionally in the name of house buyers. The law will most likely be introduced by the government during the current legislative session. Hearing a PIL on the subject, the Orissa high court expressed hope on Monday that the state government would be ready with the RERA-compliant bill during the current session, which is due to end on April 6. Bimalendu Pradhan, a Bhubaneswar-based apartment owner, has challenged the legitimacy of the Odisha Apartment Ownership (Amendment) Regulations, 2021, claiming that they violate the Real Estate (Regulation and Development) Act, 2016. Mohit Agarwal, an advocate, argued on behalf of the petitioner. On May 12, last year, the high court put an immediate halt to the registration of unit sale documents when the builders fail to indicate transfer of common spaces in favour of the Association of Apartment Owners. The HC made it apparent that actual registration of sale deeds in which share of common spaces has been ceded to individual owners cannot be legally sustained because it is contrary with RERA Act requirements. ...

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Pune citizens clamour for speedy disposal of MahaRERA cases

Thursday 9th March 2023

With over 6,000 complaints lingering with the Maharashtra Real Estate Regulatory Authority (MahaRERA), citizens' groups have urged that cases be resolved quickly and that more adjudicating members be appointed to hear the pending cases as soon as possible. Last week, citizen groups wrote to chief minister Eknath Shinde and deputy chief minister Devendra Fadnavis. In his representation, Ramesh Prabhu, chairman of the Maharashtra Societies Welfare Association (MahaSeWA), stated that the chairman and another member handle 2,000 complaints every year on average. Citizen activists have pointed out that the position has been empty since MahaRERA member BD Kapadnis departed in 2020. They have also requested that cases in Pune and Nagpur be heard again. With Fadnavis as housing minister, campaigners are hopeful that more members will be appointed to expedite the resolution of cases. The representation was also forwarded to MahaRERA chairman Ajoy Mehta. ...

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MahaRERA probe finds 1,781 bank accounts linked to multiple projects, issues notices

Thursday 9th March 2023

According to a Maharashtra Real Estate Regulatory Authority (MahaRERA) inquiry, 1,781 projects breached the laws by tying their bank accounts to more than one project. The Real Estate (Regulation and Development) Act of 2016 requires all projects to have a single bank account with a single registration number. This is intended to ensure that all registered housing projects are completed without any monies being diverted. In response to these irregularities, the regulator has issued showcause notices to 45 such projects and is in the midst of mailing notices to the other projects. The regulator has made improvements to its systems to avoid the occurrence of such abnormalities in the futureAny effort to link the designated account of one project with the bank account of another project will be rejected by the updated system. Aside from that, the developer will be unable to update the mutual account under the new system. MahaRERA has issued a new rule requiring previous clearances for this alteration. ...

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Over 1,000 builders respond to MahaRERA show-cause notices

Thursday 9th March 2023

More than 1,000 of the 19,539 developers who received show cause notifications from MahaRERA in the last three months for failing to update project-related facts have responded. While some developers have informed the regulatory body that their projects have already been completed, others have stated that they will renew their projects within a month. According to a MahaRERA official, the figure will climb because many developers have still to react. Section 11 of the RERA Act requires registered project developers to update their details every three months. Developers must give project status, financial situation, booking statistics, annual reports, and other information. Although projects were registered, MahaRERA discovered that the developers were not giving information on the project's status. Breach of section 11 of the act can result in a fine of up to 30% of the total project cost imposed on the developer. The goal of releasing project status details every three months, according to MahaRERA officials, is to keep potential homebuyers updated. This also contributes to the development of trust between purchasers and developers. ...

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Delhi RERA to act against builders avoiding project registration

Thursday 9th March 2023

The Delhi Real Estate Regulation Authority (RERA) has decided to tighten down on builders who dodge registration by conducting surprise inspections. Some builders in Delhi were avoiding project registration with the Authority, despite the fact that it is obligatory for developed sites larger than 500 square metres, regardless of the number of apartments built on it. For unregistered projects, RERA will levy a penalty of up to 5% of the project cost. From 2017 to 2021, Delhi RERA resolved approximately 160 complaints. It resolved 150 complaints last year. ...

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Gujarat RERA posts vacant, 150 projects in limbo

Tuesday 28th February 2023

For the past month and a half, the Gujarat Real Estate Regulatory Authority (GujRERA) has been without two of the required three members. As a result, no new RERA registration numbers have been issued. According to sources within the body, there are over 150 new project files awaiting clearance, in addition to over 250 complaints pending with the authority. Real estate developers are requesting that the state government select the RERA chairman and two members, even on an in-charge basis, so that the body may continue to function normally. ...

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UP-RERA imposes Rs 1.4 crore fine on 13 developers for violating orders

Tuesday 28th February 2023

The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has imposed a collective fine of Rs 1.39 crore on 13 developers who have either delayed giving possession to homebuyers or violated its refund/other orders, using its powers under Section 38/63 of the Rera Act, which allows it to fine non-compliant promoters up to 5% of the project cost. “We found 13 developers across the state have violated executing or complying with the UP-Rera orders, ranging from failing to submit refunds to giving a cumulative fine of Rs 1.39 crore on the developers,” said an official from UP Rera. (ET Reality) ...

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Punjab RERA ask property platforms to register as agents

Monday 12th September 2022

Punjab Real Estate Regulatory Authority has asked the property listing platforms such as magibricks.com, 99 acres to get themselves registered in RERA as a real estate agent.In their response to the authority , a property listing platforms argued that the role being played by the online housing portals is that of “ intermediary” and they do not participate or carry out any property transactions. ...

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Delhi RERA registers 18 projects of Delhi Development Authority

Monday 5th September 2022

RERA Delhi has registered 18 DDA projects. In December 2021, the RERA has issued notices to DDA to get projects enrolled under RERA but DDA filed an appeal against the order ."There were 14 projects from 2019 for which we had asked for documents. This will transparency in the real estate market and other agencies such as Delhi State Industrial and Infrastructure Development Corporation Ltd will be encouraged to get registered with the authority" said DDA chairman Anand Kumar.         ...

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MahaRERA plans to help kickstart Rs 78,000-crore stalled, lapsed housing project

Monday 27th June 2022

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is attempting to resurrect stalled and lapsed housing initiatives worth more than Rs 78,000 crore, accounting for roughly one-fifth of such projects in the country. The regulator has formed a special team to investigate the problems with the stalled projects and devise solutions to help them get back on track. This is the first time in the country that a state-specific real estate regulator has organised a special team to resurrect dormant projects. Sanjay Deshmukh, a veteran IAS officer, will lead the new term. Out of the 36,000 projects registered in Maharashtra over the last five years, 4,500, or around 12%, have lapsed, and the state regulatory body's new vertical will assist in resolving the concerns surrounding these projects. Unplanned credit backlogs, issues with the approval procedure, and significant price rises in raw materials have all contributed to the postponement of these projects. "Transparency will be critical in hastening the regulatory process." "We would want sophisticated IT enablement to establish a better Address Resolution Protocol (ARP) that will assist in offering end-to-end solutions," stated Ajoy Mehta, Chairman of MahaRERA. "However, that will require regulatory oversight to monitor the complexities of the projects, and it will become necessary for buyers to play a key role in providing clarity to RERA as well." "With the assistance of MahaRERA and all other stakeholders, there must be a consensus to jointly agree to take a hit in the interest of doing business and, if necessary, to work through joint ventures and other measures to achieve a common goal," stated Boman Irani, President of CREDAI-MCHI. Certain initiatives will be implemented in the next six months to help lay the groundwork for the industry, and particularly MahaRERA, to expedite the resurrection of these delayed projects. ...

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UP-RERA de-registers three housing projects in Ghaziabad over work delay

Thursday 23rd June 2022

The Uttar Pradesh Real Estate Regulatory Authority announced on Wednesday that it has immediately cancelled the registration of three incomplete group housing projects in Ghaziabad and frozen their bank accounts to prevent transactions. Antriksh Sanskriti Phase-2, Antriksh Sanskriti Phase-3, and Raksha Vigyaan Sanskriti Phase-2 registrations have been cancelled, and proceedings have been initiated under RERA Section 8, according to the real estate regulatory authority. Section 8 of the UP RERA Act authorises the real estate regulatory authority to delegate completion tasks of stalled housing projects to their buyers' associations. "Multiple complaints were lodged with the Authority under Section 31 of the RERA Act by allottees of two projects of M/s Antriksh Realtek Pvt. Ltd and a project of Raksha Vigyan Karmacharis Sahkaari Samiti Ltd., alleging violation of the agreement/contract with the promoter and delay in construction," the UP RERA said. According to the promoter, construction and development work on Antriksh Sanskriti Phase 2, Phase 3, and Raksha Vigyaan Sanskriti Phase-2 began in 2015, with completion dates of July 2022, July 2022, and June 2023, respectively. "According to the on-site verification report of projects received by UP RERA, construction and development work has been completed up to 40% in Antriksha Sanskriti Phase-2 and up to 30% in Antriksha Sanskriti Phase-3." Surprisingly, construction and development work in Raksha Vigyaan Sanskriti Phase-2 could not begin," the UP RERA stated. "The inspection report also states that all types of construction work on the project site have been closed for many years, making the chances of project completion absolutely uncertain," it said. According to the statement, the order has also barred the project promoters from accessing the UP RERA website in relation to these projects, and they are now listed in the list of "defaulters" with a photo and name. The Authority has decided to freeze project bank accounts in order to prevent any project-related transactions. ...

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Maharashtra: Temporary Closure of Registration Module for System Upgradation

Wednesday 22nd June 2022

In the matter of application registration process relating to applications submitted for registration of real estate projects as well as for real estate agents it is been hereby informed to Promoters and Real Estate Agents that MahaRERA is upgrading its IT System. MahaRERA scheduled the new application registration process to go-live on 30th of June 2022 at 12:00a.m. Submissions of applications for MahaRERA IT System registration of real estate projects as well as real estate agents shall be unavailable from 12:00a.m. of 20th June 2022 till 12:00 a.m. of 30th June 2022. During this time application registration is being modified to ensure effective scrutiny of the applications. This shall not affect applications submitted by promoters seeking extension and corrections, as the case may be, in respect of their real estate project as well as applications submitted by real estate agents for renewal of their registration. ...

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MahaREAT directs Aishwarya Light Construction to pay buyers for delayed possession

Wednesday 22nd June 2022

The Maharashtra Real Estate Appellate Authority (MahaREAT) directed a developer to pay a couple interest for delayed possession from January 1, 2018, until it is actually handed over, observing that a flat buyer cannot be forced to wait indefinitely for possession of the property. The June 17 order was issued in response to Jervis and Rose Creado's appeal of the Maharashtra Real Estate Regulatory Authority's (MahaRERA) December 24, 2019, order, which directed the developer, Aishwarya Light Construction Company, to execute a registered agreement for sale but refused the couple interest or compensation under Section 18 of the Real Estate Regulation Act for delayed possession because there was no registered agreement showing any date of possession. The couple paid Rs 80 lakh for a 466-square-foot flat with an open parking space in Aishwarya Heights in Majas, Andheri. The developer issued an allotment letter in February 2017 and executed an unregistered agreement for sale to hand over possession by December 2017. The Creados filed a complaint with MahaRERA after neither the agreement nor possession had been registered. The developer was not present prior to MahaREAT. Creados' lawyer, Godfrey Pimenta, argued that there is no word "registered" in Section 18 and that interest for delayed possession cannot be denied to allottees simply because there is no registered agreement for sale. Members S S Sandhu and Shriram Jagtap stated that the record clearly shows that one of the four partners executed an unregistered agreement with the Creados, revealing December 2017 as the possession date and binding on the developer. "Aside from that, we believe that a person cannot be forced to wait indefinitely for possession of the flat allotted to him and is entitled to seek relief in the form of a refund of the amount paid by him or interest on the said amount due to delayed possession," they added. Despite the developer's failure to complete the project on time, the members noted that MahaRERA refused to grant interest on investment. "As a result, we believe that the allottees are entitled to interest on their investments beginning in January 2018," they concluded, directing interest at SBI's highest marginal cost lending rate plus 2% on the amount paid and Rs 10,000 towards litigation costs. ...

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UP RERA to use provisions of civil procedure code for implementation of its orders.

Thursday 16th June 2022

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has resolved to utilise the provisions of the Civil Procedure Code (CPC) for order implementation and to delegate authority to adjudicating officers for strict enforcement. In the 94th meeting of the authority, a more effective policy for enforcement of orders made by RERA on complaints of allottes was laid forth. Section-40(1) of the RERA Act and Rule-23 of the UP RERA provide for the recovery of amounts owed to allottees by the promoter, such as arrears of land revenue. Recovery of amounts received by allottees under UP RERA orders is being collected through the concerned District Magistrates, such as arrears of land revenue, and till now in 1790 cases Rs 282 crore has been recovered and transferred to the complainant/allottees' accounts. In addition, many complaints have resulted in settlements totaling Rs 475 crore. Section-40(2) of the RERA Act and Rule-24 of the U.P. provide legal provisions for the implementation of other RERA orders, such as grant of possession to allottees and registration of allottee units. RERA Regulations. Rule-24 specifies that such orders shall be implemented by RERA in the same manner as if the order in question was a decree of the major civil court. RERA has implemented about 3000 orders out of the 5586 applications received for order implementation, accounting for approximately 54 percent of the requests received for order implementation. RERA is directed to submit the compliance report of the order within 15 days of receiving the application for implementation of the order from the complaint by sending a notice to the promoter and the concerned Bench in case of non-compliance of the order by the promoter despite RERA's notice. The process of implementation is being taken, after hearing both the sides. Normally, after the project is completed, possession is given to the complainants/buyers in accordance with RERA rules. However, in some cases the authority has noted that even after acquiring the "Occupancy Certificate", allottees are encountering problems in getting the possession. "The decision was reached to make the mechanism of implementation of such orders more resilient and effective. RERA will take action in such circumstances under the authority granted by Order 21 of the CPC (Civil Procedure Code). To carry out RERA's possession and registry orders, appropriate steps will be taken to attach the property in question, appoint a receiver, have the registry executed through the receiver, and transfer over ownership "stated the authority Former district judges who work in the NCR and Lucknow offices of U.P. RERA shall be referred and authorised to take the above action. Higher penalties will be levied for non-compliance with RERA directives against promoters who, despite project completion, are evasive in giving possession to allottees. ...

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Centre to form state committees for better execution of RERA orders

Monday 13th June 2022

According to a senior official from the ministry of housing and urban affairs, a detailed note on the Centre's recent decision on the formation of the committees was sent to all ministries on Thursday. The ministry of housing and urban affairs will organise committees involving stakeholders from each state, including homebuyers, developers, and RERA officials, to investigate incidents in which real estate regulatory authorities' instructions have not been followed. The Real Estate (Regulation and Development) Act has been in effect for five years. However, noncompliance with real estate authorities' orders is a source of concern, particularly for several afflicted homebuyers. The homebuyers' forum raised the issue at the Central Advisory Council meeting. Summarized: The ministry of housing and urban affairs will organise committees involving stakeholders etc. from each state. The committees will investigate incidents in which real estate regulatory authorities' instructions have not been followed. Noncompliance with real estate authorities' orders is a source of concern for several dissatisfied homebuyers. ...

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HC asks Haryana, Punjab & UT if state-developed projects can be under RERA

Monday 13th June 2022

The Punjab and Haryana High Court has urged Punjab, Haryana, and the Union Territory of Chandigarh to explain why housing developments created by state agencies/boards should not be placed within the ambit of the Real Estate Regulatory Authority (Rera). The High Court issued these rulings after noting that multiple cases have been filed by residents of these states expressing their dissatisfaction with the state authorities' failure to deliver on promises made in the development of various housing developments. As of now, only housing developments created by various private agencies in the real estate sector are required to be registered under the RERA. Summarized: Housing developments created by state agencies/boards should not be placed within the ambit of the Real Estate Regulatory Authority (Rera), HC has ruled. The ruling was in response to multiple cases filed by residents of Punjab, Haryana and Chandigarh. ...

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UP RERA imposes Rs 1.05 crore penalty on nine developers

Monday 13th June 2022

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) fined 9 promoters Rs 1.05 crore for failing to comply with its order. In its 93rd meeting, the authority reviewed the promoters' compliance with its orders. The authority discovered that some of the promoters disobeyed its directions despite the authority allowing them considerable time. Summarized: The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has fined nine real estate promoters Rs 1.05 crore for failing to comply with its order. The authority discovered that some of the promoters disobeyed its directions despite being given time to do so by the authority. ...

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Bengaluru: Revenue officials yet to recover Rs 250 crore compensation owed to buyers

Monday 13th June 2022

According to the Real Estate Regulatory Authority (RERA) Act, orders issued by the RERA or Adjudicating Officer must be carried out by the Revenue Department, and compensation; delay interest or deposit money must be recovered as arrears of land revenue to compensate homebuyers for their losses. However, the inefficiency of revenue officials has become a source of concern for hundreds of homebuyers, who have been forced to wait years for reimbursement. For example, RERA has referred 631 cases to the revenue department in order to recover a penalty of Rs 258 crore from 125 builders, but the revenue department has only recovered Rs 8 crore thus far, and it has yet to recoup Rs 250 crore from 614 cases. Home purchasers who used to visit builders' offices must now attend tahsildar offices to learn about the status of complaints referred by the RERA. Summarized: The inefficiency of revenue officials has become a source of concern for hundreds of homebuyers. RERA has referred 631 cases to the revenue department in order to recover a penalty of Rs 258 crore from 125 builders, but it has only recovered Rs 8 crore so far. ...

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Govt to look into pleas to tweak RERA for redevelopment: Maharashtra housing minister.

Monday 13th June 2022

Jitendra Awhad, the housing minister of Maharashtra, has stated that the government will look into proposals for amendments to RERA in order to enhance redevelopment under the real estate regulatory body. "We will thoroughly investigate the matter," Awhad stated. The state government has reduced the permission of members from 70% to 51% for the redevelopment of housing societies. However, a decision on amending the Real Estate Act, 2016, to put rehabilitation of redevelopment projects totally within the purview of the Maharashtra Real Estate Regulatory Authority has yet to be made (MahaRERA). Summarized: The state of Maharashtra has reduced the permission of members from 70% to 51% for the redevelopment of housing societies. A decision on amending the Real Estate Act, 2016, to put rehabilitation of redevelopment projects totally within the purview of the Maharashtra Real Estate Regulatory Authority (MahaRERA) has yet to be made. ...

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RERA tells Delhi corporations not to approve unregistered building plans

Monday 13th June 2022

The Delhi Real Estate Regulatory Authority (RERA) has directed the city's four municipal corporations and the Delhi Development Authority (DDA) not to approve construction plans for projects that have not been registered with the authority. The decision came just days after the government mandated that builders register projects with a total developed area of more than 500 square metres, regardless of the number of flats built on it. Builders have been avoiding RERA registration by taking advantage of this gap, and the authority has urged the municipal corporation's cooperation to ensure transparency. Summarized: Delhi's real estate regulator has ordered not to approve projects that have not been registered with the authority. The decision comes just days after the government mandated that builders register projects with a total developed area of more than 500 square metres, regardless of the number of flats built on them. ...

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Delhi HC quashes mandatory RERA nod for construction

Monday 13th June 2022

The Delhi High Court ruled on Thursday that the Real Estate Appellate Tribunal lacks the authority to commence suo motu proceedings and overturned one such decision, which barred any construction activity in the capital unless the project was registered with RERA. "This court finds itself unable to appreciate the omnibus direction which ultimately came to be issued by the appellate tribunal. The appellate tribunal clearly and abjectly failed to bear in mind the true ambit of Section 3. It procedded on the incorrect and unfounded premise that all projects were liable to be complusorily registered under the Act," said justice Yashwant Varma, throwing aside two rulings made by the tribunal last year. The HC stated that the tribunal's suo moto proceedings "practically injuncted any construction activities in the NCT of Delhi." Summarized: The Real Estate Appellate Tribunal lacks the authority to commence suo motu proceedings, says the Delhi High Court. The tribunal's suo moto proceedings "practically injuncted any construction activities in the NCT of Delhi," said the court. It threw aside two rulings made by the tribunal last year. ...

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Mahira Homes buyers protest at Haryana RERA office

Monday 13th June 2022

On Monday, some 100 buyers from the Mahira Homes affordable housing project in Sector 68 objected outside the Haryana Real Estate Regulatory Authority (H-Rera) headquarters, seeking stern action against the developer. They requested that construction at the project site resume immediately. In a letter to the chairman of H-Rera The homebuyers stated in a letter to H-Rera chairman KK Khandelwal that the action plan should be provided with them by Friday. "Our objective is to get our homes and guarantee that strict action is taken against the developer by the regulatory body and town and country planning in connection with the cancellation of licence number 106 of 2017 dated in favour of Sai Aaina companies (Mahira group")," a group of homebuyers said. Summarized: Some 100 homebuyers protested outside the Haryana Real Estate Regulatory Authority's (H-Rera) headquarters in Gurugram. They requested that construction at the project site resume immediately.   ...

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Almost Rs 250 crore has been refunded to buyers: Rajive Kumar, Chairman, UP-RERA

Wednesday 25th May 2022

In the journey of four years, UP-RERA has been able to dispose off almost 85% of the complaints which have been launched. Almost Rs 250 crore has been paid to buyers against their UP-RERA orders was the first which started online registration of the complaints. Almost all work is now online. In February 2020, we were the first to introduce e-courts. We also introduced RERA Samwad during lockdown to help home buyers which still continues and is very popular. ...

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Haryana RERA issues notice to freeze accounts associated with Mahira Infratech

Saturday 21st May 2022

Gurugram bench of Haryana Real Estate Regulatory (HARERA) has issued notice to freeze all accounts associated with real estate firm Mahira Infratech.  Mahira Infratech, formerly known as Sai Aaina Farms Pvt Ltd was developing an affordable group housing colony over an area  of approximately 10 acres in sector 68. HARERA Chairman KK Khandelwal said, "We asked the bank to freeze the account of the company so that hard-earned money of innocent buyers  can't be siphoned off to other purposes by the company.   ...

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UP RERA authorises Vasundhara Grand promoters to complete the halted project

Friday 20th May 2022

The Uttar Pradesh Real Estate Regulatory Authority has authorized the promoter of the Vasundhara Grand project in Ghaziabad to complete the remaining construction work by May 2023. This is the 13th real estate project under rehabilitation to achieve completion under section – 8 of the RERA Act. The decision is as per the consent provided by the association of the allottees. ...

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The government says “RERA has assured transparency in the real estate sector in Bihar”

Monday 16th May 2022

State development commissioner Vivek Kumar Singh on Friday said the Real Estate Estate Regulatory Authority (RERA), Bihar has brought transparency to the real estate sector. Addressing a workshop organized here to mark five years of implementation of the Real Estate (Regulation and Development) Act in Bihar, Singh said RERA-Bihar has dispelled the fears that the creation of the authority would lead to license raj in the real estate sector.   ...

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Housing ministry to assess the extent of dilutions in rules by states of central RERA

Saturday 14th May 2022

The housing and urban affairs ministry is compiling the rules notified by state governments under the real estate law, RERA, to assess the extent of dilutions they have carried out compared to the Central  Act.This comes after the Central Advisory Council (CAC) headed by Union housing minister Hardeep Singh Puri recommended to the ministry to ensure that no entity dilutes the rules under RERA. ...

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Government plans to set up a panel on RERA non Compliance

Wednesday 11th May 2022

Government plans to set up a panel on RERA non Compliance India has decided to assess the reasons for non-compliance with orders issued by various chapters of the Real Estate Regulatory Authority (Rera)that were set up to ensure protection for troubled homebuyers. A committee including homebuyers and realty developers will be formed to examine different orders that have been passed by the state-specific authorities but have not been complied with yet. The government may also seek state government to provide their input in this matter with the objective of making Rera more effective and offering an impactful recourse mechanism to homebuyers. The decision to this effect was taken in the recent meeting of the Central Advisory Council (CAC). ...

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UP-RERA to complete festival city in Noida sector 143

Monday 2nd May 2022

UP-RERA has decided to help 600 odd buyers left with no option after the builder defaulted on delivery timelines and then stopped construction altogether. The buyers approached the UP-Rera, which sent notices to the developer. When it failed to respond, the regulatory authority blacklisted the developer and de-recognized the project.“Our next step was to take the consent of all the buyers and get the project completed. Two groups of buyers under Mist Avenue Buyers’ Association and Festival City Welfare Association showed interest in reviving the project, said a Rera official. ...

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Telangana in number four in projects registered with RERA

Tuesday 22nd February 2022

Telangana is among the top four states in India in terms of number of projects registered  with the state-level Real Estate Regulatory Authority (T-RERA).Latest data obtained by TOI from across India shows Telangana had 4,002 real estate projects registered with T-RERA by February and 2,017 registered agents.Two days ago chief secretary Somesh Kumar warned errant builders. Kumar during a meeting on Friday with representatives of Credai, Tredai, Telangana Builders Association and other organisation , warned that criminal cases would be filed as per RERA against persons and developers indulging in undivided and prelaunch sales. ...

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Retired DGP appointed as new retired Tamil Nadu RERA bench

Wednesday 8th December 2021

Retired DGP Sunil Kumar, who was appointed a member of the Tamil Nadu Real Estate Regulatory Authority (TNRERA) in October.will take over a newly constituted single-member bench of the real estate regulator.TNRERA has two other benches. As per proceedings of TNRERA dated November 29 the new bench will adjudicate complaints filed under Section 31 of the RERA Act relating to refund of the amount paid by the allottee complainants and interest, interest on delayed construction, interest on delayed payment by the allottees and penalty. ...

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Builders get three months to file audit reports with Goa RERA

Saturday 9th October 2021

The Goa Real Estate Regulatory Authority on Friday granted a three-month extension for real estate firms to submit their audit reports. Builders and real estate firms have till December 31 for audit of accounts and submission of annual statement of accounts for the last financial year. The Goa Chamber of Commerce and industry and CREDAI - Goa had requested GOA RERA to extend the timelines for the completion of audit and submission of annual account statements for 2020-21 due to the “hardship faced by the real estate sector” during the Covid pandemic.“The Goa RERA discussed the said matter in detail and after considering the current and previous pandemic situation, the authority decided to extend the time to complete the audit of accounts and submit the annual statement of accounts in Form-6 till December 31,” deputy town planner with Goa RERA Yugandaraj Redkar said. ...

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145 new housing projects enrolled with TNRERA in one month

Wednesday 29th September 2021

A total number of 145 new housing projects have been registered with the Tamil Nadu Real Estate Regulatory Authority (TNRERA) between August 24 and September 22. As per the data on the TNRERA's website, a total number of 682 housing projects have been registered till September 22, 2021, this year. Several projects that were registered in nearly 30 days during the past one month period are located in the Chennai Metropolitan Area. ...

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GUJRERA extends date of annual report submission to 31 December 2021

Thursday 23rd September 2021

Gujarat Real Estate Regulatory Authority has extended the deadline for the submission of the annual report on statement of accounts by real estate developers for year 2020-21. The last date for the submission has been extended till December 31, 2021 in order to provide relief to developers amid  Covid-19 pandemic. Real estate developers are required to submit the annual report on statement of accounts in Form-5 within six months after the end of every fiscal year for every registered project. ...

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Rajasthan RERA to send notice to realtors for not submitting QPR’S

Tuesday 7th September 2021

The Rajasthan Real Estate Regulatory Authority will issue notices to approximately 300 developers in the state for not submitting quarterly progress reports.According to the mandatory provision, the promoter has to upload updates on the RERA website for the project at the end of each quarter on apartments/flats, status update of each building. A senior official at RERA said, “After issuing the notices, the developers will be given time to submit their reply in October. Registration will be canceled if the reply is dissatisfactory.” The move to upload reports online help buyers to assess the properties, the progress of the projects, evaluation of the company’s financial status and legal aspects. ...

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UPRERA grants nine month project extension to 45 builders

Monday 23rd August 2021

The Uttar Pradesh Real Estate Regulatory Authority has identified 115 projects that will be given a nine-month extension for completion, with the regulator monitoring the construction activity. The authority had invited applications from developers along with an affidavit that it will complete the projects within the extended period of registration. The developers had to submit requests along with a financial plan for the completion of the projects. Out of the total applications, 45 had already been granted an extension. ...

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Rajasthan RERA to publish list of rejected projects

Sunday 25th July 2021

To make the system transparent, the Real Estate Regulatory Authority (RERA), Rajasthan, will update its website to reflect data lists of projects whose applications for registration have either been rejected, withdrawn or revoked.The move will save the buyers from investing money in projects which are rejected, withdrawn or even in registered projects that have expired. RERA registrar Ramesh Chandra Sharma said, “The orders passed against the revocation or others are already uploaded on the RERA website. We will also prepare a list of these projects to inform buyers.” ...

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Tamil Nadu builders wants extension of RERA certificate by one year

Thursday 17th June 2021

 The Tamil Nadu chapter of the Builders Association of India on Tuesday sought extending the validity of RERA-registered projects by one more year due to Covid-19. In a letter to the chief minister, the association's state chairman R Sivakumar said construction projects have been stalled due to the present scenario and builders are unable to complete projects within the timeline due to pandemic and other restrictions. It also demanded an extension of validity for building planning permissions for one more year for the projects that are valid for five years ending till December 31, 2021. ...

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Rajasthan RERA extends QPR deadline to 30th June 2021

Tuesday 1st June 2021

The Rajasthan Real Estate Regulatory  Authority (RERA) has extended the date for developers for online submission of quarterly progress report (QRPS) of their registered projects.In an order issued on Monday, the authority mentioned that the last date for submission of QRPs for all the earlier quarters and also for the quarters ending on March 31, 2021 has been extended to June 30, 2021 without any delay processing charges or penalty.The order further states, “If QRP for any quarter, including January- March 2021, is not submitted by June 30, it will attract penalty under section 61 of the Real Estate (Regulation and Development) Act 2016 for contravention of relevant provisions. Delay processing charges will also be attracted on delay in submission of QRPs. ...

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Rajasthan RERA goes online to hear complaints

Thursday 27th May 2021

In its endeavour to help home-buyers, the Rajasthan RERA has started virtual hearing of cases.After the lockdown in the state was extended and decision was taken to re-open offices from June 8, the RERA decided to go online. The order reads, “Rajasthan RERA will work from home and court cases listed for hearing before RERA Authority and Adjudicating officer between May 24 and June 7 will be heard through video conferencing.” ...

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HC Kishore Chandra appointed as chairman of Karnataka RERA

Monday 10th May 2021

The Real Estate Regulatory Authority (RERA) of Karnataka has appointed HC Kishore Chandra, a retired DGP rank officer, as the chairman."The term of the chairperson shall be for a period of five years from his assumption of office or till the age of sixty-five years or until further order, whichever is earlier and he shall not be eligible for reappointment," the government of Karnataka said in a recent notification. The newly appointed chairman will take over from 1st June after the superannuation of existing chairman M R Kamble and one member. ...

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65000 complaints disposed by RERA across India in four years

Thursday 6th May 2021

State-specific Real Estate Regulatory Authorities across India have disposed of 65,539 complaints of homebuyers over the last four years since the implementation of the legislation in 2017. Out of this, nearly 40% of cases or around 26,510 complaints were resolved in Uttar Pradesh, followed by Haryana with 13,269 cases and Maharashtra with 9,265 cases. The three states cumulatively accounted for nearly 75% of the total disposed cases under RERA in the country, showed data from the Ministry of Housing and Urban Affairs. ...

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TNRERA imposed penalty of Rs 10,00,000 on Dawning Developers & Casagrand Builder

Monday 15th March 2021

The Tamil Nadu Real Estate Authority has imposed a penalty of Rs 10 lakh on two developers for factual misrepresentation of RERA registration number in their portals.A complaint was filed with the TNRERA over usage of the same RERA registration number for two housing projects at Athipattu and Perumbakkam.The TNRERA, in its order, said that mentioning Nolambur as the location for a project situated at Athipattu in Ambattur Taluk amounted to misleading prospective homebuyers.Similarly, for another project at Vengaivasal, the location was mentioned as Medavakkam. While imposing a penalty of Rs 10 lakh, the TNRERA directed developers to immediately remove all factual misrepresentations. ...

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Ajoy Mehta appointed as MAHARERA chairman

Thursday 11th February 2021

Ajoy Mehta, the principal Advisor to Maharashtra Chief Minister Uddhav Thackeray, is being appointed as the chairman of MahaRERA. The order is being issued by the Housing department.The post had fallen vacant due to the retirement of Gautam Chatterjee.Mehta, an IAS officer of the 1984 batch, was the collector of Ahmednagar for four years. He was also the municipal commissioner of Mumbai for four years and later became the chief secretary. ...

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UPRERA penalises 11 builders for non compliance

Wednesday 27th January 2021

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has penalised 11 promoters of Rs 2.5 crore for non-compliance of its orders.The authority passed these orders under the provisions of Section 63 of the RERA Act which empowers the Authority to impose penalties up to 5 per cent of the cost of the project for non-compliance of its orders by the promoters.Five of the promoters who have been fined include Newtech Promoters & Developers who has been penalised Rs 46 lakh, Supertech has been fined Rs 34 lakh, Lucknow Development Authority has been fined Rs 57 lakh, Tulsiani Construction and Developers has been penalised Rs 30 lakh and Antriksh Realtek has been fined Rs 27 lakh ...

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Tamil Nadu RERA hires CA to check money spent on delayed projects

Saturday 2nd January 2021

The Tamil Nadu Real Estate Regulatory Authority has engaged a chartered accountant to scrutinise the bank account of a delayed housing project to verify utilisation of homebuyers’ payment and submit a report in a month. The first-of-its-kind direction follows a complaint by a homebuyers association, demanding a forensic audit to find out if funds meant for the housing project on Chennai’s outskirts were diverted. The complainant association will bear the CA’s Rs 1 lakh fee ...

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Karnataka RERA to do onsite inspection of completed projects

Thursday 31st December 2020

Hundreds of apartment projects have come under the scanner as Karnataka Real Estate Regulatory Authority has started conducting spot inspections — both complaint-based and suo motu — to verify developers’ claims regarding completion. So far, developers of 876 projects out of 3,730 registered ones have declared that work has been completed and the flats are ready for occupation. However, 5,106 complaints are pending, of which many pertain to false claims on completion status and delay in delivery ...

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GUJRERA extends date of annual report submission

Monday 28th December 2020

GUJRERA has extended deadline from 31 december 2020 to 31 january 2021 for submission of Annual Reports for the real estate projects registered with the authority.Every promoter is required to submit the annual report on statement of accounts in Form-5 within six months after the end of a financial year for every registered project.“The extended date for the submission of Form-5 for financial year 2019-20, which is due on December 31, 2020, is further extended up to January 31, 2021,” the authority stated in its order dated December 24. ...

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RAJRERA issues notice to builders over delayed projects

Wednesday 23rd December 2020

The Real Estate Regulatory Authority (Rajasthan-RERA) has issued show-cause notices to 95 builders and promoters in the state over pending projects.After developer failed to adhere to self-set deadlines, the notices were slapped under the Real Estate (Regulation and Development) Act, 2016 at this massive scale, for the first time.The notices talk of imposing penalties on the guilty builders and for the RERA to arrange completion of remaining works with assistance from third parties.  ...

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RERA Karnataka extended completion date by 3 months more

Saturday 19th December 2020

RERA Karnataka has issued a circular regarding extension of completion date further by 3 months for the project which was supposed to be completed on or after 15 March 2020. This has been decided in order to aid Government effort in controlling the damage of Covid 19 and to ensure completion of RERA registered projects doesn’t get adversely affected. ...

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UPRERA clear backlog of buyer complaints

Friday 18th December 2020

UP RERA has cleared backlog of complaints through online complaint hearing .Of the 30,956 complaints registered so far, the regulator has already heard 24,026 cases till December 15. And of these, some 5,115 complaints were filed by buyers in Gautam Budh Nagar in 2020 and 1,454 have been disposed of this year itself. The new year is supposed to start with 6,930 pending cases to be heard from previous applications, officials said. ...

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KRERA to do online allocation of cases

Wednesday 11th November 2020

Due to allegation from sections of homebuyers of weak implementation of RERA , KRERA is preparing to put in place an online system of allocation of cases which will result in impartial allotment of cases. Karnataka RERA is developing a software where allocation of cases will be done online and on rotational basis to benches without any human intervention.This will be allotted as and when cases come to the available benches. This will mean impartial allotment. It has already been developed, but it has to be clubbed with our existing complaint model. It should be put in place in another two to three weeks. ...

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UPRERA requests govt to reduce stamp duty by 2%

Wednesday 23rd September 2020

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has requested the state government to reduce the stamp duty on property registration by two percentage points to help attract homebuyers amid unprecedented demand shrinkage caused by the pandemic.Additionally, it has also requested a flat Rs 2,000 registration fee for agreement-to-sale documents, which is currently at 25% of the stamp duty charges.“We have made the recommendation keeping in mind the interests of buyers and developers,” said Rajive Kumar, chairman, UP-RERA. ...

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Kerala RERA to send show cause notices to real estate agents

Thursday 17th September 2020

Many Real estate Agents/Firms/brokers are advertising in connection with real estate projects through printed, visual, and social media without registering under Kerala Real Estate Regulatory Authority. The authority has started sending show cause notices to certain firms and people who have been found marketing projects without registering with RERA. The person found to be guilty shall reliable to pay a penalty of Rs 10,000 per day which may extend up to 5% of the estimated cost of the project. ...

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UPRERA to conduct forensic audit of Supernova

Friday 4th September 2020

UPRERA will conduct forensic audit of account of all the phases of supernova project. UP-RERA also decided to issue show cause notice to the Supertech Realtors under section 7 of the RERA for revoking the registration of its project Supernova Phase-IV.It had granted conditional registration to the project on the request and commitment of its chairman R K Arora that he will submit the revalidated map of the project within six monthHowever, the promoter did not submit the revalidated map in time. ...

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UPRERA gives one month time to parsvnath and other developers to solve all the disputes

Wednesday 26th August 2020

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has given one month’s time to Suncity Hi-Tech Infrastructures, Parsvnath Developers, Krishna Estate Developers and Krishna InfraHomes, Concept Horizon Infra, Wave Megacity Centre and Unibera Developers to settle all the orders of possession and refund as early as possible. All the promoters were asked to submit proofs of their order compliances on the portal within two weeks' time. Abrar Ahmed, secretary, UP-RERA instructed the promoters to fill all the details of the compliances on the newly created 'Compliance Report' section on the dashboard of UP RERA's portal. ...

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GUJRERA postpones new website launch

Thursday 30th July 2020

The Gujarat Real Estate Regulatory Authority (Gujarat RERA) has decided to deere launch its new website version which was scheduled to be rolled out on 01 August .“Considering the Covid-19 pandemic and representations from real estate developers’ associations, the authority has decided to defer implementation of the final version of the new portal till further orders,the state regulator said in its order issued on July 28. ...

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Punjab RERA postpones hearings till august 17

Thursday 16th July 2020

Due to COVID 19 pandemic, Punjab RERA has adjourned all their hearing till August 17. All the hearings between July 15 and August 14 have been postponed till August 17 before various benches and adjudicating officers. ...

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HC to Orissa state govt - Get OREAT operational within 15 days

Monday 13th July 2020

In a significant judgment, the Orissa high court has ordered the state government to enable the Odisha Real Estate Appellate Tribunal (Oreat) to function within 15 days in the interest of litigants. The court further cautioned that suo motu contempt proceedings would be initiated if it failed to do so. The Oreat was formed to deal with the complaints of builders and homebuyers alike on February 2, 2019. Justice (retired) S C Parija was appointed as its chairman under the Real Estate Regulatory Authority (RERA) Act, 2016. But the Oreat was yet to start operating. ...

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WBHIRA has given license to over 480 projects in one year: State housing secretary

Tuesday 30th June 2020

The Housing Industry Regulatory Authority (WBHIRA) has now approved nearly 500 housing projects. "WBHIRA approved the registration of 488 projects in last one year since June 2019," housing secretary O S Meena said. He said the cumulative number of projects registered was 865 in Feb 2020, which is 930 as of 26th June 2020. A total of 65 projects were cleared since March 2020. Out of these 30 were passed during lockdown since 20th March 2020 (10 each in the end of March, April and May ...

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Kerala RERA to start online hearings from July

Monday 29th June 2020

Kerala real estate regulatory authority) will launch virtual hearing from July onwards to redress a rising number of complaints regarding real estate projects; especially those of emergency nature. The registration of real estate projects has also crossed 100 in the state. K-RERA has given registration to 135 projects till date and the figures are expected to cross 200 in the next two weeks.K-RERA has recently communicated that the authority has been compelled to adjourn all the hearings of complaints till June 30. In case of complaints requiring an urgent hearing, the complainants have been directed to submit an application through e-mail along with their complaints. ...

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GUJRERA gives a month time to users for adaption of Gujarat RERA 2.0

Wednesday 24th June 2020

RERA Gujarat has launched new RERA portal termed as RERA Gujarat 2.0. Developers have been given one month time for adaption to the new portal.The new portal will go live from June 26.“We requested the regulatory authority chairman that the new software (portal) should not be immediately implemented,” said Ashish Patel, president, CREDAI-Gujarat, which is a state chapter of Confederation of Real Estate Developers’ Associations of India (CREDAI).“Real estate community also urged that it is not the right time to introduce a new initiative when enough working staff is not available and developers are facing tough times in starting work at their sites. We sought time to understand the new software and provide our feedback,” added Patel. ...

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RERA Karnataka issued format of Agreement to Sale

Wednesday 17th June 2020

RERA Karnataka vides its notification dated 12.06.2020 passed Karnataka Real Estate (Regulation and Development) (First Amendment) Rules, 2020. New rule 8A has been inserted namely “8A. Agreement for Sale - (1) For the purpose of sub-section (2) of section 13 of the Real Estate (Regulation & Development) Act 2016, the agreement for sale shall be in the Format as per Annexure-A. (2) Any application, letter of allotment, letter or any other document signed by the allottee, in respect of the apartment, plot or building, prior to the execution and registration of the agreement for sale for such apartment, plot or building, as the case may be, shall not be construed to limit the rights and interests of the allottee under the agreement for sale or under the Act.” ...

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MAHARERA issues order regarding working of MAHARERA

Saturday 6th June 2020

Based on the order of Government of India regarding extension of the Lockdown in containment zones up to 30th June 2020 as well as the order of Government of Maharashtra regarding easing of restrictions and phase-wise opening of lockdown, MahaRERA shall continue its operations and online delivery of all its services, including Project Registrations, Agent Registrations, Project Extensions / Corrections / Updates and Filing of complaints with all staff working digitally. Only urgent matters shall be listed for hearing after the urgency of the matter has been decided by the full bench of MahaRERA. Application for the hearing of urgent matters may be submitted to Secretary, MahaRERA at secy@maharera.mahaonline.gov.in The said order regarding the working of MahaRERA will be further reviewed, subject to further directions from Government of India as well as Government of Maharashtra ...

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TNRERA grants extension of additional one month

Monday 1st June 2020

After granting an extension for 5 months, TN RERA granted an extension of another one month based on advisory of urban ministry of housing and urban affairs. "In the circular dated April 06, 2020, the validity of all registered projects and their completion period was extended by five months. Having regard to the advisory issued by the Union ministry of housing and urban affairs, the validity of registration and completion period of all the registered projects are further extended by one month over and above the period of five months already extended on account of 'force majeure' (unforeseeable circumstances that prevent someone from fulfilling a contract) due to pandemic," a TNRERA circular said ...

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Karnataka RERA extended project deadlined by 6 months

Wednesday 20th May 2020

In an order issued dated 19.05.2020, Karnataka RERA stated that project deadlines have been extended by six months. The extension was given by invoking the “Force Majure” clause of the RERA Act. Revised certificates having revised deadlines will be issued soon by the authority. The order state that the project of which Quarterly compliances were due by 15 march has been extended up to 15 September 2020. ...

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RERA must be implemented truly to restore trust : Housing Minister

Sunday 17th May 2020

While addressing a webinar on the occasion of three years completion of RERA , housing minister Mr Hardeep Puri said effective implementation of the RERA will help in restoring trust between developers and buyers , besides ensuring that there are no defaults in the delivery pf projects.He also said that government has taken many steps to revive the Indian realty Sector from Covid 19.The minister said the government has extended the interest subsidy scheme CLSS for the middle-income group and announced the launch of a scheme to provide affordable rental homes to urban poor. ...

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Affordable CLSS date extended till 31 March 2021

Friday 15th May 2020

In Atamnirbhar package, govt announced the extension of credit linked subsidy scheme for the middle-income group (Annual income Rs 6 lacs- 18 lacs) up to 31 march 2021. The earlier scheme was available until 32 March 2020. This move will benefit around 2.5 lacs middle income families during the period 2020-2 creating an investment of Rs 70,000 crores in the housing sector. ...

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UPRERA started hearing complaints through video conference

Sunday 10th May 2020

UPRERA has started hearing buyer's complaints via video conferencing. Complaints will be heard daily for an hour from 3 PM. To avail, this buyer has register on UP-RERA website in advance.Complaint sessions will be held every week from Monday To Friday with 20 complaints each day. ...

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6 months extension given to real estate developers by MPRERA

Friday 8th May 2020

MPRERA has decided to give six months extension to the project which were to completed on or after 15 march 2020 due to the corona epidemic. This decision is going to provide relief to 3000 developers across the state. In addition, on being applied, the six-month extension will be granted in cases of the registration, which ended before March 15 but the application for extension has not yet made to the Authority, the official said. MPRERA has also extended the QPR date from 31 March 2020 to 30th June 2020. ...

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GUJRERA implemented financial quarter filing for builders

Thursday 7th May 2020

As per the latest notification by GUJRERA, builders will able to submit Quarterly Progress Report as per the financial Quarters. Presently, realtors have to submit their progress reports every three months from the month their projects are registered with the authority. For the April-June quarter of fiscal 2020-21, QPRs will be due to be filed by July 7, 2020, the authority said in a notification issued on Wednesday. The authority will also exempt defaulting projects (as on March 2020) from any regulatory action if QPRs for such projects are filed by July 7. ...

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Difficult to adhere to RERA rule-credai Kerala

Thursday 7th May 2020

Due to Corona Pandemic, real estate developers said that they can adhere to the RERA rules. The NRI who are the backbone of real estate investment in Kerala are not able to come for handing over of projects or funds required for project implementation. The Confederation of Real Estate Developers' Associations of India (CREDAI) Kerala chairman S Krishnakumar said that the real estate sector is also concerned about job loss and salary cut. Krishnakumar said that the Centre should consider the prevailing condition in each state. “Amendments should be made in the RERA Act based on the circumstances in Kerala,” he said. ...

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MAHARERA will hear only urgent cases during the lockdown

Wednesday 6th May 2020

MAHARERA has decided to hear only urgent hearings during the lockdown periods till 17 May. MAHARERA is currently providing all its services i.e project registration , agent registration , complaint filing digitally. Working of authority from 18 may be decided only after directions from state and central govt. ...

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Construction may resume from mid may - UPRERA

Monday 4th May 2020

Construction activity may resume in Noida and Greater Noida from mid-May, provided no further restrictions are imposed by the government, UP-Rera officials have said. However, as per the real estate developers, the pace will be slow due to less labour in Noida and Greater Noida.RK Arora, president of Naredco-UP, said, “We will have to work at one-third the capacity. At Supertech, we have 4,000 labourers who we hosted through the lockdown and took care of them with food and shelter, so they will be able to join work immediately. Social distancing norms will also have to be maintained.” ...

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Govt should accelerate sanctioning of amount from stress funds

Saturday 25th April 2020

Realty firms are not able to access money from the government's Rs 25,000 crore stress fund to complete stalled housing projects, and all roadblocks should be removed for the success of this scheme, said Anthony De Sa, Chairman, Madhya Pradesh-RERA. Builders are unable to access this fund. We need to remove this bottleneck," he said, adding that some guidelines need to be issued by the Reserve Bank of India or the finance ministry in this regard. ...

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Rajasthan Developers demand extension of one year for completion

Thursday 23rd April 2020

Rajasthan realtors have requested the CM to grant extension of project till one year as industry has come to a halt since the corona lockdown. The demand has been sought after other states like maharashtra , karnataka and UP has granted extension of three months for project completion. ...

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UPRERA has enrolled CRISIL for grading of projects

Thursday 23rd April 2020

UPRERA will soon start grading of builders and developers. The contract of the same has been given to CRISIL. Rajiv Kumar chairman, UP-RERA, “RERA will assign grades to the projects and the promoters with a view to assist a prospective homebuyer while investing in a project. Through this grading the prospective homebuyers will have a beforehand knowledge of the credentials of the promoter and the quality of the projects under consideration”. ...

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MAHARERA extended completion date by 3 months

Sunday 5th April 2020

 Maharashtra Real Estate Regulatory Authority (MAHARERA) has extended the period of validity for registration of all registered projects where completion date, revised completion date or extended completion date expires on or after March 15, 2020 by three months.MAHARERA has also issued a circular stating extension of time limits for all statutory compliances in accordance with the Real Estate (Regulation and Development Act 2016) and the rules and regulations made thereunder, which were due in March, April and May 2020 to June 30, 2020. ...

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Karnataka RERA approaches state government for approval of model sales agreement

Tuesday 17th March 2020

The Karnataka Real Estate Regulatory Authority (K-RERA) has approached the state’s housing department to finalise the model sales agreement as per central government rules.“The model sales agreement has been sent to the government and is expected to be notified soon. There were objections that has been looked into before sending to the state,” said MR Kamble, chairman K-RERA.The K-RERA that started functioning two years ago had faced delay in model sales agreement due to change in government and the absence of RERA chief in the state.   ...

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UPRERA slaps notice to 10 builders for non violation of RERA act

Thursday 5th March 2020

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has issued a show-cause notice to 10 promoters (5 from Delhi – NCR and 5 from Lucknow) for violating the Act by continuing with the construction and promotions of their respective projects even after their registration got lapsed.UPRERA’s Technical Team inspected the Promoter’s project sites to find out the details.Moreover, advertisements were given in the newspapers for creating awareness among Homebuyers. As per the statement, this is the violation of section 3 of the Act, under section 59 the promoter will be liable to a penalty which may be up to 10 percent of the estimated cost of the project. ...

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TNRERA cancels RERA registration of Casagrand Builder’s Chennai Project

Saturday 29th February 2020

TNRERA has slapped a fine of Rs 30 lacs for misrepresentation of facts at the time of registration and hence revoked the RERA registration of builder.The customer has alleged that the builder has provided false information at the time of registration from TNRERA for villa township project by projecting it as a layout. On hearing both the sides, TNRERA observed it was evident from the brochures and other documents that project “ Bloom “ is a residential housing project, not just a plotting project ...

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Kerala RERA orders Haritha Homes to pay 15% interest as penalty for delay in project

Thursday 20th February 2020

Kerala RERA in its very first order ordered a builder to pay interest at 15% of the amount received from the buyer from the period starting from expiry of the agreed time of delivery till handing over of the apartment.As per the complainant, CR Subhash, he had entered into an agreement with the builder in 2014 to purchase an apartment 1,167 sq ft. It was agreed that the construction would be completed with all facilities on or before December 31, 2016.It directed the builder to register the project and complete the project and take an occupancy certificate within June 30, 2020 without fail. Further, it ordered that the builder shall pay interest at the rate of 15.2% for Rs 49.5 lakh starting from March 1, 2017, till the actual date of handing over the possession of the apartment ...

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HRERA resolved 70% of 9496 complaints received

Thursday 6th February 2020

The Haryana Real Estate Regulatory Authority resolved around 70 percent of the 9,496 complaints it received in the last two years, an official said on Wednesday. The authority has resolved 6,598 complaints, said Haryana RERA , Gurugram, Chairman, K K Khandelwal. On a daily basis, authority receives 13 complaints out of which 9 are resolved by the authority. Speaking on the second foundation day of HARERA in Gurugram, Khandelwal said 509 penalty notices have been issued to those builders who have not complied with the provisions of the real estate law. ...

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MAHARERA cancelled registration of Dhanashree Developers

Tuesday 4th February 2020

MAHA RERA through an interim order has revoked the registration of Dhanashree Developers after it failed to complete a housing project in Goregaon by the completion date  June 30, 2019, and did not renew its registration as an ongoing real estate project. The registration was revoked under Section 7 of the Real Estate (Regulation and Development) Act (RERA). This is the second such project for which MahaRERA has revoked the developer’s registration. On October 22, 2019, MahaRERA had become the first RERA authority to use Sections 7 and 8 of the act to revoke the registration of DS Kulkarni Group in connection with the DSK Sadaphuli project in Pune. ...

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UPRERA to start ecourt from March 2020

Wednesday 29th January 2020

UPRERA is all set to start ecourt from March 2 , 2020.The module is dedicated towards the digital way of inviting complaints, processing them through logical rules and disposing them in a timely fashion. The authority will continue the old complaint form till February 2, 2020 and from February 3, 2020 onwards complaints can be submitted only on new forms. ...

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Kerala RERA gets 100 complaints against builders

Tuesday 28th January 2020

Kerala real estate Regulatory authority will hold its first hearing on complaints against real estate projects on February 5. More than 100 complaints have been received by the authority from buyers of projects which have not received an occupancy certificate. While a good number of complaints pertaining to delay in delivery, there are also complaints against builders for failing to deliver promised features regarding a project. Multiple complaints have been received against a single project itself and in other cases, individual complaints have been received. ...

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MAHARERA ruled that builder cannot charge for open parking

Monday 27th January 2020

The Maharashtra Real Estate Regulatory Authority (Maha-RERA) has ruled that open parking spaces fall within the definition of common areas in the Real Estate (Regulation and Development) Act, and hence developers cannot charge homebuyers for them. The ruling came during the hearing of a complaint by homebuyer Mahesh Shah against Sunny Vista Realtors and Persipina Developers, which is part of the Hiranandani Developers. MAHARERA member Bhalchandra Kapadnis directed Persipina to not charge any money if the parking space is open, and charge Rs 4 lakh if it is covered. ...

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Karnataka RERA to get judicial powers to fast track dues

Thursday 23rd January 2020

Karnataka may soon have the judicial powers, similar to what is given to the consumer forum. Taking a leaf out of its counterparts in Madhya Pradesh, Karnataka’s realty regulator is working on a draft proposal that aims to give more power to execute its own orders. Such an amendment to the Real Estate (Regulation and Development) Act 2017, many said, is critical for RERA as it’s unable to provide any immediate relief to the home-buyers from the defaulting builders. Over the last two years, RERA-K delivered over 1,900 judgments but most of the orders have remained on paper.  ...

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Haryana RERA slaps penalty of Rs 1 crore per day on Orris Infra and 3C 

Friday 17th January 2020

The Haryana Real Estate Regulatory Authority has directed the developers of the much-delayed Greenopolis housing project to start construction by February 1, failing which a penalty of Rs 1 crore per day will be imposed on them. In a hearing on Thursday, the regulatory authority further directed the developers of the Secor 89 project — Orris Infrastructure and The 3C company — to complete the first phase by April 30, otherwise, they will have to pay a penalty of Rs 1 crore per day.   ...

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Only 25% projects are RERA compliant in Telangana

Monday 13th January 2020

As per the latest record, only 25% projects in Telangana are RERA compliant. The most common violations: advertising and selling without registration number, denying compensation to customers as mentioned in the act and employing marketing agents who are not Rera-certified.Rera officials, however, maintain that they are dealing with violations strictly. “We take action each time a matter is brought to our notice. So far, we have issued 60-70 showcause notices to various projects and imposed fine on 160 of them – of between Rs 50,000 and Rs 3 lakh. In one case, we imposed a fine of Rs 14 lakh while two others were penalized for Rs 25 lakh,” said an official. ...

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UP real estate giant Supertech applies for stress fund of Rs 1500 crore

Monday 6th January 2020

Supertech, a renowned builder in Delhi -NCR applies for stress fund of Rs 1500 crore to complete its 12 ongoing projects in Noida and greater noida, Uttar Pradesh, "We have applied for stress fund of Rs 1,500 crore for our 12 projects nearing completion in Noida, Greater Noida and Yamuna Expressway to finish 20,000 flats in 1-2 years," Supertech Ltd Chairman R K Arora said."We are eligible for stress fund and hope to get the same," he added. Central govt announced a stress fund of Rs 25000 crore for completion of over 1500 stalled projects. ...

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Industrial units won’t come under the purview of RERA says MAHARERA

Friday 3rd January 2020

In a recent order passed by MAHA RERA it was held that industrial units won’t be covered under RERA. The order was passed in respect of a complaint filed by the complainant who had booked two units in an industrial facility. The complaint was regarding the delayed possession of the project. After looking into legal aspects of the matter, the only conclusion that can be drawn is that MOFA is applicable to the premises used for carrying on any industry whereas the definition of the apartment doesn’t include the industrial purpose. ...

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Shrikant Badli becomes HP RERA Chairman spot retirement from Chief Secretary post

Thursday 2nd January 2020

Ex-chief secretary of Himachal Pradesh joined the position of HP RERA chairman.Shrikant Badli is appointed as the first chairman of HPRERA.He was appointed RERA chairman a few weeks ago and joined duty on Wednesday after retirement as chief secretary on Tuesday.Retired IAS officer B C Badalia and retired chief architect R K Verma joined as RERA members. ...

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Kerala CM launches RERA in Kerala

Thursday 2nd January 2020

Chief Minister Pinarayi Vijayan launched the Kerala Real Estate Regulatory Authority on 01 January 2020. This act aims to bring more transparency in the real estate sector and it will boost confidence of customers."It is just because of a handful of realtors who divert from good practice and indulge in illegal ways to mint money that the whole sector sometimes get a black mark. We have heard terms like the real-estate mafia," Vijayan said at the official launch event. ...

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Haryana RERA slaps notice of non registration on Orris and Ansal Properties

Thursday 26th December 2019

Haryana RERA served a show-cause notice to Orris and Ansal Properties for not registering their ongoing projects namely wood view in sector 89-90 and Esencia in sector 67 respectively. The authority imposed a penalty of Rs 75 crore and Rs 106 crore respectively for non-registration of the project with RERA. The authority observed that the promoters have not obtained completion/part completion certificate for the project till date. As the project is underway, they should have been registered their projects with the authority within three months from the enactment of the RERA Act, 2016. ...

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Kerala RERA to begin registration from 01 January

Tuesday 17th December 2019

KRERA is likely to begin operations from 01 January 2020. K-RERA chairman P H Kurien said that the authority has already started receiving complaints from homebuyers.“All ongoing projects for which occupancy certificate is pending will have to be registered with RERA. We are waiting for more complainants to turn up. So far, we have only had 3-4 complaints,” said Kurien ...

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Mumbai and Pune leads the race of RERA Registrations

Friday 6th December 2019

Maharashtra tops the chart in the country when it comes to Rera registered properties and within Maharashtra. Over 90% of the projects registered with MahaRERA are based in Mumbai and Pune.The deployment of Rera across India is increasing as around 46,480 projects and 36,671 real estate agents have been registered under Rera as on November 2019. Maharashtra had 22,885 registered projects and 21,869 registered agents. ...

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UPRERA informs 1200 promoters about stress fund

Friday 6th December 2019

The Uttar Pradesh Real Estate Regulatory Authority  has sent letters to 1227 realtors across the state informing them about the benefit of the stress fund scheme announced by central government recently."The step has been taken in order to ensure that the promoters of such projects are aware of the scheme so that the central government in November had proposed fund of Rs 25,000 crore to complete pending realty projects. Out of the total, the government infused up to Rs 10,000 crore initially and the rest is to be contributed by banks, LIC and other sources.the projects are completed, and the home buyers of such projects are able to get their home," said the authority in a media release. ...

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1665 RERA projects delayed by more than 5 years says a report

Friday 22nd November 2019

A total of 1665 RERA Registered projects have been delayed by more than 5 years and are likely to complete after 2020 only.A total of 125 projects are delayed across Noida, Greater Noida and Gurugram markets, consisting of over one lakh housing units.Real estate developers in Noida owned the city authority a whopping Rs 10,200 crore in dues in 2017.Chennai has the lowest number of delayed projects (24) as well as units (11,679), primarily because the size of housing projects in this property market is comparatively smaller. ...

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RERA Bihar recorded 91% rise in registrations

Thursday 21st November 2019

As per the data released by an official on Wednesday, there has been 91% increase in the number of projects registered under RERA Bihar. As of November 15 , RERA Bihar has enrolled 787 projects and has been ranked 11th among 25 states in the country. A total of 256 agents are registered in the state making it 12 largest in the country.RERA Bihar has disposed of 109 cases till November 15 and secured ranked 13th in the country. ...

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Kerala RERA member quit , selection to be done again

Wednesday 20th November 2019

Post one month of constitution of RERA in Kerala State, government has been forced to redo the selection process for the appointment of third member.C francis who was elected as one among two members has withdrawn from the post following which selection process has been initiated again. The state government constituted RERA in october with PH Kurien as chairman and Preetha P Menon and Francis as two other members.KRERA has yet to begin registration of new project and complaints as it has not recruited the staff. ...

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SRO disclosure mandatory from 01 December 2019

Friday 15th November 2019

Whereas, under  Section 34 of the real estate(Regulation & Development) Act, 2016(hereinafter referred as the said Act), MahaRERA is vested with powers which includes the function  to register and regulate real estate projects and to ensure compliance of the obligations cast upon promoters.Whereas, in exercise of the powers vested with MahaRERA under section 34 of the said Act,in order to ensure greater  professionalism  among promoters, being a certain level of consistency in the practices of promoters,enforcement of code of conduct and to discourage fraudulent promoters, MahaRERA vide its order No. 10 dated 11th October 2019, introduce the procedure of registration of Self – Regulatory Organization (SROs) of promoters,in the real  estate in Maharashtra.Whereas,  from December  1, 2019, through MAHARASHTRA REAL ESTATE REGULATORY AUTHORITY(GENERAL) ( SECOND AMENDMENT) REGULATION, 2019, membership details of the promoter with MahaRERA registered SRO (Self Regulatory Authority) has been introduced as additional disclosure by promoters on the website of MahaRERA.Therefore, with effect from December  1, 2019, every promoter apply to MahaRERA for registration of their real estate project, shall have to mandatorily disclosure their membership details with a MahaRERA registered SRO.          .  ...

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HRERA attaches land of 3C project to complete its long delayed project “ Greenopolis”

Wednesday 13th November 2019

In a first-of-its-kind order since real estate regulators were established, the Gurgaon bench of H-Rera has ordered attaching 10 acres in Gurgaon and four plots in Noida owned by Three C Shelters and putting the same on sale to raise Rs 334 crore for completion of Greenopolis project in Sector 89, Gurgaon. The project has been delayed by more than four years. Passing the order against two builders, who partnered in the group housing project, the bench comprising chairman KK Khandelwal and members Samir Kumar and Subhash Chander Kush, said the warrant of sale of 10 acres of unutilised land in the project and four other plots will be sent to the district collectors of Gurgaon and Gautam Budh Nagar for quick action ...

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40,000 complaints registered with RERA in entire nation

Thursday 7th November 2019

As many as 40,000 complaints have been registered with the Real Estate Regulatory Authorities (RERA) in the entire nation, Durga Shankar Mishra, secretary, Housing and Urban Affair, Government of India, revealed on Sunday. It is time strict action was initiated against the defaulters through necessary changes in the original Act on the subject, the secretary observed while addressing chairmen of the authorities from 17 different states of the country came to attend a RERA conclave scheduled to take place in Lucknow.  ...

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Delhi NCR builders said Consumer complaints should go to RERA First

Monday 4th November 2019

With even individual homebuyers taking builders to bankruptcy court, rattled real-estate developers from Delhi-NCR are demanding that all consumer complaints first be heard by regulator RERA before insolvency proceedings are initiated.According to the realtors' apex body CREDAI, about 450 real estate companies/projects across the country are facing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) because of default in the delivery of projects to homebuyers as well as repayment of bank loans.  ...

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HRERA asks residents of piyush heights to collect money and complete the project

Thursday 31st October 2019

In the first of its kind order, the Real Estate Regulatory Authority (RERA) of Haryana’s Panchkula has asked a group of residents to take over a project and complete the remaining construction work. Over 100 residents of Faridabad’s Piyush Heights society have agreed to pool in R 8 lakh each to complete the project and move into their dream home.“It is a major relief for homebuyers, who were expecting completion by 2011 by could not get it as builder failed to complete the project. RERA suggested us to form an association and we should be ready to pay extra money if needed,” said MC Jain, president of J&K tower of Piyush heights ...

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UPRERA to provide grading to builders next year

Tuesday 29th October 2019

Real Estate builders will receive a rating from next year. This move will help investors in taking informed decisions. The grading, to be done annually, will be based on a developer’s track record and background, financial profile, construction quality, buyer feedback and legal status of the project, according to UP-RERA chair-person Rajiv Kumar. ...

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Over 2000 buyers approach UP-RERA against suncity Hi- tech

Friday 25th October 2019

Sanctity Hi-Tech has failed to deliver houses even after a long delay. The harassed buyers have approached RERA for refunds and cancellation. Sources said almost every customer has filed complaints against the developer and the final decision from UP-RERA is now awaited. "No development is seen at the site. Since Suncity has not started any development in this area, I am afraid that they do not have any intention of developing the plot and plan to dupe investors of their money", said a homebuyer, Varuna Gupta. ...

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Three member panel reconstituted in RERA GOA

Saturday 19th October 2019

RERA goa panel has been reframed with retired IAS officer S Kumaraswamy as the chairman. Former IAS officer J B Singh and retired district judge PV Kamat have been appointed as members.RERA rules in Goa were notified on 24 November 2019. ...

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KRERA to initiate registrations next week

Friday 18th October 2019

With the government setting up the KeralaReal Estate Regulatory Authority (KRERA), the registration of real estate projects with the authority is likely to begin next week.The notification on commencement of Section 3 of the Kerala Real Estate(Regulation and Development) Rules, that mandates registration of realty projects with the authority, is anticipated this month itself as per KRERA chairman P H Kurien. “All ongoing projects and those pending completion certificates will have to be registered with the authority once Section 3 commences. There shall not be any advertising or soliciting by promoters without getting their ongoing projects registered,” said Kurien.         ...

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CG all set to notify RERA in J&K and Ladakh

Wednesday 16th October 2019

The Central government is set to notify the implementation of the Real Estate (Regulation and Development) Act in the newly constituted Union territories of Jammu & Kashmir and Ladakh, paving the way for property development in the two regions.In Jammu & Kashmir, the act will be notified by the state government, while in Ladakh, the Centre will notify it since it is a UT without a legislative assembly,” an official of ministry of housing and urban affairs said. The notification will be applicable from November 1, after the reorganisation comes into force. The provisions for the UTs would be the same as those applicable nationally, said Durga Shanker Mishra, secretary in the ministry.      ...

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MAHARERA to register Self Regulatory Organisations

Tuesday 15th October 2019

The Maharashtra Real Estate Regulatory Authority has proposed to register realty developers and project promoters’ Self-Regulatory Organization (SROs) with the authority.According to the regulator, this will help to ensure greater professionalism among realty developers, bring a certain level of consistency in their practices, enforcement of code of conduct and discourage fraudulent promoters. The SRO is expected to encourage its members to comply with the provisions of the RERAAct, applicable rules, regulations, orders or circulars issued by the MahaRERA from time to time. The SRO will be responsible for carrying out awareness and education activities among its members. Any information or particulars furnished to MahaRERA by the applicant shall not be false or misleading in any material respect, the circular added. ...

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UPRERA slaps notice 22 promoters for not complying with court orders

Tuesday 15th October 2019

Uttar Pradesh real estate regulator UP-RERA has issued a show-cause notice to builders who have not complied with court orders in relation to delayed possession and have been asked to reply by October 23. Ghaziabad Development Authority,Greater Noida Industrial Development Authority, Ajnara Realtech,Newtech promoters and developers, Logix City Developers,Assotech,Solitaire infra home,new tech a pallacia,Bulland Builtech, Himalaya Real Estate,Opulent Infra Developers, Earthcon Universal Infratech, Patel Advance JV, Uppal Chadha Hi-tech Developers,Aims Promoters, G S Promoters and Harsha Associates are the promoters of the said projects.       ...

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RERA sees a surge of 40% in project registration in a year

Tuesday 15th October 2019

Post two and a half years, RERA has shown an increase in the number of projects and agent registration. A total of 45,309 projects have been enrolled with RERA as per data as of 05 October 2019. Maharashtra , Gujarat , Madhya Pradesh and Uttar Pradesh are the states with maximum registration in the country. These states account for 80% of total projects registered in the country. Maharashtra is leading the board with 22,455 project registrations. Data shows a 54% increase in agent registration across the country.   ...

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Finally RERA constituted in Kerala State

Thursday 10th October 2019

The state government has constituted Real Estate Regulatory Authority (RERA) appointing PH Kurien as the chairman and Preetha P Menon, Mathew Francis as two members.The government recently received the nod from Advocate general to frame Real Estate Regulatory Authority in the state. The latest status compliance report prepared by the ministry of housing and urban affairs on implementation of RERA shows that the interim regulatory authority formed by the state has not processed a single complaint to date.           ...

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UPRERA to start e-court from November onwards

Wednesday 9th October 2019

UPRERA plans to introduce e-court from November onwards.The new move will save time along with speedy disposal of cases.UP-Rera chairman Rajive Kumar said, “As of now, though we receive applications online, and during the hearings, complainants have to come several times to the UP-Rera to plead their case. Our plan is to introduce e-courts from November. Under this process, a complainant will have to come only at the final hearing stage.All the new complaints will be  processed under this system confirmed officials.The system is expected to be very effective and time-saving and will help in speedy disposal of cases. The existing complaints will, however, be dealt with as per the present system,” Kumar said.     ...

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Kerala Government to form RERA soon

Monday 7th October 2019

Post three years of RERA,Kerala government has received a nod from advocate general to constitute RERA in the state with former revenue and housing additional chief securetary PH kurien as chairperson. As per the RERA rules, RERA should have a chairperson and two whole-time members. Preetha Menon and Mathew Abraham are believed to be other members of Rera. Sources said that both LSG minister and chief minister have approved the draft notification on the constitution of Rera.             ...

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Bihar RERA directs promoters to submit Audited statement of accounts

Friday 4th October 2019

In a order dated 04 October 2019 Bihar RERA directs all the promoters who have either their registered projects or applied for registration with RERA Bihar should submit their annual accounts ( Profit and loss, Balance sheet, cash flow, notes to accounts with all schedules ) of their company /firm/individual for the year 18-19 by 31st October 2019 positively,duly certified and signed by Chartered Accountant enclosing there with a verification report that amount collected for a particular project and kept in a designated separate bank account have been utilized for the project and withdrawal has been in compliance with proportion of the percentage of completion of the project. ...

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UPRERA passes orders against buyers for the first time.

Friday 4th October 2019

Supertech has approached UP-RERA in respect of overdue payment from 45 buyers in its cape town, Eco Village I and Eco Village III projects. Supertech alleged that buyers are neither taking possession nor paying up the due amount. On 3 October 2019 UPRERA passed an order against 25 buyers either to pay due amount or they could lose up the flat. It is made clear in order the buyers have to turn up, pay their outstanding dues and take possession of their flats in 45 days. In case of failure of order, builder would have to deduct 15% of the total amount deposited with it and return the balance to the investors bank account.       ...

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MAHARERA to provide quality certifications of projects to buyers

Tuesday 1st October 2019

Homebuyers in the State will soon be handed a quality certification by the Maharashtra Real Estate Regulatory Authority or MahaRERA for every property they invest in, said Gautam Chatterjee, Chairperson, MahaRERA, on Sunday. Form 2A is certified by the engineer supervising the project. It states that the quality of construction is as per the National Building code. Form 2A is required to be submitted at the end of every financial quarter. This form is applicable for all the projects registered after 01 December 2018. ...

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UP-RERA deregisters Sampada Livia Project in Greater Noida

Tuesday 1st October 2019

UP-RERA has recently deregistered Sampada Livia based in sector Chi 5 in Greater Noida. This move is going to affect 350 buyers in the deregistered project. The project was proposed to be 750-apartment structure spread over 10 towers of 24 floors each. The builder promised possession in 2015, till now only basic work has been done. Officials said the regulatory authority deregistered Sampada Livia after the developer failed to come up with satisfactory responses to the several notices before the UP bench. ...

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Initiative by MAHARERA

Monday 30th September 2019

To ensure professionalism among the stakeholders and to bring consistency in practices, the MAHARERA plans to have Self Regulatory Organisations (SRO’s). In this initiative industry associations like National Real Estate Development Council (NAREDCO), Confederation of Real Estate Developers Association of India (CREDAI) and Maharashtra Chamber of Housing Industry (MHII) will register as SRO’s to take charge of all the members on the portal. With this move, the developer will not be able to file for registration unless he is an SRO member. ...

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Submission of illegal CC’s in TNRERA

Sunday 29th September 2019

The two construction companies of Tamil Nadu, namely, Akshaya Pvt. Ltd. and Sare Reality Project Pvt. Ltd. have filed illegal Completion Certificates for their projects before the TNRERA Authority to fight the complaints against them. They have obtained CC’s from the Village Panchayat’s President for their projects on the outskirts of Chennai although the jurisdiction is of DTCP to issue the same. TNRERA has ordered the developers to pay the compensation to the aggrieved homebuyers for this matter. ...

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Real estate sector hit by Economic slowdown

Saturday 28th September 2019

The real estate sector is experiencing stagnancy in the new projects. The KRERA Chairman informed that the number of registration is coming down, while the affordable housing remains unaffected. The direct impact has been seen in the market of the high-end apartments. The buyers are adopting a wait and watch approach affecting the stock of the developers and hence blocking the working capital. However, the introduction of the Government fund by the Centre may help in the growth of the sector. ...

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Pending dues deposited by Amrapali buyers

Friday 27th September 2019

A website has been started by the UCO Bank for all the Amrapali buyers to start depositing the pending dues which would help to finance the commencement of construction by the NBCC. More than 2 months have passed after the Supreme Court has ordered the NBCC to complete the unfinished housing projects of Amrapali Group in Noida and Greater Noida authorities. To pay their dues, the buyers would have to fill in the details of the project name, flat number, application number, buyer’s name, and the amount pending towards the flat. After all this information, the buyers can credit the due amount into the UCO Bank account. ...

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Objection to the Sale of Commercial space by Amrapali buyers

Thursday 26th September 2019

After a receiver has been appointed by the Court and process for the Tripartite agreements has been initiated for the Amrapali buyers, a section of them has objected to the sale of commercial space violating the building laws in almost all housing projects. The Court is yet to give a final order on this issue, the receiver has asked the Noida and Greater Noida authorities to maintain status quo on all such properties till the final call. To protect the safety and sanctity of the residential complexes the buyers have requested the court to check FAR allocation for these commercial activities. The sublease deeds of Amrapali violates the laws of RERA, the Noida Building Bylaws 2010. ...

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Order of HC regarding Kerala RERA Chairman

Wednesday 25th September 2019

After considering the petition filed by the advocate of Tiruvananthapuram, the Kerala High Court has ordered the State Government that appointment of PH Kurien (Former Secretary of Housing Department) as the Chairman or member of Kerala RERA should not be done if he was in the Selection Committee for making appointments. As per the interim order, the court’s directive will be in force for 2 months. The petition said that the Government is now taking hasty steps to make the appointments to the posts of RERA Chairman and members bypassing the statutory provisions of Kerala RERA Rules, 2018 and the RERA Act, 2016. ...

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No sewage planning in projects of Vadodara

Tuesday 24th September 2019

The Town Planning (TP) schemes must be taken care of to provide the required infrastructure as most of the projects in Vadodara and Rajkot are outside the TP Schemes. Addressing an event organized by Gujarat chapter of CREDAI, the Gujarat RERA Chairman said that out of 147 projects of Vadodara, 146 do not have any sewage planning and this matter should be taken care of for the development purposes. ...

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RERA status in Kerala

Tuesday 24th September 2019

After dealing with the Real Estate Crisis arising out of the Maradu case, the Government has turned deaf ears to the need for the formation of the RERA authority in the Kerala state. A reply to the RTI application from the office of LSG minister showed that the file related to RERA was in circulation and information would be revealed once file becomes available. The latest compliance report on the implementation of RERA shows that the interim regulatory authority formed by the state has not processed a single complaint till date. Kerala is one of the 8 states which are yet to set up a RERA Tribunal and have failed to operationalize website under the provision of RERA. ...

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Mandatory provision of Land Title Insurance in MAHARERA

Monday 23rd September 2019

Land Title Insurance is a form of indemnity cover, which insures builders and customers against the financial loss from defects in the title of the property. This concept earlier failed due to high pricing and lack of clarity in the sector. However, now the MAHARERA authority has mandated the developers to purchase the title insurance for new and ongoing registered realty projects. The insurance companies have already applied to the IRDA for launching title insurance products with expected low premium rates which may vary from 0.5-3% of the sum insured for a 7-year policy. ...

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Order issued by TNRERA to complete the project

Monday 23rd September 2019

A recent order has been issued by TNRERA authority directing Green Avenue Homes and Gardens to pay the rental dues and complete the housing project as per the terms. The said case relates to the redevelopment of the property on Fifth Avenue in Anna Nagar where after entering into Joint Venture Agreement the developer demolished six apartment units while not paying the rentals of the owners for more than 5 years as per the conditions. ...

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To sell property, registration of MAHARERA is must

Monday 23rd September 2019

Recently a notification has been issued by the Maharashtra Government directing the property registration officials that registration of any ongoing real estate project shall not be done without first verifying that whether the project is registered with MAHARERA or not. This resolution will help in a long way to protect the interest of homebuyers who were often victims of soft launch projects where bookings were accepted without checking any building permissions. ...

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UPRERA approached by GDA

Saturday 21st September 2019

After receiving complaints from the residents of the Aura Chimera society in Raj Nagar Extension about the poor civic amenities in their society, the city magistrate transferred these complaints to the GDA (Ghaziabad Development Authority) to look into the matter. After considering the case, the GDA decided to seek action against the builder through UP-RERA. The GDA officials will issue a recovery certificate to the builder to pay up the dues of Rs. 7 crore as the society does not even have the completion certificate and though possession was given to the buyers with the worst amenities. ...

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Auction of unsold flats by UPRERA

Friday 20th September 2019

To provide relief to lakhs of aggrieved homebuyers who were forced to wait for the possession, the UPRERA has decided to auction unsold flats of defaulting builders to pay back the investors seeking a refund in delayed housing projects. This is perhaps the first time that such a move has been announced in the real estate sector. Soon, UPRERA will float a portal for the global e-auction of unsold properties of cash strapped builders who have been issued recovery notes. In both the kind of refund cases- whether non- delivery of flats and buyer wants to exit the project or the other one is where the builder has promised penalties for the delay but has not paid late fine to the buyers, the money from the auction will be used. ...

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16 projects de-registered by UPRERA

Thursday 19th September 2019

After conducting a survey in Shahberi district in Uttar Pradesh and finding 1453 apartment projects illegaly constructed on Shahberi land, the UPRERA has decided to de-register 16 builder projects in Shahberi. After realizing that Shahberi is an unplanned area it decided to take them off from its list and the same was conveyed to GNIDA. The Gangster Act has been invoked by lodging 71 FIR against rogue builders for illegal construction. ...

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Protest by small builders under Rajasthan RERA

Wednesday 18th September 2019

To maintain healthy competition in the market, the Rajasthan RERA has proposed to lower the threshold limit for registration of projects from 500 square meters to 250 square meters and from 8 units to 4 units. However, the idea has not gone well with the developers and they decided to hit roads against the decision at Civil lines. The association alleged that the Government is systematically planning to wipe out the small builders from the market due to the pressure of big developers. ...

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Around 40 fake realtors identified by UPRERA

Wednesday 18th September 2019

After receiving 17 complaints from the gullible homebuyers about the promoters faking registration, the UPRERA investigated and 43 such builders were found who were constructing housing projects in prominent areas of the state capital. After identifying more such projects the UPRERA will lodge FIR against them soon. According to UPRERA norms, every promoter must get the project map approved from LDA and take a NOC from the fire department. Builders also have to take nod of LESA before submitting the registration application. ...

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Special fund of Rs. 20,000 crore to the sector by the Government

Tuesday 17th September 2019

To boost the real estate sector, the Government has announced the creation of Rs. 20,000 crore fund for the last-mile financing of stalled affordable and mid-segment housing projects. The proposed fund would support projects which are net worth positive and have not been classified as an NPA or referred to as an NCLT. As per the estimates, around 3.5 lakh dwelling units would be eligible for funding support through this measure. The Government is committing to provide Rs. 10,000 crore, the remaining balance would be funded by investor like LIC, banks, sovereign funds, etc. ...

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Suggestions by FPCE for better RERA

Monday 16th September 2019

Homebuyer’s body FPCE has requested the Prime Minister’s Office to bring RERA officials under the ambit of Central Vigilance Commission (CVC). It has also suggested that all orders passed under RERA should be audited by Comptroller Auditor General of India (CAG) to check the compliance with RERA provisions. In order to ensure transparency, it has recommended that a web link should be made available to the public and an audit of the website should be done too. Furthermore, an orientation course for all RERA officials should be carried out in which they are counseled to stick to the brief. ...

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UPRERA’s supervision to Gayatri Aura projects

Saturday 14th September 2019

A story of inordinate delays of a 450 apartment housing project in Noida Extension of Gayatri Aura has been delayed due to long periods of stalled work because of protests by farmers for compensation. The project remains incomplete due to challenges imposed by the farmers to land acquisition for the project in the court and is now being monitored by UPRERA. The authority instituted a reconciliation committee with 2 representatives from buyers, 2 from the developer, 1 from the Greater Noida Authority and 1 from UPRERA. ...

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SC worries about the unsold Amrapali flats

Friday 13th September 2019

Cancelling the Amrapali Group’s RERA license and appointing state-run NBCC to complete all the pending projects by its 23rd July order, the Supreme Court is now asking NBCC and others to come up with methods to deal with 5229 unsold flats of the group with worth Rs. 2337 crore. The top court has asked the authorities to suggest modalities of how GST and service tax will be calculated for the home buyers who are getting the house registered. It has also warned the homebuyers that unwillingness to pay the outstanding dues may lead to winding up of the stalled projects due to financial crunch. ...

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RERA praised by PM Modi

Thursday 12th September 2019

Addressing people in the inauguration of Aurangabad Industrial City project, the PM Modi applauded the RERA Act, 2016 and mentioned that it has created impartiality in the real estate sector and has given a boost to the construction activities. Also, by tax concessions, the middle-class people can fulfil the dream of owning a house. Many flats are being constructed under RERA has yielded good results encouraging public participation in PMAY. ...

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Response sought by Supreme Court from Amrapali Group

Thursday 12th September 2019

Seeking response from the Amrapali Group on a plea filed by around 700 homebuyers who had their dream homes booked in its project, the bench of Supreme Court issued a notice to the company and restraining the promoters from leaving the country without its permission. An interim order has been sought to ask the company to deposit money to secure the interests of the hassled homebuyers as they have neither received the possession nor the refund amount. ...

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Godrej properties fined by MAHARERA

Wednesday 11th September 2019

Invoking Section 3 of the RERA Act, 2016 against the Godrej Properties, the MAHARERA imposed a fine of Rs. 30 lakhs for putting up 30 hoardings of their new project in Thane without first registering it. The developer argued that these billboards may not be treated as advertisements violating the law as the billboards also displayed a specific disclaimer. Reacting on the complaint of a potential customer, the authority clarified that such promotions can also disrupt a level playing field for competitors and the fine need to be paid before getting registration. ...

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Suo motu action by MAHARERA

Wednesday 11th September 2019

Using the powers under Section 35 of the RERA Act, 2016, the MAHARERA decided to take suo motu cognizance against 2 real estate agencies based in Pune and Kalyan for facilitating the sale of unregistered projects. The two agencies, namely Wisteria Real Vision Pvt. Ltd. and Mystica India have been fined with Rs. 80,000 and Rs. 40,000 respectively. For real estate agents, it is mandatory to sell the unregistered projects and hence necessary actions were taken against them. ...

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MAHARERA to soon have conciliation forum in every district

Tuesday 10th September 2019

Maharashtra being the first state to implement the conciliation forum mechanism and thereby achieving 78% success rate is considering to expand its mechanism by setting up a bench in every district in the state to help resolve disputes between developers and homebuyers. The MAHARERA Chairman said the expansion will be done in phases and the new benches will be established in Thane, Navi Mumbai, Mira-Bhayander, Vasai-Virar, Palghar, Kalyan-Dombivli and Nashik in coming days. It has also conducted a 2-day skill development workshop to train new members who will join these panels. ...

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The action against 200 delayed projects cannot be taken by UPRERA

Tuesday 10th September 2019

Around 200 projects have been founded in Gautam Budh Nagar that have missed their deadlines or violated agreements with buyers but UPRERA cannot take any action against them due to their non-registration with the authority. Many builders are not accessible and the projects have been left incomplete resulting in no possession to the buyers. Therefore, the UPRERA officials have now appealed to the Noida and Greater Noida authorities to create some legal framework so that these projects can be brought under the UPRERA’s ambit as buyers are continuously complaining. ...

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Builder’s Plea dismissed by Delhi HC on RERA and CPA

Monday 9th September 2019

On a petition filed by builders like M3M India, 3C Shelters, Spaze Towers, Umang Realtech under Article 227 of the Constitution questioning that whether proceedings under CPA can be commenced by homebuyers against developers, after the commencement of RERA. While deciding on the matter, the Delhi High Court referred to the Supreme Court’s verdict thereby finally dismissing the plea filed by the builders questioning the inter-relationship of RERA and Consumer Protection Act, 1986. It held that the remedies available to the homebuyers under CPA and RERA are concurrent and there is no question of interference. ...

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MGP wants amendments in RERA

Saturday 7th September 2019

The consumer rights organization Mumbai Grahak Panchayat (MGP) wrote to the Union ministry of housing and urban affairs about amending section 3(2) of the RERA Act, 2016 by removing the word “or” and replacing it with “and” so that it would be strictly restricted to small realty projects. The condition of less than 500 sq meters and less than 8 units both need to be fulfilled simultaneously as the developers are taking advantage of the “or” inserted. ...

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MOU is enough to prove Ownership said MAHARERA

Friday 6th September 2019

When 2 homebuyers complained on behalf of MOU(Memorandum of Understanding) against a project by Sahyog Homes Ltd. In Oshiwara, the developer claimed that these were not homebuyers but investors and MOU was not registered. On this, the MAHARERA clarified that the developer should not have accepted such a huge amount when the project was not progressing and directed the company to refund Rs. 82.95 lakh with 10.75% interest from 2012 declaring MOU as enough proof of ownership. ...

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5967 complaints registered in UPRERA

Thursday 5th September 2019

Around 5967 complaints have been registered against 20 developers in UPRERA. Topping the list is Ansal Properties with 1269 complaints followed by Supertech which has 817 complaints, Rohtas project with 458 complaints while Unnati Fortune Holdings. Major fines have been imposed by authority. ...

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A shortcut to litigations-RERA’s Conciliation Forum

Wednesday 4th September 2019

Setup under Section 32(g) of the RERA Act, 2016, Conciliation Forums is like softer tools to bring the homebuyers and developers to the negotiation table instead of initial formal court proceedings. MAHARERA and UPRERA are among the few state authorities that have launched such forums. These forums tend to give solutions to homebuyers over a shorter timeline compared to a normal complaint filed with RERA. In normal complaint, it takes about 4 or 5 hearings to pass an order, whereas in case of such forums it takes maximum 1 or 2 meetings. This help in amicable and quick resolution of complaints.  ...

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Re-submission of ownership documents by Amrapali buyers

Wednesday 4th September 2019

As per the latest order of the Supreme Court, the registration process of 14000 buyers of Amrapali was supposed to have been completed by 23rd August, 2019 as residents were awaiting registry of their flats. However, they have been asked to produce a fresh set of documents to help authenticate ownership of their houses. The buyers will now have to deposit the allotment letter, builder-buyer agreement, possession letter, and no-objection certificate. After the documents are examined, a tripartite agreement is expected to be signed by the Noida Authority, an appointed signatory by the court receiver and the buyers. ...

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Slum rehab projects soon to come under MAHARERA

Tuesday 3rd September 2019

A recent circular issued by the State Government confirmed that MAHARERA will include Slum Rehabilitation projects soon. Therefore the tenants who have been facing issues due to delays in Slum Rehabilitation Authority redevelopment schemes will have a platform to approach their complaints. This move is expected to benefit over 10 lakh families who are living in slums or on rent. Due to irregularities in the redevelopment work performed by the builders in the scheme this will boost the real estate market and help in ease of the financial crunch faced by the developer as the SRA Scheme will be done on phase-wise.   ...

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Use of ICT in RERA shows positive impact

Tuesday 3rd September 2019

While giving a presentation at the international conference at I.I.M.T. University in New Delhi, the Chairman of MPRERA stressed on the use of ICT (Information Communication Technology) in the functioning of RERA and how its use has yielded good results in MPRERA. MPRERA is the first in the country to have developed software to promote the use of ICT in RERA works. The immediate results of the use of ICT in MPRERA are mainly the generation of MIS reports and easy availability of database helping in increasing business efficiency, reduction of corruption and transparency in the sector. ...

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Audit of all 3C company’s sites begun by UPRERA

Monday 2nd September 2019

An audit of all the construction sites belonging to 3C Company has been initiated by UPRERA to see if construction work is in progress at the sites. This is an ongoing process begun by RERA to check whether construction timelines are being adhered to so that further action can be taken against them. The subsidiary company of 3C Company- Granite Gate (the firm behind the Lotus Panache, Boulevard, and Zing) is facing insolvency proceedings at the NCLT.  ...

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Mohali tops in the list of RERA Punjab

Monday 2nd September 2019

Due to primary 2 reasons Mohali district tops in the RERA Registration of the real estate projects having 60% share with maximum no. of registrations at 447 out of the total of 747 registered projects till 16th August, 2019 in RERA Punjab followed by Ludhiana (13% share) and Patiala (5.75% share). Firstly the maximum no. of real estate projects is in Mohali district. Secondly, awareness among the Tricity customers is very high. Also due to exorbitant prices in Chandigarh, the buyers are turning to Mohali for their housing needs as it has all the required infrastructure and facilities of a tier-II city. ...

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Realtors of Vishakhapatnam grieves over complex RERA Act

Saturday 31st August 2019

Even after 2 years of implementation of APRERA, developers continue to be less active. APRERA has over 300 RERA approved projects as the developer claims that unrealistic clauses in the Act have forced them to shy away from getting the mandatory approval from the RERA Authorities. Therefore due to inactiveness of developers APRERA has decided to take action against developers who do not fulfill RERA criteria. ...

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Rohtas building’s office seized by UPRERA

Saturday 31st August 2019

Over unpaid arrears of RERA and laborers, UPRERA allegedly seized Rohtas building’s office in Lucknow, UPRERA. As per sub-divisional magistrate, the owner of the building is absconding. Due to non-recovery of arrears amount of Rs.63 Lakhs and Rs. 999,000 towards RERA and laborers respectively building has been seized. The stern action has been taken against the builders as even after issuing several notices this seizure has been done. ...

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11 complaints resolved by UPRERA

Friday 30th August 2019

Out of the total 16 cases filed against the builders in the 8th Conciliation Forum meeting, UPRERA resolved 11 cases in its recent meeting. 10 cases which have been filed related to Supertech, 7 cases have been resolved and the rest complaints were related to APV Realty, Gaursons Promoters, Strategic Developers and Mahagun were too resolved. More than 600 conciliation requests have been received till date in the NCR Conciliation Forum. ...

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Raheja developers asked by NCLAT to settle disputes

Thursday 29th August 2019

Responding to the petition filed by Raheja developers challenging the order of NCLT to initiate insolvency proceedings on a petition filed by home-buyers, the NCLAT has directed the realty firm to settle its dispute with the home-buyers. NCLAT bench directed the IRP not to issue any public notice and also not to constitute a committee of creditors. Homebuyers are now considered as financial creditors under the IBC, 2016. The NCLAT directed to list the appeal filed by realty firm on September 3, 2019 for orders. ...

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HRERA claiming about punishing the Government in future

Wednesday 28th August 2019

Over the alleged non-usage of External Development Charges, the HRERA claims that it will look into penalizing the Government in the near future for the same. HRERA Chairman agreed that currently, RERA is not a complete code to oversee the Indian Real Estate Sector. There are major defects which need to be sorted out like variations in the decision of state RERA Authorities has created a lot of confusion, Section 80 of the RERA Act, 2016 dealing with Cognizance of Offences need to be dealt with. ...

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UPRERA needs more powers

Tuesday 27th August 2019

In order to avoid an overlap with the proceedings in the NCLT and other courts, UPRERA moved out of 2 stalled housing projects in Noida and also withheld 55 notices filed by homebuyers. UPRERA member said the limited powers granted to RERA needs a relook and few changes to make the regular more effective. If there is an overlap in a case where a project needs to be taken over and driven to the completion, the NCLT and other courts proceedings will prevail. ...

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Direction by MAHARERA to Epitome Residency

Tuesday 27th August 2019

Invoking Section 18 of the RERA Act, 2016 MAHARERA directed Epitome Residency to refund, with interest, almost Rs.2.4 crore for a flat booked on the 43rd floor of Imperial Heights Tower C in Goregaon for the delayed possession. To provide relief to the buyer, the argument of builder’s lawyer convincing that the delay reasons were beyond his control to issue the OC were also put down by MAHARERA. ...

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Insolvency proceedings inititated by NCLT

Tuesday 27th August 2019

Provoking Section 7 of the Insolvency and Bankruptcy Code 2016 NCLT has initiated a corporate insolvency resolution process against Raheja Developers. The builder was not able to supply the basic amenities like the supply of water. Hence, NCLT admitted buyer’s petition and ordered the builder to supply these amenities. To initiate the proceedings the buyer has been ordered to deposit Rs.1 lakh to the IRP to meet the expenses to perform the function within 3 days of the order. ...

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12 conciliation panels to be soon launched by MAHARERA

Monday 26th August 2019

To address issues between aggrieved consumers and developers and ensure timely completion of projects the MAHARERA will soon have 27 Conciliation panels across the state. Currently, 15 conciliation panels are in operation- 10 in Mumbai and 5 in Pune. The additional 12 panels will soon be launched for Pune, Thane, Navi Mumbai, Nashik and Nagpur. The panels comprise a consumer representative and a developer representative who interact with banks, homebuyers and builders for the timely completion of the projects. ...

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MAHARERA declares society as promoter

Monday 26th August 2019

A housing society in Vidyavihar has been declared as a co-promoter of the project by MAHARERA where the society has been penalized with Rs. 15 lakh for violation of Section 15 of the RERA Act, 2016. Section 15 states that prior consent of two-thirds of flat buyers and written approval of the authority is mandatory before transferring development rights. Revoking HC order MAHARERA held that since the society executed an agreement with the builder for the construction of a new building by demolishing the existing one and sell additional flats, it comes under the definition of the promoter. ...

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100 ghost realty projects identified by UPRERA

Friday 23rd August 2019

Around 100 ghost realty projects have been identified by UPRERA authority, which builders have abandoned leaving homebuyers and investors with no hope in sight. The authority has asked the Noida, Greater Noida and Yamuna expressway industrial development authorities to identify more such projects because the deadline to approve maps of these realty projects' building maps has elapsed. UPRERA wants the local authorities to conduct a survey to determine the actual number. ...

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RERA notice served to GDA

Friday 23rd August 2019

GDA was served with a notice by UPRERA over its failure to appear before the regulator in a case related to the Indirapuram housing scheme for the economically weaker section. The UPRERA bench has threatened the GDA officials to pass an ex-parte order if they do not appear on 29th August, 2019. As per RERA Rules, all development agencies and private builders are required to update their projects so that they can be accessed easily by the buyers and the status of the projects are in the public domain. ...

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Single Window system to be launched soon by UPRERA

Friday 23rd August 2019

UPRERA Chairperson clarified that the single window system will be launched in mid-September. Citizens and developers would be able to get maps approved, lodge complaints and secure progress reports and no-objection certificates for projects. All information about the facility will be made available online. Citizens will also be able to file complaints in case builder is delaying possession of a unit and also seek information about promoters. ...

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RERA should be amended to plug loopholes

Wednesday 21st August 2019

In an event organized by industry chamber PHDCCI, Gurugram RERA Chairman asked companies to make suggestions to the Government for necessary amendments to RERA Act to make it dispassionately objective for both builders and home buyers. In the current format, several sections and sub-sections of the Act are contradictory in nature and are open for many legal interpretations and therefore an amendment to them is necessary to get a fair deal so that the intended growth of the sector is ensured. Hence, the law should be amended to plug loopholes and make it more effective for the interest of all stakeholders. ...

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Step towards RERA Amendments by the Centre

Tuesday 20th August 2019

After receiving many valuable inputs at the workshops conducted, the Union Housing and Urban Affairs Secretary has confirmed at the 15th National Convention of the NAREDCO (National Real Estate Development Council) that the Government is working towards amending several provisions of the RERA Act, 2016 which will benefit both developers and homebuyers. The discussions will be initiated soon and changes would be made in the law wherever required. ...

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Fees increased to register projects with Rajasthan RERA

Monday 19th August 2019

The builders have to spend more money to register their projects with Rajasthan RERA. The authority has imposed standard fee along with registration charges. The new fees shall be applicable from 1st September, 2019. Also, apart from plotted schemes promoters of housing schemes will have to pay Rs.20 per square meter as a standard fee. Delayed penalty charges for registration of ongoing projects shall also be levied.  ...

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UPRERA approached by 100 shop-owners of IHC

Saturday 17th August 2019

Grieving over the case of double selling and misappropriation of funds by the builder, more than 100 shop owners of IHC approached the UPRERA and submitted a detailed report to it as they want to take-over the project and construct it themselves. The authority has ordered the promoter to provide a list of allottees in phase-1 for registration of sub-lease deed while the IHC buyers association were asked to provide the details of rent the builder was receiving from the tenants of the project. ...

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Delay possession charges to be paid ordered by HRERA

Saturday 17th August 2019

Exercising the power under Section 37 of the RERA Act, 2016, the HRERA ordered Emaar MGF Land to pay the delay possession charges @10.60% p.a. from the committed date of possession to the actual date of delivery of the property for its project Palm Hills situated in sector 77, Gurugram. Although being served with the notice, the developer didn’t appear and the concerned amount of charges are to be paid within 90 days from the order date. ...

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Direction to Ajnara, Gardenia, etc. by UPRERA to submit project completion plan

Friday 16th August 2019

A review meeting was held by UPRERA to ascertain the current status of Ajnara’s Ambrosia, Antriksh Valley, Sunworld Arista, Gardenia’s Golf City, and Gardenia Glory projects both physically and financially. A direction was issued by UPRERA to the above-mentioned projects to submit a completion plan of their respective projects. It has also directed the promoters to take up the certain initiative to regain the trust of buyers and assure cash flows for timely delivery of flats. ...

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Supreme Court warns local authorities in Amrapali Case

Wednesday 14th August 2019

The Justice of the Supreme Court warned the officials of Noida and Greater Noida authorities to comply with the July 23, 2019 order issued by it, thereby starting registration of flats in favor of Amrapali homebuyers within a month and also issue a completion certificate for the projects where homebuyers are already residing. It has also clarified that non-compliance of the said order can lead to imprisonment of the concerned officers in this case. ...

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Forensic audit ordered by GUJRERA

Wednesday 14th August 2019

Due to a dispute between the landowners and the promoters on account of land, the project incompletion has led to non-possession of the apartments of the project to the homebuyers. 42 of the 200 homebuyers approached GUJRERA for a project located at Bhayli, Vasna Road in Vadodara for proper action. Therefore, the GUJRERA will appoint an independent auditor as per the order issued by GUJRERA to conduct the forensic audit to verify the project receipts, payments, receivables, and payables, along with the estimation of work needed for completion of the project. ...

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Recommendations of CREDAI to the Finance ministry

Tuesday 13th August 2019

The apex body of the real estate sector, CREDAI, has presented its written recommendations to the Finance Ministry which includes that approving authorities (BMC) and other may be brought under the ambit of RERA to minimize delays. Other demands like a refund to allottees under Section 18 (1) of the RERA Act, 2016 may not be permissible in case of ongoing projects as it jeopardizes the project since the purpose of RERA is the completion of the project. Some other developer-friendly demands have also been made by it in the letter. ...

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HREAT clarifies that RERA can grant interest on delay in possession

Tuesday 13th August 2019

Dismissing 95 applications of builders, the Haryana Real Estate Appellate Tribunal (HREAT) clarified that the RERA is competent to handle the complaints where the claim is only for grant of interest simpliciter due to delay in delivery of possession and consequently award interest. It cleared that the adjudicating officer can only intervene in cases where the claim was for refund and compensation along with the interest. There cannot be two separate forums, i.e., one for regulating the development of real estate project and another forum to grant interest for delayed possession. ...

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MAHARERA should include unregistered projects

Tuesday 13th August 2019

The Union Minister of housing and urban affairs clarified that he would be writing to Maharashtra Chief Minister and MAHARERA to bring the unregistered projects under the ambit of RERA. Arguments were held that no amendment is needed in Section 4 (2) (c) of the RERA Act, 2016 to typically produce certificates for registration, registering projects without the certificates will bring huge unregistered projects under the ambit of RERA. ...

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Developers see big opportunity in J&K, Ladakh

Monday 12th August 2019

After the nullification of Article 370, the Indian real estate developers will invest in Jammu and Kashmir, and Ladakh region. The Chairman of CREDAI expressed his happiness that even during the tough times that the sector is facing the presence of a large number of developers to perform has motivated him. He added that there is a huge opportunity to develop infrastructure for tourism like golf courses, hotel, and other facilities. The problem of terrorism could also be addressed through development with the participation of local people. ...

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Realty sector issues to be resolved soon

Monday 12th August 2019

The Finance Minister Nirmala Sitharaman met developers, members of RERA and the homebuyers to understand the issues weakening the sector. The issues that were addressed in the meeting included the creation of demand, ongoing liquidity issues, stalled projects, and homebuyer’s interest. The Government has met industry representatives to revive the economy. The Chairman of CREDAI suggested that the RERA should be given due recognition in the resolution of legacy issues, adding that if finance institutions also come under the ambit of RERA, there is a possibility of faster resolution. ...

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RERA should be applied to Unregistered projects as per Punjab RERA Tribunal

Monday 12th August 2019

To provide a remedy to the consumers connected with the unregistered projects, the RERA Punjab Tribunal clarified that the jurisdiction of the RERA Applicability will extend to the unregistered projects too. Consumers of unregistered projects will not be deprived of RERA remedial measures. Quashing an order passed by the RERA Punjab authority, it has made cleared that promoters not registered with RERA shall not enjoy any premium for breaking the law and the provisions of the RERA Act, 2016 shall also be applicable on promoters of projects that are not registered with RERA. ...

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Bank accounts of builder seized by the UPRERA

Monday 12th August 2019

After no response to the notice issued by UPRERA to the Lucknow based builder slapping a fine of Rs.1 crore for not providing possession of the plots to the allottees even after 4-5 years, the team of UPRERA had sealed 2 bank accounts of the developer and seized assets valuing Rs. 1 crore at his office in Gomti Nagar. ...

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Registration of flat allowed in Bihar even if project not registered with RERA

Thursday 8th August 2019

The Bihar Registration Amendment Rules, 2019 was approved by the cabinet which clarified that registration of flats are still allowed even if the project was not registered with the RERA, Bihar provided any of the dwellings in that apartment had been registered with excise, prohibition, and registration department till 30th August, 2018. ...

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UPRERA confirms that collection account maintained by builders is wrong

Wednesday 7th August 2019

The correct practice of allocating money was that promoters have to receive all the amount in the separate account, firstly allocate 70% of the money in a separate account as per Section  4(2)(l)(D) of the RERA Act, 2016 and then remaining 30% in another account. It has been clarified that this 70:30 ratio has to be maintained from the inception of the project. The Chartered Accountants of RERA will be verifying all the project accounts maintained with different banks. ...

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Notice served by the RERA Bihar on defaulting builders

Tuesday 6th August 2019

After asking the real estate developers with the earlier order to submit the fund utilization declaration, now it has started singling out the particular builders who have not obeyed the order. Therefore, the RERA Bihar issued show-cause notices to 25 builders for the non-submission of audited statement of bank accounts of ongoing real estate projects for 17-18. The builders have also failed to submit the progress report of the ongoing projects. All these orders were issued to check the appropriate diversion of funds for an ongoing project. ...

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Modification in rules proposed by Madhya Pradesh RERA

Monday 5th August 2019

To ensure speedy dispute redressal in the legal procedures, the Madhya Pradesh RERA has proposed a modification in the RERA rules 27 and 28 that deal with the recovery of interest, penalty, and compensation, implementing the orders, etc. to have a district judge level officer as an executing officer with the powers of the civil court as well as revenue court so that the matters don’t get delayed and orders get executed in their true spirit. ...

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Noida authorities moved to Supreme Court for Amrapali Dues

Saturday 3rd August 2019

An order passed by the Supreme Court was provisioned for the safety of homebuyers and not for the authorities. Therefore, the Noida and Greater Noida authorities have filed an application in the Supreme court in the Amrapali case, seeking clarity on how to recover their dues of Rs. 5400 crore. The authorities have attached the 12 properties of the developer and still, their dues are pending. ...

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Own use of property do not require RERA registration with TNRERA

Friday 2nd August 2019

The “Usage Factor” matters, as clarified by the TNRERA authority. A clarification has come which states that if the projects are meant for developing the properties for personal use/ builders letting them out on rent, there is no need of RERA registration of such housing projects with the TNRERA authority. Any kind of ceiling limit of 500 square meters or 8 units of flats need not to be followed for such usage. ...

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NCLT opinion was sought by UPRERA before deregistration

Friday 2nd August 2019

Due to duplicacy of the jurisdiction in resolving consumer grievances, an issue has arisen where due to 1 investor seeking a refund on his investment with NCLT consequence of which an Interim Resolution Professional has been appointed, all the UP-RERA proceedings have been put on hold and the rest buyers who have approached UP-RERA are now in a fix. Therefore, UP-RERA has asked for NCLT's opinion before de-registering the project of Airwil Intelicity in Greater Noida jurisdiction. ...

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Warning by TSRERA to the public about unregistered projects

Thursday 1st August 2019

Failing to comply with so many reminders given by the TSRERA authority regarding registration of projects to the builders for the properties which have been sanctioned permissions between January 1, 2017 and August 31, 2018 along with last deadline of Rs 3 lakhs penalty  till 31st July , 2019, the TSRERA Chairman informed in a release that such projects will be published with their names in press for cautioning the public not to purchase such unregistered projects apart from levying penalty on those projects. ...

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RERA amendment must be done

Wednesday 31st July 2019

Pointing out some of the loopholes in the RERA Act, 2016, the chairman of Haryana and Madhya Pradesh suggested to bring in more transparency by making necessary amendments into the original act. They portrayed that the duplicacy of jurisdiction for dealing with the grievances should come to an end. RERA should be the only place for dealing with the homebuyer’s grievances and any violations of provisions of this act. In order to keep its credibility, RERA must be given more powers to implement its decisions. ...

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Panels setup by MAHARERA to revive the stuck realty projects

Wednesday 31st July 2019

In order to fulfill the prime objective of the RERA Act, 2016 to give relief to all the stakeholders associated with the project, the MAHARERA has created unique resolution panels comprising of Consumer representative and a Developer representative. The panel will interact with banks, homebuyers, and builders who could potentially take over the project to complete it on time. With the motive to protect the consumers from the loss of decreasing prices of property which could be held under the right given in IBC rules a mid-way has been found by creating these panels. ...

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Forensic audit of all the 3C projects ordered by UPRERA

Wednesday 31st July 2019

The directions have been issued by the UPRERA to Noida and Greater Noida authorities to launch a forensic audit into the financial and landholdings of the 3C company. All the 21 projects launched by 3C shall be inspected for financial misappropriation for which the time period of 2 months has been given to the local authorities to submit their reports to UPRERA. All the housing projects introduced between 2010 and 2012 by the 3C company are yet to be delivered to the homebuyers.   ...

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Stress fund to be proposed by the UPRERA to complete pending projects

Monday 29th July 2019

In order to provide financial help to the stressed homebuyers and to improve liquidity issues for the promoters, the UPRERA is all set to propose the creation of a stress fund to complete the pending realty projects at its board meeting in Lucknow after which it is likely to send it to the UP Government. Knowing the huge count of flats that are pending where builders are in a financial mess the Government needs to enter this situation to help the cash-strapped builders with initial liquidity. ...

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Notices issued to RERA and DDA by the Delhi High Court

Friday 26th July 2019

On the public interest litigation filed by a financial economist contending that the DDA has violated the real estate regulation laws by not registering its housing scheme of 2017 and 2019 with the RERA authorities, the Delhi High Court has issued notices to the RERA authorities and DDA (Delhi Development Authority) seeking their stand on the petition for which the next hearing is due on 19 November, 2019. The petition claimed that the DDA did not provide to RERA a copy of the authorized prospectus of the sanctioned plans of the projects under the two schemes. ...

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RERA notified in 30 states

Thursday 25th July 2019

Replying to the Supreme Court’s query on the status of implementation of RERA in states, the Centre reported the court that around 42726 housing projects and 33906 real estate agents have been registered under the RERA Act, 2016 and more than 20,000 complaints have been resolved under this Act till date. The process of RERA implementation is still under progress in states like Meghalaya, Nagaland, Sikkim. Around 29 states/ UT’s have set up the RERA Authority and 22 states/UT’s have set up the RERA Appellate Tribunal. ...

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30% complaints resolved by Karnataka RERA

Thursday 25th July 2019

Out of total 3958 complaints registered with Karnataka RERA against builders, around 1174 complaints have been resolved comprising of 30% of the total complaints received. Still, 2700 complaints are being heard currently and will be resolved at the earliest. However, in about 150 cases buyers have withdrawn their complaints after working out a compromise with the builders. ...

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A plea seeking replacement of West Bengal’s HIRA with RERA will be heard by the Supreme Court

Thursday 25th July 2019

A petition filed by the group of activists from Kolkata seeking an order to declare HIRA as ‘ultra vires’ as per the Constitution and to replace the HIRA with the RERA Act, 2016. Putting Article 254 of the Constitution as their main point they have clarified that if any provision of law made by the legislature of a state is in contravention to any provision of a law made by the Parliament, then the law made by the Parliament shall prevail, hence seeking to declare HIRA unconstitutional and void. Finally, the Supreme Court has agreed to hear a plea seeking direction to West Bengal’s HIRA with RERA Act, 2016. ...

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Realty check in Kerala

Wednesday 24th July 2019

As per the latest status report from the Ministry of Housing and Urban Affairs, even after 3 years of the RERA Act, 2016, Kerala remains the only southern state that neither registered a project nor disposed of any complaint in the realty sector. Also, any information about the report of the committee constituted to select the chairperson and 2 members of the RERA has not been disclosed. ...

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Supreme Court cancels the RERA Registration of Amrapali Group

Tuesday 23rd July 2019

To provide relief to the homebuyers, the Supreme Court recently has canceled the registration of Amrapali Group under RERA, thereby banning the real estate company from undertaking any housing project even in future. Therefore to complete the 42000 flats in various projects of the Amrapali Group, the state-run builder NBCC (National Buildings Construction Corporation Limited) has been engaged. Also, the court has ordered Money Laundering cases to be registered against the Amrapali Group MD and CMD. ...

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MREAT revoked MAHARERA orders of penalty

Tuesday 23rd July 2019

Invoking Section 3 of the RERA Act, 2016, where a project registration is not required if either the developable area of the project is less than 500 sq meter or the number of units are less than 8, the MREAT (Maharashtra Real Estate Appellate Tribunal) has quashed 2 MAHARERA orders penalizing a developer for not registering his project. The MREAT order exempted the developer Geetanjali Aman Constructions from registering the project with the MAHARERA and also set aside the Rs. 30 Lakhs penalty imposed on the firm. ...

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UPRERA heard 16 cases in 6th Conciliation Forum meeting

Saturday 20th July 2019

To provide speedy dispute redressal to the concerns of the promoters and the buyers the UPRERA Conciliation Forum authority heard a total of 16 cases in the 6th Conciliation Forum meeting held in NCR. It has resolved total 7 cases of Supertech. Apart from this, 3 cases related to Jaiprakash Associates, one case each of ATS Homes, Gaursons India, SVP Builders India, Arihant Infra Realtors, UP Township Infrastructure and Vacational Education were also heard. ...

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Supreme Court seeks status of implementation of RERA Law

Friday 19th July 2019

After seeing the grievance status of the homebuyers despite the establishment of the RERA Act, 2016, the Supreme Court has taken a decision to know the status of implementation of the RERA Act, 2016 across all the states. Several states have proxy authorities in place and some of the states have not even constituted the Appellate Tribunal. The Court has witnessed an improper implementation of the RERA Act, 2016 in many states due to which it has demanded the list of all such defaulting states by 23rd July, 2019.   ...

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MAHARERA revives the Choksi’s project

Friday 19th July 2019

Using the powers under section 7 and 8 of the RERA Act, 2016 MAHARERA revives the project of construction of 20 storey Tatva Urja in Borivali East which was left by the absconded Mehul Choksi. The project will be resumed by Laxmi Infra Developers Ltd. The developer has agreed to complete construction within 9 months and will be given three months grace period to get Occupancy Certificate by February 2020 as per the consent terms. ...

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DTCP barred junior officials from issuing OC’s in Gurugram

Wednesday 17th July 2019

DTCP (Department of Town and Country Planning) canceled 165 OC’s (Occupation Certificates) last month due to various illegal constructions. The district town planner ordered that the certificate will not be given till an assistant town planner-level official visits a site and gives approval that also has to submit a video of the site that is recorded during the visit. Any violation found in this regard will lead to blacklisting of the concerned architect.   ...

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MAHARERA tied up with CREDAI to train construction workers

Tuesday 16th July 2019

MAHARERA Chairperson announced a tie-up with the real estate association CREDAI for training workers in the MAHARERA registered sites in the state over 5 years. The chairperson is urging developers and contractors to get their workers registered with the state’s board of Building and Other Construction Workers (BOCW). It is not only for compliance, but there are several benefits of registration. As per the estimation, the number of 15 lakhs is certainly achievable. ...

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Relief claimed by the residents for structural defect under MAHARERA

Monday 15th July 2019

Due to the collapse of the compound wall of Alcon Stylus which was a support to the open parking area killing over 15 construction workers living in makeshift shelters in an adjacent plot, structural defects can be claimed by the residents. The Act clarifies that the residents can claim damages for any structural defect within a period of 5 years from the date of handing over of the possession. It is the duty of the promoter to rectify such defects within 30 days or pay appropriate compensation irrespective of the registration period. ...

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MAHARERA orders auction to compensate to the homebuyers

Friday 12th July 2019

The accusations and nicknames like toothless tiger awarded to the RERA authorities have been proved wrong when it has initiated the process of auction of the clutch of properties belonging to Ravi Developers in Kandivali which will be carried out by the Suburban Collector’s office on August 6, 2019. The auction will give heart to thousands of home buyers who were not given timely possession of their apartments by the builders who were thereby paying EMI’s for housing loans for years beyond the date of possession. ...

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20,000 complaints disposed off under RERA Act, 2016

Friday 12th July 2019

According to the reliable sources, as on June 30, 2019 around 20,000 cases have been disposed off through prescribed grievances redressal mechanism under the provisions of the RERA Act, 2016. RERA provides proper protection to homebuyers, and the states were given powers by the law to notify their respective rules and appoint regulatory authorities. ...

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The 3C Green Developers served with SCN by the UPRERA

Thursday 11th July 2019

Due to non-compliance of the terms and the conditions of the lease deed and the sanctioned plan, the UPRERA Authority issued SCN (Show cause notice) to the 3C Green Developers asking as to why the registration of the project Lotus Yardscape Phase-I in Noida be not revoked which is to be replied within 30 days. The 3C developers were trying to implement the project with the help of Prateek Group. Also, the builder had no intention to complete the project.   ...

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RERA Bihar fined a defaulting firm with Rs. 25 Lakh

Thursday 11th July 2019

Phenomenal Projects, a Patna based Real estate firm has been imposed a penalty of Rs.25 lakhs under section 59 of the Act (negotiated 5% of the estimated cost of the project) by the RERA Bihar Authority for non-compliance of the provision of Section 3 of the RERA Act, 2016. The promoters had advertised the project without registering it with the RERA Authority. The firm has been given 60 days time to pay the penalty amount. ...

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99% of the cases filed in GUJRERA settled by the builders

Thursday 11th July 2019

Between July 2018 and till now the GUJRERA Authority has heard and disposed of 220 cases filed by the homebuyers under section 31 of the RERA Act, 2016. Surprisingly, out of 220 cases, there is just one case, which has been found on which the GUJRERA Authority has levied a penalty of Rs.5000, otherwise, the rest 219 cases were settled by the mutual consent of both the parties before the issuance of the final order. ...

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RERA Bihar Appellate Tribunal to be live soon

Wednesday 10th July 2019

The Chairman of the RERA Bihar declared that the official functioning of the Appellate Tribunal of RERA in Bihar will start within the next 20 days where the unsatisfied builders or real estate buyers can appeal to the tribunal. Also, the accounts and finance team of RERA will now keep a tab on the accounts of builders to ensure that all the money invested by the consumers is being used for that project only. ...

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MPRERA freezes bank account of SVS Buildcon’s project

Thursday 4th July 2019

To protect the interests of homebuyers, MPRERA has recently decided to suspend the registration of Uni Homes project by SVS Buildcon and ban and freeze the bank accounts. The RERA Authority has banned the registration of sales letters and has recognized the project as invalid. Despite many reminders issued to the project to submit the reports, it has turned deaf ears to the notices. ...

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9 developers were served notices by the RERA Rajasthan

Thursday 4th July 2019

For allegedly violating the norms the authority canceled the registration of one project while issuing SCN (Show cause notices) to others for advertising their projects without getting registered under the RAJRERA. After examining that the land does not belong to the promoter allegedly claiming that the land belongs to him, the RAJRERA canceled the registration. The developers have issued notices u/s 35 (1) of the RERA Act, 2016 to advertise without registration for which seven days are given to explain their action. ...

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TSRERA to soon launch Grievance Redressal Mechanism

Tuesday 2nd July 2019

Still lacking behind in launching Complaint section on its website, TSRERA is now getting ready to start Consumer Grievance Redressal Mechanism from July by forming 10 member body comprising of representatives of the industry and residents welfare associations. For the time being, they are accepting written complaints until an online mechanism to register grievances becomes operational.   ...

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GUJRERA issued first warrant against Vadodra builder

Friday 28th June 2019

GUJRERA issued the warrant on June 12, 2019 to the Vadodara District Collector to recover 28.27 lakhs from a builder, Kalpesh Raiyani for not giving possession of a flat he promised to his customer in his scheme Dove Deck project on Ajwa Road. On October 29, 2018, the GUJRERA has ordered the builder to return the money with 8.45% interest. The builder was also asked to pay Rs.30,000 extra towards compensation. The builder did not honor the authority’s order and hence recovery warrant has been issued. ...

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Official Delhi RERA Portal launched

Thursday 27th June 2019

Although previously the portal for Delhi RERA existed, the main activities were carried out through Offline mode only. Therefore to promote transparency and accountability in the Real Estate Sector, the Lt. Governor Anil Baijal announced the launch of the official portal of RERA in the state (https://rera.delhi.gov.in). Soon to have features of Interactive Forum for knowledge sharing with other RERA’s. ...

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Petition filed against qualification of GUJRERA members

Wednesday 26th June 2019

The Petitioner Title Investigators & Conveyancing Advocates’ Bar Association has challenged the appointment of the chairman and members of the authority claiming that the required qualifications were not considered while appointing the Chairman and Members of GUJRERA. They have also challenged the Circular issued on May 23, 2019 about the format of the ‘Agreement to Sell’ for real estate projects. The next hearing is due on July 8, 2019 to decide the matter.  ...

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A plan to setup common platform for RERA of all states

Wednesday 26th June 2019

In order to make RERA “more strong,” the Centre has planned to setup a common online platform for the RERA of all states and UT’s. Through an online platform, any state RERA can study an order of other states in a particular matter. Also, homebuyers and builders can give their views on the issue. As per the norms of Pradhan Mantri Awas Yojana (Urban), home-buyers will not be able to avail Credit Linked Subsidy Scheme (CLSS) under the mission if real estate project is not registered under RERA. Under PMAY (U), home-buyers can avail an interest subsidy of upto 2.67 lakh. ...

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RSC reports 262 illegal projects to UPRERA

Tuesday 25th June 2019

Satellite images took by the Remote Sensing Centre (RSC) on the directions of UPRERA revealed that there are 262 illegal projects on the outskirts of Lucknow for which no records were found in LDA or Zila Panchayat. About 106 projects in Zone-1( Sitapur-Faizabad road), 85 in Zone-2 (Faizabad- Rae-Bareli Road) and 71 in Zone-3 (Rae- Bareli- Sitapur Road). After obtaining a detailed report from RSC, actions will be taken by the local authorities. ...

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UPRERA fines Ansals Rs. 1 crore

Tuesday 25th June 2019

Due to certain conditions imposed on Ansal API in October, 2018 for transfer of assets, no sale or mortgage by UPRERA, non- compliance of which has imposed Rs. 1 crore fine on them for which they have been given a month’s time to deposit. The UPRERA has also ordered the builder to investor’s money in the designated escrow accounts of the project. However, the decision to de-register Ansal’s projects has been deferred until the payment of the fine. ...

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Homebuyers not able to get compensation under Karnataka RERA

Monday 24th June 2019

Lacking the powers to enforce the orders RERA has referred the cases to Deputy Commissioners (DC )of districts asking them to auction properties of defaulter developers and pay out compensation. RERA has referred many cases to DC where the compensation ranges from Rs. 2 lakhs to Rs. 1.5 crores. Frustrated over the delay some consumers have compromised with builders and some of the cases have been settled without any compensation. ...

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Public body selling land to builders cannot be made co-promoter in MAHARERA

Thursday 20th June 2019

After receiving complaints from Navi Mumbai builders who are members of CREDAI- MCHI (Raigad) the MAHARERA order clarified that the City and Industrial Development Corporation (Cidco) cannot be made a co-promoter when it has sold the land to the builders in which off-site infrastructure around the plot is not mandated to be done by Cidco. In otherwise case, the builder can include Cidco as a promoter (land-owner).   ...

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UPRERA calls actual buyers of Unnati Fortune’s project

Wednesday 19th June 2019

Invoked by Section 7 of the RERA Act, 2016 to step-in and facilitate completion of abandoned projects the UPRERA Authority has initiated the process by calling out actual owners of flats to weed out multiple allottees. Initially, it was difficult to know about the true buyers, but the fresh registration of all the buyers would help for the same. The developer of this 1500 crore project has left the country for which a new developer has been chosen by the buyers to complete their project ...

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MAHARERA penalised the developer for over Rs.1 crore

Tuesday 18th June 2019

An ex-parte order was passed by MAHARERA’s Pune bench directing the realty company Yemul and Sancheti Associates to pay over Rs.1 crore along with the accrued interest to petitioner Manjusha Bhusari to whom he owed a flat for which the land was acquired by him for Rs. 3.75 crore and only Rs.25 lakhs had been paid so far to the owner. Neither had he completed the construction nor has he given some more amount of consideration. ...

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MAHARERA orders the developer to refund the homebuyer’s money

Monday 17th June 2019

The MAHARERA has ordered the developer of Marathon Nexzone project in Panvel to refund a sum of Rs. 86 lakhs and Rs.50.16 lakhs with 10.75% interest- a cumulative amount of two homebuyers as the developer has failed to give possession as promised in the agreement. Since the developer revised the possession date to December 31, 2020, and the homebuyers had a home loan, therefore, they sought to withdraw and seek a refund. ...

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Advertisement expenses not to be claimed from separate account amount in MAHARERA

Friday 14th June 2019

Although Section 4(2)(I)(D) clearly specifies that the 70% funds in separate account can be used only for construction, but to clarify thereon the MAHARERA Rules has made an amendment to specify that the developers can no longer claim expenses of Advertisements, promotions, all the marketing costs, etc. from the 70% amount. It can be claimed from the remaining 30%, which means that more money will be available for completion of housing projects. ...

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UPRERA finds 57 illegal residential projects

Thursday 13th June 2019

Satellite images taken by the Remote Sensing Centre (RSC) on the request of UPRERA has helped to identify 57 illegal projects on the outskirts of Lucknow. The inspection was initiated due to the complaints lodged by 2 allottees in March. More than 150 cases have been observed where the builders have asked for more registration money than 10% value specified in Section 13 of the RERA Act, 2016. Although notices would be served to them by UPRERA, buyers need to be more cautious about the registration of a project with the local authority. ...

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No progress in the work of Greenopolis despite the order of HRERA

Monday 10th June 2019

Though HRERA has ordered the developers of Greenopolis in Sector 89 to complete 600 flats by July 31, 2019 still the project has seen no progress thereafter. Around 1800 flats had been sold in the project in which the buyers had already paid over 80% of the price to the builders. The buyers are grieving over the siphoning off their money as no answers are being received from the developers. ...

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UPRERA tells local authorities to keep an eye on Encroachment

Friday 7th June 2019

UPRERA Authorities alerted the local authorities about the need to regulate illegal construction at Shahberi-a rural area beyond Noida extension. Expanding encroachments has become a common problem in most areas and need to be controlled. Shahberi’s land is under legal stay from Allahabad High Court and any construction there is illegal. Any detection of work there is likely to be sealed and demolished.   ...

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Title Insurance not so developed concept in MAHARERA

Thursday 6th June 2019

While the RERA Act, 2016 mandates the purchase of Title Insurance for all new and ongoing property projects registered with the Authority, the concept of Title Insurance has not taken off so well in the state. Title Insurance is a form of Indemnity Insurance which insures builders and customers against financial loss from defects in title and from the invalidity of mortgage loans. Due to the high premium charged, calculation of which is currently being done on project cost, many approved products of insurers for Title Insurance have not gained any attraction.   ...

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Revival of NRI’s interest in real estate after RERA

Wednesday 5th June 2019

Past experiences of project delays have resulted in investors shying away from the Under-construction projects. From being the most attractive segment for NRI for investment purposes it has gone on to take the back seat. However, after the introduction of Real Estate Law (RERA Act, 2016) it has shown the sign of revivals making Hyderabad the highest NRI Search sessions, followed by Mumbai and Bengaluru. A stronger dollar has renewed NRI Interest in India’s property markets improving 30-40% from last year.   ...

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MAHARERA activates Non-execution tab during the appeal process

Tuesday 4th June 2019

 After following a writ petition filed by 69 year old Kandivali home buyer in the Bombay High Court, MAHARERA has now changed the process and activated the non-execution tab from which the homebuyers would be able to file application for non-execution of the orders given by the Authority while the appeal process is on, but will hear the application only after the mandated 60-day period is over and after checking the status of the appeal with the Tribunal.  ...

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Hefty Penalties levied by Bihar RERA

Monday 3rd June 2019

For non-compliance of Section 3 of the RERA Act, 2016 which states that a builder is not allowed to advertise, market, book, sell or invite people to purchase in any manner any plot, apartment or building in any real estate project without registering the project with the RERA Authority, the authority has slapped penalty of Rs. 32 Lakhs on Aryavart Lifespaces Pvt. Ltd. and of Rs. 27 Lakhs on Patligram Builders Pvt. Ltd. It has asked them to pay the fine within 60 days of the issuance of the order.   ...

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MAHARERA Rules plea to cover Rehabilitation component under RERA

Saturday 1st June 2019

To end the long wait for consumers to be compensated under the Rehabilitation scheme, the MAHARERA officials have sent a letter to the Chief Minister of the State to get the approval of this amendment proposal. It would bring in over 10000 Slum and Housing Area projects under the ambit of the RERA Act, 2016 with a specific deadline for registration. It would benefit around five lakh families. Many officials said if all redevelopment projects were brought under RERA then many housing societies would be relieved because they would not have to approach courts.   ...

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Jharkhand RERA gave 3 months deadline to ongoing projects

Friday 31st May 2019

Due to administrative issues it took some time for Jharkhand RERA to become fully functional, with all those ground works over, it now focuses to strengthen and streamline its functioning to meet its objective with which it is formed. So far 100 projects have been registered across the states which in reality are far more than this.  After receiving regular complaints from the aggrieved customers it has now given a final three-month window to all such erring builders who have failed to register, as a failure of which strict penalty actions shall be taken.   ...

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UP-RERA to set up SIT to investigate Unnati Fund Diversion

Friday 31st May 2019

UP-RERA has requested the State Government to institute a SIT (Special Investigation Team) to track how and where Unnati Group has diverted the funds of Rs.147 Crore raised from the buyers. As per the sources, it is known that the amount was generated by allotting over 100 flats each to two or three buyers. UP-RERA officers assured the buyers that it would not affect the progress of the work in Phases 3, 4 and 5 which will be completed by a co-builder following Section-7 of the RERA Act, 2016, which makes provision for UP-RERA to step in and facilitate completion of abandoned projects. ...

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Sanctioning delay holding the projects in Haryana

Wednesday 29th May 2019

HRERA Chairman himself admitted that the Government agencies which are sanctioning the approvals of projects should be held equally responsible for delay as they take their own time to approve the projects. To ensure speedy actions, HRERA for the first time had directed that the application forms for buying a flat under affordable housing scheme should be available at the Government offices. ...

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RERA being blamed for inaction in Karnataka

Wednesday 29th May 2019

Blaming cycle continues when 37% of 2581 projects registered under RERA Karnataka fails to meet the completion deadline. According to the RERA Act, a builder has to declare the completion date at the time of registration and in case of failure to meet the deadline, he can seek extension once for a maximum of one year.  In case the project is not completed within the maximum allowed time frame the RERA can confiscate his escrow account and initiate legal action. The authority seems to be helpless in this case. ...

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Land market tightened by RERA in Rajasthan

Monday 27th May 2019

Many homebuyers have approached JDA (Jaipur Development Authority) to complain about the colonies which are not made as per the approved plan. In order to lure the homebuyers, these colonies firstly offer many facilities and construction is done oppositely to make more money. The illegal business of non-regularised plotted colonies on agricultural land continues to flourish in the state capital leaving homebuyers in a fix. For the regularised market, the Urban Development and Housing (UDH) department has implemented RERA to check the authenticity of projects.   ...

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Major step taken by UP-RERA to de-register the project

Saturday 25th May 2019

After many strict warnings served almost 3 months ago to Unnati Fortune’s Aranya, located in Noida Sector-119, regarding financial irregularities and funds diversion by it, the de-registration order was served based upon the information collected, inspections made of the site, complaints registered with UP-RERA and non-compliance of the provisions of the RERA Act. The order de-registered Aranya phases 3, 4 and 5 under section 7 of the RERA Act on the project which is valued over Rs.1500 crore. This step is serving as a warning to other builders as well. ...

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Non- execution of RERA orders puts homebuyers in stress

Thursday 23rd May 2019

Another RERA battle awaits homebuyers due to non-execution of RERA orders passed. Several RERA orders passed which favored homebuyers have not been executed. The wait continues for them even after 3 years of RERA. Although provisions are there for non-execution of orders passed which states that the District Magistrate shall recover the dues as arrears of land revenue. The money so recovered is deposited in RERA Account and from there it is transferred to the beneficiaries of the RERA Order.   ...

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16 Real estate projects registered under RERA in Delhi, 72 complaints received against the builders

Wednesday 22nd May 2019

 According to reliable sources, only 16 Real estate projects have been registered under RERA in the National Capital and against which 72 complaints have been received against the builders. Out of 72 complaints, the authority has resolved 24 complaints till last week. Such shocking data has been observed in the capital of the country. ...

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Industry demanding separate RERA Bench in Indore

Tuesday 21st May 2019

To aid early resolutions for stuck projects some industry experts and realtors are demanding a permanent bench of RERA for Indore so that speedy redressal of disputes becomes possible as there is only one RERA team visiting Indore thrice a month for the hearings. An anonymous member of CREDAI, also complaining that RERA is only penalizing builders, it should extend its scope to help builders in getting funds so that early completion of projects is possible. ...

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Finally, Kerala to have Real Estate Regulatory Authority

Monday 20th May 2019

Despite the RERA Act, 2016 imposed by the parliament in May 2016, Kerala is among the few states in the country which has not established the RERA Authority and Appellate Tribunal under the Act. According to the sources it is likely to notify the RERA Authority soon after the declaration of election results.  Although in 2018, it had set up an interim authority the system has remained more or less dysfunctional with no registrations or complaints received. ...

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Work being at standstill in Highland Park, buyers go to RERA (20/5/19)

Monday 20th May 2019

Even though the buyers had paid 90% of the amount, the construction is only 45-50% complete in Ansal Highland Park project in Sector 103 of Gurugram. The construction work has not seen any progress in the last six months as a consequence of which more than 600 homebuyers are bearing financial difficulties of paying high rent, EMI on housing loan and legal fees battle against the developer. To save their hard earned money the homebuyers association filed a case in HRERA, Gurugram. ...

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TNRERA having jurisdiction over exempted structurally completed projects

Friday 17th May 2019

After receiving many complaints regarding fake structurally completed projects near Chennai that were previously exempted from TNRERA due to section 2h(iii) of the rules which covered the areas under the Directorate of Town and Country Planning (DTCP), an order has clearly given the right to the authority to take complaints and issue notices to developers even for structurally completed projects that are still delaying the delivery of the apartments. They misused the section to not register with the TNRERA. ...

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MAHARERA orders developers to adhere to realistic deadlines

Friday 17th May 2019

After many cases observed where the developers were tending to push ahead of the deadlines of possession date in order to avoid penal proceedings, MAHARERA passed an order instructing the developers to set feasible and realistic deadlines depending on the work and timeline. It has clearly mentioned that the developers won’t be able to change possession dates without putting up a notice on the MAHARERA Website unless there is some national calamity or pressing situation. ...

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UP-RERA directs the local authorities to even register those projects which are outside the planning area

Wednesday 15th May 2019

Due to 1000 complaints received with respect to projects and promoters outside the planning area, the UP-RERA has directed the local authorities to start the registration of the projects. Using the power of Section 3 of the RERA Act it can direct any promoter to register a project which is even outside the planning area in order to protect the interests of the buyers. It has clarified that a project can be registered in RERA only if the layout of the plan has been approved by the concerned local authority. ...

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No. of complaints have dropped by 40% in Madhya Pradesh RERA, indicating a good sign

Tuesday 14th May 2019

Amongst the three RERA centers in the state, Indore gets highest no. of complaints from customers, followed by Gwalior and Jabalpur. In the past two months, Indore has shown good signs where cases have dropped significantly from over 100 to just 60 per hearing. As they are getting resolved gradually, new complaints are very few indicating increased compliance resulting in fewer grievances from the customers. ...

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MAHARERA has wide jurisdiction over all the projects

Monday 13th May 2019

The jurisdiction of the MAHARERA Authority is not lost just because of the receipt of the Occupancy Certificate or on completion of the project or when the possession is offered. The RERA provisions are applicable to agreements executed even before its effectiveness and also the authority can adjudicate despite an arbitration clause in the agreement. The ruling came when MAHARERA ruled in the favour of the homebuyer directing the developer L&T Ltd. to pay Simple Interest at 10.75% on Rs.4.69 crore from October 1, 2017, for delayed possession. ...

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UP-RERA plans to resolve the story of Abandoned Projects

Friday 10th May 2019

UP-RERA has estimated that there could be 100 abandoned projects which have been left midway by the builders and have exceeded their completion date. It will soon work out to adopt them and resolve their fates. Also, around 300 projects have dodged UP-RERA registration which will soon get notices for the Imposition of Fine @10% of the project cost ...

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Fire norms not being followed by the developers in Telangana

Friday 10th May 2019

To ensure Security for the Registered Housing Projects, RERA has notified Fire Safety Norms which needs to be followed by the developers. As per the rules, building taller than 15 meters should obtain a No Objection Certificate (NOC) from the fire department whereas those below 15 meters should obtain NOC from the Greater Hyderabad Municipal Corporation. Most of the projects which are registered with Telangana RERA have not obtained NOC’s from the fire department. ...

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Upsurge in complaints by buyers, RERA opens 3rd bench in Noida

Wednesday 24th April 2019

Brimming with an unprecedented number of complaints by homebuyers, Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) opened its 3rd bench in Greater Noida to hear those complaints. According to UP-RERA members, nearly 25 complaints are registered on a regular basis along with an approximate hearing of about 100-150 cases regularly.  As the complaint portal was brimming with complaints, the authority couldn’t sustain on two benches, as a result it opened the third bench for efficiency and effectiveness. ...

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UP-RERA devises a committee to oversee the Intellicity Business Park

Tuesday 23rd April 2019

A committee has been devised by UP-RERA to superintend funds and construction activity in Intellicity Business Park situated in Greater Noida. R.D. Paliwal, UP-RERA conciliator has been appointed as the chairman of the committee. Promoters of the company i.e. Manoj Kumar Choudhary, Anil Ram Sutar, Vikas Bhagat and six home buyers will also be part of the committee. ...

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Penalty of Rs 3,00,000 levied by TSRERA on ongoing builder projects

Thursday 18th April 2019

As per the TSRERA rules, projects which are approved on or after 01-01-2017 by the competent authorities are to be registered with TSRERA. The deadline to register the projects without penalty was 31.08.2018. TSRERA has one more time extended the date for accepting the application for registration of ongoing projects to 30 april 2019 with a penalty of Rs 3,00,000. If the builder does not agree to pay the penalty his application shall be processed as per the provisions of Section 5(1)(b) of the Real Estate Regulation and Development act 2016. ...

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Scheduled Banks notified by UP-RERA to strictly comply with RERA Act

Thursday 11th April 2019

With the main aim to circumspect the separate accounts of developers and promoters, Uttar Pradesh Real Estate Regulatory Authority (UP- RERA) has issued notices to zonal heads of 42 Scheduled Bank along with the Director General, UP Directorate of Institutional Finance asking them to strictly comply with RERA Act. ...

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RERA penalizes 300 developers in Gujarat

Wednesday 10th April 2019

As a repercussion of failing to file the mandatory quarterly progress reports over the last nine months, more than 300 promoters and developers have been fined by Gujarat Real Estate Regulatory Authority (GujRERA) across Gujarat. A fine of ₹50,000 has been levied by the authority on almost all the developers for non compliance with the Authority’s orders. ...

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Supertech got issued by H-RERA for selling projects without permission

Wednesday 20th March 2019

Troubled developer Supertech initiated the sales for four registered projects without due permission from the authority. As a repercussion, it has been issued a showcause notice by Haryana Real Estate Regulatory Authority( H-RERA). The developer is directed to respond to the notice within a week by the authority. Under sections 15(1) and 61 of the Real Estate (Regulation and Development) Act, 2016, a developer has to seek permission from the authority before it can start selling a project. ...

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Experts postulate: RERA yet to fix malpractices in real estate sector

Wednesday 13th March 2019

Real Estate Regulatory Authority (RERA), implemented with the ostensible purpose to bring about transparency in the real estate sector, is yet to consummate its goal. The body lacks adequate amount of bandwidth required to look over the details of over 19,000 registrations that were granted by the body in the state uptil now. The adjudicating officers themselves have powers to look at only certain sections of the act, while the main powers are bestowed only upon the members. ...

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Karnataka RERA’s new chairman- MR Kamble

Wednesday 6th March 2019

The vacant place of the chairman of Karnataka Real Estate Regulatory Authority (K-RERA) has been filled as MR Kamble, a retired IAS officer, has recently been appointed as the new chairman of K-RERA. K-RERA embodied a three member team who appointed the new chairman of the Real Estate Authority apart from setting up a tribunal with the high court judge as a part of it. ...

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6 IAS officers in 19 months: recurrent switches results in RERA-Karnataka ineffective

Tuesday 5th March 2019

With the purpose of aiding the homebuyers and making the real estate sector more transparent, RERA laid its foundation in the state of Karnataka almost an year ago. Such a purpose has received a setback due to frequent transfers of officers rendering the authority toothless. The institution also lacks the mandatory authority comprising a chairman and two members. ...

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Only 5% Real Estate Agents registered under RERA in Punjab

Tuesday 5th March 2019

Its been more than almost 1.5 years that RERA laid its foundation in the state of Punjab but only 5% of the real estate agents of the state have registered themselves with the authority. With the state having more than 30,000, only a minute section of 1,461 agents have been registered. However, RERA Act mandates all property agents to register themselves with the authority. Therefore, RERA-Punjab is all set to send notices to all the unregistered agents. ...

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Skyline Construction to refund money for late possession, orders MahaRERA

Saturday 2nd March 2019

The developer Skyline Construction Co, part of the RNA Group has been directed by Maharashtra Real Estate Regulatory Authority (MahaRERA) to not only refund a sum of Rs. 1.06 crores but also 10.55 per cent interest and stamp duty of Rs 6.65 lakh to a renowned bollywood face, Vrajesh Hirjee for delayed possession of a flat in the RNA Exotica project in Goregaon. ...

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GST On Under-Construction Flats Slashed Down To 5% And Affordable Housing To 1%

Monday 25th February 2019

The GST Council has slashed down the tax rates for under-construction flats to 5 per cent and affordable homes to 1 per cent with the main aim of augmenting the demand in the real estate sector. The amendment will come into effect from April 1. At present, the goods and services tax (GST) is levied at 12 per cent with input tax credit (ITC) on payments made for under-construction property or ready-to-move-in flats where completion certificate is not issued at the time of sale and for affordable housing units, the existing tax rate is 8 per cent. ...

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More than 1000 developers keep ignoring Karnataka RERA notices

Sunday 17th February 2019

More than 1000 real estate projects in Karnataka have not been registered up till now despite frequent notices being sent to the builders by the authority. The promoters/developers have turned a blind eye to all the notices by RERA. ...

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West Bengal’s Hira challenged by homebuyers in SC

Tuesday 12th February 2019

A group of home-buyers filed a petition in Supreme Court Of India challenging the constitutional validity of West Bengal Housing & Industrial Regulation Act 2017 (HIRA). SC has asked the state to file its reply within a fortnight. By bringing in its own Real Estate act- HIRA, West Bengal is the only state that has not implemented the Real Estate Regulation Act (RERA).   ...

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51 builders received notices by BiharRERA

Saturday 9th February 2019

51 builders in Bihar have received show-case notices by Bihar Real Estate Regulatory Authority (RERA)for advertising, promoting and selling their ongoing projects without registering them with the authority. The notices have been issued under Section 3 of the Real Estate (Regulation & Development) Act 2016 for violating the provisions. The authority has also decided to levy Rs. 10 lakh of penalty along with the project registration fee.   ...

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After more than an year’s delay, Tamil Nadu RERA Chief appointed

Saturday 9th February 2019

After an exorbitant delay, K Gnanadesikan has been appointed as the chairperson of Tamil Nadu Real Estate Regulartory Authority(TNRERA). Gnanadesikan will oversee all the affairs after taking over S Krishnan, secretary of the housing and urban development department, who was also serving as the interim chairperson of the regulatory body. ...

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RERA Rajasthan appellate tribunal still just on papers

Wednesday 6th February 2019

After almost 01 year and 10 months of RERA enactment, RERA Rajasthan has not started hearing cases from the buyers. A senior official at RERA said, “Since May, no case was heard at RERA. Rajasthan government had earlier appointed additional chief secretary (ACS) of urban development and housing (UDH) department as the head the RERA. But as per the act, it is mandatory that after one-year complaints can only be heard after constituting full-fledged authority and appellate tribunal,” he said. However, in absence of appellate tribunal, there is still a long way for consumers and no sigh of relief. ...

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TSRERA gives builders one more extension to register in RERA

Monday 4th February 2019

  In an order dated 31 January 2019, The TSRERA has yet again extended the deadline for accepting an application for ongoing project registration till 15 February 2019 with a penalty of Rs 2,0,000.As per the Telangana state Real estate (Regulation and development act ) 2017 the projects which are approved on or after 01-01-2017 by the competent authorities till 31 August 2018 are required to register with TSRERA as an ongoing project. As per Section 3(1), it is mandatory for real estate projects to register with RERA before sale or marketing of the project.   ...

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Structural engineer under the radar of TNRERA for flawed documents

Friday 25th January 2019

In a recent complaint against Pacifica Aurum Villas project promoted by Sylvanus Builders and Developers Ltd in Pudupakkam on Vandalur-Kelambakkam Road, TN RERA  directed DTCP to conduct further investigation and it was concluded that project was incomplete and seven villas were not developed. Moreover, construction for the 120 EWS units was yet to resume, contradicting the certificate issued by the structural engineer,” a TNRERA official said. The structural engineer for the project had certified that the project, with 378 villas and 120 units in the Economically Weaker Sections (EWS) block, had been completed as per the approved plan. TNRERA demands stringent action against the engineer. ...

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4691 projects enrolled with GUJRERA since May 2017

Thursday 24th January 2019

According to RERA chairman Amarjit Singh, a total of 4691 projects have been approved since RERA implementation in Gujarat. These projects make up 85% of total projects that have applied.“In India, 34,000 projects have been approved by various state RERA authorities and Gujarat contributes a large number to this list of approved projects. In the last few months we have streamlined the approval process and typically we are able to give the developer the go-ahead within 30 days,” said Singh.   ...

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Builders in Karnataka sell unfinished houses as completed projects

Thursday 17th January 2019

Several property developers have allegedly cheated homebuyers right under the nose of the (RERA) Karnataka, taking advantage of the system lacks a provision to verify claims on completion of projects. As per the rule, developers have to specify the date of completion when they register the project with RERA and need to update its status on the authority’s portal on or before the declared date. According to 191 claimed projects, only 40% of the work has done.     ...

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UPRERA orders forensic audit on Concept Horizon after buyers complaint.

Thursday 17th January 2019

UP-Rera ordered a forensic audit of Concept Horizon Infra Pvt Ltd, a builder who has failed to deliver a mixed-use project, Orizzonte, located in Knowledge Park 3.The Builder responses explaining why it failed to pay assured returns to the buyers.UP-RERA asked Currie & Brown, to conduct an audit on where the investments of the buyers went as the builder seems to be in no position to complete the project.   ...

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Goa government urges MahaRERA to hear cases

Tuesday 15th January 2019

Maharashtra government registered 20 complaints with the Goa Tribunal two months back, the Goa government has requested the Maharashtra Real Estate Regulatory Authority (MahaRERA) to hear cases on behalf of GoaRERA. Maharera has received 19,202 applications for new registration of projects, while 651 cases are registered with the appellate tribunal. Of these, 184 cases are being heard and orders have been issued in 177 cases. Maharera considers Goa’s request. But the Maharashtra government has to take the final decision. ...

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Karnataka property market shows signs of revival after GST, RERA

Tuesday 15th January 2019

The Real Estate Market in Karnataka is seeing a revival hard knock to ban high-value currency notes followed by GST And RERA. The Department of stamps and registration recorded nearly a 20% increase in revenue 2017-18.6,000 cr. Rupees collected and 10 lakh properties registered till December. The Market Has Moved out of the shadow of these Three ERA. After RERA the home buyers renewed optimism is steadily growing.   ...

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TSRERA to put a penalty of Rs 1,00,000 on defaulters

Wednesday 19th December 2018

In a circular dated 15 Dec 2018, Telangana State RERA slaps the builders with Penalty of Rs 1,00,000. The penalty will be applicable for registration of ongoing projects, for which permission was taken from the competent authorities (civic body/municipality/UDAs etc) between January 1, 2017, and August 31, 2018, but were not registered by December 15, 2018. The date has been extended till 31st December 2018 for builders with a penalty of Rs 1,00,000. ...

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Telangana RERA to penalize builders with Rs 50,000 failing to register with RERA

Saturday 1st December 2018

In a circular dated 29.11.2018 RERA Telangana has decided to levy a penalty of Rs 50,000 for registration of ongoing project.TSRERA has decided to keep the process of registration of ongoing projects open till 07 December 2018 for which permission has been taken between 01-01-2017 to 31-08-2018 from the competent authorities.It also stated that it would not be appropriate to reject applications after the last date of November 30, TS RERA said after the application is filed by a promoter from December 1 to 7, RERA would communicate the same through a notice or email asking them to pay the online penalty for registration. ...

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GIS mapping of 9000 RERA registered units complete

Saturday 24th November 2018

  Under MAHARERA, 9000 RERA Registered units have been mapped with Geographical Information System(GIS) in MAHARERA. Rest of the projects will be mapped within two months.MAHARERA Secretary said Vasant Prabhu said “With GIS mapping giving a clear picture, the buyers cannot fool the homebuyers as latter will be assured of a transparent system. We have completed mapping of 9000 projects registered with us. We will complete mapping of the rest projects within two more months.”    ...

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Finally, Delhi gets its permanent RERA Regulator

Thursday 15th November 2018

Lt Governor Anil Baijal appointing retired IAS officer Vijay S Madan to the post of RERA Regulator. Till now, DDA chairman was appointed as an interim regulator. In a workshop organized by Housing and Urban Ministry, Baijal said “ I am glad to inform the ministry and the minister that yesterday we have appointed a whole time regulator”.Gyan Prakash Srivastava and Ramesh Chandra have been appointed as members of the regulatory authority.     ...

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TNRERA said Regularised layout to come under RERA

Friday 9th November 2018

TNRERA claimed that unauthorized layouts regularised under the regularisation of unapproved plot scheme will come under the purview of RERA. In a communication to the commissioner of town and country planning, TNRERA interim chairperson said all the layouts regularised by the former's department must be registered with the real estate regulator. "Hence, while approving the layouts under the layouts under the regularisation scheme, one clause advising the layout promoters to submit an application for registration with TNRERA to be added," the letter said. ...

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No relief for buyers in Rajasthan

Thursday 1st November 2018

After one year of RERA in India, there is no appellate tribunal in Rajasthan to hear the grievances of the buyers. According to an official, as the constitution of RERA, authority and appellate tribunal is under process and will start post-January only. The aggrieved buyers can register their complaints along with relevant documents at RERA.On the basis of the complaint, notices would be issued to the respondent. If no reply is filed, RERA can take immediate action. However, in a scenario where the reply is filed, both the parties will have to wait for a hearing date said a RERA official. ...

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GOARERA to take up old cases

Wednesday 31st October 2018

In a recent meeting of GOARERA, the committee decided to take up long pending cases against developers. Lorna Fernandes, a representative of consumer action network GOACAN said consumers under the old system are likely to raise their long-pending grievances. “There are a lot of people who have suffered in the past have cases pending consumer courts and before conciliation committee”. she said.Official agreed and Desh Prabhu Desai,president of the Confederation of Real Estate Developers  Association of India,said small taluka committees could be formed to sort out the old pending cases.  ...

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Project Registration fees to be slashed in Maharashtra

Monday 22nd October 2018

The Maharashtra state Govt is planning to slash project registration from Rs 50,000 to Rs 10,000 as per the sources. Presently,the promoters are required to pay the registration fee along with the application for registration. While the fee is calculated on the basis of the area proposed to be developed at a rate of Rs 10 per square meter, existing rules state that a minimum of Rs 50,000 must be paid regardless of the plot size, while the maximum registration fee is Rs 10 lakh. The dilution will benefit construction projects being planned on small and medium-sized plots, said officials. “Developments of plots less than 5,000 sqm will benefit,” an official said. ...

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Greater Noida RERA bench to use 200 order next week.

Monday 15th October 2018

The Greater Noida RERA bench will issue 200 orders next week out of total 490 complaints that have been listened since September. According to officials, the Greater Noida bench of UP-RERA has heard complaints mostly against eight builders in the past two months. “The members of the bench met Greater Noida and Noida Authority officials on Friday and discussed issues related to all those builders who are facing RERA complaints. The discussion was mainly about how to mitigate issues and what can be done to speed up delivery of flats,” said Singh.   According to officials, the Greater Noida bench of UP-RERA has heard complaints mostly against eight builders in the past two months. “The members of the bench met Greater Noida and Noida Authority officials on Friday and discussed issues related to all those builders who are facing RERA complaints. The discussion was mainly about how to mitigate issues and what can be done to speed up delivery of flats,” said Singh. ...

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Haryana RERA sent notices to 52 builders

Saturday 6th October 2018

The real estate regulatory authority of Haryana has sent notices to 52 developers on 1150 complaints received from Gurgaon end users. The complaints are related to delay in possession only. “The end-user is suffering because they are paying both EMIs and rent. These people have invested their life’s savings in these projects because they want a house of their own. However, their homes are not being delivered to them for years. In many projects, there is no clarity on when the projects will get ready,” said an official.HRERA will be taking stringent action against the builders. ...

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Telangana falls behind in RERA implementation

Friday 24th August 2018

Telangana seems to lag behind other states like Maharashtra, Uttar Pradesh, Gujarat and Karnataka in RERA adoption. Though the state notified the rules a year back, still the RERA portal is not operational yet. According to the Municipal Administration and Urban Development department principal secretary, Arvind Kumar RERA website will be functional from 01 September 2018. Trial runs of the same are being carried out by the authority.     ...

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RERA Bihar freeze the bank account of the builder

Monday 20th August 2018

In recent order by RERA Bihar, authority puts on hold the bank account of a Patna Based developer for giving false replies to show cause notice issued the builder. The show cause notice was issued for non-registration of ongoing project. The builder is further banned from taking the booking of any plot or apartment in the project at Shivala Mor on Dinapur Bihta Road.RERA Bihar chairman Afzal Amanullah have taken this stringent action on the basis of Section 36 of RERA act.     ...

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Maharashtra RERA – Consumers can file complaints against unregistered projects

Monday 13th August 2018

Following the verdict by Bombay High Court on July 31, MahaRERA will entertain the complaints filed by the consumers against unregistered real estate projects. According to the sources, consumers can take the benefit of this facility from August 16 after paying a fee of Rs. 5,000. According to section 3 of the Real Estate (Regulation & Development) Act, the authority is bound to hear the plea of aggrieved consumers against a realty project whether it is RERA registered or not. While talking to reporters, MahaRERA secretary Vasant Prabhu said, “We have already uploaded a form under the source information category and would enable the payment facility for those desiring a hearing for their complaints from August 16”. Also Read - RERA can adjudicate disputes related to past projects ...

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Long term leases come under the radar of RERA

Friday 10th August 2018

In a recent judgment, Bombay high court dismissed three appeals filed by Lavasa Corporation against orders passed by Maharashtra real estate appellate tribunal which has entertained the complaints by three persons who had booked apartments developed by Lavasa Corporation through 'agreements to lease'. As per the tribunal, the complaints can be heard by MahaRERA under section 18 of the Maharashtra Real Estate (Regulation & Development) Act wherein the rules direct the builders to provide interest for delay in giving possession in terms of ‘agreement for sale’. During the hearing, counsel Raj Patel and Kaustav Talukdar who were defending Lavasa asked “ Is the provisions of RERA apply in case of 'agreement to lease', whereas the definition of 'promotor' under RERA  includes 'lessor', and is the remedy provided under section 18 can be against a lessor too?” Also Read - Local authorities to submit the report on unregistered projects to MAHARERA Replying to this the High Court said that “Lavasa got itself registered under RERA necessitates an inference that it was aware that the project was "for sale of apartments constructed'' and hence "it was bound by RERA provisions.”It also said that “The 999-year lease is equal to the sale.” ...

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UP RERA got its Permanent Chairman

Monday 6th August 2018

A notification was published by the Uttar Pradesh government on Saturday regarding the appointment of UP RERA Chairman. Taking a step forward to ease the working of Uttar Pradesh Real Estate Regulatory Authority (UP RERA) the state government has appointed Rajive Kumar, former chief secretary as the permanent Chairman of UP RERA replacing Nitin Ramesh Gokarn, principal secretary – housing who was appointed as the interim Chairman.  Along with appointing the permanent Chairman of RERA, the state government also appointed Bhanu Pratap Singh, Balvinder Kumar and Kalpana Mishra as members of RERA UP. Also read – How much has RERA assisted home buyers in last one year?     ...

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Still no sign of RERA in West Bengal

Friday 3rd August 2018

Even though most of the states have implemented rules for the Real Estate (Regulation & Development) Act aka RERA, the West Bengal government seems in no mood to implement this realty rules which is aimed to streamline the real estate sector. According to the sources, a home buyer association has recently appealed West Bengal CM Mamata Banerjee to revoke the West Bengal Housing Industry Regulation Act (WBHIRA) and implement the undiluted Real Estate (Regulation & Development) Act that was passed by the Central government in 2016. Also Read - Central team to persuade Bengal to switch back to RERA ...

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RERA Telangana website to go live soon

Thursday 2nd August 2018

Aiming to save the interests of home buyers in the state, the website for RERA Telangana is will become operational from 1st September 2018, confirmed, Arvind Kumar, MA&UD principal secretary. According to his latest statement, “While the RERA office is being readied at AC Guards, trial runs of the portal are being run for past few weeks. The port al will become operational from September 1", home buyers in Telangana can get assured of not being fooled by errant developers. To develop and maintain the website, Telangana government is taking help of Mahaonline Ltd which is a joint venture of the government of Maharashtra and Tata Consultancy Services, he added. Contact us today for a free consultation on RERA registration of projects and agents in Telangana. ...

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State Governments responsible to maintain RERA website – Central Government

Wednesday 1st August 2018

Replying to a query in Lok Sabha over maintaining information related to real estate projects in any States or Union Territories, Minister of State for Housing and Urban Affairs, Hardeep Singh Puri said, “The Ministry does not maintain information about various housing projects of any state or UT. As per provisions of the Real Estate (Regulation and Development) Act, 2016 (RERA), the concerned state is required to publish and maintain a website of records for public viewing of relevant details." RERA was implemented by the Indian government in 2016 to streamline the way of doing business in the real estate sector. According to the RERA rules, developers should register their real estate projects with the Real Estate Regulatory Authority of the state where the project is being developed whereas the RERA rules direct real estate agents to register themselves in order to carry out any business in the said sector. Click Here to check your RERA related knowledge. ...

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RERA Bihar issued notices to builders for not complying with the realty rules

Tuesday 31st July 2018

The Bihar Real Estate Regulatory Authority has sent notices to 16 errant realty developers for not complying with Section 3 of the Real Estate (Regulation & Development) Act 2016. According to Rajiva Bhushan Sinha, Member, Bihar RERA, the authority has issued notices to real estate developers advertising their ongoing projects, entering into an agreement with customers, accepting advance money from them and completing the projects hastily without registering them with the RERA. Also Read - RERA Bihar – Builders must display project details at the construction sites This is a violation of section 3 of the RERA rules thus the authority has asked the defaulting builders to register their projects with RERA with a late fee of Rs 4 lakh or 400% of the registration fee, whichever is higher before July 31, 2018, he added. Click here to register your projects with Bihar RERA. ...

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Telangana RERA to be in place within a fortnight

Monday 30th July 2018

Telangana government is all set to implement the rules for Real Estate (Regulation & Development) Act in the state. The construction work for setting the office for the Telangana Real Estate Regulatory Authority at AC Guards in Hyderabad is nearing completion. According to the sources, the government will appoint senior officials and realty experts as permanent regulatory authority and RERA members respectively before implementing full-fledged RERA rules. As of now the Revenue Department has developed a beta version of Telangana RERA website and will soon launch the operational one which will ease the process of RERA registration of projects & agents and filing online complaints Click here to read interesting RERA related blogs. ...

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RERA Haryana-Strict action against defaulting builders

Saturday 28th July 2018

Haryana Real Estate Regulatory Authority has warned the builders of strict actions if they fail to fulfill the promise made to home buyers. While addressing an interactive session with the members of industry body PHDCCI, Haryana RERA chairman, K K Khandelwal said that the builders can stay away from the RERA defaulters’ list only when they fulfill all the promises made to the buyers in their brochures. Appreciating the introduction of RERA, PHDCCI President Anil Khaitan said that this reform will change the face of realty sector and the real estate market will reach record breaking heights in the nearest future.  Click here to get your projects registered with RERA today. ...

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RERA Bihar – Builders must display project details at the construction sites

Friday 27th July 2018

  The Bihar Real Estate Regulatory has uploaded a notice on the official website of Bihar RERA directing all the real estate builders to display certain details related to the project at the site of construction. According to the notice, the promoters/developers/builders of all real estate projects be it residential, commercial, mixed or plotted development, shall display name of the project name of the promoter/developer/builder of the project, RERA registration number or the application number through which application for registration has been submitted to the authority (if RERA registration is not yet done), website address of RERA Bihar, names of the registered real estate agent along with their RERA registration number ( company or individuals), the date of commencement of the project and proposed date of completion of the project, prominently at the sites of construction of the Project  on a large notice board/hoarding having minimum size of 6 by 6 feet. The notice further states that the information should also be displayed at the corporate office, registered office, branch or sales offices of the promoters/developers/builders appropriately and prominently in respect of all real estate projects undertaken by them. Click here to know how to register your real estate project with RERA Bihar.   ...

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RERA can adjudicate disputes related to past projects

Thursday 26th July 2018

Clarifying the doubt over the purview of RERA, KK Khandelwal, Chairman of Haryana RERA’s Gurugram bench said that irrespective of the date of completion and issuance of completion certificate before 1st May 2017, the Real Estate (Regulation & Development) Act applies to all realty projects. In other words, an aggrieved real estate buyer can approach Haryana RERA with complaints related to old projects too. Earlier, developers of projects which have got completion certificate before 1st May 2017 were given clean chit by the regulatory authority as the rules mentioned that such projects will not come under the radar of RERA. Also Read - RERA Bihar - No registration of on-going projects without RERA number ...

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RERA Bihar - No registration of on-going projects without RERA number

Tuesday 24th July 2018

In order to prohibit builders to pass on the ownership to the buyers by registering the incomplete projects with the registration department, Bihar Real Estate Regulatory Authority (RERA) has asked the state registration department not to register any ongoing projects without RERA registration number. According to Afzal Amanullah, Bihar RERA Chairman “The registration of incomplete flats or apartments put the real estate buyers in a very disadvantaged position as the developers refuse to complete their obligations once the registration was done. Therefore, we have requested the registration department not to register incomplete projects and the projects which don’t have RERA number.” July 31st, 2018 is the last date to register ongoing projects with RERA Bihar with a late fee of Rs. 4 lakh or 400% of the registration fee, whichever is higher. Click here to get free assistance on registering real estate projects with RERA in Bihar. ...

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Karnataka government to blacklist projects not registered with RERA

Monday 23rd July 2018

Karnataka Urban development and housing department have issued notices to the developers of real estate projects which are not registered with Karnataka Real Estate Regulatory Authority (RERA).  According to Karnataka Urban development and housing minister U T Khader, the government is planning to blacklist the projects of those developers who have not given satisfactory reply for the notice issued to them. RERA has received a total of 572 complaints against realtors for violating RERA rules, of which 221 are disposed of, he added. Contact us today to comply with RERA Karnataka rules. ...

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Now file and track RERA Complaints online

Friday 20th July 2018

From 1st August, aggrieved real estate buyers can file and track the status of their complaints with Maharashtra Real Estate Regulatory Authority (MahaRERA) right on its official website. The decision to digitize RERA complaint filing and tracking was taken after several meetings between RERA authority and relevant stakeholders. Furthermore, complainants are not required to submit the hard copies of the documents required for filing complaints. Instead, they can upload the same on the website itself. Also, the 60-day time frame of redressal of the complaint will commence the moment a complainant registers the complaint on the website and uploads the required documents.  According to MahaRERA secretary Vasant Prabhu, the complaints against unregistered projects can also be filed and tracked by visiting MahaRERA website after verifying complainant’s mobile number. Also, the notices will now be sent to the builders’ mobile number registered with MahaRERA. These changes are carried out to inline the standard operating procedure for handling complaints and to simplify the process for both complainants and realtors. ...

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RERA Goa issues show cause to two builders

Wednesday 18th July 2018

The real estate regulatory body of Goa has issued show cause notice to two developers for promoting their project without RERA Registration number. The action has been taken on a complaint filed by Kashinath shetye against the builder. The notice stated that “if no reply is received within the stipulated time or reply given is not satisfactory action as deemed fit as per the provisions of the act will be initiated against you.” ...

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India’s first title insurance policies launched by HDmabFC ERGO

Wednesday 11th July 2018

HDFC ERGO launched its first ever title insurance policies on Tuesday making them India’s first Title Insurance Policies. Title insurance refers to insurance for the title of a real estate property and is mandatory according to the Real Estate (Regulation and Development) Act 2016, or RERA. This specialty insurance product provides indemnity to property developers and the subsequent owners of the property against losses and risks related to defects in property title arising out of third party challenges not discovered before the commencement date of the policy. ...

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T. Mithra appointed as the interim realty regulator by state govt.

Tuesday 10th July 2018

T mithra, who is now the additional secretary of the department, has been appointed as the new interim authority by the local self government (LGG) department. The move gives clear hints that the state may have to wait to get a fullfledged regulatory authority. Kerala is one of the eight states in the country that has failed to notify the real estate regulation rules on time and establish a web portal and the decision to have an interim body was in the wake of increase in complaints and litigations in the absence of a regulatory authority. ...

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Property portals must be brought under MahaRERA: Consumer body urged

Friday 6th July 2018

Mumbai Grahak Panchayat (MGP), a city based consumer body urged MahaRERA to bring property portals under its purview that’ll add to further increase in transparency and accountability in the real estate sector. In a letter to MahaRera chief Gautam Chatterjee, MGP said, "Real estate web portal companies operating in Maharashtra have to be treated as 'real estate agent' under Rera." It has also sought registration of such portals under MahaRera in the next 60 days. ...

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GDA gets a notice: Fails to update projects on RERA Website

Thursday 5th July 2018

Ghaziabad Development Authority(GDA) got a notice from UP Real Estate Regulatory Authority since it has failed to update projects on RERA website. The notice has asked GDA to complete the task of updating the projects by 6 July,2018. Crossing the given limit, GDA will be liable to harsh penalties. According to RERA rules, all development agencies and private builders are required to update their projects under RERA. But the GDA has failed to update the projects since May this year. ...

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Mapping of 4500 projects with GIS Technology by MahaRERA

Thursday 5th July 2018

To empower citizens and aid them futher, Maharashtra Real Estate Regulatory Authority (MahaRERA) mapped 4500 projects out of a total of 16000 registered projects with Geographical Information System (GIS). This will enable the citizens to find minute details of homes of their choice just by selecting the option “view on map” on its website. ...

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Telangana portal to go live on 01 August 2018

Thursday 5th July 2018

After a wait of almost 1 year, Telangana will finally launch its web portal for registration on 01 August 2018. The web portal will be developed and maintained by Mahaonline Ltd, a JV between Maharashtra government and TCS. The trial run has already begun for the Rera web portal and it will become functional on August 1,” MA&UD principal secretary Arvind Kumar said. Officials said Mahaonline will maintain the Telangana Rera website for three years and upgrade it as and when required. For real estate projects or development projects, the developers have to pay Rs 750 and real estate agents Rs 500 towards one-time registration charges apart from other fees. The amount will directly go to Mahaonline for maintenance of the website,” MA&UD officials said. ...

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Local authorities to submit the report on unregistered projects to MAHARERA

Thursday 5th July 2018

The Real Estate Regulator of Maharashtra has issued the letters to the state local authorities to do surveys on real estate projects not enrolled with the MAHARERA. This step ensures maximum registration of real estate projects operating in states.“We have written to almost all local authorities, directing them to conduct a survey of all realty projects in their areas. While the local authorities can take action against unauthorized projects, they will have to refer legal but unregistered projects to us. We had issued the letters last month and are yet to receive the details from them,” stated MahaRERA secretary Vasant Prabhu. ...

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Builders in Karnataka can opt for land title insurance, Soon

Monday 25th June 2018

Property prices in Karnataka are set to go up with land title insurance, which is mandatory under the Real Estate Regulatory Authority (RERA), becoming a reality soon. Land title insurance is an insurance product that provides safety to builders and against any loss from defects in property title. Though RERA makes it compulsory for developers to get title insurance for all new and current projects, the state unit has not been able to implement the clause till now due to lack of insurance players in the market providing such a cover. But now, with a few products making headway, land title insurance will soon become a reality. ...

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76 projects are RERA Registered in Coimbatore

Monday 25th June 2018

The Real Estate Regulatory authority has received a total of 92 applications from the district Coimbatore out of which 76 has been approved by TNRERA. Selvakumar said TNRERA had been sending notices to the realtors, who had not approached the regulatory body for approval. “We have so far sent 1,400 show cause notices to realtors across the state. Many of them have replied saying the projects were for their personal use and not for sale. In such cases, we will publish the details of the projects in our website stating the property is not for sale, with a warning that if people buy the property, it would be at their own risk,” he added.  ...

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No finance in Karnataka for unregistered projects

Friday 22nd June 2018

In order to ensure developers don't sell projects without registration in RERA, state govt has put restrictions on sources of funding for projects until the project is registered in RERA. Interim regulator Kapil Mohan recalls many instances where unregistered developers come “sheepishly to register, once the funding stops.” Today, selling an unregistered property in Karnataka is an illegal act. “If such a transaction comes to the notice of the regulator and it is proved by secondary evidence that such a sale transaction has taken place, then penalties will be levied,” Mohan stated. ...

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MahaRERA sanctions the right to decide pre-act cases

Wednesday 20th June 2018

Maharashtra Real Estate Regulatory Authority (MahaRERA) gave a ruling that the authority can still adjudicate complaints even if it happened before RERA came into force. “Though the said cancellations were executed prior to the said Act (RERA) came into force, this authority is of the view that with monies paid by the complainants still lying with the respondent (developer), this authority has jurisdiction to adjudicate the complaints,” stated Gautam Chatterjee, chairperson of MahaRERA. ...

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Tamil Nadu RERA hikes fee for filing complaints

Wednesday 20th June 2018

The fee for filing complaints with the Tamil  Nadu Real Estate Regulatory Authority (TNRERA) has been hiked. According to a circular on Tuesday, Rs 1,600 should be paid for filing complaints with the authority under Section 31 of the Real Estate (Regulation and Development) Act, 2016 wherein Rs. 1000 is the actual fee and Rs. 600 is the postage charge that has to be submitted online. The fee revision comes into immediate effect. ...

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Telangana all set to implement RERA in July, website powered by Mahaonline

Tuesday 19th June 2018

India’s youngest state, Telangana is all set to implement RERA (Real Estate (Regulation and Development) Act) within the fortnight. Triumphant testing of the T-RERA web portal powered by Mahaonline is almost complete and the registrations will begin by July 1. Mahaonline is a joint venture of the government of Maharashtra and India's largest information technology firm, Tata Consultancy Services (TCS). Once registrations under RERA officially begin, Telangana will become the 14th state in the country to have a functional web portal for project registration.   ...

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MahaRERA chief all set to make land title insurance obligatory

Monday 18th June 2018

The chairman of the Maharashtra Real Estate Regulatory Authority (MahaRERA), Gautam Chatterjee, is all set make title insurance obligatory for registered developers. This comes after insurance companies express interest in providing title insurance for the real estate projects. Though the RERA had made land title insurance mandatory for developers, the state unit was not able to implement the clause right away as there was no insurance player in the market providing such a cover. With that changing, Chatterjee has sought a detailed proposal and will soon announce an implementation date. ...

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Skilled work force certification to be provided by MahaRERA

Monday 18th June 2018

To ensure better construction quality, for the first time MahaRERA will provide skilled labour training certification. The authority will certify trainers to train workers for the real estate industry. The training will help the labour force deliver projects of better quality, which will eventually be graded wherein consumers can access the grades given to the projects on the MahaRERA website. ...

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Merely 49 projects applied for registration under Andhra Pradesh RERA till date

Wednesday 13th June 2018

Andhra Pradesh has finally launched its official RERA website for RERA registrations after almost an year of being notified. The website got an overall 49 applications for RERA registrations out of which only 8 projects have been approved by the regulatory authority and rest are still under surveillance. ...

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What about complaints on projects not under RERA? Asked Bombay HC

Wednesday 13th June 2018

The Bombay High Court on Monday asked the state to explain what regulatory mechanism it proposes to ensure that complaints from buyers in unregistered real estate projects are adjudicated. The high court directed the state to file its reply to a petition that has challenged lack of a policy to deal with conflicts that arise between buyers and builders in cases where developers have not registered their projects under the Real estate Regulation and Development Act of 2016.  ...

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Recovery warrants issued against developers by MahaRERA

Monday 11th June 2018

The Maharashtra Real Estate Regulatory Authority (mahaRERA) has in the last two months issued recovery warrants against developers who failed to comply with its orders to refund home buyers under Section 40(1) of Real Estate (Regulation and Development) Act. MahaRERA adjudicating Officer BD Kapadnis stated that “Despite the notice, respondents have not appeared to explain why the order has not been complied with. So, it is necessary to issue recovery warrant under section 40(1) of RERA instead of proceeding under Section 63 of the Act. Hence, the recovery warrant is issued and it is being sent to the Collector,” ...

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Central team to persuade Bengal to switch back to RERA

Monday 11th June 2018

A team from centre will soon be sent to West Bengal to persuade the government to switch over to the Real Estate Regulatory Act (RERA) to protect home buyers' interest. Recently, the Mamta Banerjee Govt. brought her own Real Estate Act, HIRA (Housing Industry Regulation Act) superseding the central govt.’s RERA wherein it diluted RERA and brought in its own act.   ...

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Exemption from Tamil Nadu RERA not an excuse to delay home handover

Monday 11th June 2018

Ten housing projects outside the purview of the Chennai Metropolitan Area (CMA), which were exempted by the directorate of town and country planning (DTCP) from registration under the Real Estate Act last year, would face the repercussions for not delivering apartments to buyers in time. Following a complaint from a homebuyer, The Tamil Nadu  Real Estate regulatory  Authority (TNRERA) has issued a notice to one such developer on OMR for not completing the constructions leaving the consumers in a state of perplexity.   ...

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Promoter Paradigm Ambit Buildcon complaint dismissed by RERA

Wednesday 6th June 2018

The complaint of a promoter regarding the cancellation of agreement for not receiving the balance amount of the total cost of the flat from the developer was dismissed by The Maharashtra Real Estate Regulatory Authority (MahaRERA). The complainant sought cancellation of the agreement as the developer had failed to refund the amount paid in respect of the said flat and claimed a refund of Rs. 45 lakh from the developers along with the cancellation of the agreement. After hearing the arguments of both the parties, the bench inferred that the developers had paid over 90 per cent of the money to the complainant towards the cost of the said flat. The bench also stated that the agreement for sale drafted by the developer does not carry any schedule of payment as required by the model agreement prescribed under the Act and Rules. Hence, the complainant could not seek cancellation of the registered agreement by invoking the convenient clause in the agreement. The bench thereby dismissed the complaint filed by the promoter. ...

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Consumer body wants to nullify the New Real Estate Act in West Bengal

Wednesday 6th June 2018

A national consumer rights’ forum in housing that was part of the consultative process for the Real Estate (Regulation & Development) Act, 2016 (RERA), has decided to move the Central Advisory Council on RERA for repealing the WEST BENGAL Housing Industry Regulation Act, 2017 (HIRA). According to the forum, the introduction of HIRA throws away the very objective of ushering transparency into the housing sector that was brought by RERA. HIRA has obliterated the clarity of RERA and made the clause on force majeure vague. This defeats the very purpose of the act. One of the main reasons behind the enactment of RERA was to ensure that developers complete and hand over projects on time instead of making excuses for non-compliance to delivery schedules. ...

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Fresh RERA norms to be notified by Kerala soon

Tuesday 5th June 2018

The Kerala government will soon notify fresh RERA rules across considering the primary objective provisioned under RERA to safeguard homebuyers from errant real estate developers, the state government is expected to announce fresh rules and regulations under the act very soon. According to KT Jaleel , local self government minister the new RERA rules would be based on the central RERA Act. Recently, the state government had appointed an interim chairman of the authority. However, no other members have been appointed yet, leaving the authority toothless. ...

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West Bengal comes up with its own real estate laws, despite RERA

Tuesday 5th June 2018

The Centre’s target to bring all new and ongoing real estate projects under Real Estate (Regulation and Development) Act (RERA) has received a setback as West Bengal government has notified its own law for the sector in the state which favours the developers. There are two major dilutions of RERA in the new laws. The first is on unforeseen circumstances that prevent a builder from fulfilling his contract. RERA says the circumstances could be war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature where HIRA makes an addition to the clause “...or any other circumstances as may be prescribed.” The second deviation is on garages. While RERA requires a roof and walls on three sides, HIRA has removed the clause altogether and defined garage as any parking space sanctioned by the government authority. ...

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All unregistered projects to be blacklisted by RERA

Tuesday 5th June 2018

RERA( Real Estate Regulation Authority) chairman  Afzal Amanullah claimed that the building projects not registered under Real Estate (Regulation and Development) Act, 2016 till June 30 deadline will be blacklisted. He further stated that builders and promoters have been given the last opportunity to register their projects under the Act by June 30 with late fee of Rs. 3 lakh or 300% of the registration amount, whichever is higher. RERA member Rajiva Bhushan Sinha said the list of blacklisted firm would be circulated to all RERAs in India so that they would not be able to form a company in any part of the country. ...

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Builders in Bihar can register their projects by 30th June 2018

Monday 4th June 2018

The RERA Bihar has given builders another extension, asking them to register their projects by the end of this month.  "We have given this extension as the last opportunity for builders and developers to register their ongoing projects with a hope that compliance rate would increase," RERA Bihar member R.B. Singh said. He said registration application for 376 ongoing projects had been received at the authority end till May 31 and a sum of around Rs 1 crore had been collected a registration fee. "On the last day of the extended deadline, we got at least 50 applications," Sinha said."There is a provision of imposing fine up to 10 per cent of the total project cost on builders who do not register their ongoing project with the authority. We hope the builders will not let such a situation arise and will get themselves registered during this extended period," Sinha said. ...

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40 cases resolved by Pune Maha-Rera Court in less than 3 months

Monday 4th June 2018

According to officials, Pune Maha-Rera Court has resolved 40 cases of a total 240 cases handed over to the body in merely a span of 3 months. FD Jadhav, deputy secretary of Maha-Rera, Pune, said, “This is a big achievement on our part as we have been able to meet the consumers’ expectations. The basic reason for setting up a court in Pune was to ensure that authorities catered to the needs of the people in the division.” RERA (Real Estate Regulatory Act) 2016 is an exceptional set of laws related to real estate realm which has ensured transparency and efficiency at an unprecedented rate with regards to the sale of plots, apartments, buildings or real estate projects. ...

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Submit the hard copy of applications at RERA head office, Gandhinagar

Friday 1st June 2018

GUJRERA released a circular regarding submission of Hardcopy of RERA application on 30th May 2018. which states that from 01 June 2018 promoters and agents are required to send the physical file directly to RERA head office, Gandhi Nagar within 7 days of application by courier. Before this order, promoters and agents were submitting the hard copies at different collection centers / TPO/. GUJRERA is headquartered at 4th floor, Sahyog Sankul, Sector 11, Gandhi Nagar, 382010. ...

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Appellate Tribunal tells Marg properties to register its project as an ongoing project with TNRERA

Wednesday 30th May 2018

Based on a complaint filed by a home buyer Tamil Nadu Real Estate Appellate Tribunal has directed Marg Properties to enroll his project with TNRERA as an ongoing project. The project was kept outside from purview of RERA as the project was declared as a structurally completed building by the directorate of town and country planning (DTCP). An official statement said the tribunal has directed Marg Properties to register the same as an ongoing project with TNRERA within 15 days from the date of receipt of the order.  ...

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Brochures of only RERA Registered project to be treated as legal entity

Monday 28th May 2018

In a recent judgement by MP RERA, it was concluded that only brochures and model flats of RERA Registered project will be treated as a legal entity under RERA. Legal action against the builder in case of failing to provide amenities can only be taken if project is registered in RERA. A D Kapaley, member of the state regulatory authority said, "In RERA there is a condition that facilities mentioned in brochures and pamphlets should be fulfilled by builder otherwise he will be bound for legal action. But amenities promised in brochures before implementation of RERA cannot be considered as legal entity or else there should be an official agreement between builder and customer."   Madhya Pradesh implemented RERA on 01 May 2017. ...

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No RERA rules in Kerala

Wednesday 23rd May 2018

Kerala is yet to finalize Real Estate Regulation and Development Rules and set up an authority. Local self-government minister K.T. Jaleel said that the framing of the new rules on the basis of the central Act was in the final stages. Steps to form the authority and the appellate tribunal would be initiated immediately, he said. Dr. Jaleel said the delay was due to technical issues as the state had earlier passed a state Act in this regard (Kerala Real Estate (Regulation and Development) Act 2016) and also framed rules. But the central Act came into effect afterward and hence the state Act had to be repealed and fresh rules need to framed on the basis of the central Act. “The subject committee of the state assembly has already cleared the draft rules and it would be notified soon," the minister said. ...

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Only 10% of the brokers are MAHARERA Registered

Wednesday 23rd May 2018

MAHARERA stated that registration of agents in the state are less in number. With over more than 1 lacs agents operating, only 14,000 have taken the RERA certificate. MahaRERA secretary Vasant Prabhu told TOI that the dismal number of registrations was a concern for the authority and they wanted the Confederation of Real Estate Brokers’ Association of India (Crebai) to ensure that all their members registered, either individually or through a company, with MahaRERA. Prabhu said, “We have directed Crebai to ensure that all their members associated with the ongoing projects register with MahaRERA. Citizens should go for deals with a MahaRERA registered broker only.”  ...

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Madhya Pradesh RERA disposed of around 400 buyers complaints

Monday 21st May 2018

Madhya Pradesh RERA has resolved 400 buyers complaints till now. These complaints were filed by buyers against builders. The list of complaints is available on Madhya Pradesh RERA website. Till now, 1800 ongoing projects have been registered in RERA and 360 real estate consultants have been enrolled. Madhya Pradesh implemented RERA on the very first day i.e. 01 May 2017. The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The bill was passed by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016. The Act mandates registration of every project having a size of above 500 square meters or more than 8 apartments.  ...

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Bihar RERA slapped a notice to Agrani Group

Saturday 19th May 2018

Real estate regulatory authority of Bihar has issued show cause notice to promoters of Agrani builders for mom registration of ongoing projects. Four companies of Agrani group are under radar of Bihar RERA. RERA Bihar chairman Afzal Amanullah said notices were issued to the builders and promoters under Section 7 (revocation of registration) of RERA Act, following complaints by the customers that the promoters have not even commenced the project despite taking the payment 4-5 years ago. The companies which were slapped with notices include Agrani Homes Private Limited, Agrani Homes Real Services Private Limited, Agrani Homes Real Marketing Private Limited and Agrani Homes Real Construction Private Limited. ...

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No change in RERA said housing minister to builders

Tuesday 15th May 2018

Despite being demands from builders,there is no change in Real estate law (RERA). June 30 has also been set as the deadline for establishing permanent regulators, start websites and the tribunals as prescribed in the law, sources said. While addressing the first central advisory council meeting of RERA, Union housing and urban affairs minister said there is no question of amending any provision, though government is open to any suggestions from all stakeholders. “The minister said: let the law in totality be implemented for one year and there is no need for any immediate change.  ...

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TNRERA publish a list of rejected projects on their website

Wednesday 9th May 2018

Tamil Nadu RERA has published a list of rejected projects on its website. 3 projects have been rejected by the RERA authority in Tamil Nadu. As per the list, three projects have been rejected by the authority. A total of 478 projects have been approved and 280 real estate agents have been granted RERA certificate. The office of the Authority is functioning in Door No.1A, 1st Floor, Gandhi Irwin Bridge Road, Egmore, Chennai - 600008. ...

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RERA Bihar issues notices to 40 developers in the state

Tuesday 8th May 2018

RERA Bihar has issued notices to promoters who are advertising their ongoing projects without getting unrolled in RERA. A RERA Bihar official stated that the notices were served on the builders and promoters following complaints by customers. “There are few builders who duped the customers and are working on more than 20 projects at a time without registering them with RERA. RERA members will decide the quantum of fine to be imposed on them,” he said. RERA Bihar member Rajiva Bhushan Sinha said people may take note that the promoters and developers of these projects are not authorized to sell any space in the project under Section 3 of RERA Act, 2016 as all promoters ought to have got registered their projects on or before April 30. ...

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Maharashtra to issue 7/12 extract online

Friday 4th May 2018

Maharashtra will become the first state to issue land ownership document (7/12 extract) online. The 7/12 extract is an information document prescribing details about a specific piece of land such as survey number, area, date and more particulars about the existing owner's name. This extract is a combination of two forms. The extract is issued by the Tehsildar or the concerned land authority. This document is now available online. Eight lakh documents have already generated, the remaining documents will be completed by August 2018 said Chandrakant Patil, revenue minister.  ...

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MAHARERA recommends Single window clearance from all agencies

Thursday 3rd May 2018

MAHARERA has completed its one year of implementation with around 16300 projects being registered with the authority. The Registered developers have expressed their concerns regarding the time taken for various approvals of different authorities. This is one of the main reason for the delay in handing over the property. In this regard, Gautam Chatterjee, the chairman of Maha-Rera, stated the agencies and authorities are working for this. “Creating a single window for clearance does not fall under our jurisdiction. However, we have sent our recommendations to the state government,” said Chatterjee. ...

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MAHARERA to ensure quality of real estate projects

Wednesday 2nd May 2018

MAHARERA must now ensure that quality of newly constructed projects is on a par with what was promised by the promoter, suggested chief minister Devendra Fadnavis. While addressing a meet on first anniversary of MAHARERA fadnavis said the government is considering to bring redevelopment of slums and Mhada buildings under MahaRera rules. With the release of the development plan, there will be more activity in the real estate sector, he added. “There is going to a huge stock of affordable housing ready in the state.” ...

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MAHARERA to keep on eye on registered projects

Tuesday 1st May 2018

MAHARERA will adopt stringent process to ensure that 88% of 16,300 projects registered are completed by 2022. MahaRERA secretary Vasant Prabhu shared this information with TOI on Monday, a day before the authority completes one-year of implementation. “After registering with MahaRERA, officials can monitor the completion of the projects online. The project is deemed completed after a developer submits Form 4 (completion form). So far, we have received 1,800 forms and the remaining should come through by 2022. In case of extension, MahaRERA allows an extension for only one year,” he said. MAHARERA is planning to focus on the issue of unauthorized construction in the second year. ...

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GUJRERA gets a new address

Tuesday 1st May 2018

From 01 May 2018, GUJRERA is functioning from its new address -4th Floor, Sahyog Sankul, GH-Road, Sector-11, Nr. Pathikashram, Opp. Civil Hospital, Gandhinagar-382007. Till now the authority was functioning from the 1st Floor and 3rd Floor, Chief Town Planner Office Building, Sector-10 Gandhinagar-382010. GUJRERA has approved 2,486 real estate projects and 516 agents across the state. ...

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MAHARERA chairman stated the biggest challenge is to make builders RERA compliant

Monday 30th April 2018

Maharashtra was one of the state to implement RERA in India. As the Real Estate (Regulation and Development) Authority Act completes one year of implementation, the biggest challenge is to keep the builders compliant of the law, said Chairman Gautam Chatterjee. "Being the first state to implement the Rera Act, there is certainly a feeling of satisfaction as we complete a successful maiden year. But at the same time, there are many areas of concern which we will have to address such as ensuring that builders who have become compliant of the laws remain compliant," Chatterjee told in an interview over the weekend. ...

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MAHARERA to launch GIS technology for real estate projects

Thursday 26th April 2018

MAHARERA is planning to launch Geographical Information System (GIS) to know the exact location of registered projects in RERA. This facility will be available on MAHARERA Website in about 2 months. MahaRERA will be a year old on May 1. The GIS facility will mark the occasion, MahaRERA authorities said. “The new feature will enable mapping of registered projects. This, in turn, will allow prospective buyers to get an idea of projects in their area of interest, details, and amenities in the vicinity,” MahaRERA secretary Vasant Prabhu said. The GIS will add more to the project’s profile than a developer advertising about his RERA registration, he added. ...

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584 agents and 700 projects registered with Rajasthan RERA

Tuesday 24th April 2018

Rajasthan is one of state to actively implement RERA in the state.  RAJ-RERA website has published a list of approved real estate projects and real estate agents with their details. As of now, 700 real estate projects have been approved by the Rajasthan RERA . Total of 584 agents have been approved till date . The RERA office in Rajasthan is located at Nagar Niyojan Bhawan Near JDA,  J.L.N. Marg Jaipur, PIN-302015 (Raj.)  RAJ-RERA portal has a complaint registration section as well, where all aggrieved homebuyers can file their complaints to the Authority. ...

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MAHARERA ordered the developer to pay interest to home buyers for the delay in possession

Tuesday 24th April 2018

In the recent order of Maharashtra, seven home buyers were entitled to interest on delay in possession by the builder by three years. The possession date specified by the developer was December 21, 2014.The breathing spell of at least six months was also granted after which the possession date was June 30, 2015. Till now, the possession of the flats has not been handed over to the allottees,” said Singh. Hence, the complainants demanded interest for delayed possession under section 18 of the Real Estate (Regulation and Development) act of 2016. “There was adequate time for the developer to complete the project and handover the possession of the said flat even before the RERA act coming into effect in May 2017,” stated the order. Thereby, the bench ordered the developer to pay interest to the allottees for delayed possession at the prescribed rate under RERA act. ...

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Project not in RERA should be disclosed in the advertisement

Tuesday 24th April 2018

TNRERA stated that the projects which doesn’t fall under the purview of RERA must be indicated in the advertisement. “If the project does not fall within the ambit of RERA that should also be indicated in the advertisement,” an official statement from TNRERA said here on Saturday. The statement further said that a number of advertisements are being published in dailies without mentioning the website address of the real estate authority and registration number obtained from TNRERA.   ...

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Builder to pay more fees for RERA Registration of projects

Thursday 19th April 2018

Rajasthan RERA authority has decided to remove maximum cap limit of Registration amount. Now promoters have to pay registration fees for the total area of land or plot. Presently, the promoters have to pay Rs 5 per square meter as registration fee to register plotted residential housing scheme with RERA. The maximum registration fee cap under this category is Rs 2 lakh. A senior official at RERA said, “The registration fee of the project will be calculated on the basis of per square meter. The fee will be imposed depending on the size of the plot. At present, we have fixed minimum and maximum registration fee. Even if the plot area is big, the promoters have to pay the maximum registration fee to register with RERA.” ...

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HRERA takes up 60 complaints on April 10 and April 12

Tuesday 17th April 2018

Haryana RERA Authority has communicated it has heard grievances of 60 homebuyers on April 10 and April 12. HRERA  has given 1-2 weeks as a time for respondents to send their replies. At the hearings, most respondents sought 1-2 weeks time to file their replies,” said HRera (Gurugram) chairman K K Khandelwal, adding the authority will pass its order if they fail to file satisfactory replies within the stipulated time. He also said H-Rera hopes to dispose complaints within 60 days of their first hearing. Khandelwal said the Indo-Japanese real-estate firm, which was fined Rs 30 lakh for advertising before registering the project with HRera, “has deposited the penalty”. HRERA declared that it will organize hearings on every Tuesday and Thursday in a week. ...

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GUJRERA extended date of Half yearly return by real estate agents

Friday 13th April 2018

As per GUJRERA order dated 29 December 2017, every real estate agent is required to provide their complete information periodically with GUJRERA. The last date for uploading first half yearly return was 07 April 2018. It was observed that many agents have failed to comply with this.Taking into consideration the initial implementation constraints, the GUJRERA has decided to give relaxation for uploading their first return. The agents who were due to upload their first half-yearly before  07 April 2018 along with agents who are liable to file their first half by 07 June 2018 can now file their HY returns by 07 June 2018. If the agent “defaults” by not filling the return, all the subsequent HY Return Tiles will be locked for filing and till the agent complies to the penalized action decided by the authority, the agent will not have the facility of HY return filing. ...

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MAHARERA to take action against the architect for the insufficient certificate

Friday 13th April 2018

The appellate tribunal of MahaRERA has asked the secretary to commence an action against an architect for granting flawed and inaccurate certificate to a real estate project.  "The secretary MahaRERA is requested to independently initiate action under the provision of RERA against Manoj Dubal for issuing the factually incorrect certificate," said the order passed by judge K.U. Chnadiwal.  While hearing an appeal, the tribunal observed that a builder during a hearing in MahaRERA had said that building has occupation certificate. However, it was found by the tribunal that the amenities, lift, staircases and other facilities were yet to be completed.  ...

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26 agents and 8 projects enrolled with Delhi RERA

Thursday 12th April 2018

Delhi RERA website has published a list of approved real estate projects and real estate agents with their details. As of now, eight ongoing projects have been approved by the Delhi RERA. Total of 26 agents has been approved till date.   IAS officer Udai Pratap Singh has been appointed as an interim regulator. The RERA office in Delhi is located at 14th Floor, Vikas Minar, ITO. Delhi’s RERA portal has a complaint registration section as well, where all aggrieved homebuyers can file their complaints to the Authority. ...

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MP RERA furnish notices to 300 builder for quarterly compliances

Tuesday 10th April 2018

MPRERA send notices to 300 builders who have not updated the quarterly status of project on MPRERA website. MP RERA chairman Anthony de Sa said, “Our main focus is now to keep an eye on quarterly update of the projects on the website, if anyone fails do to so we will send notices and take action.”As per rules, all the registered projects are required to update the quarterly status of the project along with the pictures on the RERA website. De Sa said the regulatory body has already sent over 300 notices to promoters for failing to update their projects. ...

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MPRERA would facilitate completion of projects

Saturday 7th April 2018

Real Estate Regulatory Authority (RERA) of Madhya Pradesh would ensure completion of real estate projects in case promoters leave a project and escapes after collecting funds from buyers. MPRERA will incorporate a committee of buyers which will decide the future course of the stalled project. This move was taken in response to a complaint filed against an Indore based developer where promoter escaped after collecting money. But the option would be considered only when the majority of investors want RERA to intervene and form the committee, the chairman said, adding that RERA would not force the investors to go for this option.  ...

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MAHARERA slaps fine of Rs 50 lakhs on Piramal Realty

Friday 6th April 2018

In a recent order passed on Thursday, MAHARERA imposed a fine of Rs 50 lakhs on realty player Piramal Realty as the builder did not publish MAHARERA website address along with the advertisement of its project in South Mumbai Mahalaxmi Locality. The advertisement even did not carry the RERA Registration number on the first page, while it was displayed on the second page in a very small font. MAHARERA issued a warning to the builder to ensure that this kind of violation is not repeated in the future. This is the heaviest penalty levied so far by MAHARERA. ...

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Builders should follow RERA rules says AP RERA director

Friday 6th April 2018

While addressing the meet of Builders Association of India’s, Vijaywada chapter, Ch V Sambasiva Rao, director, RERA said that the builders and realtors across the country should follow new regulatory act in real estate industry. While delivering a power point presentation on RERA, he clarified the procedures, terms, and conditions of registration and briefed the required documents for registration. RERA Joint Director Vallabaneni Sunitha said the builders should submit the work progress to RERA once in three months. For every construction project, they should open a separate new account and 70 percent of the construction amount of apartment, villa and individual house should be deposited in the bank account, she added. ...

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RERA would be a game changer for real estate in Goa stated GERA Developments

Thursday 5th April 2018

Gera Development stated that the Real Estate (Regulation and Development) Act would be a big game changer for the Goan real estate industry. “It will further bring a discipline in the real estate industry, thus eliminating the unscrupulous operators in the business and bringing a financial control in the industry,” the company noted. Managing director of Gera Developments Rohit Gera, speaking to reporters on Wednesday, stated that the Act has been implemented in Maharashtra eight months ago; further hoping that it would now get implanted in Goa in the same positive manner. ...

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GOA RERA slaps penalty for registration of ongoing project post 31 March 2018

Tuesday 3rd April 2018

GOA RERA, in an order passed on Monday, has decided to impose the penalty on the application for registration of ongoing projects to be received after 31 March 2018. A penalty of Rs 1,00,000 will be levied for Registrations applications received between 01/04/2018 to 30/04/2018. From 01 May 2018, double penalty i.e. Rs 2,00,000 will be fined on builders till 01/07/2018. ...

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27,000 projects enrolled with RERA says FPCE

Monday 2nd April 2018

Around 27,000 projects across the country have been registered under the Real Estate (Regulation and Development) Act, according to the data from the Forum for People’s Collective Efforts. Around, 17,000 applications for agent registration have been received by various RERA authorities. Of the total number of projects registered, nearly 18,000 are from Maharashtra. That compares with 2,350 in Uttar Pradesh, the second in the list, and more than 1,600 each in Gujarat and Madhya Pradesh. Haryana has registered around 400 projects.  ...

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Only a few realtors registered with RERA Andhra Pradesh in 12 months

Monday 2nd April 2018

In Andhra Pradesh, only 23 projects have been registered with the RERA out of around 2000 projects falling under the purview of RERA. Sources said that in the capital city region alone, over 70,000-80,000 flats have either been completed recently or are under construction. As per rules, all these projects should have been applied to RERA. However, promoters are not earnest on joining RERA, stating several technical and financial troubles. Nine projects-all big-ticket investments from the capital city region got registered under RERA while one each project from Visakhapatnam and Kadapa got registered. “We are waiting with patience with a hope that they will join sooner or later. We will not hesitate to crackdown after giving little more time,” said a senior official of Rera. ...

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3 more months for RERA Telangana panel

Thursday 22nd March 2018

The State government of Telangana will form RERA expert committee in three months. The government is planning to hire IT experts and will take help of agencies that look after RERA in Maharashtra. Principal secretary, municipal administration, Arvind Kumar told a delegation of Forum for People’s Collective Efforts (FPCE), Fight for RERA, a pan-India movement, and U-FERWAS that the new panel will be ready by July. He said a high-level government delegation had visited Maharashtra and Karnataka to study the implementation of RERA and launch of RERA website. ...

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MAHARERA summoned Navi Mumbai civic body for environment clearance delay

Monday 19th March 2018

MAHARERA, the real estate authority of Maharashtra has summoned officials of Navi Mumbai Municipal Corporation regarding environmental clearance delay in connection with Green World Project at Airoli on Thane Belapur Road. They appeared before the authority on January 5 and accepted that the delay had happened at their level, said an order by MahaRERA Member Vijay Satbir Singh. It was clear that project was delayed due to delay in environmental clearance.   “Considering the disruption in construction work for a period of more than a year and other constraints, it is reasonable to extend the date of possession by a year and half to calculate the promoter’s contractual liability under Section 18 of RERA. The promoter is, therefore, liable to pay interest to the allottees from July 1, 2017,” Singh observed in his nine-page order. ...

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RERA Karnataka to appoint private entity to find out unregistered projects in the state

Friday 16th March 2018

KRERA is planning to appoint a private entity to identify unregistered project in the State. The private entity firm will find out the ongoing projects and new launches which are not registered in RERA yet. KRERA has issued tenders for invitation of application for appointment of consultancy. The private entity will be submitting a detailed report to the authority by conducting ground level survey for identification of unregistered projects. “We are planning to execute the project on a trial basis for a month,” said P Sunil Kumar, secretary, RERA. RERA was using the plan sanction certificates issued by BBMP as preliminary information and was planning to send the surveyor to the address for physical verification. “We will scale up the project with more effective tools and expand it to the rest of Karnataka gradually,” said Kumar.  ...

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No misleading advertisement now : HRERA

Wednesday 14th March 2018

Haryana Real Estate Regulatory Authority (HRera) on Tuesday stated that there should not be any difference in the amenities and facilities shown in developers advertisements and what they deliver on ground. Developers who give deceiving information and false ads to lure buyers will face action now,” said chairman of HRera (Gurugram) K K Khandelwal, while he was speaking at a workshop organised by the authority and labour department on Tuesday. K Khandelwal said the authority has already given legal notices to 3-4 developers. “Unlike in the past, now the developer cannot accept pre-booking,” said Khandelwal, adding that the objective is to ensure that developers should give correct information so buyers can take an informed decision without getting deceived. ...

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New certificate for agents and developers by HRERA

Monday 12th March 2018

The Gurugram bench of Haryana Real Estate Regulatory Authority ( H-Rera ) is proving a new RERA certificate to developers and real estate agents who register with the HRERA.   “H-Rera rules will be engraved on the left-hand side of the certificate,” said H-Rera chairman K K Khandelwal, adding that the objective of the new certificate is to evade duplication and tampering.      “Real estate agents will not facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or part of it, being sold by the promoter, which is not registered with the Authority " stated chairman K K Khandelwal.  ...

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Rural projects in Rajasthan lacks behind in RERA Registration

Wednesday 7th March 2018

The maximum of real estate projects in rural areas still not registered with Rajasthan RERA. According to official sources, “Less than five developers have registered their projects in Jaipur. The projects are more than 50 in the state capital.” After implementing the RERA in urban areas, authority decided to take real estate projects in rural areas under its ambit. A penalty would be levied if developers miss the boat to register their ongoing project within the target date.  The Authority will impose penalty of up to 10% of project cost on Developers who fails to register with RERA. ...

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Telangana Government constituted an expert committee for RERA setup in the state

Tuesday 6th March 2018

The Telangana Government has constituted an expert committee to study the status of RERA implementation in the State. The Principal Secretary, Municipal Administration, Arvind Kumar has issued orders in this regard, an official release said today. The expert committee consist of  Chief City Planner of the Greater Hyderabad Municipal Corporation (GHMC) S Devender Reddy, Municipal Administration and Urban Development (MA&UD) department Director (Planning) S Balakrishna, and Director of Town and Country Planning K Vidyadhar, stated in notice. The committee will study the Process followed by Maharashtra and Karnataka for administrative setup and other functional aspects. ...

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No full fledged chairman for TNRERA

Tuesday 6th March 2018

Despite of eight months of its inception, there is no permanent regulator for TNRERA. The Secretary of Housing and Urban Development is presently acting as interim chairman of the RERA authority in Tamil Nadu. The State Government of Tamil Nadu passed the RERA Rules on June 22, 2017. Ramaprabhu, honorary secretary of the Builder Association of India's Southern Centre, Chennai, said a full-time chairman and members were essential for smooth functioning of the authority. "Their presence is required for swift action and quick disposal of the grievances of home buyers," he stated. As per the Real Estate Regulatory Act 2016, every state needs to form an authority within the stipulated period of one year from the date of the act enforcement. ...

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Kerala Government assigns B Ashok as Interim RERA for the State

Monday 5th March 2018

The State Government of Kerala has appointed B Ashok as the interim real estate regulatory authority. The LDF government had withdraw RERA Act ,2015 stating that it did not protect the end user and its provisions are more towards the Builders end. With the government now bustling for an interim authority, officials said that there could be further holding in having a full bloom RERA in the State.  The order appointing urban affairs secretary as the interim regulatory authority says that the call to have an interim body has been compelled  by growing number of real estate-related complaints and litigations in the absence of such an authority.     ...

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Karnataka ranks second in RERA execution

Tuesday 27th February 2018

Karnataka stands second in Real Estate Regulatory Act implementation in the country. With over 1900 projects registered and 100 complaints filed, state is a leader in the country after Maharashtra. A joint report on ‘RERA: How are you gearing up for compliance’ by the Federation of Indian Chamber of Commerce and Industry (FICCI) and Grant Thornton released last week has given Karnataka second position in the country, next only to Maharashtra with regards to registration of projects. ...

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Coimbatore on second rank in filing applications in TNRERA

Tuesday 27th February 2018

TN RERA has received maximum number of applications for project registration from Chennai followed by Coimbatore. After Chennai, the most number of applications for approval of real estate projects have been received from Coimbatore, said S Selvakumar, secretary of projects, Tamil Nadu Real Estate Regulatory Authority (TNRERA).   After Coimbatore, there were significant number of applications from Madurai, Trichyand Hosur. “So far, there have been no applications from Ramanathapuram and Sivaganga,” said Selvakumar. He added that the TNRERA was taking all measures to create awareness about the act across the state.“   A total of 56 project applications have been received out of which 43 have been approved from Coimbatore.  ...

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Goa extends RERA Project registration deadline

Monday 26th February 2018

GOA RERA extended date for registration of ongoing projects in RERA to 23 march 2018. Developers can register their projects till 23 march 2018. “However, applications for registration can be uploaded till March 31 but with a penalty of Rs 50,000,” secretary for urban development and interim RERA authority for Goa Sudhir Mahajan stated in the circular. GOA RERA website was launched in mid January. Till now only four projects and six agents are approved in GOA RERA. ...

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Punjab Developers gets another shot for RERA Registration

Tuesday 20th February 2018

Developers in Punjab gets the second bite of the cherry as RERA Punjab has given another opportunity for Registering in RERA. Those developers who have not registered their projects by 31st December 2017 has another chance to register in RERA. A spokesman of Punjab Government stated as per provision of section 3 of Real Estate (Regulation and Development) Act, 2016, promoters of the ongoing projects (except those exempted under section 4 of the Act) were required to register their projects within three months of the commencement of the Act which is July 31, 2017. The authority subsequently extended the last date of registration of projects up to December 31, 2017, he added.         ...

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Flat owners of Lavasa Corporation bangs MAHARERA for entitling them as Lessee

Friday 16th February 2018

In ruling of MAHARERA , complaints of numerous aggrieved buyers were dismissed on the ground that agreement signed between allotees and Developers  was taking shape of lease transaction and hence out from the purview of RERA. Buyers now want the involvement of State Government in the case. MahaRERA should remove Lavasa from its online portal if complaints from its buyers did not fall in the purview of the RERA demanded buyers. “At least people will stop approaching MahaRERA. We appeal to the Devendra Fadnavis government to intervene and give us justice,” buyer said. Total of five complains were set aside due to paucity of legal grounds. ...

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Developers received noticed by MAHARERA for not updating Project information

Monday 12th February 2018

Real estate Regulator of MAHARERA has slapped a notice to builders for not revising the project information in every three months as per the act. In last three months, only 35% of the developers have updated the project information. Clause 20 of the act says that details of every registered project need to be updated in every quarter in respect of work done and inventory sold. As per the notice of the MAHARERA, this will be decoded as breach or non-compliance. ...

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RERA Bihar slaps notice to ten projects

Thursday 8th February 2018

RERA Bihar issued warning notices to ten real estate developers for promoting their upcoming projects without RERA Registration. As per section 3 of the act, every real project measuring more than 500 square meters or more than 8 units is mandatorily required registration under RERA. “Notice dispatched to ten projects should be considered as an example for other developers as well in the state “stated principal secretary Chaitanya Prasad Prasad.In Bihar, only one project is registered with RERA while five applications are in process. ...

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Cooperative housing societies comes under the umbrella of RERA

Wednesday 7th February 2018

Interim regulator of RERA Karnataka chairman Mr. Kapil Mohan clarified that cooperative housing societies come under the purview of RERA which cover 1577 housing societies in entire state of Karnataka.  The RERA states that any co-operative housing finance society or primary co-operative housing society that constructs apartments or buildings is falling under RERA. RERA intends to bring forth transparency in the sector and shield the interests of the buyers while imposing severe penalties on errant builders. ...

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5% buyers payment to be waived off by Sheth Group instructed MAHARERA

Tuesday 6th February 2018

In the recent judgment MAHARERA has asked developer Sheth group to forgo 5% balance payment to be received by buyer against full and final payment due to delay in possession. Developer has been instructed to give possession of the flat by 31st March 2018. 95% amount to be deemed as full and final payment received by buyer.  "We are ready and willing to handover the possession of Neha Agarwal’s Flat on or before 31st March 2018. We are seeking clarity from the honourable court on the matter of the 5% due from the customer," Sheth Group said in an email response. ...

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HRERA Benches will be serviceable within a week

Friday 2nd February 2018

The Haryana State government has designated two chairperson each for Panchkula and Gurugram benches."These benches will be functional within first week of February"an official added. For Gurugram bench, Samir Kumar, a retired IAS officer, and Subhash Chander Kush, a former chief town planner, have been chosen. Anil Kumar Panwar, a retired district and sessions judge, and Dilbag Singh Sihag, also a former chief town planner are picked up for Panchkula bench. Officials stated that Gurugram Bench would be functioning from Public Work Department situated on Old Railway Road nearby District Court. ...

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Rs 21,000 Crore set aside for affordable housing

Friday 2nd February 2018

Government takes a huge step by granting Rs 21,000 crore for affordable housing. This affordable housing drive intends to construct 5.1 million rural houses in FY 2019 in addition to 5.1 million houses being constructed this year. Other sector such as Steel, Cement, Paint will surely get a lift from this step. The plan of action is to extend interest subsidy to the rural households that doesn't fall under PMAY. Government will give 3% interest subsidy for 20 years loan component up to Rs 2 Lakhs. A dedicated fund for affordable housing in national housing bank is to be created for the same. ...

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TNRERA puts on the website list of ongoing project " Not meant for sale ".

Thursday 1st February 2018

The realty regulator of Tamil Nadu has published list of 40 ongoing projects in Chennai which are not available for sale for buyers .Promoters of these projects received legal notice from TNRERA to get themselves registered with RERA as they are in scope of RERA act. Promoters clarified to TNRERA that these projects are meant for self use only.Thus units are not eligible for sale to general public.  Section 3 of the RERA states that Promoter of the ongoing projects who have not registered with RERA are not allowed to sale any stretch of the project .  Buyers cannot make purchase from these 40 ongoing projects in Chennai. ...

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MahaRERA is going to start its 5 conciliation forum, out of 10, from 1 February onwards

Wednesday 31st January 2018

MahaRERA was cogitating upon how to prevail over any realty sector problems. Hence, in the middle of January 2018, MahaRERA decided to form one forum of 33 conciliators, who would bear the responsibility of resolving all kinds of real estate disputes in their initial phase. To acknowledge such problems, 5 conciliation benches of this authority will become operational on the very first day of February. These benches are only in Pune right now and will start their work on 1 March. Rest 10 conciliation benches will be in Mumbai only and “when will they start hearing cases!” is not decided yet. ...

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MAHARERA says RERA unworkable for lease transactions

Wednesday 31st January 2018

In the recent judgement, MAHARERA expressed that Real Estate Regulation and Development Act ,2016 is not applicable on lease transactions. MAHARERA set aside the case of Jitendra Tulsiani who filed a complaint against “ Lavasa Corporation’s Brookview project at Lavasa city in Dasave in Pune claiming delay of possession by the developer. Bhalchandra Kapadnis, Member, MAHARERA, stated that  the agreement signed between Tulsiani and the developer was an “agreement to lease of apartment”.However section 2(d) of RERA defines allottees and clearly excludes person to whom apartment is given on rent. Since the complainant has agreed to take an apartment from respondents on lease, MahaRERA does not get any jurisdiction to adjudicate upon this complaint,” he said. ...

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Gujarat RERA stimulates the registration numbers by accelerating the registration process

Tuesday 30th January 2018

Gujarat government was lagging behind the rest of the states in introducing its RERA website. On the other hand, other states were taking the lead in the registration process. Notwithstanding, it doesn’t make this Gujarat state any less in the same process. RERA registration in Gujarat started on 10th July 2017 and right from then, it has completed registration of almost 1426 projects and approx 410 agent registrations. ...

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RERA Karnataka reduces realty projects which were under investigation

Tuesday 30th January 2018

3 weeks back, a drive was started off by RERA Karnataka to draw builders’ attention on their non-registered projects and to extract details of these projects. Now, within a month; builders from Karnataka have given prompt reaction to RERA Karnataka’s stringent action of putting 780 real estate projects on its website under the warning disclaimer. Several clarifications and required documents have been provided by these builders to RERA authority. Now 623 projects, out of 780, have been removed from RERA Karnataka’s web portal and 148 new projects have been added to that category. Therefore, this makes a current total number of projects 305. ...

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TNRERA is soon to get Chairperson and two members

Tuesday 30th January 2018

Tamil Nadu Real Estate Regulatory Authority (TNRERA) will be going to appoint a chairperson and two other officials shortly. S. Krishnan (Principal Secretary (Housing)) has been assigned as the authority on the temporary basis. Right now, a former judge of the High Court, B. Rajendran is functioning as the chairperson of the Real Estate Appellate Tribunal and Andaman and Nicobar Islands will come under the jurisdiction of both RERA and this Tribunal. The main concern of this authority is to appoint only those who have “no financial interest” and “persons of integrity beyond question”.  ...

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28 new housing projects have been added on; TNRERA marks more than 300 projects registration

Monday 29th January 2018

TNRERA has generated data on its web portal which stated that 28 new housing projects have been registered by this authority till 18 January; additionally, 18 projects, out of 28, are from Chennai and its peripheries. Therefore these new projects have taken the number of housing projects to more than 300 since the inception of this authority which was on 22 June 2017.  ...

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Temporary Haryana RERA’s office will get a kick start from 1 February

Monday 29th January 2018

Residents from Haryana got a sudden burst of happiness as a temporary H-RERA’s (Haryana RERA) Gurgaon office will start its functioning from February 1, 2018, but, above all, permanent office will come up after 6 months. This temporary office will have different wings like; legal, administrative, accounts, complaint and registry. Apart from these wings, H-RERA will also be headed by a session’s judge. Functioning of this authority will be carried by 52 officials initially and this number will get higher with each passing days. For resolving one particular issue, H-RERA would take maximum 60 days time period.     ...

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Uttarakhand Cabinet extends RERA registration and annual return date

Thursday 25th January 2018

Great relief to builders and promoters has been given by Uttarakhand government. The state government decided to not to charge late fees. Prior to this scenario, builders and colonizers had to register themselves until 30 September 2017 to avoid extra charges. But now the deadline has been extended up to 28 February 2018. In another case, ambiguity arose because of the implementation of GST as traders were not very clear about this concept and got confused. Nevertheless, traders heaved a sigh of relief as the last date for filing their annual return has been extended by a period of 3 months. The deadline for the traders will be 31 March 2017.  ...

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Homebuyers are in the dilemma, whether opt for RERA or consumer forum

Wednesday 24th January 2018

Before the implementation of RERA, consumer forums were the only authority to make an appeal. These forums were dealing with the case from the district, state or national level to provide relief in cases of cheating. However, the introduction of RERA got the limelight in its initial phase and homebuyers would move to this authority. Since RERA will not deal with projects that have got their occupancy and completion certificate before 1 July 2017 RERA has its own limitations. Furthermore, the consumer forums are the only remedy on which homebuyers can bank upon as certain states are yet to adopt this RERA Act. ...

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MahaRERA rules mention "legal contention is necessary for legal title deed plus agency’s online portal"

Wednesday 24th January 2018

Complainant Arif Shaikh filed a complaint against Pune-based builder in connection with the registration details of their ongoing project. Shaikh alleged that he and his father have one-sixth of the project title, interest on the property and undivided right but Respondent intentionally suppressed the injunction order to restrain the promoter from encumbering or creating any third party rights pertaining to their share in the property. The sole motto behind this ruling is to help homebuyers so that they can easily access the information.   ...

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Haryana RERA is depriving of chairpersons, the website is also under construction

Wednesday 24th January 2018

Two IAS officers were appointed by Haryana government as a head of the Gurgaon bench and as a chief of the Panchkula bench. In spite of that these officials are not able to assume charges due to the sluggish process of Voluntary Retirement Scheme (VRS), which they need to, opt before occupying their designated RERA post; moreover, Haryana RERA website is in the same condition which is still being developed. This status of Haryana RERA has thrown home-buyers confusion as they don’t have any clue about how they should lodge complaints and who should they approach with their grievances!  ...

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“Evident hindrances to realty sector and how to overcome them” is discussed by BAI’s National President

Tuesday 23rd January 2018

HN Vijaya Raghava Reddy, National President of Builders Association of India (BAI), told about how construction and real estate sector was going through a lot in the absence of regulatory reforms; however, some reforms like RERA has also serious failures at the implementation level as the government of some states are taking advantage of flexibility given by the central government. He also put forward some suggestions for promoters’ consideration that being small or big player doesn’t matter now. Being organized and adhering to the rules, having proper project development plans and capital procurement systems are the new surviving techniques in the realty sector.   ...

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RERA restores homebuyers’ faith, 45% buyers in the first quarter of 2018 are looking to buy after it

Monday 22nd January 2018

As transparency, timely delivery of project, accountability and organized development have been brought by RERA these things are acting as a great confidence booster for prospective home buyers. Moreover, this has been proved by recent figures which show that 45% of homebuyers are looking to purchase homes in the first quarter of 2018. Last year the central government granted infrastructure status to affordable housing projects and this step brought 27 % increase in the supply of newly constructed affordable homes in first 3 quarters of 2017. Lately, the inflation rate has shown stability, therefore, lending rates have started to calm down.      ...

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TNRERA makes 186 agents certified to commence their business hassle-free

Saturday 20th January 2018

TNRERA’s (Tamil Nadu Real Estate Regularity Authority) web portal has generated the data of 186 real estate agents who have now come under its ambit. The preponderance of agents, who are registered with TNRERA, is based in Chennai and 151 in numbers. The bunch of 186 agents is categorized under 2 heads. The category of the firm has taken 109 agents while 77 persons have registered as individuals with the state’s real estate regulator. To obtain RERA certificate agents need to comply with some obligatory disclosure of maintenance of records, books of account and documents with the provisions of the Income Tax Act, 1961. ...

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Mr. Venkaiah Naidu supports RERA, says it is for real estate promotion not for strangulation

Saturday 20th January 2018

Vice President of India Venkaiah Naidu shared his views on RERA while inaugurating 28th convention of the Builders’ Association of India in Bengaluru. He strongly supported RERA by stating that it seems to be strangulated only for those “fly-by-night operators” who have been misusing the customer’s confidence in them but RERA is not breaching civil liberties. He further added that he is very much aware of contractor’s problems and certain difficulties which are facing by them; therefore, NITI Aayog has initiated steps to form a committee of all stakeholders to bring out unified standard contract document.  ...

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RERA’s reign changes market flavor from the single entity to joint ventures

Friday 19th January 2018

RERA’s strategy to establish dominion over malpractices of culprit developers and promoters is working effectively as corporate developers are opened up to joint ventures with realtors who have credible track records and a strong brand name. This scheme has unbarred a potentially lucrative business opportunity for corporate entities and new entrants/emerging companies. Moreover, banks that have an increased number of NPA (non-performing assets), are looking for “government-oriented companies” to monetize these assets. Now large corporate entities are not limited to one option; therefore, they have plans to expand their real estate portfolios. In the wake of this, they are contacting several developers and landowners to enter the residential market.  ...

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Goa government turns down CREDAI’s request for the extension of registration date

Thursday 18th January 2018

Having enough of builder’s sluggish behavior, Goa government has decided to reject CREDAI’s (The Confederation of Real Estate Developers’ Associations of India) request for on-going real estate projects’ extension till April. CREDAI was seeking 90 days extension period from the launch of RERA registration portal. However, it got rejected by the state government and CM Manohar Parrikar said that agents and builders have got enough time to study the Act.  Hence, from August until today, they have known everything and consequently, builders and agents must strictly adhere to 24 February 2018 to register their underway projects.   ...

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One forum of 33 members has been set up by MahaRERA for pacification process

Thursday 18th January 2018

Maharashtra is on a mission to resolve all disputes in their initial phase and to comply with such motive MahaRERA has established a forum of 33 conciliators. This forum is made up of 15 teams with 2 members each in which one is from realty developers’ industry body and another one is from consumer forums to represent home buyers. To deal with any shortfall due to anonymous reason, this regulator has also appointed 3 extra conciliators who will be the part of these teams. 10 conciliation teams, out of 15, will look after homebuyers’ plea from Mumbai and rest 5 teams will take care of real estate queries from Pune.  ...

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Bombay High Court intervenes in an order issued by Maharashtra RERA and quashes it

Wednesday 17th January 2018

The state court acted promptly on homebuyer’s plea and revoked an order, which was issued by MahaRERA on 28 November 2017, by saying that the order is illegal and asked MahaRERA to reassess the petitioner’s claim and pass a well-thought-out order. The complainant argued that MahaRERA had just copied the developer’s arguments without even considering real facts and situation. In this case, the developer claimed that his project had been started in 2009 but was delayed due to change of law, incorrect classification of the plot as CRZ II and administrative conflicts. So he is not liable to pay any compensation as these reasons beyond his control. ...

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Market experts are confident that RERA will boost growth and sales in real estate

Wednesday 17th January 2018

Brand Capital and Brand Estate of The Times Group organized a conference in Navi Mumbai for the sake of developers. Brand capital is the investment arm of the Times Group. Here experts exchange their views and put some opinions in front of developers. They are confident about RERA act feasibility in realty sector as 2017 was the year of formation and implementation of some taxes and acts like GST, RERA and demonetization but 2018 will give benefits to developers and homebuyers as RERA Implementation brings transparency and profitability moreover these things are needed to fuel the sales.  ...

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New guidelines make registration obligatory for all real estate belongings with RERA

Tuesday 16th January 2018

To skip heavy penalties and rigorous imprisonment, TNRERA directed all concerned real estate and building owners to register their properties under RERA Act. The new guidelines stated that without obtaining consent from RERA authority no one should involve in development and sale of any building or real estate project having development or built-up area of 500sqm moreover if the number of units exceeds eight one should register this project with this authority. Now every certified building owner or promoter has their registration number which they got under RERA. This number must be mentioned with their own advertisement while doing sale and development of the particular property. ...

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TNRERA needs to draft rules for issuing completion certificate to overcome its own limitations

Tuesday 16th January 2018

The shackle of the non-existence of mechanism, to conduct checks and issue completion certificates for housing projects in areas under the DTCP (Directorate of Town and Country Planning), is preventing TNRERA (Tamil Nadu Real Estate Regulatory Authority) to take prompt action against developers who are violating the rules. However, such violations can be eliminated if completion certificates are made obligatory in areas under the DTCP which covers the entire state except for Chennai Metropolitan Area. Moreover, TNRERA stated that the real estate act does not allow the Chennai Metropolitan Development Authority (CMDA) to inspect buildings; instead of that CMDA is issuing completion certificate after inspecting the construction.  ...

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Punjab RERA passes benchmark order, 3 conditions must be fulfilled before complaining about unregistered projects

Friday 12th January 2018

If homebuyers want to file a complaint against a promoter whose project is not registered with RERA, in this case, the complaint shall not be maintainable before Punjab RERA. This Authority solved out the obscurity related to complaint’s maintainability where the errant builder violation took place prior to the commencement of the RERA Act. Henceforward, if any complainant wants that its complaint must be considered so he shall fulfill 3 conditions. The alleged violations, though commencing before the enforcement of the RERA Act, must be continuing till present. The alleged violations must also comprise an infringement of the RERA Act and the rules and regulations made thereunder. Any complaint shouldn’t be pending in any consumer forum before approaching RERA. ...

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Government’s decision of 100% FDI in real estate brokerage will attract international investment

Friday 12th January 2018

The government of India took meritorious decision to allow 100% Foreign Direct Investment (FDI) under automatic route in the real estate broking services. Many property consultants believe that this initiative is not a new provision; however, the re-introduction will revamp the path of investment in Indian brokerage companies through International counterparts. Furthermore, this move will encourage International brokerage firm to establish their own subsidiaries in India. It has been clarified by the Cabinet that real estate broking services would not be classified as Real Estate business so companies, which work under these broking services, are eligible for 100% FDI under the automatic route.  ...

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To make sure builders can’t overlook RERA rules, Gujarat RERA imposes hefty penalty on promoter

Friday 12th January 2018

A Vadodara based builder, Jayesh Patel was penalized by Rs. 3 lakh for not handing over the possession of flats on time which was in his scheme. In case of failing the process of project registration with RERA, a builder can be fined up to 10% of the project. In spite of that, RERA cited the fact that the builder has already gone through a lot in selling his units besides delay in construction work due to lack of funds. Back to back penalty cases reflect that RERA authority is in no mood to spare the culpable builders. ...

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RAJ-RERA is in action, fraudulent builders will get punished anyhow

Thursday 11th January 2018

Rajasthan RERA authority has given itself to consumers by taking action against violators of Real Estate (Regulatory Authority) Rules. In an idiosyncratic case, which has taken place in Rajasthan, the authority took action against 4 developers for the very first time since initiation of RERA in May last year.  In the verdict, two developers were asked to pay a fine that was 4 times the RERA registration fees as they were not able to complete formalities related to document submission even after the registration of their projects with RERA. Furthermore, two other were served show-cause notices because they just started promoting and marketing their projects without registering them with RERA.   ...

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Wait for Goa’s RERA website is over, Goans heave a sigh of relief

Thursday 11th January 2018

Amid of certain ambiguities and assumptions; finally, the website of Goa RERA for online registration of real estate projects and agents will be unveiled within a week. Now builders don’t need to wait for so long because they will be able to register their projects on the website from its inception. Sudhir Mahajan, the chairman of Goa RERA, disclosed that incorporate changes, which were suggested by industry stakeholders, led to the delay in the launch of this website but now the trial run of this online portal is on and the final launch will be made within a week.  ...

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TNRERA is seeking help from public sector banks to ensure more registration

Wednesday 10th January 2018

TNRERA has come up with a new strategy to make sure that developers will adhere to rules of RERA registration. In this matter, TNRERA will approach the concerned banks because it believes, “if banks insist on the TNRERA registration number before providing loans to prospective buyers, the builder would be left with little options expect to register his project with the authority.” This step will be taken in the aftermath of the disproportion between the number of housing projects registered with the realty regulator and the volume of planning permissions. ...

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MahaRERA lashes out at developer for selling an open car parking slot

Wednesday 10th January 2018

Buyers Devendra and Pushpa Agarwal alleged that the developer Nandraj Developers Pvt Ltd. of a project, named Royal Residency C in Lalbaug, had charged them Rs 25,000 towards allotment of an open car parking slot. The Chairman of MahaRERA Gautam Chaterjee heard the whole matter in which Agarwals paid a consideration for one stilt car parking, but details of closed car parking weren’t shown on the MahaRERA website and directed the developer to refund the amount collected from selling that parking area. One more thing which must be considered that selling of parking spaces even before RERA came into force was not allowed. ...

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BAI’s appeal: One regulatory authority should be established for intransigent cement industry

Tuesday 9th January 2018

Investment Information & Credit Rating Agency stated that India has the world’s second-largest cement industry; however, the Builder’s Association of India (BAI) wanted the formation of a regulatory authority to control unfair practices of this industry and to tame monopoly which has been created by it. BAI also demanded that some reduction should be done in 18% of GST which is levied on the construction sector only. BAI believes that this regulatory will surely bring the transparency and smooth growth.  ...

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Goa Realty Sector wants clarity on implementation of RERA rules

Monday 8th January 2018

Officials and builders, from the town and country planning department, said that real estate sales graph has shown severe slow down as homebuyers and developers are not very clear about RERA implementation. Therefore Developers of Goa want implementation lucidity of RERA rules, predominantly related to compliance. Furthermore, the president of CREDAI-Goa, Jaganath Desh Prabhu Dessai stated that once registration website is live, they should get 90 days to register.    ...

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Hike up in the prices of inputs would fetter the affordability of housing and infrastructure projects says “CREDAI”

Monday 8th January 2018

Builders of the Hyderabad state are soliciting for the intercession of government to control the exponential rise in inputs’ prices. The General Secretary of CREDAI (Confederation of Real Estate Developers Association of India), P Rama Krishna Rao stated, in a curtain raiser event of a property show in Hyderabad, that price of cement has increased rapidly only in about 8 to 10 weeks and this would consider a paradigm shift in the affordability of housing and infrastructure projects taken up by the Telangana government.  ...

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To de-stressing builders, BAI will organize the three-day national convention in Bengaluru

Monday 8th January 2018

Builders’ Association of India (BAI) is going to organize the three-day national convention, which will start from January 19, 2018, to help the builders who are in great turmoil because of “lack of clarity” on certain taxes and acts. The theme of this convention is “Building India.” It will address the problems of Builders who are on the verge of bankruptcy due to factors like, lack of clarity on GST.  Convention Chairman Bhishma R Radhakrishnan shared that Real Estate Sector is the only sector which is paying a wide range of taxes such as, GST, Sales tax, Municipal Taxes and so on.   ...

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MahaRERA contends absence of agreement of sale will lead to zero compensation

Saturday 6th January 2018

Homebuyers of a Bhagtani project registered a complaint in MahaRERA against the Promoter of Bhagtani’s Serenity project in upscale powai. But all efforts were in vain and they came back empty-handed as the Adjudicating officer and Member, MahaRERA, Bhalchandra Kapadnis dismissed the plea of 15 home buyers in the absence of a registered agreement for sale.  The Apex Authority stated that issuance of allotment letter is the most necessary and initial stage of agreement of sale. Without the agreement of sale, the Section 18 can’t be invoked. In Section 18 it is clearly mentioned that a promoter is liable to pay interest or compensation if he fails to complete or is unable to give possession of an apartment in accordance with the term of the agreement for sale.  ...

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In the “possession delay” case, MahaRERA can declare arbitration process void

Friday 5th January 2018

In an unprecedented pronouncement, MahaRERA stipulated that this authority can nullify arbitration applications and issue orders to complaints filed by a co-purchaser.  In this matter, MahaRERA shed some light on the above-mentioned statement and said that this Authority has the jurisdiction over the arbitration applications as RERA Act was ratified after the Arbitration and Conciliation Act of 1996. Furthermore, MahaRERA stated that if any flat is booked in the name of two people (suppose two people are Husband and Wife) and one of them is party, then a complaint which is filed by one of them is “maintainable in law.”  ...

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Various real estate projects, builders and agents are at a standstill to escape HRERA rules

Friday 5th January 2018

Approximately, 400 Real Estate projects, out of 600 applications received, have got registered under HRERA. Instead of that, more than 250 builders are still escaping the legal process of registration of their incomplete projects.  On the other hand, HRERA has taken 665 agents under its ambit out of more than 700 applications. This authority is delaying in taking action against these defaulting developers and agents as two requisite members are yet to be appointed however the Chairman of HRERA has got appointed already.  ...

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RERA Karnataka takes stringent action by putting 780 real estate projects list on its website

Friday 5th January 2018

Developers of 780 building projects are jolted by RERA Karnataka as a highlighted warning in bold red is put on RERA Karnataka website which is “rera.karnataka.gov.in”. This step was taken by the authority after sending several notices to above-mentioned developers which were ignored by them. One top official gave the statement that RERA is not proclaiming anyone guilty in this case because there might be some genuine reasons behind non-registration of several projects; still, if the penalty of 10% of the building project cost is not paid, guilty developers should be ready for three-year-imprisonment. ...

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MahaRERA dismissed a case which was already undertaken by consumer forum

Wednesday 3rd January 2018

The complainant Deepak Tejwani had booked a flat in the Siddhi project by the developer Anil Chabria at Shahad Kalyan. Mr. Tejwani claimed in the complaint that Mr. Anil Chabria had not even executed the agreement for sale but also failed to inform Tejwani about the status of construction. After filing a complaint in Consumer Disputes Redressal Commission (Maharashtra State), Mr. Tejwani approached MahaRERA. However, the bench of B.D. Kapadni and adjudicating officer dismissed this complaint and said’ “I find that the complainant cannot do a forum shopping”. ...

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RERA brings 20,000 real estate projects under its ambit

Tuesday 2nd January 2018

The Housing and Urban Affairs ministry declared that approx 20,000 projects of Realty sector have been registered under RERA and Maharashtra is the sole state which has registered more than half of them. Uttar Pradesh, with Gautam Budh Nagar, has registered 2,000 projects in which Noida is accounting for more than 1,000. Meanwhile, Andhra Pradesh, Karnataka and Gujarat have registered the ginormous number of Real Estate projects. There are certain exemptions to the projects which have been given to states like Maharashtra, Haryana and Andhra Pradesh. Realty projects, in Karnataka, which are 60% complete have been kept out of RERA.  ...

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Maharashtra government gives the approval to set up state tribunal

Tuesday 2nd January 2018

Establishment of a tribunal, to hear the appeal against the rulings of MahaRERA (Maharashtra Real Estate Regulatory Authority), has been done by the Maharashtra government on New Year’s Eve. Now Maharashtra Revenue Tribunal, which is located in Mumbai, will bear this responsibility and functioning of this act will be under the Maharashtra Land Revenue code, 1966. Until the establishment of Maharashtra Real Estate Appellate Tribunal under section 43 of the said Act, these two tribunals will be the Appellate Tribunal to hear the appeals under the said Act.  ...

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2 developers in Maharashtra are liable to pay interest for late delivery

Friday 29th December 2017

In two different cases, which were adjudicated by MahaRERA adjudicating officers Bhalchandra Kapadnis and Vijay Satbir Singh, an ex-parte order was being passed as developers failed to turn up for hearings. In the prior case, the verdict was in flat buyer’s favor as officer directed the developer to refund total amount (total sum + stamp duty + registration charges) with 10.05 % interest as per SBI’s Marginal Cost of Lending Rate (MCLR) from the respective date of payment. In the latter case, the complaint was dismissed as developer offered to pay interest to flat owners from the deadline till actual delivery of flats and promised that possession would be given within extended stipulated time. ...

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Landowners irked by new TDR (Transferable Development Rights) in Bangalore

Thursday 28th December 2017

Karnataka government decided to frame new rules for TDR in March, 2017 after withdrawing its old policy. Until now, in TDR, compensation amount of surrendered land was fixed according to zone-wise classification. Guidance value for agriculture land is fixed at Rs 440 per sqft; on the other hand, non-agriculture land is fixed at Rs 4,000 per sqft. In spite of that; there is obscurity in fixing the land value and type. Landowners are trying so hard to get Development Right Certificate (DRC), but haven’t got any success; even they have surrendered a portion of their property to the BBMP (Bruhat Bangaluru Mahanagara Palike) 5 to 6 years ago. ...

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Silent protest of Noida homebuyers to drag Prime Minister’s attention

Wednesday 27th December 2017

Prime Minister Narendra Modi was in Noida, for the inauguration of Magenta Line, while the homebuyers staged a silent protest outside three different locations which were sector 18 metro station Noida, botanical garden metro station and Amity University, Sector 125, Noida. Homebuyers were protesting against builders for delaying the delivery of flats in Noida, Greater Noida, and Yamuna Expressway areas. Approx 1,000 buyers are still waiting for the delivery of their units in projects like Unitech, Amrapali, Supertech and Jaypee Wish Town Noida. ...

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Now it’s co-operative society’s turn to register under RERA Karnataka and GST

Tuesday 26th December 2017

Karnataka Real Estate Regulatory Authority has set off alarm bells among CHS Cooperative Housing Societies (Urban and Rural)in the state as 10,000 co-operative societies, out of approx 50,000, have to be registered under Karnataka RERA. Now, they are liable to comply with RERA norms as their process of developing layout is incomplete. Only one society is registered under RERA till now, nevertheless this whole process will bring transparency and escalate the price. 18% GST will be levied on amount paid by the new owner of flat to the society on exchange of ownership.   ...

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Soon Mumbaikars will get MahaRERA tribunal

Monday 25th December 2017

  Maharashtra government has decided to form RERA (Real Estate Regulatory Authority) tribunal which will commence its operations in February 2018. Ongoing issues between buyers and promoters were attracting government attention from day one when RERA was formed.  Thus far, Bombay High Court was the sole authority where buyers could file their complaints against promoters, and vice versa. Henceforth, this appellate tribunal will be responsible to look into the matter regarding the RERA rulings. ...

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RERA gets its own central advisory council

Saturday 23rd December 2017

Good news for buyers has been spread as a wildfire in realty sector. Central government of India has constituted an advisory body for Real Estate Regulatory Authority, which is “Central Advisory Council (CAC)”. The main purpose for setting up this body is providing proper protection to customers (homebuyers) with the right implementation of RERA across the country. This body will have the “Minister of State for Housing and Urban Affairs as the Chairperson with other 30 members in total. A gazette notification mentioned that 8 members, who will be the part of council body, are from central government departments like; CEO of Niti Aayog, Secretaries of Ministry of Housing and Urban Affairs, Department of Revenue, Economic Affairs, Department of Industrial Policy and Promotion and Ministry of corporate Affairs. It will also consist of different Chairpersons of different states RERA like; Karnataka, Madhya Pradesh, Assam, Gujarat, Maharashtra. This council truly believes in preserving buyers faith in government system and this proves, as it consists Abhay Upadhyay, President, Forum for People’s Collective Efforts (FPCE) and Chairman of Federation of Apartment Owners’ Association who will represent homebuyers’ on the council. This forum  won’t leave representative of real estate brokers and construction workers behind. Five states which are Haryana, Odisha, Uttar Pradesh, Tamil Nadu and National Capital Territory of Delhi will be represented in this council through their representatives. The list cannot be completed without including the Managing Director of National Housing Bank (NHB) and CMD of Housing and Urban Development Council in the CAC. ...

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12th amendment in immovable property bill gets "LOK SABHA" nod

Friday 22nd December 2017

The Lok Sabha, on December 20, 2017, has passed a bill to amend the regulations governing compensation payable for acquisition of immovable property  by the centre, for defense and security purposes. The need, 12th amendment of the bill, was raised by the urban development minister Hardeep Singh Puri. This bill has the specific and limited purpose, which is to allow the centre to re-issue the notice of acquisition, in order to ensure that the property’s owner gets an opportunity to be heard. But this doesn’t mean that any old case is going to re-open in which the compensation is already being made. This bill will also help those out who are waiting for justice in forcible land acquisition case.  ...

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RERA-Karnataka will soon notify model sale deed

Sunday 17th December 2017

The Interim Chairman of RERA, Mr. Kapil Mohan said, the RERA Karnataka going to soon notify the model sale deed. He said, these days all the developers has their own sale deed. But now, the RERA Karnataka will prepare the draft of sale deed for all real estate projects. Mr. Mohan also said, usually sale deed are by the developers in which they never mentioned their carpet area of the flat but in the model sale deed it will be compulsory for all the developers to disclose their flat’s carpet area, along with mentioning all the penalties and interests on the homebuyers and developers. This model sale deed will make the stand of builder and buyers on the equal ground.   ...

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MahaRERA : ‘Landowner’ is equally liable as the ‘Builder’ to get the revenue

Monday 11th December 2017

The MahaRERA has made the landowner equally liable as the builder. The Authority has declared in his order issued on 4th December 2017 that the landowners equally liable are to getting the share of profit from the sold or advertised apartments or projects. The landowner is will be liable as a developer if they have taken the areas of a project and not cost.  In the order of 4th December, the Authority of MahaRERA said, “the ‘Promoter’ is a landowner, investor or a person who obtained the permission to construct the building.”  According to the records, nearly 4346 projects have already registered as ‘Co-promoter (landowner/ investor)’ but now after the issuing of this order they will know as ‘Promoter’ and their liabilities and duties will be as equal as the main promoter. ...

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Consumer Organization entreat CM for appellate tribunal

Friday 1st December 2017

The Akhil Bhartiya Grahak Panchayat, a consumer organization has urging the CM, Devendra Fadnavis in written to form an appellate tribunal for handling the RERA cases. The Organization has stated, the buyers and builders have to take their cases in High Court. Mr.Vijay Sagar, the president of the Organization said, the absence of appellate tribunal causing inconvenience to buyers. For admitting the case they have to pay higher charges and also have to face a delay in the hearing. “The citizen has to approach HC for appealing their case, they have to struggle for their rights,” he said. It has been seven months after implementing the RERA, but yet there is no establishment of the appellate tribunal for the citizens. It would be helpful to citizens to as soon implement the appellate tribunal for address the RERA cases, stated in a letter. ...

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Boost in RERA for NRI Investors in India

Wednesday 29th November 2017

The real estate sector has always attracted by the NRI investors. NRIs investing in residential and commercial properties and they get good value of their foreign currency in investing in properties of India. They also have to faced some issues like lack of transparency, delays in projects, unless updates from builders and much more. The RERA is implementing to be more attractive and transparent for NRI investors. RERA make some laws for motivating them like Mandatory to regular updating, Tracking of their project from any Country, for any change in the project the developers have to take permission of two-three allotees. These steps would eliminate the faults and NRIs investors would be more ensured about their investment. It would be make the realty sector more transparent and safe for buyers.       ...

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Violation of RERA Rules by Punjab Builders to Advertise Projects

Saturday 25th November 2017

In accordance to RERA act the promoters cannot advertise, marketing and sell their projects without RERA registration number and it is mandatory for all to advertise their projects with the registered RERA number. But, in Punjab many builders are prominently neglecting the rules and acts of RERA. Many builders advertising, marketing and selling their projects without the RERA registration number and most of the builders are also advertised their projects on FM radio but without the registration number. The Chairman of Punjab Rera, NS Kang said, we took an action against those builders whose advertisement will be spotted for violating the Rera rules and acts. Concerning about the FM radio advertisement he said, we are planning to advertise a notice for awareness about this issue. ...

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Notices Sent to More Than 160 Real Estate Developers, says Executive Director of H-RERA

Thursday 23rd November 2017

Mr. Dilbagh Singh, the Executive Director of H-RERA said, more than 160 real estate developers have been sent notices for having an invalid license and incomplete application.  According to him, 24 builders out of 160 developers were those, who were notified in the hearing if they didn’t complete their application in the valid time, their application would be rejected. The most of the complaints of homebuyers are delay in possession and extra charges levied by the builders. He also said , until January 15, 2018 for some of the homebuyers date have been fixed for hearing and remaining are in the process and the Haryana RERA website also may finally come in this year by December 31. ...

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‘Aadhar’ linkage with Property is mandatory-PM Modi’s Big Step to Fight against Black Money in Real Estate

Wednesday 22nd November 2017

After the big step of demonetisations, the PM Narender Modi’s next big step on Real Estate is to link “Aadhar” with properties because there is the heap of black money in immovable properties. It is informed by the Union Cabinet Minister that ‘Aadhar Linkage’ with property transactions would be made mandatory. Union Housing Minister Hardeep Puri Said, linking “Aadhar” with properties is such a great idea to draw up the black money from real estate and it would also help to crackdown the benami property, but yet now he is not going to make an advanced announcement on that because they take some additional steps towards it. According to Mr.Puri , transactions between two persons can’t be completely transparent but it could be monitored large value transactions such as property and air tickets.  ...

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MahaRERA Announces Co-promoter Equally Liable as Promoter in the project

Tuesday 21st November 2017

Last week, the Bombay High Court (HC) told, MahaRERA announces in his official order that Landowners (Co-promoter) equally liable as that of the Builders (Promoter) as under the Real Estate Act, 2016. MahaRERA declares in his order that the land owners as the co-promoter who executed the agreement with the builders (promoter) of a real estate project are entitled to share the total revenue that will be generated from the sale of apartments in the project or in the terms of constructed project.  ...

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UP Chairman says – “Registration process can’t be executed on the basis of super built up area”

Monday 20th November 2017

On Tuesday, The Chairman of UP-RERA, Mukul Singhal and principal secretary of housing & urban planning held a meeting with builders, buyers and officials in Noida Sector 6, for clear out the confusion over the carpet area issue. During the meeting, Mr. Mukul Singhal said that the projects should be done on the ground of the Carpet area and he will also discuss this issue with the officials of UP stamps and registration department. If the properties registration continues on the basis of the super built up area the buyers have the right to plead a file in the Allahabad High Court. For removing this flaws and executing RERA in UP more efficiently, the RERA has also started drafting “Agreement for Sale” for buyers and builders. ...

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Haryana RERA Website will only be live by December 31, says Executive Director of H-RERA

Friday 17th November 2017

The Executive Director of Haryana RERA committee, Dilbag Singh Sihag has recently said that the official website of the Haryana RERA Authority will be launched by 31st December 2017. On the formation of a proper RERA Authority, he informed that the Authority is in the final stage of its formation and will be made in the next 15 days.  The delay in the website will be a big disappointment for promoters as well as homebuyers of Haryana as they had been expecting the launch of the website by this month itself.   ...

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Loophole in the RERA Act to help real estate developers

Friday 17th November 2017

The Tamil Nadu Real Estate Regulatory Authority has reported a defect in the real estate Act that benefits builders against the provisions of the Act. The RERA Act makes it compulsory for the builders to deposit 70% of the amount received by homebuyers in a separate account. However, the TN RERA Authority informed that there is no mechanism to supervise the accounts of the developers yet. The only way RERA Authorities can interfere is when there is a complaint filed by homebuyers for misuse of funds against the developer.   ...

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Karnataka RERA Chairman warns of tough action on projects not registered with the Authority yet

Thursday 16th November 2017

Kapil Mohan, Chairman of Real Estate Regulatory Authority of Karnataka, addressed the state real estate developers in a workshop on Wednesday. He informed the builders of strict actions to be followed against promoters who have not registered their ongoing projects with the Authority yet. The builders of the state are unhappy about the huge penalties that have been imposed by the Karnataka RERA Authority. Until now, a total of 1,656 projects have been processed and around 730 projects have been approved by the Karnataka RERA Authority. Around 900 project applications are in the process of approval.  ...

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UP homebuyers claim builders are still not disclosing carpet area

Thursday 16th November 2017

The homebuyers in Uttar Pradesh have alleged that builders of the state are still selling flats on the basis of super area even after the implementation of the Real Estate (Regulation and Development) Act. The RERA Act does mention that from now onwards, carpet area must be declared for more clarity. Addressing the issue, the Chairman of UP’s RERA Authority, Mukul Singhal held a meeting with buyers and builders. He ordered the builders to transparently disclose the carpet area and follow all the provisions regarding the carpet area under the RERA Act.  ...

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Haryana CM assures to name the RERA Authority members real soon

Thursday 16th November 2017

Manohar Lal Khattar, Chief Minister of Haryana has said that the names of elected chairpersons and members of the RERA Authority of Haryana and Gurugram, will be named in a short time. The CM had in the past promised to make the RERA Authority of the state by October, which has been past due. There is no proper RERA Authority in the state of Haryana yet. A total of six months has passed now since the implementation of the Real Estate Act in the country. Haryana has been following an offline procedure to register projects and agents until the Authority is made.  ...

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Complaints are being rectified by Authority, says Chairman of UP RERA

Wednesday 15th November 2017

The Chairman of Uttar Pradesh’s Real Estate Regulatory Authority, Mukul Singhal, reported on Tuesday that the UP RERA Authority has received around 900 valid complaints and that they are being overlooked now. Mukul further said that the Authority started working on these complaints from 13th November and each of the complaints will be dissolved within a month and a half. Out of the total 900 complaints, more than 600 are regarding projects from the district of Gautam Buddha Nagar, UP.  ...

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More than 60% housing projects are delayed in around 50 cities in India

Tuesday 14th November 2017

According to survey and research by Liases Forras, the Non-Profit firm ‘Fight for RERA’ has reported that approximately 30% of under-construction flats are delayed by two or more years. Addition to that, nearly 62% of housing projects are running late. These surveys are for around 50 cities of the country. In Maharashtra itself, 5.3 lakh flats in ongoing projects are behind time.  ...

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Projects without an OC should not fall under RERA, say lawyers in Bombay High Court

Monday 13th November 2017

In the recent ongoing RERA Case, the lawyers from both the ends have appealed the court to amend the provision which makes it mandatory for projects that have given possession but without an Occupation Certificate should be registered under RERA. Estimated by a lawyer, such projects are at least 50,000 in Maharashtra itself, and registration of them all under RERA will affect the working of the Authorities for under construction as well as new launch projects. The lawyers have further suggested that these cases should be overlooked under the MOFA (Maharashtra Ownership Flat Act).  ...

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Rajasthan RERA will soon take action on project applications with incomplete documents

Monday 13th November 2017

The Real Estate Regulatory Authority of Rajasthan is set to act upon projects that have not provided complete details or documents in the registration application. The RERA Authority, Raj-RERA will send notices to these promoters, which are currently 200, and issue a final period of seven days to make the corrections, for which they’ll have to provide the complete documents or details along with the penalty payment. Otherwise, the project application will be rejected the registration and also the project will be stated ‘illegal’.   ...

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673 projects granted RERA Certificate by Gujarat RERA Authority so far !

Saturday 11th November 2017

The Gujarat Real Estate Regulatory Authority, GujRERA, has registered a total of 673 projects since the implementation of the Act in the state. The final notification of RERA rules was given by the Urban Development Department on 29th October 2016. The registrations were started in May 2017. The Gujarat RERA Authority is headed by Dr. Manjula Subramaniam. In addition to this, the state RERA Authority has also registered around 280 real estate agents.    ...

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Opposition Leader in Haryana advices CM to appoint clean officials for RERA Authority

Saturday 11th November 2017

Abhay Singh Chautala, the leader of opposition party INLD in Haryana has recommended the current Chief Minister, Manohar Lal Khattar, to not elect ex-officials who have been in controversies surrounding land deals in Haryana for the post in RERA Authority. The Government of Haryana has already shortlisted four members for the posts of two chairpersons for RERA offices in Gurugram and Panchkula. These names have been picked by a special committee of a high court judge and principal secretary of Town and Country planning.  ...

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Real Estate community of Mangalore criticizes penalty conditions in the Karnataka RERA Act

Saturday 11th November 2017

In a recent workshop at CREDAI Mangalore, the real estate developers have opposed the penalty provisions of the Karnataka RERA rules regarding the delays of projects. In case of unavoidable delays like late approvals of certain documents by government or water crisis that occurred the previous year, the construction was put on hold. All these factors were not taken into account while notifying the final rules of the Act. This forced the then ongoing projects to register with RERA from May, this year. Further, homebuyers can complain against any builder for delayed possession, which will result in additional penalties on the developers of the project.  ...

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CREDAI president praises implementation of RERA by Maharashtra

Saturday 11th November 2017

The National President of CREDAI (The Confederation of Real Estate Developers Association of India), Mr. Jaxay Shah, has recently commended the efforts of Maharashtra Government as well as the Real Estate Regulatory Authority of Maharashtra, MahaRERA, for its timely implementation of the Real Estate Act while comparing the status of the Act in other states of the country. Addressing the ‘New India Summit’, he added to his comments that, while other state governments are taking long to implement the Act, Maharashtra has not faced any such problem since the beginning of the Act.  ...

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5.5 lakh flats delayed possession by builders in Maharashtra

Friday 10th November 2017

Over 5.5 lakh flats in Maharashtra has been delayed possession by the real estate developers. These figures were introduced by the Centre in Bombay High court in order to prove the need and validity of the Act. Around 10% of these flats are delayed by 5 years or more. The RERA Authority of Maharashtra, MahaRERA, has so far disposed of 110 complaints, majority of which have been against builders for delays in possession of flats. The few homebuyers of the state have also got compensations with the help of the RERA Authority.  ...

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Jharkhand RERA website launched !

Friday 10th November 2017

The Real Estate Regulatory Authority of Jharkhand, which is responsible for RERA registrations in the state, has launched its official website this early week. The Authority will be processing applications of all promoters, projects and real estate agents received over the website and will provide the RERA Certificate within 30 days. The RERA Authority is currently headed by Shri Arun Kumar Singh, who is the Principal Secretary of Urban Development and Housing Department, Jharkhand. The Authority website also enables homebuyers to file complaints.              ...

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RERA can also help in cases with unregistered properties, says MP RERA Chairman

Thursday 9th November 2017

Speaking at a seminar in Indore, the Chairman of Madhya Pradesh Real Estate Regulatory Authority, Anthony De Sa, said that the advantage of RERA is not only limited to cases with registered projects, but RERA can also help homebuyers to fight against projects without registration with RERA. In favor of the Act, he further added that transparency and equal opportunity for all is the main objective of the Act, and its implementation ensures proper regulation.  ...

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RERA is administrative like SEBI, TRAI and RBI : Homebuyers in High Court

Thursday 9th November 2017

In the recent hearing on Tuesday in the Bombay High Court for case filed against RERA, the senior counsel Shiraz Rustomjee, who was responsible for representing homebuyers in the Court said, ‘RERA as a regulatory body carries out administrative as well as legislative roles similar to the bodies like SEBI (Securities and Exchange Board of India), TRAI (Telecom Regulatory Authority, of India) and RBI (Reserve Bank of India). The Forum for People’s Collective Efforts, a non-profit company was present on Wednesday’s hearing in the High Court.    ...

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Haryana RERA issues notice to 140 builders for not registering under RERA

Wednesday 8th November 2017

The Haryana Real Estate Regulatory Authority, H-RERA, has sent out notices to 140 builders of the state for not registering with RERA until now. The Authority has received around 600 applications for registration of ongoing projects for the entire state. Out of which only 340 projects have been granted their RERA certificate. The Authority of H-RERA does not have an operating website for registrations yet, which seems to be the main issue for builders in registering with the RERA Act. The registrations in the state are only offline where builders have to physically submit their documents in Panchkula, Haryana. ...

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Bombay High Court takes stand with the Real Estate Act in the recent hearing of RERA case

Tuesday 7th November 2017

Bombay High Court bench on Monday stood in support of the validity of the Real Estate (Regulation and Development) Act by stating and clarifying some of the provisions of the Act to the developers who filed petitions against the Real Estate Act in Mumbai.   In a petition filed against the provision of the Act stating the penalty for builders on missing the possession date, the Advocate General appointed said that the interests payable by builders will act as similar to the ones that homebuyers need to pay on the failure of payment of installments. Also, when a builder is unable to complete a project in future, the RERA Authority, for example, MahaRERA, will have the power to appoint a new builder in order to complete the project. The Bombay High Court was resuming the hearings on petitions filed against the RERA Act.  ...

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Builders in Maharashtra shortens completion deadline of projects due to pressure from MahaRERA Authority

Monday 6th November 2017

A couple of builders in Maharashtra agreed to change their project deadlines and pull them closer as to what was initially put while registering with the RERA Authority. Recently, in a complaint filed by buyers against a builder for a refund of the booking amount due to the completion being too long, the builder agreed to bring the completion closer. The promoter of project ‘Ektaworld’ was directed to change the completion deadline from 30 June 2020 to 31 October 2018. In a similar case, the promoter of the project Neptune Eleve was directed to change the possession date from 31 December 2025 to 31 December 2020. ...

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‘RERA is a beneficial law’ - Center defends the Real Estate Act in High Court

Thursday 2nd November 2017

In the argument on a petition filed against the validity of RERA, the Union Government backed the Real Estate (Regulatory and Development) Act by saying that the Act is beneficial for both the real estate developers as well as the homebuyers. Further supporting his statement, the Additional Solicitor General Anil Singh said that the Parliament passed the bill only after proper consideration of the necessity of the Act to protect the interests of homebuyers of the Country. The hearing took place before a bench of Justice Naresh Patil and Rajesh Ketkar. The petitions filed against RERA are being heard by the Bombay High Court on a daily collective basis.  ...

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Haryana RERA Authority still not formed, misses deadline set by Chief Minister.

Wednesday 1st November 2017

In the last statement made by the Haryana CM Manohar Lal Khattar on RERA, he announced that the RERA Authority of the state will be formed by October. But however, the state government has not yet formed the RERA Authority. The Authority is in the process of formation and the Chairman of H-RERA Authority will most probably be elected by 4th November. The Authority now can only be formed latest by November-end. Until now, Haryana has received around 600 applications for registration of projects and 570 applications for registration of Agents. Out of these, 338 projects and 540 real estate agents have been granted the RERA certificate. ...

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The First hearing on petitions filed against RERA held in Bombay High Court

Tuesday 31st October 2017

The Bombay High Court on Monday started with the hearings on the petitions filed by real estate developers of the Country against the validity of few provisions of the Real Estate Act. The provision of the Act that makes it mandatory for builders to register on-going projects has been challenged along with other provisions of RERA. The Builders and landowners who have filed these petitions are seeking amendments in the Act to make it less complicated and burdensome for the real estate developers in the Country. However, buyers Associations of the country are expecting an order favoring the homebuyers. The remaining petitions will be heard by the Court throughout the week.  ...

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Authorities not to take action on complaints filed against Unitech Limited: Supreme Court

Monday 30th October 2017

The Supreme Court has recently informed Courts as well as RERA Authorities to refrain from taking stern actions against complaints filed against the real estate developer Unitech Limited. The Supreme Court on Monday, ordered the Real Estate group to deposit Rs 750 Crores by the end of December, and only then the Court will consider granting bail to the Managing Director Sanjay Chandra. The Unitech Limited owes a total of Rs 1,865 Crores to homebuyers for refunds, as buyers have turned their decision for possession of the flats.  ...

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Karnataka RERA concludes first complaint, builder to refund booking amount of Rs 9 lacs to buyer

Saturday 28th October 2017

The Real Estate Regulatory Authority of Karnataka has recently issued the first judgment on one of the complaints filed by a homebuyer against a builder for refund of the booking amount. The Authority on hearing both the builder as well as the complainant, disposed of the complaint as both the parties agreed to settle the dispute amicably. The builder accepted to refund the booking amount of Rs 9 lacs to the buyer. The Authority, in the notice, also informed that they are following up on complaints that are filed to them and will soon start to dispose them as well.  ...

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RERA rules to appoint Regulatory Authority notified in Goa

Friday 27th October 2017

The State Government of Goa has notified the rules for the Real Estate (Regulatory and Development) Act to form the RERA Authority for carrying registrations in the state. There had been a lot of hurdles in notifying the provisions of the Act as the builders and buyers were both worried about the modification of the Act to favor one or the other community. These rules, notified on Thursday, 26 October 2017 empower the state government for the formation of the Authority so as to proceed with the registrations of promoters as well as agents.  However, the final RERA rules for the state are yet to be notified by the state. The rera deadline has now been set at December 31, 2017, against the previous one of 31 October.   ...

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Slow pace of Karnataka RERA Authority is a big issue for real estate developers

Friday 27th October 2017

The Karnataka Real Estate Regulatory Authority, responsible for RERA registration all over the state has been remarkably slow in its operations since the implementation of the Act. This has rose to be a big problem for the real estate developers of the state as the Authority is taking too long to issue rera certificates to promoters as well as agents.  In some of the cases, the Authority has taken more than 30 days to produce the certificate, which violates the provisions of the RERA Act to provide RERA certificates within 30 days of application. Out of a total of 1,600 applications, the Authority has only registered 600 projects until now.  ...

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Minister of Housing agrees with dilution of RERA rules by states

Thursday 26th October 2017

Hardeep Singh Puri, Minister of State (Independent Charge) in the Ministry of Housing and Urban Affairs, in a recent interview addressed the status of RERA in the country. Talking about the real estate Act, he said that this has been the first Act of its kind where the country has got a regulator for the real estate sector in all respective states. The dilution of the Act by few states is being looked upon by the ministry and will soon act upon the same. The minister also gave remarks on how the Prime Minister, Narendra Modi has contributed to the Indian Real Estate with his schemes like Housing For All, Pradhan Mantri Awaas Yojna and smart cities.  ...

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RERA Authorities should direct all builders of delayed projects to pay interest to allottees at once

Thursday 26th October 2017

The Mumbai Grahak Panchayat in a recent letter written to the Maharashtra RERA Authority, MahaRERA, has demanded that the Authority should order builders of projects with delayed possession to pay interests to all the allottees. The representative from MGP said that the intent of introducing RERA was to penalize such developers without causing further troubles to the homebuyers. Whereas, since the implementation of the Act, homebuyers have been approaching the Authority individually by complaining against such builders. The Maharashtra RERA Authority has received more than 1300 complaints and most of the complaints seem to be from homebuyers struggling to get possession of their homes.  ...

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Buyers in Uttar Pradesh protest against builder for delaying possession

Wednesday 25th October 2017

The Allottees of the project Sushant Golf City in Lucknow protested against the builder, Ansal Properties and Infrastructure Limited over the delayed delivery of the project. The project has been under construction for around last 10 years and is still incomplete. As the project was ongoing, it had to register with RERA this year and while registering with the Authority, the builder seeks 8 more years for completion, which made all the buyers furious. Notably, this was not the first protest against the builder and its project. Numbers of investors have protested against Ansal API over the years for delays. While protesting at the builder’s office in Lucknow, the allottees demanded of early delivery of the project and also seek interference from the RERA Authority of Uttar Pradesh.  ...

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Homebuyers group seeks help from PM Modi regarding delays in projects

Monday 23rd October 2017

A nationwide homebuyers group has urged for intervention from PM Narendra Modi to prevent buyers from paying loan EMIs for projects that are delayed. The group wrote the letter to the Prime Minister addressing the issue which concerns all buyers throughout the country who have bought homes with loans. There have been a lot of cases where builders had delayed the projects, which caused the buyers to continuously pay the loan EMIs to the banks until the final delivery of the project. The Homebuyers Association has advised the PM to stop banks from collecting the EMIs from buyers whose projects have been delayed, and make the builders stand responsible.  ...

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Flat handover delay cases on a rise in Maharashtra, number of complaints to the Authority crosses 1300!

Wednesday 18th October 2017

Homebuyers in Maharashtra are furious as numbers of delays of flats by the builders are increasing day by day. With the help of RERA, the buyers are able to complain to the Authority, where complaints will be disposed within 60 days, but there are also cases where builders have not yet registered with RERA, which unable the homebuyers to complain against such builders. The Authority of MahaRERA has also disposed of some complaints where buyers have been favored heavily. This has encouraged other homebuyers to file complaints to the Authority as well.   ...

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Government further extends RERA deadline to December 31 in Goa

Tuesday 17th October 2017

Due to the complications in notification of final rules of the Real Estate (Regulatory and Development) Act, the registration deadline in Goa has been further dragged to 31st December 2017. This is the second time that RERA deadline has been extended by the government, first being shifted to 31st October 2017. The builders of the state are furious as due to the Act’s provisions, they are not allowed to advertise their projects unless registered. The real estate agents are also restricted from dealing in projects that are not yet registered with RERA. According to the RERA Act, the original deadline for registrations was set at 31st July 2017.  ...

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Maharashtra state government can amend RERA rules to benefit buyers

Tuesday 17th October 2017

Prakash Mehta, the State Cabinet Minister for Housing Department has recently said that the state can amend the rules of the Real Estate (Regulatory and Development) Act if the builders as well homebuyers insist on doing so. He further added that certain provisions of the Act can be modified or changed to make it more favorable to the homebuyers. In the past, there have been some buyer associations complaining that the Act has been diluted by the Maharashtra state government in such a way that it benefits builders more than the consumers. With these recent remarks of the state’s Minister of Housing Department, it is possible that we see some changes in the rules of the Act soon! ...

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Homebuyers will be able to file complaint against builders not registered with RERA, says Haryana CM

Monday 16th October 2017

With the progress of RERA Act in Haryana in full blow, real estate developers and homebuyers are looking for some modification in the Real Estate Act’s rules. Homebuyers of the state are calling on the Authority to also take responsibility of the projects that do not require rera registration. The need for such action is because currently the Act does not allow homebuyers to complain against builders that do not lie under RERA. The CM of Haryana, Manohar Lal Khattar, speaking on the same issue, said that buyers will be able to file complaint against builders that are not registered with RERA to the Haryana RERA Authority. The Haryana RERA Authority is still in formation and can be set up by early November, this year. The registrations in state are offline as there is no website yet. A total of around 500 project applications have been received and 185 have obtained the certificate. Also about 300 real estate agents have registered in Haryana till now.  ...

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Maharashtra Builder ordered to refund Rs 1.94 Cr with interest to homebuyer, by RERA Authority

Monday 16th October 2017

The Maharashtra RERA Authority, MahaRERA has made a massive judgment on one of the complaints filed against the builder Runwal Homes. The builder has been instructed to refund back Rs 1.94 Crores to the homebuyer with interest. This has proven to be the biggest setback to any builder until now. The Homebuyers who had already paid 97% of the total amount were supposed to receive the flat in 2016, which got delayed. The builders proposed a completion date of December 2019 with the RERA Authority, following which complaint was filed by the homebuyers. Taking all the facts into consideration and the delay of almost three years, the Authority decided to go in favor of the complainants. However, the builder has also stated to challenge the order of Authority in High Court.  ...

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State owned housing Development Agencies will have to register with RERA in Karnataka!

Friday 13th October 2017

Putting a stop to all the complications surrounding registrations of projects of state-owned housing Development Agencies in Karnataka, the Karnataka law Department has clarified that all the Authorities will have to register their projects with Karnataka Real Estate Regulatory Authority as soon as possible. This includes ongoing projects of Bangalore Development Authority and Karnataka Housing Board. In the recent past, these state-owned Authorities were seeking exemption from RERA, but now the commissioners of both the Authorities have agreed upon registering the projects and will also proceed with the same at the earliest.  ...

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Read how this Non-profit Company might represent all homebuyers for complaints with RERA across India!

Thursday 12th October 2017

Homebuyers Association ‘Fight for RERA’ has recently formed a non-profit Company which will help all homebuyers, who want to or have already filed a complaint against any builder or agent, represent themselves in the RERA Authority. Forum for People’s Collective Efforts (FPCE) will hugely benefit all as the process of concluding complaints is complex. The Association has also filed an Application to the Bombay High Court on approval of which, they will be authorized to become a party representing homebuyers in complaints across the country.   ...

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UP RERA Authority directs Vice Chairmen of Development Authorities to close complaints

Thursday 12th October 2017

The Real Estate Regulatory Authority of Uttar Pradesh has assigned Vice Chairmen of seven Development Authorities to conclude complaints filed to the RERA Authority by homebuyers. The Authority has also given a deadline of two months to the concerned persons. The State has been divided into several divisions by the UP RERA Authority and the complaints will be assigned to the Development Authorities according to the same. Complaints related to Ghaziabad Development Authority will be dealt by the Chairman of UP RERA.  ...

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Karnataka RERA issues heavy penalty on promoters!

Saturday 7th October 2017

The RERA Authority of Karnataka has recently issued a notice regarding penalties that will be imposed on all the promoters of ongoing projects for delayed registrations. Penalty for August, September and October has been provided by the Authority separately. Following are the dimensions of the penalty which will be in addition to the regular registration fees: August – 100% of the registration fees September – 200% of the registration fees October – 300% of the registration fees For more clarity, ongoing projects with a registration fee of Rs 10,000 registered in the month of August will have to pay Rs 10,000 extra as penalty, bringing the total fees to Rs 20,000. Similarly, the same promoter will have to pay a total fees of Rs [10,000 + Rs 20,000] in September and Rs [10,000 + 30,000] in October. This will be a big blow to all the real estate developers in the state and will enforce all promoters of ongoing projects not registered to register at their earliest.    ...

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Karnataka government to provide rules on Agreement for Sale

Saturday 7th October 2017

The Karnataka Government will soon notify the rules on the Agreement for Sale which will protect the rights of homebuyers and ensure them of proper deliveries of their homes. The real estate developers of the state had been waiting for the final rules for the Agreement as it was difficult for them to convince buyers to purchase homes without the updated Agreement for Sale. The Agreement will also ensure that the said amenities are provided by the builders and compensation is provided if there is a delay in delivery. The secretary of Karnataka RERA also informed that the final rules for the Agreement will be sent to the law department for approval this week.  ...

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Haryana RERA website will be launched after 2-3 months !

Friday 6th October 2017

The Real Estate Developers in Haryana are clearly in more trouble as the RERA’s official website will at least take up 60-70 days to get operational. The Executive Director of Haryana RERA Committee informed that the RERA portal will also have a grading system for the records of promoter’s activities in the state, including timely deliveries.  The absence of a proper RERA Authority in the state has already left all the promoters and agents clueless on how to carry operations without being registered with RERA. While other state Authorities have already started to dismiss off complaints by homebuyers, most of the people in Haryana don’t have any idea on how to complain.  ...

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Gujarat RERA imposes penalty on promoters !

Wednesday 4th October 2017

The Gujarat RERA Authority has issued a notice to the promoters registering their projects in the state. The Authority has doubled the registration fee as a penalty for all the project registrations for the month of October 2017. The amount of penalty will be equal to the registration fee for registration, which will enforce the promoters on paying double the registration fees. This penalty will be further increased for the month of November. Projects registering in the month of November will have to pay a registration fee three times to that of the original fees.  ...

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Maharashtra consumer body reaches out to Centre to amend RERA rules !

Tuesday 3rd October 2017

Mumbai Grahak Panchayat is seeking help from the Central Government to amend rules of the recent RERA Act in the state of Maharashtra. The Act has barred the projects lacking the possession of approved sanctioned plans from registering with the RERA Authority. The Authority has taken such a step as there were a lot of cases in which the projects had not yet obtained the approved plans which were required before registering with RERA. However, the consumer body is complaining as this step will be an escape route for the builders and will encourage the delays of delivery of projects.   ...

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Complaints in Maharashtra RERA reach 600!

Thursday 28th September 2017

It looks like homebuyers in Maharashtra are furious and can’t stop complaining to the Authority about their problems. The number of complaints has now crossed 600 and are increasing rapidly with the passing of each day ! The filing of complaints saw a significant increase since MahaRERA announced their first order in favor of a homebuyer and penalized the builder. The homebuyers of the state are looking to get their dues with the help of the Authority. To file a complaint to the MahaRERA Authority, there is a compulsory fee of five thousand rupees ! The fee for complaint is remarkably more compared to the fees charged by other RERA Authorities. However, the MahaRERA Authority is also disposing the complaints at a much greater pace than other state RERA Authorities.  ...

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Central Advisory Council to help in implementation of RERA pan-India.

Tuesday 26th September 2017

The Centre is forming a 31-member advisory Council to ensure better implementation of the Real Estate (Regulatory and Development) Act across the country. The Council is expected to include secretaries from ministries, state representatives and other notables from the real estate sector. The Council will guide the Central government on all the matters regarding RERA in different parts of the country. It will also overlook the status of implementation of the Act. Notably, states like Goa, West Bengal and Arunachal Pradesh still lack implementation of the Act.  ...

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MahaRERA chairman says most of the projects now registered with RERA.

Monday 25th September 2017

The Chairman of Maharashtra’s RERA Authority, Gautam Chatterjee, speaking at NARDECO’s summit announced that most of the ongoing projects in the state of Maharashtra are now registered with the Act. Giving out some actual figures, he said, the Authority has received applications for ongoing types of approximately 13,000 projects. 400 applications have been received for new project registration. Out of the total 13,400 applications, MahaRERA has already provided certificates to 13,300 projects. The Authority has also started to dispose complaints filed with them. ...

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After 2 months of RERA in state, Karnataka gets 80 complaints.

Monday 25th September 2017

The Real Estate (Regulatory and Development) Act was implemented in May 2017. The Act was delayed and was implemented in Karnataka in the end of July. The Authority launched the website on 24th July and saw a good response for registrations of both real estate agents and promoters. Also there were complaints lodged by homebuyers to the Authority for projects that lacked timely deliverance. There have been a total of 80 complaints in the state, mainly for Bangalore. However, the numbers are still low compared to the amount of complaints that have been received by other state Authorities. The Authority needs to dispose the complaints within 60 days of the filing of a complaint, which is yet to be done by the Authority.      ...

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Goa Govt leaves developers hanging, yet to notify final rules.

Wednesday 20th September 2017

The Goan government has been really slow in implementing the Real Estate (Regulatory and Development) Act. The RERA Act was implemented in the Country from May of this year, following which many states observed its proper regulation whereas, other states lacked the presence of Regulatories. Goa was one state which extended the deadline for registrations even before the final notification of the rules. Now with only 40 days left for the deadline, the cabinet has still not produced the final notification of the rules which has left all the developers of the state wandering.   ...

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RERA puts realty sector on hold in Odisha.

Thursday 14th September 2017

The Real Estate (Regulatory and Development) Act has been on a roll throughout the country since its implementation in May earlier this year. However, there are some parts of the country which still lack the presence of the real estate Act. One of them is Odisha, where the industry has been strongly hit due to poor implementation of the Act. There has been no guidance for promoters and brokers in the state about the Act. As there are no projects with RERA number, promoters are unable to advertise leaving the businesses in trouble. The president of CREDAI Odisha, DS Tripathy also raised his concern over the Real Estate Industry’s situation in the state speaking at a press conference.                  ...

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MahaRERA settles another complaint, this time against Lodha group.

Wednesday 13th September 2017

MahaRERA, on Tuesday released the final order for another complaint which was filed against the real estate developers, Lodha group. The complainant, from Maharashtra had booked a 2BHK flat in the builder’s project named, Ultima. The complainant further cancelled the booking and requested the builder to refund the booking amount, which was in this case Rs 1,08,000. The builders however did not return the amount and the homebuyer had to file a complaint to the Authority for same. On Appearing in the court, Lodha Group agreed upon refunding the money back to the buyer. The complainant on receiving the amount did not wanted to take the case further and thus the MahaRERA Authority disposed off the complaint in favor of the homebuyer.   ...

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Projects registering in September to pay minimum Rs 2 lakh penalty in Maharashtra!

Saturday 9th September 2017

MahaRERA on Friday issued an order regarding the conclusion of the Meeting held for deciding the penalties on applications received after 16th August 2017 for ongoing projects. The Authority has decided to keep the penalty amount same for the project applications between 16th August and 31st August. However, the amount of penalty on ongoing project registrations from September onwards will be twice as much of the previous amount, i.e., Rs 2 lakhs or an amount equivalent to double the registration fee, up to Rs 10 lakhs. Around 800 ongoing project applications have been received between 16th August and 31st August, which will have to pay a minimum Rs 1 lakh penalty and about 54 applications of ongoing projects have been received since the beginning of September, which are required to pay double penalty.  ...

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MahaRERA chairman urges different RERA Authorities to work together.

Saturday 9th September 2017

Gautam Chatterjee, chairman of the Real Estate Regulatory Authority of Maharashtra, has advised the RERA Authorities of different states to cope together with the problems arising in the real estate sector. Pointing specifically to the Jaypee’s case of insolvency, he said that Authorities together need to find solutions to the problems which block the RERA Act to protect consumer’s rights. Speaking at a press conference in Mumbai, Chatterjee also gave an account of the complaints that have been received by the MahaRERA Authority and how they will ensure justice to homebuyers of the state.   ...

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Karnataka promoters to be fined for delayed registrations !

Saturday 2nd September 2017

The Karnataka RERA Authority has issued notices to more than 300 promoters of the state for not registering with the Real Estate (Regulation and Development) Act. The Authority will provide the builders with a limit of seven days to mention the valid reasons for their delay in registering. The penalties then imposed can be as high as 10% of the project cost. Around 1,100 project registrations have been applied, out of which the Authority has only approved mere 12 projects. ...

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Maharashtra tops all states in RERA registration.

Friday 1st September 2017

Maharashtra, with the help of the stiff rules of the Authority, MahaRERA, has topped the numbers of registrations of the Real Estate (Regulation and Development), Act in the country. The state RERA Authority has been strict ever since the Act was implied in May, earlier this year. There have been approximately 13,000 ongoing projects registered till now in the Maharashtra state, against the total 18,000 in the country. MahaRERA was also the only Authority to directly fine charges after 31 st July, 2017 without extending the deadline. There have also been 55 complaints filed by the real estate buyers of the state until now. ...

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Haryana-RERA gets more than 500 project registrations in a month.

Tuesday 29th August 2017

Haryana notified the final rules of the Real Estate (Regulation and Development) Act on 28 th July 2017, just three days prior to the deadline for project registrations. However, the deadline was extended to an unspecified date as no penalties were imposed on the projects registering thereby. A total of a little more than 500 projects have registered with the Haryana RERA Authority since its implementation last month, out of which only 90 have been approved. Also a total of 100 complaints have been filed by the homebuyers with the Authority. Notably, all the process in Haryana is only offline until now as there is no official website of the Authority, unlike other states. ...

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The Petition to move all cases against RERA to a single court filed.

Tuesday 29th August 2017

The Ministry of Housing and Urban Development has filed a petition to the Supreme Court of India to shift all the cases against the Real Estate (Regulation and Development) Act to a solo court. There are approximately three dozens of such cases scattered across different states ofthe country. Most of the cases against the real estate Act have been filed due to the issue regarding the involvement of ‘ongoing projects’. The builders want the exclusion of the projects from the Act that had started before its existence. The Real Estate (Regulation and Development) Act had been imposed in the country from May 1, 2017. ...

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MahaRERA database shows delivery of most homes to be delayed.

Friday 25th August 2017

A study conducted by Knight Frank, an international property consultant chain, on the data of Maharashtra’s RERA Authority revealed that at least 50% of the real estate developers have extended their project deadlines by a year or ahead, while registering. This is bound to make the homebuyers of the state anxious as there can be no legal action taken on such grounds as of now. The reason for the promoters to extend their end dates of the project way ahead, is to avoid delaying the delivery of the projects, as it is going to attract huge penalties. Not only in Maharashtra, but projects that have registered with the state authorities pan India has taken a marginal extension to the deadline for avoiding the delays, which is going to cause buyer-developer disputes in the near future. ...

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Rajasthan finalizes penalty on projects not yet registered with RERA.

Friday 25th August 2017

The officials from the Rajasthan RERA Authority and the Jaipur Development Commissioner in a meeting held on Monday, has decided the penalty that will be imposed on the promoters who have missed the deadline, set as 31 st July 2017. The projects registering till 31 st August will have to pay a registration fee, four times to that of the previous one. The registration fee is categorically divided among the state, which makes it complex for the builders to understand as to how the implementation of the fine will proceed. The officials also reported that the penalty will further be extended for the promoters not registering within the extended deadline. ...

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Himachal Pradesh RERA website launched !

Tuesday 22nd August 2017

The official online portal for registrations of promoters as well as builders under the, Real Estate (Regulation and Development) Act, in Himachal Pradesh was launched by the Honorable Chief Minister Sh. Virbhadra Singh, today. As the deadline for the registrations of projects have already passed, the Authority is expected to provide a months time to all the promoters of the state to get on board with the Act. The website will also enable the buyers to lodge a complaint against the untimely delivery by the real estate developers. ...

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MahaRERA sets an ultimatum, registrations after August 31 to face serious actions.

Saturday 19th August 2017

According to an official of the RERA regulatory authority of Maharashtra, the MahaRERA Authority, which is in charge of registrations in the state of Maharashtra, is set to take some severe actions against the realtors who would have not registered with the RERA Act by 31 st August, 2017. The projects registered in August have already faced penalties for delayed registrations, but with the end of the month of August, any ongoing project sans registration will be dealt with stern consequences which might also include legal charges. ...

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CREDAI reaches out to PM Narendra Modi, RBI to head RERA in right direction.

Friday 18th August 2017

The Confederation of Real Estate Developer’s Association of India (CREDAI), has attempted to get the Prime Minister’s supervision towards the most critical issue of the real estate industry at present, the Real Estate (Regulatory and Development) Act, which came into force in May this year. The Association has also asked Reserve Bank of India for it’s guidance on the same issue. After taking the account of the status of the newly introduced Act, it was necessary for the Association to do so as most of the states have delayed the implementation of the Act and others don’t have proper Authorities for the same. ...

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RERA to be the focal point of NAREDCO 14th National Convention.

Friday 18th August 2017

National Real Estate Development Council (NAREDCO) is the apex body of real estate sector, under the aegis of Ministry of Housing and Urban Affairs, Government of India. It is holding the 14th National Convention on “ Indian Real Estate” in New Delhi. The two-day event will beattended by the giants of the real estate sector of India. The highlight of the event will be the effects of RERA on the real estate industry. The other important discussions will be about post demonetization and GST impact on the sector. ...

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Extended RERA deadline in UP ends, fine on registrations from now.

Thursday 17th August 2017

The Uttar Pradesh’s RERA deadline for promoter registrations have to come an end, and there will be a categorized increasing penalty on all the projects registering now onwards. The penalty will be increased with a gap of every fifteen days to 1%, 5% and 10% respectively. The website has already faced some backlash over it’s sluggish working, which might compel the Authority to think upon further extension or modify current fines. ...

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London convocation of CREDAI members outshined by RERA issue.

Wednesday 16th August 2017

The Confederation of Real Estate Developer’s Associations of India held a convocation of its members in London this past week considering the future of India’s Real Estate Industry. The discussion was held regarding the opportunities and scope of the Real Estate sector in Indian as well as foreign markets, especially Britain. However, the most talked-about issue came out to be the newly imposed Real Estate (Regulation and Development) Act. The main concern was the lack of clarity that the Authorities have provided to the Real Estate Developers and the definition of ‘ongoing’ projects stated in the Act. The delegates demanded that there should be more clarity on the ongoing project registrations and the deadlines to be made flexible. ...

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MahaRERA declares penalty for projects registered after 2nd August !

Friday 11th August 2017

Maharashtra RERA Authority, MahaRERA, has announced the penalized amount for the projects that were registered on and after 3 rd August 2017 with the concerned Authority. There will be an imposed fine of minimum Rs 1 lakh which can go up to Rs 10 lakhs depending upon the size of the project, whichever comes to be bigger. This penalty will also remain valid for registrations done till 16 th August. Applications collected after that will be heard individually by MahaRERA, which will decide the penalty accordingly. ...

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Builders can only advertise after registering with RERA, says Tamil Nadu government.

Friday 11th August 2017

With the beginning of RERA registration in the state recently, Tamil Nadu government is trying to secure that all measures are taken care of and leave no stone unturned. With a late start to the registrations, the builders have already been worried for the deadline. The restriction on advertising will force all the builders to get registered with TN RERA as quick as possible. After successful registration of the projects, the builders will also have to put their registration number, provided by the Tamil Nadu RERA Authority, on the future advertisement releases. ...

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States which diluted RERA rules will have to redraft them again !

Friday 11th August 2017

A Parliamentary Committee has instructed The Ministry of Housing and Urban Affairs to look after the states who have diluted the Central’s RERA guidelines and direct them to revise the rules. This comes after states like Uttar Pradesh had diluted the RERA rules which made an escape route for the real estate developers and eased their way out. If the ministry follows Committee’s instructions thoroughly, it can make a huge impact on all the existing State RERA Authorities as well. This will also give a clue to other states to notify RERA rules carefully, who have not yet notified them. ...

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Consumer Associations demand bigger penalties for delayed registrations in Maharashtra.

Thursday 10th August 2017

Maharashtra RERA Authority, MahaRERA has been the only RERA Authority in the country to withstand its deadline and impose fines as well on the defaulters. The authority imposed a penalty of Rs 50,000 on projects registered within two days after the deadline, i.e, 1 st and 2 nd August, 2017 and will declare the penalty for projects registered on and after 3 rd August. The activists in Maharashtra are, however, not satisfied with the proportion of fine allocated by the state RERA Authority and demand much larger penalties to set an example for other states, as well encourage registrations by agents more quickly. ...

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Tamil Nadu gets RERA website, receives lukewarm response.

Thursday 10th August 2017

The Tamil Nadu Real Estate Regulatory Authority (TNRERA) got an unenthusiastic response on its official portal for RERA registration in the initial phase. The Authority collected only 55 registration applications for agents and issued five with the registration number. The rules were notified by the state government of Tamil Nadu on 22 nd June and took more than a month to bring the RERA portal to existence. The fees for Agent registrations in the state is Rs 25,000 for individuals and Rs 50,000 for other than individuals. The license will be valid for a period of 5 years, following which a renewal will be required. ...

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The Government might make Aadhar compulsory for buying property.

Thursday 10th August 2017

The Central Government has already shown their concern well in the Real Estate sector by implementing the Real Estate (Regulatory and Development) Act and are eying to make some more powerful decisions in the coming future to improve the buyer’s experience in the industry. The government is recently trying to make the Aadhar mandatory for buying property, which will help to link the number of properties an individual has registered on his name. This will bring transparency and also help to maintain proper records of the buyer. ...

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Real estate stocks suffer steep fall due to delayed implementation of RERA.

Wednesday 9th August 2017

Nifty Realty Index saw a drop in the realty stocks, which is the result of slow-going procedure for RERA registrations in many states and also the recent decision of the banks to not provide the builders with loan unless registered with the Act. The shares of HDIL, DLF, Delta Corp were among others affected by the lack in timely implementation of the RERA Act. More than 10 states are yet to notify the endmost rules, while the deadline for the same has ended. ...

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Post-RERA deadline, Maharashtra CREDAI to organize session on RERA awareness.

Wednesday 9th August 2017

CREDAI, Confederation of Real Estate Developers Associations of India, Maharashtra, will be hosting an event alerting about the RERA registrations post the deadline. They are also expected to address the registrations for new projects in future and the procedures or restrictions relating the same. CREDAI-Maharashtra is flagship organization of all the Associations of Builders and Developers of Maharashtra encompassing over 75% of the organized Real Estate Sector in the State except Mumbai. ...

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More than 1,000 projects registered with MahaRERA after the deadline.

Saturday 5th August 2017

The Maharashtra Authority for RERA registrations, MahaRERA, registered a little more than a thousand registrations in a time span of just four days after the deadline passed. 480 projects registered with the authority on 1 st and 2 nd August, and had already been fined a sum of Rs. 50,000 each. The authority also announced a separate fine on registrations done on and after 3 rd August which will be fixed later, which stands for more than 500 projects as of now. The total number of projects registered till Friday is 11,620. ...

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Noida Home buyers to take UP-RERA to High Court.

Saturday 5th August 2017

The Noida based Association of home buyers, Noida Extension Flat Owners Welfare Association (NEFOWA), has decided to challenge the UP RERA in the Allahabad High Court. The real estate buyers are unhappy with the changes that have been made by CM Yogi’s cabinet to the RERA Act before notifying. The Act has been made too lenient for the builders in the state and thus have been asked to justify its validity. The Association will also protest on the same at GNIDA Office on 10 th August,2017. ...

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Telangana government notifies RERA rules.

Friday 4th August 2017

The Telangana Cabinet on Thursday notified the final rules and regulations for the RERA Act implementation in the state. These guidelines would have to be followed by all the real estate projects in the state. The Telangana government also announced the formation of a Real Estate Regulatory Authority for conducting the whole procedure for the state. With the deadline for registrations already gone, it is expected that Telanaga will start with the registrations as soon as possible. ...

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Builders in Haryana demand 3-month extension for RERA registration !

Thursday 3rd August 2017

The Real Estate Developers of Haryana have demanded of an extension in the RERA deadline for ongoing projects by a period of three months. Haryana Cabinet notified the final rules on 28 th July,2017, which gave builders a time of only three days to get done with the registration process. The Haryana government delayed the notification by three months, as they had to provide the circular with the onset of month of May. ...

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Pune Development Authority to give an account of all the unregistered projects to MahaRERA.

Thursday 3rd August 2017

The Pune Metropolitan Region Development Authority (PMRDA), following the end of registration process for ongoing projects, will hand over the details of the unregistered projects to the Maharashtra RERA Authority. It is expected that the Maharashtra RERA Authority will take some strict action or impose heavy fines on these projects soon. MahaRERA has already announced a penalty of Rs 50,000 on 480 projects registered after 31 st July, earlier. ...

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UP cabinet extends RERA registration deadline !

Wednesday 2nd August 2017

The Uttar Pradesh Government on Wednesday announced extension to the prior deadline of 31 st July for the registrations of ongoing projects in the state. The deadline that has been set now is – 15 th August, 2017. Registrations can be done within this time limit for all kinds of project without paying any kind of fines. There are three brackets of Penalty introduced for three different time phrase following the 15 th August deadline. August 16 – August 31 : 1% Penalty September 1 - September 15 : 5% Penalty September 16 – September 30 : 10% Penalty ...

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With mere 800 projects registered in Bengaluru within the deadline, builders look for an expansion of RERA deadline.

Tuesday 1st August 2017

With the termination of the RERA deadline for ongoing projects yesterday, builders in Bengaluru now seek to get an extension to the previously set deadline. There have been less than 800 registrations of projects so far in Bengaluru which was expected to be much higher. Now with the passing of the deadline, builders quest for an extension to the deadline in order to keep away from paying hefty fines. ...

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RERA registration for ongoing projects comes to an end in Maharashtra, defaulters to pay heavy fine !

Tuesday 1st August 2017

Maharashtra Real Estate Regulatory Authority, the assigned body for RERA registrations in the state, observed large traffic on their official handle for the last- minute rush on 31 st July 2017. With this, the deadline for registrations of ongoing projects in the state has concluded. CM Devendra Fadnavis also tweeted on the last day of registrations and informed that approximately 2100 developers and 4682 projects have been enrolled so far on MahaRERA. The total number of applications received for projects are 6748. However, there are few developers who have not managed to meet the deadline to register. All the developers who have not yet completed the process are expected to be fined heavily and face further consequences. ...

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Building plans to be approved online from August, in Bhubaneswar.

Tuesday 1st August 2017

The Real Estate Developers of the city of Bhubaneswar is going to witness a landmark in industry. From the month of August, the builders will be able to approve their plans completely online. This will be of great convenience to the builders as this will help them skip the entire lengthy process of getting nod from the Building Development Authority (BDA). The same platform is expected to spread out in other cities of the state soon. ...

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RERA deadline dragged to 31 st October in GOA !

Tuesday 1st August 2017

The RERA registration deadline, that was set to be 31 st July, has now been expanded to 31 st October in the state of Goa for all the ongoing as well as new projects. The extension comes as a result of delay of providing the notification rules to builders, by the state government. However, there is still no surety as when the rules for the same will be made available to the builders. ...

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Punjab RERA to skip holiday, will accept registrations on 31 st July as well !

Saturday 29th July 2017

The Government of Punjab has decided to welcome applications for registration under RERA on 31 st July as well, which is a state holiday in Punjab on account of Martyrdom Day of Shaheed Udham Singh. The applications will also be received on 29 th , which is a Saturday. This will help the real estate developers of the state to register themselves before the set deadline of 31 st July. However, it is unlikely that all the developers will register before the deadline as due to the low traffic that has been observed in the initial phase of launching of the portal. ...

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15,000 complaints on the first day after UP RERA portal goes live !

Thursday 27th July 2017

UP’s RERA portal, which was launched by CM Yogi Adityanath on Tuesday morning, received a lot of backlash from the website’s visitors within the first 24 hours of going live. Reportedly, there were more than 15,000 complaints submitted on the portal This also created a lag on the UP RERA website which created more trouble for the registrants. ...

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Complete RERA registrations by 31 st July, no extensions required - Bombay High Court.

Thursday 27th July 2017

The Bombay High court on Wednesday, ordered registrations to be completed within the set deadline, 31 st July, in response to a petition filed by few builders questioning the validity of the new Regulatory Act. This makes it clear that the deadline is not going to be extended in the state of Maharashtra, which had started with the onset of month of May this year. Pending registrations now have to be registered within the coming four days ! ...

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Haryana cabinet clears centers RERA, registrations to start soon !

Wednesday 26th July 2017

Haryana Real Estate (Regulation and Development) Act rules were clarified and approved off by the Haryana cabinet on Tuesday chaired by the Chief Minister Manohar Lal Khattar. The Haryana Government Is expected to launch the RERA portal sooner after this meeting, as this was the final consideration on RERA by the cabinet. Real Estate Developers in the state have already been worried for the deadline ending with the month of July. ...

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RERA portal goes live in UP

Wednesday 26th July 2017

With just four days left for the registration to end, Uttar Pradesh CM Yogi Adityanath launched the RERA portal for the state today. This is a big rescue for all the builders and promoters as the registration will help them set going for the projects both ongoing as well as new. Also after such delay, a small window of extension is also expected by the state realtors. The UP RERA portal also helps the registrant to obtain a registration number instantly, unlike other RERA portals. ...

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National Housing Bank report shows steep fall of property prices in Ludhiana

Wednesday 26th July 2017

A report released by the National Housing Bank (NHB) for the quarter January - March 2017, indicated towards the low in property prices in Ludhiana. According to the report, the prices fell down by 7.8% compared to the last month of previous year. Property prices also saw a fall in Kolkata, Delhi as well as Surat earlier this year. The main facet of the fall of prices is considered to be demonetization. ...

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No extension of RERA deadline in Maharashtra - chairman Gautam Chaterjee

Wednesday 26th July 2017

With less than a week left for the registration process of Maharashtra RERA to come to a hold, the chairman elect of the Maharashtra RERA Gautam Chaterjee has informed that there are not going to be any extensions in the forthcoming deadline of 31 st July. With a total of 6 days left in meeting the deadline, not more than 1,500 projects have been registered out of the estimated 10,000. Notably, the RERA registrations had started May onwards in Maharashtra. ...

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RERA likely to be presented before the Haryana Cabinet today.

Wednesday 26th July 2017

With nothing quite seeming to be at place with the RERA registration process under state governments, the Haryana cabinet is expected to analyze the RERA Act on table today. This will include discussions on different aspects of the Acts such as the actions on ‘pending projects’ , ‘pricing’ and ‘terms and conditions’ ,before it is finally implemented in the entire state. ...

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CEO & Director of Amrapali Group behind bars on fraudulent charges.

Wednesday 26th July 2017

The Chief Executive Officer and the Director of the realty estate giant, Amrapali Group, has been arrested on being accused of non payment of labour cess woth more than Rs 4 crore. This comes after a final recovery notice was sent to the officials in March, following which the police had to take the necessary step under laws. Also, the Noida office of the Group has also been sealed for the time being. ...

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New petition filed by NDMC to oust central Delhi Le Meridien

Wednesday 26th July 2017

The New Delhi Municipal Council (NDMC) in the early March of this year scrapped the license of the hotel, on account of non-payment of the license fee, in a meeting led by the Delhi CM Arvind Kejriwal. However, the operating company of Le Meridien, CJ International Hotels have been in dispute with the NDMC as soon as they overtook possession of the property. ...

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NIUA to prepare structure for Master Plan of Delhi in 4 years

Wednesday 26th July 2017

The National Institute of Urban Affairs (NIUA) has been given the task to prepare the framework of the Master Plan of Delhi’s development by the Delhi Development Authority (DDA). The NIUA needs to submit the complete structure within the set deadline of 48 months. The structure will be implemented in the Master Plan that has been assigned to carry Delhi’s development till 2041. This is set to help the future projects of different sectors in the realty industry. ...

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Indians among top 5 buyers of residential property in the United States

Wednesday 26th July 2017

According to the surveys of property in the States, Indians are yet again among the top buyers of residential property. Indians have invested over $7.7 billion in the 12-month period which ended with March this year and rank 5 th among the others. Chinese citizens have emerged to be the top investors in the residential property in the US with a total investment of more than $31 billion. ...

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Delay in stamp duty cut by the government brings property deals in Punjab on hold

Wednesday 26th July 2017

Buyers of property in Punjab are awaiting the implementation of the 3 per cent cut in stamp duty charges, against the current 6 per cent cut, which was announced by the Punjab state government in the budget last month. This has resulted in a pause on the property market and is also set to influence the revenues of the state. ...

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All states have not even put notice regarding RERA Act , says joint secretary, Ministry of Housing and urban Poverty Alleviation

Wednesday 26th July 2017

Rajiv Ranjan Mishra, joint secretary of the Ministry of Housing and Urban Poverty Alleviation informed that only 21 states and UTs have put notice about the RERA registration so far. He also pointed the importance of registering with the RERA Act, speaking at a recent event. Out of the total 29 states in the country, only two have appointed permanent regulators for the same. ...

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Municipal Corporation of Gurugram (MCG) decides to auction the properties of tax defaulter

Wednesday 26th July 2017

The deadline for the submission of property tax was set as 14 th July, following which the Municipal Corporation of Gurugram has decided to sell the properties of the tax defaulters through a public auction. The MCG officials also sent out notices to these defaulters informing them about the step so taken. In the first lot , only 20 properties would be put on auction out of the total 519 sealed. ...

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Builders will be able to make changes to project Docs from September 1, announces MahaRera

Wednesday 26th July 2017

MahaRera, on Monday issued a notice announcing the allowance of change in project documents by builders from September 2017. This is set to serve a certain degree of relief to the builders as the previous set of regulations did not allow the builders to do so. A fee of Rs 5,000 will also be charged for each change. ...

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Modi holds conference with state chief secretaries concerning the (Housing For All) scheme.

Wednesday 26th July 2017

Prime Minister Narendra Modi on Wednesday, July 12 held a video conference with the dignitaries of different states regarding the 2015 launched ‘ Housing For All ‘ initiative which had been the highlight of his 2014 campaign. States have been called to develop respective plans to meet the targets by the aforesaid 2022 deadline. ‘ Housing For All ‘ termed as the Pradhan Mantri Awas Yojana ( Urban ) eyes to provide housing to the urban poor. ...

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RERA - Real Estate developers to be liable for a 5 year long warranty in contrast to any structural faults.

Wednesday 26th July 2017

The Real Estate Regulation Act ( RERA ) has already been an issue of concern over the last few months in the real estate industry. It seems as if there isn’t going to be any relief for the real estate developers anytime soon. This comes amid the RERA rules, that holds the developers responsible for any structural faults or decrement in quality or any other obligations as per the agreement relating to such project. ...

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Real Estate buyers call on UP MLA Pankaj Singh to address concerns over RERA implementation.

Wednesday 26th July 2017

Buyers of the Noida Extension Flat Owners Welfare Association ( NEFOWA ) met the BJP MLA Pankaj Singh at his Noida office regarding the registration following the RERA Act. Pankaj Singh in return assured the Association members of providing the complete information of the matter in a few days ahead. Notably, the official UP RERA website is set to start functioning by the end of July. ...

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Uttar Pradesh CM Yogi Adityanath alerts builders, warns them to deliver on time otherwise face consequences.

Wednesday 26th July 2017

CM Yogi Adityanath is set to give builders a tough time over the failure in meeting aforesaid commitments. Addressing at the CREDAI conclave, the minister emphasized on the importance of building trust among the buyers and the challenge the real estate developers face in meeting the buyer’s expectations. CM Yogi also focused on the undone projects in Noida which affects roughly 1.25 lac buyers. ...

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Karnataka RERA portal goes live two weeks after the formation of RERA Authority.

Wednesday 26th July 2017

With just a handful number of days left in the deadline of the registration process of RERA, Karnataka government has finally made the RERA portal functional. This would prove to be a big relief to the builders in the state as there had been no assigned body to submit for the RERA registration in the past. The president of the Bengaluru CREDAI said that they are aware of the deadline and will work to complete the process within the time assigned. ...

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No revision to Architects Act,1972 yet, as government withdraws bill to include further amendments.

Wednesday 26th July 2017

The amendment bill of the Architects Act, which was first presented in 2010 was withdrawn from the Rajya Sabha on Monday, only to add more alterations. The Amendment bill is set to strengthen the Council of Architecture and is going to play a huge role in improving the educational standards of Architecture industry in the country. The bill also eyes to maintain the register of Architects. ...

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NAREDCO & CREDAI in favor of RERA registration, asks members to register soon.

Wednesday 26th July 2017

National Real Estate Development Council ( NAREDCO ) and Confederation of Real Estate Developer’s Association of India ( CREDAI ) have decided not to head to the court concerning RERA Act and also asked the respective members to start with the registration process within the predetermined time limit. The NAREDCO president also stated, “  The RERA Act will boost the confidence of the buyers in the real estate industry. “  ...

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No extension for RERA Registration said, Gautam Chatterjee

Monday 10th July 2017

MAHARERA chairman Gautam Chatterjee make it very clear that builders and developers will not be getting any extension for RERA Registration in Maharashtra. Last day for Registration is 31 July 2017 only.Builders have been given 90 days time to register their ongoing projects with RERA without any extension of the deadline.Builders are liable to pay penalty in case they don’t get registered with RERA by 31 July 2017.  Only 3400 brokers and 300 projects have been registered in Maharashtra so far with MAHARERA. Chatterjee said he expects about 20,000 ongoing projects to be registered by the end of July. Any ongoing project that is being marketed needs to be registered with the authority or else it would be taken as the violation of section 3 of MahaRERA rules.  Maharashtra was one of the first states to implement RERA on 01 May 2017.RERA in Maharashtra will facilitate trust among the buyers and sellers of real estate,” said Gautam Chatterjee. ...

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Karnataka Government gives nod to RERA

Thursday 6th July 2017

After a long wait of 2 months, Karnataka has finally given a green signal to RERA. RERA aims to bring transparency and accountability in real estate sector. The state cabinet has passed the RERA rules after certain modifications. Karnataka law minister T.B. Jayachandra said that the delays were on account of prolonged discussions and confusion. He said that the state cabinet has decided that projects that are 60% complete or have executed 60% of the sale deed will be exempted from rules formulated by the state. Jayachandra said that the rules will also direct all builders to treat guidance value as the base price while estimating the project cost. After notification of rules, the government will form a Real Estate Regulatory for accepting application for registration of brokers and promoters. The final gazette will be released with 2-3 days. ...

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Himachal Pradesh to notify RERA in monsoon conclave

Saturday 1st July 2017

RERA is applicable in India from 01 May 2017 . The act applies to both residential and commercial property .State urban development, town and country planning minister Sudhir Sharma said that draft rules have already been prepared and will be placed in the assembly during the monsoon session for approval. Several states have already notified the rules though.The act in Himachal Pradesh will bring more transparency and will boost buyer’s confidence in real estate .RERA rules mandates registration of every real estate project with authority.After notifying the rules the state will form an authority for RERA registrations . Many states have already notified their RERA rules. ...

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Slow pace of RERA in Rajasthan- Only 3 projects registered till date

Thursday 29th June 2017

RERA came to force in Rajasthan on 1st June 2017 since then only 3 projects and 11 real estate agents have registered in RERA in last 27 days. There are around 300 new and 1000+ ongoing projects in the state but despite the fact pace of registration is very slow. All developers in the state have 90 days from the date of authority came into the picture and looking at the current pace it seems difficult for the authority to register all projects on time.  One of the main reason of slow pace of registration is the compliances which were imposed on a particular project. "The developers have to provide details on 49 points, which are mentioned in the registration form. The process was complex and it requires two- three days to collect substantial documents for one point. Demand was made to simplify the process, so that we can start the marketing of our projects after registering," is the statement of city-based developer Abhishek Sharma.The developers in a meeting requested to simplify the process for registering with RERA.  Department is hoping that registration will improve in Rajasthan as the deadline will approach closer. Apart from the compliance lack of awareness between Real Estate Brokers and Builders about RERA is another reason of slow response.      ...

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RERA arrival slowed pace of ongoing projects : MahaRERA

Wednesday 28th June 2017

Maharashtra facing sluggish progress of ongoing projects after arrival of RERA. 5,000 new units launched in Mumbai suffering inactivity, upshot of RERA.Registration is still slow with only 35 registrations yet. Pace depends over the compliance of builders with rules under the Act. It is believed that there would be boost in the rate of registration after 15th of July. Delayed registration and slackened new are resulting drop of sales in Mumbai and across India as well. Lack of interest in the main city is visible with no registrations yet. 75% of the total registered projects happen to be from suburban area. Confusion of builders regarding the jargons of RERA and Maharashtra Ownership Flats Act (MOFA) happens to be another reason for delay. Government provided timely clarifications about the terms but developers taking their own time to act.   ...

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Approved only 72 projects : MahaRERA

Tuesday 27th June 2017

  After the passage of 7 weeks, only 72 projects approved under RERA with around 88 applications received so far.   Developers cautious   Rajesh Prajapati, Chairman, PR, and Media Committee of the Confederation of Real Estate Developers’ Association of India (CREDAI), said, “It takes time for the market to digest any new rules. In this case, not only do we have to upload our financial documents but also the carpet area as per RERA norms. There is no scope to make mistakes and hence the developers are being cautious. All the developers are currently busy getting all the systems in place. We still need clarity from the regulator on a number of aspects.” When Chairman was asked about his verdict over the pace of registration, “It is essential to register before July 31 and we expect a spike in registrations next month, with at least 35,000-40,000 projects applying for registration by the end of July.”   Transparency   Pankaj Kapoor of Real Estate Research firm says about the pace of the registration  “The regulator has made more details public than what the developer would be comfortable with. Developers may have been deliberating with the government in order to have some rules relaxed but so far the government has been taking the side of the consumer.” Calling it to be a sluggish one. Kapoor points out the last minute rush that may result due to delayed registration. About 5,000 under construction projects under Mumbai Metropolitan Region alone stand unregistered triggering the chances of system failures due to last minute registration. He states about extensions of the date 31st July which was earlier decided to be the deadline for registration. Agents seem more alert about RERA with about 2,185 applications with about 1,950 had received approval.  ...

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Tamil Nadu apprised RERA with violation penal of 3 years

Tuesday 27th June 2017

Tamil Nadu notified RERA regulation secluding projects which are on the verge of completion. RERA to be functional with immediate effects in state. Penalty of 10% of the project cost to apply and imprisonment of about 3 years on law violation. 22nd of June rules have been notified within the state. Project under Chennai Metropolitan Area (CMA) on their completion are to be exempted from the law. Completion certificate issued under the Chennai Metropolitan Development Authority (CMDA). Projects not listed with CMA completed their construction and certified with the architect or structural engineer/ licensed surveyor linked with the project aided with photographs range outside RERA.   ...

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States facing pressure from Centre to bring Realty reforms

Monday 26th June 2017

Centre government leaving no stone unturned to bring up the RERA implementation in states to being transparency and liability in real estate sector. Centre prohibited constructions and marketing of projects unregistered with RERA. This calls for urgent implementation of the RERA rules in state. Developers not allowed to do business for being unregistered. March 1, 2017 was the deadline for the registration and State seems to be unresponsive to it. 16 states along with UTs inclusive of Haryana, Karnataka and Goa have no notified rules. Only Maharashtra, Madhya Pradesh and Rajasthan enabled online registration under the Act. States claimed under section 3(1) of the Act, the ongoing project were given limit till July 31, 2017 for registration. Housing ministry stated in June no projects inclusive of ongoing ones cannot be continued without registration under RERA. Three months time given for registration of the projects if failed would fall illegal from May 1. “The legal position is that they cannot do marketing till they are registered “ says official. Haryana RERA registration begun before proper rules notifying under RERA.   ...

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RERA Act extended to entire MP

Friday 9th June 2017

Madhya Pradesh has become the first State in the country to extend the applicability of the Real Estate Act to the entire State. Earlier, projects only in the 153 planning areas were required to be registered with RERA. In an important decision, the RERA has decided to extend the requirement to non-planning areas also, thus bringing the entire State under the purview of the Act. Now onwards, projects coming up anywhere in the State will have to be registered with the RERA and allottees of such projects will get all the protection available under the Act. ...

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Home builders switch to equity funding in RERA regime

Thursday 8th June 2017

Property advisers and developers feel that the tough deadlines under the RERA have prompted builders to seek long-term equity partnerships, with PE firms to reduce risks, focus on execution and avoid refinancing loans mid-way through the project cycle, rather than settle for structured debt providers seeking short-term profits. They also agreed that equity capital has been coming in the form of platform-level deals, where PE funds and builders partner to invest in multiple projects. However, these transactions are restricted to only larger and branded developers.  ...

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MahaRERA issues first notice for advertising about multiple projects that have not been registered

Monday 5th June 2017

Sai Estate Consultants, a property broker has been issued the notice for advertising about multiple residential projects that have not been registered under the MahaRERA. The broker, however, has already registered itself with the authority, but the Act requires brokers to sell or facilitate such activity in registered projects only. Gautam Chatterjee, Chairperson, MahaRERA shared with ET that even though ongoing projects have a 90-day window to advertise, sell and also get registered with the authority, if any broker has got registered during this period, he as per the rules can facilitate the sale only in such projects that are registered.  ...

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Existing home buyers in Karnataka fear govt may not protect their interests: RERA

Sunday 4th June 2017

By delaying the notification of rules, buyers allege, the government is facilitating builders to apply for occupancy and completion certificates so that they won’t come within the ambit of the RERA regulations. At least 8,000 realty projects in Bengaluru alone are either delayed or are facing charges of delaying possession. A top housing department official involved with implementation of the Act said that interests of all the stakeholders will be safeguarded and the law will be enforced after incorporating feedback from the homebuyers’ association. ...

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Vasundhara Raje, Rajasthan CM to launch the official RERA website today

Thursday 1st June 2017

Gopal Das Gupta, Chairman, CREDAI Rajasthan has welcomed the move of launching the new website. He says that this will bring transparency in the real estate market and weed out the developers who are with an intention to dupe the buyers. A media statement also shared that for redressal of consumer complaints; the Rajasthan government has appointed Additional Chief Secretary (ACS) of Urban Development and Housing (UDH) Department to head the Real Estate Regulatory Authority (RERA). An appellate tribunal will be set up to adjudicate disputes. ...

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Affordable housing, the new focus of housing finance firms, say industry experts

Tuesday 30th May 2017

The infrastructure status to the affordable housing segment and RERA are crucial moves for the growth of the Affordable Housing segment. Industry experts say that Affordable Housing is attracting the interest of more developers who had previously shunned it because of its down-market image. Today, with the government's determined push, it now plays a very important role in the housing finance sector.  ...

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MHADA yet to upload projects sans OC on the website

Tuesday 30th May 2017

With only two months left for uploading real estate projects on RERA website, the Maharashtra Housing and Area Development Authority is yet to ascertain its number of on-going projects that lack Occupation Certificates (OC). Officials said that as of now there are over 50 such projects that are yet to be uploaded. MHADA is bound to upload its projects of the past five years before RERA deadline July 31. MHADA says that due to RERA, they are not allowed to sell flats if its projects do not have an OC. ...

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Post 1st August, the RERA registration no. a must in ads by Maha builders

Monday 29th May 2017

Mr. Gautam Chatterjee, Maharashtra’s RERA Chairman said, “The realtors have been given three months’ time from May 1 to complete the online registrations of their ongoing and new projects. Post 1st August, it will be mandatory to mention the RERA registration number in every kind of advertisements. Since May 1, 900 agents and 16 projects have been registered. Yet, I am not satisfied as there are at least 30,000 projects which need to be registered immediately.” He added, “The consumer can see the status of the project online. In case of violation of the Act, the person can complain on the website itself. The guilty will be punished while those doing good work will flourish.” ...

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The Centre is tackling with the gray areas coming into light post RERA implementation.

Monday 29th May 2017

As of now, 11 states and 7 UTs have notified state rules while the rest are in process. Only Kerala, Madhya Pradesh and Maharashtra, have online portals for registration of stakeholders. Rao Inderjeet Singh in a media statement shared that the centre is hopeful that the authorities in the rest of the states will be in place by July 31st. The Centre, meanwhile, is trying to address all the gray areas coming into light during the implementation of the act and the vacuum formed in the absence of such authorities.  ...

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RERA magic on NRI Investments

Sunday 28th May 2017

NRIs have always been keen on investing in real estate in India. NRI investment in Mumbai has significantly been on the rise. RERA will increase their confidence by manifolds, as it ensures a transparent and a more investor-friendly system in place. A healthy policy change is a big boost for a growing economy and with RERA all set to transform the realty sector, it can be said that consumers will have a good time investing in a rich market like India, especially in Mumbai, which is a growing market for maximizing returns. ...

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Big players of real estate to get a big boost with RERA

Saturday 27th May 2017

Industry experts suggest that you can now avoid buying stocks of companies with low reserves and cash flows as RERA will increase compliance for new project launches and restricts the use of project cash flows. They feel that only big players will grow in the future and thus recommend investors to buy stocks of companies who are much into commercial projects. The next 1-2 years will see takeovers and mergers in the real estate sector, and they are likely to be in favor of big players. ...

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With RERA since 70% of the home loan receivables have to be deposited, the 20:80 scheme may become unviable

Saturday 27th May 2017

Under the 20: 80 scheme, the promoters used to take up the obligation to pay interest in relation to the entire disbursement under the home loan up to the home possession date or any other specified date. Also, the home loan lenders used to make the entire disbursement of the loan on day one by paying the money to the builders. The builders further utilised the same to reduce the existing debt in the project. Now, since the builder is obligated to deposit the 70% of such receivables, the entire calculation has to be revisited, hence this may not be a lucrative proposition for promoters in all projects. ...

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Loan approvals not to be given if the builder is out of sync with RERA

Saturday 27th May 2017

State Bank of India has given a checklist to loan processing officers to ensure that loan approvals are given only to projects that comply with the Act. The checklist includes points like ensuring the project is registered with RERA, whether the promoter has legal title to the land on which development is proposed, if the project land is free from all encumbrances, layout plans and specifications as approved by appropriate authorities, etc. The State Bank of India has issued a circular to this effect and other banks are expected to follow suit. ...

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Office properties constitute 59% of the total investments made across the country in the first quarter.

Tuesday 23rd May 2017

The office space is expected to see more interest from investors in the coming years. By the end of the year, the sector expects to see at least 2 -3 large portfolio level deals that would be further pushing the total private equity real estate funding into office market. These can be seen as signs of maturity of the market and a commitment of the funds for a long term partnership with developers. ...

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In FY18, the government aims to construct 12 lakh houses under PMAY scheme.

Tuesday 23rd May 2017

As per officials, so far the proposal for construction of 18.76 lakhs houses have been sanctioned, and funding for construction of 13.06 lakh houses has been issued. The delay in land acquisition is the prime reason behind the slow implementation of the government's flagship scheme PMAY (Urban). In fact, due to delay in land acquisition, only 1.49 lakh houses have been completed under PMAY (Urban) in 2016-17. ...

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Once GST kicks in, prices of flats may drop by up to 5%.

Tuesday 23rd May 2017

Industry experts say that for normal houses (up to Rs 6,000 per sq ft), 12% GST on a finished house or an apartment will be effectively reduced to near zero as the developer will take the credit for taxes he paid on inputs. At the same time, the buyer will not have to pay the service tax 4.5% of the price of the house. This will reduce the cost of acquisition of the house. ...

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Is registration of projects a double-edged sword under RERA?

Monday 22nd May 2017

The second chapter of the RERA that focuses on the registration of a project and agents can greatly determine its future or backfire. If the provisions regarding registrations of projects are not implemented properly it can backfire. A lot would depend on the speed with which state governments set up the infrastructure as then only the people chosen to run RERA would have a significant say in its success. ...

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DLF Homes to pay Rs 22.3 lakh to 13 Panchkula flat buyers as per consumer forum orders

Monday 22nd May 2017

The State Consumer Disputes Redressal Forum has said that since the realtor failed to complete construction and deliver possession within the stipulated period and extended one-year period, it is responsible for delays and deficiency in service and their appeal for allowing them escalation cost of construction as well as land holding amounts to seeking an amendment of the terms and conditions of the agreement stands rejected. ...

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Every state to frame their RERA rules in sync with the Act: Centre

Monday 22nd May 2017

Ministry officials say that “We have appealed to every state to frame their rules in sync with the Act and they can follow the rules that the ministry has notified for UTs without legislatures. The Act clearly defined terms such as carpet area, flats, ongoing project, and disclosures to be submitted by builders, and specified penalty for offenses by builders. The states should stay away from defining them further to avoid confusion, interpretational difficulties and litigation.” ...

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RERA should also help with a roadmap mechanism for completion of stuck projects.

Monday 22nd May 2017

RERA provides for penal action against the developer for non-compliance and compensation to home buyers in case of delay in delivery. However, the mechanism for completion of stuck projects needs to be spelled out. The roadmap for buyers stuck in delayed projects where developers are ready to face the strictest punishment of imprisonment is not clear. Experts say that the government should identify such projects quickly and start an investigation. ...

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On RERA fear, Independent Directors are resigning

Sunday 21st May 2017

There is fear among the independent directors of real estate firms because under RERA independent directors can be held accountable in case a company fails to comply with the new regulations of RERA. The Indian real estate sector has a long history of delayed projects, poor quality and illegal construction. And India has a history that 30% of the projects get delayed. RERA with its new regulations is going to be very tough and developers will have to be equally tough and disciplined. ...

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