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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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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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