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