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Guidelines for project registration in Karnataka
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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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