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