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