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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redo the selection process for the appointment of third member.C francis who was elected as one among two members has withdrawn from the post following which selection process has been initiated again.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 ...
As many as 40,000 complaints have been registered with the Real Estate Regulatory Authorities (RERA) in the entire nation, Durga Shankar Mishra, secretary, Housing and Urban Affair, Government of India, revealed on Sunday. It is time strict action was initiated against the defaulters through necessary changes in the original Act on the subject, the secretary observed while addressing chairmen of the authorities from 17 different states of the country came to attend a RERA conclave scheduled to take place in Lucknow. ...
With even individual homebuyers taking builders to bankruptcy court, rattled real-estate developers from Delhi-NCR are demanding that all consumer complaints first be heard by regulator RERA before insolvency proceedings are initiated.According to the realtors' apex body CREDAI, about 450 real estate companies/projects across the country are facing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) because of default in the delivery of projects to homebuyers as well as repayment of bank loans. ...
In the first of its kind order, the Real Estate Regulatory Authority (RERA) of Haryana’s Panchkula has asked a group of residents to take over a project and complete the remaining construction work. Over 100 residents of Faridabad’s Piyush Heights society have agreed to pool in R 8 lakh each to complete the project and move into their dream home.“It is a major relief for homebuyers, who were expecting completion by 2011 by could not get it as builder failed to complete the project. RERA suggested us to form an association and we should be ready to pay extra money if needed,” said MC Jain, president of J&K tower of Piyush heights ...
Real Estate builders will receive a rating from next year. This move will help investors in taking informed decisions. The grading, to be done annually, will be based on a developer’s track record and background, financial profile, construction quality, buyer feedback and legal status of the project, according to UP-RERA chair-person Rajiv Kumar. ...
Sanctity Hi-Tech has failed to deliver houses even after a long delay. The harassed buyers have approached RERA for refunds and cancellation. Sources said almost every customer has filed complaints against the developer and the final decision from UP-RERA is now awaited. "No development is seen at the site. Since Suncity has not started any development in this area, I am afraid that they do not have any intention of developing the plot and plan to dupe investors of their money", said a homebuyer, Varuna Gupta. ...
RERA goa panel has been reframed with retired IAS officer S Kumaraswamy as the chairman. Former IAS officer J B Singh and retired district judge PV Kamat have been appointed as members.RERA rules in Goa were notified on 24 November 2019. ...
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. ...
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