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Guidelines for project registration in Karnataka
After no response to the notice issued by UPRERA to the Lucknow based builder slapping a fine of Rs.1 crore for not providing possession of the plots to the allottees even after 4-5 years, the team of UPRERA had sealed 2 bank accounts of the developer and seized assets valuing Rs. 1 crore at his office in Gomti Nagar. ...
The Bihar Registration Amendment Rules, 2019 was approved by the cabinet which clarified that registration of flats are still allowed even if the project was not registered with the RERA, Bihar provided any of the dwellings in that apartment had been registered with excise, prohibition, and registration department till 30th August, 2018. ...
The correct practice of allocating money was that promoters have to receive all the amount in the separate account, firstly allocate 70% of the money in a separate account as per Section 4(2)(l)(D) of the RERA Act, 2016 and then remaining 30% in another account. It has been clarified that this 70:30 ratio has to be maintained from the inception of the project. The Chartered Accountants of RERA will be verifying all the project accounts maintained with different banks. ...
After asking the real estate developers with the earlier order to submit the fund utilization declaration, now it has started singling out the particular builders who have not obeyed the order. Therefore, the RERA Bihar issued show-cause notices to 25 builders for the non-submission of audited statement of bank accounts of ongoing real estate projects for 17-18. The builders have also failed to submit the progress report of the ongoing projects. All these orders were issued to check the appropriate diversion of funds for an ongoing project. ...
To ensure speedy dispute redressal in the legal procedures, the Madhya Pradesh RERA has proposed a modification in the RERA rules 27 and 28 that deal with the recovery of interest, penalty, and compensation, implementing the orders, etc. to have a district judge level officer as an executing officer with the powers of the civil court as well as revenue court so that the matters don’t get delayed and orders get executed in their true spirit. ...
An order passed by the Supreme Court was provisioned for the safety of homebuyers and not for the authorities. Therefore, the Noida and Greater Noida authorities have filed an application in the Supreme court in the Amrapali case, seeking clarity on how to recover their dues of Rs. 5400 crore. The authorities have attached the 12 properties of the developer and still, their dues are pending. ...
The “Usage Factor” matters, as clarified by the TNRERA authority. A clarification has come which states that if the projects are meant for developing the properties for personal use/ builders letting them out on rent, there is no need of RERA registration of such housing projects with the TNRERA authority. Any kind of ceiling limit of 500 square meters or 8 units of flats need not to be followed for such usage. ...
Due to duplicacy of the jurisdiction in resolving consumer grievances, an issue has arisen where due to 1 investor seeking a refund on his investment with NCLT consequence of which an Interim Resolution Professional has been appointed, all the UP-RERA proceedings have been put on hold and the rest buyers who have approached UP-RERA are now in a ï¬x. Therefore, UP-RERA has asked for NCLT's opinion before de-registering the project of Airwil Intelicity in Greater Noida jurisdiction. ...
Failing to comply with so many reminders given by the TSRERA authority regarding registration of projects to the builders for the properties which have been sanctioned permissions between January 1, 2017 and August 31, 2018 along with last deadline of Rs 3 lakhs penalty till 31st July , 2019, the TSRERA Chairman informed in a release that such projects will be published with their names in press for cautioning the public not to purchase such unregistered projects apart from levying penalty on those projects. ...
Pointing out some of the loopholes in the RERA Act, 2016, the chairman of Haryana and Madhya Pradesh suggested to bring in more transparency by making necessary amendments into the original act. They portrayed that the duplicacy of jurisdiction for dealing with the grievances should come to an end. RERA should be the only place for dealing with the homebuyer’s grievances and any violations of provisions of this act. In order to keep its credibility, RERA must be given more powers to implement its decisions. ...
In order to fulfill the prime objective of the RERA Act, 2016 to give relief to all the stakeholders associated with the project, the MAHARERA has created unique resolution panels comprising of Consumer representative and a Developer representative. The panel will interact with banks, homebuyers, and builders who could potentially take over the project to complete it on time. With the motive to protect the consumers from the loss of decreasing prices of property which could be held under the right given in IBC rules a mid-way has been found by creating these panels. ...
The directions have been issued by the UPRERA to Noida and Greater Noida authorities to launch a forensic audit into the financial and landholdings of the 3C company. All the 21 projects launched by 3C shall be inspected for financial misappropriation for which the time period of 2 months has been given to the local authorities to submit their reports to UPRERA. All the housing projects introduced between 2010 and 2012 by the 3C company are yet to be delivered to the homebuyers. ...
In order to provide financial help to the stressed homebuyers and to improve liquidity issues for the promoters, the UPRERA is all set to propose the creation of a stress fund to complete the pending realty projects at its board meeting in Lucknow after which it is likely to send it to the UP Government. Knowing the huge count of flats that are pending where builders are in a financial mess the Government needs to enter this situation to help the cash-strapped builders with initial liquidity. ...
On the public interest litigation filed by a financial economist contending that the DDA has violated the real estate regulation laws by not registering its housing scheme of 2017 and 2019 with the RERA authorities, the Delhi High Court has issued notices to the RERA authorities and DDA (Delhi Development Authority) seeking their stand on the petition for which the next hearing is due on 19 November, 2019. The petition claimed that the DDA did not provide to RERA a copy of the authorized prospectus of the sanctioned plans of the projects under the two schemes. ...
Replying to the Supreme Court’s query on the status of implementation of RERA in states, the Centre reported the court that around 42726 housing projects and 33906 real estate agents have been registered under the RERA Act, 2016 and more than 20,000 complaints have been resolved under this Act till date. The process of RERA implementation is still under progress in states like Meghalaya, Nagaland, Sikkim. Around 29 states/ UT’s have set up the RERA Authority and 22 states/UT’s have set up the RERA Appellate Tribunal. ...
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