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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. ...
A website has been started by the UCO Bank for all the Amrapali buyers to start depositing the pending dues which would help to finance the commencement of construction by the NBCC. More than 2 months have passed after the Supreme Court has ordered the NBCC to complete the unfinished housing projects of Amrapali Group in Noida and Greater Noida authorities. To pay their dues, the buyers would have to fill in the details of the project name, flat number, application number, buyer’s name, and the amount pending towards the flat. After all this information, the buyers can credit the due amount into the UCO Bank account. ...
After a receiver has been appointed by the Court and process for the Tripartite agreements has been initiated for the Amrapali buyers, a section of them has objected to the sale of commercial space violating the building laws in almost all housing projects. The Court is yet to give a final order on this issue, the receiver has asked the Noida and Greater Noida authorities to maintain status quo on all such properties till the final call. To protect the safety and sanctity of the residential complexes the buyers have requested the court to check FAR allocation for these commercial activities. The sublease deeds of Amrapali violates the laws of RERA, the Noida Building Bylaws 2010. ...
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. ...
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