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MAHARERA orders the developer to refund the homebuyerâ€™s money

Monday 17th June 2019

The MAHARERA has ordered the developer of Marathon Nexzone project in Panvel to refund a sum of Rs. 86 lakhs and Rs.50.16 lakhs with 10.75% interest- a cumulative amount of two homebuyers as the developer has failed to give possession as promised in the agreement. Since the developer revised the possession date to December 31, 2020, and the homebuyers had a home loan, therefore, they sought to withdraw and seek a refund. ...

Advertisement expenses not to be claimed from separate account amount in MAHARERA

Friday 14th June 2019

Although Section 4(2)(I)(D) clearly specifies that the 70% funds in separate account can be used only for construction, but to clarify thereon the MAHARERA Rules has made an amendment to specify that the developers can no longer claim expenses of Advertisements, promotions, all the marketing costs, etc. from the 70% amount. It can be claimed from the remaining 30%, which means that more money will be available for completion of housing projects. ...

UPRERA finds 57 illegal residential projects

Thursday 13th June 2019

Satellite images taken by the Remote Sensing Centre (RSC) on the request of UPRERA has helped to identify 57 illegal projects on the outskirts of Lucknow. The inspection was initiated due to the complaints lodged by 2 allottees in March. More than 150 cases have been observed where the builders have asked for more registration money than 10% value specified in Section 13 of the RERA Act, 2016. Although notices would be served to them by UPRERA, buyers need to be more cautious about the registration of a project with the local authority. ...

No progress in the work of Greenopolis despite the order of HRERA

Monday 10th June 2019

Though HRERA has ordered the developers of Greenopolis in Sector 89 to complete 600 flats by July 31, 2019 still the project has seen no progress thereafter. Around 1800 flats had been sold in the project in which the buyers had already paid over 80% of the price to the builders. The buyers are grieving over the siphoning off their money as no answers are being received from the developers. ...

UPRERA tells local authorities to keep an eye on Encroachment

Friday 7th June 2019

UPRERA Authorities alerted the local authorities about the need to regulate illegal construction at Shahberi-a rural area beyond Noida extension. Expanding encroachments has become a common problem in most areas and need to be controlled. Shahberi’s land is under legal stay from Allahabad High Court and any construction there is illegal. Any detection of work there is likely to be sealed and demolished. ...

Title Insurance not so developed concept in MAHARERA

Thursday 6th June 2019

While the RERA Act, 2016 mandates the purchase of Title Insurance for all new and ongoing property projects registered with the Authority, the concept of Title Insurance has not taken off so well in the state. Title Insurance is a form of Indemnity Insurance which insures builders and customers against financial loss from defects in title and from the invalidity of mortgage loans. Due to the high premium charged, calculation of which is currently being done on project cost, many approved products of insurers for Title Insurance have not gained any attraction. ...

Revival of NRIâ€™s interest in real estate after RERA

Wednesday 5th June 2019

Past experiences of project delays have resulted in investors shying away from the Under-construction projects. From being the most attractive segment for NRI for investment purposes it has gone on to take the back seat. However, after the introduction of Real Estate Law (RERA Act, 2016) it has shown the sign of revivals making Hyderabad the highest NRI Search sessions, followed by Mumbai and Bengaluru. A stronger dollar has renewed NRI Interest in India’s property markets improving 30-40% from last year. ...

MAHARERA activates Non-execution tab during the appeal process

Tuesday 4th June 2019

After following a writ petition filed by 69 year old Kandivali home buyer in the Bombay High Court, MAHARERA has now changed the process and activated the non-execution tab from which the homebuyers would be able to file application for non-execution of the orders given by the Authority while the appeal process is on, but will hear the application only after the mandated 60-day period is over and after checking the status of the appeal with the Tribunal. ...

Hefty Penalties levied by Bihar RERA

Monday 3rd June 2019

For non-compliance of Section 3 of the RERA Act, 2016 which states that a builder is not allowed to advertise, market, book, sell or invite people to purchase in any manner any plot, apartment or building in any real estate project without registering the project with the RERA Authority, the authority has slapped penalty of Rs. 32 Lakhs on Aryavart Lifespaces Pvt. Ltd. and of Rs. 27 Lakhs on Patligram Builders Pvt. Ltd. It has asked them to pay the fine within 60 days of the issuance of the order. ...

MAHARERA Rules plea to cover Rehabilitation component under RERA

Saturday 1st June 2019

To end the long wait for consumers to be compensated under the Rehabilitation scheme, the MAHARERA officials have sent a letter to the Chief Minister of the State to get the approval of this amendment proposal. It would bring in over 10000 Slum and Housing Area projects under the ambit of the RERA Act, 2016 with a specific deadline for registration. It would benefit around five lakh families. Many officials said if all redevelopment projects were brought under RERA then many housing societies would be relieved because they would not have to approach courts. ...

Jharkhand RERA gave 3 months deadline to ongoing projects

Friday 31st May 2019

Due to administrative issues it took some time for Jharkhand RERA to become fully functional, with all those ground works over, it now focuses to strengthen and streamline its functioning to meet its objective with which it is formed. So far 100 projects have been registered across the states which in reality are far more than this. After receiving regular complaints from the aggrieved customers it has now given a final three-month window to all such erring builders who have failed to register, as a failure of which strict penalty actions shall be taken. ...

UP-RERA to set up SIT to investigate Unnati Fund Diversion

Friday 31st May 2019

UP-RERA has requested the State Government to institute a SIT (Special Investigation Team) to track how and where Unnati Group has diverted the funds of Rs.147 Crore raised from the buyers. As per the sources, it is known that the amount was generated by allotting over 100 flats each to two or three buyers. UP-RERA officers assured the buyers that it would not affect the progress of the work in Phases 3, 4 and 5 which will be completed by a co-builder following Section-7 of the RERA Act, 2016, which makes provision for UP-RERA to step in and facilitate completion of abandoned projects. ...

Sanctioning delay holding the projects in Haryana

Wednesday 29th May 2019

HRERA Chairman himself admitted that the Government agencies which are sanctioning the approvals of projects should be held equally responsible for delay as they take their own time to approve the projects. To ensure speedy actions, HRERA for the first time had directed that the application forms for buying a flat under affordable housing scheme should be available at the Government offices. ...

RERA being blamed for inaction in Karnataka

Wednesday 29th May 2019

Blaming cycle continues when 37% of 2581 projects registered under RERA Karnataka fails to meet the completion deadline. According to the RERA Act, a builder has to declare the completion date at the time of registration and in case of failure to meet the deadline, he can seek extension once for a maximum of one year. In case the project is not completed within the maximum allowed time frame the RERA can confiscate his escrow account and initiate legal action. The authority seems to be helpless in this case. ...

Land market tightened by RERA in Rajasthan

Monday 27th May 2019

Many homebuyers have approached JDA (Jaipur Development Authority) to complain about the colonies which are not made as per the approved plan. In order to lure the homebuyers, these colonies firstly offer many facilities and construction is done oppositely to make more money. The illegal business of non-regularised plotted colonies on agricultural land continues to flourish in the state capital leaving homebuyers in a fix. For the regularised market, the Urban Development and Housing (UDH) department has implemented RERA to check the authenticity of projects. ...

MAHARERA orders the developer to refund the homebuyerâ€™s money

Advertisement expenses not to be claimed from separate account amount in MAHARERA

UPRERA finds 57 illegal residential projects

No progress in the work of Greenopolis despite the order of HRERA

UPRERA tells local authorities to keep an eye on Encroachment

Title Insurance not so developed concept in MAHARERA

Revival of NRIâ€™s interest in real estate after RERA

MAHARERA activates Non-execution tab during the appeal process

Hefty Penalties levied by Bihar RERA

MAHARERA Rules plea to cover Rehabilitation component under RERA

Jharkhand RERA gave 3 months deadline to ongoing projects

UP-RERA to set up SIT to investigate Unnati Fund Diversion

Sanctioning delay holding the projects in Haryana

RERA being blamed for inaction in Karnataka

Land market tightened by RERA in Rajasthan

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