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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. ...
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 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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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 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. ...
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. ...
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. ...
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. ...
After many strict warnings served almost 3 months ago to Unnati Fortune’s Aranya, located in Noida Sector-119, regarding financial irregularities and funds diversion by it, the de-registration order was served based upon the information collected, inspections made of the site, complaints registered with UP-RERA and non-compliance of the provisions of the RERA Act. The order de-registered Aranya phases 3, 4 and 5 under section 7 of the RERA Act on the project which is valued over Rs.1500 crore. This step is serving as a warning to other builders as well. ...
Another RERA battle awaits homebuyers due to non-execution of RERA orders passed. Several RERA orders passed which favored homebuyers have not been executed. The wait continues for them even after 3 years of RERA. Although provisions are there for non-execution of orders passed which states that the District Magistrate shall recover the dues as arrears of land revenue. The money so recovered is deposited in RERA Account and from there it is transferred to the beneficiaries of the RERA Order. ...
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