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Satellite images took by the Remote Sensing Centre (RSC) on the directions of UPRERA revealed that there are 262 illegal projects on the outskirts of Lucknow for which no records were found in LDA or Zila Panchayat. About 106 projects in Zone-1( Sitapur-Faizabad road), 85 in Zone-2 (Faizabad- Rae-Bareli Road) and 71 in Zone-3 (Rae- Bareli- Sitapur Road). After obtaining a detailed report from RSC, actions will be taken by the local authorities. ...
Due to certain conditions imposed on Ansal API in October, 2018 for transfer of assets, no sale or mortgage by UPRERA, non- compliance of which has imposed Rs. 1 crore fine on them for which they have been given a month’s time to deposit. The UPRERA has also ordered the builder to investor’s money in the designated escrow accounts of the project. However, the decision to de-register Ansal’s projects has been deferred until the payment of the fine. ...
Lacking the powers to enforce the orders RERA has referred the cases to Deputy Commissioners (DC )of districts asking them to auction properties of defaulter developers and pay out compensation. RERA has referred many cases to DC where the compensation ranges from Rs. 2 lakhs to Rs. 1.5 crores. Frustrated over the delay some consumers have compromised with builders and some of the cases have been settled without any compensation. ...
After receiving complaints from Navi Mumbai builders who are members of CREDAI- MCHI (Raigad) the MAHARERA order clarified that the City and Industrial Development Corporation (Cidco) cannot be made a co-promoter when it has sold the land to the builders in which off-site infrastructure around the plot is not mandated to be done by Cidco. In otherwise case, the builder can include Cidco as a promoter (land-owner). ...
Invoked by Section 7 of the RERA Act, 2016 to step-in and facilitate completion of abandoned projects the UPRERA Authority has initiated the process by calling out actual owners of flats to weed out multiple allottees. Initially, it was difficult to know about the true buyers, but the fresh registration of all the buyers would help for the same. The developer of this 1500 crore project has left the country for which a new developer has been chosen by the buyers to complete their project ...
An ex-parte order was passed by MAHARERA’s Pune bench directing the realty company Yemul and Sancheti Associates to pay over Rs.1 crore along with the accrued interest to petitioner Manjusha Bhusari to whom he owed a flat for which the land was acquired by him for Rs. 3.75 crore and only Rs.25 lakhs had been paid so far to the owner. Neither had he completed the construction nor has he given some more amount of consideration. ...
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. ...
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. ...
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. ...
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