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28 new housing projects have been added on; TNRERA marks more than 300 projects registration

Monday 29th January 2018

TNRERA has generated data on its web portal which stated that 28 new housing projects have been registered by this authority till 18 January; additionally, 18 projects, out of 28, are from Chennai and its peripheries. Therefore these new projects have taken the number of housing projects to more than 300 since the inception of this authority which was on 22 June 2017.  ...

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Temporary Haryana RERA’s office will get a kick start from 1 February

Monday 29th January 2018

Residents from Haryana got a sudden burst of happiness as a temporary H-RERA’s (Haryana RERA) Gurgaon office will start its functioning from February 1, 2018, but, above all, permanent office will come up after 6 months. This temporary office will have different wings like; legal, administrative, accounts, complaint and registry. Apart from these wings, H-RERA will also be headed by a session’s judge. Functioning of this authority will be carried by 52 officials initially and this number will get higher with each passing days. For resolving one particular issue, H-RERA would take maximum 60 days time period.     ...

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Uttarakhand Cabinet extends RERA registration and annual return date

Thursday 25th January 2018

Great relief to builders and promoters has been given by Uttarakhand government. The state government decided to not to charge late fees. Prior to this scenario, builders and colonizers had to register themselves until 30 September 2017 to avoid extra charges. But now the deadline has been extended up to 28 February 2018. In another case, ambiguity arose because of the implementation of GST as traders were not very clear about this concept and got confused. Nevertheless, traders heaved a sigh of relief as the last date for filing their annual return has been extended by a period of 3 months. The deadline for the traders will be 31 March 2017.  ...

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Homebuyers are in the dilemma, whether opt for RERA or consumer forum

Wednesday 24th January 2018

Before the implementation of RERA, consumer forums were the only authority to make an appeal. These forums were dealing with the case from the district, state or national level to provide relief in cases of cheating. However, the introduction of RERA got the limelight in its initial phase and homebuyers would move to this authority. Since RERA will not deal with projects that have got their occupancy and completion certificate before 1 July 2017 RERA has its own limitations. Furthermore, the consumer forums are the only remedy on which homebuyers can bank upon as certain states are yet to adopt this RERA Act. ...

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MahaRERA rules mention "legal contention is necessary for legal title deed plus agency’s online portal"

Wednesday 24th January 2018

Complainant Arif Shaikh filed a complaint against Pune-based builder in connection with the registration details of their ongoing project. Shaikh alleged that he and his father have one-sixth of the project title, interest on the property and undivided right but Respondent intentionally suppressed the injunction order to restrain the promoter from encumbering or creating any third party rights pertaining to their share in the property. The sole motto behind this ruling is to help homebuyers so that they can easily access the information.   ...

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Haryana RERA is depriving of chairpersons, the website is also under construction

Wednesday 24th January 2018

Two IAS officers were appointed by Haryana government as a head of the Gurgaon bench and as a chief of the Panchkula bench. In spite of that these officials are not able to assume charges due to the sluggish process of Voluntary Retirement Scheme (VRS), which they need to, opt before occupying their designated RERA post; moreover, Haryana RERA website is in the same condition which is still being developed. This status of Haryana RERA has thrown home-buyers confusion as they don’t have any clue about how they should lodge complaints and who should they approach with their grievances!  ...

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“Evident hindrances to realty sector and how to overcome them” is discussed by BAI’s National President

Tuesday 23rd January 2018

HN Vijaya Raghava Reddy, National President of Builders Association of India (BAI), told about how construction and real estate sector was going through a lot in the absence of regulatory reforms; however, some reforms like RERA has also serious failures at the implementation level as the government of some states are taking advantage of flexibility given by the central government. He also put forward some suggestions for promoters’ consideration that being small or big player doesn’t matter now. Being organized and adhering to the rules, having proper project development plans and capital procurement systems are the new surviving techniques in the realty sector.   ...

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RERA restores homebuyers’ faith, 45% buyers in the first quarter of 2018 are looking to buy after it

Monday 22nd January 2018

As transparency, timely delivery of project, accountability and organized development have been brought by RERA these things are acting as a great confidence booster for prospective home buyers. Moreover, this has been proved by recent figures which show that 45% of homebuyers are looking to purchase homes in the first quarter of 2018. Last year the central government granted infrastructure status to affordable housing projects and this step brought 27 % increase in the supply of newly constructed affordable homes in first 3 quarters of 2017. Lately, the inflation rate has shown stability, therefore, lending rates have started to calm down.      ...

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TNRERA makes 186 agents certified to commence their business hassle-free

Saturday 20th January 2018

TNRERA’s (Tamil Nadu Real Estate Regularity Authority) web portal has generated the data of 186 real estate agents who have now come under its ambit. The preponderance of agents, who are registered with TNRERA, is based in Chennai and 151 in numbers. The bunch of 186 agents is categorized under 2 heads. The category of the firm has taken 109 agents while 77 persons have registered as individuals with the state’s real estate regulator. To obtain RERA certificate agents need to comply with some obligatory disclosure of maintenance of records, books of account and documents with the provisions of the Income Tax Act, 1961. ...

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Mr. Venkaiah Naidu supports RERA, says it is for real estate promotion not for strangulation

Saturday 20th January 2018

Vice President of India Venkaiah Naidu shared his views on RERA while inaugurating 28th convention of the Builders’ Association of India in Bengaluru. He strongly supported RERA by stating that it seems to be strangulated only for those “fly-by-night operators” who have been misusing the customer’s confidence in them but RERA is not breaching civil liberties. He further added that he is very much aware of contractor’s problems and certain difficulties which are facing by them; therefore, NITI Aayog has initiated steps to form a committee of all stakeholders to bring out unified standard contract document.  ...

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RERA’s reign changes market flavor from the single entity to joint ventures

Friday 19th January 2018

RERA’s strategy to establish dominion over malpractices of culprit developers and promoters is working effectively as corporate developers are opened up to joint ventures with realtors who have credible track records and a strong brand name. This scheme has unbarred a potentially lucrative business opportunity for corporate entities and new entrants/emerging companies. Moreover, banks that have an increased number of NPA (non-performing assets), are looking for “government-oriented companies” to monetize these assets. Now large corporate entities are not limited to one option; therefore, they have plans to expand their real estate portfolios. In the wake of this, they are contacting several developers and landowners to enter the residential market.  ...

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Goa government turns down CREDAI’s request for the extension of registration date

Thursday 18th January 2018

Having enough of builder’s sluggish behavior, Goa government has decided to reject CREDAI’s (The Confederation of Real Estate Developers’ Associations of India) request for on-going real estate projects’ extension till April. CREDAI was seeking 90 days extension period from the launch of RERA registration portal. However, it got rejected by the state government and CM Manohar Parrikar said that agents and builders have got enough time to study the Act.  Hence, from August until today, they have known everything and consequently, builders and agents must strictly adhere to 24 February 2018 to register their underway projects.   ...

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One forum of 33 members has been set up by MahaRERA for pacification process

Thursday 18th January 2018

Maharashtra is on a mission to resolve all disputes in their initial phase and to comply with such motive MahaRERA has established a forum of 33 conciliators. This forum is made up of 15 teams with 2 members each in which one is from realty developers’ industry body and another one is from consumer forums to represent home buyers. To deal with any shortfall due to anonymous reason, this regulator has also appointed 3 extra conciliators who will be the part of these teams. 10 conciliation teams, out of 15, will look after homebuyers’ plea from Mumbai and rest 5 teams will take care of real estate queries from Pune.  ...

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Bombay High Court intervenes in an order issued by Maharashtra RERA and quashes it

Wednesday 17th January 2018

The state court acted promptly on homebuyer’s plea and revoked an order, which was issued by MahaRERA on 28 November 2017, by saying that the order is illegal and asked MahaRERA to reassess the petitioner’s claim and pass a well-thought-out order. The complainant argued that MahaRERA had just copied the developer’s arguments without even considering real facts and situation. In this case, the developer claimed that his project had been started in 2009 but was delayed due to change of law, incorrect classification of the plot as CRZ II and administrative conflicts. So he is not liable to pay any compensation as these reasons beyond his control. ...

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Market experts are confident that RERA will boost growth and sales in real estate

Wednesday 17th January 2018

Brand Capital and Brand Estate of The Times Group organized a conference in Navi Mumbai for the sake of developers. Brand capital is the investment arm of the Times Group. Here experts exchange their views and put some opinions in front of developers. They are confident about RERA act feasibility in realty sector as 2017 was the year of formation and implementation of some taxes and acts like GST, RERA and demonetization but 2018 will give benefits to developers and homebuyers as RERA Implementation brings transparency and profitability moreover these things are needed to fuel the sales.  ...

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