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Boost in RERA for NRI Investors in India

Wednesday 29th November 2017

The real estate sector has always attracted by the NRI investors. NRIs investing in residential and commercial properties and they get good value of their foreign currency in investing in properties of India. They also have to faced some issues like lack of transparency, delays in projects, unless updates from builders and much more. The RERA is implementing to be more attractive and transparent for NRI investors. RERA make some laws for motivating them like Mandatory to regular updating, Tracking of their project from any Country, for any change in the project the developers have to take permission of two-three allotees. These steps would eliminate the faults and NRIs investors would be more ensured about their investment. It would be make the realty sector more transparent and safe for buyers. ...

Violation of RERA Rules by Punjab Builders to Advertise Projects

Saturday 25th November 2017

In accordance to RERA act the promoters cannot advertise, marketing and sell their projects without RERA registration number and it is mandatory for all to advertise their projects with the registered RERA number. But, in Punjab many builders are prominently neglecting the rules and acts of RERA. Many builders advertising, marketing and selling their projects without the RERA registration number and most of the builders are also advertised their projects on FM radio but without the registration number. The Chairman of Punjab Rera, NS Kang said, we took an action against those builders whose advertisement will be spotted for violating the Rera rules and acts. Concerning about the FM radio advertisement he said, we are planning to advertise a notice for awareness about this issue. ...

Notices Sent to More Than 160 Real Estate Developers, says Executive Director of H-RERA

Thursday 23rd November 2017

Mr. Dilbagh Singh, the Executive Director of H-RERA said, more than 160 real estate developers have been sent notices for having an invalid license and incomplete application. According to him, 24 builders out of 160 developers were those, who were notified in the hearing if they didn’t complete their application in the valid time, their application would be rejected. The most of the complaints of homebuyers are delay in possession and extra charges levied by the builders. He also said , until January 15, 2018 for some of the homebuyers date have been fixed for hearing and remaining are in the process and the Haryana RERA website also may finally come in this year by December 31. ...

â€˜Aadharâ€™ linkage with Property is mandatory-PM Modiâ€™s Big Step to Fight against Black Money in Real Estate

Wednesday 22nd November 2017

After the big step of demonetisations, the PM Narender Modi’s next big step on Real Estate is to link “Aadhar” with properties because there is the heap of black money in immovable properties. It is informed by the Union Cabinet Minister that ‘Aadhar Linkage’ with property transactions would be made mandatory. Union Housing Minister Hardeep Puri Said, linking “Aadhar” with properties is such a great idea to draw up the black money from real estate and it would also help to crackdown the benami property, but yet now he is not going to make an advanced announcement on that because they take some additional steps towards it. According to Mr.Puri , transactions between two persons can’t be completely transparent but it could be monitored large value transactions such as property and air tickets. ...

MahaRERA Announces Co-promoter Equally Liable as Promoter in the project

Tuesday 21st November 2017

Last week, the Bombay High Court (HC) told, MahaRERA announces in his official order that Landowners (Co-promoter) equally liable as that of the Builders (Promoter) as under the Real Estate Act, 2016. MahaRERA declares in his order that the land owners as the co-promoter who executed the agreement with the builders (promoter) of a real estate project are entitled to share the total revenue that will be generated from the sale of apartments in the project or in the terms of constructed project. ...

UP Chairman says â€“ â€œRegistration process canâ€™t be executed on the basis of super built up areaâ€

Monday 20th November 2017

On Tuesday, The Chairman of UP-RERA, Mukul Singhal and principal secretary of housing & urban planning held a meeting with builders, buyers and officials in Noida Sector 6, for clear out the confusion over the carpet area issue. During the meeting, Mr. Mukul Singhal said that the projects should be done on the ground of the Carpet area and he will also discuss this issue with the officials of UP stamps and registration department. If the properties registration continues on the basis of the super built up area the buyers have the right to plead a file in the Allahabad High Court. For removing this flaws and executing RERA in UP more efficiently, the RERA has also started drafting “Agreement for Sale” for buyers and builders. ...

Haryana RERA Website will only be live by December 31, says Executive Director of H-RERA

Friday 17th November 2017

The Executive Director of Haryana RERA committee, Dilbag Singh Sihag has recently said that the official website of the Haryana RERA Authority will be launched by 31st December 2017. On the formation of a proper RERA Authority, he informed that the Authority is in the final stage of its formation and will be made in the next 15 days. The delay in the website will be a big disappointment for promoters as well as homebuyers of Haryana as they had been expecting the launch of the website by this month itself. ...

Loophole in the RERA Act to help real estate developers

Friday 17th November 2017

The Tamil Nadu Real Estate Regulatory Authority has reported a defect in the real estate Act that benefits builders against the provisions of the Act. The RERA Act makes it compulsory for the builders to deposit 70% of the amount received by homebuyers in a separate account. However, the TN RERA Authority informed that there is no mechanism to supervise the accounts of the developers yet. The only way RERA Authorities can interfere is when there is a complaint filed by homebuyers for misuse of funds against the developer. ...

Karnataka RERA Chairman warns of tough action on projects not registered with the Authority yet

Thursday 16th November 2017

Kapil Mohan, Chairman of Real Estate Regulatory Authority of Karnataka, addressed the state real estate developers in a workshop on Wednesday. He informed the builders of strict actions to be followed against promoters who have not registered their ongoing projects with the Authority yet. The builders of the state are unhappy about the huge penalties that have been imposed by the Karnataka RERA Authority. Until now, a total of 1,656 projects have been processed and around 730 projects have been approved by the Karnataka RERA Authority. Around 900 project applications are in the process of approval. ...

UP homebuyers claim builders are still not disclosing carpet area

Thursday 16th November 2017

The homebuyers in Uttar Pradesh have alleged that builders of the state are still selling flats on the basis of super area even after the implementation of the Real Estate (Regulation and Development) Act. The RERA Act does mention that from now onwards, carpet area must be declared for more clarity. Addressing the issue, the Chairman of UP’s RERA Authority, Mukul Singhal held a meeting with buyers and builders. He ordered the builders to transparently disclose the carpet area and follow all the provisions regarding the carpet area under the RERA Act. ...

Haryana CM assures to name the RERA Authority members real soon

Thursday 16th November 2017

Manohar Lal Khattar, Chief Minister of Haryana has said that the names of elected chairpersons and members of the RERA Authority of Haryana and Gurugram, will be named in a short time. The CM had in the past promised to make the RERA Authority of the state by October, which has been past due. There is no proper RERA Authority in the state of Haryana yet. A total of six months has passed now since the implementation of the Real Estate Act in the country. Haryana has been following an offline procedure to register projects and agents until the Authority is made. ...

Complaints are being rectified by Authority, says Chairman of UP RERA

Wednesday 15th November 2017

The Chairman of Uttar Pradesh’s Real Estate Regulatory Authority, Mukul Singhal, reported on Tuesday that the UP RERA Authority has received around 900 valid complaints and that they are being overlooked now. Mukul further said that the Authority started working on these complaints from 13th November and each of the complaints will be dissolved within a month and a half. Out of the total 900 complaints, more than 600 are regarding projects from the district of Gautam Buddha Nagar, UP. ...

More than 60% housing projects are delayed in around 50 cities in India

Tuesday 14th November 2017

According to survey and research by Liases Forras, the Non-Profit firm ‘Fight for RERA’ has reported that approximately 30% of under-construction flats are delayed by two or more years. Addition to that, nearly 62% of housing projects are running late. These surveys are for around 50 cities of the country. In Maharashtra itself, 5.3 lakh flats in ongoing projects are behind time. ...

Projects without an OC should not fall under RERA, say lawyers in Bombay High Court

Monday 13th November 2017

In the recent ongoing RERA Case, the lawyers from both the ends have appealed the court to amend the provision which makes it mandatory for projects that have given possession but without an Occupation Certificate should be registered under RERA. Estimated by a lawyer, such projects are at least 50,000 in Maharashtra itself, and registration of them all under RERA will affect the working of the Authorities for under construction as well as new launch projects. The lawyers have further suggested that these cases should be overlooked under the MOFA (Maharashtra Ownership Flat Act). ...

Rajasthan RERA will soon take action on project applications with incomplete documents

Monday 13th November 2017

The Real Estate Regulatory Authority of Rajasthan is set to act upon projects that have not provided complete details or documents in the registration application. The RERA Authority, Raj-RERA will send notices to these promoters, which are currently 200, and issue a final period of seven days to make the corrections, for which they’ll have to provide the complete documents or details along with the penalty payment. Otherwise, the project application will be rejected the registration and also the project will be stated ‘illegal’. ...

Boost in RERA for NRI Investors in India

Violation of RERA Rules by Punjab Builders to Advertise Projects

Notices Sent to More Than 160 Real Estate Developers, says Executive Director of H-RERA

â€˜Aadharâ€™ linkage with Property is mandatory-PM Modiâ€™s Big Step to Fight against Black Money in Real Estate

MahaRERA Announces Co-promoter Equally Liable as Promoter in the project

UP Chairman says â€“ â€œRegistration process canâ€™t be executed on the basis of super built up areaâ€

Haryana RERA Website will only be live by December 31, says Executive Director of H-RERA

Loophole in the RERA Act to help real estate developers

Karnataka RERA Chairman warns of tough action on projects not registered with the Authority yet

UP homebuyers claim builders are still not disclosing carpet area

Haryana CM assures to name the RERA Authority members real soon

Complaints are being rectified by Authority, says Chairman of UP RERA

More than 60% housing projects are delayed in around 50 cities in India

Projects without an OC should not fall under RERA, say lawyers in Bombay High Court

Rajasthan RERA will soon take action on project applications with incomplete documents

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