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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. ...
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. ...
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! ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
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. ...
To skip heavy penalties and rigorous imprisonment, TNRERA directed all concerned real estate and building owners to register their properties under RERA Act. The new guidelines stated that without obtaining consent from RERA authority no one should involve in development and sale of any building or real estate project having development or built-up area of 500sqm moreover if the number of units exceeds eight one should register this project with this authority. Now every certified building owner or promoter has their registration number which they got under RERA. This number must be mentioned with their own advertisement while doing sale and development of the particular property. ...
The shackle of the non-existence of mechanism, to conduct checks and issue completion certificates for housing projects in areas under the DTCP (Directorate of Town and Country Planning), is preventing TNRERA (Tamil Nadu Real Estate Regulatory Authority) to take prompt action against developers who are violating the rules. However, such violations can be eliminated if completion certificates are made obligatory in areas under the DTCP which covers the entire state except for Chennai Metropolitan Area. Moreover, TNRERA stated that the real estate act does not allow the Chennai Metropolitan Development Authority (CMDA) to inspect buildings; instead of that CMDA is issuing completion certificate after inspecting the construction. ...
If homebuyers want to file a complaint against a promoter whose project is not registered with RERA, in this case, the complaint shall not be maintainable before Punjab RERA. This Authority solved out the obscurity related to complaint’s maintainability where the errant builder violation took place prior to the commencement of the RERA Act. Henceforward, if any complainant wants that its complaint must be considered so he shall fulfill 3 conditions. The alleged violations, though commencing before the enforcement of the RERA Act, must be continuing till present. The alleged violations must also comprise an infringement of the RERA Act and the rules and regulations made thereunder. Any complaint shouldn’t be pending in any consumer forum before approaching RERA. ...
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