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Guidelines for project registration in Karnataka
Maharashtra, with the help of the stiff rules of the Authority, MahaRERA, has topped the numbers of registrations of the Real Estate (Regulation and Development), Act in the country. The state RERA Authority has been strict ever since the Act was implied in May, earlier this year. There have been approximately 13,000 ongoing projects registered till now in the Maharashtra state, against the total 18,000 in the country. MahaRERA was also the only Authority to directly fine charges after 31 st July, 2017 without extending the deadline. There have also been 55 complaints filed by the real estate buyers of the state until now. ...
Haryana notified the final rules of the Real Estate (Regulation and Development) Act on 28 th July 2017, just three days prior to the deadline for project registrations. However, the deadline was extended to an unspecified date as no penalties were imposed on the projects registering thereby. A total of a little more than 500 projects have registered with the Haryana RERA Authority since its implementation last month, out of which only 90 have been approved. Also a total of 100 complaints have been filed by the homebuyers with the Authority. Notably, all the process in Haryana is only offline until now as there is no official website of the Authority, unlike other states. ...
The Ministry of Housing and Urban Development has filed a petition to the Supreme Court of India to shift all the cases against the Real Estate (Regulation and Development) Act to a solo court. There are approximately three dozens of such cases scattered across different states ofthe country. Most of the cases against the real estate Act have been filed due to the issue regarding the involvement of ‘ongoing projects’. The builders want the exclusion of the projects from the Act that had started before its existence. The Real Estate (Regulation and Development) Act had been imposed in the country from May 1, 2017. ...
A study conducted by Knight Frank, an international property consultant chain, on the data of Maharashtra’s RERA Authority revealed that at least 50% of the real estate developers have extended their project deadlines by a year or ahead, while registering. This is bound to make the homebuyers of the state anxious as there can be no legal action taken on such grounds as of now. The reason for the promoters to extend their end dates of the project way ahead, is to avoid delaying the delivery of the projects, as it is going to attract huge penalties. Not only in Maharashtra, but projects that have registered with the state authorities pan India has taken a marginal extension to the deadline for avoiding the delays, which is going to cause buyer-developer disputes in the near future. ...
The officials from the Rajasthan RERA Authority and the Jaipur Development Commissioner in a meeting held on Monday, has decided the penalty that will be imposed on the promoters who have missed the deadline, set as 31 st July 2017. The projects registering till 31 st August will have to pay a registration fee, four times to that of the previous one. The registration fee is categorically divided among the state, which makes it complex for the builders to understand as to how the implementation of the fine will proceed. The officials also reported that the penalty will further be extended for the promoters not registering within the extended deadline. ...
The official online portal for registrations of promoters as well as builders under the, Real Estate (Regulation and Development) Act, in Himachal Pradesh was launched by the Honorable Chief Minister Sh. Virbhadra Singh, today. As the deadline for the registrations of projects have already passed, the Authority is expected to provide a months time to all the promoters of the state to get on board with the Act. The website will also enable the buyers to lodge a complaint against the untimely delivery by the real estate developers. ...
According to an official of the RERA regulatory authority of Maharashtra, the MahaRERA Authority, which is in charge of registrations in the state of Maharashtra, is set to take some severe actions against the realtors who would have not registered with the RERA Act by 31 st August, 2017. The projects registered in August have already faced penalties for delayed registrations, but with the end of the month of August, any ongoing project sans registration will be dealt with stern consequences which might also include legal charges. ...
The Confederation of Real Estate Developer’s Association of India (CREDAI), has attempted to get the Prime Minister’s supervision towards the most critical issue of the real estate industry at present, the Real Estate (Regulatory and Development) Act, which came into force in May this year. The Association has also asked Reserve Bank of India for it’s guidance on the same issue. After taking the account of the status of the newly introduced Act, it was necessary for the Association to do so as most of the states have delayed the implementation of the Act and others don’t have proper Authorities for the same. ...
National Real Estate Development Council (NAREDCO) is the apex body of real estate sector, under the aegis of Ministry of Housing and Urban Affairs, Government of India. It is holding the 14th National Convention on “ Indian Real Estate” in New Delhi. The two-day event will beattended by the giants of the real estate sector of India. The highlight of the event will be the effects of RERA on the real estate industry. The other important discussions will be about post demonetization and GST impact on the sector. ...
The Uttar Pradesh’s RERA deadline for promoter registrations have to come an end, and there will be a categorized increasing penalty on all the projects registering now onwards. The penalty will be increased with a gap of every fifteen days to 1%, 5% and 10% respectively. The website has already faced some backlash over it’s sluggish working, which might compel the Authority to think upon further extension or modify current fines. ...
The Confederation of Real Estate Developer’s Associations of India held a convocation of its members in London this past week considering the future of India’s Real Estate Industry. The discussion was held regarding the opportunities and scope of the Real Estate sector in Indian as well as foreign markets, especially Britain. However, the most talked-about issue came out to be the newly imposed Real Estate (Regulation and Development) Act. The main concern was the lack of clarity that the Authorities have provided to the Real Estate Developers and the definition of ‘ongoing’ projects stated in the Act. The delegates demanded that there should be more clarity on the ongoing project registrations and the deadlines to be made flexible. ...
Maharashtra RERA Authority, MahaRERA, has announced the penalized amount for the projects that were registered on and after 3 rd August 2017 with the concerned Authority. There will be an imposed fine of minimum Rs 1 lakh which can go up to Rs 10 lakhs depending upon the size of the project, whichever comes to be bigger. This penalty will also remain valid for registrations done till 16 th August. Applications collected after that will be heard individually by MahaRERA, which will decide the penalty accordingly. ...
With the beginning of RERA registration in the state recently, Tamil Nadu government is trying to secure that all measures are taken care of and leave no stone unturned. With a late start to the registrations, the builders have already been worried for the deadline. The restriction on advertising will force all the builders to get registered with TN RERA as quick as possible. After successful registration of the projects, the builders will also have to put their registration number, provided by the Tamil Nadu RERA Authority, on the future advertisement releases. ...
A Parliamentary Committee has instructed The Ministry of Housing and Urban Affairs to look after the states who have diluted the Central’s RERA guidelines and direct them to revise the rules. This comes after states like Uttar Pradesh had diluted the RERA rules which made an escape route for the real estate developers and eased their way out. If the ministry follows Committee’s instructions thoroughly, it can make a huge impact on all the existing State RERA Authorities as well. This will also give a clue to other states to notify RERA rules carefully, who have not yet notified them. ...
Maharashtra RERA Authority, MahaRERA has been the only RERA Authority in the country to withstand its deadline and impose fines as well on the defaulters. The authority imposed a penalty of Rs 50,000 on projects registered within two days after the deadline, i.e, 1 st and 2 nd August, 2017 and will declare the penalty for projects registered on and after 3 rd August. The activists in Maharashtra are, however, not satisfied with the proportion of fine allocated by the state RERA Authority and demand much larger penalties to set an example for other states, as well encourage registrations by agents more quickly. ...
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