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Delay in stamp duty cut by the government brings property deals in Punjab on hold

Wednesday 26th July 2017

Buyers of property in Punjab are awaiting the implementation of the 3 per cent cut in stamp duty charges, against the current 6 per cent cut, which was announced by the Punjab state government in the budget last month. This has resulted in a pause on the property market and is also set to influence the revenues of the state. ...

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All states have not even put notice regarding RERA Act , says joint secretary, Ministry of Housing and urban Poverty Alleviation

Wednesday 26th July 2017

Rajiv Ranjan Mishra, joint secretary of the Ministry of Housing and Urban Poverty Alleviation informed that only 21 states and UTs have put notice about the RERA registration so far. He also pointed the importance of registering with the RERA Act, speaking at a recent event. Out of the total 29 states in the country, only two have appointed permanent regulators for the same. ...

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Municipal Corporation of Gurugram (MCG) decides to auction the properties of tax defaulter

Wednesday 26th July 2017

The deadline for the submission of property tax was set as 14 th July, following which the Municipal Corporation of Gurugram has decided to sell the properties of the tax defaulters through a public auction. The MCG officials also sent out notices to these defaulters informing them about the step so taken. In the first lot , only 20 properties would be put on auction out of the total 519 sealed. ...

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Builders will be able to make changes to project Docs from September 1, announces MahaRera

Wednesday 26th July 2017

MahaRera, on Monday issued a notice announcing the allowance of change in project documents by builders from September 2017. This is set to serve a certain degree of relief to the builders as the previous set of regulations did not allow the builders to do so. A fee of Rs 5,000 will also be charged for each change. ...

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Modi holds conference with state chief secretaries concerning the (Housing For All) scheme.

Wednesday 26th July 2017

Prime Minister Narendra Modi on Wednesday, July 12 held a video conference with the dignitaries of different states regarding the 2015 launched ‘ Housing For All ‘ initiative which had been the highlight of his 2014 campaign. States have been called to develop respective plans to meet the targets by the aforesaid 2022 deadline. ‘ Housing For All ‘ termed as the Pradhan Mantri Awas Yojana ( Urban ) eyes to provide housing to the urban poor. ...

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RERA - Real Estate developers to be liable for a 5 year long warranty in contrast to any structural faults.

Wednesday 26th July 2017

The Real Estate Regulation Act ( RERA ) has already been an issue of concern over the last few months in the real estate industry. It seems as if there isn’t going to be any relief for the real estate developers anytime soon. This comes amid the RERA rules, that holds the developers responsible for any structural faults or decrement in quality or any other obligations as per the agreement relating to such project. ...

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Real Estate buyers call on UP MLA Pankaj Singh to address concerns over RERA implementation.

Wednesday 26th July 2017

Buyers of the Noida Extension Flat Owners Welfare Association ( NEFOWA ) met the BJP MLA Pankaj Singh at his Noida office regarding the registration following the RERA Act. Pankaj Singh in return assured the Association members of providing the complete information of the matter in a few days ahead. Notably, the official UP RERA website is set to start functioning by the end of July. ...

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Uttar Pradesh CM Yogi Adityanath alerts builders, warns them to deliver on time otherwise face consequences.

Wednesday 26th July 2017

CM Yogi Adityanath is set to give builders a tough time over the failure in meeting aforesaid commitments. Addressing at the CREDAI conclave, the minister emphasized on the importance of building trust among the buyers and the challenge the real estate developers face in meeting the buyer’s expectations. CM Yogi also focused on the undone projects in Noida which affects roughly 1.25 lac buyers. ...

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Karnataka RERA portal goes live two weeks after the formation of RERA Authority.

Wednesday 26th July 2017

With just a handful number of days left in the deadline of the registration process of RERA, Karnataka government has finally made the RERA portal functional. This would prove to be a big relief to the builders in the state as there had been no assigned body to submit for the RERA registration in the past. The president of the Bengaluru CREDAI said that they are aware of the deadline and will work to complete the process within the time assigned. ...

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No revision to Architects Act,1972 yet, as government withdraws bill to include further amendments.

Wednesday 26th July 2017

The amendment bill of the Architects Act, which was first presented in 2010 was withdrawn from the Rajya Sabha on Monday, only to add more alterations. The Amendment bill is set to strengthen the Council of Architecture and is going to play a huge role in improving the educational standards of Architecture industry in the country. The bill also eyes to maintain the register of Architects. ...

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NAREDCO & CREDAI in favor of RERA registration, asks members to register soon.

Wednesday 26th July 2017

National Real Estate Development Council ( NAREDCO ) and Confederation of Real Estate Developer’s Association of India ( CREDAI ) have decided not to head to the court concerning RERA Act and also asked the respective members to start with the registration process within the predetermined time limit. The NAREDCO president also stated, “  The RERA Act will boost the confidence of the buyers in the real estate industry. “  ...

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No extension for RERA Registration said, Gautam Chatterjee

Monday 10th July 2017

MAHARERA chairman Gautam Chatterjee make it very clear that builders and developers will not be getting any extension for RERA Registration in Maharashtra. Last day for Registration is 31 July 2017 only.Builders have been given 90 days time to register their ongoing projects with RERA without any extension of the deadline.Builders are liable to pay penalty in case they don’t get registered with RERA by 31 July 2017.  Only 3400 brokers and 300 projects have been registered in Maharashtra so far with MAHARERA. Chatterjee said he expects about 20,000 ongoing projects to be registered by the end of July. Any ongoing project that is being marketed needs to be registered with the authority or else it would be taken as the violation of section 3 of MahaRERA rules.  Maharashtra was one of the first states to implement RERA on 01 May 2017.RERA in Maharashtra will facilitate trust among the buyers and sellers of real estate,” said Gautam Chatterjee. ...

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Karnataka Government gives nod to RERA

Thursday 6th July 2017

After a long wait of 2 months, Karnataka has finally given a green signal to RERA. RERA aims to bring transparency and accountability in real estate sector. The state cabinet has passed the RERA rules after certain modifications. Karnataka law minister T.B. Jayachandra said that the delays were on account of prolonged discussions and confusion. He said that the state cabinet has decided that projects that are 60% complete or have executed 60% of the sale deed will be exempted from rules formulated by the state. Jayachandra said that the rules will also direct all builders to treat guidance value as the base price while estimating the project cost. After notification of rules, the government will form a Real Estate Regulatory for accepting application for registration of brokers and promoters. The final gazette will be released with 2-3 days. ...

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Himachal Pradesh to notify RERA in monsoon conclave

Saturday 1st July 2017

RERA is applicable in India from 01 May 2017 . The act applies to both residential and commercial property .State urban development, town and country planning minister Sudhir Sharma said that draft rules have already been prepared and will be placed in the assembly during the monsoon session for approval. Several states have already notified the rules though.The act in Himachal Pradesh will bring more transparency and will boost buyer’s confidence in real estate .RERA rules mandates registration of every real estate project with authority.After notifying the rules the state will form an authority for RERA registrations . Many states have already notified their RERA rules. ...

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Slow pace of RERA in Rajasthan- Only 3 projects registered till date

Thursday 29th June 2017

RERA came to force in Rajasthan on 1st June 2017 since then only 3 projects and 11 real estate agents have registered in RERA in last 27 days. There are around 300 new and 1000+ ongoing projects in the state but despite the fact pace of registration is very slow. All developers in the state have 90 days from the date of authority came into the picture and looking at the current pace it seems difficult for the authority to register all projects on time.  One of the main reason of slow pace of registration is the compliances which were imposed on a particular project. "The developers have to provide details on 49 points, which are mentioned in the registration form. The process was complex and it requires two- three days to collect substantial documents for one point. Demand was made to simplify the process, so that we can start the marketing of our projects after registering," is the statement of city-based developer Abhishek Sharma.The developers in a meeting requested to simplify the process for registering with RERA.  Department is hoping that registration will improve in Rajasthan as the deadline will approach closer. Apart from the compliance lack of awareness between Real Estate Brokers and Builders about RERA is another reason of slow response.      ...

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