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RERA arrival slowed pace of ongoing projects : MahaRERA

Wednesday 28th June 2017

Maharashtra facing sluggish progress of ongoing projects after arrival of RERA. 5,000 new units launched in Mumbai suffering inactivity, upshot of RERA.Registration is still slow with only 35 registrations yet. Pace depends over the compliance of builders with rules under the Act. It is believed that there would be boost in the rate of registration after 15th of July. Delayed registration and slackened new are resulting drop of sales in Mumbai and across India as well. Lack of interest in the main city is visible with no registrations yet. 75% of the total registered projects happen to be from suburban area. Confusion of builders regarding the jargons of RERA and Maharashtra Ownership Flats Act (MOFA) happens to be another reason for delay. Government provided timely clarifications about the terms but developers taking their own time to act. ...

Approved only 72 projects : MahaRERA

Tuesday 27th June 2017

After the passage of 7 weeks, only 72 projects approved under RERA with around 88 applications received so far. Developers cautious Rajesh Prajapati, Chairman, PR, and Media Committee of the Confederation of Real Estate Developers’ Association of India (CREDAI), said, “It takes time for the market to digest any new rules. In this case, not only do we have to upload our financial documents but also the carpet area as per RERA norms. There is no scope to make mistakes and hence the developers are being cautious. All the developers are currently busy getting all the systems in place. We still need clarity from the regulator on a number of aspects.” When Chairman was asked about his verdict over the pace of registration, “It is essential to register before July 31 and we expect a spike in registrations next month, with at least 35,000-40,000 projects applying for registration by the end of July.” Transparency Pankaj Kapoor of Real Estate Research firm says about the pace of the registration “The regulator has made more details public than what the developer would be comfortable with. Developers may have been deliberating with the government in order to have some rules relaxed but so far the government has been taking the side of the consumer.” Calling it to be a sluggish one. Kapoor points out the last minute rush that may result due to delayed registration. About 5,000 under construction projects under Mumbai Metropolitan Region alone stand unregistered triggering the chances of system failures due to last minute registration. He states about extensions of the date 31st July which was earlier decided to be the deadline for registration. Agents seem more alert about RERA with about 2,185 applications with about 1,950 had received approval. ...

Tamil Nadu apprised RERA with violation penal of 3 years

Tuesday 27th June 2017

Tamil Nadu notified RERA regulation secluding projects which are on the verge of completion. RERA to be functional with immediate effects in state. Penalty of 10% of the project cost to apply and imprisonment of about 3 years on law violation. 22nd of June rules have been notified within the state. Project under Chennai Metropolitan Area (CMA) on their completion are to be exempted from the law. Completion certificate issued under the Chennai Metropolitan Development Authority (CMDA). Projects not listed with CMA completed their construction and certified with the architect or structural engineer/ licensed surveyor linked with the project aided with photographs range outside RERA. ...

States facing pressure from Centre to bring Realty reforms

Monday 26th June 2017

Centre government leaving no stone unturned to bring up the RERA implementation in states to being transparency and liability in real estate sector. Centre prohibited constructions and marketing of projects unregistered with RERA. This calls for urgent implementation of the RERA rules in state. Developers not allowed to do business for being unregistered. March 1, 2017 was the deadline for the registration and State seems to be unresponsive to it. 16 states along with UTs inclusive of Haryana, Karnataka and Goa have no notified rules. Only Maharashtra, Madhya Pradesh and Rajasthan enabled online registration under the Act. States claimed under section 3(1) of the Act, the ongoing project were given limit till July 31, 2017 for registration. Housing ministry stated in June no projects inclusive of ongoing ones cannot be continued without registration under RERA. Three months time given for registration of the projects if failed would fall illegal from May 1. “The legal position is that they cannot do marketing till they are registered “ says official. Haryana RERA registration begun before proper rules notifying under RERA. ...

RERA Act extended to entire MP

Friday 9th June 2017

Madhya Pradesh has become the first State in the country to extend the applicability of the Real Estate Act to the entire State. Earlier, projects only in the 153 planning areas were required to be registered with RERA. In an important decision, the RERA has decided to extend the requirement to non-planning areas also, thus bringing the entire State under the purview of the Act. Now onwards, projects coming up anywhere in the State will have to be registered with the RERA and allottees of such projects will get all the protection available under the Act. ...

Home builders switch to equity funding in RERA regime

Thursday 8th June 2017

Property advisers and developers feel that the tough deadlines under the RERA have prompted builders to seek long-term equity partnerships, with PE firms to reduce risks, focus on execution and avoid refinancing loans mid-way through the project cycle, rather than settle for structured debt providers seeking short-term profits. They also agreed that equity capital has been coming in the form of platform-level deals, where PE funds and builders partner to invest in multiple projects. However, these transactions are restricted to only larger and branded developers. ...

MahaRERA issues first notice for advertising about multiple projects that have not been registered

Monday 5th June 2017

Sai Estate Consultants, a property broker has been issued the notice for advertising about multiple residential projects that have not been registered under the MahaRERA. The broker, however, has already registered itself with the authority, but the Act requires brokers to sell or facilitate such activity in registered projects only. Gautam Chatterjee, Chairperson, MahaRERA shared with ET that even though ongoing projects have a 90-day window to advertise, sell and also get registered with the authority, if any broker has got registered during this period, he as per the rules can facilitate the sale only in such projects that are registered. ...

Existing home buyers in Karnataka fear govt may not protect their interests: RERA

Sunday 4th June 2017

By delaying the notification of rules, buyers allege, the government is facilitating builders to apply for occupancy and completion certificates so that they won’t come within the ambit of the RERA regulations. At least 8,000 realty projects in Bengaluru alone are either delayed or are facing charges of delaying possession. A top housing department official involved with implementation of the Act said that interests of all the stakeholders will be safeguarded and the law will be enforced after incorporating feedback from the homebuyers’ association. ...

Vasundhara Raje, Rajasthan CM to launch the official RERA website today

Thursday 1st June 2017

Gopal Das Gupta, Chairman, CREDAI Rajasthan has welcomed the move of launching the new website. He says that this will bring transparency in the real estate market and weed out the developers who are with an intention to dupe the buyers. A media statement also shared that for redressal of consumer complaints; the Rajasthan government has appointed Additional Chief Secretary (ACS) of Urban Development and Housing (UDH) Department to head the Real Estate Regulatory Authority (RERA). An appellate tribunal will be set up to adjudicate disputes. ...

Affordable housing, the new focus of housing finance firms, say industry experts

Tuesday 30th May 2017

The infrastructure status to the affordable housing segment and RERA are crucial moves for the growth of the Affordable Housing segment. Industry experts say that Affordable Housing is attracting the interest of more developers who had previously shunned it because of its down-market image. Today, with the government's determined push, it now plays a very important role in the housing finance sector. ...

MHADA yet to upload projects sans OC on the website

Tuesday 30th May 2017

With only two months left for uploading real estate projects on RERA website, the Maharashtra Housing and Area Development Authority is yet to ascertain its number of on-going projects that lack Occupation Certificates (OC). Officials said that as of now there are over 50 such projects that are yet to be uploaded. MHADA is bound to upload its projects of the past five years before RERA deadline July 31. MHADA says that due to RERA, they are not allowed to sell flats if its projects do not have an OC. ...

Post 1st August, the RERA registration no. a must in ads by Maha builders

Monday 29th May 2017

Mr. Gautam Chatterjee, Maharashtra’s RERA Chairman said, “The realtors have been given three months’ time from May 1 to complete the online registrations of their ongoing and new projects. Post 1st August, it will be mandatory to mention the RERA registration number in every kind of advertisements. Since May 1, 900 agents and 16 projects have been registered. Yet, I am not satisfied as there are at least 30,000 projects which need to be registered immediately.” He added, “The consumer can see the status of the project online. In case of violation of the Act, the person can complain on the website itself. The guilty will be punished while those doing good work will flourish.” ...

The Centre is tackling with the gray areas coming into light post RERA implementation.

Monday 29th May 2017

As of now, 11 states and 7 UTs have notified state rules while the rest are in process. Only Kerala, Madhya Pradesh and Maharashtra, have online portals for registration of stakeholders. Rao Inderjeet Singh in a media statement shared that the centre is hopeful that the authorities in the rest of the states will be in place by July 31st. The Centre, meanwhile, is trying to address all the gray areas coming into light during the implementation of the act and the vacuum formed in the absence of such authorities. ...

RERA magic on NRI Investments

Sunday 28th May 2017

NRIs have always been keen on investing in real estate in India. NRI investment in Mumbai has significantly been on the rise. RERA will increase their confidence by manifolds, as it ensures a transparent and a more investor-friendly system in place. A healthy policy change is a big boost for a growing economy and with RERA all set to transform the realty sector, it can be said that consumers will have a good time investing in a rich market like India, especially in Mumbai, which is a growing market for maximizing returns. ...

Big players of real estate to get a big boost with RERA

Saturday 27th May 2017

Industry experts suggest that you can now avoid buying stocks of companies with low reserves and cash flows as RERA will increase compliance for new project launches and restricts the use of project cash flows. They feel that only big players will grow in the future and thus recommend investors to buy stocks of companies who are much into commercial projects. The next 1-2 years will see takeovers and mergers in the real estate sector, and they are likely to be in favor of big players. ...

RERA arrival slowed pace of ongoing projects : MahaRERA

Approved only 72 projects : MahaRERA

Tamil Nadu apprised RERA with violation penal of 3 years

States facing pressure from Centre to bring Realty reforms

RERA Act extended to entire MP

Home builders switch to equity funding in RERA regime

MahaRERA issues first notice for advertising about multiple projects that have not been registered

Existing home buyers in Karnataka fear govt may not protect their interests: RERA

Vasundhara Raje, Rajasthan CM to launch the official RERA website today

Affordable housing, the new focus of housing finance firms, say industry experts

MHADA yet to upload projects sans OC on the website

Post 1st August, the RERA registration no. a must in ads by Maha builders

The Centre is tackling with the gray areas coming into light post RERA implementation.

RERA magic on NRI Investments

Big players of real estate to get a big boost with RERA

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