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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. ...

With RERA since 70% of the home loan receivables have to be deposited, the 20:80 scheme may become unviable

Saturday 27th May 2017

Under the 20: 80 scheme, the promoters used to take up the obligation to pay interest in relation to the entire disbursement under the home loan up to the home possession date or any other specified date. Also, the home loan lenders used to make the entire disbursement of the loan on day one by paying the money to the builders. The builders further utilised the same to reduce the existing debt in the project. Now, since the builder is obligated to deposit the 70% of such receivables, the entire calculation has to be revisited, hence this may not be a lucrative proposition for promoters in all projects. ...

Loan approvals not to be given if the builder is out of sync with RERA

Saturday 27th May 2017

State Bank of India has given a checklist to loan processing officers to ensure that loan approvals are given only to projects that comply with the Act. The checklist includes points like ensuring the project is registered with RERA, whether the promoter has legal title to the land on which development is proposed, if the project land is free from all encumbrances, layout plans and specifications as approved by appropriate authorities, etc. The State Bank of India has issued a circular to this effect and other banks are expected to follow suit. ...

Office properties constitute 59% of the total investments made across the country in the first quarter.

Tuesday 23rd May 2017

The office space is expected to see more interest from investors in the coming years. By the end of the year, the sector expects to see at least 2 -3 large portfolio level deals that would be further pushing the total private equity real estate funding into office market. These can be seen as signs of maturity of the market and a commitment of the funds for a long term partnership with developers. ...

In FY18, the government aims to construct 12 lakh houses under PMAY scheme.

Tuesday 23rd May 2017

As per officials, so far the proposal for construction of 18.76 lakhs houses have been sanctioned, and funding for construction of 13.06 lakh houses has been issued. The delay in land acquisition is the prime reason behind the slow implementation of the government's flagship scheme PMAY (Urban). In fact, due to delay in land acquisition, only 1.49 lakh houses have been completed under PMAY (Urban) in 2016-17. ...

Once GST kicks in, prices of flats may drop by up to 5%.

Tuesday 23rd May 2017

Industry experts say that for normal houses (up to Rs 6,000 per sq ft), 12% GST on a finished house or an apartment will be effectively reduced to near zero as the developer will take the credit for taxes he paid on inputs. At the same time, the buyer will not have to pay the service tax 4.5% of the price of the house. This will reduce the cost of acquisition of the house. ...

Is registration of projects a double-edged sword under RERA?

Monday 22nd May 2017

The second chapter of the RERA that focuses on the registration of a project and agents can greatly determine its future or backfire. If the provisions regarding registrations of projects are not implemented properly it can backfire. A lot would depend on the speed with which state governments set up the infrastructure as then only the people chosen to run RERA would have a significant say in its success. ...

DLF Homes to pay Rs 22.3 lakh to 13 Panchkula flat buyers as per consumer forum orders

Monday 22nd May 2017

The State Consumer Disputes Redressal Forum has said that since the realtor failed to complete construction and deliver possession within the stipulated period and extended one-year period, it is responsible for delays and deficiency in service and their appeal for allowing them escalation cost of construction as well as land holding amounts to seeking an amendment of the terms and conditions of the agreement stands rejected. ...

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

With RERA since 70% of the home loan receivables have to be deposited, the 20:80 scheme may become unviable

Loan approvals not to be given if the builder is out of sync with RERA

Office properties constitute 59% of the total investments made across the country in the first quarter.

In FY18, the government aims to construct 12 lakh houses under PMAY scheme.

Once GST kicks in, prices of flats may drop by up to 5%.

Is registration of projects a double-edged sword under RERA?

DLF Homes to pay Rs 22.3 lakh to 13 Panchkula flat buyers as per consumer forum orders

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About RERA Filing

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