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The MahaRERA has made the landowner equally liable as the builder. The Authority has declared in his order issued on 4th December 2017 that the landowners equally liable are to getting the share of profit from the sold or advertised apartments or projects. The landowner is will be liable as a developer if they have taken the areas of a project and not cost. In the order of 4th December, the Authority of MahaRERA said, “the ‘Promoter’ is a landowner, investor or a person who obtained the permission to construct the building.” According to the records, nearly 4346 projects have already registered as ‘Co-promoter (landowner/ investor)’ but now after the issuing of this order they will know as ‘Promoter’ and their liabilities and duties will be as equal as the main promoter. ...
The Akhil Bhartiya Grahak Panchayat, a consumer organization has urging the CM, Devendra Fadnavis in written to form an appellate tribunal for handling the RERA cases. The Organization has stated, the buyers and builders have to take their cases in High Court. Mr.Vijay Sagar, the president of the Organization said, the absence of appellate tribunal causing inconvenience to buyers. For admitting the case they have to pay higher charges and also have to face a delay in the hearing. “The citizen has to approach HC for appealing their case, they have to struggle for their rights,” he said. It has been seven months after implementing the RERA, but yet there is no establishment of the appellate tribunal for the citizens. It would be helpful to citizens to as soon implement the appellate tribunal for address the RERA cases, stated in a letter. ...
The real estate sector has always attracted by the NRI investors. NRIs investing in residential and commercial properties and they get good value of their foreign currency in investing in properties of India. They also have to faced some issues like lack of transparency, delays in projects, unless updates from builders and much more. The RERA is implementing to be more attractive and transparent for NRI investors. RERA make some laws for motivating them like Mandatory to regular updating, Tracking of their project from any Country, for any change in the project the developers have to take permission of two-three allotees. These steps would eliminate the faults and NRIs investors would be more ensured about their investment. It would be make the realty sector more transparent and safe for buyers. ...
In accordance to RERA act the promoters cannot advertise, marketing and sell their projects without RERA registration number and it is mandatory for all to advertise their projects with the registered RERA number. But, in Punjab many builders are prominently neglecting the rules and acts of RERA. Many builders advertising, marketing and selling their projects without the RERA registration number and most of the builders are also advertised their projects on FM radio but without the registration number. The Chairman of Punjab Rera, NS Kang said, we took an action against those builders whose advertisement will be spotted for violating the Rera rules and acts. Concerning about the FM radio advertisement he said, we are planning to advertise a notice for awareness about this issue. ...
Mr. Dilbagh Singh, the Executive Director of H-RERA said, more than 160 real estate developers have been sent notices for having an invalid license and incomplete application. According to him, 24 builders out of 160 developers were those, who were notified in the hearing if they didn’t complete their application in the valid time, their application would be rejected. The most of the complaints of homebuyers are delay in possession and extra charges levied by the builders. He also said , until January 15, 2018 for some of the homebuyers date have been fixed for hearing and remaining are in the process and the Haryana RERA website also may finally come in this year by December 31. ...
After the big step of demonetisations, the PM Narender Modi’s next big step on Real Estate is to link “Aadhar” with properties because there is the heap of black money in immovable properties. It is informed by the Union Cabinet Minister that ‘Aadhar Linkage’ with property transactions would be made mandatory. Union Housing Minister Hardeep Puri Said, linking “Aadhar” with properties is such a great idea to draw up the black money from real estate and it would also help to crackdown the benami property, but yet now he is not going to make an advanced announcement on that because they take some additional steps towards it. According to Mr.Puri , transactions between two persons can’t be completely transparent but it could be monitored large value transactions such as property and air tickets. ...
Last week, the Bombay High Court (HC) told, MahaRERA announces in his official order that Landowners (Co-promoter) equally liable as that of the Builders (Promoter) as under the Real Estate Act, 2016. MahaRERA declares in his order that the land owners as the co-promoter who executed the agreement with the builders (promoter) of a real estate project are entitled to share the total revenue that will be generated from the sale of apartments in the project or in the terms of constructed project. ...
On Tuesday, The Chairman of UP-RERA, Mukul Singhal and principal secretary of housing & urban planning held a meeting with builders, buyers and officials in Noida Sector 6, for clear out the confusion over the carpet area issue. During the meeting, Mr. Mukul Singhal said that the projects should be done on the ground of the Carpet area and he will also discuss this issue with the officials of UP stamps and registration department. If the properties registration continues on the basis of the super built up area the buyers have the right to plead a file in the Allahabad High Court. For removing this flaws and executing RERA in UP more efficiently, the RERA has also started drafting “Agreement for Sale” for buyers and builders. ...
The Executive Director of Haryana RERA committee, Dilbag Singh Sihag has recently said that the official website of the Haryana RERA Authority will be launched by 31st December 2017. On the formation of a proper RERA Authority, he informed that the Authority is in the final stage of its formation and will be made in the next 15 days. The delay in the website will be a big disappointment for promoters as well as homebuyers of Haryana as they had been expecting the launch of the website by this month itself. ...
The Tamil Nadu Real Estate Regulatory Authority has reported a defect in the real estate Act that benefits builders against the provisions of the Act. The RERA Act makes it compulsory for the builders to deposit 70% of the amount received by homebuyers in a separate account. However, the TN RERA Authority informed that there is no mechanism to supervise the accounts of the developers yet. The only way RERA Authorities can interfere is when there is a complaint filed by homebuyers for misuse of funds against the developer. ...
Kapil Mohan, Chairman of Real Estate Regulatory Authority of Karnataka, addressed the state real estate developers in a workshop on Wednesday. He informed the builders of strict actions to be followed against promoters who have not registered their ongoing projects with the Authority yet. The builders of the state are unhappy about the huge penalties that have been imposed by the Karnataka RERA Authority. Until now, a total of 1,656 projects have been processed and around 730 projects have been approved by the Karnataka RERA Authority. Around 900 project applications are in the process of approval. ...
The homebuyers in Uttar Pradesh have alleged that builders of the state are still selling flats on the basis of super area even after the implementation of the Real Estate (Regulation and Development) Act. The RERA Act does mention that from now onwards, carpet area must be declared for more clarity. Addressing the issue, the Chairman of UP’s RERA Authority, Mukul Singhal held a meeting with buyers and builders. He ordered the builders to transparently disclose the carpet area and follow all the provisions regarding the carpet area under the RERA Act. ...
Manohar Lal Khattar, Chief Minister of Haryana has said that the names of elected chairpersons and members of the RERA Authority of Haryana and Gurugram, will be named in a short time. The CM had in the past promised to make the RERA Authority of the state by October, which has been past due. There is no proper RERA Authority in the state of Haryana yet. A total of six months has passed now since the implementation of the Real Estate Act in the country. Haryana has been following an offline procedure to register projects and agents until the Authority is made. ...
The Chairman of Uttar Pradesh’s Real Estate Regulatory Authority, Mukul Singhal, reported on Tuesday that the UP RERA Authority has received around 900 valid complaints and that they are being overlooked now. Mukul further said that the Authority started working on these complaints from 13th November and each of the complaints will be dissolved within a month and a half. Out of the total 900 complaints, more than 600 are regarding projects from the district of Gautam Buddha Nagar, UP. ...
According to survey and research by Liases Forras, the Non-Profit firm ‘Fight for RERA’ has reported that approximately 30% of under-construction flats are delayed by two or more years. Addition to that, nearly 62% of housing projects are running late. These surveys are for around 50 cities of the country. In Maharashtra itself, 5.3 lakh flats in ongoing projects are behind time. ...
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