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Central Advisory Council to help in implementation of RERA pan-India.

Tuesday 26th September 2017

The Centre is forming a 31-member advisory Council to ensure better implementation of the Real Estate (Regulatory and Development) Act across the country. The Council is expected to include secretaries from ministries, state representatives and other notables from the real estate sector. The Council will guide the Central government on all the matters regarding RERA in different parts of the country. It will also overlook the status of implementation of the Act. Notably, states like Goa, West Bengal and Arunachal Pradesh still lack implementation of the Act.  ...

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MahaRERA chairman says most of the projects now registered with RERA.

Monday 25th September 2017

The Chairman of Maharashtra’s RERA Authority, Gautam Chatterjee, speaking at NARDECO’s summit announced that most of the ongoing projects in the state of Maharashtra are now registered with the Act. Giving out some actual figures, he said, the Authority has received applications for ongoing types of approximately 13,000 projects. 400 applications have been received for new project registration. Out of the total 13,400 applications, MahaRERA has already provided certificates to 13,300 projects. The Authority has also started to dispose complaints filed with them. ...

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After 2 months of RERA in state, Karnataka gets 80 complaints.

Monday 25th September 2017

The Real Estate (Regulatory and Development) Act was implemented in May 2017. The Act was delayed and was implemented in Karnataka in the end of July. The Authority launched the website on 24th July and saw a good response for registrations of both real estate agents and promoters. Also there were complaints lodged by homebuyers to the Authority for projects that lacked timely deliverance. There have been a total of 80 complaints in the state, mainly for Bangalore. However, the numbers are still low compared to the amount of complaints that have been received by other state Authorities. The Authority needs to dispose the complaints within 60 days of the filing of a complaint, which is yet to be done by the Authority.      ...

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Goa Govt leaves developers hanging, yet to notify final rules.

Wednesday 20th September 2017

The Goan government has been really slow in implementing the Real Estate (Regulatory and Development) Act. The RERA Act was implemented in the Country from May of this year, following which many states observed its proper regulation whereas, other states lacked the presence of Regulatories. Goa was one state which extended the deadline for registrations even before the final notification of the rules. Now with only 40 days left for the deadline, the cabinet has still not produced the final notification of the rules which has left all the developers of the state wandering.   ...

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RERA puts realty sector on hold in Odisha.

Thursday 14th September 2017

The Real Estate (Regulatory and Development) Act has been on a roll throughout the country since its implementation in May earlier this year. However, there are some parts of the country which still lack the presence of the real estate Act. One of them is Odisha, where the industry has been strongly hit due to poor implementation of the Act. There has been no guidance for promoters and brokers in the state about the Act. As there are no projects with RERA number, promoters are unable to advertise leaving the businesses in trouble. The president of CREDAI Odisha, DS Tripathy also raised his concern over the Real Estate Industry’s situation in the state speaking at a press conference.                  ...

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MahaRERA settles another complaint, this time against Lodha group.

Wednesday 13th September 2017

MahaRERA, on Tuesday released the final order for another complaint which was filed against the real estate developers, Lodha group. The complainant, from Maharashtra had booked a 2BHK flat in the builder’s project named, Ultima. The complainant further cancelled the booking and requested the builder to refund the booking amount, which was in this case Rs 1,08,000. The builders however did not return the amount and the homebuyer had to file a complaint to the Authority for same. On Appearing in the court, Lodha Group agreed upon refunding the money back to the buyer. The complainant on receiving the amount did not wanted to take the case further and thus the MahaRERA Authority disposed off the complaint in favor of the homebuyer.   ...

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Projects registering in September to pay minimum Rs 2 lakh penalty in Maharashtra!

Saturday 9th September 2017

MahaRERA on Friday issued an order regarding the conclusion of the Meeting held for deciding the penalties on applications received after 16th August 2017 for ongoing projects. The Authority has decided to keep the penalty amount same for the project applications between 16th August and 31st August. However, the amount of penalty on ongoing project registrations from September onwards will be twice as much of the previous amount, i.e., Rs 2 lakhs or an amount equivalent to double the registration fee, up to Rs 10 lakhs. Around 800 ongoing project applications have been received between 16th August and 31st August, which will have to pay a minimum Rs 1 lakh penalty and about 54 applications of ongoing projects have been received since the beginning of September, which are required to pay double penalty.  ...

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MahaRERA chairman urges different RERA Authorities to work together.

Saturday 9th September 2017

Gautam Chatterjee, chairman of the Real Estate Regulatory Authority of Maharashtra, has advised the RERA Authorities of different states to cope together with the problems arising in the real estate sector. Pointing specifically to the Jaypee’s case of insolvency, he said that Authorities together need to find solutions to the problems which block the RERA Act to protect consumer’s rights. Speaking at a press conference in Mumbai, Chatterjee also gave an account of the complaints that have been received by the MahaRERA Authority and how they will ensure justice to homebuyers of the state.   ...

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Karnataka promoters to be fined for delayed registrations !

Saturday 2nd September 2017

The Karnataka RERA Authority has issued notices to more than 300 promoters of the state for not registering with the Real Estate (Regulation and Development) Act. The Authority will provide the builders with a limit of seven days to mention the valid reasons for their delay in registering. The penalties then imposed can be as high as 10% of the project cost. Around 1,100 project registrations have been applied, out of which the Authority has only approved mere 12 projects. ...

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Maharashtra tops all states in RERA registration.

Friday 1st September 2017

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. ...

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Haryana-RERA gets more than 500 project registrations in a month.

Tuesday 29th August 2017

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. ...

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The Petition to move all cases against RERA to a single court filed.

Tuesday 29th August 2017

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. ...

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MahaRERA database shows delivery of most homes to be delayed.

Friday 25th August 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. ...

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Rajasthan finalizes penalty on projects not yet registered with RERA.

Friday 25th August 2017

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. ...

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Himachal Pradesh RERA website launched !

Tuesday 22nd August 2017

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. ...

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MahaRERA sets an ultimatum, registrations after August 31 to face serious actions.

Saturday 19th August 2017

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. ...

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CREDAI reaches out to PM Narendra Modi, RBI to head RERA in right direction.

Friday 18th August 2017

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. ...

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RERA to be the focal point of NAREDCO 14th National Convention.

Friday 18th August 2017

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. ...

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Extended RERA deadline in UP ends, fine on registrations from now.

Thursday 17th August 2017

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. ...

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London convocation of CREDAI members outshined by RERA issue.

Wednesday 16th August 2017

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. ...

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MahaRERA declares penalty for projects registered after 2nd August !

Friday 11th August 2017

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. ...

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Builders can only advertise after registering with RERA, says Tamil Nadu government.

Friday 11th August 2017

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. ...

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States which diluted RERA rules will have to redraft them again !

Friday 11th August 2017

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. ...

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Consumer Associations demand bigger penalties for delayed registrations in Maharashtra.

Thursday 10th August 2017

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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Tamil Nadu gets RERA website, receives lukewarm response.

Thursday 10th August 2017

The Tamil Nadu Real Estate Regulatory Authority (TNRERA) got an unenthusiastic response on its official portal for RERA registration in the initial phase. The Authority collected only 55 registration applications for agents and issued five with the registration number. The rules were notified by the state government of Tamil Nadu on 22 nd June and took more than a month to bring the RERA portal to existence. The fees for Agent registrations in the state is Rs 25,000 for individuals and Rs 50,000 for other than individuals. The license will be valid for a period of 5 years, following which a renewal will be required. ...

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The Government might make Aadhar compulsory for buying property.

Thursday 10th August 2017

The Central Government has already shown their concern well in the Real Estate sector by implementing the Real Estate (Regulatory and Development) Act and are eying to make some more powerful decisions in the coming future to improve the buyer’s experience in the industry. The government is recently trying to make the Aadhar mandatory for buying property, which will help to link the number of properties an individual has registered on his name. This will bring transparency and also help to maintain proper records of the buyer. ...

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Real estate stocks suffer steep fall due to delayed implementation of RERA.

Wednesday 9th August 2017

Nifty Realty Index saw a drop in the realty stocks, which is the result of slow-going procedure for RERA registrations in many states and also the recent decision of the banks to not provide the builders with loan unless registered with the Act. The shares of HDIL, DLF, Delta Corp were among others affected by the lack in timely implementation of the RERA Act. More than 10 states are yet to notify the endmost rules, while the deadline for the same has ended. ...

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Post-RERA deadline, Maharashtra CREDAI to organize session on RERA awareness.

Wednesday 9th August 2017

CREDAI, Confederation of Real Estate Developers Associations of India, Maharashtra, will be hosting an event alerting about the RERA registrations post the deadline. They are also expected to address the registrations for new projects in future and the procedures or restrictions relating the same. CREDAI-Maharashtra is flagship organization of all the Associations of Builders and Developers of Maharashtra encompassing over 75% of the organized Real Estate Sector in the State except Mumbai. ...

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More than 1,000 projects registered with MahaRERA after the deadline.

Saturday 5th August 2017

The Maharashtra Authority for RERA registrations, MahaRERA, registered a little more than a thousand registrations in a time span of just four days after the deadline passed. 480 projects registered with the authority on 1 st and 2 nd August, and had already been fined a sum of Rs. 50,000 each. The authority also announced a separate fine on registrations done on and after 3 rd August which will be fixed later, which stands for more than 500 projects as of now. The total number of projects registered till Friday is 11,620. ...

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Noida Home buyers to take UP-RERA to High Court.

Saturday 5th August 2017

The Noida based Association of home buyers, Noida Extension Flat Owners Welfare Association (NEFOWA), has decided to challenge the UP RERA in the Allahabad High Court. The real estate buyers are unhappy with the changes that have been made by CM Yogi’s cabinet to the RERA Act before notifying. The Act has been made too lenient for the builders in the state and thus have been asked to justify its validity. The Association will also protest on the same at GNIDA Office on 10 th August,2017. ...

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Telangana government notifies RERA rules.

Friday 4th August 2017

The Telangana Cabinet on Thursday notified the final rules and regulations for the RERA Act implementation in the state. These guidelines would have to be followed by all the real estate projects in the state. The Telangana government also announced the formation of a Real Estate Regulatory Authority for conducting the whole procedure for the state. With the deadline for registrations already gone, it is expected that Telanaga will start with the registrations as soon as possible. ...

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Builders in Haryana demand 3-month extension for RERA registration !

Thursday 3rd August 2017

The Real Estate Developers of Haryana have demanded of an extension in the RERA deadline for ongoing projects by a period of three months. Haryana Cabinet notified the final rules on 28 th July,2017, which gave builders a time of only three days to get done with the registration process. The Haryana government delayed the notification by three months, as they had to provide the circular with the onset of month of May. ...

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Pune Development Authority to give an account of all the unregistered projects to MahaRERA.

Thursday 3rd August 2017

The Pune Metropolitan Region Development Authority (PMRDA), following the end of registration process for ongoing projects, will hand over the details of the unregistered projects to the Maharashtra RERA Authority. It is expected that the Maharashtra RERA Authority will take some strict action or impose heavy fines on these projects soon. MahaRERA has already announced a penalty of Rs 50,000 on 480 projects registered after 31 st July, earlier. ...

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UP cabinet extends RERA registration deadline !

Wednesday 2nd August 2017

The Uttar Pradesh Government on Wednesday announced extension to the prior deadline of 31 st July for the registrations of ongoing projects in the state. The deadline that has been set now is – 15 th August, 2017. Registrations can be done within this time limit for all kinds of project without paying any kind of fines. There are three brackets of Penalty introduced for three different time phrase following the 15 th August deadline. August 16 – August 31 : 1% Penalty September 1 - September 15 : 5% Penalty September 16 – September 30 : 10% Penalty ...

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With mere 800 projects registered in Bengaluru within the deadline, builders look for an expansion of RERA deadline.

Tuesday 1st August 2017

With the termination of the RERA deadline for ongoing projects yesterday, builders in Bengaluru now seek to get an extension to the previously set deadline. There have been less than 800 registrations of projects so far in Bengaluru which was expected to be much higher. Now with the passing of the deadline, builders quest for an extension to the deadline in order to keep away from paying hefty fines. ...

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RERA registration for ongoing projects comes to an end in Maharashtra, defaulters to pay heavy fine !

Tuesday 1st August 2017

Maharashtra Real Estate Regulatory Authority, the assigned body for RERA registrations in the state, observed large traffic on their official handle for the last- minute rush on 31 st July 2017. With this, the deadline for registrations of ongoing projects in the state has concluded. CM Devendra Fadnavis also tweeted on the last day of registrations and informed that approximately 2100 developers and 4682 projects have been enrolled so far on MahaRERA. The total number of applications received for projects are 6748. However, there are few developers who have not managed to meet the deadline to register. All the developers who have not yet completed the process are expected to be fined heavily and face further consequences. ...

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Building plans to be approved online from August, in Bhubaneswar.

Tuesday 1st August 2017

The Real Estate Developers of the city of Bhubaneswar is going to witness a landmark in industry. From the month of August, the builders will be able to approve their plans completely online. This will be of great convenience to the builders as this will help them skip the entire lengthy process of getting nod from the Building Development Authority (BDA). The same platform is expected to spread out in other cities of the state soon. ...

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RERA deadline dragged to 31 st October in GOA !

Tuesday 1st August 2017

The RERA registration deadline, that was set to be 31 st July, has now been expanded to 31 st October in the state of Goa for all the ongoing as well as new projects. The extension comes as a result of delay of providing the notification rules to builders, by the state government. However, there is still no surety as when the rules for the same will be made available to the builders. ...

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Punjab RERA to skip holiday, will accept registrations on 31 st July as well !

Saturday 29th July 2017

The Government of Punjab has decided to welcome applications for registration under RERA on 31 st July as well, which is a state holiday in Punjab on account of Martyrdom Day of Shaheed Udham Singh. The applications will also be received on 29 th , which is a Saturday. This will help the real estate developers of the state to register themselves before the set deadline of 31 st July. However, it is unlikely that all the developers will register before the deadline as due to the low traffic that has been observed in the initial phase of launching of the portal. ...

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15,000 complaints on the first day after UP RERA portal goes live !

Thursday 27th July 2017

UP’s RERA portal, which was launched by CM Yogi Adityanath on Tuesday morning, received a lot of backlash from the website’s visitors within the first 24 hours of going live. Reportedly, there were more than 15,000 complaints submitted on the portal This also created a lag on the UP RERA website which created more trouble for the registrants. ...

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Complete RERA registrations by 31 st July, no extensions required - Bombay High Court.

Thursday 27th July 2017

The Bombay High court on Wednesday, ordered registrations to be completed within the set deadline, 31 st July, in response to a petition filed by few builders questioning the validity of the new Regulatory Act. This makes it clear that the deadline is not going to be extended in the state of Maharashtra, which had started with the onset of month of May this year. Pending registrations now have to be registered within the coming four days ! ...

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Haryana cabinet clears centers RERA, registrations to start soon !

Wednesday 26th July 2017

Haryana Real Estate (Regulation and Development) Act rules were clarified and approved off by the Haryana cabinet on Tuesday chaired by the Chief Minister Manohar Lal Khattar. The Haryana Government Is expected to launch the RERA portal sooner after this meeting, as this was the final consideration on RERA by the cabinet. Real Estate Developers in the state have already been worried for the deadline ending with the month of July. ...

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RERA portal goes live in UP

Wednesday 26th July 2017

With just four days left for the registration to end, Uttar Pradesh CM Yogi Adityanath launched the RERA portal for the state today. This is a big rescue for all the builders and promoters as the registration will help them set going for the projects both ongoing as well as new. Also after such delay, a small window of extension is also expected by the state realtors. The UP RERA portal also helps the registrant to obtain a registration number instantly, unlike other RERA portals. ...

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National Housing Bank report shows steep fall of property prices in Ludhiana

Wednesday 26th July 2017

A report released by the National Housing Bank (NHB) for the quarter January - March 2017, indicated towards the low in property prices in Ludhiana. According to the report, the prices fell down by 7.8% compared to the last month of previous year. Property prices also saw a fall in Kolkata, Delhi as well as Surat earlier this year. The main facet of the fall of prices is considered to be demonetization. ...

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No extension of RERA deadline in Maharashtra - chairman Gautam Chaterjee

Wednesday 26th July 2017

With less than a week left for the registration process of Maharashtra RERA to come to a hold, the chairman elect of the Maharashtra RERA Gautam Chaterjee has informed that there are not going to be any extensions in the forthcoming deadline of 31 st July. With a total of 6 days left in meeting the deadline, not more than 1,500 projects have been registered out of the estimated 10,000. Notably, the RERA registrations had started May onwards in Maharashtra. ...

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RERA likely to be presented before the Haryana Cabinet today.

Wednesday 26th July 2017

With nothing quite seeming to be at place with the RERA registration process under state governments, the Haryana cabinet is expected to analyze the RERA Act on table today. This will include discussions on different aspects of the Acts such as the actions on ‘pending projects’ , ‘pricing’ and ‘terms and conditions’ ,before it is finally implemented in the entire state. ...

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CEO & Director of Amrapali Group behind bars on fraudulent charges.

Wednesday 26th July 2017

The Chief Executive Officer and the Director of the realty estate giant, Amrapali Group, has been arrested on being accused of non payment of labour cess woth more than Rs 4 crore. This comes after a final recovery notice was sent to the officials in March, following which the police had to take the necessary step under laws. Also, the Noida office of the Group has also been sealed for the time being. ...

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New petition filed by NDMC to oust central Delhi Le Meridien

Wednesday 26th July 2017

The New Delhi Municipal Council (NDMC) in the early March of this year scrapped the license of the hotel, on account of non-payment of the license fee, in a meeting led by the Delhi CM Arvind Kejriwal. However, the operating company of Le Meridien, CJ International Hotels have been in dispute with the NDMC as soon as they overtook possession of the property. ...

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NIUA to prepare structure for Master Plan of Delhi in 4 years

Wednesday 26th July 2017

The National Institute of Urban Affairs (NIUA) has been given the task to prepare the framework of the Master Plan of Delhi’s development by the Delhi Development Authority (DDA). The NIUA needs to submit the complete structure within the set deadline of 48 months. The structure will be implemented in the Master Plan that has been assigned to carry Delhi’s development till 2041. This is set to help the future projects of different sectors in the realty industry. ...

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Indians among top 5 buyers of residential property in the United States

Wednesday 26th July 2017

According to the surveys of property in the States, Indians are yet again among the top buyers of residential property. Indians have invested over $7.7 billion in the 12-month period which ended with March this year and rank 5 th among the others. Chinese citizens have emerged to be the top investors in the residential property in the US with a total investment of more than $31 billion. ...

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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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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.   ...

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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.  ...

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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.   ...

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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.   ...

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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. ...

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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.  ...

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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.  ...

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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. ...

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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. ...

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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.  ...

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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. ...

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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.” ...

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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.  ...

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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. ...

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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. ...

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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. ...

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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. ...

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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. ...

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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. ...

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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. ...

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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. ...

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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. ...

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Every state to frame their RERA rules in sync with the Act: Centre

Monday 22nd May 2017

Ministry officials say that “We have appealed to every state to frame their rules in sync with the Act and they can follow the rules that the ministry has notified for UTs without legislatures. The Act clearly defined terms such as carpet area, flats, ongoing project, and disclosures to be submitted by builders, and specified penalty for offenses by builders. The states should stay away from defining them further to avoid confusion, interpretational difficulties and litigation.” ...

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RERA should also help with a roadmap mechanism for completion of stuck projects.

Monday 22nd May 2017

RERA provides for penal action against the developer for non-compliance and compensation to home buyers in case of delay in delivery. However, the mechanism for completion of stuck projects needs to be spelt out. The roadmap for buyers stuck in delayed projects where developers are ready to face the strictest punishment of imprisonment is not clear. Experts say that the government should identify such projects quickly and start an investigation. ...

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On RERA fear, Independent Directors are resigning

Sunday 21st May 2017

There is fear among the independent directors of real estate firms, because under RERA independent directors can be held accountable in case a company fails to comply with the new regulations of RERA. The Indian real estate sector has a long history of delayed projects, poor quality and illegal construction. And India has a history that 30% of the projects get delayed. RERA with its new regulations is going to be very tough and developers will have to be equally tough and disciplined. ...

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