Page 3 - Rera

Builders complete 86% of 1,642 projects launched in Jul'17-Dec'18: Anarock

At least 86 per cent of the total 1,642 housing projects launched between July 2017 and December 2018, across seven major cities have been completed so far, helped by tighter regulations under realty law RERA, according to real estate consultant Anarock. These 1,642 housing projects are registered under the real estate regulatory law -- RERA. However, in terms of number of residential units, the developers have completed only 71 per cent of the residential properties that they launched across seven cities during these 1.5 years. These cities are Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Chennai, Hyderabad and Kolkata. "When it comes to ensuring timely delivery of residential real estate projects, RERA has delivered resoundingly, wherever it has been fully deployed," real estate consultant Anarock Chairman Anuj Puri said. "The overall completion rate of 86 per cent across the top seven cities in the 1.5 years following RERA implementation is remarkable, especiall

86% housing projects launched between Jul 2017-Dec 2018 completed: Anarock

It was driven by tighter regulations under the realty law Real Estate (Regulation and Development) Act, 2016

Uttar Pradesh govt plans to revive 10,000 stalled housing projects

In the non-NCR districts, Lucknow accounted for 400 or 20 per cent of the total projects underway

Delhi Rera directs builders to open Grievance Cell, display registration no

The Delhi Real Estate Regulatory Authority (DRERA) has directed real estate promoters and builders of the national capital to "appoint an 'Allottee Grievance Cell' for each project with a dedicated telephone number to redress grievances of allottees". It has further ordered them to display their names, addresses, RERA registration number of the projects, and details of the Allottee Grievance Officer and Allottee Grievance Cell with telephone numbers prominently at the construction site of each project. The three-member authority, consisting of Anand Kumar, Ajay Kuhar and Devesh Singh, has directed all the builders to report compliance with the order by September 30, 2023. "Any failure to do so will be viewed as a contravention of the Act which can invite penalty under Section 61 of the Act," the order said. Under Section 61 of the Real Estate (Regulation and Development) Act, 2016, if a promoter of a real estate firm defaults with the provisions of the Acts, rules or regulations, i

Realty firms must execute projects following rules: Delhi-RERA chairman

Real estate developers should carry out projects as per rules and must fulfil promise made to their customers, Delhi-RERA chairman Anand Kumar has said. The focus should be on building trust among the public, said Kumar. Addressing a national conference on Real Estate Development and Action Plan for New India organised by Industry body Assocham, he said a message to all stakeholders in the real estate sector to be alert. "Builders, developers and collaborators must work in a transparent manner according to rules and prepare projects as promised to the customers," the Delhi-RERA chairman was quoted as saying in a statement by Assocham. "While buying any land, plot, flat or commercial property sold as 'RERA registered', check it on RERA's website, he said. Kumar urged the builders, developers and entrepreneurs in the real estate sector to work with transparency to increase trust among agents and customers. Even today there are a large number of builders and developers who do not wa

Homebuyers stage protest at Haryana Rera office against builder 'Supertech'

Homebuyers of a realty project staged a protest outside the office of the Haryana Real Estate Regulatory Authority (HERERA) here against the builder for neither refunding the money nor completing the project. Homebuyers of Supertech Hughes project at Sector 68 in the city also met with Union minister and local MP Rao Inderjit Singh and demanded strict action against the builder. They said that all buyers want a refund of their hard-earned money. Homebuyers allege that the Haryana Real Estate Regulatory Authority (HRERA) has directed the builder to return their money for failing to complete the project within the time but the company has not complied with the RERA order. The builder is neither returning the money nor completing the project, they alleged. Possession of flats was due in 2017 but till date flats have not been constructed, a homebuyer, SK Sachdeva, said.

New projects account for 41% housing sales in Q1CY23 in top 7 mkts: Anarock

Share of newly launched homes was much lower in the same period of CY19, with just 26% homes sold in new projects out of about 78,520 units

558,000 homes to be completed in 2023 across top 7 cities: Anarock report

NCR's estimated unit completions for CY23 account for 30% of the year's delivery pipeline. Mumbai Metropolitan Region followed NCR with a 24% share

Jharkhand RERA blacklists firms, 3 partners for violation of norms

The Jharkhand Real Estate Regulatory Authority (RERA) on Friday said it has blacklisted a real estate firm and its three partners, debarring them to undertake any projects for violation of norms and non-registration of projects. A total of 18 complaints have been received against the firm and its three partners. "In a first such move in Jharkhand, we have blacklisted M/s Rebloon Impex and its three partners - Dharmendra Kumar Dheeraj, Rajesh Kumar and Shashikant Singh for failure to get registration done with Jharkhand RERA despite court order in this regard 3.5 years back and violation of various norms," Jharkhand RERA Chairman, Ranjeet Kumar Choudhary told PTI. Member, Jharkhand RERA, Birendra Prasad said the authority was committed to ensure justice to buyers and was forced to take the step of blacklisting the firm as a last resort. "A total of 18 complaints have been registered against M/s Rebloon impex and its three ... out of which orders have been passed on 17. In the first

Delays by approval authorities should be addressed by RERA: Naredco

NAREDCO said that customers got the due respect, and in these six years, RERA has been able to get transparency and has addressed the trust deficit in the secto

Govt proposes panel of consumer forum, RERA to address realty issues

Consumer affairs dept also suggests exit clause for buyers in all agreements, valid until the builder obtains occupancy certificate or completion certificate, and offers possession

Govt to take up consumer grievances in realty sector at Mumbai roundtable

Real estate accounts for 10% of the total cases in consumer commissions; case pendency has been rising despite separate tribunals for redress such as RERA and NCLT

IBC amendments: Govt reviews proposed changes in real estate insolvencies

Bill likely to be tabled in Monsoon session, MCA in talks with RERA to ensure no misuse

Govt sets up panel to find way forward for stalled realty projects

The Centre's move to set up a panel to examine issues related to stalled real estate projects and suggest ways for their completion is a step in the right direction, homebuyers' body FPCE said on Tuesday. The grouping also expressed hope that practical solutions would emerge for benefits of all stakeholders but rued that the panel does not have anyone representative of homebuyers. The Forum For People's Collective Efforts (FPCE), an umbrella body of homebuyers, had played an important role in enactment and implementation of RERA. Union Housing and Urban Affairs Ministry has set up a 14-member committee headed by former NITI Aayog CEO Amitabh Kant to examine the issues related to stalled real estate projects and recommend ways to complete such projects. FPCE President Abhay Upadhyay said setting up of the panel is definitely a step in the right direction and a very welcome move to resolve the issues of pre-RERA delayed project. "The credibility, intent, seriousness and effectivenes

India a mature real estate market with $5 bn fund flows per year: McDonald

India's real estate market in 2022 saw a more evenly distributed dispersion of investment as compared to 2020

Conduct separate title searches on plot, apartment to avoid disputes

Not doing so can hurt buyer even years later, when he tries to sell the unit

Ready homes likely to hit 6-year high in 2023, says Anarock report

2023 likely to witness most ready-to-move homes in 6 yrs

Ajmera Realty records Rs 694 crore sales in first nine months of FY23

The sold area also included a recently launched project at Juhu which clocked sales of over 10 per cent of the sales potential on receipt RERA registration during the quarter

Five builders booked in Thane due to MahaRERA norm irregularities

Five builders were booked for alleged irregularities to obtain MahaRERA registration for their projects in Kalyan Dombivali in Maharashtra's Thane district, a police official said on Thursday. They are accused of forging documents and submitting bogus ones to obtain permission from MahaRERA and local bodies, the Khadakpada police station official said. "The five were booked on Wednesday for forgery and other offences. This takes the total number of developers booked to 70. Earlier, 65 developers were booked for similar offences by Manpada and Ram Nagar police," he said.

Lodged 6,900 consumer complaints, disposed of 9,300 in 2022: UP RERA

The Uttar Pradesh Real Estate Regulatory Authority (RERA) on Thursday said it disposed of roughly 9,300 consumer complaints in 2022, on an average 25 cases daily. The UP RERA was established in 2017 to regulate the fast-growing real estate sector, bring transparency, protect the interest of homebuyers and ensure speedy resolutions of disputes of consumers and builders. In a statement, the UP RERA said it lodged approximately 6,900 complaints in 2022 and disposed of almost 9,300 complaints of aggrieved allottees. "Maximum complaints had been registered in the month of March 2022 - 695. In the month of December 2022 only 320 complaints have been registered, the lowest in 2022," it added. The authority said it has received approximately 47,000 consumer complaints, which is about 38 per cent of the total complaints filed across the country. Functioning with three members, one secretary and one chairman, the UP RERA said it has disposed of more than 42,000 complaints, which is about 41