Page 4 - Rera

Haryana RERA slaps Rs 25 lakh penalty each on 5 builders in Gurugram

The Gurugram bench of the Haryana real estate regulatory authority (HRERA) has imposed penalties of Rs 25 lakh each on five builders after they failed to deliver their housing units to buyers on time. The regulator, however, allowed the realtors' RERA registration certificates to remain in force with new timelines for completion of their projects. As per the official statement, Identity Buildtech Private Limited has been fined for not completing its project Ansal Highland Park at Sector 103 within the declared timeline of June 2022. In this case, the authority has allowed the RERA registration to be in force till May 2024. Similarly, a penalty of Rs 25 lakh has been imposed on BPTP Limited for not completing its project Park Terra at Sector 37-D, Gurugram. The deadline for this project, which was April 2022 earlier, has been extended till April 24. Another developer Advance India Projects Limited has been penalised for its failure to complete the construction of Zen Residences -1 .

RERA becomes functional in Bengal, 18 months after SC order: Top official

The West Bengal Real Estate Regulatory Authority (WBRERA) is finally up and running, nearly 18 months after the Supreme Court struck down the state's own regulations introduced as a substitute for the central law, a senior official said. In May last year, the top court had declared the West Bengal Housing Industry Regulatory Act (WBHIRA) as unconstitutional. "The WBRERA is now in place and we have very recently commenced functioning. Until the IT backbone is ready, consumers will be able to file complaints against builders, agents and others physically. The website is expected to be operational within a fortnight," Sandipan Mukherjee, who assumed charge as WBRERA chairman, told PTI. West Bengal was perhaps the only state where the Real Estate (Regulation and Development) Act, 2016, passed by Parliament, had not become functional. The WBRERA is headed by Mukherjee, an ex-Indian Forest Service officer, and consists of two other members -- B N Das (former power department official)

MahaRera asks 13 districts to ensure buyers get Rs 730 cr in compensations

Maharashtra's real estate regulator has asked 13 district collectors to ensure that compensation payments totalling Rs 730 crore awarded to home buyers, who got duped by developers, reach the affected parties. The Maharashtra Real Estate Regulatory Authority (MahaRera) has also appointed a retired additional district collector to follow-up in such cases where dues have been pending, an official statement said. The body said in the last five years, it has issued 733 warrants in which developers have been asked to pay Rs 729.68 crore in compensation payments to home buyers who approached MahaRera after developers did not keep up their promises. It has written to 13 district collectors to ensure that the duped home buyers get the compensations awarded by the regulator over the last few years, it said. The 13 districts to which the request has been made from MahaRera include Mumbai city, Mumbai suburbs, Thane, Pune, Raigad, Palghar, Aurangabad, Nagpur, Nashik, Chandrapur, Sindhudurg, .

Property buyers in Bengal at builder's mercy as RERA not functional: FPCE

Homebuyers' association FPCE on Sunday urged the West Bengal government to make the real estate law RERA functional in the state at the earliest to protect the consumers' interest. In May last year, the Supreme Court struck down the West Bengal government's law WBHIRA for regulating the real estate sector, saying it was unconstitutional. The state government introduced the West Bengal Housing Industry Regulatory Act (WBHIRA) as a substitute for the central law RERA, which was passed by Parliament in 2016. The apex court's ruling came on a plea filed by the Forum For People's Collective Efforts (FPCE), an umbrella body of homebuyers.The FPCE has played an important role in the enactment and implementation of RERA. FPCE President Abhay Upadhyay said it has been the association's endeavour to ensure that RERA is implemented in its letter and spirit across India. With the objective to have one law across India for the entire real estate sector, he said the Supreme Court, in its writ ...

Journey towards strong governance a work in progress: Deepak Parekh

The ultimate objective is that corporate governance systems must become simpler; not more complicated, Parekh said

RERA project & agent registrations up by 109% in last 3 years, shows data

The states with maximum project registrations are Maharashtra, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, Telangana and Tamil Nadu.

E-registration of property promises freedom from long queues, touts

However, the procedure is currently limited only to primary sales in Maharashtra

City development agencies must register projects with RERA: Delhi chairman

If they do not get registered with us then we have got enough of more power to take action against them under section 59 and 61 of the Act.

Give real estate brokers quoting below-market prices a wide berth

Stick to RERA-registered brokers, preferably the tech-savvy kind, and look for deep knowledge of the micro-market you are interested in

Sale of three-year-old parking space will be treated as LTCG: Analysts

According to another expert, whether parking space can be sold depends on the nature of the space concerned. It must conform to the definition of garage, as provided in the RERA.

RERA execution to improve post SC direction on studying states' rules: FPCE

Homebuyers' apex body FPCE expects the implementation of realty law RERA to improve following the Supreme Court's recent direction to the Centre to examine the rules framed by states.

Review of RERA rules likely to save home buyers from errant builders

As state after state diluted rules to regulate real estate, SC ordered a relook

Examine if RERA rules subserve interest of home buyers: SC to Centre

The Supreme Court directed the Centre to examine whether the rules framed by various states under RERA are in conformity and subserve the interest of home buyers.

The shovel returns

Housing down-cycle shaved more than 1 per cent from growth annually for nearly a decade; it is turning now

Robust regulatory mechanism under RERA: Centre on builder-buyer agreement

The Centre has told the Supreme Court that a robust regulatory mechanism and draft 'agreement for sale' already exists under provisions of RERA, Real Estate (Regulation & Development) Act, to balance the rights and interest of homebuyers and promoters in an accountable and transparent manner.

SC verdict to protect homebuyers, make realtors toe the line

The SC's verdict is now expected to trigger a major change in state-specific rules modelled on this Act

WFH rules helped middle class during Covid-19 pandemic, says PM Modi

"The rules framed for WFH during the corona period made the lives of the urban middle class much easier," Modi said

Second wave: MahaRERA grants six-month extension to developers till October

The Maharashtra Real Estate Regulatory Authority allowed a six-month relief to builders to deliver projects by accepting their demand for invoking the force majeure clause because of the second wave.

Maharashtra RERA blacklists 644 residential projects in state, bars sale

About 43% blacklisted projects are in Mumbai Metropolitan Region alone, followed by 29% in Pune; the remaining are in smaller towns Nagpur, Nashik and Kolhapur, among others

Model Tenancy Act to create level-playing field between landlord and tenant

By giving landlords the confidence to rent their properties, it will augment supply, providing tenants with more choices