Here's a round-up of key developments in the personal finance space this week.
The residential market witnessed a 17 percent decline in the number of new launches since the second half of 2016 with 40,600 new units introduced in the first half of 2017 in prime cities.
While there is no specific provision under RERA that allows states to extend the time period for registration for three months, most of them are doing so by interpreting the penalty clause
Banks now want additional collateral such as private properties of promoters as a guarantee while providing loans to real estate developers.
Under RERA, it may be inappropriate for interim authorities to continue after the one-year deadline that expired on April 30, 2017 but courts cannot strike down decisions taken by interim authorities appointed before May 1, 2017
Most states have not followed the the central government's RERA guidelines in law and spirit.
Citi has retained a buy on Oberoi Realty with a target price of Rs 470 while CLSA has also maintained a buy on the stock with a target of Rs 484 despite impact from GST and RERA.
Mere laying of slabs to simply filing an application for completion certificate before notification of rules enough to keep ongoing housing projects in some states out of the purview of RERA
To discuss the implications of all the recent reforms on the developers and buyers, News18.com held third edition of its Global Indian Realty Summit in association with Angelo’s VNCT Ventures in Mumbai on Thursday.
Buyers are distraught with the diluted version of UP RERA rules as it leaves most old projects outside the ambit of the act
Over 200 developers and more than 90 agents have registered so far. More likely to follow
They are hand-holding small and medium developers to complete unfinished projects and even go the extra mile to sell unsold inventory on their behalf.
In the medium term, non-serious real estate players may find complying with RERA provisions difficult, leading to partial or full exit from projects.
Venkaiah Naidu is credited with ushering in an urban renaissance in the country. It is because of his efforts that the much-delayed Real Estate (Regulation and Development) Bill was finally cleared by both Houses of Parliament last years after almost eight years.
Noida-based Gulshan Homz has launched 768 units in a 5.3 acre housing project 'Gulshan Botnia' on Noida Expressway for about Rs 48 lakh per unit.
Investors now have the option to go in for real estate as a financial instrument with all the safety nets in place to ensure that they get their returns or the physical possession of the asset at the committed price
Homebuyers worried about the provision that states that projects where common areas have been handed over to the registered association consisting of majority of allottees will be exempt.
Manisha Natarajan caught up with the chairman and regulator of Maha RERA Gautam Chatterjee.
Allaying fears related to the RERA, Naidu said, the regulations will not only help real estate developers but it will enhance credibility and increase acceptability.
New launches, residential sales, have both taken a big hit across India with developers trying to grapple with RERA rules and registration. And despite Maharashtra having a working RERA website and a regulator from May 1, 2017, only 300 odd real estate projects, from the 15,000 plus ongoing projects have managed a RERA registration.
With the implementation of RERA, the number of new launches across all cities will reduce as only those developers confident of meeting timelines will undertake new projects, says the CII-JLL India report.
While the Karnataka Cabinet has cleared the RERA Rules for the state yesterday, the final rules are yet to be notified. It may take at least two days to notify the modified final rules, say sources.
Sales volumes also went down by 11 percent year-on-year, recording the lowest first-half sales in the past five years, says a Knight Frank India report.
While builders are in a bind as the Real Estate Regulation Act (RERA) restricts use of funds, banks are worried about loan accounts turning into NPAs.
An additional 100,000 apartments priced around Rs 90-95 lakh remained unsold over the past year.