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With its latest move to train and certify agents across the state, MahaRERA has given the first rung of the real estate ladder a position and authority that spells good news for the sector. By invoking the PMLA Act to enforce systems among large agents with annual turnover of over Rs 20 lakh, it has defined the boundaries of safe working within the sector
Maharashtra RERA chairman Ajoy Mehta explains how acting on data can help address problems of the past and make real estate development in the state predictable and consumer-friendly
Of the total, 70 percent of the lapsed projects are present in Mumbai Metropolitan Region and Pune. Nashik, Aurangabad and Nagpur have 254, 102, and 202 lapsed projects, respectively.
According to the RERA Act, every real estate project should have a dedicated bank account to ensure that funds are not diverted.
The move comes after hundreds of homebuyers were duped in recent years by real estate developers, who allegedly sold apartments for crores with the help of fake documents
Even the Supreme Court has held the justification of UP RERA’s legal interpretations such as the Single Bench efficacy and allowed it to go through. But some provisos still remain to be corrected such as the removal of surrender to NCLT when solutions are within sight
Additionally, the authority has sent notices to two developers for publishing advertisements of their projects without showcasing their RERA registration number.
The MahaRERA order said the forfeiture clause in the booking application form/allotment letter was “unreasonable”, and not in consonance with recent MahaRERA order.
Real estate agents had been demanding this for long individually but were heard only after they collectively sought the change.
Initially, 15-16 site visits will be done by the investigators where MahaRERA suspects excess expenditure, compared to actual construction work.
The order to come into force in the next financial year.
The MahaRERA said the process of deregistration is being introduced as there are instances where developers who have registered their real estate projects are unable to commence and complete the construction of the same.
The MahRERA has taken up 624 of these projects that are 70 percent done to drive them towards completion.
UP RERA will soon start grading projects and developers based on various parameters like financial quality, organizational structure, certifications, track records, compliance adherence and customer feedback. The process will commence after approval of the Grading Framework by the state government
After the Bombay High Court recently raised the query, Moneycontrol spoke to legal experts to understand whether this can be done so that people can make informed decisions.
A sum of Rs 11.42 was recovered in Mumbai, Rs 55.57 crore in Mumbai Suburban, Rs 32.76 in Pune district and Rs 15.10 crore in Raigad district, MahaRERA has said
On February 7, a two-judge panel will rule on whether the Odisha RERA was at fault for not ruling on issues it did not have the power to execute. Many RERA conclaves have raised this issue, which, if not addressed, can dilute a law that had the potential to transform the real estate industry
During the argument, the counsel for the respondent confirmed that the occupation certificate of the project is not yet applied as the construction work is not yet completed.
SKA will develop 250,000 square feet of retail spaces. The project is expected to be completed by December 2025.
Initially, 40 to 45 stalled real estate projects where developers have declared higher costs than they have actually incurred will be inspected by the investigators.
Real estate websites had challenged the order in MREAT, saying they do not participate in any prospective or actual transactions in any manner and are merely involved in advertising the properties.
A report by property consultant ANAROCK and law firm Khaitan & Company has pointed out that while real estate cases comprises just 5% of all cases filed under the IBC, their resolution rate is among the lowest.
The Karnataka Sakala Services Act ensures timely delivery of government services to citizens and homebuyers want the state’s real estate regulator to be covered by the legislation.
Moneycontrol speaks to experts including lawyers and developers to understand whether lapse of new projects means MahaRERA has failed to regulate the new projects in Maharashtra