UP RERA, at a meeting held under the chairmanship of Rajive Kumar on September 23, reviewed the status of compliance with its orders by the promoters and issued the directive.
Out of the total 9,637 real estate projects that have been completed, 20 percent got an extension for completion by MahaRERA
RERA has brought transparency to the real estate sector and protected homebuyers, Modi said. The PM also stressed the need for building audits to prevent collapse and fires, which, he said, remained a major concern in cities
The state real estate regulator says it can't force the developer to complete the project, allows de-registration after two-thirds of buyers agree to it and are refunded money with 9 percent interest. Experts say the order could pave the way for developers to explore this option if a project is commercially unviable.
Some developers suggest their projects are RERA-approved when in fact they have only been registered with the real estate regulator and are not compliant with post-registration requirements
The regulator plans to hire private investigators, who will visit construction sites and prepare status reports.
The ruling will help buyers make a case for paying a lower amount should their home allotment letters specify a higher forfeiture in case of cancellation of bookings
A homebuyer is trapped in the builder’s net the moment he pays the token amount. Thereon, he has no choice but to succumb to the builder’s wishes.
After the amendments, the processing fee for a single real estate agent will be Rs 1,000, and for others, the stipulated processing fee would be Rs 5,000.
Developer’s effort to wriggle out the situation saying no agreement for sale had not been entered into, did not pass muster with MREAT, which said the allotment letter contains important ingredients of such agreement for sale.
Compliance and arguments are two lucrative areas of work for young CAs.
Earlier, the deduction in case of cancellation of booking by home buyer was capped at 2% by MahaRERA.
There is a popular misconception that RERA registration applies to the entire project including the rehabilitation component, which is not the correct legal interpretation of the provisions of the Act, rules Maharashtra Real Estate Appellate Tribunal.
The tribunal said RERA is silent on the point of permissible deduction if an allottee cancels a booking
The Uttar Pradesh regulator and the investment manager of SWAMIH fund came up with successful models to resolve legacy real estate problems. Can the Delhi Development Authority take a leaf out of this book to get the capital’s land pooling moving as well?
This project had a net negative cash flow of between Rs 18 crore and Rs 19 crore. In this case, the developer agreed to salvage the situation by agreeing to contribute the balance. Can the model work in big projects that are stuck?
Delhi Development Authority (DDA) has applied for registration of 18 projects before the Real Estate Regulatory Authority of Delhi since 2019
In its new circular, MahaRERA says that separate bank accounts were not being maintained as per provisions of RERA Act.
Macrotech says it wrote to the real estate authority two weeks ago that there had been an error in its filing for the registration of the project and that it should be put on hold.
The tribunal also ordered the buyer to pay up Rs 20,000 as costs to the developer.
These housing developments are among more than 4,500 real estate projects that have lapsed in Maharashtra. However, not a single homebuyer has been affected as bookings for government projects open only after an occupation certificate is issued.
Hailed as a ‘landmark order, this is one among half a dozen such orders in the history of MahaRERA where allottees have been given the liberty to decide the future course of their stuck project.
Beginning July 25, the notices will initially be issued to those developers who have 50% bookings but there is zero work or expenditure on the project site.
As of March 2022, 4,555 real estate projects have lapsed in Maharashtra, of which 2,414 lapsed since January 2021.
The tribunal orders the developer to complete the project in Mumbai’s Kandivali area within 12 months, and pay interest to home buyers for delayed possession.