UP RERA
Paradigm Realty inks pact to redevelop 11 societies on 5 acres in Mumbai’s Bandra, Kandivali
Paradigm Realty has signed agreements to redevelop 11 housing societies in Mumbai's western suburbs of Bandra and Kandivali, with a gross consolidated revenue potential of around Rs 4,500 crore. The projects, spread across over five acres, have development potential of over 2.8 million sq ft. The Mahavir Nagar project has a development potential of over 2.5 million sq ft, with a free-sale RERA carpet area of up to 1 million sq ft holding a gross development value of nearly Rs 3,500 crore.
Krisumi Corporation to invest Rs 2,000 crore in Gurugram residential project
Krisumi Corporation plans a Rs 2350 crore investment in Phases 3 and 4 of Krisumi City, Gurugram, with 1051 luxury units and a 2-acre club. Marketed as a shift to larger, luxury apartments, they expect Rs 4000 crore revenue. The joint venture aims for completion by December 2029, backed by Krishna Group and Sumitomo Corporation
Only 195 projects set up grievance redressal cell despite MahaRERA directive
Only 195 projects in Maharashtra have complied with the directive to establish a complaint redressal cell by the Maharashtra Real Estate Regulatory Authority. The cells aim to resolve homebuyers' grievances.
OC must for possession letter: CREDAI wants UP RERA to reconsider order
In a statement on June 8, the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) said it was mandatory for promoters to receive OC (occupancy certificate/ completion certificate) of a project, before offering possession letters to allottees. According to UP RERA, this was done "to prevent arbitrariness" being done by the promoters through the offer of possession letters sent to flat buyers and to eliminate the disputes arising between them due to this.
UP RERA sets format for possession letters to flat buyers
It had also directed project promoters to make no binding conditions on the allottees in any way through the offer of possession letter, the UP RERA said in a statement.
Investors rejoice: Surakshit Nivesh Yojna (PDPMY Phase-2) launches at Delhi Mall Complex
Raheja Developers launches Surakshit Nivesh Yojna (PDPMY Phase-2) at Delhi Mall Complex, offering investment opportunities with shop sizes from 40-150 Sq. Ft. and special benefits for senior citizens and women.
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Flat stuck in a delayed or stalled real estate project? Six things aggrieved homebuyers can do
Homebuyers stuck in stalled real estate projects face financial strain and uncertainty. They pay EMIs and rent while bearing the loss of opportunity cost. If you have property in a delayed or stalled real estate project, here are some things you can do as a home buyer.
MahaRERA proposes self-declaration of project quality by realty developers
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has proposed that realty developers provide an annual self-declaration on projects' quality assurance to ensure structural integrity, material quality, and workmanship standards. Initially optional, it will become mandatory. The move aims to enhance construction quality and protect homebuyers' interests, with a feedback deadline of May 23.
UP RERA penalises homebuyer for repeatedly filing complaint with the authority
UP-RERA fines homebuyer for repetitive complaints despite relief, impacting justice delivery. Misuse of legal process observed by NCR Bench Chairman. Sanjay Bhoosreddy stresses deterring unscrupulous complainants with heavy costs to ensure justice for genuine allottees.
NCLAT rejects homebuyers' plea for insolvency against Ansal Hi-tech Township
NCLAT annulled insolvency plea against Ansal Hi-tech Township Ltd in Greater Noida, upholding NCLT's decision on insufficient criteria. Multiple entities like RERA Act, promoter, and threshold limit were vital in the ruling.
'Keep 3 bank A/Cs for each realty project'
MahaRERA mandates three bank accounts in the same scheduled bank for real estate projects, ensuring compliance, efficiency, transparency, and accountability with a focus on revenue allocation, loan interest, refunds, and cancellation procedures.
MahaRERA proposes each real estate project maintains 3 bank accounts
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has proposed draft guidelines requiring real estate projects to maintain three bank accounts in the same scheduled bank for compliance, efficiency, transparency, and accountability. The Collection Account will receive revenue from allottees, while the Separate Account will cover project expenses and buyer compensation.
UP RERA asks homebuyers to include names of co-allottees in pleas
There are instances where the co-allottee appeared in RERA and submitted that the complainant did not include his name as co-complainant in the said matter and thus he lost the opportunity of hearing and protecting his interest, it said in a statement.
UP RERA asks promoters to provide QR code with project details to homebuyers
"The registration certificate includes relevant details of the project, including its name, name of the promoter, registration number with details of month and year, its duration, including the start and completion date, the project and the promoter addresses," UP RERA said in a statement.
Maharashtra RERA cancels registration of 13,785 real estate agents
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has cancelled the registration of 13,785 real estate agents who failed to renew their licenses. These agents must complete training and obtain certification to operate as brokers again. The highest number of delisted agents are from Mumbai, followed by Thane and Pune.
Noida housing project pulled back from insolvency now offers possession to buyers
RG Luxury Homes project in Gautam Buddh Nagar district, Greater Noida West, has received the occupancy certificate after facing insolvency and a fund crisis. The project, delayed since 2010, is now offering possession to buyers of 800 flats. The project serves as a beacon of hope and an example for other stuck projects in Karnal, Ghaziabad, and Noida.
Homebuyers' body FPCE raises RERA functioning issues with the Ministry of Housing
The suggestion from the Forum for People’s Collective Efforts (FPCE) came at a meeting called by the ministry of housing and urban affairs last week, where the FPCE flagged several issues regarding the functioning of state RERAs, some people who attended the meeting told ET.
GST Council may soon clarify tax exemption to RERA
The GST Council is expected to clarify that Real Estate Regulatory Authority (RERA) will not be subject to Goods and Services Tax (GST), as it falls under Article 243G of the Constitution pertaining to the powers and responsibilities of panchayats. RERA functions as a regulator and facilitator for the real estate sector, ensuring transparency, consumer protection, and dispute resolution.
Builders complete 4.35 lakh homes last year in seven cities, says Anarock
Among other cities, the completion of homes in Pune declined 23 per cent to 65,000 units in 2023, from 84,200 units in 2022. Bengaluru, Hyderabad, and Chennai collectively saw 87,190 units completed in 2023, as against 81,580 units in 2022.
MahaRERA ties up with ASCI to identify non-complying real estate developers
The collaboration, a first by any real estate regulator in the country, is aimed at protecting homebuyers who may decide to buy or invest in properties that are yet to be or not allowed to be sold for any specific reason.
UP RERA starts pre-hearing scrutiny of complaints to help homebuyers
In doing so, UP RERA not only simplified the process of filing of complaints, but made it more comprehensive also, it said in a statement. "Now the process has become more user-friendly and will be conducive to early listing and speedy disposal of complaints. This facility is available from Monday (January 15, 2024) on UP RERA portal," the regulatory authority said.
1,350 cases resolved through UP RERA conciliation forum
Since 2019, developers and homebuyers have successfully resolved 1,350 cases through the NCR conciliation forum of Uttar Pradesh Real Estate Regulatory Authority (UP RERA). This led to dispute-free assets valued at approximately Rs 550 crore. Dinesh Gupta, Secretary of CREDAI Western UP, attributed the success to collaborative efforts by CREDAI members, RERA officials, and home buyer representatives.
Planning to buy a property? Rera has issued a warning. Read this before investing
The Real Estate Regulatory Authority (Rera) in Uttar Pradesh has reminded developers and buyers about the payment module for projects. According to UP-Rera Act, developers are not allowed to take more than 10% advance payment before the sale agreement is executed. The sale agreement should include project details, payment dates, and possession information. Additionally, developers have been directed to sell units based on carpet area only, not super area.
UP RERA directs builders to register agreement for sale before demanding more than 10% money from homebuyer
The agreement must cover the particulars of development of the project including the construction of building and apartments along with specifications and particulars of internal and external development works. The agreement shall provide the dates and the manner of the payments toward the cost unit and specify the date on which the possession shall be handed over to the allottee.
UP RERA directs developers to sell apartments as per carpet area
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has instructed developers to sell apartments based on carpet area only, as there is no justification for selling on super area. The RERA Act and other legal agreements/contracts state that buying and selling apartments are only legal on carpet area. Developers must consider carpet area as the actual area of the unit/apartment and pay the promoter accordingly.
UP RERA told CREDAI to ensure developers cooperate in resolving dispute with homebuyers
Uttar Pradesh RERA held a meeting with associations of home buyers' - NEFOMA, NEFOWA and association of promoters' CREDAI Western UP operating in Gautam Buddha Nagar. Representatives of homebuyers' association said the mediation of the conciliation forum is very useful in resolving disputes by mutual consent in 90% of the cases.
UP RERA directs builder to get project account audited
“Authority is conscious of the fact that sometimes change in the accounts may be necessitated and there could be conditions when even forensic audit of the accounts may be necessary and that the authority has laid down procedure for all such activities,” said Sanjay Bhoosreddy, Chairman, UP RERA.
UP RERA asks builders to maintain three bank accounts for a project
The promoter will have to provide standing instructions to the bank for auto-sweep of not less than 70% of the amount from the collection account to the separate account and not more than 30% to the transaction account of the project. The promoter will have to submit the particulars of the three bank accounts- collection account, the separate account and the transaction account with registration application of the project.
India's 35 pc stalled housing projects in Noida: White paper on homebuyers' issues
BJP national vice president Gopal Krishna Agarwal on Sunday unveiled the 'White Paper on Homebuyers Issues in Gautam Buddh Nagar (Uttar Pradesh)' during a programme in Greater Noida West in presence of scores of aggrieved investors. He called for resolution of the long-pending issues of homebuyers, emphasizing the action as suggested in the white paper would come from both the Centre as well as the Uttar Pradesh government.
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