Rera Act

The court was hearing an appeal filed against a Delhi HC judgment that dismissed pleas seeking directions to banks and financial institutions to refrain from charging pre-EMIs or full EMIs

Real estate regulators in states and Union Territories have so far disposed of nearly 1.25 lakh consumer complaints against developers, according to the Economic Survey 2023-24. The Real Estate (Regulation & Development) Act, 2016, popularly known as RERA, was enacted to bring about much-needed reform in India's real estate sector. The main objective of RERA is to encourage greater transparency, citizen-centricity, accountability, and financial discipline, thus empowering home buyers and boosting the economy. The survey highlighted that all states/ Union Territories (UTs) have notified rules under RERA except Nagaland, which is in the process of notifying the rules. As of July 1, 2024, over 1,30,186 real estate projects and 88,461 real estate agents have been registered under RERA. "RERA provides for the establishment of a fast-track dispute resolution mechanism for the settlement of disputes. As of 01 July 2024, 32 states and UTs have set up the Real Estate Regulatory Authority, .

Government data shows that so far, some 122,000 real estate projects have been registered under Rera, with over 121,000 consumer grievances addressed nationwide

In India, shift to private credit, Nishu said, started before the Covid era, driven by regulatory reforms including the Insolvency and Bankruptcy code, Real Estate Regulatory Authority (RERA) Act etc.

During the Modi government's tenure over the last 10 years, the manifesto claimed to have provided more than 4 crore families with pucca houses under the PM Awas Yojana and other initiatives

Maharashtra registered highest number of projects (42,204) till date, followed by Tamil Nadu with 18,915 projects.Uttar Pradesh has disposed of the most complaints since UP-RERA inception.

Refund can be sought from the developer even if you had earlier consented to alterations

It was driven by tighter regulations under the realty law Real Estate (Regulation and Development) Act, 2016

The project, located in the group's mixed-use integrated township, Hiranandani Fortune City, is to be launched this week and is expected to be completed within three years

The Supreme Court on Friday granted four weeks more to states and Union Territories who have not filed their reply to the deviations and variations pointed out in the implementation of the Real Estate (Regulation and Development) (RERA) Act, 2016, and corresponding rules and laws in their jurisdiction. A bench of Justices D Y Chandrachud and Hima Kohli warned that if the requisite responses are not filed within the stipulated time, principal secretaries of housing and urban development shall be present in court to explain the delay. The top court noted that 13 states and two UTs have filed their responses to the plea. "Despite the previous order, requiring the states/UTs to file their responses, certain states have not submitted their responses. They shall do positively within four weeks, failing which the principal secretaries in housing and urban development shall be present in court," the bench said while posting the matter after eight weeks. The top court was hearing a plea fil

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.

While it continues to take the strain of 328,000 stalled units launched before 2015, unsold units since early-2016 have come down 26 per cent

Nearly 40 per cent of all complaints were resolved in Uttar Pradesh alone

Bengal govt enacted own version of RERA, the West Bengal Housing Industry Regulation Act in 2017, the only state to do so, and Housing Industry Regulatory Authority came into effect on June 1, 2018

In SBI's scheme, the buyer pays only the down payment. The developer pays the interest during the construction period

From 161 resolved cases, the realisable amount stands at over Rs 1.6 trn

Developers are hoping this week's announcement will bring some relief

Top court says Amrapali defrauded buyers in connivance with banks, Noida, Greater Noida authorities, appoints state-owned NBCC India to complete pending projects

Leaky escrow accounts, delayed execution of RERA orders, inadequate administrative machinery and bias towards builders are some issues that need to be addressed in some states