Rera

Include land authority in CoC for real estate insolvency cases: IBBI

The IBC has seen successful resolution in 46 per cent of cases admitted in the real estate sector as of June 2024, IBBI data shows

Haryana regulator asks 4 developers to hand over flats in 90 days

Companies may appeal against directive with RERA Appellate Tribunal, according to expert

FPCE challenges MahaRERA's move to create forum for builder-buyer disputes

Homebuyers' association FPCE has questioned Maharashtra real estate regulator MahaRERA's decision to constitute and be part of a conciliation forum to settle dispute between builders and customers, saying the law does not give such power and the move can lead to possible conflict of interest. Forum for People's Collective Efforts' (FPCE) President Abhay Upadhyay has written a letter on August 19 to Union Ministry of Housing and Urban Affairs Additional Secretary Satinder Pal Singh objecting to the conciliation forum constituted by MahaRERA and its "suspicious functioning". The association has asked the ministry to investigate the constitution of this forum, its functioning and also orders passed, to ascertain whether the forum is favouring builders. "Maharashtra Real Estate Regulatory Authority (MahaRERA) has constituted Conciliation Forum for amicable settlement of dispute between promoter of real estate projects and allottee under Section 32 of Real Estate (Regulation and ...

Reforms, initiatives helping transform an industry plagued by problems

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

Vacuum for Indian MSMEs seeking growth finance: Nishu Malhotra, ADM Capital

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.

MahaRERA proposes to make developers mention amenity details with deadlines

Developers in Maharashtra may soon have to mention the finer details of amenities at housing projects and a deadline by when they will be available for use to buyers, the state's real estate regulator said on Monday. MahaRERA, the real estate watchdog, has proposed the norms to put an end to the uncertainty of guaranteed facilities and amenities in housing projects, according to a statement. Residents may be "enticed" by the vision of a swimming pool, gym, or a community centre, but the agreement often remains silent on when these facilities and amenities will become available or what their specifications might be, the statement said. The lack of clarity can lead to unfulfilled expectations and potential disputes in future, it said. At present, the 'Schedule Two' of the Model Agreement for Sale only mentions the facilities and amenities but does not provide for any details with regards to their features and delivery date, the regulator said. "The proposed order now makes it mandat

31 million jobs created in real estate under Modi government: Report

The measures taken, it says, can catapult the size of the Indian real estate market from $20 billion in 2017 to an estimated $1 trillion by 2030

Developed India will need matured, better real estate sector: Puri

Housing and Urban Affairs Minister Hardeep Singh Puri on Friday said a highly matured and developed real estate sector with an estimated market size of USD 1 trillion by 2030 is needed to achieve the vision of a developed India by 2047. Addressing an event organised by realtors' body CREDAI's youth wing, the minister said the enactment of real estate regulatory law 'RERA" has been a transformational development for the entire sector. "A developed India by 2047 will also require a highly matured and developed real estate sector, both in the residential and the commercial segment," Puri said. He highlighted that investments are coming into commercial real estate including data centres and warehousing. The establishment of Real Estate Investment Trusts (REITs) has also helped in attracting investments into the real estate sector, the minister added. "RERA was a transformational development. It is unbelievable that one of the largest sectors in the economy didn't have a regulator for

FinMin asks PSBs to ensure compliance in withdrawal from Rera accounts

RERA Act, 2016 mandates the funds from escrow accounts can only be accessed by the promoter after certification from a practising architect, engineer, and chartered accountant

'GST Council may soon clarify on exemption of tax to Rera bodies'

The GST Council is likely to soon clarify that Real Estate Regulatory Authority (RERA) will not be required to pay Goods and Services Tax (GST), an official said. According to the official, RERA, which functions as a regulator as well as facilitator for the realty sector, is covered under Article 243G of the Constitution dealing with powers, authority and responsibilities of panchayats. RERA was set up in different states to ensure transparency in real estate projects, protect the interest of consumers and to establish an adjudicating mechanism for speedy dispute redressal. The official said that after discussions with RERA functionaries about the nature of their function it was decided that GST is not applicable on them. The official further said that RERAs are funded by respective state governments and hence levying GST would mean taxing state governments. A meeting of GST Council, chaired by Union Finance Minister and comprising state ministers, is likely to be held before the

Rera fines developer Rs 25 lakh for misleading ad on DDJAY project

Real Estate Regulatory Authority (RERA), Gurugram, has imposed a penalty of Rs 25 lakh on Yashvi Homes Pvt Ltd for publishing a misleading advertisement on a Deen Dayal Jan Awas Yojana (DDJAY) project. Yashvi Homes is developing the DDJAY residential project -- Golden gate Residency -- at Sector 3, Farukhnagar, Gurugram. The policy is known as DDJAY 2016 while the advertisement mentioned it as DDJAY 2024, which is incorrect and misleading, RERA said in a statement. Further, the promoter did not mention the details of the registration number of the project and the website of RERA, which is required under the regulations, it said. "While there is no provision for amenities like school, club house, swimming pool, badminton court, half basketball court, etc, in the approved layout plan submitted by the promoter at the time of registration, the same has been mentioned in the advertisement," said a RERA spokesperson said. Under the provisions of Section 13(1) of the Act 2016, no promote

IBBI amends resolution rules: Realty insolvency to be project-wise

Share of top 10 realty deals was 87% of total value of PE investments in first 9 months of FY24 (9MFY24)

Delhi RERA withdraws order banning listing new property after meeting L-G

The Delhi Real Estate Regulatory Authority withdrew its September order directing sub registrars not to register properties in violation of building bylaws, hours after its top brass met Lt Governor V K Saxena on Tuesday, officials said. Earlier in the day, Saxena met the chairman and members of Delhi RERA along with the chief secretary and divisional commissioner at Raj Niwas over the issue. "The LG impressed upon and requested the RERA to revisit its order in view of the hardship it is causing to common people in Delhi," said a Raj Niwas official. A fresh order issued by Delhi RERA secretary stated, Considering the various facts on record, the Authority has decided to withdraw its order dated 11.09.2023 with immediate effect." During the meeting with RERA chairman and members, the LG brought to their notice the "acute problems and harassment" being faced by the residents of Delhi in a wide ranging discussion regarding the "repercussion of its order", the Raj Niwas official said.

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Give details of person authorised for correspondence: UP Rera to promoters

The Uttar Pradesh RERA on Monday directed promoters of real estate projects to provide name, designation, mobile number, e-mail ID, residential address, office address etc. of their person authorized for correspondence, officials said. This has been done to ensure uninterrupted correspondence with promoters, the UP Real Estate Regulatory Authority (RERA) said, noting that contact numbers of some promoters given at the time of project registration are found inaccessible. "We have come to know through various means that the mobile numbers provided by some promoters at the time of project registration are non-functional/not in use and are switched off. "Some cases were also received in which either no one picks up the mobile number provided or a suitable response is not received during the conversation," UP RERA said. To address this issue, UP RERA has issued new guidelines to promoters to ensure uninterrupted communication with their stakeholders, especially buyers. The promoter mus

Builders complete 86% of 1,642 projects launched in Jul'17-Dec'18: Anarock

At least 86 per cent of the total 1,642 housing projects launched between July 2017 and December 2018, across seven major cities have been completed so far, helped by tighter regulations under realty law RERA, according to real estate consultant Anarock. These 1,642 housing projects are registered under the real estate regulatory law -- RERA. However, in terms of number of residential units, the developers have completed only 71 per cent of the residential properties that they launched across seven cities during these 1.5 years. These cities are Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Chennai, Hyderabad and Kolkata. "When it comes to ensuring timely delivery of residential real estate projects, RERA has delivered resoundingly, wherever it has been fully deployed," real estate consultant Anarock Chairman Anuj Puri said. "The overall completion rate of 86 per cent across the top seven cities in the 1.5 years following RERA implementation is remarkable, especiall

86% housing projects launched between Jul 2017-Dec 2018 completed: Anarock

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

Uttar Pradesh govt plans to revive 10,000 stalled housing projects

In the non-NCR districts, Lucknow accounted for 400 or 20 per cent of the total projects underway

Delhi Rera directs builders to open Grievance Cell, display registration no

The Delhi Real Estate Regulatory Authority (DRERA) has directed real estate promoters and builders of the national capital to "appoint an 'Allottee Grievance Cell' for each project with a dedicated telephone number to redress grievances of allottees". It has further ordered them to display their names, addresses, RERA registration number of the projects, and details of the Allottee Grievance Officer and Allottee Grievance Cell with telephone numbers prominently at the construction site of each project. The three-member authority, consisting of Anand Kumar, Ajay Kuhar and Devesh Singh, has directed all the builders to report compliance with the order by September 30, 2023. "Any failure to do so will be viewed as a contravention of the Act which can invite penalty under Section 61 of the Act," the order said. Under Section 61 of the Real Estate (Regulation and Development) Act, 2016, if a promoter of a real estate firm defaults with the provisions of the Acts, rules or regulations, i

Realty firms must execute projects following rules: Delhi-RERA chairman

Real estate developers should carry out projects as per rules and must fulfil promise made to their customers, Delhi-RERA chairman Anand Kumar has said. The focus should be on building trust among the public, said Kumar. Addressing a national conference on Real Estate Development and Action Plan for New India organised by Industry body Assocham, he said a message to all stakeholders in the real estate sector to be alert. "Builders, developers and collaborators must work in a transparent manner according to rules and prepare projects as promised to the customers," the Delhi-RERA chairman was quoted as saying in a statement by Assocham. "While buying any land, plot, flat or commercial property sold as 'RERA registered', check it on RERA's website, he said. Kumar urged the builders, developers and entrepreneurs in the real estate sector to work with transparency to increase trust among agents and customers. Even today there are a large number of builders and developers who do not wa