Maharashtra Real Estate Regulatory Authority (MahaRERA) alleged that builders cannot blame the system to seek exemption from paying rectification to homebuyers for the delay in completion of projects. The regulator has authorized that the developer is not entitled to recover any money from allottees without approvals of the competent authority. With this, MahaRERA has re-established … Continue reading “System can’t be Blamed by Builders for delay in Delivery”

The Bombay High Court on Wednesday preserved the legitimateness of the Real Estate Regulation and Development Act (RERA), 2016 for all incomplete and ongoing projects. Several real estate developers and individual plot owners had challenged the constitutional validity of the act and some of its provisions. A bench comprising of Justice Naresh Patil and Justice Rajesh … Continue reading “Legitimateness of RERA preserved by Bombay High Court”

Haryana Real Estate Regulatory Authority (HRERA) has sent notices to 160 real estate builders in Haryana for filing incomplete applications or for not holding valid licenses. Out of the 160 developers, 24 builders were those whose cases had come up for hearing and had been given timelines to complete the formalities. As for homebuyers, more … Continue reading “HRERA Sent Notices to 160 Real Estate Builders in Haryana”

A national database of all housing projects is to be created by the Housing and Urban Affairs Ministry. The idea behind this accomplishment is to capture the status and delays in the housing projects. The ministry will also notify the Central Advisory Council to advise the government on implementation of RERA. The process of having a central … Continue reading “National Database of Housing Projects to be created by Urban Housing Ministry”

In protest against builders under the Real Estate Regulatory Authority (RERA) consumers established their own forum “Fight for RERA” comprising of homebuyers. The forum touts the RERA Authority not to grant stretch to builders who have already delayed their projects. The forum feels that any further stretch will violate the said RERA Rules. It was … Continue reading “Consumers want “No Stretch for Builders” in Delayed Projects”

Uttar Pradesh (UP) Government set up a group of ministers to scrutinize the disarray in Noida’s real estate sector. The committee on Monday ordered the arrest of arrest 8 builders for not delivering 5,000 flats to homebuyers. In the month of September, police had lodged 13 FIRs against 6 builders with projects in Noida and … Continue reading “UP Government orders arrest of 8 Builders in Noida”

Securities and Exchange Board of India (SEBI) vide SEBI/HO/IMD/DF2/CIR/P/2017/125 dated November 30, 2017 issued a circular in order to strengthen the governance structure for mutual funds (MFs) with respect to appointment of Independent Trustee of Mutual Funds and Independent Director of Asset Management in terms of Regulation 16(5) and Regulation 21(1) respectively of SEBI (Mutual Funds) … Continue reading “Tenure of Independent Trustee and Independent Director for Mutual Funds”

The relevant documents which are required to be filed are ready with the company and company is willing to file the same, if so permitted. Further, accounts of the company are audited and have been approved by the members within the prescribed time. The company has not deposited heavy cash during the demonetization period i.e. … Continue reading “ROC’s no objection to restoration of Companies”

Reserve Bank of India (RBI) has alleged corporative societies not use the word ‘Bank’ in their names as it violates the Banking Regulation Act. It has come to the notice of RBI that some co-operative Societies are using the word “Bank” in their names. This is a violation of Section 7 of the Banking Regulation … Continue reading “Word “Bank” cannot be used in Names alleged by RBI”

This is going to be an edge over benefit for the homebuyers as they can go directly to UPRERA office and file complaint against the builder.

Supplementary housing projects which were earlier exempted from Tamil Nadu Real Estate Regulation and Development Act (TNRERA) are now on a tracking system. Reason being housing projects that are less than 8 (apartments) units need not be registered with the realty regulator, home lenders demand the developers have the real estate regulator’s tag to facilitate … Continue reading “Supplementary Housing Ventures to be on tracking system of TNRERA”

The crunch in the real estate sector has intensified, as the Income Tax Department is all set to an excise tax on unsold apartments, which have been vacant for more than 1 year. Developers may have to pay a tax equivalent to 30% of the rental value, assuming that the apartment or apartments in question … Continue reading “Tax against unsold Inventories may initiate Realtors to Protest”

Flat buyers in Mumbai are now moving to High Court in the absence Real Estate Regulation and Development Act (RERA) tribunals to defend the orders of Maharashtra RERA (MahaRERA). From the commencement of RERA Act i.e. 01/05/2016, it was made mandatory for all States to establish an appellate tribunal within a year to simplify and … Continue reading “Flat buyers moving to High Court in truancy of RERA Tribunals”

Builders in Punjab are marketing their projects without getting them registered under the Real Estate Regulation and Development Act (RERA) or mentioning the RERA registration number through various advertisement mediums such as hoardings, social media, SMS, news advertisement etc. As per section 3 (1) of the RERA Act, no promoter can sell or advertise their … Continue reading “Builders in Punjab shutting their eyes to the RERA Act”

Tamil Nadu has seen the registration of 223 housing projects under Real Estate Regulation and Development Act (RERA) until November 22, 2017. Tamil Nadu notified the RERA Rules on June 22 this year and sooner its authority came into force as Tamil Nadu RERA Authority (TNRERA). As per TNRERA Rules, new housing projects with a … Continue reading “Tamil Nadu sees Registration of 223 Housing Projects”