Today I’m going to discuss about the ‘Real Estate Regulatory Authority (RERA) Act, 2016’. The Real Estate industry plays a key role in fulfilling the requirements of the Country’s housing and infrastructures. So, there is a necessity to know the basics of the REAL ESTATE REGULATORY AUTHORITY (RERA) Act as a Tax Professio...
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Uttar Pradesh RERA (UPRERA) And Haryana RERA (HARERA) Compliances UPRERA COMPLIANCES 1 QPR updation u/s 11(1) Comment Due Date of Compliance Penalty Quarterly up-to-date the list of number and types of apartments or plots, asthe case may be, booked; (c) quarterly up-to-date the list of number of garages booked; (d) quarterly up-to-date th...
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The Supreme Court of India has recently held that the homebuyers who after buying houses have not got possession of their flats within the fixed contract time period, will now are free to approach the consumer forum for compensation from the builder for delaying in the handing over possession of their houses, in spite of the enactment [...
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Haryana RERA ordered Spaze Developers To Pay Rs. 2 Crore To Buyers For Delay in Possession The Haryana RERA (HRERA) has ordered a Gurgaon based developer i.e. Spaze developers to pay delay possession charges (DPC) of Rs 2 crore to homebuyers for failing to deliver flats in time. HRERA Chairman, directed Spaze Developers to pay the compe...
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Vrajesh Hirjee Vs Skyline Construction Co. (RNA Exotica) (Maharashtra RERA) -
Vrajesh Hirjee Vs Skyline Construction Co. (RNA Exotica) (Maharashtra RERA) The respondents have mentioned various reasons in their reply which caused delay in completing the project. Even if it is taken for granted that they are the genuine reasons which are beyond the control of the respondents, the respondents cannot claim the extensio...
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In Past 3 Years, the residential projects have been delayed too much in all cities and specially Gurugram. One Builder of Gurugram is ILD which has recently been directed by the Department of Town & Country Planning (DTCP) to prepare and submit an action plan within a week for their completion. If the ILD fails […]...
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Renaissance Infrastructure through its Partners Vs. Shri Parth B. Suchak (Bombay High Court) -
The issue under consideration is whether Compensation will be levied on to the builder as per RERA if there is a delay in handing over the possession to the purchaser?...
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Vinod Kumar Agarwal Vs. Jaipur Development Authority (Rajasthan RERA) -
Rajasthan RERA Holds RERA Act As Mandatory And Directs For Execution of Agreement For Sale For Property Sold By Auction By State Development Authorities In a landmark decision, the Rajasthan Real Estate Regulatory Authority (‘RERA”) on September 22, 2020 has held that Section 13 of the Real Estate (Regulation and Development) Act, 2...
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The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued 1,985 Recovery Notices to builders in last 2 years. This is to pay Rs 595.25 Crores as compensation to the homebuyers. The Judicial work started on 4th September 2018 after the formation of UP RERA and a total of 28,020 complaints have been registered […]...
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The profound impact of the measures being taken by the Government to comprehend the rapid surge and spread of coronavirus COVID-19 is creating multiple issues for almost every sector especially for trades, industries, production units and their workforces. The Government of India has considered this COVID pandemic to be Force Majeure beca...
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The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) is coming out with a set of Standard Operating Procedures (SOPs) for home buyers. These SOP are a set of guidelines to be followed by homebuyers if they find out any builder is not honouring the orders of the Authority . Soon the SOP List will be uploaded […]...
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Wg. Cdr. Arifur Rahman Khan & Aleya Sultana & Ors vs. DLF Southern Homes Pvt. Ltd. (Supreme Court), Civil appeal no.6239/2019 -
Delays and defaults are common in real estate development. The Flat buyers are usually left in the lurch where the Developer delays the delivery of the constructed units incessantly. This prompted the government to enact Real Estate (Regulation and Development) Act, 2016....
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Conditions Where RERA Registration Required: -Number of apartments exceed eight inclusive of all phases. -Renovation or repair or re-development which involve marketing. -Area of land exceed five hundred square meters. Where the real estate project is to be developed in phases, every such phase shall be considered a stand alone real estat...
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The Union Territory of Jammu & Kashmir has notified the Rules under Real Estate (Regulation and Development) Rules 2020. Implementation of RERA in Union Territory of Jammu & Kashmir will lead to a new era of Transparency & Accountability in the Real Estate Sector. RERA will ensure regulation & promotion of Real Estate ...
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MAINTENANCE CHARGES AND THE LAW ON PAYMENT OF INTEREST MAINTENANCE CHARGES AND INTEREST Real Estate (Regulation and Development) Act, 2016 1. Maintenance charges involve a contractual element between the buyer and the developer. It is included in the allotment letter, initially issued to the buyer after he has paid the booking amount. 2. ...
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Nipun Praveen Singhvi Vs State of Gujarat (Gujarat High Court at Ahmedabad) -
Nipun Praveen Singhvi Vs State of Gujarat (Gujarat High Court at Ahmedabad) Petitioner wants by means of this Public Interest Litigation that the Gujarat Real Estate Appellate Tribunal under the the Real Estate (Regulation and Development) Act, 2016 be constituted and made functional by appointment of Chairperson, Technical and Administra...
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Wider scope of litigation under sec 23(5) on real estate developers due to increase in years to sell (YTS) because of COVID-19 Pandemic It has been provided u/s 23(5) of the Income Tax Act,1961 that where the house property consisting of any building and land appurtenant thereto is held as stock-in-trade and the property or […]...
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FINANCIAL BEARING ON THE PROMOTER – SEPARATE BANK ACCOUNT – RERA The Real Estate (Regulation and Development) Act, 2016 (the Act) came into absolute implementation on 1st May 2017. This act provides for the promotion and development of the real estate sector which is pertinent as it plays a vital role in fulfilling the needs [...
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The Real Estate Regulation & Development (RERA) Act, 2016 is an Act to protect home-buyers as well as help to enhance investments in the real estate industry. RERA Act 2016 came into force from 1 May 2016....
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Circular No : 27/2020 -
(12/06/2020) -
MahaRERA has, through the various orders referenced above, leveraged its digital platform to ensure non-stop online delivery of all its services (even during entire lockdown phase) ...
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Ashish Sharma S/o Shri Rajendra Sharma Vs. State of Rajasthan (Rajasthan HIgh Court) -
The Rajasthan High Court issued notice to Rajasthan RERA in a PIL, Civil Writ No. 6160/2020, challenging the order issued by the Authority on 13.05.2020. The Authority granted an across-the-board extension of 12 months to the real estate projects. However, it also implicitly granted extension for projects whose completion date had alr...
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Real estate sector, once known for its gargantuan returns, has seen a slump in the past few years. A major reason for the same has been the enhanced scrutiny of the hitherto unregulated industry. The ongoing COVID-19 pandemic has brought the real estate sector to a standstill. Extrapolation of short-term losses in the sector are undeniabl...
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MahaRERA Order No :- 14/2020 -
(18/05/2020) -
The dates of possession mentioned in already registered agreements for sale, shall be deemed to be extended by the Force Majeure period.
Due to non-functioning of the concerned offices, the work of transfer of title and conveyance has been adversely affected. Therefore, any compliance under Section 17 that becomes due during the Force Ma...
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Primary Aim is to Address Concerns of Homebuyers to Ensure Completion of Projects: Durga Shanker Mishra More Than 52,000 Real Estate Projects &40,517 Real Estate Agents Registered Under RERA RERA Day Organized...
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Numerous real estate companies as a result of this inclusion were faced with spiralling litigations against their company by all categories of home buyers and even the Adjudicating Authorities started clubbing the challenges against each of the builder corporate debtors; to take a holistic view of the exposure to the said corporate debtor...
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Purchasing Home and especially in a Complex is nothing short of a nightmare and there are hardly any Developers or I can say there are no Developers who have given 100 percent correct details about the proposed home and their Brochure is just an advertising kit to advertise but it just remains in the Brochure. […]...
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Who is real estate agent? A real estate agent is a person who works as an intermediary to facilitate the transaction and to stimulate fair practices between buyers and the builders. What are roles of real estate agents? 1. The agents must have all the records and documents of the promoters as well as their projects. […]...
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Importance of end date / completion date under the Real Estate (Regulation and Development) Act, 2016 The Real Estate (Regulation and Development) Act, 2016 (Act) came into effect on 25th of March, 2016 after which till date 07 union territories and 19 states have framed and notified the Rules governing the real estate projects. The [&hel...
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Important Terms for Real Estate Accounting -Direct Cost -Indirect Cost -How to Book Sales. -Revenue Recognition -Closing Stock What is Direct Cost ? A Guidance note issued by The ‘Institute of Chartered Accountants of India’ has clearly defined the Direct cost; A cost which is directly incurred on the specific project is calle...
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Buying Home is a pleasant event for every person and owning a beautiful Home might be the biggest dream of their life. A person invests his hard earned money to get a shelter for his family but at times all these dreams are shattered....
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Definitions as per States RERA Rules (All States) – The Real Estate Regulation and Development Act 2016 aims to safeguard and provide effective consumer protection, uniformity and standardization of business practices and transactions in the Real Estate Sector. The Act provides for establishment of Real Estate Regulatory Authority f...
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The COVID-19 pandemic has halted industries and businesses throughout the world. The real estate industry which is one of the top contributors to GDP and creators of employment in India is also at a standstill. With the implementation of the RERA Act in 2017, all ongoing and new real estate projects across the country were […]...
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Certificate by a Chartered Accountant is to be issued with set of objects and intentions with an intent to express the professional opinion or state the facts based on the information, explanation, documents received from the promoter....
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The Real Estate (Regulation and Development) Act, 2016 has fastened huge liabilities on the Promoter of a real estate project. In a plain vanilla transaction, a builder is liable as a promoter for any breach of agreement with unit buyer or for delay in the completion of the project....
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Let’s first get brief introduction about RERA. What is RERA & to whom it is applicable? RERA stands for Real Estate Regulatory Authority. The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which came into force on 1st May, 2016. Every Indian state has different Real Estate Regulatory Aut...
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The COVID-19 pandemic has brought the world to a standstill and has greatly impacted the ability of businesses throughout the world to fulfil contractual obligations and sustain operations. The World Health Organization (“WHO”) declared COVID-19 a pandemic on 11th March 2020 [1] and the Indian Government imposed unprecedented travel r...
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Whether a society, being landowner can be held as a ‘promoter’ under Real Estate Rgulation Act, 2016 (RERA 2016)? The article that we tend to discuss today focuses on critically summarizing the judgement passed by the Hon’ble Maharashtra Real Estate Appellate Tribunal in common appeals filed by Udayachal Goregaon Co-operative Housin...
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Order No.:- 13/2020 -
(02/04/2020) -
For all MahaRERA Registered projects where completion date, revised completion date or extended completion date expires on or after 15th March 2020, the period of validity for registration of such projects shall be extended by three months. MahaRERA shall accordingly issue project registration certificates, with revised timelines for such...
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Geetanjali Aman Constructions Vs Hrishikesh Ramesh Paranjpe (Maharashtra Real Estate Appellate Tribunal, Mumbai) -
Geetanjali Aman Constructions Vs Hrishikesh Ramesh Paranjpe (Maharashtra Real Estate Appellate Tribunal, Mumbai) This appeal is directed against the order dated 10th December, 2018 of Ld. Member and Adjudicating Officer, MahaRERA as modified by order dated 11th March, 2019 pursuant to Review Application filed by Appellant in Complaint Nos...
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No. MahaRERA/ Adm. /232/2020 -
(16/03/2020) -
The Hearing of all cases before MahaRERA & Adjudicating Officers shall be adjourned till 31st March, 2020. The cases which are scheduled from 16th March 2020 till 31st March 2020 are being rescheduled due to pandemic of Coronavirus except the very urgent matters....
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Circular No. A/1104/2019 -
(20/02/2020) -
Circular No.: A/1104/2019, Dt:20-01-2020. General Direction to the Promoters as per the Section 37 of the RERA Act Andhra Pradesh Real Estate Regulatory Authority Circular No. A/1104/2019, Dt 20.01.2020. The Parliament has enacted ‘The Real Estate (Regulation and Development) Act 2016‘, to establish the Real Estate Regulatory ...
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These are some of the examples of subvention schemes offered by developers of real estate with tie-ups with banks and financial institutions. The discounts, freebies are extensively promoted by the builders to lure prospective homebuyers who obviously find these schemes irresistible....
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With the advent of The Real Estate (Regulation & Development) Act, 2016, which came into effect from May 1, 2017, there began a norm for strict compliances that have to be adhered by each and every developer, builder and construction giant in different parts of the country. Most of the states have established their own […]...
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We bring to you our periodical update on RERA. This edition contains the following – 1. Circulars and Notifications issued by Karnataka RERA 2. Circulars, Notifications, Orders issued by Maha RERA 3. Circulars & Notifications with respect to quarterly updates, late fees for delay registration etc., as issued by AP RERA 4. Circul...
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Karnataka RERA Updates This Circular is guidance to the stake holders (promoters, professionals, financial institution, Allottees etc) in relation to Designated bank account opening, operation with reference to Sec 4(2)(l)(D) of the RERA Act for a Real Estate Project. Circular No 8 – RERA/ADM/CR-116/2019-20 issued on 07-01-2020 called R...
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Section 43 of The Real Estate (Regulation and Development) Act, 2016 contemplates establishment of the Real Estate Appellate Tribunal as a first appellate forum to deal with grievances against any direction or decision or order made by the Real Estate Regulatory Authority or by an Adjudicating officer, under the Act. In pursuance, thereof...
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Kerala RERA Rules Kerala Real Estate (Regulation & Development) Rules, 2018 Kerala has notified the Kerala Real Estate (Regulation and Development) Rules 2018 on 18th June 2018 vide GO (P) No. 46/2018/LSGD and has constituted Kerala Real Estate Regulatory Authority on 5th October 2019. Sri. P.H. Kurian IAS (Retd) has assumes charge as...
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Kerala RERA – Kerala has notified the Kerala Real Estate (Regulation and Development) Rules 2018 on 18th June 2018 vide GO (P) No. 46/2018/LSGD and has constituted Kerala Real Estate Regulatory Authority on 5th October 2019. Sri. P.H. Kurian IAS (Retd) has assumes charge as Chairman and Adv. Preetha P Menon has assumed charge as [...
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PART-1 THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016 Purpose of the Act: To established Real Estate Regulatory Authority for the followings: 1. regulation and promotion of the real estate sector 2. to ensure sale of plot, apartment or building, or sale of real estate project, 3. to protect the interest of consumers in the [&hel...
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The main objective of Real Estate (Regulation and Development) Act, 2016 (RERA) is to enhance transparency, accountability in the real estate related transactions by creating a systematic and a uniform regulatory environment, thereby protecting consumers’ interest and making promoters liable for timely completion of projects along with ...
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The General notion amongst the Builder Community is that The Real Estate (Regulation & Development) Act, 2016 (RERA) has been enacted to kill the Real Estate Industry. The strict regulations & the unending compliances have discouraged, daunted & disturbed the Real Estate Builders and Developers throughout the country. The smal...
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Circular No: 26/2019 -
(01/11/2019) -
With effect from December 1, 2019 every promoter applying to MahaRERA for registration of their real estate project, shall have to mandatorily disclose their membership details with a MahaRERA registered SRO....
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MahaRERA Order No. 12 -
(23/10/2019) -
MahaRERA has established MahaRERA Conciliation and Dispute Resolution Forum for resolving disputes between the allotees and the promoters to facilitate the resolution of disputes amicably. Accordingly, new application was introduced by MahaRERA for filing online applications before the Maharashtra Conciliation and Dispute Resolution Forum...
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MahaRERA Order No: 11 -
(23/10/2019) -
The complaints should be filed with MahaRERA, in accordance with Section 31 of the Real Estate (Development and Regulation) Act, 2016 read with rule 6 and 7 of The Maharashtra Real Estate (Regulation & Development) (Recovery of Interest, Penalty, Compensation, fine payable, Forms of Complaints and Appeal etc.) Rules, 2017 and the Regulati...
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Circular No: 25/2019 -
(11/10/2019) -
MAHARERA clarifies the transactions / projects which do not require MahaRERA Project Registration for Agreement for Sale / Sale Deed Registration. MAHARASHTRA REAL ESTATE REGULATORY AUTHORITY No. MahaRER/Secy /File No. 27/1004 Date: 11th October, 2019 Circular No: 25/2019 Subject: Clarification regarding Registration of Agreement for Sale...
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MahaRERA Order no. 10 -
(11/10/2019) -
In order to ensure greater professionalism among promoters, bring a certain level of consistency in the practices of promoters, enforcement of code of conduct and to discourage fraudulent promoters, it is proposed to introduce Self-Regulatory Organization (SROs) in the real estate sector in Maharashtra and register them with MahaRERA. Det...
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MINISTRY OF URBAN DEVELOPMENT notified on 24th November, 2016 under section 84 and in pursuance of sub-clause (iii) of clause (g) of section 2 of the Real Estate (Regulation and Development) Act, 2016, the National Capital Territory of Delhi Real Estate (Regulation and Development) (General) Rules, 2016. The Rule gives the detailed proced...
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A Real Estate project can be advertised after registration with concerned real estate regulatory authority subject to compliance of the necessary directions as per the provisions of The Real Estate (Regulation and Development) Act, 2016 (RERA). (1) The advertisement materials under RERA may include any materials describing the details of ...
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Section 15 of Real Estate (Regulation and Development) Act, 2016 Obligation of Promoter in Case of Transfer of a Real Estate Project to a Third Party Post enactment of the Real Estate (Regulation and Development) Act, 2016 (Act) is seeing consolidation in Industry for the reasons of – 1) Financial constraints in completing the devel...
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Basics of RERA The much needed Real Estate (Regulation and Development) Act, 2016 came into effect on 1st May, 2016. 59 of 92 Sections of the Act were notified on 15 April, 2016 making them effective from May 1, 2016. This enabled preparation of Real Estate Rules, setting up of Regulatory Authorities and other infrastructure. […]...
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M/S M3M India Pvt Ltd & Anr Vs Dr Dinesh Sharma & Anr (Delhi High Court) -
M/S M3M India Pvt Ltd & Anr Vs Dr Dinesh Sharma & Anr (Delhi High Court) Judgment in Pioneer Urban Land and Infrastructure Ltd. & Anr. vs. Union of India & Ors. constitutes the law declared by the Supreme Court under Article 141 of the Constitution, even in respect of the question raised in these […]...
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In past few years, we observed that there are many reforms has been taken place in large for development and smooth functioning the economy. One of them, regulation which we are taking up in this article is RERA i.e Real Estate Regulation Act, name itself reflects that this for regulating the Real Estate Transaction. Now […]...
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Government Notification -
(20/09/2019) -
No Registration of Property under projects which requires registration with MahaRERA till registration of project As per the Govt of Maharashtra notification dated 20th Sept, 2019, agreement for sale of any apartments will be done only if the project is registered or exempted from registration. In other words, the Agreement in respect of ...
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Recently, various Real Estate Developers had approached the Supreme Court challenging the constitutional validity of the amendment made in the Insolvency and Bankruptcy Code (IBC) which deems the status of allottees as ‘financial creditors’ under the Act. Very recently the Supreme Court upheld the said amendment in Insolvency and Bank...
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The Hon’ble Supreme Court (SC) in the case of Kolkata West International City Pvt. Ltd. v. Devasis Rudra passed a judgment stating that the homebuyers are allowed to claim refund from the defaulting builders/developers in case there is a prolonged delay in delivery of possession of homes. In the said case, the builder had failed to [&h...
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Key takeaways from 2 honourable Supreme Court judgments of 1) Amarpali & 2) Pioneer as pronounced on 23rd July 2019 & 9th Aug 2019 respectively for Real Estate Stakeholders The striking down of Article 370 by our honourable PM and HM at unprecedented speed has similar parallel in honourable Supreme Court also in last fortnight. [&...
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Applicability of RERA registration / Exemption of Real Estate Project and Real Estate Agent Section 3 & 9 of RERA (Real Estate Regulation and Development Act, 2016) Conditions for Registration / Exemption under RERA 1. The area of land proposed to be developed <= 500 sq meters(5382 sqft) 2. The no. of apartments proposed to be...
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A number of writ petitions were filed before the Hon’ble Supreme Court against the projects of various Companies of Amrapali Group in Noida and Greater Noida. In 2011, various housing projects were launched in Noida and Greater Noida by Amrapali Group of Companies to construct approximately 42,000 flats and it was assured that the deliv...
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The RERA Act came into effect from May 2016. Consequent thereto the State of Maharashtra notified the applicability of various provisions of the said Act from 1st May 2017. MahaRERA was constituted by the state of Maharashtra as an authority for enforcing the various provisions of the said Act. As soon as the said authority […]...
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Agents/ property dealers/ brokers play a major role in the Real estate sector, they are the ones who help the homebuyers in choosing the right kind of builder. They are the middlemen between Builders and Homebuyers. As per the RERA Act 2016, it is mandatory for all the agents to be registered withReal Estate Agent […]...
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The Bombay High Court while deciding the case of Lavasa Corporation that is developed under the township project in the Pune stated that RERA needs to apply for the cases based on the long-term agreements. The court has held that RERA applies to the said case wherein the citizens are seeking compensation due to the […]...
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Till now RERA has been set up in many states of the country. Maharashtra RERA (MahaRERA) leading amonst all, has disposed of the largest number of complaints and issued orders against the developers / builders for non-compliance of the law. MP-RERA, HARYANA RERA (HARERA) and the authority in other states is also leaving no stones [&hellip...
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The Real Estate (Regulation and Development), Act 2016 has been quite effective so far. The Authority has been taking strict actions against builders for non-compliance and violation of law. Pre-RERA, the promoters / builders resorted to unfair trade practices including delay in handing over possession by not delivering the possession on ...
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BACKGROUND: The REAL ESTATE PROJECT IS REQUIRED TO BE REGISTERED UNDER UTTAR PRADESH REAL ESTATE (R & D) RULES, 2016. TO UNDERSTAND THESE RULES ONE SHOULD HAVE BASIC UNDERSTANDING OF TWO IMPORTANT TERMS “ONGOING PROJECT” AND “PROJECT LAND”. “ONGOING PROJECT” [Under Rule 2(1)(h) of the UTTAR PRADESH REAL ESTATE (R & D) ...
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One of the most globally recognized sector i.e. the real estate sector ranks 3rd among the 14 major sectors in the country in terms of direct, indirect and induced effects in all sectors of the economy. The Real estate sector is an important pillar of the economy fulfilling the demand for infrastructure in the country. […]...
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IF YOU ARE REAL ESTAE AGENT IN UTTAR PREDESH THEN YOU NEED TO KNOW ABOUT REGISTRATION UNDER UP RERA AUTHORITY APPLICATION TO AUTHORITY AND DOCUMENT REQUIREMENT Every real estate agent required to register as per sub-section (2) of section 9 of the UTTAR PRADESH REAL ESTATE (R & D) Rules, 2016 (the “Act1”) shall make […]...
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Witnessing the real estate sector today, choosing a builder can be a very big and important task as your lifetime savings might be on stake, therefore, you are required to be a little more conscious and all that is needed is some good amount of research that will land you just in your dream home. […]...
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The Indian Real Estate is now experiencing rising transparency and discipline in property dealings . In 2013-18, residential property price appreciation in India bottomed out to a mere 12 percent – which effectively worked out to a little over 2 percent annually, even for properties at prime locations. In the unorganised real estate, th...
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One of the main causes of litigation against the builders in RERA is the delay in giving possession to the buyers. In that case, the buyers have only one way out i.e. taking appropriate legal recourse against the builder. Now that there is a separate authority for regulation of the Real Estate sector, the buyers […]...
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Q.1 What is The Real Estate (Regulation and Development) Act, 2016? Ans. The Real Estate (Regulation and Development) Act, 2016 is an initiative by Indian Government to enhance transparency in the real estate related transactions by creating a systematic and a uniform regulatory environment, thereby protecting consumers’ interest and m...
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Buying A Property?? Be Diligent & Do Due Diligence; Trust It’s Really Not Tough In 2011 a businessman purchased a flat from a local builder for Rs. 35 lacs; Rs. 15 lacs he paid in cash as down payment & Rs. 20 Lacs he paid through home loan (may be facilitated by the builder himself). […]...
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The Real Estate (Regulation and Development) Act, 2016 nationwide mandates the registration of the projects that are not complete and undergoing. MahaRERA addressing a case regarding registration of a project held that not having an occupation certificate does not mean that the building has to be registered with Maharashtra Real Estate Re...
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After coming into force of Real Estate Regulation Act (RERA) the Government also opened doors for more NRI investment in the Real Estate Sector. Earlier, the Non-Resident Indians [NRIs] use to think twice before investing in the Indian Real Estate market due to various reasons. But, today, RERA has become a reason for an increase [&hellip...
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There are a number of homebuyers who take the possession of the property even when the completion certificate has not been issued to the builder in respect of that property. But, should one really go ahead in such a case? The dilemma is not really worth it. A Completion certificate is a legal document that […]...
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The Real Estate (Regulation and Development), Act, (RERA) came into effect from May 1, 2017 and recently marked its 2nd anniversary. 2 years after the RERA was enacted, the implementation of the legislation intended to bring about transparency and regulate the highly unorganized real estate sector still remains a work in progress. The R...
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Using deceptive terms to deceive home-buyers is a common practice in the real estate industry. The terms usually used by the developers in the Builder-Buyer Agreement can be tricky for those who don’t understand their actual meaning. Here are some of the important terms every investor/home-buyer in the real estate industry shall be awar...
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The new legislation Real Estate (Regulation and Development) Act, 2016 (known as RERA) was enacted with the aim of protecting the interest of the Real Estate sector and specially the buyers. Before this law was enacted real estate buyers were exploited by builder mafia in many ways like (a) property was never handed over to […]...
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Misleading ads are a menace and their have been no specific laws to deal with it. Similarly, real estate have been unregulated for decades together and introduction of The Real Estate (Regulation And Development) Act, 2016 (RERA). Though, still it has to be seen whether the purpose has been achieved in spirit but the delivery […]...
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Circular No: 24/2019 -
(04/06/2019) -
Whereas, in accordance with Section 15 of the Real Estate (Regulation and Development) Act, 2016, the promoter shall not transfer or assign his majority rights and liabilities in respect of a real estate project to a third party without obtaining prior written consent from two-third allottees, except the promoter, and without the prior wr...
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The Real Estate (Regulation and Development) Act, 2016 (RERA) RERA was enacted for regulation and promotion of the real estate sector. Further, to ensure sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in […]...
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Suresh V Swamy v/s Larsen & Turbo Limited (MahaRERA, Mumbai) -
Recently in the case of Suresh V Swamy v/s Larsen and Turbo Limited, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has given its judgment which has clarified certain questions of law which were in debate since long. In this article, we have made an attempt to summarize the key questions answered by MahaRERA through it judgme...
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Additional Disclosures on the Webpage on the website of Authority and Project Land Site; in addition to Section 4, 11, of the RERA Act and Rule 3, the promoter shall upload following details on his webpage on the website of the Authority;...
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Sec 4 of the Real Estate Regulation and Development Act 2016 mandates every promoter to open and maintain the Project wise bank account in Scheduled Bank Objective and Intention of the Act is to ensure the money collected from the Allottees for the Specific project shall be utilised for the specific project and to avoid […]...
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In exercise of the powers conferred by section 84 of the Real Estate (Regulation and Development) Act, 2016 (Central Act No. 16 of 2016), the State Government, has made the Rajasthan Real Estate (Regulation and Development) Rules, 2017 enacted from May 1, 2017. FORMS (Link to download forms – http://rera.rajasthan.gov.in/Home/Downlo...
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Functions of Real Estate Agent (Sec. 10) The Real Estate (Regulation and Development Act, 2016) Every real estate agent registered u/s 9 shall:- a) Not facilitate the sale or purchase of any plot, apartment or building, in a real estate project or part of it, being sold by the promoter in any planning area, which […]...
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MahaRERA Order No: 8119 -
(28/03/2019) -
Therefore, it is felt necessary to issue necessary direction which shall be followed for revocation of project registration and thereafter- MahaRERA shall only consider those complaints for revocation of project, when Association of Allottees is involved....
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Real Estate (Regulation & Development) Act, 2016 Objective To establish the Real Estate Regulatory Authority. Regulation and Promotion of the Real Estate Sector; To ensure sale of plot, apartment or buildings or sale of real estate project in an efficient and transparent manner; To protect the interest of the consumers in real estate ...
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Government of India has enacted the Real Estate (Regulation and Development) Act 2016 and all the provisions of the Act have came into force with effect from May 1, 2017. Under this Act, Government of Rajasthan has notified the Rules namely Rajasthan Real Estate (Regulation and Development) Rules, 2017. The State Government, vide its Orde...
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The Real Estate (Regulation & Development) Act, 2016 has come into force on 1st May, 2016 and as per the provisions of the Act, the state government has to form the rules and incorporate the regulatory authority within 1 year from the enforcement of the same so as to regulate the real estate sector in […]...
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