Rera Filing

It looks like homebuyers in Maharashtra are furious and can’t stop complaining to the Authority about their problems. The number of complaints has now crossed 600 and are increasing rapidly with the passing of each  day ! The filing of complaints saw a significant increase since MahaRERA announced their first order in favor of a homebuyer and penalized the builder. The homebuyers of the state are looking to get their dues with the help of the Authority. To file a complaint to the MahaRERA Authority, there is a compulsory fee of five thousand  rupees !  The fee for complaint is remarkably more compared to the fees charged by other RERA Authorities. However, the MahaRERA Authority is also disposing the complaints at a much greater pace than   other state   RERA Authorities.  For More Details visit: RERAFILING

The Centre is forming a 31-member advisory Council to ensure better implementation of the Real Estate (Regulatory and Development) Act across the country. The Council is expected to include secretaries from ministries, state representatives and other notables from the real estate sector. The Council will guide the Central government on all the matters regarding RERA in different parts of the country. It will also overlook the status of implementation of the Act. Notably, states like Goa, West Bengal and Arunachal Pradesh still lack implementation of the Act.  For More Details visit: RERAFILING

The Real Estate (Regulatory and Development) Act was implemented in May 2017. The Act was delayed and was implemented in Karnataka in the end of July. The Authority launched the website on 24 th  July and saw a good response for registrations of both real estate agents and promoters. Also there were complaints lodged by homebuyers to the Authority for projects that lacked timely deliverance. There have been a total of 80 complaints in the state, mainly for Bangalore. However, the numbers are still low compared to the amount of complaints that have been received by other state Authorities. The Authority needs to dispose the complaints within 60 days of the filing of a complaint, which is yet to be done by the Authority.    For RERA Registrtation visit: RERAFILING   

The Goan government has been really slow in implementing the Real Estate (Regulatory and Development) Act. The RERA Act was implemented in the Country from May of this year, following which many states observed its proper regulation whereas, other states lacked the presence of Regulatories. Goa was one state which extended the deadline for registrations even before the final notification of the rules. Now with only 40 days left for the deadline, the cabinet has still not produced the final notification of the rules which has left all the developers of the state wandering.   For RERA Registration visit: RERAFILING

The Real Estate (Regulatory and Development) Act has been on a roll throughout the country since its implementation in May earlier this year. However, there are some parts of the country which still lack the presence of the real estate Act. One of them is Odisha, where the industry has been strongly hit due to poor implementation of the Act. There has been no guidance for promoters and brokers in the state about the Act. As there are no projects with RERA number, promoters are unable to advertise leaving the businesses in trouble. The president of CREDAI Odisha, DS Tripathy also raised his concern over the Real Estate Industry’s situation in the state speaking at a press conference. For RERA Registration visit: RERAFILING

MahaRERA, on Tuesday released the final order for another complaint which was filed against the real estate developers, Lodha group. The complainant, from Maharashtra had booked a 2BHK flat in the builder’s project named, Ultima. The complainant further cancelled the booking and requested the builder to refund the booking amount, which was in this case Rs 1,08,000. The builders however did not return the amount and the homebuyer had to file a complaint to the Authority for same. On Appearing in the court, Lodha Group agreed upon refunding the money back to the buyer. The complainant on receiving the amount did not wanted to take the case further and thus the MahaRERA Authority disposed off the complaint in favor of the homebuyer.   For RERA Registration visit: RERAFILING

The Chairman of Maharashtra’s RERA Authority, Gautam Chatterjee, speaking at NARDECO’s summit announced that most of the ongoing projects in the state of Maharashtra are now registered with the Act. Giving out some actual figures, he said, the Authority has received applications for ongoing types of approximately 13,000 projects. 400 applications have been received for new project registration. Out of the total 13,400 applications, MahaRERA has already provided certificates to 13,300 projects. The Authority has also started to dispose complaints filed with them. For RERA Registration visit: RERAFILING

The Real Estate (Regulatory and Development) Act was passed by the Rajya Sabha on 10 th  March 2016 and by the Lok Sabha on 15 th  March 2016. RERA was brought in the country due to the lack of any regulatory in the real estate sector, and had become a necessity because of the increasing corrupt practices of the workers of the industry. The Real Estate (Regulatory and Development) Act is a consumer friendly Act and aims to provide transparency between the homebuyers and the builders. RERA has also made it mandatory for Real Estate Agents, or brokers to register themselves with the Central’s Act to further perform their functions. The Authorities of different states will be responsible for keeping a track on both builder’s as well as broker’s activities. And if any of them is found breaching the Act’s rules, the RERA certificate of those developers will be revoked. The Central’s RERA Act was passed to the cabinets of the states to notify the rules and implement the Act from

The Indian economy in the past year has gone through a massive makeover, and especially the real estate Industry. Starting from Demonetization in late 2016 and then moving to Goods and Service Tax midway 2017. And now, most recent being the Real Estate (Regulation and Development) Act or widely termed as ‘RERA’. Undoubtedly, all the factors are headed to make a positive impact on the Country’s economy in the long run, but, only with a certain contribution from present market customers. Impact of GST:   The Goods and Service tax came into force on 1 July 2017 and substituted all the indirect taxes applicable on all utilities. The GST, which has already been adapted by most of the countries received a positive response from both the producers as well consumers in the Country as it is expected to raise the GDP of the country in near future. The real estate sector also welcomed the new tax regime as it will benefit both the real estate developers as well as homebuyers. Ac

MahaRERA on Friday issued an order regarding the conclusion of the Meeting held for deciding the penalties on applications received after 16 th  August 2017 for ongoing projects. The Authority has decided to keep the penalty amount same for the project applications between 16 th  August and 31 st August. However, the amount of penalty on ongoing project registrations from September onwards will be twice as much of the previous amount, i.e., Rs 2 lakhs or an amount equivalent to double the registration fee, up to Rs 10 lakhs. Around 800 ongoing project applications have been received between 16 th  August and 31 st  August, which will have to pay a minimum Rs 1 lakh penalty and about 54 applications of ongoing projects have been received since the beginning of September, which are required to pay double penalty. For More Details visit: RERA FILING

Gautam Chatterjee, chairman of the Real Estate Regulatory Authority of Maharashtra, has advised the RERA Authorities of different states to cope together with the problems arising in the real estate sector. Pointing specifically to the Jaypee’s case of insolvency, he said that Authorities together need to find solutions to the problems which block the RERA Act to protect consumer’s rights. Speaking at a press conference in Mumbai, Chatterjee also gave an account of the complaints that have been received by the MahaRERA Authority and how they will ensure justice to homebuyers of the state. For More Details visit: RERA FILING

The Karnataka RERA Authority has issued notices to more than 300 promoters of the state for not registering with the Real Estate (Regulation and Development) Act. The Authority will provide the builders with a limit of seven days to mention the valid reasons for their delay in registering. The penalties then imposed can be as high as 10% of the project cost. Around 1,100 project registrations have been applied, out of which the Authority has only approved mere 12 projects. For More Details visit: RERA FILING 

Maharashtra, with the help of the stiff rules of the Authority, MahaRERA, has topped the numbers of registrations of the Real Estate (Regulation and Development), Act in the country. The state RERA Authority has been strict ever since the Act was implied in May, earlier this year. There have been approximately 13,000 ongoing projects registered till now in the Maharashtra state, against the total 18,000                                                                       in the country. MahaRERA was also the only Authority to directly fine charges after 31 st July, 2017 without extending the deadline. There have also been 55 complaints filed by the real estate buyers of the state until now. For More Details visit: RERA FILING