Rera Filing

The Central Government has taken a prominent decision by scaling down GST from 12% to 8% on affordable homes. This generous percentage of GST rate cut, which is introduced under Pradhan Mantri Awas Yojna ( PMAY ), can pertinent only to those homebuyers who will purchase houses using the Credit-Linked Subsidy Scheme (CLSS). PMAY  was introduced by Prime Minister Narendra Modi on June 1, 2015, with the sole objective of providing affordable housing to the urban poor.  Besides that, CLSS is one of the components which comes under  PMAY . In this scheme, the Central government offers certain interest subsidy to only those customers who meet some particular criteria. CLSS provides various limitations which must be fulfilled to be eligible for these benefits. But who doesn’t meet the requirements will continue to pay 12% GST for the same house. What does this scheme say?  Indian homebuyers, who are impoverished, are seeking a leg up from the government to make their dream home. Hence

Gujarat government was lagging behind the rest of the states in introducing its RERA website. On the other hand, other states were taking the lead in the registration process. Notwithstanding, it doesn’t make this Gujarat state any less in the same process. RERA registration in Gujarat started on 10 th  July 2017 and right from then, it has completed registration of almost 1426 projects and approx 410 agent registrations. for more visit www.rerafiling.com

3 weeks back, a drive was started off by RERA Karnataka to draw builders’ attention on their non-registered projects and to extract details of these projects. Now, within a month; builders from Karnataka have given prompt reaction to RERA Karnataka’s stringent action of putting 780 real estate projects on its website under the warning disclaimer. Several clarifications and required documents have been provided by these builders to RERA authority. Now 623 projects, out of 780, have been removed from RERA Karnataka’s web portal and 148 new projects have been added to that category. Therefore, this makes a current total number of projects 305. for more visit www.rerafiling.com

Tamil Nadu Real Estate Regulatory Authority (TNRERA) will be going to appoint a chairperson and two other officials shortly. S. Krishnan (Principal Secretary (Housing)) has been assigned as the authority on the temporary basis. Right now, a former judge of the High Court, B. Rajendran is functioning as the chairperson of the Real Estate Appellate Tribunal and Andaman and Nicobar Islands will come under the jurisdiction of both RERA and this Tribunal. The main concern of this authority is to appoint only those who have “no financial interest” and “persons of integrity beyond question”.  for more visit www.rerafiling.com

TNRERA   has generated data on its web portal which stated that 28 new housing projects have been registered by this authority till 18 January; additionally, 18 projects, out of 28, are from Chennai and its peripheries. Therefore these new projects have taken the number of housing projects to more than 300 since the inception of this authority which was on 22 June 2017.  for more visit www.rerafiling.com

Residents from Haryana got a sudden burst of happiness as a temporary H-RERA’s (Haryana RERA) Gurgaon office will start its functioning from February 1, 2018, but, above all, permanent office will come up after 6 months. This temporary office will have different wings like; legal, administrative, accounts, complaint and registry. Apart from these wings, H-RERA will also be headed by a session’s judge. Functioning of this authority will be carried by 52 officials initially and this number will get higher with each passing days. For resolving one particular issue, H-RERA would take maximum 60 days time period. for more visit   www.rerafiling.com

The government of India has enacted the Real Estate (Regulation and Development) Act 2016 and all the provisions of the Act have come into force with effect from May 1, 2017. Owing to the new guidelines, every state is liable to establish Regulatory Authority (RERA) which will supervise all the activity of Real Estate sector. To comply with these rules, the Andhra Pradesh Real Estate (Regulation and Development) rules were notified on 27 March 2017. Obligations of an agent: In case of the real estate agent, he shall provide assistance to enable the allottee and promoter to exercise their respective rights and fulfill their respective obligations at the time of booking and sale of any plot, apartment or building. He shall also maintain and preserve books of account, records and documents in accordance with the provisions of the Income Tax Act, 1961. Registration fees for Agents: In case of individual Real Estate agents of Andhra Pradesh shall pay Rs. 10,000 as a registrati

Great relief to builders and promoters has been given by Uttarakhand government. The state government decided to not to charge late fees. Prior to this scenario, builders and colonizers had to register themselves until 30 September 2017 to avoid extra charges late. But now the deadline has been extended up to 28 February 2018. In another case, ambiguity arose because of the implementation of GST as traders were not very clear about this concept and got confused. Nevertheless, traders heaved a sigh of relief as the last date for filing their annual return has been extended by a period of 3 months. The deadline for the traders will be 31 March 2017.  for more visit www.rerafiling.com

Before the implementation of RERA, consumer forums were the only authority to make an appeal. These forums were dealing with the case from the district, state or national level to provide relief in cases of cheating. However, the introduction of RERA got the limelight in its initial phase and homebuyers would move to this authority. Since RERA will not deal with projects that have got their occupancy and completion certificate before 1 July 2017 RERA has its own limitations. Furthermore, the consumer forums are the only remedy on which homebuyers can bank upon as certain states are yet to adopt this RERA Act. for more visit www.rerafiling.com

Two IAS officers were appointed by Haryana government as a head of the Gurgaon bench and as a chief of the Panchkula bench. In spite of that these officials are not able to assume charges due to the sluggish process of Voluntary Retirement Scheme (VRS), which they need to, opt before occupying their designated RERA post; moreover, Haryana RERA website is in the same condition which is still being developed. This status of Haryana RERA has thrown home-buyers confusion as they don’t have any clue about how they should lodge complaints and who should they approach with their grievances!  for more visit www.rerafiling.com

Complainant Arif Shaikh filed a complaint against Pune-based builder in connection with the registration details of their ongoing project. Shaikh alleged that he and his father have one-sixth of the project title, interest on the property and undivided right but Respondent intentionally suppressed the injunction order to restrain the promoter from encumbering or creating any third party rights pertaining to their share in the property. The sole motto behind this ruling is to help homebuyers so that they can easily access the information. for more visit www.rerafiling.com

HN Vijay Raghava Reddy, National President of Builders Association of India (BAI), told about how construction and real estate sector was going through a lot in the absence of regulatory reforms; however, some reforms like RERA has also serious failures at the implementation level as the government of some states are taking advantage of flexibility given by the central government. He also put forward some suggestions for promoters’ consideration that being small or big player doesn’t matter now. Being organized and adhering to the rules, having proper project development plans and capital procurement systems are the new surviving techniques in the realty sector.   for more visit www.rerafiling.com

The balloon  of uncertainties has been burst out as RERA explains the ‘carpet area definition’. Lately, homebuyers were suffering because developers were not disclosing about carpet area and what quote price would be based on this (carpet area). This led to numerous problems which were faced by homebuyers. They were paying hefty amount without even knowing the exact area. This whole thing was ended up in consumer courts for legal action because no one wants to pay what one is not getting. To minimize these kind of cases Real Estate Regulatory Authority made it compulsory for developers to make the customers aware of the land area and stated that “henceforth, developers are legally bound to disclose that how many units of carpet area will be sold and what quote price will be decided on the basis of carpet area”. Now “carpet area” definition has been fixed and builders can’t make any excuse. As per the guidelines, which has been directed by RERA, ‘the carpet area is defined as the

As transparency, timely delivery of project, accountability and organized development have been brought by RERA these things are acting as a great confidence booster for prospective home buyers. Moreover, this has been proved by recent figures which show that 45% of homebuyers are looking to purchase homes in the first quarter of 2018. Last year the central government granted infrastructure status to affordable housing projects and this step brought 27 % increase in the supply of newly constructed affordable homes in first 3 quarters of 2017. Lately, the inflation rate has shown stability, therefore, lending rates have started to calm down.   for more visit www.rerafiling.com

TNRERA’s (Tamil Nadu Real Estate Regularity Authority) web portal has generated the data of 186 real estate agents who have now come under its ambit. The preponderance of agents, who are registered with   TNRERA , is based in Chennai and 151 in numbers. The bunch of 186 agents is categorized under 2 heads. The category of the firm has taken 109 agents while 77 persons have registered as individuals with the state’s real estate regulator. To obtain RERA certificate agents need to comply with some obligatory disclosure of maintenance of records, books of account and documents with the provisions of the Income Tax Act, 1961. for more visit www.rerafiling.com

Vice President of India Venkaiah Naidu shared his views on RERA while inaugurating 28 th   convention of the Builders’ Association of India in Bengaluru. He strongly supported RERA by stating that it seems to be strangulated only for those “fly-by-night operators” who have been misusing the customer’s confidence in them but RERA is not breaching civil liberties. He further added that he is very much aware of contractor’s problems and certain difficulties which are facing by them; therefore, NITI Aayog has initiated steps to form a committee of all stakeholders to bring out unified standard contract document.  for more visit www.rerafiling.com

RERA’s strategy to establish dominion over malpractices of culprit developers and promoters is working effectively as corporate developers are opened up to joint ventures with realtors who have credible track records and a strong brand name. This scheme has unbarred a potentially lucrative business opportunity for corporate entities and new entrants/emerging companies. Moreover, banks who have an increased number of NPA (non-performing assets), are looking for “government-oriented companies” to monetize these assets. Now large corporate entities are not limited to one option; therefore, they have plans to expand their real estate portfolios. In the wake of this, they are contacting several developers and landowners to enter the residential market.  for more visit www.rerafiling.com

Having enough of builder’s sluggish behavior, Goa government has decided to reject CREDAI’s (The Confederation of Real Estate Developers’ Associations of India) request for on-going real estate projects’ extension till April. CREDAI was seeking 90 days extension period from the launch of RERA registration portal. However, it got rejected by the state government and CM  Manohar Parrikar  said that agents and builders have got enough time to study the Act.  Hence, from August   until today , they have known everything and consequently, builders and agents must strictly adhere to 24 February 2018 to register their underway projects.   for more visit www.rerafiling.com

Maharashtra is on a mission to resolve all disputes in their initial phase and to comply with such motive MahaRERA has established a forum of 33 conciliators. This forum is made up of 15 teams with 2 members each in which one is from realty developers’ industry body and another one is from consumer forums to represent home buyers. To deal with any shortfall due to anonymous reason, this regulator has also appointed 3 extra conciliators who will be the part of these teams. 10 conciliation teams, out of 15, will look after homebuyers’ plea from Mumbai and rest 5 teams will take care of real estate queries from Pune.  for more visit www.rerafiling.com

The state court acted promptly on homebuyer’s plea and revoked an order, which was issued by MahaRERA on 28 November 2017, by saying that the order is illegal and asked MahaRERA to reassess the petitioner’s claim and pass a well-thought-out order. The complainant argued that MahaRERA had just copied the developer’s arguments without even considering real facts and situation. In this case, the developer claimed that his project had been started in 2009 but was delayed due to change of law, incorrect classification of the plot as CRZ II and administrative conflicts. So he is not liable to pay any compensation as these reasons beyond his control. for more visit www.rerafiling.com

Brand Capital and Brand Estate of The Times Group organized a conference in Navi Mumbai for the sake of developers. Brand capital is the investment arm of the Times Group. Here experts exchange their views and put some opinions in front of developers. They are confident about RERA act feasibility in realty sector as 2017 was the year of formation and implementation of some taxes and acts like GST, RERA   and   demonetization but 2018 will give benefits to developers and homebuyers as RERA Implementation brings transparency and profitability moreover these things are needed to fuel the sales.  for more visit www.rerafiling.com

The government of India has enacted the Real Estate (Regulation and Development) Act 2016 and all the provisions of the Act have come into force with effect from May 1, 2017. Owing to the new guidelines, every state is liable to establish Regulatory Authority (RERA) which will supervise all the activity of Real Estate sector. To comply with these rules, the Uttarakhand Real Estate (Regulation and Development) rules were notified on 28 April 2017 and registration has been started on 1 May 2017 through offline mode. PROJECT Mandatory disclosure in case of the project: In case of the project, some mandatory disclosures by promoters of the ongoing project are mentioned here. The original sanctioned plan, layout plan, the total amount of money collected from the allottees, the status of the project including the original time period disclosed to the allottee for completion of the project at the time of sale. It is mandatory to deposit 70% of the amounts realized for the real estat

A bitter situation will arise for Realty Sector brokers from Maharashtra because MahaRERA has decided to jump down censurable broker’s throat by issuing notice for property brokers’ registration soon. Some facts and statistics have been disclosed by Confederation of Real Estate Brokers Association of India’s (CREBAI) Maharashtra which stated that; until now, 7,000 property brokers have already registered with  MahaRERA . Hence, it can be drawn from above-mentioned facts that as of now, the registration process of 12% Real Estate brokers has been done with the authority.   The chairman of MahaRERA, Gautam Chatterjee has expressed concern over this bleak registration statistics of the brokers. These figures showcase very poor registration numbers thus MahaRERA will be going to do broker’s registration mandatory. This obligatory process of registration comes in the wake of flout brokers’ wrongdoings. It has seen that many brokers make sky-high promises to lure more homebuyers withou

To skip heavy penalties and rigorous imprisonment,  TNRERA  directed all concerned real estate and building owners to register their properties under RERA Act. The new guidelines stated that without obtaining consent from RERA authority no one should involve in development and sale of any building or real estate project having development or built-up area of 500sqm moreover if the number of units exceeds eight one should register this project with this authority. Now every certified building owner or promoter has their registration number which they got under RERA. This number must be mentioned with their own advertisement while doing sale and development of the particular property. for more visit www.rerafiling.com