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June 01, 2019

UP-RERA to set up SIT to investigate Unnati Fund Diversion

UP-RERA has requested the State Government to institute a SIT (Special Investigation Team) to track how and where Unnati Group has diverted the funds of Rs.147 Crore raised from the buyers. As per the sources, it is known that the amount was generated by allotting over 100 flats each to two or three buyers. UP-RERA officers assured the buyers that it would not affect the progress of the work in Phases 3, 4 and 5 which will be completed by a co-builder following Section-7 of the RERA Act, 2016, which makes provision for UP-RERA to step in and facilitate completion of abandoned projects

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RERA Karnataka to appoint private entity to find out unregistered projects in the state

March 31, 2018

KRERA is planning to appoint a private entity to identify unregistered project in the State. The private entity firm will find out the ongoing projects and new launches which are not registered in RERA yet. KRERA has issued tenders for invitation of application for appointment of consultancy. The private entity will be submitting a detailed report to the authority by conducting ground level survey for identification of unregistered projects. “We are planning to execute the project on a trial basis for a month,” said P Sunil Kumar, secretary, RERA. RERA was using the plan sanction certificates issued by BBMP as preliminary information and was planning to send the surveyor to the address for physical verification. “We will scale up the project with more effective tools and expand it to the rest of Karnataka gradually,” said Kumar. For More Visit: www.rerafiling.com

How can Real Estate Agents work with RERA?

July 10, 2017

The Real Estate ( Regulation and development ) Act to come into force in India on 01 May 2017. Real estate agents are the nerve of real estate industry.They are the mediators facilitating transactions between builder and buyer. Section 9 and 10 of act covers real estate agents. Under RERA provisions , all brokers are mandatory required to get registered with the concerned state-level regulatory authorities. Real estate agents will be given a registration number by the authority which will be valid for 5 years and will be quoted in every transaction facilitated by him. The act states that only registered are allowed to function in the real estate market. RERA puts into loop all real estate brokers dealing in under construction projects. Along with registration, real estate agents are also captured in penalty circle under RERA Regime. Real estate agents will be penalized if they will falsely represent any information regarding the project to buyers.The penalty will extend

RERA Bihar - No registration of on-going projects without RERA number

September 02, 2018

In order to prohibit builders to pass on the ownership to the buyers by registering the incomplete projects with the registration department, Bihar Real Estate Regulatory Authority (RERA) has asked the state registration department not to register any ongoing projects without RERA registration number. According to Afzal Amanullah, Bihar RERA Chairman “The registration of incomplete flats or apartments put the real estate buyers in a very disadvantaged position as the developers refuse to complete their obligations once the registration was done. Therefore, we have requested the registration department not to register incomplete projects and the projects which don’t have RERA number.” July 31 st , 2018 is the last date to register ongoing projects with RERA Bihar with a late fee of Rs. 4 lakh or 400% of the registration fee, whichever is higher. For more visit: www.rerafiling.com