Rera Filing

Himachal Pradesh  has been a part of the trend in delaying the final notifications of the  Real Estate (Regulation and Development)  Act. The State Cabinet notified the final rules as well as implied the Act on August 22, 2017 against the deadline of 31 st July, 2017. The enforcement has made it mandatory for the agents and promoters of the state to register themselves with the Act as soon as possible. The Cabinet also launched an official website for the real estate developers of the state to make the process quick and easy. Here is the complete fee structure for Promoters of Himachal Pradesh – The promoter shall pay a registration fee at the time of application for registration by way of a demand draft or through online payment mode, as the case may be, for a sum calculated at the rate of,- (1) In case of group housing project – Rs 2 per square meter for projects (excluding area under roads, paths and other civic amenities) where the area of land proposed to be de...

Haryana notified the final rules of the Real Estate (Regulation and Development) Act on 28 th July 2017, just three days prior to the deadline for project registrations. However, the deadline was extended to an unspecified date as no penalties were imposed on the projects registering thereby. A total of a little more than 500 projects have registered with the Haryana RERA Authority since its implementation last month, out of which only 90 have been approved. Also a total of 100 complaints have been filed by the homebuyers with the Authority. Notably, all the process in Haryana is only offline until now as there is no official website of the Authority, unlike other states. For More Details visit: RERA FILING

The Ministry of Housing and Urban Development has filed a petition to the Supreme Court of India to shift all the cases against the Real Estate (Regulation and Development) Act to a solo court. There are approximately three dozens of such cases scattered across different states ofthe country. Most of the cases against the real estate Act have been filed due to the issue regarding the involvement of ‘ongoing projects’. The builders want the exclusion of the projects from the Act that had started before its existence. The Real Estate (Regulation and Development) Act had been imposed in the country from May 1, 2017. For More Details visit: RERA FILING

The officials from the Rajasthan RERA Authority and the Jaipur Development Commissioner in a meeting held on Monday, has decided the penalty that will be imposed on the promoters who have missed the deadline, set as 31 st July 2017. The projects registering till 31 st August will have to pay a registration fee, four times to that of the previous one. The registration fee is categorically divided among the state, which makes it complex for the builders to understand as to how the implementation of the fine will proceed. The officials also reported that the penalty will further be extended for the promoters not registering within the extended                                         deadline.                                         For More Details visit: Rera Filing

The official online portal for registrations of promoters as well as builders under the, Real Estate (Regulation and Development) Act, in Himachal Pradesh was launched by the Honorable Chief Minister Sh. Virbhadra Singh, today. As the deadline for the registrations of projects have already passed, the Authority is expected to provide a months time to all the promoters of the state to get on board with the Act. The website will also enable the buyers to lodge a complaint against the untimely delivery by the real estate developers.                                                        For More details visit: RERA FILING

The Maharashtra RERA Authority, MahaRERA, has been the most active RERA Authorities among all.  MahaRERA has been aligned with all the rules and regulations of the  Real Estate (Regulation and Development) Act  and has kept up with the all the necessities. Also due to the fine performance of the authority, MahaRERA has been made responsible forconducting operations of Dadra and Nagar Haveli, and Daman and Diu as well. The required details for these territories have also been mentioned on the authority’s website. The fee structure for promoters in the state of Maharashtra according to RERA is as follows :      The promoter shall pay a registration fee : Calculated on the area of the land proposed to be developed at the rate of RS. 10 per  sq.m, subject to a minimum of Rs.50,000 only and a maximum of Rs.10 lacs. The deadline for registrations of the project was 31st July 2017, which was not extended by the authority, unlike the other stat...

According to an official of the RERA regulatory authority of Maharashtra, the MahaRERA Authority, which is in charge of registrations in the state of Maharashtra, is set to take some severe actions against the realtors who would  have not  registered with the RERA Act by 31 st  August,  2017. The projects registered in August have already faced penalties for delayed registrations, but with the end of the month of August, any ongoing project sans registration will be dealt with stern consequences which might also include legal charges. For More Details visit: RERA FILING

Chandigarh was one of the first cities to properly adopt the RERA rules in October, the previous year when it was introduced by the Ministry of Urban Development. The city also had governed the  Real Estate (Regulatory and Development) Act  on a pilot basis at the same time. But since then, there was no sign of any progress on the Central’s Act and in turn, the real estate developers have struggled to get registered with the mandatory Act and the rules existed only on papers. The Fee structure for the promoters, as stated in the rules notified is as follows : The promoter shall pay a registration fee at the time of application for registration by way of a demand draft or a bankers cheque drawn on any scheduled bank or through online payment mode, as the case may be, for a sum calculated at the rate of, (a) In case of group housing project – Rs 5 per square meter for projects where the area of land proposed to be developed does not exceed 1,000 square meters or Rs 10 per sq...

The Confederation of Real Estate Developer’s Association of India (CREDAI), has attempted to get the Prime Minister’s supervision towards the most critical issue of the real estate industry at present, the Real Estate (Regulatory and Development) Act, which came into force in May this year. The Association has also asked Reserve Bank of India for it’s guidance on the same issue. After taking the account of the status of the newly introduced Act, it was necessary for the Association to do so as most of the states have delayed the implementation of the Act and others don’t have proper Authorities for the same. For More Details visit: RERA FILING

National Real Estate Development Council (NAREDCO) is the apex body of real estate sector, under the aegis of Ministry of Housing and Urban Affairs, Government of India. It is holding the 14th National Convention on “ Indian Real Estate” in New Delhi. The two-day event will beattended by the giants of the real estate sector of India. The highlight of the event will be the effects of RERA on the real estate industry. The other important discussions will be about post demonetization and GST impact on the sector. For More Details visit: RERA FILING

The Uttar Pradesh’s RERA deadline for promoter registrations have to come an end, and there will be a categorized increasing penalty on all the projects registering now onwards. The penalty will be increased with a gap of every fifteen days to 1%, 5% and 10% respectively. The website has already faced some backlash over it’s sluggish working, which might compel the Authority to think upon further extension or modify current fines.                                                              For More Details visit: RERA FILING

Real Estate (Regulation and Development)  Act, widely known as RERA, has taken the whole real estate industry by storm, and is still a fresh issue. Since most of the states seem least interested in completing the implementations of the  RERA Act , Uttar Pradesh however late, but managed to be on track just before the deadline appeared. The  UP RERA  online portal, began operations on 26 th July, notably just five days before the Central’s deadline of 31 st , July 2017. The fee for registrations of promoters has been set by the  UP RERA  according to the category of project. According to the rules notified by the State Cabinet of UP, the fee format of promoters is as follows – The promoter shall pay by way of a demand draft at the time of application drawn on any nationalized or scheduled bank, a sum calculated at the rate of :  Rs 20 per sq.m for commercial projects where the area of land proposed to be developed does not exceed a thousand sq.m and Rs ...

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. All Real Estate Agents should register under this Act. No real estate agent shall facilitate the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or part of it, without obtaining registration under this section. RERA in Uttar Pradesh has started their operations online from 26 July 2017. Registration Fees of  RERA in Uttar Pradesh  for real estate agents Real estate agent shall pay a registration fee at the time of application for registration through online mode at the time of online registration, for a sum of Rs.25,000/- in a case of the applicant being an individual or Rs.2,50,000/- in the case of the applicant being anyone other than an individual.   ...

The Confederation of Real Estate Developer’s Associations of India held a convocation of its members in London this past week considering the future of India’s Real Estate Industry. The discussion was held regarding the opportunities and scope of the Real Estate sector in Indian as well as foreign markets, especially Britain. However, the most talked-about issue came out to be the newly imposed Real Estate (Regulation and Development) Act. The main concern was the lack of clarity that the Authorities have provided to the Real Estate Developers and the definition of ‘ongoing’ projects stated in the Act. The delegates demanded that there should be more clarity on the ongoing project registrations and the deadlines to be made flexible. For More Details visit: RERA FILING

Maharashtra RERA Authority, MahaRERA, has announced the penalized amount for the projects that were registered on and after 3 rd August 2017 with the concerned Authority. There will be an imposed fine of minimum Rs 1 lakh which can go up to Rs 10 lakhs depending upon the size of the project, whichever comes to be bigger. This penalty will also remain valid for registrations done till 16 th August. Applications collected after that will be heard individually by MahaRERA, which will decide the penalty accordingly. For More Details visit: RERA FILING

With the beginning of RERA registration in the state recently, Tamil Nadu government is trying to secure that all measures are taken care of and leave no stone unturned.  With a late start to the registrations, the builders have already been worried for the deadline. The restriction on advertising will force all the builders to get registered with TN RERA as quick as possible. After successful registration of the projects, the builders will also have to put their registration number, provided by the Tamil Nadu RERA                                                                        Authority, on the future advertisement releases.                                                 ...

A Parliamentary Committee has instructed The Ministry of Housing and Urban Affairs to look after the states who have diluted the Central’s RERA guidelines and direct them to revise the rules. This comes after states like Uttar Pradesh had diluted the RERA rules which made an escape route for the real estate developers and eased their way out. If the ministry follows Committee’s instructions thoroughly, it can make a huge impact on all the existing State RERA Authorities as well. This will also give a clue to other states to notify RERA rules carefully, who have not yet notified them. For More Details Visit: RERA FILING

Maharashtra RERA Authority, MahaRERA has been the only RERA Authority in the country to withstand its deadline and impose fines as well on the defaulters. The authority imposed a penalty of Rs 50,000 on projects registered within two days after the deadline, i.e, 1 st and 2 nd August, 2017 and will declare the penalty for projects registered on and after 3 rd August. The activists in Maharashtra are, however, not satisfied with the proportion of fine allocated by the state RERA Authority and demand much larger penalties to set an example for other states, as well encourage registrations by agents more quickly. For More Details visit: RERA FILING

The Tamil Nadu Real Estate Regulatory Authority (TNRERA) got an unenthusiastic response on its official portal for RERA registration in the initial phase. The Authority collected only 55 registration applications for agents and issued five with the registration number. The rules were notified by the state government of Tamil Nadu on 22 nd June and took more than a month to bring the RERA portal to existence. The fees for Agent registrations in the state is Rs 25,000 for individuals and Rs 50,000 for other than individuals. The license will be valid for a period of 5 years, following which a renewal will be required.                                                                       For More Details visit: RERA FILING

The Central Government has already shown their concern well in the Real Estate sector by implementing the Real Estate (Regulatory and Development) Act and are eying to make some more powerful decisions in the coming future to improve the buyer’s experience in the industry. The government is recently trying to make the Aadhar mandatory for buying property, which will help to link the number of properties an individual has registered on his name. This will bring transparency and also help to maintain                                                                     proper records of the buyer.                                                               For More D...

Ever since the Act has been implemented in the nation, it has not missed making its presence felt. Where it has proven to be a trouble for builders and the real estate industry, the buyers seek to make the most benefit out of it. The Real Estate (Regulation and Development) Act was applied on 1 st May 2017 onwards by the Center, followed by the notifications from the state cabinets, which is still underway. In a most recent report regarding the RERA, Banks have decided not to grant loans to the builders not registered with the Real Estate (Regulation and Development) Act. This decision has been taken after concerning with the Reserve Bank of India. There has already been much rush with the registrations under the Act, courtesy the 31 st July deadline, which was for the registrations of projects followed with the fines on delayed registrations, now this decision of boycotting the unregistered builders from getting loans is set to make an enormous impact on the real estate industry. T...

Nifty Realty Index saw a drop in the realty stocks, which is the result of slow-going procedure for RERA registrations in many states and also the recent decision of the banks to not provide the builders with loan unless registered with the Act. The shares of HDIL, DLF, Delta Corp were among others affected by the lack in timely implementation of the RERA Act. More than 10 states are yet to notify the endmost rules, while the deadline for the same has  ended.                                                                                 For More Details visit: RERA FILING

CREDAI, Confederation of Real Estate Developers Associations of India, Maharashtra, will be  hosting an event alerting about the RERA registrations post the deadline. They are also expected to address the registrations for new projects in future and the procedures or restrictions relating the same. CREDAI-Maharashtra is flagship organization of all the Associations of Builders and Developers  of Maharashtra encompassing over 75% of the organized Real Estate Sector in the State except  Mumbai. For More Details visit: RERA FILING

According to the RERA rules notified by the Karanatak government , the fee structure for Project registrations in the state are as follows :  In case of group housing project, Rs.5 per sq.m for projects where the area of land proposed to be developed does not exceed 1,000 sq.m or Rs.10 per sq.m for projects where the area of land proposed to be developed exceeds 1,000 sq.m, but shall not be more than Rs.5 lacs;  In case of mixed development (residential and commercial) project Rs.10 per sq.m for projects where the area of land proposed to be developed does not exceed 1,000 sq.m or Rs.15 per sq.m for projects where the area of land proposed to be developed exceeds 1,000 sq.m, but shall not be more than Rs.7 lacs;  In case of commercial projects Rs.20 per sq.m for projects where the area of land proposed to be developed does not exceed 1,000 sq.m or Rs.25 per sq.m for projects where the area of land proposed to be developed exceeds 1,000 sq.m, but shall not be more than Rs.10 lacs...

Telangana Government notified the final rules for RERA registrations in state, for which there will be separate processes for agent and project registrations. The government has also announced of forming a full-time Authority which will overlook the registrations, just as it has been done by other states with notifications. The fee structure that has been provided by the government for Projects is as follows : (a) Rs. 5 per sq.m for project where the area of land proposed to be developed does not exceed 1,000 sq.m or Rs. 10 per sq.m for projects where the area of land proposed to be developed exceeds 1,000 sq.m , but shall not be more than Rs.5 lacs; (b) In case of mixed development (residential and commercial) projects, Rs. 10 per sq.m for project where the area of land proposed to be developed does not exceed 1,000 sq.m or Rs. 15 per sq.m for projects where the area of land proposed to be developed exceeds one thousand sq.m, but shall not be more than Rs.7 lacs; (c) In case of comm...