Rera Filing

The Rules of the Real Estate (Regulations and Development) Act were notified the rules on 28 th  April 2017. After the notification of final rules, the Government of Bihar could not find the proper way to implement RERA in Bihar. The Real Estate Regulatory of Bihar has recently launched the website for registration in the state.  The official website for the Authority has been launched , which will enable all the real estate developers and agents to register themselves with RERA conveniently. Here is the complete information about the RERA fee structure for Promoters and Agents. Fee for Promoters 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 : In case of residential project  – Rs 5 per square meter for projects where the...

The real estate sector has always attracted by the NRI investors. NRIs investing in residential and commercial properties and they get good value of their foreign currency in investing in properties of India. They also have to faced some issues like lack of transparency, delays in projects, unless updates from builders and much more. The RERA is implementing to be more attractive and transparent for NRI investors. RERA make some laws for motivating them like Mandatory to regular updating, Tracking of their project from any Country, for any change in the project the developers have to take permission of two-three allotees. These steps would eliminate the faults and NRIs investors would be more ensured about their investment. It would be make the realty sector more transparent and safe for buyers. For More Visit: www.rerafiling.com

In accordance to RERA act the promoters cannot advertise, marketing and sell their projects without RERA registration number and it is mandatory for all to advertise their projects with the registered RERA number. But, in Punjab many builders are prominently neglecting the rules and acts of RERA. Many builders advertising, marketing and selling their projects without the RERA registration number and most of the builders are also advertised their projects on FM radio but without the registration number. The Chairman of Punjab Rera, NS Kang said, we took an action against those builders whose advertisement will be spotted for violating the Rera rules and acts. Concerning about the FM radio advertisement he said, we are planning to advertise a notice for awareness about this issue. For More Visit:www.rerafiling.com

Mr. Dilbagh Singh, the Executive Director of H-RERA said, more than 160 real estate developers have been sent notices for having an invalid license and incomplete application.  According to him, 24 builders out of 160 developers were those, who were notified in the hearing if they didn’t complete their application in the valid time, their application would be rejected. The most of the complaints of homebuyers are delay in possession and extra charges levied by the builders. He also said , until January 15, 2018 for some of the homebuyers date have been fixed for hearing and remaining are in the process and the Haryana RERA website also may finally come in this year by December 31. For More Visit: www.rerafiling.com

Last week, the Bombay High Court (HC) told, MahaRERA announces in his official order that Landowners (Co-promoter) equally liable as that of the Builders (Promoter) as under the Real Estate Act, 2016. MahaRERA declares in his order that the land owners as the co-promoter who executed the agreement with the builders (promoter) of a real estate project are entitled to share the total revenue that will be generated from the sale of apartments in the project or in the terms of constructed project.  For More Visit: www.rerafiling.com

After the big step of demonetisations, the PM Narender Modi’s next big step on Real Estate is to link “Aadhar” with properties because there is the heap of black money in immovable properties. It is informed by the Union Cabinet Minister that ‘Aadhar Linkage’ with property transactions would be made mandatory. Union Housing Minister Hardeep Puri Said, linking “Aadhar” with properties is such a great idea to draw up the black money from real estate and it would also help to crackdown the benami property, but yet now he is not going to make an advanced announcement on that because they take some additional steps towards it. According to Mr.Puri , transactions between two persons can’t be completely transparent but it could be monitored large value transactions such as property and air tickets.  For More Visit: www.rerafiling.com

On Tuesday, The Chairman of UP-RERA, Mukul Singhal and principal secretary of housing & urban planning held a meeting with builders, buyers and officials in Noida Sector 6, for clear out the confusion over the carpet area issue. During the meeting, Mr. Mukul Singhal said that the projects should be done on the ground of the Carpet area and he will also discuss this issue with the officials of UP stamps and registration department. If the properties registration continues on the basis of the super built up area the buyers have the right to plead a file in the Allahabad High Court. For removing this flaws and executing RERA in UP more efficiently, the RERA has also started drafting “Agreement for Sale” for buyers and builders. For More Visit: www.rerafiling.com

The only way homebuyers can get out from a buyers trap is to take a legal action. Litigations are a common when it comes to real estate, but not much effective. Just as our legal system is, you need to be patient if you decide to take legal action against your builder or real estate agent. However, things have started to take a turn as the implementation of the Real Estate Act, RERA has been of immense help to homebuyers all across the country. The Act calls for formation of a Real Estate Regulatory Authority for each state, which will stand responsible for all the matters concerning homebuyer’s dispute with builders. The Act was implemented on 1 st  May 2017 and has been notified by majority of the states till now. Since the establishment of the Act, the numbers of complaints against builders have increased drastically due to support from the RERA Act and the builders of the country have been taken aback. Builders need to be more disciplined now as the Authority is going to ...

Starting a business is a task full of efforts, and for most of the times, if the efforts towards a business are true; success tends to get a little easy. Real Estate in India is one of the  vastest  industries, with an estimate of growing to Rs 20,000 Crores by 2020. It has always been one of the biggest business sectors in the world. The Indian Real Estate has recently observed a number of improvements, from an  implementation  of the Real Estate Act –RERA to the  introduction  of concepts like Real Estate Investment Trusts (REITs) and Title Insurances. Always been labeled as a corrupt sector, the Indian Real Estate is now shaping to be a more transparent and  customer-friendly industry. This is something to cheer for both homebuyers as well as individuals who wanted to step into real estate to start a business. So, if you want to establish your business in Indian Real Estate as an Agent, here is our guide to success for you – 1. Registration ...

The Maharashtra’s Real Estate Regulatory Authority, MahaRERA, has brought some changes in the process of transferring a promoter’s rights and liabilities to a third party. These changes have been made due to repeated demands from the builder’s communities to amend these rules. A circular was notified by the MahaRERA Authority on 8 th  November, ordering for an immediate effect of these changes. The previous version of the provision stated – “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 written consent from two-third allottees, except the promoter, and without the written approval of the Authority.” These restrictions have not been completely lifted however, they have been modified for a few conditions. New amendments                          ...

The Real Estate Industry of the Country has been on a changing spell ever since the implementation of the Real Estate (Regulation and Development) Act. The real estate developers of the country have adopted the Act with only some enthusiasm whereas; the homebuyers of the country have welcomed the Act with open arms. The Real Estate seems to be partially on the way to the right track, but there are still some sections in the industry which needs to be covered. One of the awaiting concepts is - Title Insurance. Title Insurance is a security against any loss from defects in Title of the property. In the current scenario, this protects new homebuyers from any kind of flaws in the land title that has been allotted to him by the owner or lender. The most remarkable advantage of Title Insurance is  that  this not only prevents the rights of the buyers or insurance holder from an event after the insurance, but this will also help in case any loss pertains from the event prior to...

There is a wise saying which says “East or West home is best”. No matter where you are, nothing will ever compare to the feeling of home. But getting a home of your own can be a daunting task. Our cultural mindsets have taught us that having a property of your own is a must in order to have some security in life.  But what is one to do in the present scenario when property prices are going through the roof especially in  metros.  The smaller towns too are catching up on this trend of spiraling prices. Buying property and gold have traditionally been thought to be the safest investment in the long run. But we need to look at this from all perspectives. Property is all about location, location, and location!  So if you are thinking in terms of only return- on- investment then naturally a well-located property, whether commercial or residential space, will be meaningful. Even if it is the size of a doormat, believe me, it is worth the investment if you have th...