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2 developers in Maharashtra are liable to pay interest for late delivery

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January 02, 2018

In two different cases, which were adjudicated by MahaRERA adjudicating officers Bhalchandra Kapadnis and Vijay Satbir Singh, an ex-parte order was being passed as developers failed to turn up for hearings. In the prior case, the verdict was in flat buyer’s favor as officer directed the developer to refund total amount (total sum + stamp duty + registration charges) with 10.05 % interest as per SBI’s Marginal Cost of Lending Rate (MCLR) from the respective date of payment.

In the latter case, the complaint was dismissed as developer offered to pay interest to flat owners from the deadline till actual delivery of flats and promised that possession would be given within extended stipulated time.

For More Visit: www.rerafiling.com

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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

RERA fee structure for Promoters of Maharashtra.

August 21, 2017

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...

Definition of Promoter in RERA

June 04, 2019

After the enactment of RERA in 2016, the real estate sector has been bestowed with one of the most crystal clear norms that once seemed quite ambiguous. As per RERA, a promoter is a person who constructs or causes to be constructed an independent building or a building consisting of apartments, or converts an existing building or a part thereof into apartments, for the purpose of selling all or some of the apartments to other persons and includes his assignees. The definition of a promoter is very intricate and complex which not only involves the new constructions but also conversions of existing buildings, plotting of land, commercial construction, contractor and estate development by any person acting as the holder of attorney from the owner of the land. Under RERA, All builders and promoters who undertake a real estate project with over 8 units or 500 square meters of development are required to obtain RERA registration and fall under the ambit of RERA ...