Investment News

Dos And Don’ts For NRIs Investing In Indian Realty

Dos And Don’ts For NRIs Investing In Indian Realty

October 24, 2018 in Investment News, NRI News

Besides exercising necessary due diligence, NRIs also need to adhere to certain specific laws and regulations, while buying, selling, or renting out real estate in India

The realty market in India has always seen considerable interest from the Indian diaspora, as an investment avenue. With developers constantly striving to woo non-resident Indians (NRIs), they can choose from a variety of options, in the residential and commercial segments.

“The realty market is in the midst of a slowdown and this is the right time to invest,” says Kalpesh Patel, head – international sales, Rustomjee Group. “Developers are offering good deals and benefits such as flexible payment plans, subvention schemes, etc. Although demand still exists at the local level, buyers are playing a wait-and-watch game. NRIs must take optimum advantage of this situation,” suggests Patel.

Buying and Selling

An NRI can either come to the country and buy or sell a property or give a Power of Attorney (POA) to a relative and get the transaction done, without coming to India. NRIs can also avail of home loans in India. The documents for the loan may vary, according to the country in which the NRI is settled. Generally, the term of the loan will be 10 to 15 years, while the amount that the NRI is eligible for, will vary based on age, income, education, etc. To finance the property’s purchase, it is advisable to use a non-resident external (NRE) account, as this will help the NRI to take back the capital invested in the property when they resell the property.

Investing for the Future

“For NRIs who are on the verge of retiring and planning to settle in India, this is the right time to invest,” advises Ashwinder Raj Singh, CEO – residential services, JLL India. “Social infrastructure in most of the large Indian cities has improved a lot while civic infrastructure is also being ramped up. As more hospitals, schools and shopping malls come up and connectivity improves, it will give rise to better standards of living. This will directly enrich the quality of life after retirement,” Singh adds.

Once the primary residence is secured, NRIs can also use surplus funds, to invest in a second apartment and use it to generate rental income. However, they must be aware of all the bye-laws and regulations that apply to NRI investors, especially with respect to taxes, as rental income is taxable in India. It is also taxable in other nations, except in cases where a treaty exists between the two involved countries, with regards to double taxation, he points out.

“NRI investors should avoid projects by unknown developers. Numerous buyers have fallen into difficulty, by putting their funds in projects that lacked mandatory clearances and fell short of even the minimum standards of quality. Unless an NRI plans to visit India and evaluate projects, s/he should opt only for reputed developers. In all cases, NRIs should strictly verify points, such as the track record and brand visibility of the developer, the social and civic infrastructure available in the location, the amenities in the project and the timelines for possession, in the case of under-construction projects,” cautions Singh.

A project that is targeted towards NRIs, is no different from other offerings in the market. A property should be evaluated, purely on the basis of its location and amenities on offer, the legal validity of its title and the developer’s brand image.

Sources: housing.com

India Office Leasing Tops 32 Million sq.ft. in First Three Quarters Of 2018

India Office Leasing Tops 32 Million sq.ft. in First Three Quarters Of 2018

October 13, 2018 in Investment News, Real Estate News

With sustained interest from occupiers led by the technology sector, commercial leasing activity across India has crossed 32 million sq ft, up 7% from a year ago, across India’s top 8 property markets in the first three quarters of 2018.

Office space absorption during the September quarter rose 3% from a year ago and 12% sequentially to 10.9 million sq.ft.with Mumbai, Bengaluru, Hyderabad and NCR accounting for almost 80% of the leasing activity, said showed data from property consultant CBRE South Asia.

Occupiers from the technology sector, with a share of 48% of total leasing, drove office space take-up in the country during the third quarter. Occupiers from the engineering and manufacturing sector with 14% share were followed by co-working and business centre operators that absorbed 11% of the total leased space.

“India’s economic growth continued on its upward trajectory and real estate services along with financial and professional services sector contributed to this economic surge as it grew from 5% in the previous quarter to 6.5% during the review period. Sectors such as BFSI, engineering & manufacturing, and agile/ co-working/business centres are likely to account for a larger share in leasing activity going forward,” said Anshuman Magazine, Chairman, India and South East Asia, CBRE.

Interestingly, India had witnessed 42 million sq.ft.office space absorption in 2017, while the first nine months of 2017 had seen absorption of 30.1 million sq ft. Even as several mid-to-large-sized deals were reported in Bangalore, Hyderabad, Pune and Gurgaon, more than 30% of the transaction activity was reported in SEZ space.

Similar to the previous quarters, office space take-up was dominated by small- and medium-sized transactions. Mid-sized transactions ranging between 10,000 sq.ft.and 50,000 sq.ft.accounted for around 45% of the transaction activity, while small-sized transactions less than 10,000 sq.ft.had a 42% share.

The share of large-sized deals with over 1 lakh sq.ft. size increased to 7% during the quarter. The agile workspace sector continued to witness a strong growth momentum, with global and Indian majors expanding their footprint in tier 1 and tier 2 cities. Co-working and business operators leased about 3.3 million sq.ft.space in the first three quarters of the year, almost doubling their take-up reported in the first three quarters of 2017. Other sectors such as Banking, Financial Services and Insurance (BFSI) with 7% share also contributed to the increase in leasing activity.

“The trend of agile spaces is rising during a booming start-up era, even as corporate are drawing up fluid expansion and occupation plans. Occupiers are also expected to keep strong checks on space utilization ratios and innovation in workplace strategies while expanding their footprint and implementing their expansion plans. Also, SEZs are expected to account for a larger share of the upcoming supply over the next few quarters. Given the approaching sunset date, we anticipate an increase in demand for SEZ s space,” said Ram Chandnani, Managing Director, Advisory & Transaction Services, India, CBRE South Asia.

Pre-leasing activity rose in during the quarter, largely in Bangalore and Hyderabad, driven primarily by tech and BFSI corporates. Overall, the country witnessed more than 12 million sq.ft.of pre-commitment transactions in mostly under construction assets in the first three quarters of the year, the report said.

On the other hand, supply addition during the quarter dipped marginally by 1% from a year ago to 7.1 million sq ft. Bangalore and Kochi accounted for 60% of the quarterly supply addition, followed by Mumbai and Hyderabad. Except for Pune, Kolkata and Kochi, all cities reported a dip in development completions on a quarterly basis. Slippages were reported in cities such as NCR, Mumbai and Hyderabad.

Sources: economictimes.indiatimes.com

Supreme Court Construction ban may take toll on Development

Supreme Court Construction ban may take toll on Development

September 28, 2018 in Investment News

The development could grind to a halt in Maharashtra, Madhya Pradesh, Uttarakhand, Chandigarh and elsewhere following a Supreme Court ban on construction in parts of the country, delaying deliveries and hurting property companies and allied industries besides putting people out of work. The real estate industry said it’s being punished for state inaction over solid waste management. “It will choke supply, and impact home seekers. Effectively, home buyers will suffer just because some state governments have not formally notified the policy,” said Niranjan Hiranandani, national president of lobby group National Real Estate Development Council (Naredco).  “The intention behind the order is good from a long-term perspective, but a blanket ban stopping all construction will have a negative impact on housing.”  The SC has banned construction in several states and union territories because they haven’t put in place rules on solid waste management. 

The biggest impact is seen on Maharashtra, home to the high-value property markets of Mumbai and Pune, although the state has prepared a policy on the matter and may, therefore, be able to get relief on this score, developers said.
“The overall annual real estate industry size in India is close to Rs 10 lakh crore, of which close to Rs 1.5 lakh crore to Rs 2 lakh crore is contributed by Maharashtra,” said Pankaj Kapoor, MD, Liases Foras Real Estate Rating & Research. “Over 1,000 allied industries across major sectors such as banking, cement, steel, sanitary, tiles and electrical equipment will be impacted severely if the states do not manage to get this stay vacated soon.”The decision will also have a bearing on the recovering economy and the job market, he said.
Investors seemed to be optimistic, however, as real estate companies mostly shrugged off the news on Monday. Godrej Properties ended up 1.7% at Rs 698.10, HDIL gained 5.5% to Rs 34.55, and Oberoi Realty ended up 3% at Rs 454.95. Indiabulls Real Estate’s shares ended down 3.1% at Rs 149.25.
“The policy for solid waste management is already in place in Maharashtra, even though the same had not been submitted to the concerned authorities,” said Kotak Institutional Equities in a report. If a stay is given in the coming weeks, the impact of the ban won’t be material, analysts said.
“They (Maharashtra) are going to apply for a stay of this order as they are saying they already have a solid waste management policy in place,” said an analyst at a Mumbai-based brokerage. “If Supreme Court gives a stay, there will be no impact. If they don’t get a stay, then they will have to wait for the October 9 hearing.”
Hiranandani said it would have been better if the court had penalised the states and barred new construction while allowing ongoing projects to be completed.According to the court, the states and union territories had not framed any policy under the 2016 Solid Waste Management Rules put into effect by the environment ministry in April 2016.
Experts are hopeful that the matter will be resolved soon, with the concerned state administrations doing what is necessary and the court allowing construction to resume.
Sources: economictimes.indiatimes.com
Stuck in Selecting the Right Builder? Check these 6 Simple Steps.

Stuck in Selecting the Right Builder? Check these 6 Simple Steps.

September 22, 2018 in Investment News

Selecting the right builder is half the work done while buying a property. However, buyers often tend to overlook this factor as budget and location top of their checklist.

However, unless one is a seasoned investor, it is quite easy to fall for the glossy brochures, sweet-sales talks, and snazzy model projects. This is because we often don’t ask the right questions. Can this builder deliver what I want? Has he completed his past projects on time? Does he build a quality product?

To assist you in buying, we have made a simple guide that can help you select the right builder.

 

  1. Find a builder that matches your preferences:

There are builders who specialize in affordable while some are known for their luxurious abodes. Determining the builders that offer projects that are within your budget can help you make the most of your property deal.

Also, figure out how much area you need. Create a budget based on these needs, and search for builders who make in your budget.

 

  1. Search for a builder with the right experience:

Search for builders who have experience in the property type you are looking for. Always remember that different builders have different strengths. Choose yours accordingly!

How to find one? It’s simple.

  • Check if the projects by the builder are listed with the real estate regulatory authority. Just log in to your respective state’s RERA website and check the list of approved projects.
  • You can also look for ISO-certification, which is usually displayed on builder websites.
  • Check if the project has any ratings such as CRISIL or CARE for added credibility.
  • Another measure of a builder’s reputation is an association with known real Estates bodies like the Confederation of Real Estate Developers Association of India (CREDAI) and the Builder Association of India (BAI). Members of these groups are liable to reply to their association in case of any disputes or complaints.

 

  1. Background and reputation check:

Check for builder reviews and completed projects on popular real estate forums. Additionally, you can also post your queries there.

The suggestions and opinions of your friends and relatives should also be considered.

Once you are comfortable with all these aspects, you must ask the builder for the sanctioned plan of the project that you are considering. It is recommended that you get this plan and other documents checked by a lawyer before you go ahead and sign on the dotted lines.

 

  1. Do your homework:

Get off your couch and visit some of the past projects of the builder. It will give you get a fair idea of the construction quality.

 

  1. Pick a builder who makes your life easier:

Always select builders that provide services beyond the project’s completion. For instance, a builder should maintain the project for a few years after completion and then transfer the maintenance to the society elected by the residents.

Also, in case you want to sell the project or put it up for rent, the builder should help you connect with potential buyers and tenants.

 

  1. Grading system for builders:

In the real estate sector, renowned builders are often termed as ‘A-grade.’ However, this is an unofficial grading structure. While these grades do serve as a tool for buyers, it should not be the sole criteria impacting your decision.

Instead, you can check builder ratings in ICRA, an Independent Credit Ratings Agency to get a fair idea.

Keep these six points in mind, and you will find the right builder in no time. It is essential to go that extra mile to ensure that you do not fall into the trap of builders who indulge in unfair business practices.

Sources: roofandfloor.com

11 Legal Documents That You Should Check Before Buying Any Property

11 Legal Documents That You Should Check Before Buying Any Property

September 19, 2018 in Defination, Investment News, Real Estate News

Property buying can often be messy. Jargons float around and you can be confused with all the legalese. We made it simple for you. Use this handy guide to help you navigate the real estate pitfalls you may encounter while buying a home. While purchasing property, it is essential to check that the following documents are in order:

  • Agreement to sell – It is the first document prepared in anticipation of a sale of the property. It contains a detailed description of the property and states the terms of conditions between the buyer and the seller, including the purchase price as agreed upon.
  • Absolute sale deed and title deed - The sale deed or title deed is the most important document that records the actual transfer of ownership of the property. It needs to be registered at the sub registrar’s office under whose jurisdiction the property would fall.
  • Title search and report – Property title search is a process of retrieving the chain of documents relating to the history of the property that has been registered with the concerned authority. It includes a description of the property and names of title holders, joint tenancy, etc. It is especially important for procuring a home loan.
  • Khata certificate – This document is known by different names in different states and it provides proof that the property has an entry in the local municipal records.
  • Receipt of property tax – The receipts of property tax hold that the previous owner or occupier had paid all the taxes and none have been left as due. They also establish the legal status of the property and therefore serve as an important document of evidence.
  • Encumbrance certificate – An encumbrance certificate states that the property is free from all encumbrances or loans. It is a key document for procuring a loan against property from banks. It has all the details about transactions relating to the property.
  • Occupancy certificate – An occupancy certificate or completion certificate is given by the municipal corporation after the construction of a building to establish that it was constructed according to a sanctioned plan and that it is ready to be occupied.
  • Statement from a bank if loan outstanding – If any loan is outstanding on the property that is being purchased, it is safe to procure the statements relating to the loan so that there is full disclosure in that regard.
  • Non-objection certificates – It is important to ask the developer to produce copies of various NOCs that must be procured from various departments such as the Sewage Board, Pollution Board, Environment Department, Traffic and Coordination Department, etc. This forms the ‘intimation of disapproval’ for the construction of the building.
  • Sanctioned building plan by statutory authority – This is to ensure that the buyers are cautious about any deviations from the sanctioned plan made by the developer.
  • Power of Attorney/s, if any – A Power of Attorney is required in original if any person is acting on the authorization of the owner of the property. It could be general or specific.

Sources:  thehindu.com

Faridabad Metropolitan Development Authority to be set up: Haryana CM

Faridabad Metropolitan Development Authority to be set up: Haryana CM

September 17, 2018 in Investment News, Real Estate News, RERA Update

Haryana chief minister Manohar Lal Khattar, on September 13, 2018, said that since Faridabad is the second-largest city of Haryana after Gurugram, it has been decided to constitute a Faridabad Metropolitan Development Authority (FMDA), on the lines of the Gurugram Metro Development Authority (GMDA).

The chief minister made the announcement at a press conference and listed several achievements of the Town and Country Planning Department, the portfolio he holds, in the last four years.

He said the government has allowed construction of four-storey residential buildings in the state, the registration of which will be opened from, September 13, 2018. People can now construct a stilt and four floors on their plots. Earlier rules limited construction to a stilt and three floors, within a prescribed height of 15 metres. The new provision has been made in the revised Haryana Building Code 2017.

Khattar said the Haryana Building Code 2017 has been framed, in order to remove the variations and bring uniformity in building bye-laws adopted by different development agencies.

The chief minister said to address the problem of parking of vehicles in residential areas, a provision for stilt has been made. Apart from this, it has been made mandatory, to provide car bay in every residential plot, he said, adding that use of basement for the residential purpose has also been allowed, provided fire safety, lighting and ventilation provisions are fulfilled.

He said a provision for green buildings has been made, under which a building owner is provided with the benefit of additional floor area ratio (FAR) of three to 15 per cent. If the building owner sets up solar photovoltaic plant and solid waste management plant for management of water, electricity and waste, he would be provided with the additional FAR.

Khattar also said that the state government had decided to constitute an Appellate Tribunal, to hear the complaints of allottees against the decision of the Haryana Real Estate Regulatory Authority (HRERA) set up to redress the grievances of allottees. The office of the Appellate Tribunal would be set up at Karnal. The chief minister said HRERA had, so far, received 842 complaints, out of which 209 complaints had already been disposed of and the rest would be redressed soon.

He also said the Haryana Shehari Vikas Pradhikaran (HSVP), the state’s urban development authority, plans to float nine sectors, including a defence sector exclusively for defence personnel in the state, during the current financial year. These will include three sectors in Mahendergarh and one each in Bhiwani, Yamuna Nagar, Dabwali, Taoru and Pinjore. Apart from this, a defence sector exclusively for defence personnel is likely to be floated at Jhajjar, the chief minister said. Khattar said the HSVP has a plan to float 30,470 plots in 47 residential sectors across the state and a schedule, in this regard, will be issued soon.

He also said the metro stations in the Haryana segment, on the Bahadurgarh to Mundka line and the stations on the Mujesar (YMCA Chowk) to Ballabhgarh Metro Corridor, had been renamed. On the Bahadurgarh to Mundka Metro line, the MIE Metro Station had been renamed Pandit Shree Ram Sharma Metro Station; Bus Stand Metro Station as Bahadurgarh City Metro Station; and City Park Metro Station as Brig Hoshiar Singh Metro Station.

Sources: housing.com

Real Estate Activity Sees Growth Despite Increase In Construction Cost

Real Estate Activity Sees Growth Despite Increase In Construction Cost

September 14, 2018 in Investment News, Real Estate News, RERA Update

Despite an increase in construction costs, activities in the real estate sector have witnessed growth, according to a report by CBRE, a real estate consulting firm.

The report titled ‘India Real Estate – Variance in Construction Costs’ mentioned that the prices of cement have nearly tripled in the last 16 years, while the cost of structural steel more than doubled between April 2005 and November 2017.

Despite this, the overall stock of developed real estate in India’s leading urban centres would reach 8.2 billion sq. ft. by 2025, therefore, providing employment to approximately 17 million people across the country.

According to the report, out of six leading cities in India (Chennai, Bengaluru, Hyderabad, Pune, Mumbai and Delhi), Mumbai remains the most expensive. Construction costs in Chennai and Bengaluru are almost on par with Delhi and Pune. Variation in costs could be primarily attributed to different demand levels, proximity to supply centres as well as the efficiency of logistics networks across these cities.

“Rising demand for real estate as well as infrastructure development is expected to propel the construction industry towards a growth trajectory. Already, the implementation of GST has impacted the cost of raw materials and streamlined inter-state and import taxes, giving the industry a major boost,” said Anshuman Magazine, Chairman, India and South East Asia, CBRE.

The average cost of construction for a residential apartment in a mid-rise building was pegged at Rs 3,125/sq. ft. in Mumbai, and Rs 2,750/sq. ft. in Delhi and Pune. In Chennai and Bengaluru, the cost was Rs 2,500/sq. ft., while in Hyderabad such an apartment would cost Rs 2,375/sq. ft.

“Construction sector is one of the largest employment generators and has a strong linkage with various industries. We foresee strong growth for the sector over the next five years, owing to a thrust from the real estate and infrastructure sectors. The construction sector has already received a boost in the form of GST which has stabilised prices. Going forward, we foresee technology to play a dominant role,” said Gurjot Bhatia, Managing Director-Project Management at CBRE South Asia.

The report also highlighted some of the challenges being faced by the sector. One of the major challenges that the industry needs to overcome is the shortage of qualified contractors who can complete projects within a stipulated time period.

Sources: thehindubusinessline.com

DLF To Invest In Commercial Projects In Gurugram

DLF To Invest In Commercial Projects In Gurugram

September 10, 2018 in DLF News, Gurgaon Investment, Investment News

Realty major DLF will now invest over Rs 1,400 crore to develop a commercial project in Gurugram after the firm received the green nod to expand the office space by nearly 1 million square feet area.

After the Haryana government increased the floor area ration (FAR) under its new TOD (Transit Oriented Development) policy, the DLF applied for the development of increased build-up area in its ongoing Cyber Park project spread over nearly 12 acres.

The environment ministry has given the green nod for the DLF’s proposed expansion project in Gurugram after taking into account the recommendations of the Expert Appraisal Committee, as per the official document.

The approval is subject to the compliance with certain conditions, it added.

As per the proposal, the DLF will now invest Rs 1,439.11 crore to develop the Cyber Park project, as against the earlier estimate of Rs 412.67 crore.

According to the sources, the company will now get a leasable area of around 2.5 million square feet as against earlier 1.7 million square feet.

The construction of this project, which is located close to Cyber City that commands high rental, is in the advanced stage and the company has already pre-leased about 60 per cent of the area, they added.

In the proposal, the DLF has informed that the number of parking will increase to 4,425 from 3,542 cars and would generate employment to 35,532 persons.

DLF, the country’s largest realty firm, is a leading developer of a commercial real estate with a portfolio of over 30 million square feet.

To monetise its rent-yielding commercial assets, the DLF promoters have recently sold 33.34 per cent stake in its rental arm DCCDL for about Rs 9,000 crore. The realty major holds the remaining 66.6 per cent.

Recently, the company has bought 12 acres of land in Gurugram for Rs 1,500 crore to develop another commercial project.

Sources: realty.economictimes.indiatimes.com

Withdraw OCS Or CCS Given To Incomplete Projects

Withdraw OCS Or CCS Given To Incomplete Projects

September 6, 2018 in Gurgaon Investment, Investment News, Real Estate News

As part of a landmark judgment, the Haryana Real Estate Regulatory Authority – Gurugram bench has asked the Town and Country Planning Department (DTCP), Haryana, to withdraw the Completion Certificate (CC), or Occupation Certificate (OC), issued to projects that are yet to complete the development.

The authority has also asked DTCP to initiate an inquiry as to how such certificates have been procured fraudulently.

The development is expected to have ramifications across other states and regions too as several developers had rushed to secure these completion and occupation certificates ahead of the commencement of RERA in a bid to escape its jurisdiction.

It has observed many such cases where part CC, or OC, has already been issued even though the development work is not yet complete, which should be the criteria for granting these approvals.

“A fraud has been committed to secure these OCs and CCs even though the projects are yet to be completed. We have issued show-cause notices to such builders and are reaching out to vigilance for an enquiry into the matter,” KK Khandelwal, chairman, Haryana Real Estate Regulatory Authority, told ET.

The regulator has also asked DTCP to take disciplinary action against officers whose connivance builders have secured such clearances.

The authority has provided a month’s time to promoters of such projects to apply for registration, failing which penal proceedings will be initiated against them.

According to experts, the authority has taken cognizance of the trouble faced by homebuyers of such incomplete projects and builders procuring OC/CC even without completing the projects.

“This order would have wider implications benefitting homebuyers, especially since many states have diluted their real estate rules that favour builders. Such developers will be forced to comply with the registration requirement or face penalty up to 10% of the project cost as provided under the RERA,” said Abhay Upadhyay, president of pan-India homebuyers’ body Forum for People’s Collective Efforts (FPCE).

According to RERA, the development scope of the project includes external work such as roads, landscaping, water supply, sewerage and drainage, electricity supply transformer, sub-station, solid-waste management and any other work as may be provided in local laws.

Internal development work means roads, footpaths, water supply, parks, tree planting, street lighting, provision for community buildings, water conservation, energy management, fire protection and safety requirements, social infrastructure such as educational, health and other public amenities as per sanctioned plans.

Upadhyay reckons that in many cases homebuyers face problems because they are being forced to take possession without the promised infrastructure in place. The CC, or OC, can only be granted after the completion of such development work as observed by the authority.

The authority has also ruled that mere applying for Completion Certificate, or Occupation Certificate, will not exempt any real estate project from falling under the ambit of the Real Estate (Regulation & Development) Act, 2016 (RERA).

It has made it clear that the OC, or CC, granted prior to the commencement of the act will be the only condition to get an exemption from RERA registration of the project.

“…mere filing of the application cannot be treated as completion of the project/occupation of the project,” the order said.

However, it has further stated that homebuyers of these exempted projects can still approach the authority for any structural defect in the project within five years of filing the complaint. The authority has also ruled that all real estate projects will be covered for land title defect liability.

Sources: realty.economictimes.indiatimes.com

Will Rope In Builders, Industry Bodies To Finish Delayed Projects In Gurugram

Will Rope In Builders, Industry Bodies To Finish Delayed Projects In Gurugram

September 4, 2018 in Investment News, Real Estate News

The Haryana RERA will devise a mechanism to rope in developers and industry bodies to complete realty projects which have been pending for years, said the regulator’s Gurugram bench chairman KK Khandelwal at a meeting held on Monday.

“We are working on a mechanism, which will be sent to the state government for its approval so that we can deliver as many realty projects as possible,” said Khandelwal.

Earlier at Monday’s meeting, president of National Real Estate Development Council (Naredco) Praveen Jain said many developers were indeed interested in taking over the realty projects that had been pending as their original developers had gone bankrupt or not in a position to complete them owing to multiple reasons.

“In cases where the net worth is positive, many developers are interested to take over and finish the project. We have even approached the state government with such proposals but there was no policy or guideline available for the same,” said Jain.

The role of RERA, Khandelwal said, was that of a facilitator, and completion and handover of projects was its top priority. According to him, whenever the RERA bench receives a complaint, it first tries to settle it outside the authority between the buyer and the builder.

“We have resolved 15 cases till now in out-of-the-authority settlements,” he said. Till now, 4,000 projects and more than 600 real estate agents have been registered in Haryana under RERA.

A group of homebuyers who were also present at the event voiced their concerns, questioning as to why the authority was taking months for the resolution of complaints when the Act requires the complaint to be addressed in two months.

“Even though the Act mentions that buyers’ complaints should be resolved within two months, many of them have been pending for months. We need to know as to why is it taking so long to resolve the complaints by the RERA bench,” said Naveen Arora, general secretary, Universal Aura Welfare Association.

To this, Khandelwal said when the bench started its operations with 800 complaints, there was a backlog and there weren’t enough resources. However, processes would be streamlined and complaints would be resolved as soon as possible, he said.

All realty projects, he reiterated, come under the ambit of RERA even though only those under construction are required to register with the authority.

Buyers can approach the bench with their complaints against builders in any realty project, he added.

Sources: realty.economictimes.indiatimes.com

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