RERA Update

RERA should be amended to plug loopholes: H-RERA Chairman

NEW DELHI: The realty law RERA should be amended to plug loopholes and make it more effective for the interest of all stakeholders, according to regulators. In an event organised by industry chamber PHDCCI, Gurugram RERA Chairman K K Khandelwal asked India Inc to make suggestions to the government for necessary amendments to RERA Act to make it dispassionately objective for both builders and home...

UP-RERA resolves 11 complaints against builders

NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) on Wednesday resolved 11 of the sixteen cases filed against the builders in its eight Conciliation Forum meeting. Among those heard, maximum cases were related to Supertech. Out of 10 cases against the company, seven were resolved. For the other cases various options were suggested by the conciliator to consider and find a viable...

Registration with HRERA is Must For Real Estate Projects

In a landmark decision, the Haryana Real Estate Regulatory Authority (HRERA) said that all real estate projects will have to mandatorily register with it. The authority asserted that all ongoing real estate projects and those which have been completed come under its purview as per the RERA Act. It said that the only exception would be those which got obtained completion certificate prior to the enactment...

Faridabad Metropolitan Development Authority to be set up: Haryana CM

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...

Real Estate Activity Sees Growth Despite Increase In Construction Cost

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...

Haryana RERA Strips ORRIS Infra and the 3C of Their Rights Over Prime Land

In the first such action of its kind, the Gurugram bench of the Haryana Real Estate Regulatory Authority (HRERA) has not only pulled up realty developers for delaying a project but also stripped them of their rights over prime land. In a matter related to the Greenopolis Project being developed on 47 acres in Gurugram, the authority has restrained both the joint developers Orris Infrastructure and The...

RERA Covers All Past Real Estate Projects

The chairman of Haryana RERA’s Gurgaon bench has said the real estate law applies to all projects, irrespective of the date of completion. This means anyone with a grievance against a realtor can approach the Real Estate Regulatory Authority and the complaint will be taken up. KK Khandelwal said that RERA can adjudicate in any dispute between a seller and a buyer in a real estate project, even if that...

Government Sets Up ‘Advisory Committees’ To Solve Real Estate Problems

Hardeep Singh Puri, Union Minister of State (Independent Charge) in the Ministry of Housing and Urban Affairs on Friday said that the government has set up 'Advisory Committees' in the western, eastern and southern region to solve existing problems of real estate. The minister was speaking at Global Investment Summit 2018 in Gurugram. The committees will consult with builders, home buyers and seek a...

RERA has Shrunk the Real Estate Market

There were many apprehensions when the industry embraced RERA in 2017, around its adoption, sincere implementation and effectiveness. And one year down the line, some of these do seem to have grounds. For one, so far only 14 out of the 20 states, which notified RERA, have a functional website and only three states have a permanent regulator. Things do not seem to be as comfortable with consumers either....

RERA: LAW OF THE LAND?

The Central government introduced the Real Estate (Regulation and Development), Act 2016 (RERA) as a model act to govern real estate laws in India. Since real estate is a state subject, all states had the flexibility to re-draw and adopt the same since May 1, 2016, when it was introduced with 60 out of 92 sections. RERA fully came into effect nearly one year ago and was expected to herald a new era of an...

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