'Except facilitating builders in default, it is not doing anything else. Better to just abolish this institution.'
Before booking a flat, buyers should confirm that the project is registered with the state's Rera portal.
For homebuyers, the OC is not just an administrative formality but the very basis of lawful possession. Without it, the property is deemed unauthorised, exposing buyers to risks such as eviction, denial of utilities, or even demolition.
There is need for buyers to understand cancellation rules before entering into a purchase agreement with a developer.
'The directives to enhance last-mile funding, consider revival funds, and systemic reforms across the sector are expected to revive stalled projects, improve accountability, and accelerate the delivery of affordable and mid-income housing.'
Many buyers skip or misread critical provisions in builder-buyer agreements.
'Buyers should be provided either a fixed possession date or a firm date for the start of construction.'
The bench, headed by Justice Patil, however, allowed a significant leeway for the developers in the judgment by permitting the state-level RERA Authority and the Appellate Tribunal to consider delays on a case-to-case basis, and not to cancel such projects or developers' registration in cases where the delay was caused due to "exceptional and compelling circumstances."
Registering the agreement for sale remains the most reliable way for a homebuyer to secure their legal and financial interests.
MahaRERA, the authority under Real Estate (Regulation and Development) Act, 2016, in Maharashtra, has blacklisted 644 housing projects in the state for not meeting project deadlines. The authority has prohibited them from being sold, advertised or marketed in the state. These projects were supposed to be completed and handed over to homebuyers in 2017 and 2018. Even though most of the projects are being developed by local developers, one big name on the list is Lavasa Corporation promoted by HCC whose registration expired in 2017.
Taking possession without an OC can lead to legal complications, denial of utilities such as water and electricity, hurdles in availing home loans or reselling the property, and even eviction.
However, the report pointed out that the implementation of the grievance redressal process still has many gaps as "only 22 per cent of the consumers involved in a grievance redressal process were satisfied due to the uncertain timelines involved". The Real Estate (Regulation and Development) Act, 2016, was passed by Parliament in March 2016.
According to property consultancy firm Knight Frank, only 19 states and UTs have a functional portal in place, that too with a lot of information dissymmetry across data points
'Every delay directly increases the cost burden on developers. Land holding charges, financing costs, and compliance expenses escalate as approvals drag on.'
It is expected to bring transparency and reinstate consumer faith in the industry, says Brotin Banerjee.
A consumer forum in Lucknow, India, has halted the construction of actress Sunny Leone's restaurant-cum-bar, citing concerns about "unauthorised activity" and potential security threats to the neighboring high court premises and the Indira Gandhi Pratishthan. The commission deemed the allotment of the society's community center to a commercial establishment as inappropriate and raised concerns about the Lucknow Development Authority's approval of the project. The matter has been listed for further hearing on February 19.
State real estate regulators are the best option for home-buyers when it comes to seeking relief. The cases are disposed much faster, and the individuals don't need to engage lawyers as the process is simpler, says Tinesh Bhasin.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Union Finance Minister Nirmala Sitharaman on Saturday announced a fresh Rs 15,000 crore 'SWAMIH Fund' for completion of 1 lakh units in stalled housing projects across various cities, a move aimed at providing relief to distressed homebuyers whose investments are stuck. In November 2019, the Centre announced a stress fund named 'Special Window for Affordable and Mid-Income Housing' (SWAMIH), to complete stalled housing projects across India.
States such as Maharashtra have made it mandatory for developers to register the ongoing projects
For those looking for more affordable options, purchasing an under-construction property could be a smart move, as these generally cost less than ready-to-move-in properties.
Promoters must mandatorily deposit 70% of unused fund collected for project in separate bank account
At least 50,000 units of new residential property are set to come up over the next three years
'Consider your household's financial health and all your other goals.' 'Buying a house might seem like an urgent goal, but it is rarely the only one.'
Rera's implementation is patchy across states, and the powers of the regulator to enforce its orders are also limited.
In a relief to homebuyers, assets in a real estate project that have been handed over to the allottee would be kept out of the liquidation process of the company, the latest amendment to the rules by the Insolvency and Bankruptcy Board of India (IBBI) has said. The notification dated February 12 said: "For the purposes of clause (e) of sub-section (4) of section 36, wherever the corporate debtor has given possession to an allottee in a real estate project, such asset shall not form a part of the liquidation estate of the corporate debtor." Real estate experts call it a "pragmatic approach" by the regulator. "However, there are many cases where possession has not been given because the property is stuck in insolvency.
Section 19(4) of the RERA Act entitles allottees to a refund if the developer doesn't comply with the terms of the sale agreement.
'In real estate project insolvency, no one size can fit all.'
Before buying property, please carefully study the agreement with the builder, advises Sanjay Kumar Singh.
In the case of double-income couples, not more than 40 per cent of the net income of one partner should be the EMI for the property.
Look at the sanctioned plan to know the exact carpet area you will get and pay a law firm to conduct a thorough title check.
'Some buyers believe prices may correct in the future.' 'This is unlikely. Many developers are increasing prices amid strong sales and inflationary trends.'
Home sales in the top 10 cities - Ahmedabad, Bengaluru, Chandigarh, Chennai, Hyderabad, Kochi, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune - have declined at a compound annual growth rate of 8% since 2011.
Try to assess whether the broker has good knowledge of the prices prevailing in the area you are interested in, and is able to provide the pros and cons of various projects.
Enhancing your credit score is the key to improving loan eligibility and securing a favourable interest rate.
The temple town is likely to witness a major jump in tourist inflow once flagship projects are commissioned. In the first six months of 2022, more than 20 million tourists visited Ayodhya.
India's residential market is expected to sustain demand momentum despite rise in mortgage and property rates as sales this year across the top 7 cities are likely to breach pre-pandemic level of 2.62 lakh units, industry players said. After braving four back-to-back disruptions in form of demonetisation, RERA, GST and COVID-19 in the last 6 years, industry experts feel the housing market is going through a lot of structural changes and is now at the start of a long-term upcycle. Homebuyers body FPCE gives credit to the Real Estate Regulatory Authority (RERA) under the Real Estate (Regulation & Development) Act, 2016 for this improved buying sentiment.
Prospective buyers must make a well-considered decision regarding whether this is the right time to buy a house, particularly with home loan rates at near-peak levels, and the risk of job losses looming in many sectors.
The maximum inventories are in 1 and 2 BHK configurations totaling 587,500 units.
Unless security is given paramount importance, it is difficult for real estate activity to pick momentum in J&K.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances