'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.
Former chief secretary Vinit Chowdhary has criticised Himachal Pradesh Chief Minister Sukhwinder Singh Sukhu over his handling of graft allegations in the Chester Hill housing project.
The Enforcement Directorate (ED) conducted searches at multiple locations in Punjab and Chandigarh, including premises linked to an alleged associate of a Punjab Aam Aadmi Party functionary, as part of a money laundering probe against two realty groups accused of fraudulent land use changes and investor fraud.
The Enforcement Directorate (ED) conducted searches at multiple locations in Punjab and Chandigarh, including premises linked to an official in the CMO, as part of a money laundering probe against realty groups accused of fraudulent land use changes and investor fraud.
The Enforcement Directorate (ED) conducted searches in Punjab and Chandigarh, targeting realty groups and individuals linked to an official in the Chief Minister's Office, as part of a money laundering investigation into fraudulent land use changes and investor fraud.
A Delhi court has ordered the framing of charges against directors of Three C Shelters Pvt Ltd in connection with the stalled Greenopolis housing project in Gurugram, citing a prima facie case of cheating, forgery, and criminal conspiracy for allegedly misleading homebuyers.
Himachal Pradesh Chief Secretary Sanjay Gupta has dismissed allegations of irregularities in the Chester Hill housing project, asserting his innocence and claiming a conspiracy against him. The controversy involves alleged violations of land laws and accusations of benami land deals.
Escalating geopolitical tensions in West Asia are prompting investors with exposure to Dubai's real estate market to reassess their portfolios. And, in this rejig, India is emerging as a stable destination for capital investment and long-term growth.
There is need for buyers to understand cancellation rules before entering into a purchase agreement with a developer.
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.
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."
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.
'Buyers should be provided either a fixed possession date or a firm date for the start of construction.'
'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.
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.
Registering the agreement for sale remains the most reliable way for a homebuyer to secure their legal and financial interests.
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
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.
It is expected to bring transparency and reinstate consumer faith in the industry, says Brotin Banerjee.
'Every delay directly increases the cost burden on developers. Land holding charges, financing costs, and compliance expenses escalate as approvals drag on.'
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.
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.
States such as Maharashtra have made it mandatory for developers to register the ongoing projects
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
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
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.
Rera's implementation is patchy across states, and the powers of the regulator to enforce its orders are also limited.
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.
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.
'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.'
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.
'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.
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.
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.
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.
'Some buyers believe prices may correct in the future.' 'This is unlikely. Many developers are increasing prices amid strong sales and inflationary trends.'
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