Category: regulations

CMs Of The States Are Asked To Implement RERA In ‘Letter And Spirit’ y Union housing minister M Venkaiah Naidu

Union housing minister M Venkaiah Naidu asked all chief ministers of the states to ensure that the Real Estate Regulatory and Development Act to be successfully implemented in their constituencies in ‘letter and spirit’. Hunching that the states might curb the central RERA rules to withhold the builders the union ministry served written directions to the states.

As per the central housing minister all incomplete projects should be registered with the respective regulator by July 30. Chattisgarh became the 14th state to notify real estate rules on May 1 last.
Central has come up to this conclusion after observing the notified states real estate regulation of Haryana, Maharashtra, Gujarat and Uttar Pradesh. Shockingly each of these states is found diluting RERA to safeguard ongoing projects works from the ambit of RERA Act.
The minister instructed every ongoing project should mandatorily complete their registration (as on May 1), by July 31, 2017.

In the letter it is prescribed, “No new projects can be offered by developers to buyers without their registration with regulatory authorities. This therefore warrants putting in place real estate rules, regulatory authorities and appellate tribunals immediately.”
RERA grants definite time frames to ensure essential rules and regulations, regulatory authorities, appellate tribunals and other infrastructure are installed so that buyers can have way in to the authorities looking for remedy to their complaints.
Section 84 of the Act mandated the states and the elected competent RAs to notify the RERA rules by last October and Sections 20 and 43 had predetermined that regulatory authorities and tribunals were put together by April 30.

The delivery of the real estate projects used to be the biggest bane to the homebuyers. RERA will end up this process with its successful roll-out across the country. It won’t do complete justice to the buyers without states’ proper co-op. This historic regulation is expected to bring back positive market sentiment and transparency in the realty sector.

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RERA Torches On The Basic Principles Of Realty Business

Out of 29, 13 states have notified their RERA rules. Remaining states have been asked to finish their notification within coming three months of the RERA implementation (May 01, 2017). Each of the states and UTs should have individual Regulatory Authority (RA) which will structure rules abiding by the act.
RERA has come into force to promote the sale volume of the flat real estate market of the country through a transparent and efficient practice. RERA is here to empower the buyers’ rights and interests.
                                               At a glance RERA
From the time of booking and issuing allotment letter the promoter shall be liable to provide all the facilities to the allottee–
 1. All sanctioned plans, layout plans along with specification have to be approved by the competent authority.
2. Builders have to update stage-wise progress of the project on RERA website including the provisions of civic infrastructure like water, sanitation and electricity. Booking process can be
twisted to some extent.
3.Currently the ongoing booking amount rate is 10% of the total property value. No one can ask more than this rate as advance. Make sure each phase/tower is registered.
4.The ‘agreement of sale’ is prepared at a later date.
Project needs to get registered within 3 months of the commencement by the regulatory authority.
5.The background of the promoter should be checked and cross-checked which include his previous projects details in 5 years. Current status of the on-hand projects, delay in completion, pending projects etc.
 6.A promoter can be asked for valid copy of the approvals and commencement certificate from the competent authority, site details, progress status of project, copy of approvals and commencement certificate from the competent authority for every towers and phases (even for the under-construction properties).
7.Proforma of the allotment letter, agreement for sale, and the transmission deed proposed to be signed with the allottees.
8. Make sure the agreement has the details of the number, type and the carpet area of flats for sale in the project along with the area of the private balcony or verandah areas and the exclusive open terrace areas with the apartment.
9.Make a count of the parking allotments of the project.
10.A consumer can also ask for the entire details of the contractors, architect, project engineer, if any and other persons concerned with the development of the proposed project.
                    There should be a declaration supported by an affidavit indicating–
a. The promoter should own the legal title of the land.
b. The land should be free from any obstruction.
c. Read on the timeline within the promoter stated to complete the project.
After registered with RA each builder will be provided log in ID and password to upload his project information and update step-by-step project completion quarterly along with their personal details.
Without registration no project or land can be commercially advertised.
The state RA has to spell out the rate of interest on an evasion by either the developer or the buyer. Such payments have to be ended within 45 days of it becoming due.
Within 5 years of the project deliverance if there is any discrepancy in quality or workmanships promoter will provide the apt solution without any further charges.
In case any delay in possession, promoter will have to pay EMIs of the consumer till the month of project deliverance.

RERA will make sure that buyers won’t be fooled at the hands of builders. It will ensure quality production and timely deliverance of the projects. RERA will boost up realty sale as buyers won’t have to go through whims of the promoters.

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Notices Issued contingent Upon Rs. 200-Crore Benami Property

With the outset of Benami Property Law on Nov last year government issued notices in 140 cases as of now involving properties value of Rs. 200 crore. The Benami Transaction (Prohibition) Act was introduced in 1988 on the rule book for more than 28 years now. Due to some inbuilt shortcomings the law couldn’t made equipped.
Since the law came in to force many of such transactions have been determined from various corners of the country. Show cause notices for these interim attachments of benami properties have been issued in 140 cases involving properties worth and about Rs. 200 crore. Out of these attachments has already been effected in 124 cases of benami properties attached include bank deposits and other immovable assets.
To provide an of use regulation for prevention of benami transactions, the said Act was amended through Benami Transaction (Prohibition) Amended Act, 2016. This is another remarkable move of government to eliminate corruption, black money, soft shell currencies and terror funding.

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GIS Mapping To Benefit The Digitization Of Chandigarh City

Chandigarh administration has discharged tenders for geographic information system (GIS) mapping of properties and other infrastructure to sign up an organization execute and supervise aerial and light detection and ranging (LIDAR) data survey.

For complete digitization of all records of property and other infrastructure this project was sanctioned by the central government earlier. Under this project the authority targets to achieve GIS mapping for all the buildings- residential, commercial, manufacturing, edifying, health services, central government, state government, railway property, spiritual, leisure and public utilities such as- water treatment plants, pumping stations, solid waste management plants and sewage treatment plants.

All the rural areas, slums, vacant areas, agricultural land other eco-sensitive zones, transportation growth communication infrastructure- telephone exchange, cell towers and WiFi hotspots will also be connected through maps. Apart from all these the electricity network will to be observed under mapping. Once finished the execution, the GIS map will be shared with every panning agency of the city.
This GIS integration will monitor ownership, approved building plan and will help in maintaining all records of existing properties of the city. Through GIS service land invasion can be avoided. It will have a strict access on legitimate land/property ownership to fend off illegal property selling inside the city. It will definitely aid in better planning and advanced infrastructure of the city.

Presently, Chandigarh doesn’t have any active mechanism forestalling plan violation. A little control can seriously dissuade residential/ commercial plan violation. For decades, residents have been seen making changes in their buildings as per their comfort which results violation of building rules. For instance- residents of sectors- 20, 21, 22 and 23 have stretched their lawns and parking lots by flatten their boundaries and illegally grasping public lands for personal use. There also are many examples where residents are detected extending the backside courtyards of properties by building-up small store rooms and service quarters.

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200 Housing Projects Across The Country By CREDAI

On Monday April 03 a press con has been addressed on the launching of 200 affordable housing projects in Ahmedabad on April 8 by Union urban housing development minister M Venkaiah Naidu. In contribution to our prime minister’s ‘Pradhanmantri Awas Yojna’ of providing affordable housing estate within 2022, Confederation of Real Estate Developers Associations of India (Credai) is about to launch 200 economical projects across India, confirmed by the new CREDAI chairman K Subba Raju.

Image and video hosting by TinyPicCREDAI association of Visakhapatnam, Vijayawada, Tirupati and Kurnool are all set with the blueprints to put in central’s affordable housing scheme, said President A. Siva Reddy. According to the president, “The location of the project, the number of units and other details will be worked out in consultation with our national body. The state government had also decided to construct 1.94 lakh houses for the economically weaker sections and our AP chapter will be involved in the project.” In his statement it was highlighted that the increasing cost of inputs like land, steel, cement and labor might be the cause of the price3 hike of these housing estates in the coming days. Speaking about the regulatory, Reddy thinks, complete implementation of RERA and GST can also have impact on cost of the houses.

Image and video hosting by TinyPicThe mission of providing houses for economically backwards classes will be executed 2015-2022, within which central will provide befitting assistance to Urban Local Bodies through states. It was introduce in June, 2015 aiming of providing 2 crore+ housing estates across the nation. This ‘housing for all scheme’ has been successfully continuing in 200 cities of India. Out of the four metros Kolkata is supposed to be the most preferred metro of the builders for upstanding low budget flats in Kolkata. Already there is radical reduction of EMI under this humongous project for providing housing for LIG of the society. As per the scheme, government will sanction loan up to 600,000 for a period of 15 years of less at subsidized interest rate of 6.5%.

– By LNN(Liyans News Network)