The Uttar Pradesh assets administrative unit (UP-RERA) has issued a show-cause notice to twenty-two builders and have vulnerable to impose fine of Rs 371 lakhs for not following the order of giving possession on the given date. Continue reading “UP RERA Vulnerable To Impose Rs 371 Lakhs Large Integer Fine For Not Giving Possession”
The state realty Regulation Authority (RERA) has summoned promoters of twenty-two comes in Ghaziabad, Noida and bigger Noida on Gregorian calendar month twenty-three over delay in returning possession of properties to consumers, officers aforesaid on Thursday.
The Authority has altogether known 397 such come within the capital Region and referred to as twenty-two of them for a gathering at its larger Noida workplace, they said.
This square measure comes wherever compliance of the RERA court orders concerning possession isn’t being followed. Their promoters have incomprehensible their deadlines to present possession to the complainants as explicit within their affidavits in the court, UP RERA chairman Rajiv Kumar same.
In the initial section, the on top of twenty-two comes are known and mixed up the meeting with Secretary UP-RERA Abrar Ahmed on October twenty-three, he said.
The promoters are issued a show-cause notice asking the explanations for non-compliance of the writ and to furnish an acceptable reply before the Authority, he said.
Under Section sixty-three of the RERA Act, if the replies square measure deemed to be inappropriate then a penalty of five % of the full project price are levied on them, Kumar said, per an announcement.
The defaulters from the primary section of the meeting to be obligatory penalties as listed higher than, the RERA statement aforesaid, adding that the remainder of the promoters is known as soon concerning non-compliance of the court orders.
The Centre has told the Supreme Court that the important Estate (Regulation and Development) Act (RERA), that is supposed to deal with grievances of home-buyers, is being enforced across the country and thirty states and Union Territories have up to now notified the foundations. Continue reading “Center Straight Word To SC That 42000 Projects Are Registered In 30 States, Notified By RERA”
Godrej Properties, the new Mumbai-based property improvement organization will currently build up a private complex in the Okhla district of New Delhi. The Godrej Property improvement Group has gone into a Development Agreement with Southend Infrastructure Private Limited by method for its backups. As indicated by this understanding, the Group has consented to build up a property spreading over a region of five sections of land in Okhla Phase-1 of New Delhi. Godrej Okhla Delhi is the new venture that will be created as a rich private endeavor with 2 BHK, 3 BHK, and 4 BHK pads on offer for home searchers in Delhi.
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This year, the market for real estate has got completely silent showing no signs of continuous transactions as was the case last year. Nowadays, it has become almost impossible for the sales individuals in the field of real estate to meet their targets of selling properties. The problems that the developers and realtors are facing are getting significant with their businesses capped at less than half of what they capped in the previous years.
Why are the realtors going through this situation?
The demonetization that has taken place recently is being blamed by many realtors for the positions they are in at the present times while there are other realtors blaming the reforms of the government for their present condition. Nevertheless, there are even some realtors who are not blaming the government and the system but their competitors for using unprofessional and unfair business practices. Finally, realtors tend to feel suffocated when the government comes up with stringent reforms in the industry for real estate in order to make it more professional, transparent and reliable.
One of the most popular government reforms of the modern times is RERA or Real Estate (Regulation and Development) Act. This is a one-of- its-kind reform in the real estate industry of India enforced by the Central Government of India for enhancing professionalism and infusing transparency in the real estate industry of India. RERA was imposed by the Central Government of India on 1st May, 2016 instructing all the Indian states to enforce the same as per their individual land reforms within 1st August, 2016. This deadline was further extended to May 1, 2017. However, as of now, there are many states that have imposed RERA rules while the others are making good progress in this field.
Taking into account the RERA rules enforced by the Central Government of India, this Act makes it mandatory for developers to register upcoming and under construction real estate development projects. In addition to this, it is also mandatory for the real estate agents to register themselves under Real estate regulatory Authority and get a brokerage license. Besides the property developers, the Act makes even the real estate agents responsible for different problems faced by the buyers in relation to concerned property development projects.
There are a large number of real estate agents that have asked several questions to the RERA consultants like “What are the consequences of failing to comply with RERA rules and not being able to deliver as per promises made to the buy4ers during the bookings? Will the agents be held responsible for this? There was this another real estate agent who asked, “What is the advantage of being registered with RERA when we know that we will be punished for an issue that we are not responsible for? Will the real estate agents become scapegoats?
This is one of the most important points to be pondered on. By having a close look at this matter, our professionals came to the conclusion that the answers were available in the questions itself.
As per RERA, real estate agents need to present proper and right information in relation to respective real estate assignments to the interested buyers. To be explained in other words, it is important for an estate agent to refrain from promoting a real estate development project falsely for closing the deal. This is something that is generally done by the brokers. What the real estate agents need to do is they should try and have a clear understanding of the development project. This way they will be providing relevant information about the project, information that is properly published in the prospectus, website or brochure of the development project. These are the rules that real estate agents need to comply with and if, in any circumstances, an agent fails to comply with these rules, he or she will have to make a payment of around 5% of the total project value or Rs. 10, 000 per day as fine depending on the level of the misdemeanor.
How RERA has an Impact on Real Estate Agents?
RERA or Real Estate Act is one of the first government reforms in India which will be taking the real estate agents under the domain of a certain regulatory authority. It is necessary for the real estate agents to follow an outline of prescribed rules for bringing structure and maturity in the method in which the business of real estate is conducted in India. This is one of the most important purposes served by RERA.
The tagline saying “RERA registered agent” shall enhance the trust of the buyers along with the investors. This will further help in increasing in the sales and the revenue generation of the real estate industry.
Complete Filtration of Unprofessional and Inexperienced brokers
With the strict RERA rules in place for infusing professionalism and transparency in the business of real estate brokerage, RERA will force the fly-by-night, unprofessional and inexperienced brokers to immediately leave this business or comply with RERA’s institutional structure. This is turn will help the industry in becoming an indefensible marketplace for the part time operatives which will further increase the business of the dedicated and sincere real estate agents.
Proper Transparency with Developers
Most of the times, it has been found that the developers provide the brokers with wrong information about a development project in order to get increased leads from them. However, post RERA implementation, it has become mandatory for the developers to upload appropriate information along with all related project documents on the respective RERA websites of their states. Thus, it has now become easier for the agents to go through the details of the projects entailing them to get a clear understanding of a certain project. This will help in preventing the spread of false and fake information among the buyers. Furthermore, buyers have the flexibility of crosschecking the authenticity and the reliability of the information that they get from the agents. They can do this by having a close look on the official website of RERA. Finally, by making the effective use of the RERA website, agents can know more about the brokers that they are working with on the sales of a development project.
So, it can rightly be said that with the RERA rules in place, soon there would be no room left to operate for the real estate agents who do not work while adhering to the RERA rules. So, the ones into this business and the ones following the prescribed RERA rules shall not be treated as scapegoats. Instead, RERA will give them a shield that they will only receive through improved business practices.
The governments of several states are on doubts by home buyers who had this firm belief in the fact that they would put a neutral RERA or Real Estate (Regulation and Development) Act into practice that would help them in getting out of the ensnare of delayed delivery of homes while infusing efficiency and transparency in the real estate field of India. There were many assurances offered to the home buyers and several promises made but everything got buried when the state government miserably failed in implementing RERA rules on May 1, 2017.
There are many states that tried their level best in keeping themselves out of the charge of allegations on the implementation of RERA rules in perfect time but they failed in wooing the home buyers because of the diluted and unclear provisions of RERA. It has also been found that states such as Gujarat consider this Act hilarious and are taking it as a joke. Government of Gujarat notified RERA rules on 1st May, 2017 but the rules have been summed up in a total of nine pages without the provisions being mentioned clearly.
States like Maharashtra and Uttar Pradesh have followed the guidelines of the Centre partially while diluting several important improvements. The rules of RERA were outlined in the state of Uttar Pradesh during the reign of Akhilesh Yadav, the former Chief Minister of Uttar Pradesh. However, the home buyers have come forward with the allegations that the rules are diluted. Taking the concerns of the home buyers into account, the present Chief Minister of Uttar Pradesh has offered the assurance to cancel the rules that has earlier been notified and also provide pro-consumer RERA rules in UP. Recently, CM Yogi Adityanath launched the UP RERA website offering a sigh of relief to the builders and developers in Uttar Pradesh. The Uttar Pradesh RERA website would enable the builders to get instant registration numbers which is one of the most important steps in promoting and advertising their development projects.
Similar to the allegations made by home buyers in UP, the home buyers in the state of Maharashtra have always appealed to Devendra Fadnavis, the present Chief Minister of Maharashtra and asked him to cancel the RERA rules in the state as they also seem to be diluted. So, in both states, the home buyers are not at all happy with the rules of RERA. However, dissimilar to Uttar Pradesh, why the present Maharashtra government notified the RERA rules that were completely diluted? Nevertheless, the state government in Maharashtra is presently working on developing the MahaRERA website. The government is doing this in the footsteps of the Kerala Government that has its RERA website up but under construction. As per available information, among the 28 states, there are 9 states with notified RERA rules and 7 states with outlined RERA rules. There are a total of 12 states that have still not outlined the RERA rules.
States like Bihar, Madhya Pradesh, Gujarat, Rajasthan, Andhra Pradesh and Odisha lag far behind in offering an online platform for RERA like Kerala, Maharashtra and Uttar Pradesh. Despite strict orders from the Central Government, RERA does not exist in many Indian states. It has been found that every day, in some or the other Indian state, there are people protesting against the notification of diluted RERA rules.
So what does this signify?
Does it signify the lack of proper coordination between the central government and the state governments?
Are the state governments not taking RERA seriously?
Are the state governments completely trapped in the foyer of property developers?
Does the Central government lack efficiency and professionalism?
Is India still not prepared for RERA?
There are several questions that arise in the minds of individuals post witnessing the failed attempt of the Central government of India in RERA implementation. However, there is one thing for sure and that is if RERA gets implemented in the wisest way possible then that time will not be far away when the real estate sector of India will come up with flying colors of success. This will be the time when investors from several countries will be waiting to make huge investments in the real estate sector of India.