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RERA restores NRIs’ confidence in real estate projects back in India

PUNE: After years of indecisiveness, the implementation of MahaRERA has helped Qatar-based Shibu and Josy Thomas make up their mind to invest in a realty project in Baner.


With Josy's parents from Pune, the couple have been looking to invest in a project here for the last few years. "We always wanted a home in the city, our birthplace. We will finally have an investment in the realty sector and can do it with confidence," Josy said.

Another US-based couple, who did not wish to be named, said they have asked their relatives to look for investment in the real estate segment here. "My sister-in-law, who would hesitate to invest in Pune till the other day, has asked us to be on the look out for RERA-registered projects," said M Rao, whose brother and sister-in-law are in the US.

Non-resident Indians have been traditionally attracted to investments in the real estate sector because of currency exchange rate and easy laws for investments by NRIs under the Foreign Exc…
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Mumbai: 150 homebuyers register a complaint with MahaRERA against real estate project at Mira Road

Nearly 150 homebuyers have registered a complaint with the Maharashtra Real Estate Regulatory Authority (MahaRERA) against a real estate project at Mira Road which has been stalled for the last four years. Buyers said that the construction work of the project was affected after a dispute among the directors of the company, Kashmira Ceramics Products. According to one of the buyers, the project named Tanvi Eminence, is divided in two phases. It was announced in 2010 with 500 flats and the developer had promised to deliver the flats by 2016, however, the project got stalled in 2013 after a fallout amongst the directors. The buyers will be meeting Chief Minister Devendra Fadnavis and state chief secretary in order to take action against the developer. Buyers alleged each of them had paid an advance of nearly Rs 25 lakh to the developer while booking the flats and most of them are now paying off their loans. Although, only 150 buyers have lodged complaints, there are more than 400 home b…

MahaRERA Statistics (Registered Units)

Mumbai homebuyers remain chary of new purchases, irrespective of which end of the budget spectrum they are at. Unsold inventory in the so-called city of dreams for 1-, 2-, and 3-BHK homes remains at 49, 50, and 51 per cent, respectively, a new report from real estate consultancy JLL India shows. Worse, the report, which looks at projects registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA), projects that unsold inventory in various parts of the city will rise in 2018 compared to 2017. According to the report, Thane Municipal Corporation and adjacent areas are performing better than Mumbai, with the least number of unsold units at 15 per cent for projects scheduled to be ready by end of 2017. The bad news is that the number is likely to be more than double to 38 per cent for projects that will be completed by 2018. The data, as of July 31, 2017, shows unsold inventory in Andheri at 36 per cent in 2018, compared to 28 per cent in 2017. Chembur is likely to see un…

Rs 2 lakh penalty to be imposed for late registration under Maha RERA

Mumbai: Maharashtra RERA authorities, in a meeting held on Friday, decided to increase the penalty for registration of ongoing projects registered from September 1-30 to Rs 2 lakh or an amount equivalent to double the registration fee, whichever is more, subject to a ceiling of Rs 10 lakh.
The order was issued by MahaRERA chief Gautam Chatterjee and members Bhalchandra Kapadnis and Vijay Satbir Singh. The RERA authorities had set a penalty of Rs 1 lakh till August 16, and as per the order on Friday, the same amount will be levied till August 31.
The Real Estate Regulation Act prohibits ongoing unregistered projects from advertising and selling with effect from August 1. MahaRERA has stated that delaying the registration of the ongoing projects would jeopardize the interest of allottees of the said projects since the details of such projects would not be available in public domain for scrutiny and further filing of complaints.
The order issued on Friday also states that if a promoter d…

Maharashtra: 500 builders register as RERA deadline nears

To Register with RERA Click Here

Only 8 Days Left
Mumbai: With the Real Estate Regulatory Authority (RERA) just a fortnight away, more than 500 developers across Maharashtra out of the estimated 9000 have registered on the website so far. The new act directs developers and real estate agents to register on the MahaRERA website. A senior RERA official said that the reason behind the less number of registration is uncertain. He said, “Despite providing a new window for developers to make corrections of obvious errors in the submitted project, the number of registrations on the site has been low. Typographical errors and name correction can be edited through the window.” The official added that the earlier blockage to such provisions deterred developers from uploading their project details. Mayur Shah, newly elected president of MCHI-CREDAI, an association representing the interests of builders, said, that there are over 1000 projects that are yet to be uploaded on the website.  According …

RERA Self Declaration to be submitted by the Promoters to the Bank

For Registration visit www.GoRERA.com
(Only 11 days left)

CircularNo.3/2017
No.MahaRERA/Secy/File No.27/79/2017 Date:07thJune2017.
Self Declaration to be submitted by Promoters to theBank.

WhereastheMahaRERAAuthority,undersection37oftheRERAAct,2016andRegulation38oftheMahaRERA(General)Regulations2017isvestedwiththepowerstoissuedirectionsandorders to promoters, real estate agents and allottees from time to time foreffectiveimplementation of the Act and to achieve the underlying object behind the RealEstate(RegulationandDevelopment)Act,2016.
Whereas the promoter under section 4(2)(l)(D) of the Real Estate (Regulation andDevelopment)Act,2016isrequiredtodepositseventyper centof

RERA warns builders of action for late registration

For RERA Registration visit www.GoRERA.com(Only 13 days left) 
Maharashtra Real Estate Regulatory Authority (RERA) clarified that it can take suo motu action against builders who don't register their projects with the authority by the deadline of July 31. While complainants needs to pay a fee of Rs 5,000 to register a complaint against builders; according to the law, the regulatory authority has said that post July 31, even if an individual brings into its notice non-registered projects, Maha RERA can initiate suo motu action against the particular builder. "It is not necessary that every complaint we act on, has to be a formal complaint by a concerned buyer via paying the complaint fees. We can even take suo motu action against builders who fail to register their projects after the deadline of July 31, on mere intimation about the same," said Vasant Prabhu, secretary, Maha RERA. "However, we are expecting all the builders to register their projects within the dea…