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Showing posts from July, 2017

Maharashtra: 500 builders register as RERA deadline nears

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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

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(Only 11 days left)

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 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…

Few builders register with RERA (295 projects have been issued certificates by the authority)

With just about a fortnight left for developers to register ongoing projects with Maharashtra Real Estate Regulatory Authority (MahaRERA), less than 5% of them have registered with the authority, according to MahaRERA officials.

The deadline for registration of ongoing projects with RERA is July 31.

With an estimated 10,000 plus ongoing projects in the state, only 499 applications have been filed with MahaRERA till July 13, out of which 295 projects have been issued certificates by the authority. Despite having a working RERA website and a regulator from May 1, 2017, the registrations have been low but RERA officials are hopeful that the registrations will be completed by month end, failing which developers will be slapped with 10% penalty. MahaRERA secretary Vasant Prabhu told TOI that the developers will have to register their projects or face huge penalty.

"The developers are taking time to register but over the last three days we are receiving nearly 70-80 applications daily, in…

No extension for registrations : RERA Chairman

Sending a stern message, Maharashtra Real Estate Regulatory Authority (MahaRERA) Chairman Mr. Gautam Chatterjee on Saturday 8th July made it clear that builders and developers won't be getting any extension once the 90-day registration window is over.

After becoming the first state to implement the central real estate Act on May 1, the government had given the industry players time till July 31 to get their projects registered on its website

However, the real estate watchdog has so far received lukewarm response from the industry.

Chatterjee, who spoke to the media during an interactive session organized by CREDAI Nagpur Metro, said that only 10 online applications, including one from Nagpur, were received in May Sharing the dais with CREDAI representatives, Chatterjee directly asked them why their members have failed to get the registration done.

"A few days ago, a forwarded post landed in my WhatsApp account. Probably, they assumed even I was a bu…

Deadline July 31, but only 350 of 9,000 Maharashtra builders sign up with RERA

MUMBAI: Around 9,000 builders in the state are expected to register their projects under the MahaRERA, but only 350 of them have done so since May 1, when the regulations came into effect, reveal MahaRERA authorities. The deadline for registration is July 31.

If builders don't register their projects, they face fine under the RERA and even a jail term in case of repeat offence.

Industry experts say the poor registration rate might be an effect of the slow pace of construction projects and absence of new launches. Around 80,000 residential units remain unsold in the Mumbai Metropolitan Region, which is second after the National Capital Region which has 1.6 lakh unsold units.

Explaining the current situation, Ramesh Nair chairman of CII Realty and Infrastructure Conclave and CEO & Country Head, JLL India, said, "The number of new launches has come down and the focus has shifted to completion of existing projects. The profitability has found its level at 15% down from 40-50% ea…