GoRERA Blog

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 ...

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. ...

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 ...

For Registration visit  www.GoRERA.com (Only 11 days left) Circular No. 3/ 2017 No.MahaRERA/Secy/File   No .27 /79/2017 Date : 0 7 th June 20 1 7 . Self  Declaration to be submitted  by  Promoters to the   Bank. Whereas the MahaRERA Authority, under section 37 of the RERA Act, 2016 and Regulation 38 of the MahaRERA (General) Regulations 2017 is vested with the powers to issue directions and orders to promoters, real estate agents and allottees from time to time for effective implementation of the Act and to achieve the underlying object behind the Real Estate (Regulation and Development) Act, 2016. Whereas the promoter under section 4(2)(l)(D) of the Real Estate (Regulation and Development) Act, 2016 is required to deposit seventy per cent of the amounts realised for the real estate project from the allott ees in a separate account  to be maintained  in...

 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 wit...

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-...

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 maharera.mahaonline.gov.in. 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. Pr...