Blow to Housing Societies: Rera won’t hear Redevelopment Disputes

Rera

MUMBAI: Housing Society Members who have a dispute with their builder over Redevelopments cannot seek relief under the Real Estate (Regulation and Development) Act (Rera). The state Rera last month dismissed a complaint filed by members of a Vikhroli housing society against their builder for failing to hand over their new flats for 11 years. They also accused the society’s managing committee of granting permission to the builder to add five floors without their approval. In a December 2017 order, MahaRera chairperson Gautam Chatterjee said the authority is not the proper forum…

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Regulatory Transitions Pave the Way for Consolidation in the Real Estate Sector

Rera

Sector to stabilise in 2018 as both real estate developers and customers become attuned to the changed regulatory scenario Regulatory changes introduced in the real estate sector such as implementation of the RERA regime, introduction of the insolvency and bankruptcy code and coming into force of Goods and Services Tax (GST) may have impacted its operational performance but are expected to pave the way for the industry’s consolidation going forward, says an analysis by ICRA. ICRA also expects that the industry will stabilise in 2018 as both real estate developers…

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Budget 2018: Housing Sector Eyes Lower taxes, Infra Status to Overcome Impact of GST, RERA and Demonetisation

Rera

Mumbai: Severely impacted by various reforms like RERA, GST, and demonetisation, the realty sector is pinning its hopes on Union Budget 2018-19 for relief measures like lower taxes and infrastructure status. The year 2017 was an eventful one for the sector with many structural policy reforms, which resulted in a significant decline in home launches to 1,03,570 units compared to 1,75,822 in 2016. Industry players are expecting rationalisation of the GST rates from the current 12 percent to 6 percent and bringing stamp duty under the ambit of GST. “Also, industry…

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RERA’s reach: Around 20,000 real estate projects registered – See Maharashtra, Noida, Gurgaon details

real-estate

Around 20,000 projects across the country have been registered under the Real Estate (Regulation and Development) Act, a senior housing and urban affairs ministry official said. Of the total number of projects registered, as many as 12,000 are in Maharashtra, one of the first states to implement the Act, the official added. In UP, around 2,000 projects have been registered, with Gautam Budh Nagar and Noida together accounting for over 1,000. “While in Haryana, nearly 400 projects have been registered, states such as Karnataka, Gujarat, Rajasthan and Andhra Pradesh have…

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Tamil Nadu will notify RERA within fortnight: Naidu

The Tamil Nadu government has said it will notify the rules under the Real Estate Regulatory Act and appoint a regulator by the month end, according to Union Urban Development Minister Venkaiah Naidu. Addressing a press conference jointly with the Chief Minister Edappadi K Palaniswami following a review of urban development and housing projects supported by the Centre,

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