People Are Not Aware Of The Provisions And Guidelines Of RERA
A 3-day real estate workshop was jointly organised by The National Real Estate Development Council (NAREDCO), under the aegis of the Ministry of Housing & Urban Affairs, and Delhi RERA at the second Management Development Programme titled ‘RERA & Real Estate Essentials’.
Read The RERA update to know more.
#RERA #Workshop #RealEstate
Property conveyance: KRERA asks developer to hand over possession of common areas to homebuyers
In one of the first such rulings, Karnataka RERA has ordered a developer to hand over the possession of common areas to the homebuyers’ association in a south Bengaluru project.
Read The RERA update to know more.
#RERA #KRERA #Possession
MahaRERA Suspends Registration Of 20,000 Real Estate Brokers
The registrations of an additional 20,000 agents have been suspended for one year for not obtaining MahaRERA’s real estate agent certificate of competency or not uploading the certificate on the watchdog’s website, an official statement said.
Read The RERA update to know more.
#RERA #MahaRERA #Suspended
MahaRERA introduces minimum specifications for retirement homes and senior citizen housing projects
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced comprehensive regulations and specifications for retirement and senior citizen housing, applicable across Maharashtra. These guidelines, detailed in a recent circular, focus on essential aspects such as building design, green building principles, lifts & ramps and safety and security.
Read The RERA update to know more.
#RERA #MahaRERA #RetirementHomes #Guidelines
Shimla couple had paid ₹64 lakh for the flat in 2015, with assurance of possession by 2018; but it was not handed over even after 5 years
The Real Estate Regulatory Authority, Punjab, has directed a developer to pay interest to a Shimla-based family for an over five-year delay in handing over possession of a flat in New Chandigarh.
The complainants, Kavita Gupta and Manohar Lal Gupta, had filed a case against Omaxe New Chandigarh Developers Private Limited, Mohali.
The couple submitted that on March 17, 2015, they were allotted a residential unit, measuring 1,885 square feet, at “The Lake” project developed at Omaxe, New Chandigarh.
The basic sale price was around ₹68 lakh of which they paid around ₹64 lakh.
The possession was to be delivered on September 17, 2018. However, even after five years, the possession has not been handed over to them.
Alleging that the developer has violated various provisions of the Real Estate (Regulation and Development) Act, 2016, they filed a complaint, seeking payment of interest against the delay in handing over possession.
In their response, the developer alleged that the Act was not violated. “The complainants tried to mislead by stating that the period of handing over the possession to be 42 months, but it is 48 months with six months’ grace period,” the developer claimed, further alleging that the instalments were not paid on time.
Hearing both sides, the Real Estate Regulatory Authority, Punjab, ordered that the complainants were entitled to payment of interest from the developer for the period of delay in handing over possession.
Thus, it directed the developer to pay interest on ₹64.91 lakh at the rate of 10.85% per annum from May 9, 2019, as prescribed in Punjab State Real Estate (Regulation and Development) Rules, 2017, till a valid offer of possession is made after occupancy certificate.
INTRODUCTION: The Maharashtra Real Estate Regulatory Authority (MahaRERA) is soliciting feedback on its Draft Regulation for Quality Assurance, emphasizing the importance of proactive measures in ensuring the quality of construction. Under the Real Estate (Regulation and Development) Act, 2016, MahaRERA is empowered to enforce standards that safeguard the interests of homebuyers.
DETAILED ANALYSIS
1. LEGAL FRAMEWORK: Section 14(3) of the Act mandates promoters to rectify defects within a specified period. However, MahaRERA seeks to go beyond mere rectification by instating measures to prevent defects in the first place.
2. PROACTIVE APPROACH: MahaRERA’s focus is on quality assurance as a preemptive measure rather than a reactive one. By ensuring strict adherence to quality standards throughout the construction process, the aim is to minimize the occurrence of defects and subsequent rework.
3. QUALITY PARAMETERS: The proposed Quality Assurance Certificate encompasses four key parameters: Structural Design, Stability, and Testing Quality of Input Materials Quality of Workmanship Miscellaneous Factors
4. RESPONSIBILITY: The certificate, to be submitted annually, holds the promoter accountable for maintaining standards prescribed by MahaRERA. It emphasizes the importance of structural integrity, material quality, skilled labor, and adherence to regulatory requirements.
5. CONSULTATION PROCESS: MahaRERA invites stakeholders to provide suggestions and views on the draft regulation, underscoring the collaborative effort to enhance quality standards in the real estate sector.
CONCLUSION: MahaRERA’s initiative to solicit feedback on the Draft Regulation for Quality Assurance signifies a proactive stance towards ensuring high standards in real estate development. By incorporating preventive measures and rigorous quality checks, MahaRERA aims to instill confidence in homebuyers and elevate the reputation of the industry. Stakeholder participation is pivotal in shaping regulations that promote sustainable and quality-centric practices, ultimately benefitting both buyers and developers.
Complaints that MahaRERA receive are of various nature, such as, building’s beam obstructing parking of vehicle, vehicle cannot be parked in the parking, vehicle door cannot be opened to exit, manoeuvring space inadequate, etc.
Mumbai: Several complaints have been received by the Maharashtra RealEstate Regulatory Authority (MahaRERA) with regards to parking spaces sold and allocated by the developers. Taking serious cognizance of this and to prevent a recurrence, the housing regulator has made it mandatory to include all details related to parking as part of annexures to the Allotment Letter and Agreement for Sale.
The complaints that MahaRERA receive are of various nature, such as, building’s beam obstructing parking of vehicle, vehicle cannot be parked in the parking, vehicle door cannot be opened to exit, maneuvering space inadequate, etc.
MahaRERA has issued a model draft clause as per of circular’s annexure, to be included in the legal documents, which includes all the details regarding the parking lot number, parking length, height, width, location of the parking block, etc. in the building. This
standard clause is to prevent any ambiguity or disputes at a later stage and is mandatory for promoter to annex this with Allotment letter and Agreement for Sale.
Details of model agreement for sale, issued in december 2022
In the Model Agreement for Sale, issued in December 2022, mention of Force Majeure, Carpet Area, Defect Liability Period and Transfer Agreement have been made mandatory in every agreement for sale. Now, parking in another aspect that has been made non-negotiable and any changes made despite the consent of a homebuyer, will not be accepted by MahaRERA.
Therefore, MahaRERA insists on strict adherence to the circular and the standard draft clause stating complete details about a parking slot. This will prevent any inconvenience and agony over parking premises that a homebuyer otherwise faces after moving into a new residence.
Kerala Real Estate Regulatory Authority issues notices to 63 Real Estate Projects for not filing tri-monthly report
The Kerala Real Estate Regulatory Authority (K-RERA) has issued notices to 63 real estate projects in the State for not submitting online tri-monthly reports for the current calendar year. Out of 582 projects only 519 filed their reports, said K-RERA.
Read The RERA update to know more.
#RERA #KeralaRERA #Notices
Rera Orders Ground Checks As Realtors Fail To File Reports
The Haryana Real Estate Regulatory Authority (H-Rera) has sought a ground report on around 100 housing projects on which developers have not been submitting the quarterly reports.
Read The RERA update to know more.
#RERA #HaryanaRERA #Reports
Introduction
One of the most important financial choices you will ever make is buying a house. A thorough inspection of your home – health & safety check-up, is necessary to protect your investment and provide peace of mind. We shall discuss the value of a home inspection in this article when purchasing a property. A professional home inspection is essential for preserving your future as a homeowner and helping you make educated decisions, from spotting possible problems to negotiating repairs with the seller.
Home inspections play a crucial part in India’s real estate market, which is dynamic and involves large investments and consequential judgments. Home inspections are an important procedure that are sometimes disregarded, but they are essential for making educated decisions, ensuring transparency, and building confidence between buyers and sellers. Offering “Total Peace of Mind” and insights into the condition of the property, it is a crucial step for both buyers and sellers. In this comprehensive guide, we delve into their importance in the Indian context.
Knowing the Process of a Home / Property Inspection
A thorough evaluation of all areas of the property, including systems like the plumbing and electrical systems and civil engineering components, is part of the house inspection process. It provides a chance for remedial action by assisting in the identification of possible problems.
Understanding the Procedure for a Home/Property Inspection:
What comes under the scope of a Home Inspection?
The scope of a home inspection encompasses a comprehensive assessment of various aspects of a property to evaluate its condition and identify any potential issues or concerns.
As every property is unique, its needs for inspection to determine the problem areas as they may be different and unique as the house itself.
In general, a home inspection encompasses all possible parts of the home including
Property Inspection’s Components
For more details, Read: So What exactly is Home Inspection?
Ensure Your Property Investment Is Safe and Sound with Home Inspection
Buying a property is a significant milestone in anyone’s life. Whether it is a home or a commercial space, it represents a substantial financial investment. The property inspection is a comprehensive evaluation of the property’s condition, highlighting any potential issues or hidden problems. We will explore the importance of property inspections and how they safeguard your investment
1. Expose Hidden Problems
Even though a house could seem perfect on the outside, a professional property inspection is necessary to uncover any hidden problems. A comprehensive examination will prevent expensive surprises later on, from construction quality defects to plumbing or electrical problems.
A home inspection serves as a crucial mechanism for uncovering hidden problems that may lurk beneath the surface of a property. Here’s how this process helps expose such issues:
In short, a home inspection plays a vital role in exposing hidden problems within a property. By conducting a thorough examination, leveraging expert insight and tools, providing detailed reporting, and empowering buyers with valuable information, home inspectors help uncover potential issues that may impact the safety, integrity, and value of the property.
2. Ensuring Safety Through Home Inspection
Safety is paramount when it comes to purchasing a home, and a comprehensive home inspection is a critical step in ensuring the safety of both you and your loved ones. Here’s how a home inspection contributes to safeguarding your wellbeing:
3. Assessing Constructional Integrity:
Ensuring the constructional / structural integrity of a building is paramount for its durability and safety. A property inspection meticulously evaluates the basic elements – (wall, ceiling, floor, door, window, plumbing, electrical),and overall structure, checking for any signs of deterioration, cracks etc . Identifying structural issues at an early stage can help prevent future disasters and mitigate the need for expensive repairs. It instills peace of mind, reassuring you that the property you are investing in is constructed to withstand the test of time.
4. Assess the Extent of Repairs
A comprehensive home inspection identifies areas that need maintenance and repairs and sheds light on the property’s general state. Equipped with this knowledge, you can evaluate the extent of repairs required. It enables you to plan future improvements. Recognizing the possible expenses in advance helps prevent unpleasant surprises and future financial pressure.
5. Planning for Renovations
If you are thinking about making improvements or modifications to the property, a home inspection offers insightful information. It assists you in comprehending the state of the systems and structure as they stand, enabling you to make the appropriate plans for adjustments. Understanding the state of the property clearly will help you plan your budget and steer clear of unforeseen costs when you embark on your remodeling project.
Last words
In conclusion, a home inspection is an indispensable step in the home-buying process. It uncovers hidden problems, evaluates safety hazards, and provides a comprehensive assessment of the property’s condition. Armed with this information, you can make informed decisions and plan for future maintenance needs and repairs. Investing in a professional home inspection is a wise choice that provides peace of mind, safeguards your investment, and sets the stage for a confident and enjoyable homeownership experience.
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