Over 97 lakh real estate units registered under RERA in India’s top 10 states in 8 years: PropEquity

RERA’s Impact on Real Estate Project Registrations

Since RERA’s implementation in 2017, the top 10 states have registered 1.19 lakh real estate projects comprising 97.14 lakh units, according to PropEquity.

State-wise Project Registrations

  • Maharashtra leads with 40% of projects.
  • Tamil Nadu follows with 17%.
  • Gujarat accounts for 14%.

Top Cities for Project Registrations

Pune, Thane, and Hyderabad rank as the top three cities with the highest project registrations.

Trends in Project Registrations

While project registrations saw a surge between 2020 and 2022, they decreased by 21% between 2022 and 2024.

PropEquity CEO’s Perspective

PropEquity CEO Samir Jasuja highlights RERA’s positive impact on transparency and investment in the real estate sector. Post-RERA absorption rates have generally exceeded launches, demonstrating market maturity.

Average Units per Project

The report also indicates Uttar Pradesh has the highest average units per project at 184.

#RealEstate #RERA #PropEquity #RealEstateIndia #PropertyMarket #InvestmentTrends #HousingProjects #Maharashtra #TamilNadu #Gujarat #Pune #Thane #Hyderabad #MarketTrends #ProjectRegistrations #TransparencyInRealEstate

Source: https://www.cnbctv18.com/real-estate/top-10-states-with-highest-rera-registered-real-estate-projects-2024-19566627.htm

Banks can’t Seize Buyers’ Flats for Developer’s Default: West Bengal

Significant Judgment by West Bengal Real Estate Appellate Tribunal

The West Bengal Real Estate Appellate Tribunal has delivered a significant judgment protecting homebuyers from bank recovery actions in real estate projects. The case involved nine apartment owners in the Ideal Exotica project in New Alipore who faced losing their homes due to developer Ideal Real Estates’ loan default to Yes Bank.

Details of the Case

Yes Bank, seeking to recover a Rs 320 crore loan, attempted to seize the flats, valued between Rs 1.95 crore and Rs 3.14 crore each, through the SARFAESI Act, despite the buyers already occupying them and having completed property mutations.

Legal Proceedings and Outcome

The homebuyers appealed to the West Bengal Real Estate Regulatory Authority (WBRERA), which ruled in their favor. Yes Bank challenged this ruling, but the Appellate Tribunal upheld WBRERA’s decision, preventing the bank from taking possession or auctioning the flats.

Implications

This landmark decision establishes a crucial precedent, safeguarding homebuyers’ interests against aggressive loan recovery tactics by financial institutions.

 

#RealEstateJudgment #HomebuyersRights #WestBengalTribunal #LegalVictory #RealEstateLaw #HomeOwnership #PropertyRights #WBRERA #ConsumerProtection #LandmarkDecision #LegalNews #RealEstateUpdate

 

Source: https://realty.economictimes.indiatimes.com/news/residential/banks-cant-seize-buyers-flats-for-developers-default-west-bengal-tribunal/117665250

WBRERA help buyers get alternative flats where projects were incomplete

WBRERA Helps Buyers Get Alternative Flats Where Projects Were Incomplete

The West Bengal Real Estate Regulatory Authority (WBRERA) has successfully intervened in two separate cases, securing alternative housing for flat buyers whose projects were delayed. The cases highlight WBRERA’s commitment to protecting consumer rights in the real estate sector.

Case 1: Smart Home Residency – I

In the first case, a buyer who booked a flat in “Smart Home Residency – I” filed a complaint with WBRERA after the promoter failed to deliver the property within the agreed timeframe. Following a hearing with both parties, WBRERA facilitated an agreement where the promoter provided the buyer with a fully habitable alternative flat.

Case 2: Soumita Construction Pvt Ltd

Similarly, another complainant who invested in a project by Soumita Construction Pvt Ltd faced delays, prompting her to seek WBRERA’s intervention. After reviewing the complaint and conducting a hearing, WBRERA ensured that the construction company provided her with a suitable alternative flat.

These cases underscore the effectiveness of WBRERA in resolving disputes between buyers and promoters. WBRERA encourages flat buyers facing issues such as delayed possession, unwarranted demands for additional funds, discrepancies in carpet area, substandard construction, lack of promised amenities, inadequate sewage systems, or absence of completion certificates to file a complaint.

Filing a Complaint with WBRERA

  • Filing a complaint with WBRERA is accessible, requiring a fee of just Rs 1,000.
  • Buyers can file complaints online via the WBRERA website (rera.wb.gov.in) by clicking on the complaint box.
  • Alternatively, they can download Form ‘M’ from the same section, complete it, and submit it to the WBRERA office.

#WBRERA #RealEstate #AlternativeFlats #ConsumerRights #BuyerProtection #HousingJustice

Source: https://www.millenniumpost.in/bengal/wbrera-help-buyers-get-alternative-flats-where-projects-were-incomplete-599068

 

RERA Lacks Authority to Enforce Dispute Settlements: Appellate Tribunal

Maharashtra Real Estate Appellate Authority Ruling

The Maharashtra Real Estate Appellate Authority has ruled that MahaRERA cannot force disputing parties to reach an amicable settlement. This decision arose from an appeal filed by Shekhar Singh against Keystone Realtors (Rustomji Seasons), for delayed possession of a ₹5.53 crore flat.

Case Details

  • Appellant: Shekhar Singh
  • Respondent: Keystone Realtors (Rustomji Seasons)
  • Dispute: Delayed possession of a ₹5.53 crore flat

Background

Singh’s flat, purchased in 2018, was due for possession by December 31, 2019. When the developer offered possession in July 2020, they demanded ₹70.81 lakh, which Singh disputed, particularly ₹3.54 lakh for workers’ welfare cess and sought a deduction of ₹25.15 lakh for the delay.

Initial MahaRERA Order

MahaRERA initially acknowledged the delay, violating Section 18 of the RERA Act, but surprisingly directed both parties to settle the dispute privately. Singh appealed this order. Keystone Realtors attributed the delay to pending government approvals and the pandemic.

Appellate Tribunal Decision

The appellate tribunal, composed of Shriram Jagtap and Shrikant Deshpande, rejected the developer’s excuses, especially the pandemic argument, as the original possession date preceded the lockdown. They emphasized that homebuyers should not suffer due to developer delays.

The tribunal invalidated MahaRERA’s direction for forced settlement and dismissed the demand for workers’ welfare cess from Singh, citing its absence from the sale agreement.

Outcome

The developer was ordered to pay Singh approximately 10% interest on ₹5.25 crore, covering the period from January 1, 2020, to July 1, 2020, as compensation for the delayed possession.

Summary Table

Issue Details
Original Possession Date December 31, 2019
Possession Offered July 2020
Disputed Amount ₹70.81 lakh (including ₹3.54 lakh for workers’ welfare cess)
Compensation Ordered Approximately 10% interest on ₹5.25 crore (Jan 1, 2020 – Jul 1, 2020)

 

#MahaRERA #RealEstate #HomebuyersRights #RERAAct #PropertyDispute #MumbaiRealEstate #FlatPossession #LegalRights #RealEstateLaw #ConsumerProtection #DelayedPossession #HomebuyerJustice #RealtyNews #PropertyLaw #MahaRERARuling

 

Source: https://www.hindustantimes.com/cities/mumbai-news/rera-can-t-force-parties-to-settle-disputes-appellate-tribunal-101739214480267.html

MahaRERA Issues Guidelines Mandating Home Sale Agreement for Buyers Who Pay up to 10 Percent of Property Amount

Attention Homebuyers in Maharashtra!

MahaRERA has introduced new guidelines to safeguard your property investments. Builders must now provide a mandatory home sale agreement once you’ve paid up to 10% of the property cost. Failing this, you can lodge a complaint with MahaRERA.

Before proceeding, verify crucial details like project registration, court case status, construction approvals, and completion dates on the MahaRERA website. Builders are also required to allocate 70% of funds exclusively for construction and provide regular project updates.

Stay informed, stay secure. MahaRERA ensures transparency and accountability in your property transactions. For details, visit their website today!

#MahaRERA #HomeBuyersRights #RealEstateSafety #TransparentTransactions

 

Source: https://www.lokmattimes.com/maharashtra/maharera-issues-guidelines-mandating-home-sale-agreement-for-buyers-who-pay-up-to-10-percent-of-property-amount-a505/

Delhi RERA to make it compulsory for builder to advertise and sell projects on carpet area only

Delhi RERA to Redefine Real Estate Advertising Standards

Greater Transparency for Homebuyers

The Delhi Real Estate Regulatory Authority (Delhi RERA) is set to introduce new guidelines aimed at promoting transparency in the marketing and advertising of real estate projects. Builders and stakeholders will soon be required to market properties based on carpet area – the actual usable area of a flat – ensuring buyers have clarity on the space they are paying for.

Understanding Carpet Area

Unlike super built-up area, which includes common spaces, or built-up area, which accounts for wall thickness, carpet area focuses on the usable space inside a flat. This shift empowers buyers to make informed decisions and eliminates misleading advertising practices in the Delhi-National Capital Region (NCR).

Strict Penalties for Non-Compliance

To ensure compliance, Delhi RERA will impose heavy fines on builders violating the guidelines. These measures aim to establish a fair and transparent real estate market, safeguarding the interests of homebuyers while holding developers accountable for accurate marketing.

#DelhiRERA #RealEstateTransparency #HomeBuyers #CarpetAreaMatters #RealEstateNews

Source: https://www.moneycontrol.com/news/business/real-estate/delhi-rera-to-make-it-compulsory-for-builder-to-advertise-and-sell-projects-on-carpet-area-only-12916050.html

Delhi RERA To Issue New Set Of Guidelines

𝐃𝐞𝐥𝐡𝐢 𝐑𝐄𝐑𝐀’𝐬 𝐍𝐞𝐰 𝐆𝐮𝐢𝐝𝐞𝐥𝐢𝐧𝐞𝐬 𝐟𝐨𝐫 𝐑𝐞𝐚𝐥 𝐄𝐬𝐭𝐚𝐭𝐞 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲

Delhi RERA is set to introduce new guidelines to enhance transparency in real estate transactions. Chairman Anand Kumar emphasized that builders must now market properties based on carpet area, not super built-up area, ensuring buyers know the actual size of their homes.

Additionally, Delhi RERA is considering extending exemptions from GRAP measures for registered projects if these measures last over three days. Strict action will be taken against unregistered projects, emphasizing compliance with regulatory norms.

The authority is committed to listening to industry grievances and proposing solutions to the central government to improve the sector.

These changes aim to foster trust, accountability, and better practices in real estate. Homebuyers can look forward to a more transparent and informed property investment process under the updated Delhi RERA framework.

Stay informed and make smarter real estate decisions!

#DelhiRERA #RealEstateTransparency #HomeBuying

Source:  https://www.rprealtyplus.com/news-views/delhi-rera-to-issue-new-set-of-guidelines-118429.html

Before buying an apartment, homebuyers must check if the property has legal issues pending against it

𝐏𝐫𝐨𝐭𝐞𝐜𝐭 𝐘𝐨𝐮𝐫 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐰𝐢𝐭𝐡 𝐃𝐮𝐞 𝐃𝐢𝐥𝐢𝐠𝐞𝐧𝐜𝐞!

MahaRERA has issued a critical directive ensuring developers disclose all pending litigations for under-construction projects. A recent case in Thane highlights the importance of transparency in real estate, with developers now mandated to update pending legal issues on the MahaRERA website within 15 days.
At MACJ, we prioritize informed decision-making for homebuyers. Before you invest in your dream home, ensure the property is free from hidden legal complications. Our expert inspection services not only identify structural and safety issues but also guide you toward secure investments.

#HomeInspection #RealEstateTransparency #RERA #MahaRERA #LegalProtection #SafeHome #MACJ #HomeBuyersGuide #PropertyCare

 

Source: https://realty.economictimes.indiatimes.com/news/rera/bombay-hc-rules-real-estate-disputes-under-rera-non-arbitrable/116967549

Bombay HC Rules Real Estate Disputes Under Rera Non-Arbitrable

𝐋𝐚𝐧𝐝𝐦𝐚𝐫𝐤 𝐑𝐮𝐥𝐢𝐧𝐠 𝐛𝐲 𝐁𝐨𝐦𝐛𝐚𝐲 𝐇𝐢𝐠𝐡 𝐂𝐨𝐮𝐫𝐭: 𝐇𝐨𝐦𝐞𝐛𝐮𝐲𝐞𝐫𝐬’ 𝐑𝐢𝐠𝐡𝐭𝐬 𝐔𝐩𝐡𝐞𝐥𝐝!

The Bombay High Court has ruled that disputes between homebuyers and builders covered by RERA are non-arbitrable, ensuring all cases are addressed through RERA tribunals. This decision protects homebuyers from being redirected to private arbitration, securing their rights under the Real Estate Regulatory Act.

RERA tribunals are now firmly established as the primary forum for resolving buyer-builder disputes, even if agreements include arbitration clauses. This ruling strengthens transparency and accountability in real estate dealings.

#HomebuyersRights #RERA #RealEstateRegulations #ProtectYourInvestment

Source: https://realty.economictimes.indiatimes.com/news/rera/bombay-hc-rules-real-estate-disputes-under-rera-non-arbitrable/116967549

From Parking Rules To Guidelines On Senior Citizens’ Homes, MahaRERA’s Top 5 Game-changing Orders In 2024

MahaRERA’s Top 5 Game-Changing Orders in 2024!

In 2024, MahaRERA revolutionized Maharashtra’s real estate sector with bold, homebuyer-centric policies. From ensuring parking details are clearly mentioned in agreements to mandating timelines for amenities delivery, the authority has empowered buyers with transparency and accountability. Additionally, third-party quality checks and groundbreaking senior citizen housing guidelines further strengthened trust in the industry.

Former chairman Ajoy Mehta’s book, RERA – A Perspective, sheds light on the sector’s challenges, while new chairman Manoj Saunik continues the momentum. Though project grading was shelved due to legal constraints, MahaRERA’s initiatives have significantly boosted buyer confidence and set a benchmark for real estate governance.

#MahaRERA #RealEstateReforms #HomebuyerProtection

Source: https://www.hindustantimes.com/real-estate/from-parking-rules-to-guidelines-on-senior-citizens-homes-maharera-s-top-5-game-changing-orders-in-2024-101734111084461.html