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
MahaRERA’S project grading system aims to empower homebuyers with transparent insights into real estate projects
The Maharashtra Real Estate Regulatory Authority (MahaRERA) had suggested last year, a project grading system in order to help homebuyers make an informed decision. That plan may soon see the light of the day, as MahaRERA is expected to launch the grading system soon.
The grading will be based on four key parameters—technical, financial, legal, and project overview; and will evaluate projects every six months in a bid to keep homebuyers aligned with the construction progress. As a part of this process, all projects launched from January 2023 onwards will be graded.
However, since this is still a pilot project, MahaRERA is expected to first provide project information/analysis without assigning a grade to the project. This information would enable homebuyers to evaluate if the project is on the right track; the actual grades could take a few more years to be rolled out.
Industry experts, however, also feel that a few more parameters should be taken into account in order to provide a holistic overview.
Some of the key parameters are as follows:
Construction Quality: Assessing the track record of the developer in terms of construction quality, materials used, and adherence to building codes and regulations.
Environmental and Sustainability Factors: Considering the project’s impact on the environment, its compliance with sustainability standards, and the incorporation of energy-efficient measures, waste management systems, and green building practices.
Track Record of Developer: Assessing the reputation and past performance of the developer, including timely completion of previous projects, compliance with regulatory norms, financial stability, and adherence to customer commitments.
Customer Feedback: Incorporating feedback from existing customers of the developer or similar projects to assess customer satisfaction, and after-sales service, and address any potential issues.
– Ritesh Mehta, senior director and head (North and West), residential services and developer initiative, JLL India
Promptly updating grades assigned to each project on MahaRERA’s website, explaining how each parameter is assessed and graded, ensuring that the website’s interface is user-friendly enabling homebuyers to check grades with ease, and an effective feedback mechanism for homebuyers to raise concerns or grievances related to project evaluations should be implemented to make this grading system more robust and effective. Additionally, engaging competent third-party agencies for these audits will make them more authentic,” adds Ravi Shankar Singh, managing director, of residential transaction services, at Colliers India.
“MahaRERA could also take initiatives to educate buyers on how to interpret these grades and reports, helping them understand what these evaluations mean for their investment. There should also be a clear and fair process for developers to appeal their grades if they believe the evaluation was not accurate or fair. MahaRERA could consider incentives for projects that achieve high grades, such as faster approval processes or recognition in MahaRERA publications, to encourage quality and compliance,” suggests Prashant Sharma, president, NAREDCO Maharashtra.
Developers are optimistic about this move, however, there are a few concerns, “The process of information seeking from developers for this rating should be minimalistic in its philosophy, as developers are already providing a vast amount of data for RERA registration. An ideal way would be to integrate the data requirement in one place rather than two separate data requirements. It should also be mandatory for every developer to display the project rating prominently along with the RERA registration number,” suggests Harmohan Sahni, CEO, Raymond Realty. “Overall, the sector will benefit from this proactive approach, which fosters responsible practices and builds trust between buyers and developers,” concludes Manju Yagnik, senior vice president, NAREDCO Maharashtra.