Gujarat RERA fined over 300 developers

Apr 9,2019 / By Prahalad Singh / No Comment

Under the Real Estate (Regulation and Development) Act, 2016, more than 300 real estate projects across Gujarat have been penalized by the Gujarat Real Estate Regulatory Authority (GujRERA) for missing to file the compulsory quarterly progress reports over the last 9 months. In most cases, the regulatory authority has fined each fraudulent developer Rs.50,000.

The process of submission of Quarterly reports started in June 2018. Since then, various developers have punished for non-compliance, under sections 11 and 63 of RERA Act.

Although the fine for breach of Section 63 of the act can go up to 5% of the project cost, in most cases the fine was fixed at Rs.50000, to assure compliance.

It is given that there are 5219 real estate projects registered with the authority and only 300 or so have been observed to be non-compliant. These numbers indicate that the level of compliance in the state is pretty high.

Most promoters who did not fulfill the quarterly filing measure submitted to the authority that their crime was incidental as the law is new and they were not completely notified of several provisions.

According to the data published on the GujRERA website, the authority has approved around 33% affordable housing projects across the state. The authority has sanctioned around 5200 ongoing residential as well as commercial projects so far.

As of now, 3880 real estate projects have successfully registered under Gujarat RERA and authority has issued 702 registration certificated to its agents.

The data also revealed that as many as 1694 registered projects are Affordable Housing projects. About 878 projects are purely residential, while are mixed use with residential and commercial units.

Ahmedabad has the highest number of affordable projects registered under the Act. Over 500 projects have been registered till date. After Ahmedabad, Vadodara has about 361 affordable RERA Registered projects, Rajkot has 265 such projects, Surat has around 236 projects, and Gandhinagar has over 100 affordable housing projects.

Gujarat Real estate updates:

Around one-third of all the real estate projects registered with GujRERA fall under the affordable housing category.

Promoters & Developers of more than 300 real estate projects across Gujarat have been penalized by GujRERA.

IndoSpace enters Gujarat with Rs 650 cr investment.

Gautam Adani declares Rs 55,000 crore investment in Gujarat in the next 5 years.

List of approved projects and agents – Gujarat RERA

Apr 5,2019 / By Prahalad Singh / No Comment

Gujarat RERA:

Since the Real Estate (Regulation and Development) Act, 2016 came into force, Gujarat is among the top states in the implementation and adoption of the new reality law. The government of Gujarat established Gujarat Real Estate Regulatory Authority (GUJRERA), vide Notification No. 23 dated 8 March 2017, for regulation and promotion of the real estate sector in the State of Gujarat. It formed the regulatory authority to help homebuyers and register builders, promoters and real estate agents.

As of now, 3880 real estate projects have successfully registered under Gujarat RERA and the authority has issued 702 registration certificated to its agents. Moreover, the regulatory authority has passed judgment for all the 73 complaints received till date.

List of approved agents for Gujarat RERA: Click here to view

List of approved projects for Gujarat RERA: Click here to view

Irrespective of these proved projects/agents, RERA has rejected several real estate projects as well.

Latest updates on Gujarat RERA

Gujarat realty’s property registration has been increased by 33% because of Affordable Housing.

Disclaimer: the data provided here is based on industry and news reports. CommonFloor will not be held legally responsible for any action taken based on the information provided.

RBI cuts repo rate by 0.25%, hope for all types of loans to get cheaper across India

Apr 4,2019 / By Prahalad Singh / No Comment

RBI’s Repo Rate Cut:

RBI has cut the repo rate by 0.25%. It has decreased from 6.25% to 6%. After the meeting of the Monetary Policy Committee (MPC) meeting, interest rates were announced on Thursday. 4 out of 6 MPCs supported the rate reduction. Even in the February review meeting, the RBI had reduced the repo rate by 0.25%, after which the repo rate was 6.25%.

Repo rate decreased from 6.25% to 6%, RBI gives loans to banks on the basis of repo rate.
Banks will get cheaper loans, it will be easy for them to pay a low-interest rate.
According to the Expert, the drop in repo rate can reduce the rate of impact on deposits, but if the bank wants to cut it, we will welcome the decision.

Impact of Repo Rate Cut

Loan EMIs will be lower:

The repo rate is the rate at which the RBI lends to the banks. Due to this, banks get Cheaper Loans. It also clears the way for customers to lower the rates of loans. However, last time banks did not reduce the interest rates as much as the RBI had reduced the repo rate.

GDP growth to be 7.2% in current fiscal:

RBI has expressed that GDP growth in the current financial year (2019-20) will be 7.2%. Retail inflation in the first half (April-September) is expected to be between 2.9 to 3%. Last time RBI had released an estimate of 3.2-3.4%. In the second half (October-March), retail inflation could be 3.5-3.8%. While fixing the interest rates, RBI keeps retail inflation in mind.

Neutral outlook:

Even after the reduction in the repo rate last time, bankers also expressed the hope that the repo rate can be reduced in the April policy as retail inflation is consistently lower than the target (4%) of the RBI. MPC has changed the outlook to neutral from the last time. This time, the same outlook has maintained.

Lower interest rates on loans will depend on the banks:

Reducing the rate by RBI, banks will not immediately and fully benefit the customers. Despite lowering the repo rate of 0.25% last time, the major banks had reduced the rates of loans from 0.05 to 0.10%. On this issue, the RBI governor had also held meetings with the banks last week. SBI, however, has added interest rates to the Repo Rate. This decision will come into effect from 1st May.

New circular for NPA solution rules will be released soon: RBI governor

The Supreme Court had canceled the circular of RBI on February 12, 2018. According to him, defaulting on one day was a matter of putting any company’s debt in NPA. Under this, the bank has to apply for bankruptcy proceedings against the company under the IBC Code within 15 days of the deadline of 180 days. RBI governor Das has said that the new Circular of NPA solution rules will be released soon.

Mihan is yet to be paid for land for Mahametro

Apr 4,2019 / By Prahalad Singh / No Comment

Mihan is yet to be paid for land for Mahametro:

Maharashtra Airport Development Company (MADC) developing the Mihan project has to collect over Rs252 crore from entities allotted land in the Special Economic Zone (SEZ) and non-SEZ parts of Mihan.

In the meanwhile, hopes of economic growth tied with Mihan project, 21 out of 112 investors allotted land in the area have not paid up their dues.

The highest amount is owed by MahaMetro (former Nagpur Metro Rail Corporation) which was granted 92 acres. MADC has not yet received Rs91 crore towards land cost from MahaMetro.

MahaMetro has been allotted land two years ago in the non-SEZ area for setting up a station and a township but no amount has been paid to MADC since.

A MahaMetro spokesperson confirmed that the amount was pending but the said payment was to be done through book adjustment. The state government has to pay the amount into MADC’s account. Once the book adjustment is done, the amount would be available in MADC’s overall funds.

Other organizations whose funds are due in the non-SEZ area to have been allotted land in the limit of 1 to 2 acres. There are 36 investors in the non-SEZ area out of which 5 have not paid their dues towards the land cost. The total pending dues from allottees in the non-SEZ area reach at Rs97 crore.

Patanjali Group is the biggest and the only investor in the non-SEZ part who has cleared all its dues and its unit is under construction.

There are 76 investors in the SEZ area of the Mihan project. Of these, 16 have not paid up their dues, amounting to Rs155 crore and the land has only been allotted to them on paper. They have not yet taken physical possession. The final transfer would happen only after the whole amount is paid. It is expecting that MADC may soon take a decision on eliminating the allotment of these.

On the other hand, there are 40 investors in the SEZ who have not yet started their project even after paying the whole amount for the land.

Image Credit – Reacho

List of approved projects and agents – Maharashtra RERA

Apr 4,2019 / By Prahalad Singh / No Comment

MAHARASHTRA RERA:

Maharashtra was among the few states to come up with a RERA Act’s website in its initial phase of implementation.

As per the information available on the MAHA RERA website, the total projects that are registered on the website are 19625. Among them, 3652 projects are registered and completed and 15826 are ongoing projects and 147 projects are yet to be registered on the website. Over 18% of the projects registered with MahaRERA are now complete.

The state has recorded 18505 agents have applied for registration over 18419 agents have been registered. 86 agents yet to be registered.

When it comes to the complaint status, 5,700 complaints have been registered and out of them 3543 have passed their orders and 2157 are in the process of hearing.

As per MahaRERA website, 1716 projects where the penalty is paid between Rs.50, 000 to Rs.10, 00,000 for various reasons.

List of approved agents for Maharashtra RERA: Click here to view

List of approved projects for Maharashtra RERA: Click here to view

Irrespective of these proved projects/agents, RERA has rejected several real estate projects as well.

Latest update about MahaRERA releasing an SOP to remove delaying developers:

Recently, the Maharashtra Real Estate Regulatory Authority (MahaRERA) issued a standard operating procedure (SOP). Under this procedure, homebuyers are eligible to dismiss a developer in the case the project was delayed. The project would then be allocated to an expert panel for completion. The expert also clarified that action could be taken only against non-litigated projects. This procedure will help complete all delayed projects in the state.

Disclaimer: the data provided here is based on industry and news reports. CommonFloor will not be held legally responsible for any action taken based on the information provided.

Category : Buying property

Gujarat RERA fined over 300 developers

List of approved projects and agents – Gujarat RERA

Gujarat RERA:

RBI cuts repo rate by 0.25%, hope for all types of loans to get cheaper across India

RBI’s Repo Rate Cut:

Mihan is yet to be paid for land for Mahametro

Mihan is yet to be paid for land for Mahametro:

List of approved projects and agents – Maharashtra RERA

MAHARASHTRA RERA: