Tag Archives: Real Estate Regulatory Authority

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A Move In The Right Direction: Common RERA Portal For All States/UTs By Central Government

Jul 3,2019 / By / No Comment
Gujarat RERA

A Move In The Right Direction: Common RERA Portal For All States/UTs By Central Government

The centre has planned to framework a common online RERA portal of all states and UTs, a move which will provide an opportunity to home-buyers, builders and authorities to exchange their views and make the overall implementation of RERA even more strong.

Announcing the government’s plan, the Housing and Urban Affairs Secretary Durga Shankar Mishra said that with the help of this portal, the real estate law will become more strong.

Under the Real Estate (Regulation and Development) Act, 2016, all states are directed to form their respective real estate regulator RERA which aims to regulate the housing sector giving proper protection to homebuyers and make transaction fair and transparent.

As many as 30 states and UTs have notified RERA, but West Bengal has notified its own real estate regulator – Housing and Industrial Regulation Act, 2017 (HIRA). In July last year, the ministry had asked the opinion of the Law Ministry over West Bengal notifying its own real estate law rather than implementing the Real Estate (Regulation and Development) Act passed by Parliament.

According to the ministry, as per the laws of Pradhan Mantri Awas Yojana (Urban), homebuyers will not be able to avail Credit Linked Subsidy Scheme (CLSS) under the mission if housing project is not registered under RERA. Under PMAY (U), homebuyers can avail an interest subsidy of up to Rs 2.67 lakh.

As many as 14,170 crores have been spent and over 6.32 lakh are beneficiaries under credit linked subsidy scheme (CLSS) under the Prime Minister Awas Yojna (Urban).

Later, Mishra told reporters that through this portal, any state RERA can study an order of other states in a particular subject. Also, home-buyers and builders can give their views on this issue.

Giving details about real estate projects on the 4th anniversary of PMAY (U), Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Smart Cities Mission (SCM), the Housing and Urban Affairs Secretary said that over 42,000 projects have been registered under RERA while more than 32,000 real estate agents have been registered till now.

The Housing and Urban Affairs Minister Hardeep Singh Puri expressed his confidence that the target of PMAY (U) will be achieved by the end of 2020 as against the target of 2022. The demand for total houses under the scheme is 1-crore and so far. More than 81 lakh houses have been sanctioned and the rest of the houses will be sanctioned by ist quarter of the next year. He also expressed his hopes that all the houses will be handed over to the beneficiaries by 2020. An investment of Rs. 8 lakh crores have been allocated in these 3-schemes.

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Supreme Court says buyer can’t wait endlessly for a flat on a 7-year delay

Apr 2,2019 / By / No Comment
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Supreme Court decision on the delay possession:

Delay in the delivery of flat possession by the builder is an extreme and habitual problem faced by the buyers in India. Delay in the delivery of possession is when the builder does not transfer the property to the buyer within the specified time period (even after the extension period).

A property buyer, who invests his hard-earned money in buying a home and does not get its possession on time, not only leaves to get a roof over his/her head but also ends up losing money, in the form of EMIs on the home loan and paying for rented accommodation.

As a person who has paid money to a developer or builder who has then not delivered the property, you have the right to a solution to your problem. Under a new act passed by the government known as the Real Estate (Regulation and Development) Act, 2016, you have the right to file a grievance before a special body establishes for real estate projects known as the Real Estate Regulatory Authority (RERA). You can also reach consumer courts or file criminal complaints. In certain conditions, you can also start an ‘arbitration’ action or file a complaint before the Competition Commission of India.

Recently, the Supreme Court has assisted orders of a state consumer commission and the national commission to refund payment with interest to a homebuyer for over 7 years’ delay in offering possession of the flat he had booked with a Kolkata-based builder. In its judgment, the Honorable Supreme Court ordered the developer to refund the buyer.

As per the Supreme Court judgment, a buyer can’t be asked to wait endlessly for possession of his house. A period of 7 years is ahead of what is reasonable. Therefore, it would have been considered unfair to non-suit the buyer only on the basis of the first request in the relief asked before the state consumer disputes redressal commission.

A builder is also a service provider, the process of filing a consumer court complaint against them is the same as with other service providers.

Hope, this judgment will set firm arbitrary orders being passed by RERA authorities refusing refunds on their own even though RERA terms there for refunds.

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