List of approved projects and agents – Tamilnadu RERA

Apr 10,2019 / By Prahalad Singh / No Comment

Tamilnadu RERA

Tamil Nadu has been one of the most active states in the implementation of the Real Estate (Regulation and Development) Act 2016 (RERA) rules.

Tamil Nadu RERA Rules were notified on June 22, 2017. Exclusion/inclusion of projects for registration will depend on whether they lie within the Chennai Metropolitan Area (CMA) or outside the CMA, among other factors.

The state govt has not yet appointed a permanent regulator. The Secretary, Housing and Urban Development Department has been appointed as an interim regulator.

As per the Tamil Nadu RERA website, 940 real estate projects along with 498 real estate agents have been successfully registered under the act till date.

List of approved agents for Tamil Nadu RERA: Click here to view

List of approved projects for Tamil Nadu RERA: Click here to view

Irrespective of these proved projects/agents, RERA has rejected several real estate projects as well. As of now, they have rejected 18 real estate projects in 2017 and 2 projects in 2018.

Similarly, registration withdrawn for several reasons by 9 developers in 2017 and 1 in 2018.

Moreover, the regulatory authority has also passed judgment for 5 complaints out of 129 received till date.

Tamilnadu RERA updates:

Real estate appellate tribunal rules framed in Tamilnadu. The regulations would be applicable for Tamil Nadu and the Union Territories of Andaman and Nicobar Islands and Puducherry. As per the regulations, every petition or appeal filed before the tribunal should either be in English or should be accompanied by a copy of English translation.

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

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.

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

Apr 2,2019 / By Prahalad Singh / No Comment

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.

Trends to redefine the Indian Real Estate Market 2018

Jan 8,2018 / By Priyanka / No Comment

In 2017, the Indian Real Estate sector has seen a substantial alteration with the implementation of reforms such as GST and RERA. This year look promising for good supply of houses across major Indian markets, and the growth prospects look brighter than ever. The Act was formulated to streamline and standardize the unorganized real estate structure in India.

Upgrading in the regulatory framework has built up an attractive destination for both global and Indian investors. So far, Indian real estate has attracted USD 32 billion in private equity and due to transparency, NRIs find India’s real estate market more trustworthy.

Developers will re-structure their business models, developers launched many projects and there was no assurance of completion of the projects. Now, through the RERA act, a time limit has been set for the projects to be completed. It will force developers to upgrade their business model. The developers will require bringing more clarity as well as liability in their system, and do a lot to upsurge consumer confidence.

Also, the Goods and service tax (GST) as well as the Benami Transactions (Prohibition) amendment act; will have a major impact on, how developers run their business. Developers should bring changes in their business models to maintain in the market.

The REITs will have a crucial and long-term impact on developers, with the choice of either risking or ‘corporatizing’ taking over, with their larger counterparts.

Here are the trends that are expected to reshape and redefine the sector:

1. Real estate developers are changing their business plans- Recent implementation of reforms such as the Benami Property Act, RERA, and GST have enforced a greater level of accountability, transparency, and quality-on-time on the part of real estate developers. Projects are therefore much more trustworthy and meet the set standards.

2. Workspaces are evolving into ‘co-working’ spaces- With the fast-evolving co-working space culture in India, regular office spaces will give way to more hybrid co-working spaces. Corporates and co-working operators will now work one behind the other, which in turn will benefit the real estate economy and also increase productivity, cost-efficiency and employee retention.

3. FDI into real estate will increase further- The launch of Real Estate Investment Trusts in 2017 enhanced transparency in real estate transactions, the real estate sector will draw even more worldwide investors than before.

4. Affordable housing- There is a target of building one crore new houses in rural India by 2019. The Housing for All scheme has been fixed for 2022, and affording housing in India is receiving the much-needed infrastructural attention in order to meet the target set.

5. REITs will permit substantial growth- It is expected that REITs will add considerable growth in India’s growth story. As progressively office spaces in India become REITs complaint, a variety of smaller investors will put in their money in return for regular dividends at relatively low risk.

With the growing trends in real estate segment, investors are now moving for investment in small scale as well. Real estate investing, even on a very small scale, remains a proven means of building an individual’s cash flow and wealth.

RERA was formulated to streamline and standardize the unorganized real estate market in India. However, once the market is standardized, there will be an array of opportunities to scale-up. With untrustworthy and deceiving developers out of the market, there will be only one way to go, forward.

BDA to give residential projects another shot

Nov 30,2017 / By Priyanka / No Comment

The Bengaluru Development Authority (BDA) has taken a turnaround from its earlier standpoint that it would not take up any new residential projects till all its current flats get homebuyers. Recently, BDA has gone ahead with floating proposals for two mega residential projects worth Rs 759 crore. The projects will come up at Konadasapura village in Bidarahalli Hobli in Bengaluru

The project will have more of 3BHK options as most buyers are seen to prefer this over 2BHK or 1BHK flats in its previous projects. The upcoming project will have 1,344 flats (3-BHK – carpet area of 1,150 square feet), 672 (2-BHK carpet area of 672 square feet) and 448 (1-BHK carpet area of 450 square feet). They are going to construct a total of 22 blocks, each of 14 floors.

A senior official of the BDA said, “We believe it to get a good response as it is located in the suburbs. This residential project is a part of many other property development projects, comprising of commercial complexes, amusement parks, and others.”

He further added that the BDA decided to take up the project to achieve revenue as it is facing a serious financial crunch. The BDA is anticipating on accepting business models that private builders use. The official said this is the first big residential project that the BDA is taking up after the Karnataka Real Estate Regulation Act (RERA) came into effect.

The BDA is trying hard to sell the flats that are already completed. The agency had to announce schemes like ‘across-the-table’ sale of flats for applicants because of the poor response from the public. The official said that after the initiative, 500-odd flats were sold, but a majority of the 2-BHK flats left unsold.

Last year, the BDA had marketed 3,100 flats for sale but received only 800-odd applications. The homebuyers had shown more interest in 3-BHK flats. Another BDA official said, “Our earlier experience tells us, there is more demand for 3-BHK flats so we have decided to build more of them. The project will also address various other issues like parking. In one of the projects, parking lots will be made available for more than 1,500 cars. We are hoping that people working in the IT sector may be interested in the project location is close to Whitefield.”

Peripheral roads will be constructed around the housing project borderline of 24-m width. Facility for solid waste management and other facilities has been made.

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