The body says the constitutional challenge by nine builders to RERA provisions must fail. Some of their members have been coming to the court room of Justice Naresh Patil and Justice R G Ketkar, a special bench which will be the first in the country to decide on the validity of the central legislation. He reasoned that RERA allows a flat buyer to withdraw from a consumer body, a pending case in a pending project over delayed possession and file a complaint under RERA.
The government of India had filed a Transfer Petition in the Supreme Court seeking directive that all similar cases in various courts be clubbed and heard by the apex court. The Supreme Court then directed the High Court of Bombay to hear the cases filed in Maharashtra with a directive to give a judgment within 2 months. Meanwhile, the Supreme Court stayed all proceedings in other high courts until this judgment is pronounced. The Act itself has been challenged by the builders and there was no party representing homebuyers in the said matter.
Even property brokerage houses come under the ambit of RERA, meaning that agents or agencies operating in smaller pockets who did not hesitate to foist inferior or flawed properties onto their clients will be wiped out. No longer will buyers who used the services of such brokers in the past risk winding up with properties whose defects become evident only after the deal is done.
RERA renders brokers and agents punishable if they do not comply and abide with the regulator's strictures ruling. Previously, smaller brokers had an unrestricted play on the Indian residential real estate marketplace, and many of them thrived on misinforming or under-informing their customers. With RERA, homebuyers who use the services of real estate agents and agencies will be protected and have access to quick legal redressal in case of faulty business practices.
In fact, brokers who made their money out of the ignorance or unwitting trust of clients will now be eradicated from the marketplace. While RERA or Real Estate Regulation and Amendment Act, , will slowly change the way the real estate industry operates in India, the Act has also thrown open a few aspects that need extensive deliberation. One such issue is the liability of developers to provide for workmanship for structural defects for a period of five years. RERA lays down that "In case any structural defect or any other defect in workmanship, quality or provision of services or any other obligations of the promoter as per the agreement for sale relating to such development is brought to the notice of the promoter within a period of five years by the allottee from the date of handing over possession, it shall be the duty of the promoter to rectify such defects without further charge, within thirty days, and in the event of promoter's failure to rectify such defects within such time, the aggrieved allottees shall be entitled to receive appropriate compensation in the manner as provided under this Act.
Formalising the sector by raising entry barriers and making it harder for fly-by-night operators. Getting the developer focus from "fund-raising" to "project completion and handovers" Increasing costs for developers and reducing the margins in business to more reasonable levels. These policy changes made a significant impact on the consumer segment as well. It encouraged end users to purchase homes and discouraged arbitrage-seeking investors. These changes are likely to have an impact on the sector over a period of time. The bouquet of incentives that the finance minister showered on this segment, however, left industry biggies disappointed.
The city's outskirts, where land rates are cheaper, are perfect destinations for such ventures that have so far not been economically viable," said Sandip Patnaik, managing director Hyderabad of global real estate services firm Jones Lang LaSalle. He felt the benefits extended to this segment were very encouraging. Apart from an increased carpet area, affordable housing was also awarded the 'infrastructure status'.
This will result in bigger homes for buyers and lower interest rates for developers. The average projected cost of these homes is Rs Rs 20 lakh. Stamp duty on property transactions is set to come down for them. At that time, the additional charge of 0. NIT is getting that 0. MUMBAI: The Bombay high court which is hearing a challenge to constitutional validity of the new Real Estate Regulatory law observed that its "adjudicatory provision should have been more elaborate" to cover various situations that can arise when a builder's registration is revoked.
The Real Estate Regulation and Development Act provides for compensation to a flat purchaser from a builder for delay in possession beyond the date specified in the agreement for sale.
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Senior counsel S U Kamdar appearing for a builder said the provision under section 18 1 a of RERA which stipulates the compensation that an adjudicatory officer can fix when combined with provisions of the Act was in conflict with another provision under section 4 the Act that mandates a builder to specify the time period by which he will complete a project.
He said that a builder may give a new date for possession while registering an ongoing project if the earlier deadline has already expired, but the Act seeks to hold him down to the date mentioned in the agreement made with a buyer. We were anyways very cautious about following the norms.
A developing urban area, it has vast open spaces for one, and no chimneys sending smoke trails into the air. But the reading on the pollution meter is still as bad. That's because the vast open spaces aren't green but predominantly brown.
Many are construction sites dug up. Several have construction work on in full swing. The roads, though wide, seldom offer a smooth drive because of illegal parking. As a result, vehicular congestion is high, especially near the Amity University campus, according to residents. The Greater Noida expressway also passes by it, which means there is a steady stream of traffic there all the time.
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A combination of all these factors is driving up pollution levels, officials said. But the findings are indicative of the entire city in general. In Sector , the causes of pollution are many — vehicular traffic, dusty broken roads, major ongoing construction, heavy dust blowing in from muddy areas.
This can be implemented across the state as the Gujarat high court has recently set aside an order of Jamnagar district collector which stipulated a time period to start and complete construction on a land owned by a temple authority after it was converted from agricultural land to non-agricultural. The HC has set aside the condition that directed the temple authority to start functioning on a non-agriculture NA land within six months and to complete the work within three years after changing its use from agriculture land.
The HC also sent this direction to the revenue department so that the state government can pass appropriate instructions to all collectors over the use of NA land. Gurgaon: Even as the residential property market in the city remains dull, the office space market continues to see interest from both developers and companies looking to rent. According to international property consultant Colliers International, Gurgaon will see an addition of 11 million sq ft of office space by with a number of projects lined up for launch over the next couple of years.
The current office space in the city is around 60 million sq ft. Between January and September this year, Gurgaon has seen an absorption of 3. While demand has been steady, the last two years saw limited supply of quality office space, which will change in the coming two years, adding to quality office space stock in the country," he added.
In cities such as Pune, Ahmedabad, Bangalore, Chennai and Kolkata, the residential capital values are 'stabilizing'. In Delhi, it is falling and in Mumbai, it is stagnant, according to the latest report by a real estate consulting firm. According to the report, which tracks the office, retail and residential real estate trends and transactions across eight major Indian cities for September, while the residential capital values are growing, the retail market in the city remained stable this month, with less amount of activity being recorded and with only a few transactions being recorded in the suburbs.
The Hyderabad retail market will see traction in the coming months, thanks to more supply. The demand for quality grade A spaces continued to drive the leases this month as well. As per the set target, construction of the medical college building will be over by May As far as hospital is concerned, the out-patient department OPD will be ready by August and beds in-patient department IPD by the end of August Following that, the foundation stone was laid in On April 6, , a Central team headed by Dr Mishra visited the site. TIA is vital as it gives the civic body an idea about the impact of an upcoming construction on the road and surrounding areas, especially with respect to traffic volume and infrastructure.
For instance, a showroom, recently opened at Rajiv Gandhi circle at Panjagutta, created a traffic nightmare for commuters using the road every day.
If TIA guidelines were to come into force, the builder would be asked to take steps at his own cost to ease commuters' woes. Hyderabad A body of realty developers in Telangana today said there will be an increase in prices of both commercial and residential properties in the next few months on account of note ban, RERA and GST implementation.
According to Reddy, the Hyderabad real estate market is quite stable. He said, "It is one of the most affordable markets in the country in terms of cost of real estate. With so many infrastructure projects planned, Hyderabad is a very steady market The resale housing market, particularly the brand new, ready-for-possession segment, offers home-buyers a chance to side-step the risks of buying under-construction properties that are prone to inordinate delays.
With this premium coming down, should home-buyers tap into the quick-possession resale market, or does it make sense to wait for years and invest in an under-construct.follow link
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Recently, there has been a substantial jump in inventory in the resale market. This pile-up has made purchasing a possession-ready property a more viable option now. Experts reckon home-buyers will find good deals in the resale market rather than from developers. AGRA: Now builders will have to put up boards at construction sites displaying the building maps.
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In an attempt to crack down on illegal construction, the Agra Development Authority ADA has asked builders and property owners to display house maps approved by the development authority. According to ADA officials, asking for maps every time during inspection becomes a little inconvenient as developers try to evade checks. Also, trying to identify construction as residential or commercial is difficult on the spot.
The decision was taken after ADA officer on special duty Yogendra Kumar went on inspection in different parts of the city and found that most of the builders were not carrying the approved maps. The senior officer then conducted a meeting and asked officers to take strict action against property owners if map boards are not displayed at construction sites. Non compliance of the order will result in strict action," Kumar said, adding that engineer concerned will be held responsible if maps of under-construction buildings are not displayed at the site.
He wants Kannanthanam to act as a bridge between the party and state's minority Christian community and as a wider road through which young upper middle class voters can connect with the politics of development and nationalism which he preaches. Suresh Gopi is a favourite of the urban young voters and woman voters and there is no doubt that he can mobilize their support if given a chance. Richard Hay can connect the party with various Christian denominations but his efficiency to cash in on the development plank is doubtful.
According to the census, Indian girl used this fruit to lose 20 kg! Healthreport24 This year-old is fighting Cancer Alone! Milaap Recommended By Colombia Despite several attempts, the party failed to mobilize minority votes which is a deciding factor in more than half of the Lok Sabha and assembly constituencies, in Kerala.
But, Mani wants to first gather the support of the Church before migrating to the saffron fold. Now you need their blessings to survive in the state. With IT and tourism under his control, Kannanthanam can also impress the young professionals. Whatever the new minister does for the welfare of these techies and college students who aspire to be techies will send out positive vibes which can easily be converted into votes at a later stage. Kochi: Over projects have been showcased at the 'Credai Kochi Property Expo' organized by the apex body of private real estate developers which began here on Friday.
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It is the best time to purchase a house as interest rates have come down. The implementation of Real Estate Regulation and Development Act brought transparency and also helped to increase confidence among the customers," said J Paul Raj, president, Credai Kochi. Credai has roped in four financial institutions who would provide loans to home buyers. Builders' representatives said they expect NRIs and other high net-worth individuals to check out premium projects.
That situation is slowly changing. We are looking forward to buyers who are in need of premium projects priced above Rs 1 crore.