924 projects may be blacklisted in Karnataka by RERA


THE KARNATAKA RERA AUTHORITY MAY IN ALL LIKELIHOOD BLACKLIST AS MANY AS 924 PROJECTS in KARNATAKA, 90% of the projects are located in and around Bangalore.

According to Urban Development and Housing Minister U.T. Khader, these projects were identified for not having registered under RERA and were issued the notice. “Since they did not respond, we will blacklist them,” he told presspersons.

RERA issued1,626  to developers/project heads for allegedly flouting RERA norms and in  604 cases the developers gave satisfactory responses and some projects have even been approved.

He said officials were checking brochures and paper advertisements to keep an eye on more projects not complying with the RERA norms. The urban local bodies have been asked to list out projects as soon as plan approvals are given and are scrutinising the projects.

Even then, it is noticed that innumerable illegal construction is progressing within the city limits and the BBMP is turning a blind eye and have not taken any legal action on such projects.

There is one simpler way to restrict such illegal constructions is by BLOCKING THE HOME LOAN from all the NBFC and financial institutions.

Secondly, initiating legal recovery of the loan lent.

Thirdly, withdrawal of Income Tax Benefits for the illegal and unauthorised buildings.

and Finally, the katha cannot be legally issued to such illegal and unauthorised buildings, which will discourage the sellers/agents/builders not to flout the norms as they may not be able to register the property in the jurisdictional Sub-Registrar office.

CENTER`S DIRECTIVES ON RERA DILUTION


RERA-Rules cannot be diluted-Center to States

The Ministry of Housing and Urban Affairs has asked the states to amend or formulate rules of the Act in consonance with the spirit of the central Act. “Right from the beginning, we have been telling all the states not to dilute the Act.

In a report tabled in Parliament earlier this month, the committee on subordinate legislation, headed by BJP MP Dilipkumar Mansukhlal Gandhi, has asked the state governments to take all possible remedial measures to ensure that ongoing projects are brought under the ambit of the Act so as to extend the stipulated benefits of the RERA to home buyers.

The committee has directed the ministry to ask the state governments to amend or formulate the rules under RERA in such a way that there is no ambiguity regarding the definition of “ongoing projects.”

Haryana and Uttar Pradesh have decided to keep outside the purview of the RERA projects that have been issued, or applied for, occupancy certificates. This is a significant difference from the central RERA notified on May 1 this year that had completion certificates as the benchmark for exemption.

 

 

 

MahaRERA order- builder told to return Rs 26L to consumer


The Maharashtra Real Estate Regulatory Authority (MahaRERA) on Wednesday asked a builder in Mumbai to return an advance amount of Rs 26.15 lakh to a consumer -the first such order since the real estate law came into effect in the state on May 1.

The deadline for registering all ongoing projects in the state with MahaRERA ended on July 31. Since then, the authority has registered over 13,000 projects -the highest in the country.
The authority has so far received more than 98 complaints. On Wednesday, it issued its first order in a case registered by the consumer from Khar against the developer for the project in Virar (West).

MahaRera authorities said the complainant had booked the flat in 2012-13 and was assured by the developer that the project would be completed in 2016.
The case was filed as the complainant wanted to cancel the project and the builder to reimburse the signing amount as the building was not completed, the authorities added. The complainant approached RERA authorities and the order was issued in his favour, an official said.

The complainant said that he was happy with the RERA authorities for resolving the case fast. “We are extremely happy that MahaRERA ruled in our favour and the developer immediately issued the cheque following the order,“ said the complainant, who was present at the MahaRERA office with his spouse. The consultant had filed the complaint on the MahaRERA website by paying Rs 5,000.
RERA authorities said the builder agreed to pay the money to the complainant after three hearings by the MahaRERA authorities. “Consent terms were filed by both the parties and the developer agreed to return the amount. accordingly, he got the cheque. The complaint was heard before adjudicating officer B D Kapadanis.
He added that this was first decision taken after MahaRERA was constituted and the maiden order was a proconsumer one. The order issued by MahaRERA stated that the parties have amicably settled the dispute and filed their consent terms.
Mumbai Grahak Panchayat (MGP) chairperson Shirish Deshpande said they were expecting more consumers to register their grievances against developers registered with MahaRERA.“We have to wait and watch,“ he added.
Credai-Maharashta president Shantilal Kataria said the builders’ response to get registered with MahaRERA was encouraging. “At least 17 lakh residential units, over 1 lakh commercial units and above 2 lakh plots have been registered with MahaRERA.This is among the highest in India. We expect more developers to register soon,“ he said.

 

DEMONETISATION AND ITS EFFECTS ON REAL ESTATE IN SOUTH INDIA


The debate on the demonetisation success is not as expected by the citizens and the press, but certainly, it has demoralised and demolished 75% of BLACK MONEY in the real estate market of Bangalore.

75% of the end users(sites or apartments) are loaners!!!! ( borrowers) and the RERA bombed all irregular, illegal and violators (builders) and their criminal designs.

The first buyers ( from the original landlords ) are now making payments through cheques/dd and neft to the agriculturists and all the Misc expenses are accounted for by paying income tax and GST.

There is a drastic change in the behaviour, attitude and transaction in REAL ESTATE.  Many builders and agents are unable to register themselves with RERA.

Hope, market will stabilise with decent, dignified and honest builders, but it comes with a PRICE.  Honesty and Trust come with a PRICE.  

Buy or pay for RERA approved projects and transact only with GENUINE Agents ( check their background for criminal cases in the police station and in the courts ) for the purchase or sale of any property, anywhere.

Never trust sweet talk in real estate business.  Posh Offices, Sweet looking attenders and their projects just by photos, More important by internet reviews (most of them are manipulated) and references.  Check thoroughly before you pay the token advance.

RERA-KARNATAKA-900+PROJECTS REGISTERED


The developers, builders, and agents have registered over 900 projects with the regulator and over 300 agents have registered on the last day.  It is said over 100000 apartments either under construction or incomplete or yet to begin are in and around Bangalore and the registration might be to the tune of about 15000 to 20000 units.

There are more agents/brokers than the actual builders and developers across the state but, 300 of them officially registered with the authority by submitting the mandatory documents.

It is safe and better to transact or do business with the registered agents or brokers for the purchase of the property.

DO NOT MAKE PAYMENT TO THE AGENTS OR THE BROKERS OR THE MARKETING AGENCIES FOR THE PURCHASE OF THE PROPERTY.  THE SALE CONSIDERATION OR ADVANCE OR TOKEN AMOUNT MUST BE PAID DIRECTLY TO THE OWNERS OF THE PROPERTY AND NOT TO THE AGENTS/BROKERS OR MARKETING AGENCIES.

THE SALE CONSIDERATION OR ADVANCE OR TOKEN AMOUNT MUST BE PAID DIRECTLY TO THE OWNERS OF THE PROPERTY AND NOT TO THE AGENTS/BROKERS OR MARKETING AGENCIES.

ANY AMOUNT PAYABLE OR PAID MUST BE THROUGH An NON NEGOTIABLE AND ACCOUNT PAYEE CHEQUE ONLY AND OBTAIN THE RECEIPT FROM THE OWNER OR THROUGH NEFT/RTGS ONLINE MONEY TRANSFER AND OBTAIN A RECEIPT FOR CONFIRMATION.

Karnataka Buyers to challenge exclusion of ongoing home projects in RERA


 

All India chapter of Fight for RERA has decided to file a petition in the Supreme Court over the dilution of rules by various states, including Karnataka. The Karnataka chapter is planning to challenge separately the state cabinet decision.

The Karnataka Fight for RERA chapter is planning to challenge the exclusion separately.