Here are the reasons behind developers’ and buyers’ objections to the UP RERA model format for possession letters in Delhi-NCR real estate

According to the Uttar Pradesh Real Estate Regulatory Authority, developers can only give possession letters to buyers once they have obtained occupancy certificates from the development authorities. The regulatory authority has said that the model format has been prepared to protect homebuyers and prevent arbitrariness on developers’ part through the offer of possession. 

The offering possession model format has been rejected by both real estate developers and homebuyers. The deemed approval clause in RERA, states that if the authority does not respond to a request for occupancy or a completion certificate within a certain amount of time, the approval is automatically deemed to have been granted, which is something that builders want the authority to take into consideration when making their decision. 

Homebuyers believe that if the builders do not pay their bills, they will be the ones who suffer the most in any conflict between the government and the builders as a result of the ruling. The flats’ transfer would be further delayed as a result. 

According to which UPRERA order, what? 

Real estate developers are not permitted to include demand notices in possession letters, according to UPRERA’s directive. 

“The promoters use the name and language of an “offer of possession,” which confuses the allottees and carries some binding conditions, in their “final demand letter” and “final demand notice.” According to UP RERA  Chairman Sanjay Bhoosreddy, an “offer of possession” should only be intended for taking possession. 

Since any other letter format is invalid, we have provided a sample ‘Offer of Possession’ on the portal. This will clear up any misunderstandings among the parties involved and assist in resolving any conflicts that might arise, “Boosreddy continued. 

Following receipt of the project’s OC/CC (occupancy certificate/ completion certificate), the promoter will send a written offer of possession letter to the allottees’ registered email addresses and residential addresses via postal mail, as stated by the UP RERA. The allottees will also receive an SMS on their phones and mobile numbers. 

The promoter “should also display information at the project site and its head office in this regard,” according to RERA. 

“The  Regulatory Authority has uploaded a model format of Offer of Possession so that uniformity can be achieved in the language and purpose of this letter,” the statement continued, “keeping in mind the complaints received regarding the Offer of Possession letter issued to the allottees by the promoters and  the variety of formats of the letter.” 

The letter’s main goal about the “offer of possession” should be to extend an invitation to the allottee to transfer ownership of their unit. A promoter must indicate the remaining finishing work and the estimated duration if the unit is still to be built.

“If the allottee is liable in any way, it should be covered  by the Agreement for Sale  and substantiated by evidence.”  

Homebuyers disagree with the directive  

Homeowners point out that they are still suffering and paying both rent and EMIs in some legacy projects where the builder refuses to pay land cost dues or show up to get the occupancy certificate. 

The UP RERA Authority has not given thought to the possession issue. This is just an eyewash notification. The real issue with possession is that promoters force allottees to sign a declaration, indemnity bond, or other document stating that they are taking possession only after ensuring that everything is in order and that they will have no further claims against the promoter “said Abhay Upadhyay, president of the Forum for People’s Collective Efforts, an organization founded to address concerns raised by home buyers, particularly those about RERA. 

Furthermore, he said the use would be denied by an allottee who declines to sign such a document if he finds flaws in the apartment, the common areas, or the unfinished facilities and amenities. 

He notes that the Act stipulates that the promoters may only offer possession after receiving OC/CC, making it difficult to comprehend the reasoning behind this notification. 

“Instead of sending out a notice, action against promoters offering possession without obtaining OC/CC should have been taken, if the UP RERA Authority is receiving complaints from allotted to that effect. It is unreasonable to expect builders to follow this notice if they are not complying with the Act’s requirements. He queries. 

Second, it is customary for the final payment to be due at the time of possession. Therefore, if money is still owed to the builder, it makes no difference to allottees whether the demand notice is sent with the possession letter or not. He notes that the notification does not address the pointless issue of whether the demand– whether made in conjunction with or apart from a possession letter— is legitimate. 

The only requirement of this notification is that demand notices be sent separately. Since promoters cannot combine their demand notices with the possession letter, it could cause issues if they begin sending their last and final demand notices ahead of schedule. According to him, in that case, the allottee would wind up paying the full consideration amount without obtaining possession. 

RERA update: The Uttar Pradesh Real Estate Regulatory Authority issues five directives to protect the interests of purchasers

UPRERA has instructed real estate brokers to register projects with the same name as those shown on the approved map and to only sell homes based on carpet area. 

Over the past few weeks, the Uttar Pradesh Real Estate Regulatory Authority has issued several directives to safeguard the interests of purchasers. Real estate developers have been told to register their projects under the same name as it appears on the approved map and to only sell housing units based on carpet area. Including neighbors in homebuyers’ complaints is the subject of another order. 

Additionally, it now requires real estate developers to provide documentation proving their ownership of the land they want to develop a real estate project. 

  1. Developers must continue to refer to project brands by the names listed on their maps. 

As a precaution against misunderstandings among potential homeowners, the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has instructed real estate developers to use the project names indicated on their maps that were approved by local authorities and registered with the RERA to avoid ambiguities.

The promoters must register their projects using the same name that appears on the approved map, and the names of the towers and blocks must match the names on the approved map, according to a statement by UP RERA. 

It’s difficult to ascertain the completion status of the projects as well as to decide the promoter’s application for closure of the project accounts, RERA stated. “As a result of differences between the names of the projects and the towers registered with it and the names in the OC (Occupancy Certificate) or CC (Completion certificate), RERA had to issue these directions.”

Additionally, promoters were using project brand names that differed from those registered with RERA, which cast doubt on the intentions of both current and potential homeowners. Consequently, to rectify these irregularities, RERA has instructed the promoters to advertise the projects under the same name registered with RERA,” it continued.

2 Homebuyers must include names of co-allottees in their complaints

UPRERA requests that homebuyers include the names of co-allottees in their complaints. In a few cases, the complainants had skipped over the co-allottees in their complaints. Consequently, the issues were resolved, and the RERA Benches had only heard from one of the allottees during the hearing.

The co- allottee’s name will now appear as a co-complainant in the complaints that the allottees file. UP RERA said in a statement that the portal offers the necessary functionality.

The method of allocating shops or houses jointly, with co-allottees including husband and wife, father and son, siblings, and other blood relatives, was widespread. In a few cases, a partner or other non-blood relative may also be a co-allottee, and occasionally more than two people. 

3 UPRERA will instruct both aspiring and seasoned real estate brokers. 

According to the state RERA authority, it will offer certificates and training to new and seasoned real estate agents throughout the state. It announced that it will begin offering a unique certification and training program in which they will study the UPRERA regulations and the terms of the RERA Act. It is comparable to the MahaRERA circular from the previous year, which mandated that real estate agents take a course and show up for an exam. 

4 UP RERA requests that promoters give buyers QR codes containing project details. 

UPRERA has also asked real estate developers to offer residents and prospective buyers project registration certificates embedded with QR codes. 

“The project’s name, the promoter’s name, the registration number with month and year details, the project’s duration with start and finish dates, and the promoter addresses are all included in the registration certificate,” the statement read. 

Moreover, the QR code contains vital registration requirements, such as the promoter’s requirement to place 70% of the proceeds realized from the allottees and all funds raised through project finance into a different bank account to be used exclusively for project and construction costs. 

To make the project registration certificate visible to potential and current homeowners from a distance, UP RERA has instructed the promoters to print the QR code-loaded certificate and place it prominently in its office and the project site marketing office. 

“Homebuyers can view project details, such as information about the land, approvals, quarterly progress reports, etc., on the authority’s website by scanning the QR code on the certificate with their smartphones. It continued, “Form-C is being used to issue the project  registration certificate.”  

5.  UP RERA requires developers of housing projects to sell units based on carpet area. 

Real estate developers are required by UPRERA to only sell houses or apartments based on the carpet area. According to a statement from UP RERA, “Super Area” has no justification by the provisions of the RERA Act alongside other laws and contracts.

The RERA Act’s provisions state that purchasing and selling apartments is only permitted based on carpet area, so selling apartments on this basis will be deemed unlawful, the statement reads. 

“The RERA Act does not define or abbreviate the term Super Area. UP RERA Chairman Sanjay Bhoosreddy says, “Allottees must consider the Carpet Area as the actual area of the unit or apartment and pay the promoter according to this area.”

There is an example of a sale agreement between an allottee and a promoter on the UP RERA portal. The carpet area is another basis for this sample sale agreement. Thus, the statement states that selling flats or apartments on the foundation of a “Super Area” is against the RERA Act’s provisions. 

Promoters must thus make sure that only the Carpet Area is for unit sales. Legal action could result from breaking the clause, the UP RERA stated.

A few weeks earlier, the pan-Indian Association of Homebuyers, Forum for People’s Collective Efforts (FPCE), suggested that the housing ministry create a department to supervise all state real estate regulatory authorities (RERAs). 

The Real Estate Regulatory Authority (RERA) may soon receive clarification on tax exemptions from the GST Council.

According to an official, the Goods and Services Tax (GST) Council plans to provide clarification shortly that the Real Estate Regulatory Authority (RERA) will not be obliged to pay the GST.  

The official argues that Article 243G of the Constitution, which addresses the responsibilities, authority, and powers of panchayats, applies to RERA, which acts as both a regulator and a facilitator for the real estate sector. 

To safeguard consumer interests, promote transparency in real estate projects, and create a fast-moving dispute resolution process, several states established RERA.

According to the official, it has come to light that RERA employees are exempt from GST due to discussions regarding the nature of their roles. 

The official went on to say that since state governments fund RERAs, charging GST would essentially be taxing those governments. 

The Model Code of Conduct for the general election scheduled for April-May is likely to be imposed following a meeting of the GST Council, which will be presided over by the Union Finance Minister and include state ministers.  

On October 7, 2023, the GST Council met for the last time. 

A specialist claims that before July 18, 2022, several services offered by significant Indian regulatory bodies were GST-exempt. These bodies included the Reserve Bank, the Securities Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority (IRDA), the Food Safety and Standards Authority of India (SSAI), and the Goods and Services Tax (GST) network. 

The removal of this exemption on July 18, 2022, sparked debate about the tax ramifications for RERA organizations.  

“In addition, the Input Tax Credit (ITC) is not applicable in the residential real estate industry. It implies that eliminating RERA authorities from the GST  calculation may result in lower costs for developers and purchasers of real estate. So industry would greatly benefit from an explanation from the GST Council on this issue,” he continued.  

Best tips to hire a broker in India

Real estate is one of the largest industries in India. There are several companies of real estate agents who work as intermediaries between buyers and sellers of property. Finding an agent for real estate can be a difficult task. There are so many qualities and attributes to look for that finding someone who has them all is impossible. However, there are some basic qualities and tips to hire a broker in India.

Designated Agency Duties & 4 Good Reasons for an Exclusive Buyer Brokerage  Agreement - Illinois REALTORS

Here’s what you should know before hiring a broker in India:

  1. Whenever we hire a broker for our real estate transaction, we must list our requirements clearly. For example, what type of property you want, locality, etc. As brokers don’t specialize in the entire area. So, they might show options that they’re selling. So, make it your job to be clear about what you want to purchase.
  2. If you are looking for a best real estate broker, choose a registered one. This will provide you with another level of trust and credibility. The Real Estate (Regulation and Development) Act, 2016 (RERA) requires real estate brokers to be registered with the state RERA authority.
  3. You should always ask about the latest pricing and gauge the broker’s market knowledge. Excelled brokers always know about their localities’ future developments and capital rates. They should have good interpersonal skills and find out how good they are at conversing with clients.
  4. You need to find out how many years they have been in the real estate business, their record on selling the property, the number of deals they cracked, what their credentials and qualifications are if they have experience, etc. Ask all brokers you are communicating with for details on previous clients and speak to the clients so that they can also give their reviews on that particular broker.
  5. Find an agent who will spend enough time with you until you find a property that suits your desires. A broker should understand the nuances and will advise you accordingly.
  6. Buyers need to find a broker who has good intentions and should be thinking about your benefit. 

Now you know how to choose a good broker, and this is the end of the best tips to hire a broker in India.

How to search brokers in India:

  1. You can also search online on platforms like propertywala.com.
  2. Try to talk to at least two to four brokers before finalizing, and try to discuss all talked-about matters with expectations.
  3. Try to connect on call, see his office, and have a meeting with him for your trust.

Carpet, built-up, and Super built-up areas

When you go to buy a property, you may hear the term carpet area, built-up area, super built-up areas, and so on. This can be confusing for many buyers. Propertywala has put together this handy guide with definitions of these terms.

Towers At Greenville Apartments - Tower Block, HD Png Download -  1169x775(#5840675) - PngFind

CARPET AREA

A carpet area in simple words is the area where we can lay our carpet. It is an area in between external walls; it includes rooms, a kitchen, a toilet, a bathroom, and a staircase within the unit. The carpet area excludes balconies, service shafts and common areas. There have been some changes in the carpet area after RERA (REAL ESTATE REGULATIONS AND DEVELOPMENT ACT) came into effect in 2016. The internal walls of a building were not included under the carpet area in earlier versions of RERA, but they are now.

Next, it is important for buyers to determine the carpet area in an approved layout before making a purchase. This can help you understand how much carpeting will be included in your new home. So, before buying a property, ask your builder about the approved layout. And next is to compare two properties based on carpet area only for a clear understanding of the rate.

FORMULA TO CALCULATE THE CARPET AREA

The total area of the inner wall and floor is the carpet area.

BUILD-UP AREA

The built-up area refers to the entire area covered by carpet plus inside weight-bearing walls and outside walls if any. The term included areas that refer to external walls, attached balconies, verandahs, a service shaft area, and a servant room. Excluded areas are terraces, and common areas like lifts and stairs, etc. The walls of adjoining apartments will be factored into the building of your apartment at 50% of its build-up area. Built up area generally is approx. 10% higher than the carpet area.

FORMULA TO CALCULATE THE BUILD-UP AREA

The built-up area of a building is the total floor space, including carpeting, walls and balconies.

SUPER BUILD-UP AREA

When you purchase a property, you will hear about the term “super built-up area”. It means the build-up area of a flat and pro rata common area. For example, the total common space is 8000 sq feet among 8 flats in a complex, so the pro rata common area of a single apartment will be 1000 sq feet. Therefore, the common area includes built-up space like a lobby, lift shafts, staircases, pipe ducts, air ducts, and other covered common facilities. And the area which is not included in the common area is the roof terrace and open areas like parks and play areas as well as driveways. The approximately super built-up area is 25% higher as compared to the carpet area. Generally, it varies from 20% to 40% of the carpet area.

FORMULA TO CALCULATE THE SUPER BUILD-UP AREA

To convert the super built-up area into carpet area, calculate the loading factor, and subtract that from the Super built-up area.

LOADING FACTOR

The difference between the super built-up area and the carpeted area is referred to as the loading factor.

Therefore; Carpet area * (1- loading factor) = Super Built-up area

CALCULATION EXAMPLE OF SUPER BUILD-UP AREA

Let’s assume, the super built-up area of an apartment is 1,200 sq. ft. and the carpet area is 1,000 sq. ft.

1,000 X (1-loading factor) = 1,200

1- loading factor = 1,200/1,000

1- loading factor = 1.2

Loading factor = 1.2 – 1

So, the answer is 0.2 or 20%. As a standard, It is always in percentage.

IMPORTANT FACT TO KNOW BEFORE PURCHASING A PROPERTY

For your information, section 61 of the Real Estate Regulatory Authority Act (RERA) stipulates that promoters can be fined up to 5% of the total cost of the real estate project for giving false information or selling on the super area. It should be sold in the carpet area.

Other Charges When Buying a House

When you start your property search, you will be amazed by the extra charges involved in buying a house or investing in property. There are two options: buying a ready-to-move-in property or an under-construction property. However, most people prefer to buy a ready-to-move-in property because it is less risky than an under-construction one. So, let’s assume that a property is coated at Rs. 3000 per square feet—this is its basic rate—but there are also other charges on top of that which people often fail to consider and which can be more than 40% to 50%. Let’s discuss all the additional charges so that you can make an informed decision about the total price of any given property before agreeing to purchase it.

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Let’s look at an example:

Suppose a property’s basic price rate is Rs. 45 lakhs. When we make the final payment for this property, it will be around Rs. 58 – 67.5 lakhs—which includes the basic price of the property and the extra other charges when you buying a house. We will discuss all these charges in detail below:

First comes the basic charge. It is the charge excluding all the extra charges. Before RERA Act came into force, properties used to be sold on the super built-up areas; after the enactment of the RERA Act, properties are supposed to be sold based on the carpet area. For example, if the property has a carpet area of 1500 square feet and the rate per square feet is Rs. 3000, then its total basic cost would be Rs. 45 lakh. And this is just the basic cost; you will also have to pay multiple charges on it, as mentioned below.

PLC (PREFERENTIAL LOCATION CHARGES) –

Property taxes are charged according to the property’s location. Like; a corner flat, park-facing, sea-facing, lower floors, or higher floors. For example, sea-facing view residences have higher PLC charges than non-sea-facing. Therefore, if you own any such property there is a PLC charge coated. Generally, PLC charges are Rs 150-200 per square feet.


PARKING CHARGES –

When you purchase a property, you will pay a parking fee of 5-7% of the base price of the flat. For example, if you purchase a property for Rs. 45 lakhs, you will be charged Rs. 2 to 2.5 lakhs for the parking facility.

INFRASTRUCTURE DEVELOPMENT CHARGES (IDC) –

An infrastructure charge usually consists of complete internal infrastructure within a complex. For example, water and electricity supply, as well as sewage treatment plants may be charged separately. Developers usually charge these services together because it costs less to do so. However, if we add them together in one place according to IDC’s input-demand curve, there will be an IDC charge added at around 6% of the base price of the flat or house.

EXTERNAL DEVELOPMENT CHARGES (EDC) –

In some cities, there is also an external development charge. For example, in Gurgaon and Faridabad. This charge goes to the government and includes the infrastructure of a complex—for instance; road facilities, sewage, water, and electricity. The EDC charges are applied to all these expenses so it is approx. 5% of the base price of a flat. The total cost of IDC and EDC ranges from Rs. 300 to 400 per square foot.

CORPUS FUND/ IFMS –

Builders collect corpus funds, also called IFMS. It is interest-free maintenance security, similar to an emergency fund, and not like regular monthly maintenance. To purchase a property costing Rs. 45 lakhs, builders can collect from Rs. 50,000 to Rs. 1,00,000.

POWER BACK-UP –

The power backup charge is provided on an kWh-basis for each flat in the complex. Backup is available from 3KVA to 5KVA, ranging from 1 lakh to 1.5 lakhs.

AMENITIES AND CLUB CHARGE –

These charges apply to luxury flats with a clubhouse, swimming pool, and gym. The developer will charge you for these amenities at a lump sum of Rs. 50,000 to Rs. 1.5 lakhs.

STAMP DUTY AND REGISTRATION CHARGES –

In this case, stamp duty varies from state to state. So you must pay the stamp duty according to the state. Therefore, stamp duty and registration charges are 5-10% of the property value.

GST –

In an under-constructed property, both stamp duty and GST are levied where GST is 18% on ⅔ of the property cost. Therefore, the effective GST rate is 12%. It is the payable tax and added as a extra other charges before buying a house.


BROKERAGE –

Most resale property or ready-to-move-in property transactions are closed through a real estate agent or broker, who typically charges 1% to 2% of the property’s final value as a fee.

MahaRERA marks 1,824 residential projects as ‘expired’ across the state

maharera-marks-1824-residential-projects-as-expired-across-the-state

About 1,824 residential projects in the state were declared as “expired” due to exceeding completion dates set by the Maharashtra Real Estate Regulatory Authority (MahaRERA).

These projects will now require 51% of the buyer’s consent to ensure that appropriate completion dates are extended. 103 of these projects were completed on time in 2017, 541 next year and 1,180 in 2019.

According to an official, many projects were not completed, even after a one-year extension under section 6 of the Real Estate (Regulation and Development) Act. “All of these projects will now require the consent of 51% of the buyers in accordance with Section 7 (3) of the Act”.

Developers are now restricted to promotions-

Due to the Act, developers of these projects are prohibited from selling, advertising, or promoting them before applying for an extension. Of the 1,824 projects listed by MahaRERA as overdue or expired, 350 project renewals have been submitted. However applications of these projects are currently pending or under scrutiny.

MahaRERA has extended the deadline to September for projects that were supposed to be completed in March. “The rest of the projects had deadlines before 2020 year, when the pandemic hit,” a MahaRERA spokesman said. A majority of the projects are based in Pune, Mumbai, Thane and Raigad.

An additional 1,500 projects may be under the scanner since their deadline expired in March 2021. Developers of these projects may now benefit from a one-year renewal under RERA Section 6.

Strong message to arrogant developers-

The developers felt that the authorities should make decisions appropriately as the market was down and there were difficulties in getting documents on time.

Anuj Puri, Anarock Property Consultants chairman said, the MahaRERA’s decision was a strong signal for arrogant developers who were postponing projects. “Home buyers have been waiting to gain possession of projects for the past three years. The last year was unique as the pandemic resulted in disruptions in the supply chain and inaccessibility of buildings. The year 2020 should be considered as an exception.”

Credai Maharashtra President Sunil Furde said, “MahaRERA was right to point out the status of unfinished projects. However, many projects remain “unfinished” for technical reasons. The authorities need to consider and evaluate this aspect as well. In addition, the projects for Credai members listed on the portal were completed on time. The “completion certification” for these projects has been received from municipal corporations before the registered dates. There are projects that have been completed, but completion certificates were received later.”

Also read:-

Developers collecting money without agreement is violation- TNRERA

You can now apply for completion certificates online – Noida Authority

UP-RERA to give nine month extension for registration of projects

up-rera-to-give-nine-month-extension-for-registration-of-projects

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has decided to grant an additional nine months of registration extension for projects with first registration ending December 31, 2021 or earlier. In the NCR region this extension is of nine months and for six months in a non-NCR region.

The decision was made to remove restrictions and facilitate the development of stagnant real estate projects. This will speed up construction and help the allottees of these projects deliver their homes within a reasonable time frame.

However, the extension is subject to the authority’s close monitoring of these projects and will be granted under certain conditions.

If the project completion date is after 31 December 2021. The developer will be instructed to speed up development work and complete the project within the existing registration period. These extensions can only be granted at the request of the promoter of the project, accompanied by an affidavit. The affidavit states that the developer must complete the project during this extended registration period. Also provided that the developer presents a compelling financial plan from project financing or from own sources to complete the project.

Authorities said giving a little extra time to complete projects would help complete a series of projects that would result in a large number of pending home buyers being handed over for delivery.

Sign MOU if developer is not in state to complete project

Before taking any decision on the promoter request, the authority first checks the physical progress of the project. The project must be verified through its technical division to ensure the authenticity of the promoter’s commitment in this regard.

In the event, the promoter is unable to complete the project during the additional extended registration period. Then he needs to enter into an agreement or memorandum of understanding (MOU) with the Association of Allottees (AOA). In addition, he also needs to contact the authorities for additional time to complete the project in accordance with the terms agreed between AOA and the developer.

The authority, after receiving such a joint request from the developer and the AOA, makes an appropriate decision to allow the developer to complete the rest of the project.

Also read:-

MahaRERA restricts about 644 projects across Maharashtra from sales

UP-RERA rejects super-tech projects registration

BRERA wants separate teams to help home buyers

brera-wants-separate-teams-to-help-home-buyers

The Bihar Real Estate Regulatory Authority (BRERA) urges the state and central government to form an interdisciplinary team to ensure that real estate companies reimburse buyers money with interest or to get the building registered and give possession to buyers.

The bench of chairman Naveen Verma and members Nupur Banerjee and RB Sinha made the above suggestion on Monday. During a series of cases against Shine City Infraproject Private Limited, the directors of this company supposedly have gone to Dubai. They have cheated several people to register property in their name despite taking money against a housing project in Naubatpur, Patna. 

The bench noted that in addition to Patna, the company committed a similar infringement against home buyers in other cities like Odisha, Uttar Pradesh, and Jharkhand.

Help of ED will be beneficial

The bench has ordered all plaintiffs to file an FIR to the State Police Economic Offence Unit (EOU) with all the facts and documents related to the company and submit them to RERA.

The bench has requested Bihar DGP to set up a dedicated investigation team to look at the consequences of the case. And explore the possibilities of seeking help from key investigative authorities such as the ED (Enforcement Directorate) to catch offender. As the company’s activities span several states and directors have gone abroad. It has also ordered RERA’s secretary to send a letter to DGP, with facts in the case so investors can register FIR against the company. It also instructed the RERA Secretary to discuss the matter with the Registrar of Companies in Lucknow for details of the company.

The authority is also taking help from a retired police officer with experience in financial crime. The role of officer is to investigate complaints from more than 90 people, who paid money to buy a property in Naubatpur but never brought to justice.

Also read:-

Greater Noida development body starts new industrial plot scheme

Best Area to buy Flat in Pune

UP-RERA working with state government to end flats registration deadlock

up-rera-working-with-state-government-to-end-flats-registration-deadlock

Thousands of home buyers are waiting to register their apartments due to a deadlock because of the dues between developers and authorities. To put an end to the ongoing registration delays in Noida and Greater Noida, the UP-RERA has requested guidance and directions from the state government.

It is estimated that more than 50,000 home buyers are still waiting to register their apartments in the area. Due to the lack of a payment plan from local authorities, district developers are unable to pay their pending dues and the registration of many finished apartments has been halted for several months.

What RERA Officials said?

Balvinder Kumar, a member of, UP-RERA said. This is a serious problem in Gautam Budh Nagar area. The problem is increasing and several builders have to pay money to the local authorities. Builders aren’t getting OC and CC and registration fails because of this. If builders have four mandatory certificates, we will give possession of flat to the buyers. Under this regulation, possession is granted, but buyers can not search their apartments. We are trying to solve this issue and have also asked the state government to intervene in this issue. We have also requested some instructions from the state government so that buyers can register their apartments as soon as possible.

What do Builders / Developers said?

Developers believe that a higher interest rate is calculated and there is a delay in the registration of flats due to the lack of clear instructions or guidelines.

RK Arora, president, NAREDCO UP, said. Noida authorities, GNIDA, YEIDA do not allow registration due to outstanding dues for calculating higher interest rates. The authorities have not yet complied with the SC order to reduce interest rates. Completion at the authorities level is also pending. This is a serious issue because registration is delayed.

Unable to sell my flat!

Some buyers also postpone the registrations as they have spent most of their liquidity when taking over their apartments. Experts say, so they had taken some time to be able to manage the registration fee.

This year, in January, due to the long delay, authority of Noida allowed private developers to pay their lease rent in installments. This decision helped an estimated 30,000 home buyers awaiting registration of their properties.

Nitesh Sharma, a buyer from Greater Noida West said. “I received my apartment 8-9 months ago but am still waiting to register my apartment. But now I am planning to move to a larger area by selling this flat. But due to the long delay in the registration process, I can not sell this property. I hope this deadlock ends and we can register our property so we can sell or improve our units.”

Prasoon Chauhan, founder & CEO, BlackOpal Group, said. The liquidity problem in the real estate sector affects the proper functioning as we have witnessed the redirection of money raised for registration to other activities. Buyers also move into their homes and delay huge registration costs. However, we recommended that you complete all required registration documents before shifting to your apartment.

UP-RERA working with state government

UP-RERA is now working with the state government to find a solution to this problem so that the finished floors get registered. And the deadlock issue between authorities and developers is resolved. Many buyers are unable to sell their properties due to lack of registration and some are forced to sell such properties at very low market prices.

Also read:-

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Flats in Haryana sold on basis of carpet area only!

MahaRERA order developers to disclose sold, booked inventory

maharera-order-developers-to-disclose-sold-booked-inventory

The format requests data such as a total number of floors/wings, number of floors/shops/ townhouses, carpet area, sold/reserved/unsold property. And the date of registration at the sub-registrar’s office.

AURANGABAD: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has ordered all developers to unveil their inventory. This includes the sale of apartments, houses, land, booked flats, as well as other construction details. This database is important because it will provide greater clarity to buyers and prevents more than one transaction. 

Information in proper format-

MahaRERA asked developers to provide details in the prescribed format. Referring to the permissible provisions of the Real Estate (Regulation and Development) Act 2016, which has been in force since May 2017.

The format requests data such as a total number of floors/wings, number of floors/shops/ townhouses, carpet area, sold/reserved/unsold property. And the date of registration at the sub-registrar’s office.

Currently the CREDAI Maharashtra has 3,000 active members in 59 cities across the state.

According to RERA, any aggrieved buyer can file a complaint with the competent authority. In relation to a real estate project that has been registered for violating any laws or rules and regulations related to RERA. The authority can put in place a complaint access mechanism to deal with such complaints quickly. Anyone who feels dissatisfied by an instruction, decision, or order from MahaRERA or a judicial officer. He/She can appeal to the appellate court and then to a higher court.

CREDAI welcomed MahaRERA decision-

Confederation of Real Estate Developers Association of India (CREDAI), Maharashtra, has appreciated this decision of the MahaRERA. Officials from CREDAI said this decision aimed at corrupt developers who are not registered with the association’s offices in the state.

Sunil Furde, CREDAI Maharashtra president said- “We appreciate and welcome the new MahaRERA order, which seems to be aimed at eliminating illegal construction, which is mainly seen in small towns.

Now the developers will disclose or announce the number of sold units and upload the details to the MahaRERA website in accordance with legal requirements. CREDAI correctly accepts the MahaRERA circular as defined by developers who do ethical business and comply with the law.

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600 Plots will be Offered Near Upcoming Jewar Airport!

600-plots-will-be-offer-near-upcoming-jewar-airport

The authority said, the number of offered plots could increase because it would also include the surrendered plots. After the approval of a film city and agreement of Jewar airport, the land prices on the Yamuna Expressway have risen at a fast pace. 

Yamuna Expressway Industrial Development Authority (Yeida) is about to offer approximately 600 plots at Greater Noida near the Jewar airport. The scheme will be launched after getting approval from the Real Estate Regulatory Authority (RERA). 

About plots- 

Yeida will offer several plots of varying sizes from 60 sq-m to 4,000 sq-m and the price of plots start from Rs 11 lakh and goes up to Rs 6.6 crore. This scheme will be launched once Yeida gets approval from the Real Estate Regulatory Authority (RERA). Plots will be assigned to the relevant people through the lottery system. With the plots valued at Rs 16,400, the authority wishes to generate a total capital of Rs 400 crore from this program. 

Payment Tenure- 

The allottee can pay the entire amount of plot in one go or in 10 installments. Five years is the minimum time period to pay the installments. 

The authority said, the number of offered plots could increase because it would also include the surrendered plots. After the approval of a film city and agreement of Jewar airport, the land prices on the Yamuna Expressway have risen at a fast pace. 

Also check:- plots in Yamuna Expressway

Arun Vir Singh, CEO of Yeida said.-“The demand for plots near the upcoming Jewar Airport is really high and we are receiving several queries regarding plots. We have filed for the RERA approval on Friday and expect to get it in one or two days.” “The candidates will get one month’s time period to apply for the scheme and have to submit 10% of the total plot amount in advance. Three types of payment modes are given to allottees and the process of draw will begin in mid-April”.

RK Arora, chairman, Supertech Ltd, said.-“The prices of plots near Yamuna Expressway have also risen in the last few months. We have two integrated urban areas on the Yamuna Expressway and are witnessing a great demand for plots from investors”.

Manoj Gaur, CMD at Gaurs Group said.- “We started work as soon as the government allowed construction activities to begin after post lockdown and that will ensure timely delivery”.

Gaurs Group also has an integrated township near the upcoming Jewar airport. The township is receiving a great interest from the homebuyers as well as investors. 

Also read:-

YEIDA Proposes Business Centre Near Jewar Airport

Yamuna Expressway Awaits Approval Of Master Plan 2031

Delhi-NCR Witness Increase Demand for Affordable Homes