Alexa
Residential 2374
LAND 843
COMMERCIAL 124

Get Free Advice Before You Decide

Assist Me

Checklist before Going to Buy Property

Rates & Trends

Find property rates across Localities

Loan Calculator

Check your Eligibility, EMI and Rate

Property News

Consumers will be file Complaints Against Unregistered Projects

MahaRERA to accept Complaints against unregistered projects.

PUNE: Consumers will be allowed to file complaints against unregistered real estate projects on the MahaRERA website after paying Rs 5,000 from August 16

The move follows the July 31 order of the Bombay high court, which made it mandatory for the Maharashtra Real Estate Regulatory Authority (MahaRERA) to hear complaints of consumers, irrespective of the registration status of the project concerned.

In other words, the authority cannot refuse to hear consumer grievance filed under Section 3 of the RERA Act if the realty project–under-construction or completed–is not registered with the authority

MahaRERA secretary Vasant Prabhu told TOI that they have already uploaded a form under the “source information” category would enable the payment facility for those desiring a hearing for their complaints from August 16.

“Earlier, consumers could file complaints without having to provide the details about the project under the “source information” category. However, it was done in a haphazard manner. To overcome this, we have changed the format of the form, making it easier for the authority to initiate action. Now, with the HC order, all projects that are not registered with MahaRERA will also be treated as source complaints and can be given a hearing provided all the details and payment are made by the complainant,” Prabhu said.

MahaRERA is treating this as a win-win situation for both the authority and the consumers as the complaints  filed under Section 3 of the RERA Act can ensure that more “unregistered  projects” come under the ambit of MahaRERA. Presently, there are 17,353 projects registered with the authority in the state.

Prabhu said Section 3 of the RERA Act mandates that no developer can advertise, market or sell unless he/she registers the project with MahaRERA. In fact, all developers were expected to register with the authority within three months of commencement of the Act, which came into effect in May 2107.

Consumers said the HC order gives more teeth to MahaRERA. “The high court order will ensure that all developers register their projects. And once all the projects are registered, all the sections of the RERA Act will be automatically applicable on them,” Vijay Sagar, president of the Akhil Bharatiya Grahak Panchayat, Pune, said.

He said there were a number of developers who had not completed and registered their projects and had even built floors beyond the legal sanction.  Due to the HC order, MahaRERA will now have to entertain complaints from consumers, thus, bringing down the number of unregistered projects and illegalities involved, Sagar said.

 


***

Read more

What is the Real Estate Regulation Act (RERA)

WHAT IS RERA

The real estate Regulation & Development Act (RERA) which came into effect onMay1, 2017, provides India’s real estate sector its very first regulator. It will bring clarity & Establish fair practise that would protect the interests of home buyers. Here are the Top Features of RERA that you should know about:

SECURITY

  • A minimum of 70% of Investors and buyer’s money would be kept in a separate escrow account. This money can only be spent on constructions of the projects and the cost borne towards the land.
  • Developers can’t ask more that 10% of the property’s cost as an advanced payment booking amount before the registered sale agreement is signed.

 

TRANSPARENCY

  • Under RERA, Builders are required to submit the original approved plans for their ongoing projects and the alteration that they made later to the regulator.
  • Developers can’t make any changes to the plan without written consent to buyers.

FAIRNESS

  • Under RERA properties will be sold based on carpet area and not on super built-up area.
  • In the event of project delay, buyers are entitled to receive the entire money invested or they can stay invested and receive monthly interest.

QUALITY

  • If any issue is highlighted by the buyer to the regulator within 5 years from the date of possession. Then it has to be fixed within 30 days by the builder.

AUTHORIZATION

  • Without registration with the regulator, a developer would not be able to invite, advertise sell, offer or book any plot, apartment, house, building or any other investment in the project.
  • Post registration. All the advertisement soliciting investment will have to bear the unique project-wise RERA registration number.

***


More News About RERA

Only 10 Percentage registration of brokers bugs Maharashtra RERA

How much has RERA helped home buyers in last one year

Read more

Registered sale agreement must to seek interest on home delays

MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has ruled that a registered sale agreement is necessary for a home buyer to seek interest on delay by the real estate developer in granting possession.

The ruling is significant as many home buyers, particularly investors, still continue to rely on letter of allotment even after making a significant payment to the developer and do not enter into an agreement to delay paying stamp duty, goods and service tax (GST) and other charges.

The verdict was delivered in a complaint filed by home buyers Niraj Sanghia and Ami Trivedi, who approached MahaRERA against developer Unique Shanti Realtors. The buyers had purchased a flat in the developer’s residential project in Mira Road through a letter of allotment dated July 16, 2013.

The complainants alleged that even after having paid substantial amount towards the price, the developer failed to execute and register the agreement for sale. They said the developer had promised to hand over possession by 2017, but failed to do so. The complainants prayed that the respondent be directed to register and execute the agreement for sale and pay them interest for the delay in handing over possession.

The counsel representing the developer assured MahaRERA his client was willing to register agreement for sale. MahaRERA chairperson Gautam Chatterjee pointed out that as per section 18 (1) of the Real Estate (Regulation & Development) Act, 2016, if the developer fails to give possession of an apartments, plot or building in accordance with the terms of agreement for sale and the allottee is interested in withdrawing from the project, he can get the amount paid so far returned with interest.

If the home buyer is not looking to withdraw from the project, then the developer is expected to pay interest for every month of delay till the possession, Chatterjee said at the hearing.

The rate of interest is prescribed at 2% above State Bank of India’s marginal cost of lending rate (MCLR).

“Accordingly, since no agreement for sale has been executed and registered between the parties, provisions of section 18 of the said act does not apply to the present case,” the order said

Chatterjee then directed both the parties to execute and register the agreement for sale. He even advanced the date of possession by a year, and even if then the builder failed to hand over possession then he will be liable to pay interest to the home buyers.

The ruling is significant as many home buyers still continue to rely on letter of allotment and do not enter into a registered agreement.

***


Save GST, Ready Possession Homes

1 BHK Ready Possesion Flat @ Talegoan Dabhade

 

 

Read more

Hinjawadi-Shivajinagar metro to be extended to Hadapsar

Pune: After year-long deliberations, the Pune Metropolitan Regional Development Authority (PMRDA) has decided to extend the Hinjawdi-Shivajinagar metro route to Hadapsar. PMRDA Chief Kiran Gitte on Monday said that the work of preparing a detailed project report for the extension will begin soon. 

“The demand for the extension came in 2017 and after analysis, we have decided to go ahead with it. The details of the project will be decided soon,” he added.

Speaking about the progress of the Hinjawadi-Shivajinagar route, Gitte said that the work order of the project will soon be allocated to one of the three bidders: Tata Realty-Siemens, ILFS and IRB. Gitte said that the 8,000 crore project will consist of a 23.3-km corridor (Hinjawadi to Shivajinagar) with 23 stations and will be executed through a PPP mode. 

“Unlike Mahametro, one of these three shortlisted companies will be build, operate and maintain the metro for 35 years,” he added. The Centre has approved Rs 1,300 crore viability gap funding (VGF) for the project. The State government is going to pitch in with another Rs 812 crore. 

“We will allocate 26 hectares of land to the private company for the development of the project. We are also approaching the Pune Municipal Corporation as we will require land for the project. The private company can construct up to 48 lakh square feet of commercial construction to raise funds. Similarly, at a particular metro station, construction of 20,000 square feet will be allowed. The fare for a commuter travelling from Hinjawadi to Shivajinagar has been fixed at Rs 50. A fare change committee will be established to check for change in fares if required. The private company winning the bid will be given a time of three years to construct the project,” he added.

Speaking about the changes in the project, Gitte said that the alignment of the project has been changed in Balewadi. 

”The new route is 200 metres short from the original one,” he said.

---------------------------------------------------------------

2 BHK Flat in Hadapsar Pune, Nisarg Classic, in 38 Lacs

Read more

CONTACT US

Grow Empire (www.growempire.com) is India's Leading Property Portal. Grow Empire provides a platform for property buyers/sellers to locate properties of interest and get quality information on the real estate space in a transparent and clear manner. Grow Empire helps in getting An Excellent Deal by helping you Buying, Selling, and Renting property all over India in a very simple manner. Post your Property for Buy/Sell/Rent on growempire.com & Get Quality and Genuine Leads.

Grow Empire
Grow Empire

Maharashtra
IN


+91-9689885500
Email Us

Follow Us: Facebook  Linked In  Twitter  Google Plus  You Tube