Punching holes in RERA fiddle
The Supreme Court of India’s recent observations on the Real Estate Regulatory Authority (RERA) are not just about real estate - they are about governance itself.
The Supreme Court of India’s recent observations on the Real Estate Regulatory Authority (RERA) are not just about real estate - they are about governance itself.
"All States should now think of the people for whom the institution of RERA was created. Except for facilitating builders in default, it is not doing anything else. Better to just abolish this institution," CJI Surya Kant remarked.
Uttar Pradesh Real Estate Recovery Authority(RERA) has increased its momentum for recovering dues from developers and ensuring timely refunds and possession for homebuyers. UP RERA has so far ensured recovery of Rs 1,410 crore in 5700 matters.
Since the operationalisation of the Real Estate Regulatory Authority (RERA) in 2017, 1.19 lakh projects, comprising 97.14 lakh units, have been registered with top 10 State RERAs between 2017-2024, said a report by NSE-listed data analytics firm PropEquity.
The last decade has seen homebuyers' wait for possession in large under-construction projects in the top cities reduce to 4.9 years, from 6.1 years in the 2010-2019 period, a report showed on Sunday.
There was a demand for providing special relief for the real estate sector so that the sector is able to cope up with the adverse impact of the current crisis.
Following the court order, the ED will now register the money laundering cases against Amrapali, its CEO and Managing Director (CMD) Anil Sharma, and directors Shiv Priya and Ajay Kumar.
Not just in terms of construction, but even in terms of simplifying the property buying process, real estate brokers and agents are slowly adapting newer technologies
West Bengal has refused to implement the Act as it has its own West Bengal Housing and Industrial Regulation Act (WBHIRA). This has, however, been challenged in the Supreme Court by the Forum for People's Collective Efforts (FPCE), an umbrella association of home buyers.
What is still missing in the real estate market is the intention of builders to pass on the benefit of the lower cost to the consumer. On December 8, the GST Council issued a notification seeking to address this very concern
