»RERA: What India s First Real Estate Regulatory Act Seeks to Achieve And Why It s Necessary
3-MIN READ
RERA: What India s First Real Estate Regulatory Act Seeks to Achieve And Why It s Necessary
Workers paint the exteriors of a newly constructed residential building on the outskirts of Kolkata, India, July 5, 2019. (Reuters)
The RERA seeks to protect the interests of home buyers and also boost investments in the real estate sector.
FOLLOW US ON:
Minister of Housing and Urban Affairs, Hardeeop Singh Puri in an article on Wednesday wrote, Real Estate (Regulation and Development) Act (RERA) has transformational provisions, conscientiously addressing issues which have been a constant bane for the sector.
MahaRERA Asks Nirmal Lifestyle To Pay 9% Interest Since 2006 to Homebuyer for Delayed Possession
Moneylife Digital Team
1
Maharashtra Real Estate Regulatory Authority (MahaRERA) recently passed an order directing a developer to pay interest since September 2006 (when the project ought to have been completed) on the total amount paid by a home-buyer for a flat in a high-rise at Kurla for failure to mention the date of possession in a 2003 agreement for sale.
The developer, Nirmal Lifestyle Ltd, has been ordered to pay simple interest at 9% per annum for the past 14 years.
The order says that interest has to be paid on the total consideration of about Rs28.13 lakh that was paid from 2006 till the date of handing over of possession. The developer was represented by advocate Atharva Dandekar and advocate Vaishali Mohite, who said that the apartment would be completed by December 2021.
Bahrain News: Bahraini youngster breaks new ground gdnonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gdnonline.com Daily Mail and Mail on Sunday newspapers.
6
On Tuesday, Union minister for housing and urban affairs, Hardeep Singh Puri, released a report prepared by Moneylife Foundation to document the efficacy of Real Estate Regulation and Development Act, 2016 (RERA) in India from the consumer perspective. The research project, made possible due to the support of Housing Development Finance Corp (HDFC) and its top management team, highlighted that RERA has been a game changing legislation that has imposed discipline, transparency and accountability on developers and intermediaries.
However, the Report on Efficacy of RERA From the Consumer Perspective 2020 shows that the implementation of the law has been slow. While the report documents great strides made by some states like Maharashtra, it also points out that adoption and implementation across different states is uneven. West Bengal stands out like a sore thumb having enacted its own law. It has taken three years for some states to fall in line. Here is the current st
Jaipur: After issuing show-cause notices to 95 builders and promoters in the state over pending projects, the Real Estate Regulatory Authority (RERA) .