Rera Act

The Supreme Court on Friday granted four weeks more to states and Union Territories who have not filed their reply to the deviations and variations pointed out in the implementation of the Real Estate (Regulation and Development) (RERA) Act, 2016, and corresponding rules and laws in their jurisdiction. A bench of Justices D Y Chandrachud and Hima Kohli warned that if the requisite responses are not filed within the stipulated time, principal secretaries of housing and urban development shall be present in court to explain the delay. The top court noted that 13 states and two UTs have filed their responses to the plea. "Despite the previous order, requiring the states/UTs to file their responses, certain states have not submitted their responses. They shall do positively within four weeks, failing which the principal secretaries in housing and urban development shall be present in court," the bench said while posting the matter after eight weeks. The top court was hearing a plea fil

If they do not get registered with us then we have got enough of more power to take action against them under section 59 and 61 of the Act.

While it continues to take the strain of 328,000 stalled units launched before 2015, unsold units since early-2016 have come down 26 per cent

Nearly 40 per cent of all complaints were resolved in Uttar Pradesh alone

Bengal govt enacted own version of RERA, the West Bengal Housing Industry Regulation Act in 2017, the only state to do so, and Housing Industry Regulatory Authority came into effect on June 1, 2018

In SBI's scheme, the buyer pays only the down payment. The developer pays the interest during the construction period

From 161 resolved cases, the realisable amount stands at over Rs 1.6 trn

Developers are hoping this week's announcement will bring some relief

Top court says Amrapali defrauded buyers in connivance with banks, Noida, Greater Noida authorities, appoints state-owned NBCC India to complete pending projects

Leaky escrow accounts, delayed execution of RERA orders, inadequate administrative machinery and bias towards builders are some issues that need to be addressed in some states

Six north eastern states and west Bengal were yet to issue the notification of rules under RERA, says Hardeep Singh Puri

In many states such as Karnataka, Tamil Nadu, Telangana and Uttar Pradesh, the definition of an ongoing project has been diluted

According to property consultancy firm Knight Frank, only 19 states and UTs have a functional portal in place, that too with a lot of information dissymmetry across data points

RERA is still in the initial stage and is facing teething problems

A bench headed by Justice Arun Mishra passed the order

Under RERA each state and UT will have its own Regulatory Authority

There is an obligation on the developer to complete the project on time or pay penalty for delays

Investments come with their own share of risks and buyers may need to hold on for at least 5-10 yrs

Rera requires developers to deposit 70% of payments through any kind of sale in an escrow account

For the past 20 years, the real estate sector had been in the 'adolescence' stage of development