PUNE: Varying powers of MahaRERA members and adjudicating officials has meant that not all cases landing in the Pune office are suitably or fully acted upon, resulting in multiplicity of litigations or delay in administration of justice. “The RERA Act has failed to improve on the previous law.
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With the Real Estate Regulation Act (RERA) scheduled to come into force from August 1 onwards, the Special Chief Secretary (Revenue) and chairman of the TSRERA Rajeshwar Tiwari said that a meeting with real estate developers and the prospective buyers would be organised soon to create awareness about the Act.
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Stringent rules under RERA, are forcing unbranded and debt-ridden realtors to forge alliances with large, deep-pocketed corporate developers Corporate real estate developers, some of them new entrants, are chalking out expansion plans to take advantage of a changing regulatory environment amid rising distressed assets in the realty market. Stringent rules under the new Real Estate (Regulation & Development) Act, or RERA, are forcing unbranded and debt-ridden realtors to forge alliances with large, deep-pocketed corporate developers. This has opened up a potentially lucrative business opportunity for corporate entities as well as…
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MUMBAI: Housing Society Members who have a dispute with their builder over Redevelopments cannot seek relief under the Real Estate (Regulation and Development) Act (Rera). The state Rera last month dismissed a complaint filed by members of a Vikhroli housing society against their builder for failing to hand over their new flats for 11 years. They also accused the society’s managing committee of granting permission to the builder to add five floors without their approval. In a December 2017 order, MahaRera chairperson Gautam Chatterjee said the authority is not the proper forum…
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Mumbai: Severely impacted by various reforms like RERA, GST, and demonetisation, the realty sector is pinning its hopes on Union Budget 2018-19 for relief measures like lower taxes and infrastructure status. The year 2017 was an eventful one for the sector with many structural policy reforms, which resulted in a significant decline in home launches to 1,03,570 units compared to 1,75,822 in 2016. Industry players are expecting rationalisation of the GST rates from the current 12 percent to 6 percent and bringing stamp duty under the ambit of GST. “Also, industry…
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The much awaited Real Estate Act comes into force on Monday with a promise of protecting the right of consumers and ushering in transparency but only 13 states and UTs have so far notified rules. The government has described the implementation of the consumer-centric act as the beginning of an era where the consumer is the king.
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