Tag Archive: builders

Builders get 3 months to come under RERA rules

Property

Panaji: A delay in notifying the Real Estate (Regulation and Development) Act (RERA) rules for Goa has once again delivered a setback to consumers who were waiting for RERA to be enforced before buying homes. The BJP government on Sunday extended the deadline to October for ongoing projects to register with RERA, even though the central government and other states have clearly refused to grant an extension. The central Real Estate (Regulation and Development) Act (RERA) came into effect on May 1, 2017, exactly a year after it was passed by Parliament. As per the Act, developers, projects and agents had till July 31 to mandatorily register their projects with the Real Estate Regulatory Authority. Any unregistered project would be deemed to be unauthorized by the regulator, but since the state government has failed to notify the rules…
Read more

What’s real in the Real Estate Bill?

The real estate bill is pending in the parliament for nearly three years while the problems related to the sector continue to mount, says Binayak Datta* A friend of mine – an executive in one of the Blue Chip MNCs had dreamt of a 3 bed roomed apartment at an upmarket locality in the millennium city of Gurgaon. He approached a big real estate company direct who had advertised for their huge upcoming project. He booked his dream apartment and paid 10 per cent down on booking. The rest was to be called up by instalments depending upon the progress of construction. This project was to be completed and handed over in 24 months from the date of booking. My friend obtained a hefty housing loan from a bank and started paying the instalments to the builders and…
Read more