Report suggests that RERAs extends the project deadline by 6–12 months

In a recent report by the PHD Chamber of Commerce, findings from various real estate bodies have suggested that the Center advise all the states to extend the deadline for Real Estate Regulatory Authorities (RERA) to complete projects ranging from six months to 1 year. Should be given just 3 months in the wake of the COVID-19 crisis and the ensuing nationwide lockdown.

The industry body has also proposed that a six-month suspension period be allocated for payment of local body taxes such as municipal taxes and property taxes.

It further suggested that current projects are considered assets to be loaned to developers.

The report states: “Stamp duty and registration fees should be reduced or waived on flats completed for a period of about one year. This will not only be a major challenge for the real estate sector, but it will also boost demand in key industries like cement, steel, electrical etc., while at the same time providing employment opportunities. This can go a long way in rejuvenating economic activities. "

It acknowledged that although the RBI's cut in the emergency rate would reduce interest rates, consumer sentiment should be further stimulated to buy a home.

According to the report of the Board of Industries, "It is suggested that the deduction in interest for home purchases should be reduced this year. For example, for the current year, the deduction of interest may be paid 200 percent of the interest. , Followed by deduction of 175 percent interest paid for the second year, 150 percent deduction of interest paid for the third year and so on. "

It has been suggested that the industry would be helped, such as during the COVID-19 crisis, that the minimum wages of construction workers would be borne by the government using labor funds collected by the developers.

The report also touched on a long-awaited request for industry status for the real estate sector.

RERA real estate Karnataka projects extends deadline to three months

Since the Karnataka Real Estate Regulatory Authority (RERA) has disrupted the supply chain of building materials across the country due to the lockdown, the extension of all residential buildings in Bengaluru has passed on completion. MAHA RERA had also extended the deadline to complete the projects by 3 months.

Apart from the disruption in the supply of construction materials, most of the labor workforce has also moved back to their house-towns. Given that the present conditions are not conducive to construction work.

The Karnataka RERA Authority has extended the project deadline by 3 months for all RERA registered projects, with the completion date expiring on or after 15 March 2020.

As per the Real Estate Act 2016 all the statutory compliance deadlines and rules and legislation which were to be held in March, April and May 2020 have been extended till 30 June 2020.

What are the rights and duties of the buyer related to RERA?

Section 19 of the Real Estate Act states that a home buyer shall:

• Accessed to obtain information related to approved plans, layout plans as well as approved by specific authority and other such information. 
• To know the phase-wise scheduling of the project including the provisions of water, sanitation, electricity and other facilities. 
• Entered to claim possession of the apartment, plot or building. 
• At such a rate one is entitled to claim a refund of the amount paid along with the interest and may be compensated in the manner provided under the Act. 
• After handing over the physical possession of the unit, it entered for necessary documents and plans, including common areas. 
• Responsible for making the necessary payments specified in the sales agreement at the appropriate time and place.
• They will also have to pay their share of registration fees, municipal taxes, water and electricity charges, maintenance fees, land rent, and other charges.
• Essentially responsible for participating in the formation of a union or society or collaborative society.
• Responsible to pay interest as stipulated. If mutually agreed upon by promoters and allottees, the interest may be reduced.
• Take possession of the unit within two months of obtaining the occupancy certificate.
• Responsible for participating in the registration of the deed.

How to file a complaint

• Registered allottees or organizations of any voluntary consumer association under any law can approach the Real Estate Regulatory Authority or Assistant Officer to lodge a complaint.
• The fees will be determined by the authority.
• The authority may direct that specific cases or issues be heard and decided by a single bench of the chairperson or any member of the authority.
• After giving a reasonable opportunity of hearing to any person, the authority shall appoint an assistant officer to conduct an inquiry in the prescribed manner.
• The application for compensation will be dealt with expeditiously by the officer concerned. The matter will have to be disposed of within 60 days from the date of receipt of the application.

Impact on Indian Housing Market due to COVID-19

Corona virus proliferation has further delayed a recovery that may be due to measures launched to revive various government demands, however, it does not appear that prices will fall immediately. Niranjan Hiranandani, national president, NAREDCO, says that "reviving Indian realty is the second largest employment generator, not only from the point of view of GDP growth, but also for job creation as the multiplier effect of more than 250 affiliated industries in the region is.

Recently, the Center announced more tax breaks and lower interest rates on home loans to make purchases more attractive, besides setting up Rs 25,000 crore stress fund for speculation.

He called for a slowdown in the residential segment, which has already stalled housing sales, project launches and price increases in India's residential realty sector, which is under pressure due to mega regulatory changes due to Real Estate Regulatory Authority (RERA), Goods and Services Tax (GST), Demonetization and Benami Property Law.

According to rating agency ICRA, the epidemic, if not soon included, will not only significantly affect the economy, but will adversely affect the cash flow and project delivery capabilities of developers.

"Although in the case of a prolonged outbreak, the impact on overall economic activity is likely to be deeper and more sustained, resulting in a more significant impact on developer cash flow and project execution capabilities, leading to a wider credit negative impact." ICRA said in a recent note that the three-month deferment announced by the RBI on loan on March 28 would provide some comfort to the builders.

“The injected liquidity of Rs 3.74 lakh crore (by RBI) with a three-month moratorium on all loans by financial institutions will ease short-term liquidity concerns and help developers as well as homebuyers. It is a great relief for developers and buyers to help ease the challenges they currently face,” says Ramesh Nair, CEO and Country Head of JLL India.

Anticipating the delay in completion of the project and supporting the builder community, the Real Estate Regulatory Authority in Maharashtra has announced a 3-month extension in the completion deadline of the project.

Recall here that real estate developers in Mumbai, the state capital and India's financial nerve center, have the largest selling stock in the top nine markets.

“Due to the 21-day lockdown outbreak of COVID-19, both manufacturing and sales activity has come to a complete halt in the entire real estate sector. At many sites, construction workers have also moved back to their hometowns. Even after the lockdown, the activity will only recommend slowly, which will cause project delays anywhere between at least 4 to 6 months,” said Sharad Mittal, CEO and head, Motilal Oswal Real Estate Funds. Welcoming the announcement of Maharera, Mittal said that although it cannot fully compensate the sector with actual project delays that are likely to be direct, 'it is certainly a decision in the right direction, to support real estate developers and the region. Overall in this global crisis.

STAY HOME, STAY SAFE, STAY ALIVE

COVID-19 Impact: Extends the full timeframe of MahaRERA projects by 3 months

Mumbai: Maharashtra Real Estate Regulatory Authority (MahaRERA) has extended the validity of registration of projects for which completion date, revised completion date and extended completion date is expiring on or after March 15, 2020.

With this, realty developers will get a three-month extension to complete their projects. Developers are asking for time to complete the project and the exemption from penalty fees can be extended for up to one year.

The authority has extended the date after considering the government declared Covid-19 pandemic, lockdown, its impact on material procurement and construction stagnation.

It has also extended the deadline for all statutory compliance as per the Real Estate (Regulation and Development) Act, 2016 which were in force from March, April and May to June 30, 2020.

Since mid-March, the Maharashtra government has announced a controlled lockdown as a precaution in a way that a partial workforce has been able to participate in work and construction sites in the state.

From 24 March, a complete lockdown was declared for 21 days across the country, allowing only the operation of essential services. In view of these partial lockdowns and recently completed lockdowns, construction work has been affected in MahaRERA registered projects.

“Due to the aforesaid lockdown, the supply chain to obtain construction material was disrupted and the labor force moved back to their home states. Due to these circumstances, real estate projects across Maharashtra will take some time to resume work,” the authority said in a statement.

SuGanta Realty Services llp

RERA Complaint Filing | How can buyers file complaint under RERA?

RERA Complaint Filing | What is RERA?

The Real Estate (Regulation and Development) Act (RERA) seeks to protect the interests of homebuyers and investors in the real estate sector. The RERA Act was notified on 1 May 2016, with some of its clauses notified, while all the remaining sections were notified on 1 May 2017. Under this Act, each state and union territory must notify the rules and regulatory authority for redress of grievances. The Act was formulated to streamline and standardize the unorganized real estate structure in India.

The Real Estate (Regulation and Development) Act, 2016 has been enacted by the government to protect homebuyers against unfair trade practices of housing development and real estate project developers. Developers must obtain all necessary approvals from government bodies before essentially presenting the project to the public.

Developers must display all relevant information on the RERA website of the respective states. In the era before RERA, homebuyers were required to file complaints with the Consumer Disputes Redressal Commission (CDRC), which took longer periods of time to address issues related to possession delays. RERA accelerates the grievance redressal process and removes the wrong builders from the market.

                                                                                                                           
Any person who has invested or has some legal interest in a real estate project can file a complaint with RERA. Under RERA, a buyer can file a complaint of: -

•    Passion delay
•    Wrong advertisement
•    Discrepancy in project registration
•    High advance payment
•    Structural defect
•    Incomplete project description

As per RERA Act, complaints can be lodged under Section-31 against developers, builders, contractors, agents or promoters of the project. Complaints can be lodged with the concerned State Regulatory Authority or the Assistant Officer within the norms prescribed under the RERA Act. It is advisable to seek the help of a lawyer at the time of filing a complaint as well as project document verification to avoid any future hassles.

The state-wise RERA portal has made online complaints for homebuyers hassle free. Filing a complaint under RERA can be given through the following steps:-

State's RERA website- Homebuyer is required to access the state's RERA website and register as a user. On the homepage of the website, the user can click on the "Complaint Registration" tab to file a complaint.

Filling up the complaint form - Once the user lands on the complaint registration form, he needs to fill his details and communication address to receive further communication. Subsequently, the user has to submit the reason for filing the complaint supported with the defendant (developer / builder / promoter / agent) details and supporting documents.

Fee Payment - Once the form is duly filled and verified, the user will have to make a small payment of Rs 1000 (varying from state to state) to further process the complaint. Users can pay online filing fees through various methods of payment.

Confirmation- post fee payment, the user will receive payment notification via message and email. The user can track the status of their complaint on RERA's website.

Chapter 8 of the RERA Act defines penalties, offenses and settlements in case the builder / developer / promoter fails to comply with the RERA rules. Delay in delivery, false advertising, structural defects and non-registration of a project with regulatory authority may impose a builder penalty of up to 10% of the estimated project cost.

In order to claim compensation from the builder, it is required to file a complaint with an officer in the same format as above. However, it should include additional details highlighting the cumulative interest developed for the payment schedule, distribution overrun and distribution overrun. Under the RERA Act, all complaints against builders / developers / promoters must be addressed by the RERA authority within 120 days.

Documents Required for Complaint Filing are:-

•    Sales agreement
•    Conveyance deed
•    Application letter

The RERA Act, which came into force in 2016, only managed to notify regulations and regulatory authority in 12 states and 1 union territory, Delhi, Maharashtra, Madhya Pradesh, Karnataka etc. are some of the states that are pioneers in the implementation process. In addition, 7 states and the remaining 6 union territories have managed to notify regulations in their respective states, but lack a regulatory authority to oversee this. Further, RERA is in progress in essentially the North-Eastern states, in the remaining 9 states except Jammu and Kashmir, where it is not applicable.

Until RERA is fully implemented pan-India, it will not succeed in reviving buyer sentiment in its area of ​​transparency and realty. Once the market is standardized, there will be an array of unsightly and out-of-market opportunities. However, in states where it has been successfully implemented, there has been a surge in demand from developers as buyers are riding sentiment.

Boost Ballabhgarh's real estate market by Violet Line of Delhi Metro

Violet line metro of Delhi has been established for the development of Ballabgarh's growing industrial center in Faridabad. The 3.2 km elevated corridor will have two stations and is expected to meet the extended deadline by June 2018. Earlier the launch was planned in December 2017.

The corridor will extend from the 13.8 km Badarpur-Escorts Mujesar section which was opened to the public in September 2015. The other end of the line extends to the ITO in Delhi and there are plans to connect it to the Kashmiri Gate on the Red Line.

Travelers heading to Ballabhgarh will benefit greatly from the development as the destination is a noticeable business center with many educational institutions and industries. This will also increase employment opportunities.

Recently Ballabgarh was renamed as Balramgarh. Chief Minister of Haryana, Manohar Lal Khattar had publicized several developmental projects to declare the area as a development area.

The cost of the metro project from YMCA Chowk to Ballabhgarh is Rs 580 crore, with around Rs 95 crore provided by the central government.

The YMCA Chowk-Ballabhgarh metro project is one of the Rs 1,090 crore two-line expansion projects approved by the Public Investment Board (PIB) of the Ministry of Finance. The second is an underground corridor from Najafgarh to Dhansa border. The metro train at Badarpur-Faridabad is powered by solar energy which is a major feature of the project.

The project began in 2015, but was delayed due to the construction of columns for the crossover track near the main Ballabhgarh station, as well as a legal dispute over the land required to remove or move water and sewer pipelines.

Infrastructure connectivity in Ballabhgarh:-

Ballabgarh is connected to the emerging NCR hub of Sohna near Gurgaon via the 35-km-long Ballabgarh-Sohna (BS) road. The nearest railway stations are Ballabgarh railway station and Faridabad NW TN railway station.

There are extensive rural healthcare projects in the area (rural area practice area of ​​AIIMS) or reputed educational institutes like Civil Hospital and Cement Research Institute of India. In addition, the YMCA University of Science and Technology is less than five kilometers from the locality. Reputed companies like IBM and Cognizant also have their offices.

Healthcare centers, elementary schools, and retail shops are available in the surrounding areas. The government had announced Rs 10crore for the reconstruction of the dilapidated bypass of Faridabad and restoration of tubewells in the area.

Ballabhgarh  Real Estate status:-

Ballabhgarh, located on National Highway-2, about 30 km from Delhi, is a commercial hub and residential development is not as noticeable in the neighboring areas of Sector 56, Sector 76 to Sector 88 in Faridabad.

These neighborhoods are active residential colonies with abundant availability of affordable homes. There are many such upcoming residential properties in the surrounding area started by local developers. The average capital value of residential properties in Ballabgarh is Rs 2,800 per sq ft. The price of a 2BHK apartment is less than Rs 20 lakh for an average size of 850 sqft.

Real estate is changing the face of unnatural intelligence as technology changes. It is anticipated that artificial intelligence will be able to fully handle the market. It first managed to become a monologue platform, but due to advances in technology, it has now interacted with an online program. Due to this advancement in technology, it is predicted that the overall business board is a real estate or continues to prosper. SuGanta Realty Services llp offers you a range of apartments, villas, flats, farmhouses, plots, Offices, Spaces, Shops, Builder floors etc on affordable price and amenities.