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04 April, 2020, 05:37 PM IST

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Promoters caught in MahaRERA and coronavirus crisis, possession to be delayed

The slowdown in the real estate sector is going to affect the buyers as delays are likely to creep in for the possession of their dream homes.

MahaRERA: Buyers to decide fate of incomplete projects

The promoters, who have failed to meet the deadline after the first extension, would n...

Kerala-RERA gets complaints against 100 builders

K-Rera has scheduled hearings in February for both the complainant and the respondent. Offic...

  • “The move will benefit stressed project where the developer had not been able to complete the project due to paucity of funds or any other reason for long period of time,” a MahaRERA official said. Experts from the real estate sector said while it was a good move.

    The state has no information that will help make the consumers’ buying decision easier. The action-taken-report remains missing and the consumers and lawyers are mostly unhappy with the implementation of those orders.

    The Haryana Real Estate Appellate Tribunal had earlier rejected developers’ plea to stay the order passed by H-Rera in January last year, where H-Rera imposed a penalty on the developers and attached 10 acres of their land for not completing the project on time.

    As of now around 400 projects have been registered with the authority with total area of nearly one lakh acre. Around 2, 50,000 units are under monitoring of this authority, of which 60000 units are in the affordable housing segment.

    The state government will provide funds from special Rs 25,000 crore corpus created by the finance ministry to bail out the real estate sector. According to officials, it will screen recommendations before releasing funds to developers.

    New launches planned in April-May 2020 will be pushed back till at least September 2020 to coincide with the festive season. The prospect of falling sales in ongoing projects and deferment of upcoming launches threatens to become a major dampner in coming months.

    The report said the impact has been most drastic in Mumbai and Delhi, while the situation in Bengaluru is slightly better.

    In the logjam between builders and homebuyers, the advocates of the Bar Association-run Legal Aid Cell will assist those in need of help.

    MCHI-Credai said it expected all construction activity to halt in the next two to three weeks as flat purchasers have virtually stopped paying instalments. It has asked the state government to suspend property tax and payment of various premiums to the BMC for one year without interest.

    A recent survey by LocalCircles pointed out that cash continues to dominate the real estate market.

    In the absence of registration of the association, residents or allottees of the houses can file complaints in individual capacity or through power of attorney, says an important new order by the Gujarat Real Estate Appellate Tribunal.

    The RERA Act was brought in to eradicate problems within the sector.

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