Search Results for: real estate projects

Banks cannot auction defaulting projects without allottees’ consent- HARERA

HARERA has barred the auction of a loan-defaulting project by bank to recover damages without prior adjustment of allottees’ dues.

RERA requests RBI to Restructure Promoter’s Business Loans for Revival of Real Estate Sector

The RBI needs to take affective steps in order to tackle the financial crisis being faced by the developers. If it continues longer, the interest of homebuyers may be compromised due to delay or non-delivery of projects.

No Fresh License to Builders with Delayed Projects: HARERA

The Haryana Real Estate Regulatory Authority has issued notice to Empire Realtech Pvt Ltd along and an associated company, CHD Developers for completion of ongoing projects or face cancellation of registration. The HARERA has decided to debar builders from acquiring fresh licenses whose previous projects have been delayed. Also, the authority will blacklist such builders and a list of 50 builders in Gurugram has already been prepared.

If Development Work is Pending, It would be ongoing projects: Allahabad High Court

Every project where the development work is still not completed at the time of the commencement of the RERA Act, will be considered as an ongoing project whether or not the application for completion certificate is filed before a competent authority.

HARERA Fixes 1% Brokerage on Sale/Purchase in Real Estate Sector

A decision by the authority is a fundamental step towards constraining the real estate agents from exploiting extra money from buyers and sellers. The brokerage being fixed will turn down the chances of overcharging ultimately protecting the interest of homebuyers.

Kerala RERA warns Promoters over Marketing of Unregistered Projects

Kerala RERA has warned promoters, agents, firms from advertising real estate projects prior to registering the project and also issued show cause notices to few developers which had indulged in such practice.

How to handle legal notice for auction of the Real Estate Project

The banks have started issuing an auction notice in respect of real estate projects where the builder has defaulted by not completing the construction of the project. Here we are sharing some remedies for the aggrieved homebuyers.

Debt Restructuring a method of revival of the Real Estate Sector

The UP-RERA has now requested the RBI to consider restructuring the loans taken by the builders for the completion of real estate projects.

Best Legal remedy for Stalled Real Estate Project – A Comparison

More than 5 Lakh homebuyers are struck in the projects which are either stalled for multiple years or has been abandoned. The builder either don’t have money or intention to start construction on such products.

MahaRERA orders CCI Projects to Pay Interest on Delayed Possession

The MahaRERA in three separate orders directed the CCI Projects Ltd to pay interest on delayed period of possession after the ongoing six-month moratorium due to covid-19 crisis is over.

SWAMIH Investment Fund to provide Rs. 10,000 Crore for 101 Realty Projects

SBICAP Ventures has cleared applications from realty developers for stressed real estate projects investment worth over Rs 10,000 crore.

Good News for Builders- SBICAP Lowers IRR to 12 Percent in Stress Funds for Stalled Housing Projects

In order to help the COVID-19 hit real estate SBICAPS has announced lowering the internal rate of return (IRR) from 15 percent to 12 percent. That the move has been welcomed by developers all over India.

Relief for Builders in Gujarat: RERA Authority grants Extension to Registered Projects 

GujRERA authority has extended benefit to more than 80% of the ongoing projects across the state which are likely to be completed in the next four years. 

Karnataka RERA extends the completion deadline of registered projects by 3 months

Karnataka RERA has given a deadline extension of three months to all registered ongoing Real Estate Projects across the State.