RERA Master

Construction of farmhouses has again started in the Raisina hills, which fall under the Aravalis, about a month after the district administration restored the term ‘gair mumkin pahar’ (uncultivable hill) in revenue records and issued demolition notices to the farmhouses already built in that area. According to Section 4 of the Punjab Land Preservation Act (PLPA) cutting   of trees in the area of ‘gair mumkin pahar’ is prohibited. As per Union environment ministry’s notification, ‘gair mumkin pahad’ is protected land and where construction of buildings, roads, electrification and cutting of trees is not permitted. Despite the issue of show cause notices to owners, the construction of many farmhouses has started in the Raisina hills. To remove the illegal structures, no action has been taken. Gair mumkin farmhouse category have around 1,500 acres of land in revenue records according to forest department. A significant portion of is in Raisina hills. Acc...

Two property dealers Hirendra Kant Sharma & Ashok Goswami of Ghaziabad were arrested on Thursday for allegedly deceiving several buyers by selling them illegal and construction-wise unsafe flats in the Shahberi area of Greater Noida. Two adjoining buildings in Shahberi village had collapsed on July 17, 2018, leaving nine people, including a child and two women dead. Investigation by the administration and local authorities found that the building had been developed  illegally and without any approval. "Hirendra Kant Sharma & Ashok Goswami were arrested on Thursday from their residences in Ghaziabad. They are accused of selling illegal and unsafe flats to gullible buyers by conniving with their other associates and fraudulently making money by these sales". An FIR has been lodged against them at the Bisrakh police station in Greater Noida under section 188, 288, 420, 467, 468 and 471 of Indian Penal Code as well as under relevant...

The Department of Town and Country Planning ( DTCP ) has written to Gurugram police for lodging an FIR against the maintenance agency of  SARE Homes , Gurugram and the developer in Sector 92 because the lifts are not functional in the township, which poses a safety risk during the time of emergencies for residents. District Town Planner, Mr. RS Batthin a letter sent on Sunday, said the Annual Maintenance Contract  of 11 lifts out of 16 lifts in society has expired, while others lifts are malfunctional for the last 15 Days. He said,License of the Builder was granted to develop the society under the provisions of the Haryana Development and Regulation of Urban Areas Act, 1975, according to which responsibility of maintenance and upkeep of society is of Builder. Any violation of the same may result in Imprisonment of Management upto 3 Years . Developer submitted a response to DTCP, in which the developer said that its directors have resigned &Town...

Recently, various Real Estate Developers had approached the Supreme Court challenging the constitutional validity of the amendment made in the Insolvency and Bankruptcy Code (IBC) which deems the status of allottees as ‘financial creditors’ under the Act. Very recently the Supreme Court upheld the said amendment in Insolvency and Bankruptcy Code (IBC) and rejected the plea of the real estate developers in the case of Pioneer Urban Land and infrastructure Limited & Anr. v. Union of India & Ors. and recognized the status of homebuyers at par with that of the financial creditors. Availing the benefits of the Supreme Court judgment, a number of homebuyers have approached the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the defaulting developers. The NCLT has initiated insolvency proceedings against the developers - Umang Realtech Homes Pvt. Ltd. and Today Homes Noida Pvt. Ltd. after they failed to deliver the flats to the homebuye...

Around 200 Real Estate Developers approached the Supreme Court challenging the constitutional validity of the amendment made in the Insolvency and Bankruptcy Code (IBC) which deems allottees of real estate projects to be “ financial creditors ” under Section 7. In addition, being financial creditors, they are entitled to be represented in the Committee of Creditors by authorized representatives. In the last week the Supreme Court upheld the said amendment in Insolvency and Bankruptcy Code (IBC) and rejected the plea of the real estate developers. Speaking of the benefits of IBC to homebuyers a bench of Justices R F Nariman, Sanjiv Khanna and Surya Kant said that IBC is a beneficial legislation to protect the interest of home-buyers who had invested their money to realize their dream of a house and there was no illegality in giving them a say in insolvency proceedings against a builder which failed to discharge its obligation to handover possession of flats on time. ...

A number of writ petitions were filed before the Hon’ble Supreme Court against the projects of various Companies of Amrapali Group in Noida and Greater Noida. In 2011, various housing projects were launched in Noida and Greater Noida by Amrapali Group of Companies to construct approximately 42,000 flats and it was assured that the delivery of possession shall be made in approx 36 months. According to Supreme Court, money of the home buyer was diverted and Amrapali Group was in violation of the Foreign Exchange Management Act (FEMA) and the foreign direct investment (FDI) norms. It all started in April, 2013 when raids revealed that Amrapali was unable to complete any of its projects from 2009 to 2015. Later, a number of homebuyers took legal recourse against Amrapali for various issues primarily the issue of delay in projects. In October 2018, after Amrapali failed to hand over balance sheets of 46 companies to auditors, the court sent three directors of Amrapali- Anil ...

The Union Budget 2019 was presented on 5 th  July in the Lok Sabha   by the First Female Finance Minister  Mrs. Nirmala Sitharaman.   Highlights of the Budget 2019 for   Real Estate Sector: 1.      Additional tax benefit of Rs 1.5 lakhs to home buyers The government has increased the benefit of tax deduction against interest on home loans for affordable housing, with a value of up to Rs 45 lakhs. Now Interest deduction will be upto Rs 3.5 lakhs for affordable housing, as against Rs 2 lakhs earlier. 2.      Boost to Infrastructure Development The government has said that it is committed to boosting infrastructure across the country. The FM spoke about improving road; suburban railways and Metro connectivity and waterways ; investing Rs 100 lakh crores in infrastructure over the next 5 years. 3.      Housing for All by 2022 Focusing on affordable housing to achieve ‘ Housing for...