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Greenscape: Real estate updates – November’21 Roundoff

Nov , 30

MahaRERA instructs builder to reveal mortgage status of the residential properties

The Real Estate Regulatory Authority in Maharashtra (MahaRERA) has been instructed to clearly state the mortgage status i.e. the loan or mortgage they have incurred for building the property. This is aimed at being more transparent towards the homebuyers who can make an informed decision regarding the investment in the property. Until now, this information was available with the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (Cersei). Now MahaRERA has made clear that the homebuyers and allottees also need to be aware of such security interest created on real estate projects and apartments that they are interested in buying.

Maharashtra industries minister asks for a year-long extension on concessions to real estate projects

Subhash Desai, Industries Minister has written to the urban development minister requesting a year-long extension of the concessions to real estate projects which is supposed to end on December 31, 2021. Desai said several new projects have benefitted due to the 50 per cent concessions in premium affected due to the Covid-19 pandemic.

RERA can now delegate its power of hearing complaints from homebuyer to single person

As per the latest order by The Supreme Court in India, the Real Estate Regulatory Authority (RERA) can now delegate its powers to a single member to hear complaints from homebuyers against builders. The top court said the scheme of the Act, 2016, provides an in-built mechanism and any order passed on a complaint by the authority is appealable if any manifest error is left by the authority either in computation or in the amount able to the allottee/homebuyer.

Centre roots for regulatory mechanism with balanced interests for home buyers and builders

The Centre has asked the Supreme Court to draft out the ‘agreement for sale’ that already exists under provisions of RERA with balanced rights and interests of homebuyers and promoters in an accountable and transparent manner. The Supreme Court said a model builder-buyer agreement is an important matter in the public interest, which is required in the real estate sector. The top court said: “Government has the power to make a model builder-buyer agreement under RERA”.

 

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