Latest news with #KeralaRealEstateRegulatoryAuthority
Time of India
2 days ago
- Business
- Time of India
K-RERA allows flat-owners to takeover apartments under construction
Kochi: In a landmark decision, Kerala Real Estate Regulatory Authority (K-RERA) has issued an order allowing a flat allottees association to take over an under-construction apartment complex from the promoter. K-RERA granted takeover of the nine-storey apartment complex in Angamaly by exercising its special powers under the Real Estate Regulation and Development Act, 2016. MIR CINTRA in Angamaly, the registered association of allottees of the real estate project, approached K-RERA against the promoter of MIR Builders and Developers Pvt Ltd, which failed to hand over the flats to the beneficiaries. The complainants pointed out that although Rs 15.06 crore were collected from the allottees, the promoters did not even complete the structural works of the building. Although K-RERA ordered the promoters to complete the project in a time-bound manner, and despite the extension of registration, the promoter was unable to complete the project. Later, the promoter, in an affidavit, admitted that they were not in a good financial position even to pay compensation. Furthermore, the promoter also consented to hand over the project to the flat allottees association. The order, based on the suo motu proceedings initiated in July last year, states, "The association may be allowed to take over the project MIR Cintra and carry out all remaining construction works, not limited to the construction of apartments and common amenities. The association may be permitted to register as the promoter of the project and be exempted from payment of any registration fees. The existing joint venture agreement (JVA) entered into between the promoter and the landowners may be cancelled and annulled, and landowners may be directed to enter into a JVA with the association for the purpose of enabling the takeover of the project. " Sandeep Sreekumar, who legally represented the association, said that the association is planning to complete the pending project by pooling funds from around 50 flat-owners who are members of the association. "The order, which is the first of its kind from K-RERA in the state, is a big relief to the allottees who are legally fighting for many years, and they are hopeful that they can revive the project," he said. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Happy Independence Day wishes , messages , and quotes !
The Hindu
28-07-2025
- Business
- The Hindu
The Hindu Home Expo at LuLu Mall in Kochi from August 1 to 3
The eighth edition of The Hindu Home Expo will be held at LuLu Mall, Kochi, from August 1 to 3 . The event will feature more than 100 properties from 20 leading builders in the range of ₹50 lakh to ₹5 crore, including apartments and villas, spanning across major locations in the city. Coinciding with the NRI season, the expo will provide a platform for home buyers in and around Kochi to own their dream homes at special prices and lowest bank interest rates in their preferred locations. Only projects approved by the Kerala Real Estate Regulatory Authority (K-RERA) will be on sale at the expo. The event is presented by CERA Sanitaryware Ltd. and powered by Canara Bank. Major highlights of the expo include special rate offers from builders, reduced bank interest rates, and convenient shopping time from 11 a.m. to 10 p.m. Site visits will also be arranged from the venue. While the member developers who are part of the Confederation of Real Estate Developers' Associations of India (CREDAI) will be the major participants, other leading builders will also feature their properties. Four leading banks are participating in the event, which will offer home loan schemes at specially reduced rates for visitors to the expo, providing the right opportunity for home buyers.
The Hindu
16-07-2025
- Business
- The Hindu
The Hindu Home Expo from August 1 at LuLu Mall in Kochi
The three-day The Hindu Home Expo will begin on August 1 at LuLu Mall, Kochi. The event will feature more than 100 properties from 20 leading builders in the range of ₹50 lakh to ₹5 crore, including apartments and villas, spanning across major locations in the city. The expo will provide a platform for home buyers to own their dream homes at special price offers and the lowest bank interest rates in their preferred locations. Only those projects approved by the Kerala Real Estate Regulatory Authority will be on sale at the expo. The event is presented by CERA Sanitaryware Limited and powered by Canara Bank. The highlights of the expo include special rate offers from builders, reduced bank interest rates, convenient shopping time from 11 a.m. to 10 p.m., and free car parking. Site visits will also be arranged from the venue. While the member developers, who are part of the Confederation of Real Estate Developers' Associations of India, will be the major participants, other leading builders will also feature their properties. The expo will end on August 3.
Time of India
01-07-2025
- Business
- Time of India
T'puram leads state in residential registrations
T'puram: In a significant boost to the capital's real estate sector, Thiruvananthapuram emerged as the frontrunner in residential project registrations under Kerala Real Estate Regulatory Authority (K-RERA) for the first half of the year. From Jan 1 to June 30, state capital recorded a remarkable 1,068 residential units, the highest in the state and the only district to surpass the 1,000-unit milestone. The latest data, released by state govt via K-RERA website on Monday, highlights Thiruvananthapuram's continued momentum in real estate development. The city was followed by Ernakulam with 887 units and Kozhikode with 632 units, indicating a strong urban housing trend across Kerala's major cities. Districts like Thrissur (320), Palakkad (164) and Malappuram (113) also showed notable activity. However, several districts, including Alappuzha, Wayanad and Kasaragod, recorded zero registrations during this period. A senior K-RERA official commented on the trend, saying, "Thiruvananthapuram's performance reflects both increased investor confidence and the city's growing appeal as a residential hub. We are seeing more structured and compliant development, which is encouraging for long-term real estate stability in the state," the official added. Last year too, Thiruvananthapuram was on the top list. Since Vizhinjam Port is operational now and several IT projects are in the pipeline, there is a great demand from NRIs and techies from South Tamil Nadu to buy homes in the city. As per the figures available with K-RERA, number of residential buildings grew by 44% between 2021 and 2023 until Nov. Trivandrum Chamber of Commerce and Industry (TCCI) president S N Raghuchandran Nair said Vizhinjam Port has become a game changer for Thiruvananthapuram. "Not only Vizhinjam Port, but several IT companies are eyeing this city. Besides, Thiruvananthapuram is a major health destination with many hospitals coming up. Considering all these, the capital city will be the next real estate hub," Nair added. Currently, the real estate hotspots in Thiruvananthapuram are Sasthamangalam, Kazhakkoottam, Kowdiar, Kumarapuram and Kuravankonam. The apartments on either side of NH-66 at Akkulam and Kazhakkoottam also have huge demand. The reasonable cost of living is also a main attraction. With the launch of two IT majors — Accenture and HCL — in capital, more young professionals chose Thiruvananthapuram over other cities. Get the latest lifestyle updates on Times of India, along with Doctor's Day 2025 , messages and quotes!
New Indian Express
13-06-2025
- Business
- New Indian Express
Investors accuse Bengaluru builder firm of cheating in Kakkanad project
KOCHI: Around 50 people have approached the Kochi city police accusing Bengaluru-based real estate developer Hoysala Projects Ltd of defrauding them of over Rs 30 crore that they collectively invested in new apartment projects at Kusumagiri along Infopark Road in Kakkanad. Based on the complaint of Sathyanarayanan Gopinathan Nair from Aluva, one of the investors, the Infopark police have registered a case of cheating and criminal breach of trust under the IPC. As per the complaint, Hoysala Projects allegedly deceived investors, causing them financial distress, and without timely intervention, their lives would be ruined. Sathyanarayanan alleged the issue dates back to 2013-2014, when Hoysala Projects launched a development project featuring two 13-storey towers comprising a total of 128 flats. He said the builder promised modern amenities, including a shopping mall. At the time, construction of around 11 floors had been completed, attracting numerous investors, who paid 25% of the flat's cost as part of the initial payment schedule, but the builder failed to complete the project even after collecting the money, he alleged. 'After getting no response from the developer for nearly five years, we approached the Kerala Real Estate Regulatory Authority (K-RERA) in 2021. The authority directed the developer to complete the project and later appointed a commission to investigate the delay. However, upon learning about the investigation, the developer unilaterally cancelled the agreements and allotments, and issued cancellation notices to 50 investors,' Sathyanarayanan alleged.
