Latest news with #RRA
Time of India
3 days ago
- Business
- Time of India
Telangana RERA to establish enforcement wing to ensure swift compliance
HYDERABAD : In a major move to strengthen regulatory framework in the real estate sector, the Telangana Real Estate Regulatory Authority ( TGRERA ) is set to establish its own enforcement mechanism to ensure swift compliance with its orders. Faced with mounting delays, especially from non-compliant builders and developers, TGRERA has been given more teeth with district collectors now empowered to invoke the Revenue Recovery Act (RRA) and exercise certain civil court powers for enforcement. This marks a decisive shift from passive regulation to active enforcement, sources said. An executive director, likely to be appointed from the revenue department in the coming days, will head the new enforcement wing. This officer will be supported by a dedicated team tasked exclusively with executing TGRERA's orders, sources said. "TGRERA is aligning with initiatives taken by other states such as Maharashtra, Gujarat, Haryana, Uttar Pradesh, and Tamil Nadu," TGRERA chairman N Satyanarayana told TOI on Saturday. "The Union ministry of housing and urban affairs has also laid down guidelines for such enforcement mechanisms," he said. Till now, the authority has depended on district collectors to implement its orders by invoking the RRA, particularly in cases where attachment of movable or immovable assets is required. However, enforcement has been slow, as collectors remain tied up with administrative responsibilities and the rollout of govt welfare schemes. Currently, when TGRERA or its appellate tribunal passes an order, the parties concerned are given 30 to 60 days to comply. If they fail to do so, the aggrieved party must return to the authority and file an 'execution petition', prompting the district administration to act. TGRERA officials disclosed that 96 such execution petitions are now pending, with cases involving property handovers, penalty payments, or completion of stalled projects. In some instances, even flat buyers are required to make payments to developers as per tribunal directions. To address these delays, the state govt has amended the Telangana Real Estate (Regulation and Development) Rules, 2017, empowering TGRERA directly with enforcement authority for recovery of dues, penalties, and enforcement of its orders. In addition to establishing the enforcement wing, the govt has also amended TGRERA rules to streamline the recovery of interest, penalties, and compensation amounts due to buyers or developers. Another significant change relates to the definition of 'ongoing projects'—developments where work is still in progress and occupancy or completion certificates have not been issued. Such projects, even if launched before 2017, will now fall under the regulatory purview. Previously, the govt had considered Jan 1, 2017, as the cut-off date for 'ongoing projects' in its initial govt order, while the official rules marked May 1, 2017, as the benchmark. The new amendment ensures that all relevant projects post-TGRERA implementation in 2016 are appropriately regulated, sources added.
Time of India
4 days ago
- Business
- Time of India
As builders skirt compliance, TGRERA to crack the whip with enforcement wing
1 2 Hyderabad: In a major move to strengthen regulatory framework in the real estate sector, the Telangana Real Estate Regulatory Authority (TGRERA) is set to establish its own enforcement mechanism to ensure swift compliance with its orders. Faced with mounting delays, especially from non-compliant builders and developers, TGRERA has been given more teeth with district collectors now empowered to invoke the Revenue Recovery Act (RRA) and exercise certain civil court powers for enforcement. This marks a decisive shift from passive regulation to active enforcement, sources said. An executive director, likely to be appointed from the revenue department in the coming days, will head the new enforcement wing. This officer will be supported by a dedicated team tasked exclusively with executing TGRERA's orders, sources said. "TGRERA is aligning with initiatives taken by other states such as Maharashtra, Gujarat, Haryana, Uttar Pradesh, and Tamil Nadu," TGRERA chairman N Satyanarayana told TOI on Saturday. "The Union ministry of housing and urban affairs has also laid down guidelines for such enforcement mechanisms," he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Click Here - This Might Save You From Losing Money Expertinspector Click Here Undo Till now, the authority has depended on district collectors to implement its orders by invoking the RRA, particularly in cases where attachment of movable or immovable assets is required. However, enforcement has been slow, as collectors remain tied up with administrative responsibilities and the rollout of govt welfare schemes. Currently, when TGRERA or its appellate tribunal passes an order, the parties concerned are given 30 to 60 days to comply. If they fail to do so, the aggrieved party must return to the authority and file an 'execution petition', prompting the district administration to act. TGRERA officials disclosed that 96 such execution petitions are now pending, with cases involving property handovers, penalty payments, or completion of stalled projects. In some instances, even flat buyers are required to make payments to developers as per tribunal directions. To address these delays, the state govt has amended the Telangana Real Estate (Regulation and Development) Rules, 2017, empowering TGRERA directly with enforcement authority for recovery of dues, penalties, and enforcement of its orders. In addition to establishing the enforcement wing, the govt has also amended TGRERA rules to streamline the recovery of interest, penalties, and compensation amounts due to buyers or developers. Another significant change relates to the definition of 'ongoing projects'—developments where work is still in progress and occupancy or completion certificates have not been issued. Such projects, even if launched before 2017, will now fall under the regulatory purview. Previously, the govt had considered Jan 1, 2017, as the cut-off date for 'ongoing projects' in its initial govt order, while the official rules marked May 1, 2017, as the benchmark. The new amendment ensures that all relevant projects post-TGRERA implementation in 2016 are appropriately regulated, sources added.
Yahoo
4 days ago
- Business
- Yahoo
Companies vie for ‘tried-and-true' CFOs amid volatility: Russell Reynolds
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Companies seeking their next finance chief are on the hunt for 'tried and true' finance leaders that can help them navigate choppy economic seas, Jim Lawson, co-leader of executive search and leadership advisory firm Russell Reynolds Associates' CFO practice told CFO Dive, with the appointments of first-time CFOs inching downwards in the year's first quarter. Though most new CFO appointments in Q1 2025 (58%) were internal hires, of those that were external hires, 'experienced CFOs are increasingly favored,' Russell Reynolds' Q1 2025 CFO Turnover Index found. Experienced CFOs made up 80% of external hires, a quarterly high on par with results seen in 2021, 'as some organizations continue to navigate complex economic markets and succession plans fail to materialize,' the report found. 'If we don't think our bench is ready quite yet, we would love to bring in a super experienced CFO who has been successful a few times and can bring that seniority in some of these turbulent markets,' Lawson said in an interview of how companies are approaching their CFO hiring strategies. Businesses are putting a growing premium on experienced finance chiefs after CFO turnover reached a six-year high in 2024, RRA previously found. That trend has continued; for the year's first quarter, 95 CFOs were appointed, compared to 89 appointments in the prior year period, the leadership advisory firm found. Finance chiefs are also reporting shorter tenures; in Q1, the average stint in the top financial seat was 5.8 years, slightly below a six-year, full-year average of 6.2 years, RRA found. A top factor that has continued to drive CFO turnover is rising retirement rates, in keeping with trends seen in 2024, 60% of departing finance chiefs either retired or moved exclusively to board positions in Q1, with many choosing not to seek new CFO roles due to factors such as burnout or financial security, or simply because now seems like the right time for retirement, according to the report. However, that growing exodus represents a challenge for businesses today looking for their next finance leader. One of the most troubling trends is 'we don't see the same kind of pipeline that we used to see 10 years ago,' said Jenna Fisher, managing director, global financial officers practice for Russell Reynolds Associates. There's a narrowing number of new accounting and finance graduates — and moreover, many of the training programs or strategies companies may have historically put into place to hone future finance chiefs have since fallen out of common practice, Fisher said. For example, many companies previously tapped investor relation roles as a kind of 'breeding ground' for their next finance chiefs, a tactic that's become less commonplace today in favor of more specialization. 'Every company wants the best head of investor relations and the best treasurer and the best head of FP&A, and so that heterogeneity of experience, that toolkit building, is harder to come by for many aspiring CFOs than it was five, 10 years ago,' Fisher said. 'And so we see a continued struggle in terms of the supply, demand imbalance for CFOs.' Businesses on the hunt for their next finance chief aren't just searching for leaders with financial chops — though such skills are still key — but for CFOs with 'effective communication skills,' Lawson said. 'Effective communication with the board, with the CEO, with the street or investors, that ask has been amplified,' when it comes to firms seeking out their next finance leader, he said. As the demand for experienced finance chiefs becomes more acute, it's critical for companies to find ways to nurture upcoming talent as a way to bridge the supply, demand gap, Fisher said. Russell Reynolds offers a CFO mentor program which works to pair first-time CFOs with finance chiefs who have recently retired, she said. 'We really believe that there need to be more mechanisms for developing excellent CFOs, because we don't see CFOs fail generally, because of a lack of skill set,' Fisher said. 'Generally, it's because they're failing on some of the quote, unquote, softer dimensions. It's communication with the board and CEO. It's the ability to inspire and develop and retain their team.'
ABC News
22-05-2025
- Politics
- ABC News
Samoan PM Fiame Naomi Mata'afa warns of growing geopolitical interest in Pacific
Prime Minister Fiame Naomi Mata'afa says it's a tough time for the Pacific region as leaders navigate a dynamic geopolitical arena, with various countries seeking more involvement and influence. Speaking to RNZ Pacific on the sidelines of the University of the Pacific Council meeting in Auckland this week, she confirmed that the Review of the Regional Architecture (RRA), led by the Pacific Islands Forum (PIF), is in its final stage. The RRA process aims to ensure regional governance mechanisms are fit-for-purpose, effective, and responsive to the evolving needs of Pacific Island countries. It is the Forum leaders' response to increasing interest from a growing number of PIF dialogue partners wanting a seat at the regional decision-making table. Ms Fiame said with "every man and his dog coming into the Pacific", it is difficult for small Pacific Island administrations to navigate evolving geopolitical interests. "The geopolitical situation [in the] Pacific is becoming very contested. It is becoming very congested." She said the first two phases for the RRA — a situation analysis and drawing recommendations from the result of that analysis — have been completed. "Now, the third phase, which has been undertaken by a team of three…essentially making the rounds, taking the recommendations, having sit-downs with leaders in the region to go through the recommendations," she said. "But their basic question is: Is Pacific unity still there? Do we still want it? If we do, what do we want it to look like?" Asked if Pacific unity was still there, she said: "We say it is. But in practice, I personally think that there is fragmentation. "There is always that conflict between the collective and national interests and so forth. We really do have to be thinking about what is it, in regionalism, that we want to make sure stays?" The US relationship Ms Fiame said the United States would be a "significant element" of the regional reforms. However, she noted most of America's aid goes to Micronesian nations. "For us in Samoa, we have American Samoa as a territory of the US. I think that's something we need to pay some attention to — how any decisions made by any administration of America filtering through to American Samoa because [of] the vicinity of our closeness," she said. "We've also been building, other than the kinship ties, the government-to-government relations with American Samoa. They're an important market to us." She said their concerns included pronouncements related to ocean assets. "That's a regional concern for all of us — the protection of our marine environment, which actors are going to be there? How will it impact on the interests of the Pacific countries? "I think that particular issue, especially hand-in-hand with seabed mining." Domestic political landscape Meanwhile, Ms Fiame said she has yet to decide which political affiliation she will support in the next election. Samoa's parliament has had its share of turmoil this year, with party sackings and motions of no confidence. "Our focus at the moment is completing the term and that has always been an issue," she said. "We had two motions of no confidence. I have always said that parliament would determine whether we remain in government as a minority government, and it would appear that that is still the status quo." She said the budget is coming out next week, which is another usual parliamentary issue that determines confidence. "My reading is no one really wants to go to an early election. There are a few technical issues that would make it difficult. The main one being that we are doing a complete re-registration of the voters, and I think we are not yet at 60 per cent. "What we've said in our cabinet is that we all need to pay attention to our individual constituencies — whether we want to run again or not. Ms Fiame has also ruled out representing the FAST party in future elections. "There's some real credibility issues around the party now with the split [and] also the personalities. "I think if we do go forward, it will either be under a completely different umbrella or independent. We still have to make that decision." RNZ
Scoop
22-05-2025
- Politics
- Scoop
'Every Man And His Dog Is Coming': Samoan PM Warns Of Growing Geopolitical Interest In Pacific
Prime Minister Fiame Naomi Mata'afa says it is a tough time for the Pacific region as leaders navigate a dynamic geopolitical arena, with various countries seeking more involvement and influence. Speaking to RNZ Pacific on the sidelines of the University of the Pacific Council meeting in Auckland this week, she confirmed that the Review of the Regional Architecture (RRA), led by the Pacific Islands Forum (PIF), is in its final stage. The RRA process aims to ensure regional governance mechanisms are fit-for-purpose, effective, and responsive to the evolving needs of Pacific Island countries. It is the Forum leaders' response to increasing interest from a growing number of PIF dialogue partners wanting a seat at the regional decision-making table. Fiame said with "every man and his dog coming into the Pacific", it is difficult for small Pacific Island administrations to navigate evolving geopolitical interests. "The geopolitical situation [in the] Pacific is becoming very contested. It is becoming very congested." She said the first two phases for the RRA - a situation analysis and drawing recommendations from the result of that analysis - have been completed. "Now, the third phase, which has been undertaken by a team of making the rounds, taking the recommendations, having sit-downs with leaders in the region to go through the recommendations," she said. "But their basic question is: Is Pacific unity still there? Do we still want it? If we do, what do we want it to look like?" Asked if Pacific unity was still there, she said: "We say it is. But in practice, I personally think that there is fragmentation. "There is always that conflict between the collective and national interests and so forth. We really do have to be thinking about what is it, in regionalism, that we want to make sure stays?" The US relationship Fiame said the United States would be a "significant element" of the regional reforms. However, she noted most of America's aid goes to Micronesian nations. "For us in Samoa, we have American Samoa as a territory of the US. I think that's something we need to pay some attention to - how any decisions made by any administration of America filtering through to American Samoa because [of] the vicinity of our closeness," she said. "We've also been building, other than the kinship ties, the government-to-government relations with American Samoa. They're an important market to us." She said their concerns included pronouncements related to ocean assets. "That's a regional concern for all of us - the protection of our marine environment, which actors are going to be there? How will it impact on the interests of the Pacific countries?" "I think that particular issue, especially hand-in-hand with seabed mining." Domestic political landscape Meanwhile, Fiame said she has yet to decide her political affiliation she will support in the next election. Samoa's parliament has had its share of turmoil this year, with party sackings and motions of no confidence. "Our focus at the moment is completing the term and that has always been an issue," she said. "We had two motions of no confidence. I have always said that parliament would determine whether we remain in government as a minority government, and it would appear that that is still the status quo." She said the budget is coming out next week, which is another usual parliamentary issue that determines confidence. "My reading is no one really wants to go to an early election. There are a few technical issues that would make it difficult. The main one being that we are doing a complete re-registration of the voters, and I think we are not yet at 60 percent. "What we've said in our cabinet is that we all need to pay attention to our individual constituencies - whether we want to run again or not. Fiame has also ruled out representing the FAST party in future elections. "There's some real credibility issues around the party now with the split [and] also the personalities. "I think if we do go forward, it will either be under a completely different umbrella or independent. We still have to make that decision."
