Latest news with #RealEstate(RegulationandDevelopment)Act
Time of India
2 days ago
- Business
- Time of India
‘Comply with orders': Rera serves notice to developer after ED money laundering case in Haryana
Gurgaon: Real Estate Regulatory Authority (HRera) has issued a show-cause notice to Ramprastha Promoters & Developers Pvt Ltd, warning them to comply with pending orders or face civil imprisonment. The move came just days after Enforcement Directorate (ED) arrested the company's directors, Arvind Walia and Sandeep Yadav, in a Rs 1,100-crore money laundering case involving over 2,000 duped homebuyers. "Show cause as to why you, being promoters, should not be detained in civil prison — under Section 40(1) of the Real Estate (Regulation and Development) Act, 2016 — for a term not exceeding three months for failing to comply with the Authority's orders," reads the strongly-worded notice issued by HRera on Tuesday. You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon The next date of hearing is fixed for Aug 8. HRera Gurgaon bench earlier passed several orders — starting as far back as 2020 — directing to refund approximately Rs 3 crore to complainants who were denied possession despite booking homes over a decade ago. However, the promoters repeatedly failed to comply with these rulings. As per ED investigations, Ramprastha collected approximately Rs 1,100 crore from over 2,000 homebuyers across projects such as Edge, Skyz, Rise and Ramprastha City located in Sectors 37D, 92 and 95 in Gurgaon. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like How Much Does It Cost to Rent a Private Jet - The Prices May Surprise You! Private Jet I Search Ads Learn More Undo Possessions were promised within three to four years of the project launches (2008–2011), but even after 14 years, most buyers have seen no delivery. Following prolonged non-compliance, HRera court, on July 29, issued a production warrant to Bhondsi Jail authorities for the two directors directing they be produced before the Authority on Aug 5. Since both are already in ED custody following their arrest on July 21, the production order adds legal weight to parallel proceedings now unfolding in the money laundering case. ED also uncovered that around Rs 140 crore was illegally diverted to group companies under the guise of land advances and other internal transactions as well. During search operations, authorities seized Rs 18 lakh in unaccounted cash, six luxury cars, froze 34 bank accounts and locked down assets worth Rs 681.54 crore.
Economic Times
3 days ago
- Business
- Economic Times
Hero Realty CEO: Indian real estate has evolved into a de-risked global asset class
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Markets 1. Hero Realty CEO: Indian real estate has evolved into a de-risked global asset class Tired of too many ads? Remove Ads Once seen as opaque and risky, the Indian real estate sector has undergone a remarkable transformation over the past two to Rohit Kishore , CEO of Hero Realty , a combination of sustained economic growth, landmark regulatory reforms like RERA and GST, and rising institutional participation has reshaped the landscape—turning real estate into a credible, stable, and globally relevant investment this exclusive conversation, Kishore explains how infrastructure expansion, urbanization, and transparency measures have de-risked the sector and positioned it as a compelling asset class for both domestic and global investors . Edited Excerpts –A) Over the last 20 years, the Indian real estate market has witnessed robust growth, underpinned by a dynamic interplay between structural reforms and sustained these forces have transformed the sector into a stable and attractive asset class for both domestic and global institutional the demand side, consistent GDP growth of over 6% annually has fueled a steady rise in the need for both commercial and residential real rising income levels, and an expanding middle class have further deepened this demand, creating a strong foundation for long term timely government reforms have played pivotal role in boosting investor confidence. Landmark policy initiatives such as the Real Estate (Regulation and Development) Act (RERA), Goods and Services Tax (GST), and the introduction of Real Estate Investment Trusts (REITs) have brought transparency, regulatory oversight, and liquidity to the reforms have significantly de-risked investments, making entry and exit more secure and addition, India's prudent fiscal and monetary policies have contributed to macroeconomic stability, offering global investors a more predictable outlook for the Indian rupee and easing concerns around currency success of these combined factors is exemplified by Blackstone, one of the earliest global funds to enter the Indian market nearly two decades ago. Today, Blackstone is a major player in four out of the five listed REITs in the fifth is backed by Brookfield, another global powerhouse in real estate investments. This level of institutional participation underscores the sector's maturation and global relevancea. Expressways like Dwarka Expressway, Delhi–Mumbai Expressway, and UER-II drastically reduce travel times and open up land-rich areas like Sohna, Dwarka, Bahadurgarh, Kundli, and Greater Noida West.b. Buyers get better access to urban centers while enjoying lower entry costs, creating a pull factor for residential, plotted, and affordable housing projects.c. Real estate near metro stations often sees 20–30% higher capital appreciation and rentals, making it attractive for both end-users and investors. Example: Noida Sector 137–142 and Huda City Centre–Cyber City belt saw a rise in premium apartments due to metro accessibility.d. The Delhi–Mumbai Industrial Corridor (DMIC), Amritsar–Kolkata Industrial Corridor, and upcoming Multimodal Logistics Parks in Dadri, Dholera and Panipat drive employment.e. This results in floating populations and demand for rental and mid-segment housing, catalyzing integrated townships and co-living developments. Example: Neemrana, once a sleepy town, is now a hotbed for Japanese and Korean investments and has witnessed a boom in plotted land sales.f. Areas with a convergence of expressways, metro, and job zones—like Dwarka–Gurugram–Manesar belt, Noida–Greater Noida, and Kundli–Sonipat—support walk-to-work ecosystems.g. This fuels Grade-A office spaces, retail, and social infra (schools, hospitals), making them self-sustaining micro-cities.A) Primarily, our focus remains on tier-1 cities, where we see robust demand and long-term growth potential. However, we are also open to key tier-2 cities like Lucknow, the Tri-City region (Panchkula, Mohali, Chandigarh), and Jaipur, as well as satellite towns around the NCR such as Sonipat, Panipat, and Meerut.A) a. All parts of India are witnessing rapid growth and infrastructure development seems to be driving it across various market tiers and town classes. The real estate industry is perhaps one of the most important stakeholders in this overall India growth story.b. Customers are being increasingly aspirational, seeking high quality and versatile products that meet emergent needs of families, big and small. Therefore, the opportunities for the real estate industry are limitless. From a residential real estate point of view, there are still far too few families who own their own home – something that in part has also been a result of limited, good quality supply.c. From a commercial & retail point of view, with cities growing and developing across tiers, there is a massive requirement for both office and recreation spaces.d. Out of the entire pie, we have been and will continue to remain focused on northern Indian markets.e. We are already invested in Plotted and GH developments. Over the short to medium term, the focus would be to strengthen our presence in those segments across northern Indian markets.f. That said, there are some developments in the retail segment underway even today but dedicated focus on Retail and Commercial as asst classes is currently reserved for Phase 2 of our growth.A) a. Both India and Bharat are growing all round as I mentioned earlier. There are enough opportunities for all segments to grow – from affordable to super-luxury given the diversity of our country and the extremely low levels of home ownership currently.b. Opportunities need to be identified by markets and the segments within each that present relatively greater opportunities to grow. So, every developer should have the capability to present and operate in segments that are relevant in the markets they choose to operate in rather than basing their decisions only based on the segment that want to play in.c. Example: If it is more profitable to play in the premium segment than to operate in the luxury segment, so should the choice reflect. This decision also needs to be based on competitive intensity and therefore opportunity (or the lack of it) each market presents. Mid segment always has more preference and that's why it always has a fair share of the real estate portfolio.A) a. Residential demand remains resilient in early 2025, with market recovery evidenced by a slight uptick in sales in June, the first year‑on‑year rise in twelve months.b. Office REITs continue to outperform, attracting strong interest from both domestic and global investors, underlining rising confidence in commercial real estate as a wealth-preservation asset class.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Hindustan Times
4 days ago
- Business
- Hindustan Times
Telangana RERA penalises builder for not registering project, building more parking slots than allocated units
The Telangana Real Estate Regulatory Authority (TGRERA) has imposed a penalty of ₹2.85 lakh on the promoters of Showri Pearl, a residential project in Medchal-Malkajgiri district, for carrying out construction in violation of RERA norms. Telangana RERA has fined a local real estate promoter ₹ 2.85 lakh for violating RERA norms in Medchal. (Picture for representational purposes only)(Pixabay) "For violation of Sections 3 and 4, ie, for non-registration of the project Showri Pearl apartment, the developer is liable for a penalty under Sections 59 and 60 respectively; therefore, they are directed to pay a penalty of Rs. 2,85,992," the order said. "The developer is further directed to restrict the number of demarcated car parking slots to fifteen (15), in alignment with the number of sanctioned residential units, and the Apartment Owners Association is advised to ensure equitable allocation and amicable resolution of parking arrangements among allottees," TGRERA said. According to the complaint, the developers, including Aduri Prathap Reddy and Bommidi Srinivas Rao, were found to have created 20 parking slots despite receiving approval for only 15 residential units, and failed to register the project as required under the Real Estate (Regulation and Development) Act, 2016. An inspection revealed the construction of an unauthorised fourth floor and five additional flats. Also Read: Telangana RERA fines Hyderabad developer ₹4.2 lakh for promoting real estate project without RERA registration Background of the case The penalty follows a complaint filed by Manepally Krishnaveni, one of the allottees in the Showri Pearl apartment complex. The complainant alleged several irregularities by the promoters, including the construction of 20 parking slots despite only 15 sanctioned flats, non-registration of the project under RERA, non-disclosure of drainage and electrical plans, and structural cracks in the building, the order showed. According to the order, the complainant stated that no specific parking spots were initially allotted, leading to significant inconvenience. Later, boards were installed to designate parking slots. However, the homebuyer said their assigned spot was next to the watchman's room, while another slot was placed directly in front of it, blocking their vehicle's movement. "The buyer further contends that the approved building plan permitted only three floors, comprising a total of 15 flats (five flats per floor). However, the promoters constructed an additional unauthorised fourth floor, increasing the total number of flats to 20, thereby constituting unauthorised construction of five additional flats," the order said. The complainant claims the approved plan allowed only nine car parking spots, but the builder marked 20 slots in the cellar, causing congestion and blocked access. Refuting the claims, the promoters said that the complainants inspected and approved the flat and parking space before buying it, showing they were satisfied at the time. The promoters also claimed that the project was built with proper approval from the Godhumakunta Grampanchayat and said the complaints about extra floors and parking are irrelevant. RERA findings and directions After hearing both parties, the Authority found that the promoters had committed violations of Sections 3 and 4 of the RERA Act by failing to register the project despite having more than the required number of units. "Upon perusal of the sanctioned plan, as well as submissions made by both parties, it is evident that the project consists of 15 residential units, clearly exceeding the threshold of 8 apartments. Hence, the project does not fall under the exemption contemplated under Section 3(2) of the RERA Act," TGRERA said. As per the rules, the project should have been registered under Section 3(1). Since the builder failed to do so, they have violated the law and are now liable under Sections 59 and 60 of the Real Estate (Regulation and Development) Act, the order said. Thus, TGRERA ordered the developer to pay a penalty of ₹2.85 lakh for not registering the project. On the issue of car parking, TGRERA found that the promoter had marked 20 car parking slots in the cellar area, five more than the 15 residential units sanctioned in the approved layout plan. The Authority held that such deviation could lead to confusion and disputes among flat owners and directed the promoters to restrict parking allocation to only 15 slots. "Authority is of the view that, to avoid overcrowding and to ensure optimal utility of space for all allottees, the developer shall restrict the number of car parking slots to 15, in accordance with the number of sanctioned units. The apartment owners' association is accordingly advised to resolve this matter amicably and in consensus with all stakeholders," TG RERA said in its order. The promoter of the real estate project could not be reached for a comment. Also Read: Telangana RERA fines developer ₹14.9 lakh for failing to register project, asks realtor to refund money to buyers No structural defect established, says Authority While the complainant alleged visible cracks and possible structural defects in the building, the Authority stated that no sufficient evidence was provided to establish a defect as defined under Section 14(3) of the Act. It advised the residents to document such issues thoroughly and notify the promoter in writing for further redressal.
Time of India
5 days ago
- Business
- Time of India
MahaRERA says both physical and virtual hearings available after HC directive on hybrid option
Pune: Maharashtra Real Estate Regulatory Authority (MahaRERA) on Saturday said it already offers both physical and virtual modes of hearing complaints, allowing parties to appear in person whenever such requests are made by them. Tired of too many ads? go ad free now The statement follows a recent Bombay High Court directive asking MahaRERA to resume hybrid hearings, underlining that access to justice must include the option of physical presence. "We have been offering physical hearings as part of our regular functioning for those who opt for it. While virtual hearings are more commonly preferred, we do not deny physical hearings to anyone," a senior MahaRERA official told TOI. The court's directive came during the hearing of a petition filed by homebuyer Mayur Desai, who approached the high court seeking restoration of hybrid hearings and faster execution of orders pending since March 2024. Justices Revati Mohite Dere and Neela Gokhale observed that "access to justice is not merely about providing virtual access but ensuring that parties also have the right to appear physically." While MahaRERA's counsel submitted that physical hearings are available upon request, the court expressed concern over the perceived emphasis on virtual-only proceedings when most courts have already resumed hybrid hearings. It also directed the authority to review its April 2025 circular and standard operating procedures concerning urgent listings, enforcement of orders, case mentions, and pronouncement of reserved orders. MahaRERA officials said the authority has been conducting in-person hearings regularly. "Over the past six months, 81 complaints were heard physically across seven sessions by the chairperson, and another 19 matters were heard twice in person. Tired of too many ads? go ad free now One matter was heard twice by the full bench," the official said. In a bid to improve efficiency and accessibility, the authority has introduced several procedural reforms. These include pronouncement of orders through pre-notified cause lists with advance intimation to parties, and attendance duly recorded. Circular No. 34(A), issued on April 8, 2025, permits out-of-turn listing of urgent matters, such as life-threatening illnesses, court-directed cases, or applications for rectification. Moreover, on MahaRERA's recommendation, the state govt appointed revenue recovery officers in six districts with high pendency through a govt order issued on April 22, 2025. MahaRERA officials said these steps are part of its broader efforts to build a transparent, efficient, and citizen-friendly grievance redressal system under Real Estate (Regulation and Development) Act, 2016. Over the last six months, MahaRERA had disposed of 3,002 complaints. "There is demand for physical hearings, mainly from lawyers who practice exclusively in MahaRERA. The rest of the legal fraternity generally prefers virtual hearings due to their convenience. Senior counsels from the high court now frequently appear before MahaRERA virtually, raising the quality of arguments and adjudication," said a homebuyer. Advocate Godfrey Pimenta, trustee of Watchdog Foundation and a regular participant in MahaRERA-related cases, said online hearings work well for simpler RERA matters but added that more complex matters may require physical hearings for credibility assessment. "A well-balanced hybrid model ensures dignity, efficiency, and fairness. I've argued RERA cases from Dallas and London—virtual platforms save time, reduce costs, and make document filing easier," he said. --- **BOX: MahaRERA Complaint Statistics (as of March 2025)** * **Total complaints filed: 29,222 * **Complaints disposed of: 21,520 (73.64%) * **Pending complaints:7,702 * **Non-compliance applications filed: 4,865 * **Disposed: 4,596 (94.47%) * **Pending: 269
Time of India
24-07-2025
- Business
- Time of India
ORERA notifies formation of CDR cell for resolving disputes
Bhubaneswar: Odisha Real Estate Regulatory Authority (ORERA) has notified the formation of a Conciliation and Dispute Resolution (CDR) cell at its office here. The CDR cell will be a platform for distressed homebuyers and promoters to amicably resolve disputes, thus, saving both parties from entering any further legal battles. Tired of too many ads? go ad free now ORERA made a similar attempt in Jan last year, but the cell couldn't become operational as it lacked govt approval. This time ORERA notified the cell after approval of the housing and urban development department. "In accordance with the provisions under Section 32 (g) of the Real Estate (Regulation and Development) Act, 2016, a conciliation and dispute resolution cell has been constituted in ORERA with the approval of the housing and urban development department," read the ORERA notice. As per the notice, the cell has five members who will hear the cases brought by the promoters and allottees. The secretary of ORERA will be the primary member in the cell, followed by the joint secretary of finance in ORERA and the consultant in the legal cell of the real estate body. The cell will also have a representative from a developers' association and another from an allottee's association. "To nominate a representative from a registered association of allottees, all interested associations registered under the Odisha Apartment (Ownership and Management) Act, 2023 and Rules, 2024 are hereby invited to nominate one suitable member from their association," the notice reads. All registered associations have been asked to submit their nominations by July 30, 2025. ORERA has also shared a format according to which the associations of allottees will submit their nominations. "This is a step in the right direction. Such a CDR cell will help save a lot of time and resources for both buyers and sellers. People should know about the cell so that they are benefitted from it," Subash Jena, a real estate analyst, said.
