Latest news with #RealEstateRegulatoryAuthority
Hindustan Times
2 days ago
- Business
- Hindustan Times
Has your real estate developer delayed possession of your flat? Here's how homebuyers can manage the EMI and rent burden
Buying a home is often the biggest financial decision of one's life. But for 32-year-old Diya Ganguly from Gurugram, it turned into a nightmare. In 2019, she booked a flat on Sohna Road, hoping to move in by 2021. Then the pandemic hit. Construction came to a halt, updates stopped, and she was left juggling EMIs and rent while waiting endlessly. It's now 2025, and the flat remains unfinished, with no clear possession date in sight. Ganguly's ordeal mirrors the struggles of many homebuyers whose dream homes remain stuck in limbo due to project delays. Delayed flat possession? A homebuyer's guide to handling EMIs and rent (Photo for representational purposes only)(Pexels) Under RERA, buyers can claim interest for delays The Real Estate Regulatory Authority (RERA) provides support for homebuyers in such cases. Let us take a look. 'Under RERA, if a developer delays possession beyond the promised date as mentioned in the agreement for sale, the homebuyer is entitled to seek refund of the entire amount paid along with interest (usually SBI MCLR + 2%) by filing a complaint before the RERA Authority. If the buyer chooses to withdraw from the project, the promoter must return the entire amount paid along with interest as per the provisions of the Act,' says Piyush Bothra, co-founder and CFO, Square Yards. However, if the buyer does not intend to withdraw from the project, the promoter is required to pay monthly interest for every month of delay until possession is handed over. Additionally, if there's any loss to the buyer due to a defective title of the land or fails to discharge any other obligations imposed on the promoter under the RERA, the promoter must compensate the buyer, and such claims are not restricted by any limitation period under existing laws. 'Moreover, if the promoter fails to meet any other obligations under RERA, its rules, or the sale agreement, they are also liable to compensate the buyer as per the Act,' says Bothra. Financial impact of delayed possession Managing financial affairs when possession of a house/flat is delayed, should be treated as an emergency situation as it creates a lot of hardship if the time stretches beyond comfort. 'This delay has a huge impact cost as the first challenge is to pay both EMI and rent. One faces a dual burden of paying EMIs and rent together. It is also not sure how much time this condition would prevail. This uncertainty disrupts other long term life plans,' says Madhupam Krishna, Securities and Exchange Board of India (Sebi) registered investment advisor (RIA) and chief planner, WealthWisher Financial Planner and Advisors. Also Read: Navigating tax complexities: What resident Indians must know when buying property from NRIs The first thing to do if your flat possession is delayed is to reassess your budget. Cut down on lifestyle expenses and shift to smaller housing if necessary. Explore freelance and other side income options. Build an emergency fund using SIPs in liquid funds or money in a savings account. Pause non-essential investments and if needed consider a loan moratorium or credit restructuring as a last resort. We look at three case studies to understand how they can manage their finances smartly in case of delayed possession of a property. Homebuyers' Guide: Here's how you can manage both rent and EMIs(HT Graphic) Delaying EMI payments would land you in trouble Remember, you have entered into an agreement while taking the loan, and you are legally bound to repay the loan, and missing EMIs will immediately lead to a negative impact on your credit score. A poor credit record can not only affect your ability to get future loans or credit cards but may also invite legal action from the lender. 'After a few missed EMI installments, the lender can issue you notices to pay the EMI, and if you don't clear the dues in the stipulated time and regularize your EMIs, the lender can classify your loan as a non-performing asset (NPA), initiate recovery proceedings, or even auction the property, because in almost all home loan cases, the property is given as collateral to secure the loan. Also, it's a fact that delaying or defaulting on EMIs won't influence the developer or speed up project completion, it only harms your own financial standing,' says Raoul Kapoor, co-CEO, Andromeda Sales and Distribution, a loan aggregator. If you are facing such a situation, it is time to act. First check the builder-buyer agreement and look for possession clauses, penalty terms, and force majeure provisions. 'Recollect all records of emails, notices, advertisements and project updates. If more people are impacted, join or form a group to increase collective bargaining power. Will legal aid send a legal notice to the builder to establish that you intend to seek remedy and initiate a formal dialogue,' says Krishna. For the legal steps you can see below. Here are the legal remedies available to homebuyers if their project is delayed(HT graphic) If your flat is delayed, smart budgeting and knowing your legal rights can help you manage the financial stress and stay on track. Anagh Pal is a personal finance expert who writes on real estate, tax, insurance, mutual funds and other topics
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Business Standard
19-07-2025
- Business
- Business Standard
Meghalaya govt sets up real estate regulatory authority under 'Rera Act'
The Meghalaya government has notified the Real Estate Regulatory Authority to regulate the state's emerging real estate sector and ensure transparency, accountability, and consumer protection, officials said on Saturday. The Authority is being established under the Real Estate (Regulation and Development) Act, 2016. Officials said the authority aims to promote fair practices, protect homebuyers' interests, resolve disputes efficiently, and boost investor confidence by streamlining project approvals and enforcing compliance. RERA Meghalaya oversees the registration of real estate projects, promoters, and agents, and ensures adherence to the provisions of the Act and rules framed thereunder. It also includes an adjudication mechanism for timely dispute resolution and regulatory oversight. The Authority functions as an independent statutory body with a full-time chairman and two members. RERA Meghalaya has urged all developers, promoters, and real estate agents operating in the state to register themselves and their projects, calling it not just a legal mandate but also vital for building trust and credibility in the sector. Non-compliance may invite penalties and regulatory action under the Act, it warned.
Time of India
19-07-2025
- Business
- Time of India
Meghalaya govt notifies Real Estate Regulatory Authority to streamline sector
The Meghalaya government has notified the Real Estate Regulatory Authority to regulate the state's emerging real estate sector and ensure transparency, accountability, and consumer protection, officials said on Saturday. The Authority is being established under the Real Estate (Regulation and Development) Act, 2016. Explore courses from Top Institutes in Select a Course Category Finance CXO Digital Marketing Operations Management Management Product Management Design Thinking healthcare Healthcare PGDM Data Science Data Analytics MBA Artificial Intelligence Cybersecurity Public Policy Others others Leadership MCA Data Science Technology Project Management Degree Skills you'll gain: Duration: 9 Months IIM Calcutta SEPO - IIMC CFO India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Fintech & Blockchain India Starts on undefined Get Details Officials said the authority aims to promote fair practices, protect homebuyers' interests, resolve disputes efficiently, and boost investor confidence by streamlining project approvals and enforcing compliance. RERA Meghalaya oversees the registration of real estate projects , promoters, and agents, and ensures adherence to the provisions of the Act and rules framed thereunder. It also includes an adjudication mechanism for timely dispute resolution and regulatory oversight. Live Events The Authority functions as an independent statutory body with a full-time chairman and two members. RERA Meghalaya has urged all developers, promoters, and real estate agents operating in the state to register themselves and their projects, calling it not just a legal mandate but also vital for building trust and credibility in the sector. Non-compliance may invite penalties and regulatory action under the Act, it warned.
Time of India
18-07-2025
- Time of India
RERA has authority to take action against developers: Maharashtra minister
MUMBAI : The Real Estate Regulatory Authority (RERA) has the power to take action against developers for violations, Maharashtra minister Uday Samant said in the assembly on Thursday. Registration under RERA is mandatory for all developers, he said while responding to a calling attention motion raised by MLA Gajanan Lavate. Complaints had been received regarding building permissions within the limits of Akot Municipal Council and a hearing on the matter was held on December 7, 2022 in the office of the Akola District Collector, the minister said. The applicant had submitted a request for construction permission on March 31, 2021, attaching supporting documents related to land demarcation (gunthewari) from 2007-08. However, original land records were reportedly destroyed in a 2018 fire. Based on available evidence, the then-authorities granted offline construction permission on April 18, 2022, as the BPMS (Building Permission Management System) was not fully operational at the time. The approval was later updated online, and applicable fees were paid, the assembly was told. "However, since the builder has not registered the project under RERA, action under the RERA Act will be recommended. A formal communication will be sent to the Real Estate Regulatory Authority in this regard," Samant said.
ME Construction
17-07-2025
- Business
- ME Construction
Shapoorji Pallonji completes Imperial Avenue in Downtown Dubai
Construction Shapoorji Pallonji completes Imperial Avenue in Downtown Dubai By With the Building Completion Certificate in hand from RERA, the firm said it is currently welcoming homeowners for property inspections and handovers India-based real estate and construction firm Shapoorji Pallonji has completed its inaugural international residential development, Imperial Avenue, in Downtown Dubai. The milestone is said to mark a new chapter in the group's global expansion journey. Rising 45 storeys, Imperial Avenue offers panoramic views of the Burj Khalifa and the Dubai Canal. The lobby spans 10,000sqft, while the property boasts amenities, including infinity pools, a fitness centre, and recreational areas. Sustainability features such as solar panels and grey water treatment are integrated into the design. With the Building Completion Certificate in hand from Dubai's Real Estate Regulatory Authority (RERA), Shapoorji Pallonji is welcoming homeowners for property inspections and handovers, the firm said. Backed by investments of US $381mn, including funding from London-based Hayfin Capital and the UAE's Commercial Bank International, this project is a bold move that further solidifies Dubai's reputation as a strategic market for international developers. With sales projected to reach $544.5mn, this represents a significant milestone for the group. Cyrus Engineer, SP International Property Developers said, 'Imperial Avenue is more than a luxury tower; it's a statement of intent. By combining our Indian engineering legacy with Dubai's futuristic standards, we aren't just handing over apartments but delivering a sustainable, tech-enabled lifestyle in the heart of Dubai's most prestigious address. Dubai's ambition mirrors our own—to create iconic, sustainable landmarks. Downtown's dynamism offered the perfect stage to debut our international residential expertise.' Aligning its expansion strategy with the global epicentre of luxury living, Dubai and the UAE were Shapoorji Pallonji's obvious choice for mapping international boundaries. With demand from international buyers and Downtown Dubai's appreciation potential consistently delivering at 8-12% ROI for luxury properties, the developer has invested its legacy in Dubai's real estate markets. The project, which caters to buyers from over 60 nationalities, offers a selection of one-to-five bedroom apartments, penthouses, and podium villas with private pools. These homes are designed to meet the growing demand for larger, high-end living spaces with smart integrations and a hotel-like lifestyle, the statement concluded.
