Transparency in Realty: A Reality

“Foxes have dens and birds have nests, but the Son of Man has no place even to lay his Head” - Mathew 8: 20, New Testament, BibleOwning a home to live at an affordable cost is a life time dream of every middle-class Indian in a country where the real estate industry was not regulated until the enactment of Real Estate (Regulation and Development) Act, 2016 (“RERA” in short). The industry which is known for its practice of luring the middle class to pour money and inducing them to pay more and...

RERA - A Relief For Consumers?

With the coming into force of the Act on Labors day, in Maharashtra, the previous Act styled as MOFA (Maharashtra Ownership of Flats Act, 1963) governing the real estate also continues. How is RERA (Real Estate (Regulation and Development) Act, 2016) going to benefit the purchaser, designated as “Allottee” under the new Act.No promoter is allowed to advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, without registering...

Real Estate (Regulation & Development) Act, 2016 Comes Into ‘Full’ Force

The Real Estate (Regulation & Development) Act, 2016, has come into full force from Monday, with the implementation of Sections 3-19, 40, 59-70, 79 and 80. While the Act had come into force on May 1, 2016, only 69 sections were notified at that time.Ahead of the Act coming into force, the Ministry of Housing & Urban Poverty Alleviation had formulated and circulated Model Real...

RERA (Real Estate Regulatory Act) - Will Haryana Implement The Right, Earnest, Rare, Approach?

The much exulted RERA (Real Estate Regulatory Act) will soon be implemented in Haryana from 1st May, 2017. The residents are expecting a lot from RERA and hoping that the attempt to safeguard the legislation by the Centre remains strong. There has been news about reported watering down attempts of the RERA by the States. However, in January 2017, the Centre had vehemently refuted it and warned against any modifications to the basic guidelines governing the Act.In the recent years, we have...