Latest news with #RealEstateRegulatoryAuthority
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Business Standard
3 days ago
- 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
3 days ago
- 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
4 days ago
- 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
5 days ago
- 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.
Time of India
6 days ago
- Business
- Time of India
Telangana Builder Fined ₹6L for Unregistered Project; Buyers to Get Refund
HYDERABAD: The Real Estate Regulatory Authority (TG RERA) imposed a penalty of ₹6.45 lakh on BhuvanTeza Infra Projects, based in Banjara Hills, for failing to register their residential project 'Happy Homes-1' at Shamirpet. Tired of too many ads? go ad free now The project was marketed and sold between 2020 and 2023 without mandatory registration under Section 3 of the Real Estate (Regulation and Development) Act. The complaint was filed by Appam Kiran Kumar of Sumitranagar, Kukatpally, along with three others, who were among the allottees of the proposed apartment project. The buyers stated that the project was promoted aggressively during its pre-launch phase using promotional materials, site plans, and verbal assurances of early possession and legal clearances. The managing director, Chekka Venkata Subramanyam, allegedly claimed that necessary approvals from HMDA, TG RERA, and the revenue department for land conversion were either obtained or imminent. The complainants claimed that land parcels under survey nos 685 and 686 were registered in their names as a form of security. Subsequent development agreements were also executed to consolidate undivided shares for project development. The complainants made payments through cheque, cash, and digital modes, often without formal receipts or registered documentation. However, the complainants found no signs of development or construction at site. Statutory approvals were never furnished, and repeated requests for refunds were met with evasive behaviour, and threats. The project remained unregistered and stalled. TG RERA directed the builder to pay fine of ₹6.4 lakh within 30 days. The developer was also ordered to refund the principal amounts received from complainants. The refund is to be made with 11% interest per annum from dates of payment, within 90 days.
