This directive follows the regulator’s observation of widespread non-compliance by promoters, raising serious concerns about transparency and accountability within the real estate sector.

During a recent review meeting, HRera highlighted that numerous promoters had failed to submit these mandatory reports, despite being issued repeated reminders.

Consequently, the authority has begun issuing show-cause notices to defaulting promoters. These notices stipulate a strict deadline for compliance and warn that failure to adhere will result in substantial financial penalties.

In its official order, HRera stressed that failing to file annual reports constitutes a significant breach of the Real Estate (Regulation and Development) Act, 2016 (RERA Act).

Promoters who do not comply within 30 days of receiving the notice will face an initial penalty of ₹5 lakh. Additionally, for non-compliance extending beyond 60 days, an incremental penalty of ₹10,000 per day will be imposed.

The submission of annual reports is a vital obligation under Section 4(2)(l)(d) of the RERA Act. Promoters are required to ensure their project accounts are audited by a certified chartered accountant within six months after the conclusion of each financial year.

This audit must confirm that funds collected for a project are used solely for its intended purpose and that withdrawals correspond accurately to the project’s progress.

HRera has further cautioned that any promoter who provides false information or violates the provisions of Section 4 may face penalties of up to 5% of the estimated project cost, as outlined in Section 60 of the Act.

This measure underscores the critical importance of upholding financial integrity in real estate projects.
The regulator has reiterated that these steps are designed to enhance transparency and accountability within the industry.

Promoters are strongly urged to comply with these statutory requirements promptly to avoid facing severe financial and legal consequences.

HRera’s strict stance reflects its dedication to protecting homebuyers’ interests and ensuring that project funds are managed responsibly. Through these actions, the authority aims to reinforce trust and ethical practices in the real estate sector.

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Among these are prominent projects such as Lokhandwala’s development at Worli Naka and a Lodha project in Dombivli. This development adds to the growing number of deregistration requests, with MahaRERA having received applications for deregistration of nearly 400 projects to date.

Promoters typically file for deregistration under specific circumstances, including when there are zero bookings for the project, financial difficulties, the project’s infeasibility, or new directives issued by planning authorities that affect the viability of the development.

To ensure transparency, MahaRERA has made the list of these 19 projects publicly available on its website, keeping homebuyers informed about the status of these developments.

Of the approximately 400 deregistration applications received, MahaRERA has approved around 200, while the remaining requests are at various stages of review and processing.

According to officials, the reasons cited for deregistration are consistent: projects with no bookings, financial hardships faced by the promoters, project feasibility issues, or challenges arising from planning authority notifications.

For a deregistration request to be considered, it is mandatory that the specific project or phase in question has zero bookings. If the deregistration impacts other phases of a larger project, the developer is required to secure consent from at least two-thirds of the allottees in the affected phases before proceeding with the application.

In February of the previous year, MahaRERA formally outlined the conditions under which projects could be deregistered.

Promoters may withdraw their projects if they cannot commence or complete construction due to reasons such as lack of funds, economic unviability, legal disputes, or changes introduced by planning authorities that adversely affect the project. This policy aims to address stalled projects pragmatically and to offer relief to both developers and buyers.

“MahaRERA conducts a thorough scrutiny of each deregistration application,” stated a MahaRERA official. “This includes examining the project’s accounts and CA certifications to ensure that the interests of homebuyers are not compromised.

Only after all these criteria are met does the regulatory authority approve the deregistration.”
The regulatory body has emphasized that deregistration is considered a practical option for promoters struggling to proceed with their projects.

“When promoters are unable to initiate or complete construction, keeping the project registered serves no purpose. Deregistration is a necessary measure in such situations,” said a senior MahaRERA official.

However, MahaRERA has also provided avenues for recourse to affected parties. Any aggrieved individual or entity can file a complaint regarding the deregistration of a project. MahaRERA assures prompt hearings of such complaints, ensuring that due notices are served to the promoters involved.

Once a decision is reached, the terms and conditions set by MahaRERA in the deregistration order are binding on the promoter. This structured approach ensures that while deregistration addresses the concerns of promoters facing genuine challenges, it also upholds the interests of homebuyers, maintaining transparency and accountability in Maharashtra’s real estate sector.

The post Requests to Deregister 19 More Projects Are Received by Maharashtra RERA appeared first on .

Located in Mallampet Village, Medchal-Malkajgiri district, the project was initially scheduled for completion by July 1, 2023, with a grace period extending to December 2023.

However, with significant delays, RERA has directed the developer to finish all pending work within 90 days from November 14, 2024.

The action follows a complaint filed by flat buyers Allam Nagaraju, S. Arun Kumar, and others, who alleged multiple violations, including delays in project delivery and deviations from the approved construction plan.

According to the complainants, Sterling Homes did not adhere to the sanctioned plan, particularly in constructing the clubhouse and ensuring a compound wall to separate the project from its adjacent Phase II development.

They also accused the developer of misleading buyers by sharing amenities between Phase I and II without prior disclosure. Further, they alleged that Sterling Homes relocated the Sewage Treatment Plant (STP) in violation of the approved plan and began work on Phase II before completing Phase I, thereby compromising the rights of Phase I buyers.

In response, Sterling Homes defended itself in its submission to Telangana RERA (TGRERA), citing external factors such as regulatory hurdles, heavy rainfall, labour shortages, and disruptions caused by the pandemic as reasons for the delays.

The developer maintained that the deviations from the approved plan were minor adjustments made to ensure structural integrity and had been approved by the relevant authorities.

Sterling Homes denied allegations of malafide intent, asserting that Phase II construction was initiated only after securing the necessary approvals and that buyers had been informed about the shared amenities.

It further claimed that financial constraints, exacerbated by the complainants’ alleged non-payment of dues, contributed to the delays in completing Phase I.

In its ruling, RERA ordered the developer to complete all remaining work in the Sterling Orchids Phase I project, including promised amenities, strictly in line with the sanctioned plan, within 90 days.

Additionally, RERA mandated Sterling Homes to pay interest at a rate of 10.95% per annum to the complainants for the amounts already paid, as outlined in the Agreement of Sale.

At the same time, the complainants were directed to clear any pending sale consideration amounts within 45 days to facilitate the project’s progress. Both parties have been instructed to fulfill their respective obligations to ensure the project’s timely completion and prevent further disputes.

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The complainant, Sharath, alleged that Buildox was promoting and accepting payments for a project named The Continent located at Kondapur/Hafeezpet without RERA registration.

Sharath revealed that he discovered the project through Facebook, which led to a WhatsApp chat with a person named Kamal. This interaction was followed by a meeting at the Buildox office with a representative, Damodara Prasad, who introduced himself as a director of Hexasky Infra Projects managing Buildox sales.

Assured of the project’s authenticity and promised possession by 2028, Sharath paid a token amount of ₹2 lakh in February. However, he later discovered that the project lacked mandatory approvals and the land was embroiled in legal disputes. Consequently, he filed a complaint with TG RERA.

In its defense, Buildox denied all accusations, asserting that the Facebook page advertising the project was unauthorized and fraudulent.

The company claimed it neither had a project named The Continent nor any association with individuals named Kamal or Damodara Prasad. Additionally, Buildox stated they had not received any payments related to the project. The company further alleged that their attempt to refund ₹2 lakh was obstructed due to a block imposed by the complainant.

Upon reviewing the evidence, TG RERA concluded that Buildox failed to substantiate its claims, including the justification for receiving funds, and did not comply with interim orders to provide bank statements.

The authority determined that Buildox had violated Section 3 of the Real Estate (Regulation and Development) Act, 2016, by marketing and collecting payments without the required approvals.

On November 11, TG RERA imposed a penalty under Section 63 of the Act, instructing Buildox to refund the ₹2 lakh booking amount to Sharath within 15 days. The authority also cautioned the company that failure to comply would result in additional action under Section 63.

The post Buildox Fined for Accepting Flat Booking Amount Without Telangana RERA Approval appeared first on .

This ruling came as the court allowed a petition filed by M/s Columbia Pacific Communities Pvt Ltd, Bengaluru, a company engaged in providing specialized senior-care services. The petitioner had been collecting common area maintenance charges from residents of Serene Urbana Apartments located in Kannamangala, Devanahalli.

Columbia Pacific Communities challenged a January 11 order issued by K-RERA, which had ruled that a complaint filed by the Serene Urbana Apartment Owners’ Welfare Association against Ozone Urbana Infra Developers Private Limited, the project developer, as well as the service provider and others, was maintainable.

The petitioner argued that the association’s disputes with the developer were unrelated to its role as a service provider and that it was unnecessarily dragged into the matter.

The complainant-association maintained that the service provider was collecting common area maintenance charges from apartment owners and insisted that its inclusion in the proceedings was essential, as the dispute with the developer could not be resolved without involving the petitioner.

After examining the records, Justice M. Nagaprasanna observed that the association’s complaint predominantly involved disputes with the developer, Ozone Urbana Infra Developers Private Limited.

The complaint sought to restrain the petitioner from mortgaging land, infrastructure, and assets, as well as from increasing common area maintenance charges until issues with the Serene Urbana Project were resolved. The judge noted that most of the prayers in the complaint were directed at the developer and other respondents, with only ancillary requests involving the petitioner.

The court highlighted that the petitioner’s agreements with individual apartment owners were limited to providing specific services, as outlined in the “services agreement.” Justice Nagaprasanna remarked that the petitioner had no obligations concerning the development or other activities of the apartment complex. Consequently, the court held that the petitioner could not be held liable for the liabilities of the apartment owners or the developer.

The court emphasized that the petitioner was being unfairly implicated in the proceedings due to disputes unrelated to its role. “For the folly of others, the petitioner is sought to be dragged into these proceedings. In the considered view of this court, the complaint against the petitioner, who is only a service provider, is not maintainable,” the judge stated.

In its ruling, the High Court concluded that the complaint against Columbia Pacific Communities Pvt Ltd was not maintainable, affirming that the service provider could not be held accountable for the disputes between the apartment owners’ association and the developer.

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We are proud to announce the success of Eva Aria, an elegant residential project in the vibrant locality of Chembur, Mumbai, which has already sold more than 50% of its inventory at its foundation stage. This project was initiated under Vida Realty’s old brand name i.e. Roha Realty and will be completed under the same banner.

Designed to cater to a variety of lifestyle preferences, Eva Aria offers a range of 2, 3, and 4 BHK apartments, with unit sizes from 624 to 1248 sq. ft. The under-construction project is set to introduce a refined living experience to Mumbai’s rapidly evolving skyline.

Eva Aria is equipped with premium amenities that every homebuyer seeks in modern urban living, including a state-of-the-art gymnasium for a well-rounded lifestyle. Every detail has been meticulously planned to create a harmonious blend of comfort and luxury.

Speaking on the project’s early success, Harshvardhan Tibrewala, Managing Director of Vida Realty, remarked, “We are thrilled to see such a strong response to Eva Aria, with more than 50% of our inventory sold at the foundation stage itself.

Our deck apartments are in high demand offering a unique blend of spaciousness and functionality. Customers have expressed appreciation for the thoughtfully designed layouts, finding them open and accommodating, complemented by the exquisite amenities that add real value to their living experience. It’s gratifying to know that Eva Aria’s offerings resonate well with today’s discerning buyers.”

Strategically located in Chembur, Eva Aria offers residents easy connectivity to the rest of Mumbai through a network of roads, including the Eastern Express Highway and Santacruz-Chembur Link Road.

Proposed Metro Line 4 (Wadala-Ghatkopar-Mulund-Thane-Kasarvadavali) will link Chembur to key areas, and Metro Line 2B (D.N. Nagar-Mankhurd) will further enhance intra-city connectivity.

Neighboring areas like BKC, Powai, Andheri, and Lower Parel offer diverse opportunities across the corporate, tech, and entertainment sectors. Eva Aria is only minutes away from top international schools and major entertainment hubs, ensuring a well-rounded and convenient lifestyle.

Eva Aria is fully compliant with the Real Estate Regulatory Authority (RERA) standards, bearing the RERA No P51800054410.

Homebuyers can be assured of our commitment to transparency, quality, and timely completion. For those seeking an ideal home in the heart of Chembur, Eva Aria presents an opportunity to experience the finest in city living with ease and convenience.

About Vida Realty:

Vida Realty, formerly known as Roha Realty, is the real estate arm of the multinational Roha Group. Since its inception in 2019, the company has developed over 1 million sq. ft. of premium residential spaces across Mumbai. With a mission to offer quality homes that cater to a diverse audience, Vida Realty combines innovation and sustainability to create opulent, durable spaces. The company is committed to transforming the real estate sector with unique customer promises and a focus on sustainable living.

The post Eva Aria in Chembur by Roha Realty (now known as Vida Realty) Achieves Major Milestone with 50% Inventory Sold appeared first on .

This marks a considerable increase compared to previous years, as 190 projects were registered in 2023 and 215 in 2022. This trend highlights the strong growth in real estate developments within Uttar Pradesh.

A key trend observed is the increased registration activity in non-NCR districts and continued development within NCR districts. Of the total new registrations in 2024, approximately 144 projects, representing 65% of the registrations, are in non-NCR districts.

Meanwhile, 76 projects, accounting for 35%, are in NCR districts. Notably, this represents a shift from the 2017-18 period, where registration numbers in NCR and non-NCR areas were nearly balanced.

The non-NCR districts contributing to this surge include Mathura, Ayodhya, Bareilly, Moradabad, Jhansi, Prayagraj, Varanasi, and Lucknow. In NCR, the main districts where projects have been registered are Gautam Buddha Nagar, Ghaziabad, and Meerut.

In total, UP-RERA has recorded 3,756 projects across the state, which include residential, commercial, and mixed-use developments.

Of these, 1,701 projects are situated in NCR districts, while 2,055 are based in non-NCR districts. Among the total registered projects, 1,207 have been completed and have secured the necessary Occupancy Certificate (OC) or Completion Certificate (CC).

Regarding the type of projects, around 1,700 are new projects that were registered after May 1, 2017, whereas 2,056 fall under the category of ongoing or work-in-progress.

In the non-NCR region, of the 2,055 registered projects, 1,068 are new, while 987 are ongoing. Meanwhile, in NCR, of the 1,701 projects, 632 are new, with 1,069 continuing under construction. Gautam Buddha Nagar leads with 1,015 projects, followed by Lucknow with 785, and Ghaziabad with approximately 470.

The post Over 200 New Projects Registered with Uttar Pradesh RERA between January and October 2024 appeared first on .

However, despite issuing these warrants, police have yet to act, prompting H-RERA to approach the Punjab and Haryana High Court for intervention. The regulator has also initiated contempt of court proceedings against the police in three cases due to their inaction.

Rajender Kumar, H-RERA’s adjudicating officer, stated that the arrest warrants were issued between February and September after developers repeatedly ignored directives.

“The lack of police enforcement has only aggravated the distress of homebuyers,” said Kumar. “We have referred the matter to the High Court, yet the police have not taken action. Thousands of homebuyers continue to suffer as a result.”

When questioned about the situation, DCP Headquarters Arpit Jain told TOI, “As of now, we have not received any such notice from the court. If we receive an order, we will act as per the directions of the honorable court.”

Ritika Singh, a homebuyer who has been waiting for her flat for over five years, expressed her frustration with the redressal system. Despite the government’s appointment of a regulator, she feels it is failing homebuyers.

“I invested all my savings in this flat, but the builder has delayed possession multiple times. H-RERA ordered compensation, but I haven’t received a single rupee,” she lamented.

Similarly, Ajay Mehra, another homebuyer, shared that he was supposed to move into his apartment in 2018. “It’s 2024, and I’m still waiting. I’ve lost trust in the process. We’ve done everything we could, but the developers keep evading accountability,” he said.

Ankit Sharma, another buyer impacted by the delays, voiced his disappointment: “We expect the law to protect us, but when even a government authority takes action and it’s still not enough, what’s the point?”

H-RERA officials hope that moving the matter to the High Court will create a renewed sense of urgency, pushing developers to comply.

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These projects are undergoing insolvency proceedings at the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) of 2016.

Several banks, financial institutions, and other entities that have provided credit to the real estate sector have initiated the Corporate Insolvency Resolution Process (CIRP) against these developers.

Significant investments have already been made in these 314 projects. Of these, 56 are ongoing, with an average apartment registration rate of over 34%.

Among the 194 lapsed projects, the average property registration stands at over 61%. Meanwhile, 64 projects have been completed, with an 84% registration rate for the apartments.

The list includes projects by prominent developers such as Wadhwa Buildcon LLP, Housing Development & Infrastructure Ltd (HDIL), Man Infraprojects, RNA Corp, Radius & Deserve LLP, Karrm Infrastructure, Man Realty, Lavasa Corp, Richa India Infra Development, Rashmi Housing, Nirmal Lifestyle, and Sheltrex Karjat.

MahaRERA has taken various steps to monitor real estate projects closely. The regulator not only verifies information shared by developers but also stays updated on project statuses through other sources.

“MahaRERA is consistently working to ensure that homebuyers’ investments are safeguarded,” said Manoj Saunik, Chairman of MahaRERA.

“This list of 314 projects undergoing insolvency and bankruptcy is part of our effort to alert homebuyers and protect them from potential fraud.

In April 2023, we released a district-wise list of 308 similar projects, which helped many homebuyers. We encourage everyone to review this updated list before making any property purchase decisions.”

The list of projects facing NCLT proceedings is available on MahaRERA’s website and has been compiled based on information obtained from various sources and verified by relevant authorities.

It remains unclear whether these 314 projects are still accepting new bookings. To ensure transparency and protect homebuyers, MahaRERA has updated the list on its portal and urges potential buyers to consult it before making any decisions.

In Mumbai’s suburban areas, 88 projects are listed, with 51 of them having witnessed 70% investment. In Pune, 45 out of 50 projects are already 75% booked. In Thane, 52 of 106 projects have seen 50% investment, while in Palghar, 16 of 18 projects are 74% booked.

Other cities also show significant investments. Solapur’s five projects have 87% investment, Nagpur’s two projects have 60%, and the sole lapsed project in Chhatrapati Sambhajinagar is 55% invested.

Additionally, two out of nine lapsed projects in Mumbai City have seen 68% investment, and in Nashik, the three lapsed projects have 34% investment. In Raigad, 13 of 15 lapsed projects have seen 32% investment, according to data from MahaRERA.

Of the 56 ongoing projects, 21 are in Mumbai suburbs with 38% bookings, 20 in Thane with 28% sales, six in Mumbai City with 31% bookings, and five in Pune with 41% sales.

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Mumbai, September 20, 2024: ‘Belicia’ a luxurious residential project in Thane being developed by Prescon Group in collaboration with the esteemed House of Hiranandani has generated over 200 crores in revenue in Q1 of FY 2024-25, driven by the sale of more than 80 units.

Speaking on the occasion Mr. Vedanshu Kedia, Director of Prescon Group said, “We are thrilled at achieving this remarkable milestone which underscores the strong market demand and the unparalleled appeal of our luxury offerings.

As we continue to redefine upscale living in Thane, this achievement not only reflects our commitment to excellence but also positions Belicia as a beacon of luxury and a promising investment opportunity. We look forward to maintaining this momentum and delivering even greater value to our esteemed customers and investors, going forward.”

Belicia, a landmark 48-story tower sprawling across 1.5 acres, is redefining luxury living in the Thane region with an RERA possession date set for June 2028.

Located on the prestigious Nitin Company Compound near Nitin Company junction, it offers a prime address with easy access to top-tier local transport, esteemed schools, renowned hospitals, business centers, malls, and dining options.

Belicia offers luxurious 2, 3, and 4 BHK apartments ranging from 779 to 1546 sq ft, starting at Rs. 1.85 crore. Each unit features marble flooring, expansive decks, ample natural light, and ventilation, with select apartments including foyer areas for added privacy. Residents will enjoy panoramic city views and serene Yeoor Hills vistas, with the first habitable floor starting on the 7th level.

According to a recent report by PropEquity, a leading real estate data and analytics firm, Thane has emerged as a standout performer in the real estate market for the first quarter of the calendar year 2024.

The city achieved significant sales momentum, recording 26,702 units sold during this period. This impressive figure places Thane among the top cities in terms of quarterly sales, highlighting its robust real estate activity and growing market demand.

The strong performance reflects a continued upward trend in property transactions and underscores Thane’s prominence in the real estate sector.

The recent approval by the Union Cabinet for the Thane Integral Ring Metro Rail Project marks a significant milestone set to transform urban mobility and real estate in Thane.

Set to become operational by 2029, this project will create vital connections between key residential and commercial hubs, driving substantial growth in the region. As a result, this will further epitomize Thane as an attractive market for investment and appreciation; significantly enhancing the area’s overall economic prosperity.

Panch Pakhadi in Thane (W) saw an 11% price appreciation and 3.02% rental yields in 2022, outperforming other Thane micro-markets.

Limited housing supply, superior infrastructure, and upcoming projects are driving this growth. The area’s vibrant commercial hub around Nitin Company further boosts demand. With continued urban development, Panch Pakhadi offers strong investment potential and expected future returns.

Belicia in Panch Pakhadi, Thane is a prestigious address due to its strategic location near the Eastern Express Highway, Thane Railway Station, and upcoming Metro Line 4.

Its rapid infrastructure development and connectivity make it highly desirable for both residential and commercial real estate, positioning it as one of the region’s top addresses.

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