#ResidentialProjects https://realtyquarter.com Sat, 23 Nov 2024 15:24:52 +0000 en-US hourly 1 https://wordpress.org/?v=5.4.16 https://realtyquarter.com/wp-content/uploads/2017/11/RQ-logo-fo-web.png #ResidentialProjects https://realtyquarter.com 32 32 Telangana RERA Penalizes Sterling Homes ₹18 Lakh for Project Delays. https://realtyquarter.com/telangana-rera-penalizes-sterling-homes-%e2%82%b918-lakh-for-project-delays/ https://realtyquarter.com/telangana-rera-penalizes-sterling-homes-%e2%82%b918-lakh-for-project-delays/#respond Sat, 23 Nov 2024 15:21:55 +0000 https://realtyquarter.com/?p=8817 HYDERABAD: The Telangana Real Estate Regulatory Authority (RERA) has levied a penalty of ₹17.9 lakh on Sterling Homes Private Limited for failing to complete the “Sterling Orchids” residential project within the timeline specified under its RERA registration. Located in Mallampet Village, Medchal-Malkajgiri district, the project was initially scheduled for completion by July 1, 2023, with […]

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HYDERABAD: The Telangana Real Estate Regulatory Authority (RERA) has levied a penalty of ₹17.9 lakh on Sterling Homes Private Limited for failing to complete the “Sterling Orchids” residential project within the timeline specified under its RERA registration.

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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Over 200 New Projects Registered with Uttar Pradesh RERA between January and October 2024 https://realtyquarter.com/over-200-new-projects-registered-with-uttar-pradesh-rera-between-january-and-october-2024/ https://realtyquarter.com/over-200-new-projects-registered-with-uttar-pradesh-rera-between-january-and-october-2024/#respond Sun, 27 Oct 2024 14:51:03 +0000 https://realtyquarter.com/?p=8744 NEW DELHI: From January 2024 through October 2024, approximately 220 new projects have been officially registered with the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA). 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 […]

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NEW DELHI: From January 2024 through October 2024, approximately 220 new projects have been officially registered with the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA).

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.

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UP-RERA Directs Authorities to Halt Issuance of Temporary Occupancy Certificates https://realtyquarter.com/up-rera-directs-authorities-to-halt-issuance-of-temporary-occupancy-certificates/ https://realtyquarter.com/up-rera-directs-authorities-to-halt-issuance-of-temporary-occupancy-certificates/#respond Sat, 13 Jul 2024 03:47:10 +0000 https://realtyquarter.com/?p=8507 NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has instructed competent authorities to cease issuing temporary completion certificates (C.C.) or occupancy certificates (O.C.), as these are not permissible under current laws. In addition, UP-RERA has mandated that all industrial and housing development authorities must specify the names of the relevant towers or blocks […]

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NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has instructed competent authorities to cease issuing temporary completion certificates (C.C.) or occupancy certificates (O.C.), as these are not permissible under current laws.

In addition, UP-RERA has mandated that all industrial and housing development authorities must specify the names of the relevant towers or blocks for which a part-C.C. or O.C. is being issued. This should be done alongside listing the names of all towers or blocks within the project or project phase.

The authority has noticed that competent authorities have been issuing part-C.C. or O.C. documents with project particulars that do not match the names provided by promoters during RERA registration or in the sale agreements (BBA) between promoters and homebuyers.

Sanjay Bhoosreddy, Chairman of UP-RERA, stated, “It has come to our attention that the names of completed towers, blocks, or units listed in part-C.C.s or O.C.s issued by some planning authorities do not match the names given by promoters to UP-RERA at registration.

This discrepancy creates doubts among homebuyers and the regulatory authority. With due diligence at the planning authorities’ level, this issue can be easily resolved.”

These mismatched part-C.C.s or O.C.s cause homebuyers to question the completion status of their units or towers when it comes to executing conveyance deeds and taking possession.

To avoid these issues, UP-RERA has advised planning authorities to obtain the marketing names of the project, its towers, and blocks, along with the number of units from the promoter.

This information should be included in the application for map sanctioning and when granting completion or occupancy certificates. This approach aims to eliminate any doubts regarding the project’s or its towers’ and blocks’ completion status.

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Annual Progress Report FY : 2023-2024 https://realtyquarter.com/annual-progress-report-fy-2023-2024/ https://realtyquarter.com/annual-progress-report-fy-2023-2024/#respond Mon, 03 Jun 2024 15:58:06 +0000 https://realtyquarter.com/?p=8374 Dear Esteemed Friends & Stakeholders, At Paradigm Realty, we are committed to ushering a paradigm shift in the lives of our customers & associates, we are delighted to share some significant milestones we have recently achieved. With revenues surpassing over 550 Crores for the FY 2023 – 2024, with over 35% YOY Growth, we have […]

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Dear Esteemed Friends & Stakeholders,

At Paradigm Realty, we are committed to ushering a paradigm shift in the lives of our customers & associates, we are delighted to share some significant milestones we have recently achieved. With revenues surpassing over 550 Crores for the FY 2023 – 2024, with over 35% YOY Growth, we have brought joy, this financial year, taking our total to over 3000 homes delivered.

Notably, our flagship project, Paradigm Antalya in 102 Downtown township at Oshiwara, Andheri (W) stands at an impressive 99% sold out & nearing completion within 3 years of its commencement, delivering over 550 homes while Paradigm Alaya, the township’s final residential Tower has witnessed the sale of over 300 apartments (over 50% of total inventory sold).

After delivering over 1200 homes on our home turf – the rich suburb of Mumbai, Borivali, last financial year we launched an iconic one-of-a-kind 40-storey rise residential tower, Paradigm Anantaara, which has a massive positive response.

We have delivered over 7 projects with OC, with 3 projects nearing completion early this year, totaling approximately 2.2 million sq. ft. of delivery across Mumbai. Additionally, we have 5 ongoing projects covering 3.7 million sq. ft. and 6 upcoming projects spanning 5 million sq. ft. across rich suburbs of Mumbai.

Furthermore, our partnership with over 3200 channel partners & 500 + contractors, vendors & suppliers has been immensely instrumental in our success, culminating in our recent recognition as the “Progressive Developer of the Year 2024” by the Times Group.

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