Project https://realtyquarter.com Tue, 26 Nov 2024 18:34:52 +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 Project https://realtyquarter.com 32 32 Requests to Deregister 19 More Projects Are Received by Maharashtra RERA https://realtyquarter.com/requests-to-deregister-19-more-projects-are-received-by-maharashtra-rera/ https://realtyquarter.com/requests-to-deregister-19-more-projects-are-received-by-maharashtra-rera/#respond Tue, 26 Nov 2024 18:34:52 +0000 https://realtyquarter.com/?p=8821 MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has received fresh applications for the deregistration of 19 additional projects across the state. 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 […]

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MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has received fresh applications for the deregistration of 19 additional projects across the state.

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.

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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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High Court: Petition Against Service Provider Before Karnataka RERA Unmaintainable https://realtyquarter.com/high-court-petition-against-service-provider-before-karnataka-rera-unmaintainable/ https://realtyquarter.com/high-court-petition-against-service-provider-before-karnataka-rera-unmaintainable/#respond Sat, 16 Nov 2024 03:37:39 +0000 https://realtyquarter.com/?p=8811 BENGALURU: The Karnataka High Court recently observed that a petition filed against a service provider before the Karnataka Real Estate Regulatory Authority (K-RERA) is not maintainable. 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 […]

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BENGALURU: The Karnataka High Court recently observed that a petition filed against a service provider before the Karnataka Real Estate Regulatory Authority (K-RERA) is not maintainable.

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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Supreme Universal launches the second phase of Supreme Villagio in Somatane, Pune https://realtyquarter.com/supreme-universal-launches-the-second-phase-of-supreme-villagio-in-somatane-pune/ https://realtyquarter.com/supreme-universal-launches-the-second-phase-of-supreme-villagio-in-somatane-pune/#respond Fri, 08 Nov 2024 17:56:09 +0000 https://realtyquarter.com/?p=8789 The overall projected revenue of the project are INR ₹500 Crore  Introducing an inventory of 70 new villas in the second phase Mumbai, 06 November 2024 – Supreme Universal, a prominent name in Mumbai and Pune’s real estate landscape, is proud to announce the launch of the second phase of its luxury villa township, Supreme Villagio, […]

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  • The overall projected revenue of the project are INR ₹500 Crore 

  • Introducing an inventory of 70 new villas in the second phase

  • Mumbai, 06 November 2024 – Supreme Universal, a prominent name in Mumbai and Pune’s real estate landscape, is proud to announce the launch of the second phase of its luxury villa township, Supreme Villagio, situated  in Somatane, Pune.

    Following the tremendous success of the first phase launched in early 2023, which saw nearly 100 villas sold, the company is now introducing an additional 70 exclusive 4 BHK villas. The second phase aims to cater to the ever-growing demand for sumptuous in the Pune region, drawing interest from both domestic and international buyers.

    Supreme Villagio, spread over 16 acres, offers premium residential experience, elite accommodations and natural surroundings. The first phase of the project, launched in early 2023, quickly gained traction among high-end homebuyers and investors.

    Close to 100 villas were sold out within a year, and the project is set for delivery early next year. This overwhelming response encouraged Supreme Universal to advance plans for the second phase, offering an additional 2.5 lakh sq. ft. of opulent living space.

    Vishal Jumani, Joint Managing Director of Supreme Universal, expressed their excitement for the second phase: “The first phase of Supreme Villagio surpassed our expectations in demand and sales, generating significant interest from local and NRI buyers.

    The second phase is already generating inbound demand from high-net-worth individuals (HNWIs) and investors from cities such as Pune, Mumbai, Ahmednagar, Aurangabad, Jaipur, Delhi and NRI markets like US, UK, UAE, Singapore and Australia.

    The project’s unique location, the upcoming Navi Mumbai Airport, and the 105 km Eastern Ring Road add immense value to this development as an affluence investment opportunity.”

    Supreme Villagio sets a new benchmark in villa living, standing out as a premier residential development. Situated 600 meters above sea level, it enjoys the same altitude and natural climate as Lonavala, offering residents fresh air, lush green surroundings, and a peaceful lifestyle away from the bustle of city life.

    The project is well-connected to Pune’s major hubs, including Baner, Hinjewadi, and PCMC, as well as to the Mumbai-Pune Expressway and Old Mumbai-Pune Highway, ensuring easy access to both Mumbai and Pune.

    In terms of amenities, the project boasts a grand central boulevard, a majestic clubhouse, a large swimming pool, manicured gardens, and a range of recreational activities. With its proximity to reputed schools, hospitals, and entertainment hubs such as Phoenix Mall in Wakad, Supreme Villagio offers residents an integrated, lifestyle-focused living experience.

    The newly launched second phase includes 70 exclusive 4 BHK villas designed to elevate luxury living. Each villa has Private top terrace, two parking spaces, lift provisions, and a helper’s room. Several units are strategically placed facing the green spaces and central boulevard, providing breathtaking views and seamless access to the project’s premium amenities.

    “The second phase has been designed to meet the evolving needs of top-tier homebuyers. Our focus is creating a living space with state-of-the-art facilities, a connection to nature, and a peaceful retreat,” added Mr Jumani.

    Located near the Gahunje Cricket Stadium and surrounded by several landmarks, such as the Prati Shirdi Temple and Japalouppe Equestrian Centre, Supreme Villagio offers a serene and healthy lifestyle. It is also well-suited for weekend leisure activities such as golfing, paragliding, and equestrian sports, with coaching centers nearby.

    Mr Jumani, “Supreme Villagio is naturally gifted with beautiful weather and offers a lifestyle emphasizing well-being, leisure, and privacy. This project is ideal for buyers looking to escape the concrete jungle and reconnect with nature while enjoying all the conveniences of modern living.”

    Supreme Villagio’s remarkable first-phase achievements have set the stage for its impressive second phase, further solidifying its reputation as a pioneer in redefining luxury residential standards.

    Supreme Universal remains committed to creating spaces that offer elegance and comfort while meeting the growing demand for high-quality, nature-immersed living experiences in Pune’s most sought-after neighborhoods.

    About Supreme Universal:
    Supreme Universal is a leading real estate developer with a legacy of crafting splendor spaces across Mumbai and Pune. Known for its architectural brilliance and abundant experiences, Supreme Universal continues to deliver on its commitment to transforming spaces into exceptional living environments.

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    Infomerics Ratings – Real Estate Industry Outlook Report https://realtyquarter.com/infomerics-ratings-real-estate-industry-outlook-report/ https://realtyquarter.com/infomerics-ratings-real-estate-industry-outlook-report/#respond Tue, 05 Nov 2024 17:43:42 +0000 https://realtyquarter.com/?p=8757 Infomerics Ratings has come out with an outlook report on “Indian Real Estate and Sustainability” by Dr. Manoranjan Sharma, Chief Economist, Infomerics Ratings. The report provides an insightful view of the Indian Perspective, Project completion, Retail Sector, Sales, The Micro Markets, Investments, Institutional Initiatives, Industry Risks, and Way Forward. Key highlights of the report are given below: India’s real estate sector remains optimistic, driven by stable residential demand […]

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    Infomerics Ratings has come out with an outlook report on “Indian Real Estate and Sustainability” by Dr. Manoranjan Sharma, Chief Economist, Infomerics Ratings. The report provides an insightful view of the Indian Perspective, Project completion, Retail Sector, Sales, The Micro Markets, Investments, Institutional Initiatives, Industry Risks, and Way Forward.

    Key highlights of the report are given below:

    • India’s real estate sector remains optimistic, driven by stable residential demand and a growing office market. Project completions have slightly slowed, yet the reduction in vacancy rates highlights a positive trend for the industry.
    • The retail sector saw a 7% year-on-year growth in space absorption in early 2024, with luxury retail expanding in Tier-II and Tier-III cities. Direct-to-consumer (D2C) brands are increasingly establishing physical stores, reshaping the retail landscape.
    • Higher-priced residential units (₹10 million and above) have driven sales growth, while the mid-size and affordable segments experienced moderation. Major cities like Mumbai and Bengaluru lead in sales volume.
    • India’s office market grew strongly in 2024, led by Bengaluru’s 8.4 million sq. ft. in H1 and GCC driving 37 percent of Q3 demand. Flex spaces also expanded, with co-working leading the segment.
    • The retail market saw a 7 percent YoY increase in space absorption in H1 2024, with luxury retail expanding significantly.
    • Private equity investments grew by 15% YoY, reaching US$3 billion in H1 2024, with foreign investors contributing significantly. FDI in real estate also rose, with over 70% of investments focused on ready assets
    • Rising interest rates, geopolitical uncertainties, and inflationary pressures present risks, along with potential regulatory changes and environmental mandates that may impact construction timelines and costs.
    • Emphasizing sustainable practices, the real estate sector aims to adopt energy-efficient building methods and renewable energy integration to meet India’s net-zero goals by 2070. Regulatory support will facilitate alignment with these global goals.
    • The Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0) continues to support affordable housing, with increased funding for credit risk guarantees to boost first-home construction

     

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    HostBooks Limited Launches Real Estate ERP Software to Revolutionize Property Management and Drive Business Growth https://realtyquarter.com/hostbooks-limited-launches-real-estate-erp-software-to-revolutionize-property-management/ https://realtyquarter.com/hostbooks-limited-launches-real-estate-erp-software-to-revolutionize-property-management/#respond Tue, 05 Nov 2024 16:42:59 +0000 https://realtyquarter.com/?p=8755 [November] — HostBooks Limited, a leading provider of business automation solutions, proudly announces the launch of its cutting-edge Real Estate ERP Software. Designed to address the complex challenges of the real estate industry, this innovative solution offers a comprehensive suite of tools to streamline operations, enhance customer experiences, and boost overall business performance. The real estate industry […]

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    [November] — HostBooks Limited, a leading provider of business automation solutions, proudly announces the launch of its cutting-edge Real Estate ERP Software.

    Designed to address the complex challenges of the real estate industry, this innovative solution offers a comprehensive suite of tools to streamline operations, enhance customer experiences, and boost overall business performance.

    The real estate industry is multifaceted, involving property management, legal compliance, financial oversight, and client interactions, all of which must be handled efficiently to ensure success.

    Traditional methods often lead to disjointed processes, errors, and inefficiencies that can hinder growth. HostBooks Real Estate ERP Software integrates all these functions into a single platform, enabling businesses to operate more effectively by centralizing data, automating workflows, and providing real-time insights.

    With features like 
    Property Management, Financial Integration, CRM, Legal Compliance, and Project Management, HostBooks’ Real Estate ERP Software is tailored to meet the unique demands of real estate companies.

    Whether managing property listings, handling complex financial transactions, or ensuring legal compliance, the software is designed to provide seamless end-to-end solutions for real estate professionals.

    According to recent reports, the 
    global real estate software market was valued at USD 10.24 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 12.8% from 2023 to 2030.

    While the COVID-19 pandemic briefly interrupted construction activities, the market is expected to recover, driven by the increased digitization of customer data and records, enabling better insights into purchasing behavior and customer trends.

    The growing adoption of advanced technologies like cloud computing and artificial intelligence, coupled with rapid urbanization and infrastructure development, is also fueling market growth.HostBooks Limited is positioned to help businesses navigate this transformation by offering a scalable, user-friendly ERP solution that grows with the company.

    Commenting on the launch, Kapil Rana, Founder and Chairman of HostBooks Limited, and Biswajit Mishra, Co-Founder of HostBooks Limited
    “The real estate industry is increasingly turning towards technology to streamline operations and stay competitive.

    Our Real Estate ERP Software is designed to automate and simplify key business processes, enabling real estate companies to focus on growth and profitability.

    By integrating financial management, compliance, and customer relationship management into one platform, we provide a powerful solution that ensures efficiency, enhances decision-making, and improves collaboration across teams. HostBooks is committed to helping businesses succeed by providing tools that drive productivity and reduce operational complexity.”

    With the launch of this Real Estate ERP Software, HostBooks continues its mission to empower businesses with intelligent, automated solutions that foster growth and innovation.

    About HostBooks Limited

    HostBooks Limited is a leader in comprehensive cloud-based business solutions, specializing in enterprise solutions encompassing compliance, accounting, finance, and operational complexities. With eight years of expertise, HostBooks leverages Artificial Intelligence (AI), Machine Learning (ML), Big Data capabilities, and cloud computing to deliver tailored solutions for various industries.

    Dedicated to innovation and customer satisfaction, HostBooks provides cutting-edge technology to simplify and enhance business operations, empowering companies to achieve their full potential.

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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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    Maharashtra RERA issues warning to homebuyers about 314 housing projects undergoing insolvency https://realtyquarter.com/maharashtra-rera-issues-warning-to-homebuyers-about-314-housing-projects-undergoing-insolvency/ https://realtyquarter.com/maharashtra-rera-issues-warning-to-homebuyers-about-314-housing-projects-undergoing-insolvency/#respond Sun, 13 Oct 2024 10:38:19 +0000 https://realtyquarter.com/?p=8718 The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a caution to homebuyers, advising them against purchasing properties in 314 projects currently registered with the authority. 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 […]

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    The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a caution to homebuyers, advising them against purchasing properties in 314 projects currently registered with the authority.

    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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    State of Madhya Pradesh RERA Rejects EOW Probe into Chairman’s Allegations of Corruption https://realtyquarter.com/state-of-madhya-pradesh-rera-rejects-eow-probe-into-chairmans-allegations-of-corruption/ https://realtyquarter.com/state-of-madhya-pradesh-rera-rejects-eow-probe-into-chairmans-allegations-of-corruption/#respond Sun, 15 Sep 2024 09:23:39 +0000 https://realtyquarter.com/?p=8642 BHOPAL: The Madhya Pradesh Real Estate Regulatory Authority (RERA) has openly opposed the registration of an inquiry by the Economic Offenses Wing (EOW) against its chairman, AP Srivastava. The Authority argues that the investigation is unjustified and unnecessary, asserting that it is legally protected under section 90 of the RERA Act. Recently, the EOW initiated […]

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    BHOPAL: The Madhya Pradesh Real Estate Regulatory Authority (RERA) has openly opposed the registration of an inquiry by the Economic Offenses Wing (EOW) against its chairman, AP Srivastava. The Authority argues that the investigation is unjustified and unnecessary, asserting that it is legally protected under section 90 of the RERA Act.

    Recently, the EOW initiated a preliminary inquiry in response to a complaint accusing Srivastava of corruption, misuse of his official position, and violation of regulatory norms.

    The complaint primarily focuses on Srivastava’s alleged manipulation of the recruitment process for certain RERA positions. According to the complaint, only one of the two sanctioned posts for adjudication officers was publicly advertised, while the second post was filled without any formal public notice.

    Moreover, it is alleged that Srivastava ignored the age limit requirement for contractual appointments, which states that no individual above the age of 65 should be appointed. However, Srivastava is accused of appointing someone beyond this age limit.

    Another key point raised in the complaint relates to projects handled by M/s AG-8 Ventures Pvt. Ltd., a construction firm. The complainant alleges that Srivastava purchased a residential plot from the same builder, against whom an investigation is currently underway. This accusation further adds to the controversy surrounding the chairman’s role and actions.

    In response to these allegations, RERA’s legal team has firmly opposed the EOW’s investigation. They argue that the inquiry is not justified, stressing that the Authority’s operations and decisions are legally protected under the RERA Act.

    Specifically, section 90 of the Act provides immunity to the chairman, members, and officers from legal proceedings in their official capacity. The provision clearly states that no suit, prosecution, or any other legal proceeding can be initiated against them for actions taken while performing their duties within the Authority.

    This legal protection has become a focal point in the current controversy, as Srivastava faces mounting accusations. Alongside allegations of irregular appointments, the complaint also highlights issues related to projects overseen by M/s AG-8 Ventures Pvt. Ltd. Despite the growing number of allegations and the initiation of the EOW inquiry, RERA continues to maintain its position that the investigation disregards the statutory protections outlined in the RERA Act.

    To support their opposition to the EOW’s actions, RERA’s legal team has referenced several key provisions within the RERA Act. Section 28 of the Act details the procedure for appointing officers and employees from the state government on deputation to RERA.

    Furthermore, section 71 mandates that the adjudicating officers are appointed by the Authority itself, with the state government merely serving a consultative role. Additionally, section 25 and Rule 21 provide the Authority with exclusive rights to make decisions and appointments regarding its operations.

    Sections 28 (2) and Rule 22 (1) govern the service conditions for deputed and contract officers, while Rule 22 (2) deals with the appointment of consultants. According to RERA’s legal team, these provisions form a comprehensive framework that governs the Authority’s operations, and any action that falls outside this framework is unwarranted.

    The opposition to the EOW investigation also highlights the controversy surrounding the leadership of RERA. Srivastava, a 1984-batch IAS officer, was appointed as chairman of RERA following his retirement. His appointment to the role was approved by the Urban Development and Housing Department for a five-year term.

    His predecessor, IAS officer and former chief secretary Antony Disa was removed from the position in September 2020, before he could complete his term. Disa’s removal has added further intrigue to the situation, as some speculate whether similar internal tensions might have played a role in the current investigation against Srivastava.

    In conclusion, the Madhya Pradesh RERA is pushing back strongly against the EOW’s inquiry, asserting that the investigation into its chairman is unjustified and that the legal protections provided by the RERA Act shield its officials from such actions.

    The situation continues to develop, with the legal and procedural issues surrounding Srivastava’s appointment and the operations of the Authority under the spotlight. As the inquiry proceeds, the Authority’s reliance on the RERA Act’s statutory protections will likely be closely scrutinized, particularly with how it manages appointments and handles its operations in the wake of these serious allegations.

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    BOP Realty appoints Romil Saxena as Head of BOP Gold Division to Oversee HNI Clientele and Expansion https://realtyquarter.com/bop-realty-appoints-romil-saxena-as-head-of-bop-gold-division-to-oversee-hni-clientele-and-expansion/ https://realtyquarter.com/bop-realty-appoints-romil-saxena-as-head-of-bop-gold-division-to-oversee-hni-clientele-and-expansion/#respond Fri, 06 Sep 2024 16:36:22 +0000 https://realtyquarter.com/?p=8627                   New Delhi: OP Realty, a leading name in the real estate sector, is proud to announce the appointment of Romil Saxena as the new Head of BOP Gold Division, the company’s exclusive division dedicated to High Net Worth Individuals (HNIs). In his new role, Mr. Saxena will spearhead the […]

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    New Delhi: OP Realty, a leading name in the real estate sector, is proud to announce the appointment of Romil Saxena as the new Head of BOP Gold Division, the company’s exclusive division dedicated to High Net Worth Individuals (HNIs). In his new role, Mr. Saxena will spearhead the marketing and business development strategies, focusing on luxury residential and commercial projects aimed at HNI clientele.

    With over 15 years of experience in real estate, Mr. Saxena brings a wealth of knowledge in luxury sales, marketing, and business development. His expertise spans various leadership roles, including notable positions at Wave Infratech Ltd. and Supertech Ltd., where he oversaw flagship projects like Wave Mega City Center and SUPERNOVA, respectively.

    His accomplishments include driving successful sales and marketing initiatives for both residential and commercial segments while maintaining strong relationships with corporate and channel partners. Mr. Saxena also has experience working with multinationals such as EXL Services Pvt Ltd and Max New York Life Insurance.

    BOP Gold distinguishes itself by offering exclusive investment opportunities for both investors and end-users, partnering with top-tier developers from India and Dubai. Their services are tailored to HNI clients, featuring perks like a 24/7 concierge desk for round-the-clock support.

    Ensuring thorough due diligence, BOP Gold provides access to unique pre-launch projects aimed at delivering exceptional capital growth. Clients are guided by an expert Real Estate Portfolio Management team, making the buying process seamless and secure, while guaranteeing prime investment potential from start to finish.

    Mr. Gaurav Mavi, Co-founder of BOP Realty, expressed his excitement about the new appointment, stating, “We are delighted to welcome Romil Saxena as the Head of BOP Gold Division. His remarkable track record in the luxury real estate sector, combined with his strategic vision and leadership, will be instrumental in driving the continued growth of BOP Gold.

    With Mr. Saxena on board, we are confident that BOP Realty will further solidify its position as a market leader, especially in the HNI space. His expertise and innovative approach will certainly elevate our marketing efforts and ensure we offer unparalleled value to our high-net-worth clientele.”

    In discussing his new role, Mr. Romil Saxena shared, “I am excited to be a part of BOP Gold. This is a fantastic opportunity to work with an established team that is deeply committed to delivering high-quality real estate services.

    With BOP Realty’s reputation and my experience in luxury real estate, I believe we can achieve significant milestones in catering to the HNI segment and providing exceptional value through strategic marketing initiatives. I look forward to contributing to the company’s growth and continuing to drive innovation within the luxury real estate market.”

    In addition to overseeing marketing and business development, Mr. Saxena will collaborate with key stakeholders to drive product innovation and establish BOP Gold as the go-to brand for HNI investors seeking premium real estate solutions. His appointment reflects BOP Realty’s ongoing emphasis on strengthening its leadership team and enhancing its offerings in the luxury sector.

    About BOP.in – BOP.in is a leading name in the Indian real estate consultancy sector, dedicated to reshaping the way real estate is approached and managed. With over 18 years of experience, BOP.in has established itself as a trailblazer, offering a wide range of consultancy services to both realty developers and discerning consumers.

    With over 2 lac happy customers, the company’s dedication to staying ahead of market trends, harnessing technology, and providing tailored solutions has earned it a reputation as an industry leader.

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