HC invokes the Mahatma, upholds RERA

MahaRERA issues new guidelines expands'promoter defination

MahaRERA issues new guidelines expands'promoter defination

Real estate industry in Rajasthan welcomed the decision of the Bombay High Court on Wednesday over the issue of extending the deadline of projects on a case-to-case basis.

A bench comprising of Justice Naresh Patil and Justice Rajesh Ketkar pronounced its judgment on a bunch of petitions filed by the developers and individual plot owners. "In case the authority is satisfied that there are exceptional and compelling circumstances due to which a developer could not complete the project in spite of the one year extension granted, then the authority will be entitled to let the developers' registration continue". "We urge the Centre, states and regulatory authorities to implement RERA in letter and spirit expeditiously and protect homebuyers' interests", says Abhay Upadhayay, president, Forum For People's Collective Efforts.

Such powers shall be exercised on a case-to-case basis and the authority shall consult with the state in such cases if needed, it said.

"Having constitutionally upheld RERA, High Court of Bombay has reinforced the need for regulations to protect homebuyers' interests in the real estate sector". "The problems are enormous. The problems are enormous and it is time to take a step forward to fulfil the dream of the Father of the Nation - Mahatma Gandhi - to wipe every tear from every eye", Justice Patil said.

As per the Act, developers, projects and agents had time till July 31 to compulsorily register their projects with the Authority.

It also allows buyers to claim compensation for delay in possession, and envisages cancellation of a developer's registration and imposition of severe penalties in case where the developer fails to complete the project within the stipulated deadline.

The HC did not interfere with the composition of the state-level authority, but it ruled that the tribunal must be headed by a judicial officer and not a bureaucrat, or a member of the Indian legal services, and that majority of the members of such tribunal must be officers or members of the judiciary. However, Dhanuka said the court's view that only officials with judicial background should head the appellate tribunal makes lot of sense as it is expected to bring in transparency to the functioning.

While the bench concurred with the state and the Union government's arguments, it said that the authorities must also closely monitor the implementation of the Act. "While in Rajasthan we chose to follow the provisions of RERA and not approach the court, the industry needs relief on many stringent provisions like keeping 70% of the project money in an escrow account and including ongoing projects prior to May 1, 2017 in the RERA", said Hitesh Dhanuka, joint secretary of CREDAI Rajasthan.

Builders had filed cases in the High Courts of Bombay, Nagpur, Aurangabad, Bangalore challenging provisions of RERA including the provision of ongoing projects.

Notícias recomendadas

  • Industrial Cartridge Valves Market in United States - Parker, HydraForce and Sun

    Industrial Cartridge Valves Market in United States - Parker, HydraForce and Sun

    Investigation of upstream raw materials, downstream demand, and current Nuclear Valves market dynamics is also carried out. What's more, the Ophthalmology Cataract Surgery Devices industry development trends and marketing channels are analyzed.

    Watsco's (NYSE:WSO) "Buy" Rating Reiterated at KeyCorp

    After $0.15 actual EPS reported by Rambus Inc. for the previous quarter, Wall Street now forecasts 0.00% EPS growth. State Street Corp raised its position in shares of Watsco by 6.8% in the 2nd quarter. (NYSE:WSO) for 952 shares.
    Edgar Wright already working on 'Baby Driver' sequel

    Edgar Wright already working on 'Baby Driver' sequel

    After meeting the woman of his dreams (Lily James), he sees a chance to ditch his shady lifestyle and make a clean break. Edgar Wright has yet to sign on as director for his next project whether it be Baby Driver 2 or some other project.
  • Nicehash Hacked: $62 Million In Bitcoin Stolen

    Nicehash Hacked: $62 Million In Bitcoin Stolen

    While the NiceHash operators seem honest with their statement , those words ring hollow for users that lost their accumulated BTC. This way, users can benefit from bitcoin mining without purchasing or operating the equipment themselves.
    Abramovich could hand sacked Hull boss Slutsky job at Chelsea

    Abramovich could hand sacked Hull boss Slutsky job at Chelsea

    Regardless, Slutsky is said to have a role at the club open by his longtime friend and Chelsea owner Roman Abramovich. Hull City have reportedly moved closer to appointing Nigel Adkins as the club's new manager.
    Conyers' son was arrested for earlier this year for allegedly attacking girlfriend

    Conyers' son was arrested for earlier this year for allegedly attacking girlfriend

    They acknowledged a small stab wound on her bicep, said they couldn't prove in court that the would was intentionally inflicted. His endorsement cast a bright spotlight on John Conyers III , and some alleged violence and driving issues have come to light.
  • Miocic-Ngannou title fight eyed for UFC 220

    Miocic-Ngannou title fight eyed for UFC 220

    The only time both undisputed titles were on the line on the same night was at UFC 44 in September 2003. The person spoke on the condition of anonymity because the UFC had yet to make its plans public.
    Kansas City Chiefs vs. Oakland Raiders - 12/10/17 NFL Pick, Odds, and Prediction

    Kansas City Chiefs vs. Oakland Raiders - 12/10/17 NFL Pick, Odds, and Prediction

    The Chiefs certainly have a manageable schedule to win out, but we've all been saying that since the bye week. The Houston Texans , Indianapolis Colts and Tennessee Titans were there in the AFC South in 2016.
    Five protesters arrested after refusing to leave Susan Collins' office

    Five protesters arrested after refusing to leave Susan Collins' office

    Five people were arrested after refusing to leave Senator Susan Collins' office in Bangor Monday night, according to Bangor Police.
  • FirstEnergy Corporation (FE) Holdings Trimmed by Financial Counselors Inc

    The Company is engaged in holding, directly or indirectly, all of the outstanding equity of its principal subsidiaries. The company had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.64 billion.

    Today's Brokerage Rating: United States Steel Corporation (X), Five Below, Inc. (FIVE)

    United States Steel Corporation produces and sells flat-rolled and tubular steel products primarily in North America and Europe. Following the transaction, the senior vice president now owns 51,744 shares in the company, valued at $1,552,320.
    Turkey's Besiktas beats Leipzig in Champions League

    Turkey's Besiktas beats Leipzig in Champions League

    They are the only Turkish team to qualify from the group stage undefeated and as group leader in the history of the tournament. A game against Bayern would be special though", Tosun said, according to UEFA's official website.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.