PUNE: According to a government resolution (GR) issued by the urban development department (UDD) on Thursday, all local planning authorities must display the commencement certificate (CC) and occupancy certificate (OC) granted for new and upcoming real estate projects on their websites and notify the Maharashtra Real Estate Regulatory Authority (MahaRERA) regarding the sanctions.

It also stated that they must ultimately

PUNE: According to a government resolution (GR) issued by the urban development department (UDD) on Thursday, all local planning authorities must display the commencement certificate (CC) and occupancy certificate (OC) granted for new and upcoming real estate projects on their websites and notify the Maharashtra Real Estate Regulatory Authority (MahaRERA) regarding the sanctions.

It also stated that they must ultimately connect their websites with the MahaRERA website by March 31. If the aforementioned local authorities — corporations, councils, nagar panchayats, and metropolitan planning authorities — do not already have websites, they must prepare them for activation and integration by the same deadline.

According to the GR, they have been directed to email these permissions to MahaRERA until then. The orders were issued in response to a recent case in Thane in which developers used forged documents to obtain

MahaRERA enrollment for their projects. The issue of forged documents was brought to light last year when an architect and activist filed a PIL in the Bombay High Court. It drew the court’s attention to the builders, who used forged documents not only to obtain MahaRERA registrations but also to complete bookings.

After a thorough investigation, the Thane local civic body took action against over 50 builders. Furthermore, MahaRERA has suspended the registration of a large number of developers.

UDD officials confirmed that the MahaRERA authority had contacted the state government. “It is critical that these documents are made available to citizens in order for them to identify fraudulent practices,” a senior UDD official told TOI. Almost all corporations have a website, and they can have a page dedicated to this display that the public can access, according to the official.

Citizens’ groups, who have long advocated for this change, have stated that the GR should be made mandatory. Chairman of the Maharashtra Societies Welfare Association, Ramesh Prabhu, pointed out that this is an effort by UDD to ensure fraud prevention and protect the interests of homebuyers.

“It brings transparency, standardization, and making authentic information about projects available to stakeholders,” he added. Furthermore, any promoter who is having difficulty obtaining permissions or approvals in a timely manner can approach the local authority and MahaRERA.” He also stated that integrating the websites will benefit allottees.

Members of the State Housing Federation have also called for a single point of contact and an online integrated system for all real estate projects. “All updates, not only with regards to authorizations but also the growth of construction activities will also be linked, thereby helping to bring in fairness in the real estate sector,” said advocate Shreeprasad Parab from the federation.

MUMBAI: Even if a consumer commission offers flat-buyers relief by ordering a builder to reimburse money with interest after he fails to hand over possession, the builder can still be ordered to repay double the amount in a separate cheque-bouncing action before a criminal court.

A magistrate’s court recently ordered three directors of a building company to pay Rs82 lakh to two brothers who paid Rs41 lakh for two

MUMBAI: Even if a consumer commission offers flat-buyers relief by ordering a builder to reimburse money with interest after he fails to hand over possession, the builder can still be ordered to repay double the amount in a separate cheque-bouncing action before a criminal court.

A magistrate’s court recently ordered three directors of a building company to pay Rs82 lakh to two brothers who paid Rs41 lakh for two Dahisar flats in 2014 but did not receive possession, and the refund cheques were rejected.

In all cases, the directors of Prisha Developers Pvt Ltd, Sonali Ugle, Rajaram Bandekar, and Kiran Gupte, were sentenced to six months in prison. “…merely having a consumer court ruling in favor of the plaintiff is no reason to show mercy to the guilty,” said metropolitan magistrate K G Sawant.

In 2016, the brothers filed separate complaints with the magistrate’s court. While Anuj Kumar Jha (46) paid roughly Rs16 lakh for a 503 sq ft home he rented for Rs54 lakh, his brother Pankaj (49) paid around Rs25 lakh for a 665 sq ft flat he booked for Rs80 lakh. The Vile Parle brothers were supposed to take possession in 2016. When the units were not delivered by March 2016, the construction business signed an agreement to cancel the booking. The cheques that were handed over bounced.

They stated that they served demand notices on the accused on May 2, 2016, requiring them to pay the cheque amount within the time frame specified. Notices to the directors were returned with the notation “Shifted,” but a notice sent to their office address was returned with the notation “Intimation posted,” which the brothers claimed amounted to service on the accused. Because the accused did not pay the amount specified in the notice, the brothers said they were forced to knock on the court’s doors. On May 24, 2016, they filed the complaint. The defendants pled not guilty after the summons was issued.

MUMBAI: State Bank of India, the largest lender in the country, on Wednesday slightly raised the short-term lending rates spanning overnight to three-year maturities by 10 basis points (bps), effective immediately.

Despite the fact that banks have nearly fully passed through the 250 basis point interest rate increases made by the Reserve Bank since last May, they have not yet boosted deposit rates in a corresponding

MUMBAI: State Bank of India, the largest lender in the country, on Wednesday slightly raised the short-term lending rates spanning overnight to three-year maturities by 10 basis points (bps), effective immediately.

Despite the fact that banks have nearly fully passed through the 250 basis point interest rate increases made by the Reserve Bank since last May, they have not yet boosted deposit rates in a corresponding manner, creating a funding gap that has forced them to borrow money from the market.

For the two weeks that ended January 13, 2023, credit growth increased by 16.5% annualized compared to deposits’ rise of 10.6%. According to the SBI website, the bank raised its overnight lending rate, which is based on the marginal cost of funds, by 10 basis points to 7.95%, while raising the rate for one- and three-month maturities to 8.10%.

The bank had been charging 8.30% for a six-month loan prior to the hike, which is now 8.40%; 8.40% for a one-year loan before the rise is now 10 bps more expensive; 8.60% for a two-year loan; and 8.70% for a three-year loan following the 10 bps price increase.

In contrast, the bank gives the lowest interest rates on savings bank deposits, 2.70 percent for deposits under Rs 10 crore and 3 percent for deposits exceeding Rs 10 crore. The retail borrowers of home and vehicle loans won’t be impacted by the rate increase because these loans have long terms.

Banks currently base their loan pricing primarily on two metrics: the MCLR, also known as the marginal cost of funds-based lending rate, and the external benchmark linked to the repo rate, also known as the open market rate of Mibor. All new loans are priced in either the repo-linked rate or the external benchmarked lending rate (EBLR).

Since the middle of the previous decade, the central bank has pushed banks to increase the transparency of their loan pricing.

Since then, the Mumbai inter-bank offer rate (Mibor) or the repo rate of the RBI, which varies from day to day based on the demand for overnight funds, can be tied to the EBLR, which can also be linked to the very opaque base rate, the MCLR, or both.

According to the most recent data issued by the Reserve Bank on January 27, bank credit growth rose up in the week ending January 13 with 16.5 percent annualized growth to Rs 132.81 lakh crore, following a modest reduction in growth in the preceding fortnight.

Due to base impact, loan growth slowed to 14.9% in the two weeks leading up to December 30, 2022, compared to bank credit’s 9.2% rise during the same period the previous year. However, this is less than the 18% increase in overall credit in October.

Deposit growth accelerated, reaching 10.6% annualized to reach Rs 176.74 lakh crore in the two weeks leading up to January 13. Only 9.2 percent in incremental deposit accretion occurred in the preceding fortnight ending on December 30.

MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) ordered real estate agents having a yearly revenue of more than Rs 20 lakh to share information regarding the appointments of a main officer and a designated director on Monday.

The Prevention of Money Laundering Act of 2002 (PMLA) and the Prevention of Money Laundering (Maintenance of Records) Rules of 2005 both reference this need (PMLR).

The

MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) ordered real estate agents having a yearly revenue of more than Rs 20 lakh to share information regarding the appointments of a main officer and a designated director on Monday.

The Prevention of Money Laundering Act of 2002 (PMLA) and the Prevention of Money Laundering (Maintenance of Records) Rules of 2005 both reference this need (PMLR).

The senior officer would serve as a primary point of contact for reporting suspicious transactions and seeing possible red flags. The chosen director would be responsible for ensuring overall adherence to the obligations set forth in PMLA and the PMLR.

Under the PMLA Act, real estate agents are now considered “reporting entities.” The reporting entity is required to keep track of its business activities. A banking firm, financial institution, intermediary, or individual engaging in a specified trade or profession is referred to as a “reporting entity” under the PMLA.

In accordance with the MahaRERA order, all real estate agents must also submit a half-yearly progress report that includes information on the booking and sales of flats, shops, plots, apartments, or other buildings that they have handled as well as information on projects where a promoter has designated the agent and the fees charged for those booking and sales. Other information besides the fees collected will be made public to promote openness and help homebuyers make informed decisions.

“Agents are required to provide information about the transactions they carry out, including the fees they collect, in addition to completing their obligations under the PMLA. When buying a home, many buyers rely on agents. Home purchasers can therefore check the qualifications of the agents and then choose by submitting details of each of them “said a MahaRERA representative.

Real estate agents are required to register with MahaRERA in accordance with certain provisions of the Real Estate (Regulation and Development) Act.

Every real estate agent registered with MahaRERA is required by the Act to keep and retain books of accounts, records, and documentation.

The rules must specify that agents keep and safeguard books of accounts, records, and papers as may be required by the requirements of the Income Tax Act of 1961, the Companies Act of 2013, or any other applicable law.

NEW DELHI: The Supreme Court declared on Thursday that even if the struggling EMI-paying flat owners take possession of their homes before the release of a such legally required document, the builder of a housing complex is still legally obligated to obtain a “completion certificate” for the construction.

The National Consumer Disputes Redressal Commission (NCDRC) was criticized by a bench of Justices S R Bhat and

NEW DELHI: The Supreme Court declared on Thursday that even if the struggling EMI-paying flat owners take possession of their homes before the release of a such legally required document, the builder of a housing complex is still legally obligated to obtain a “completion certificate” for the construction.

The National Consumer Disputes Redressal Commission (NCDRC) was criticized by a bench of Justices S R Bhat and Dipankar Datta for asserting that the flat buyers should receive a completion certificate for the structure because they took possession before the authorities issued the certificate. The relief for 36 flat buyers in a Kolkata housing complex who have been suing RNR Enterprise builder since 2006 came from this bench.

The SC declared, “It is true that without the completion certificate, the appellants (flat buyers) should not have taken possession. That, however, was not a sufficient justification for not directing the respondents (builder) to submit an application for and acquire the completion certificate as required by law.”

The builder is required to request a completion certificate under the Kolkata Municipal Corporation Act. The statement read, “It is not the flat owner’s responsibility to seek for a completion certificate.” On Kailash Ghosh Road lies the housing complex.

A playground, community center, and a lake on nearby land—never built—were among the features the flat owners had also complained the builder had promised but failed to provide. According to the builder, the unit buyers are not entitled to any of the facilities because they took possession of their properties “as is, where is.”

The SC ruled that by registering their properties, the owners of the flats had not relinquished any claim to the promised facilities that the builder had failed to deliver. It stated that the NCDRC had a responsibility to make things right.

“We are compelled to note that the NCDRC released the respondents (the builder) in a way that was illegal. In this situation, the NCDRC should be given the appellants’ (flat owners’) complaint so that it can be reviewed again in accordance with the law. It is arranged appropriately, “a bench decision.

It also criticized the flat owners for moving in before the builder had the housing complex’s competition certificate in hand. The SC stated, “Undoubtedly, they have also violated the law by taking possession of their separate flats without the completion certificate, whatever the compulsion.”

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Almost 7% of India’s annual GDP is generated by one of the fastest-growing industries in the nation: real estate. Following the epidemic, there is a much higher demand for real estate, particularly residential housing. To meet this growing demand, ICICI Bank created a digital banking STACK for real estate, which enables builders, real estate investment trusts (REITs), and alternative investment funds (AIFs) to carry out financial transactions

Almost 7% of India’s annual GDP is generated by one of the fastest-growing industries in the nation: real estate. Following the epidemic, there is a much higher demand for real estate, particularly residential housing. To meet this growing demand, ICICI Bank created a digital banking STACK for real estate, which enables builders, real estate investment trusts (REITs), and alternative investment funds (AIFs) to carry out financial transactions quickly and conveniently on a single platform by combining digital and physical solutions.

Real estate stakeholders can handle their financial activities more effectively thanks to the real estate STACK, a safe, streamlined, and integrated banking platform. It provides REITs and AIFs with services for the digital collection, reconciliation, distribution of surplus, and custodial services.

The STACK improves the financial and operational efficiencies of the developers by providing a single dashboard to manage all the services, including the digital generation of account numbers for RERA registration, construction financing, lease rental discounting, collection, and refunding of all the projects. Additionally, it offers developers specialized collecting solutions that are designed for both projects pre- and post-launch.

“There is a huge growth momentum in the real estate business across the country, including tier I, II, and III cities,” said Sumit Sanghai, Head- of Large Clients Group, ICICI Bank. Although more than 80% of residential transactions in India still take place in the top seven cities, demand from tier II and III cities has been very strong as well. This is mostly due to the development of digital architecture and infrastructure, which is fuelling significant end-user demand, particularly for residential real estate.

It is essential to have solutions that enable bulk payments, digital collections, and other financial services that facilitate the efficient operation of the organization in order to meet this demand. In light of this, ICICI Bank has introduced the real estate STACK, a ground-breaking program built around the whole real estate ecosystem. It was developed to meet the demands of all parties involved and to aid in the expansion of the industry as a whole.

The ‘ICICI STACK for Corporates’, which the Bank introduced last year to offer a customized set of banking solutions for corporates and their complete ecosystem, is expanded by the ‘Real Estate STACK’. The Bank provides builders with construction financing, regulatory services, inventory funding, and lease rental discounts through the real estate STACK (LRD).

Sanghai continued: “A “Phygital” solution, real estate STACK combines the advantages of the physical and digital worlds. The goal is to offer a solution for the complete ecosystem, greatly simplifying the consumers’ journey. Although consumers can access all of these services digitally, there are some portions of the journey that require physical interaction, which is handled through our branches and distribution partners.”

Additionally, the STACK gives the stakeholders the ability to easily manage their payment responsibilities to other stakeholders including suppliers, employees, utility providers, and statutory payments.

For any family in India today, owning a home is both a necessity and an aspiration. Therefore, I believe that the banking and real estate sectors should work well together. To fulfill the demands and expectations of families, the banking sector must work closely with developers, who must concentrate on forming the best partnerships possible “Sanghai stated.

The launch of STACK is a significant step towards digitalization and transparency for the real estate sector. It has the potential to transform banking in the real estate sector and might play a significant role in the sector’s expansion.

AHMEDABAD: On Monday, a division bench of the Gujarat high court upheld a single judge’s decision to allow the redevelopment of a housing society in the Vejalpur neighborhood because more than 75% of the flat owners had agreed to it and the Ahmedabad Municipal Corporation (AMC) had also granted permission for new construction.

In the case involving the Swami Vivekanandnagar Cooperative Housing Society, 74 (93%) of

AHMEDABAD: On Monday, a division bench of the Gujarat high court upheld a single judge’s decision to allow the redevelopment of a housing society in the Vejalpur neighborhood because more than 75% of the flat owners had agreed to it and the Ahmedabad Municipal Corporation (AMC) had also granted permission for new construction.

In the case involving the Swami Vivekanandnagar Cooperative Housing Society, 74 (93%) of the 78 unit owners gave their assent to reconstruction because the structures, which were built in 1969, were in a deteriorated state.

By determining that the requirements for redevelopment under section 41A of the Gujarat Ownership Flats Act were met, the sole judge on June 21, 2022, opened the way for the reconstruction of the society. The lone judge overruled the concerns put forward by the minority of dissenting members.

The society’s members made the decision to pursue renovation in 2019 and entered into an agreement with Excel Life Space LLP. The problem reached the HC after the statute was revised to make it clear that 75% of members must agree to redevelopment because of objections from four members.

The HC instructed the AMC to make a decision regarding the society’s request for redevelopment. If the current structure is demolished and new ones are constructed on the plot, the civic body has given the society authorization to develop the land.

The sole judge had agreed with the majority’s position that, if the redevelopment proposal is approved, everyone will receive a larger home within three years without having to pay anything out of pocket. Since there are so few dissenting votes, section 41A’s condition for redevelopment is satisfied.

The single judge rejected the minority group’s protest and also ordered them to leave their apartments so that the structures might be demolished.

PUNE: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has permitted developers to apply for project extensions without the consent of 51% of homebuyers in the respective units.

Homebuyers are concerned that MahaRERA’s decision will cause additional delays in the completion of projects that have already missed deadlines. A project is considered “lapsed” if the developer fails to meet the deadline specified

PUNE: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has permitted developers to apply for project extensions without the consent of 51% of homebuyers in the respective units.

Homebuyers are concerned that MahaRERA’s decision will cause additional delays in the completion of projects that have already missed deadlines. A project is considered “lapsed” if the developer fails to meet the deadline specified at the time of registration. Once a project has been declared “lapsed,” the developer cannot advertise for it. Over 4,500 projects have expired in the state.

MahaRERA has recently directed developers to explain why they did not receive the required percentage of consent from house allottees and why their applications should be considered. “The developers shall submit the consents obtained from the allottees, regardless of the number of such consents, along with reasons stating why the required percentage of consents from allottees could not be obtained and why the application for extension should be considered in the absence of the required 51% consent,” the order stated.

The order, signed by MahaRERA secretary Vasant Prabhu, also stated that the developers have been directed to submit an explanatory note outlining the grounds and reasons for the delay in project completion as well as the need for a grant of extension. Documents supporting such grounds and reasons would also have to be submitted. Though officials anticipated that the new timeline would aid in the completion of the delayed projects, homebuyers believed that the new order would cause further delays.

Jayashree Makur, a homebuyer who invested in a failed project, stated, “We believe that such latitude will only help the builders further delay the projects, despite promising a new completion date. Before establishing the new standard, the opinions of homebuyers should have been considered.”

Ramesh Prabhu of the Maharashtra Society Welfare Association said the order was a step in the right direction toward completing the stalled projects. “Reaching out to more than half of the allottees who are scattered across the country and obtaining their consent is a significant challenge. Similarly, some promoters used this consent to obtain a waiver of the interest for delayed possession as well as deficiencies in amenities “He stated.

“The new order is unmistakable. Granting an extension without the consent of the allottees has no bearing on the latter’s right to interest or compensation for delayed possession “Prabhu stated.

Developers’ organizations have also praised the MahaRERA decision. Sunil Furde, the state president of Credai, stated, “The new order will assist developers in meeting new deadlines for projects. Unless there is a compelling reason, no developer wants to abandon a project. It will also be beneficial to homebuyers.”

“The new order is unmistakable. Granting an extension without the consent of the allotees has no bearing on the latter’s right to interest or compensation for delayed possession “Prabhu stated.

Developers’ organizations have also praised the MahaRERA decision. Sunil Furde, the state president of Credai, stated, “The new order will assist developers in meeting new deadlines for projects. Unless there is a compelling reason, no developer wants to abandon a project. It will also benefit homebuyers.”

KOLKATA: The Kolkata Municipal Corporation (KMC) assessment department has decided to extend the deadline for switching to the new system in order to bring more taxpayers under the Unit Area Assessment (UAA) system for determining property tax.

Though the civic leadership does not want an official announcement, the tax conversion process will continue, according to a senior official with the KMC revenue department.

KOLKATA: The Kolkata Municipal Corporation (KMC) assessment department has decided to extend the deadline for switching to the new system in order to bring more taxpayers under the Unit Area Assessment (UAA) system for determining property tax.

Though the civic leadership does not want an official announcement, the tax conversion process will continue, according to a senior official with the KMC revenue department. Previously, KMC officials set a December 31 deadline for converting from a rent-based valuation to the area-wise (UAA) system and announced a 5% annual penalty for those who do not convert.

After observing a willingness among a segment of property taxpayers to accept the conversion, the KMC revenue department has decided to extend the deadline in order to accommodate lakhs of property owners into the UAA fold.

According to a civic revenue department official, while the KMC brass has decided to speed up the conversion system from time to time since 2017, the response from taxpayers had been slow until last year.

Following the response, and in a desperate attempt to increase revenue, civic leaders have implemented a two-pronged strategy.

First, KMC assessment department inspectors will personally meet with existing assesses and arrange for the conversion, as well as hold switchover camps at housing complexes. Second, a ‘forced conversion’ method will be used.

This means that whenever a flat owner or owner of a standalone building applies to the KMC assessment department for a property mutation, the civic body will automatically bring the property under the UAA valuation method.

In fact, KMC revenue department officials have directed assessment department inspectors to halt the mutation of assesses who have not applied for UAA.

“In order to issue a mutation certificate, we made the conversion to UAA mandatory. So far, this strategy has worked well for us, particularly in the added areas and some south Kolkata localities. When the civic brass decided to send the assessment dept. inspectors to homeowners and conduct a drive to bring more assets into the UAA fold, the number of assesses who were converted to UAA increased.

Inspectors “knocked on the doors of assessors in Dhakuria, Gariahat Road, Kasba, Jadavpur, Baghajatin, Netaji Nagar, Jodhpur Park, Tollygunge, Behala, and some areas off EM Bypass,” according to a KMC revenue department official.

RAIPUR: In a first of its kind, the Chhattisgarh Real Estate Regulatory Authority (RERA) has issued an order transferring the Nardaha-based private housing project – City of Valencia – to the Chhattisgarh Housing Board in the best interests of the project’s plot holders.

The RERA took this action after basic facilities such as a road, electricity, water, and sewerage were promised by the project’s promoter,

RAIPUR: In a first of its kind, the Chhattisgarh Real Estate Regulatory Authority (RERA) has issued an order transferring the Nardaha-based private housing project – City of Valencia – to the Chhattisgarh Housing Board in the best interests of the project’s plot holders.

The RERA took this action after basic facilities such as a road, electricity, water, and sewerage were promised by the project’s promoter, Aftab Siddiqui, in the brochure but were not built even after five years.

The promoter had brought a housing project of 1072 plots in Nardaha and promised all basic amenities, but even after five years, no development work had been done in the project.

Following the plot holders’ complaint, RERA decided to hand over the project to the Chhattisgarh Housing Board, which will now take possession of the project and provide RERA with an action plan for the development of necessary basic facilities within two months.

According to RERA president Vivek Dhand, 130 project plot holders filed a complaint with the RERA in 2019 alleging non-completion of development work.

During the hearing of these complaints, it was revealed that the promoter of this project had obtained development authorization in 2010 to build a well-equipped residential colony with a total of 1072 plots in this project, and a brochure of the same had been released.

A total of 691 plots in the project were sold, resulting in a profit of Rs 41 crore. This project was supposed to be finished by 2015, but even after 6 years, no development work had been done. According to the rules, the promoter did not even register the project under RERA.

According to the RERA president, the project was handed over to the Chhattisgarh housing board in accordance with a Supreme Court order. The Housing Board will also record this project in RERA in accordance with the rules. The Raipur district collector has been directed to take the necessary steps to transfer this project.

After the project is transferred, the Chhattisgarh Housing Board will have the right to develop it and sell the mortgaged and unsold plots. The Chhattisgarh Housing Board will also have the authority to execute the registered sale deeds and collect the sale proceeds.

After finalizing the development construction of the project in the prescribed time period and according to the estimate and work plan, the Chhattisgarh Housing Board will transfer the project to the housing society for the purpose of maintenance.