The Delhi Real Estate Appellate Tribunal has initiated suo moto proceedings for ensuring strict compliance of the provisions of the Real Estate (Regulation and Development) Act, 2016 regarding prior registration of projects and also to curb incidents of developers cheating innocent buyers.

The proceedings were initiated yesterday by a coram comprising of Chairperson Justice Chander Shekhar and members Sheo Pratap Singh and Lorren Bamniyal.

The bench issued notice to Commissioners of all the Municipal Zones, Vice Chairman of the Delhi Development Authority, Chairperson of NDMC and the Commissioner of Police.

The development came after the Tribunal was apprised that there was a rampant non-compliance of the provisions of the RERA Act wherein large number of projects were not following the mandatory provision for prior registration of project.

For the said purpose, the Tribunal referred to Section 3 of the Act which talks about prior registration of real estate project with Real Estate Regulatory Authority.

The Tribunal also noted that the Registry had addressed couple of communications to the Commissioner of Police seeking details of the FIRs registered in respect of societies or individuals offering membership of housing projects and fraudulently collecting huge amounts of money from the gullible buyers in the city.

However, the Tribunal noted that the details were not received till date despite lapse of a considerable period of time and reminder.

Source: https://www.livelaw.in/news-updates/delhi-real-estate-appellate-tribunal-suo-moto-project-registration-cheating-buyers-185778

NEW DELHI

Lt Governor Anil Baijal Monday lunched the official portal of RERA Delhi and saying it will promote transparency and accountability in the real estate sector. The Government of India has implemented the Real Estate (Regulation and Development) Act 2016, RERA, to check malpractices in the sector. The Act came into force on May 1, 2017.

“Launched official portal of RERA, Delhi (www.rera.delhi.gov.in). The website will help promote transparency & accountability in real estate sector. Advised to provide an interactive forum for knowledge sharing with other RERAs… I congratulate the RERA team for the initiative,” the L-G tweeted after the launch.

The RERA Act aims to reform the real estate sector in the country, encouraging greater transparency, citizen centricity, accountability and financial discipline.

Source: www.realty.economictimes.indiatimes.com/news/industry/lt-governor-launches-delhi-rera-portal/69966899

New Delhi

Indian real estate market is expected to jump over fivefold to USD 650 billion by 2040 and its share in the country’s gross domestic product (GDP) is set to double from the current seven per cent, Niti Aayog Vice-Chairman Rajiv Kumar said Friday.

“The government is committed not only to real estate sector but all aspects of it. The government is very conscious and cognisant of what happening in the sector and how it contributes to the economy,” he said while addressing a global luxury realty conclave organised by India Sotheby’s International Realty.

Kumar said the recent Interim Budget has demonstrated that the government would take steps to make sure that the real estate sector grow and develop further so that this industry contributes even more to the economy.

The Centre has offered a lot of tax incentives to developers building affordable houses and also tax sops to homebuyers looking to purchase second homes.

Highlighting the importance of this sector, the Niti Aayog vice-chairman said the real estate sector is contributing seven per cent to the country’s GDP and its share is expected to double by 2040.

The current size of the real estate market is already USD 120 billion dollar and this will grow to USD 650 billion by 2040, he said, adding that the industry employs 55 million people now and this number will rise to 66 million as it grows.

“This sector is heart of the economy. It has backward linkages with 200 other industries,” Kumar said.

He also said the real estate sector would contribute more with rapid urbanisation.

Kumar said the two legislations — the goods and services tax and the RERA — implemented by the government would help in organised growth of this sector.

He asked real estate companies to blend best of Indian culture and best of global facility and technologies in their future development of properties.

Speaking on the sidelines of the event, Embassy group President (Residential Business) Reeza Sebastian said there is a good demand for completed housing units in all categories including luxury homes.

Tata Housing Managing Director and Chief Executive Officer Sanjay Dutt said the demand for luxury houses is slow and this has given an opportunity to better our product portfolio in terms of design and other services.

Colliers International National Director Gagan Randev said: “Luxury real estate market has become much more discernible with a preference in most markets for gated communities offering a luxury lifestyle. Developers are differentiating their high end products and this has resulted in success of branded residence.”

Gaurs Group MD Manoj Gaur said the luxury housing is looking up and its demand is growing because of a growing number of high networth individual in the country.

Amit Goyal, CEO of India Sotheby’s International Realty, said this is the third edition of global luxury real estate conclave, which provides a platform where all the stakeholders come together to discuss the ever-changing luxury property market.

India Sotheby’s International Realty is part of the of US-based Sotheby’s International Realty, which operates a global network of over 22,000 affiliates with 970 offices across 72 countries, dealing in luxury real estate properties.

Sources – www.realty.economictimes.indiatimes.com/news/industry/size-of-real-estate-market-to-grow-to-usd-650-billion-by-2040-niti-aayog/68114021

RERA Delhi

• RERA Act, passed in Delhi on 26th March, 2016. Notification dated 26th March, 2016.
• Notification dated 21st Nov. 2016, Shri Udai Pratap Singh, Vice Chairman, DDA (Delhi Development Authority) has been designated as Regulatory Authority for the purpose of the Act.
• The office of Regulatory Authority is located at 14th Floor, Vikas Minar, ITO, New Delhi.
• Rules Notified in Delhi dated 24th November, 2016.
• RERA NCT Website launched. (Visit: www.dda.org.in/rera/)