The last decade has seen homebuyers' wait for possession in large under-construction projects in the top cities reduce to 4.9 years, from 6.1 years in the 2010-2019 period, a report showed on Sunday.
One of most critical challenges to provide affordable housing especially in urban areasis in the limited nature of supply of urban land. Urbanization has grown at a fast pace, with the proportion of urban population rising from 27.8 per cent in 2001 and is estimated to constitute 89 per cent of the total population in 2051. Apart from the original residents in these urban areas, migrants from rural and peri-urban areas who come to the cities in search of employment, require shelter and housing
The committee was formed in March by the Union Housing and Urban Affairs Ministry comprising officials of the Union Finance Ministry, Uttar Pradesh and Haryana state governments, the Insolvency and Bankruptcy Board of India, the National Housing Bank and the Real Estate Regulatory Authority (RERA) of Haryana and UP.
The real estate regulatory authority (RERA) Gurugram has directed Vatika Limited to refund the full amount to the allottee to whom the builder failed to deliver the unit even after a delay of more than five years.
The DDA has filed an appeal before the Real Estate Appellate Tribunal against the requirement of registration of DDA projects under RERA. So far, no projects of the DDA have been registered under RERA, Minister of State for Housing and Urban Affairs Kaushal Kishore said in a written reply in the Rajya Sabha.
The real estate regulatory authority passed the order in response to a petition moved by the allottees of Kalyan Plaza Annex Housing Project and directed the Hi Tech Estates & Promoters Private Limited that “the builder can not shift the responsibility of maintenance to the flat owners unless the project is fully completed, flat owners society is formed, the common area is transferred to the society and production of valid occupancy and completion certificate.
There was a demand for providing special relief for the real estate sector so that the sector is able to cope up with the adverse impact of the current crisis.
Following the court order, the ED will now register the money laundering cases against Amrapali, its CEO and Managing Director (CMD) Anil Sharma, and directors Shiv Priya and Ajay Kumar.
Not just in terms of construction, but even in terms of simplifying the property buying process, real estate brokers and agents are slowly adapting newer technologies
West Bengal has refused to implement the Act as it has its own West Bengal Housing and Industrial Regulation Act (WBHIRA). This has, however, been challenged in the Supreme Court by the Forum for People's Collective Efforts (FPCE), an umbrella association of home buyers.
