Real Estate (Regulation and Development) Act News

The authority has been hearing the complaints through virtual mode under the e-courts system keeping in view the need for containment of the COVID-19 pandemic in line with the directions of the Centre and the state government. The decision for putting in place a hybrid system of hearings was taken during the RERA's 59th meeting on Friday which was chaired by Chairman Rajive Kumar to discuss issues related to home buyers and builders in the state. He said many home buyers and their legal counsels had been seeking physical hearing instead of the online mode.

The Bombay High Court today upheld the validity of the Real Estate (Regulation and Development) Act (RERA).

Godrej Properties aims to be among the top three players in each city it operates in, building on its status as the largest listed developer by sales booking in the last two years, says Chairman Pirojsha Godrej.

The Supreme Court today agreed to hear the Centre's petition seeking transfer of various pleas, which are challenging validity of the Real Estate (Regulation and Development) Act (RERA) and are pending in different high courts, to the Delhi High Court.

Realty major DLF's net sales bookings fell sharply by 63 percent to Rs 1,160 crore during the last fiscal due to demand slowdown in the property market.

In what could give a breather to home buyers, the interest rate on delayed project has been fixed at 10 percent, as per a news paper report.

As many as 14 states and union territories have implemented the Real Estate (Regulation and Development) Act and another 14 states are in the process of notifying the rules, a senior government official said on Thursday.

Developers expect housing demand to recover with the implementation of the real estate law from May 1 as it will protect buyers from unscrupulous players, while prices will remain stable due to huge unsold inventory.