The Maharashtra Housing (Regulation and Development) Act (´Act´) received the assent of the President of India on February 24, 2014. This set the tone for vibrant and enthusiastic discussions about its potential impact, pros and cons.
Board of India (SEBI) on September 26, 2014, to set up Real-Estate Investment Trusts (REITS). A REIT cannot be formed without a trustee, a maximum number of three sponsors (with a collective net worth of at least Rs 100 crore, and individually at least Rs 20 crore), and a manager with a minimum net worth of at least Rs 10 crore.
Transparency and every buyer's best dealer - this is what RERA can bring to a developer's repute along with the 'industry' status that the fraternity has always longed for! May 1, 2017, will always be recalled as a turning point in the history of real estate in India - when all states were asked to notify RERA rules.
Come August, a promoter as defined under RERA will be liable to register his real estate project to be able to offer the flats for sale. While the private sector is abuzz with activity, Maharashtra Housing and Area Development Board, City and Industrial Development Corporation of Maharashtra and their brethren too are covered by the definition of promote.
Thousands of aggrieved homebuyers moved to court recently, citing gaps in the Insolvency and Bankruptcy Code. With some top developers in the NCR filing for insolvency, about 90 per cent of investors are unaware of their rights and how they are impacted when their developer is declared insolvent, reveals a Magicbricks consumer choice poll.