The case involves two appeals filed by Hasmukh Vershi Gala and Paresh Kantilal Gala against the promoter, M/s. Adarsh Industrial Estate Private Limited, for their project “Link Park” in Malad (West). The dispute centered on the promoter’s prolonged failure to hand over possession of the flats, which were booked by the appellants in 2013. According to the Memorandums of Understanding (MoUs) signed at the time, possession was to be delivered within 54 months, plus a 6-month grace period, with the final dates being in early to mid-2018.

However, the promoter failed to meet this deadline, and as of the date of the order, the project was still incomplete without an occupation certificate. The appellants initially approached the Maharashtra Real Estate Regulatory Authority (MahaRERA), seeking to withdraw from the project and claim a full refund with interest under Section 18 of the RERA Act.

In a common order, MahaRERA allowed the withdrawal and refund but imposed a condition that the refund and interest would only be paid after the promoter obtained a full occupation certificate. The authority also granted the promoter a “moratorium period” for interest payments due to the COVID-19 pandemic, based on a force majeure event.

The appellants challenged this conditional refund order at the MahaRERA Tribunal. During the appeal, the promoter did not appear despite being given sufficient opportunities. The Tribunal reviewed the case and found that the promoter had unequivocally failed to hand over possession, and that the MoUs, although pre-dating the RERA Act, could be enforced under the law. The tribunal’s order cited a pivotal Supreme Court case, M/s. Newtech Promoters and Developers Pvt. Ltd. V/s. State of U.P. & Others, which established that the RERA Act is retroactive in operation and serves to protect the interests of allottees in ongoing projects.

Crucially, the Tribunal concluded that under Section 18 of the RERA Act, allottees have an unconditional right to a refund with interest if the promoter fails to give possession. Therefore, the tribunal rejected the MahaRERA’s condition to defer the refund until the project’s completion, stating it was not legally sustainable.

The MahaRERA Tribunal partially allowed the appeals, directing the promoter to refund the entire amount paid by the appellants within 30 days of the order. This amount must include interest calculated at a rate of 2% above the State Bank of India’s Highest Marginal Cost Lending Rate (MCLR), with the interest dating back to the time of each payment until the money is actually returned to the complainants. The tribunal, however, rejected the appellants’ claim for compensation due to a lack of supporting documentary evidence.

Also Read: Rising property prices have boosted present homeowners’ home equity

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The primary objective of the conclave is to highlight and address the financial problems faced by the real estate industry, including high-interest rates, liquidity issues, and regulatory hurdles. Through the conclave, the industry will have a platform to share its concerns with financial experts and explore innovative solutions. Additionally, the conclave will create a bridging platform for real estate developers, banks, and financial institutions to interact and explore funding options for real estate projects. The event will also focus on exploring innovative funding mechanisms from national and international sources, to cater to the financial needs of the real estate industry. Lastly, the conclave aims to educate and create awareness among industry players from financial experts, enabling them to gain insights into the latest trends and opportunities in real estate finance.

The NAREDCO Finance Conclave 2023 is a significant initiative to address the various financial challenges faced by the real estate industry. The conclave will provide a platform for financial institutions and real estate developers to come together and explore innovative financing solutions. It will bring together experts from the finance industry, policymakers, government officials, and other stakeholders to deliberate on the current state of real estate finance and discuss the way forward.

“We believe that the NAREDCO Finance Conclave 2023 will serve as a significant platform for the real estate industry to address its financial requirements and explore innovative financing options,” said Mr. Rajan Bandelkar, President, NAREDCO. “The event will provide a roadmap to address the financial constraints faced by the industry and foster collaboration between real estate developers and financial institutions.” The NAREDCO Finance Conclave 2023 is expected to be a game-changer for the real estate industry, and it is expected to attract a diverse range of participants from the finance and real estate sectors. The event is an excellent opportunity for the industry to come together and explore innovative financing solutions to drive its growth and development, added Mr. Sathish Kumar, Chairman, NAREDCO Finance Committee.

Also Read: FUND CITY by NAREDCO at Finance Conclave to Bolster Real Estate Investment

The post NAREDCO FINANCE CONCLAVE 2023 TO ADDRESS REAL ESTATE INDUSTRY’S FINANCIAL NEEDS appeared first on Square Feat India.

By Varun Singh

When one buys a home, the homebuyer buys his dream, it is not just a house that will accommodate him and his family but will decide how their future will be.

Similarly when a developer builds a home he’s doing it to carry out a business, which will help him and his family survive. Also he has to pay his staff, who survive on the money coming from the homebuyer.

There are many a times that a homebuyer knowingly, or unknowingly fails to pay the next instalment.

In this case, what is expected of a homebuyer to do, the homebuyer should pay the instalment within 15 days of the builder raising the claim.

If the homebuyer fails to make the payment within 15 days of such claim being raised by the builder, the builder is entitled to cancel the allotment.

On August 12, MahaRERA came up with a circular that has defined how the allotment letter or agreement for sale will look like.

In this under the clause 12 of the proforma uploaded by MahaRERA, it has mentioned the following.

“In the event the booking amount is collected in stages and if the allottee fails to pay the subsequent stage installment, the promoter shall serve upon the allottee a notice calling upon the
allotted to pay the subsequent stage installment within 15 (fifteen) days which if not complied, the promoter shall be entitled to cancel this allotment letter.”

The clause further reads, “On cancellation of the allotment letter the promoter shall be entitled to forfeit the amount paid by the allottee or such amount as mentioned in the Table enumerated in Clause 9 whichever is less.”

Details of table 9 is as follows:

Now the developer has legitimate reason to cancel the booking on account of failure from the homebuyer to make payment to him.

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Tulip Infratech, one of the leading real estate development organizations in NCR today announced the launch of Tulip Monsella which enlightens as a new hope to doomed buyers of Vipul’s Aarohan Residences, Tulip Infratech has acquired this stuck project and developing it as High-End Premium project.

The project would bring relief to several distressed home buyers as it involves completion of around 270 stuck homes. The ultra-luxury project which would have 1084 units in total, is witnessing robust demand as the developer has also resumed the sales process.

In total, Tulip Infratech plans to invest 3000 crore INR in the next 5 years to revive the project as an ultra-high-end residential project, and 2 state of the art commercial buildings. Since the transfer of the project in December 2021, the project has made rapid progress. 

“This is a special project as it caters to the hopes of several home buyers whose wait for a dream home by elongated. With Tulip Infratech having taken over the responsibility, the progress is in full swing and it would turn out to be one of the most ultra-luxury projects in the whole of National Capital Region.” said Parveen Jain, Chairman & Managing Director of Tulip Infratech

“We have also started seeing good demand flow and enquiries. With state-of-the art technology and architecture being implemented, along with special focus on environmental aspects, it would also be provide a healthy atmosphere to the home buyers.” Added Mr. Jain

Commenting on the new beginning, Mr. Vikas Bali, President, RWA, Vipul Arohan Residences said that they had been waiting for their house for many years but were forced to stop with the construction work on the project. Given Tulip’s successful track record, we are now confident that we will find our homes at the newly appointed time. Apart from this, Tulip Monsella is now being made more luxury than before, which is even better.

Tulip Monsella located in Sector-53 on Golf Course road, Gurugram on an area of 19 acres in TOD (Transit Oriented development) zone. Golf course road has been the best unmatched premium location in Gurugram with Rapid Metro going above the road, surrounded by the best commercial, office complexes, all giving an international look with an exquisite skyline.

The new project of Tulip Infratech is coming up as the Grandest Group Housing project till date having High-End Premium 3, 4, 5 BHK apartments, duplexes, penthouses in around 40 storied 10 High Rise Residential towers well equipped with Mega Commercial Complexes, Convenient Shopping, Latest Amenities like: Sports Club having lawn tennis, covered badminton courts, basketball, cricket pitch, Golf range, scatting ring, Club House having Bar, Multi cuisine Restaurant, Patisserie, Banquet Hall, gym, mini theatre, cards room, snooker lounge, Health club having Jacuzzi, sauna, steam, massage, salt room, saloon, swimming pool etc.

The world class landscaping of Tulip Monsella shall showcase water features, ponds, sprawling lawns and green mounds, amphitheatre, sunken courts, jungle walk with dense green plantations and trees to provide a pollution free serene ambient countryside atmosphere.

Tulip Monsella, which will be one of the tallest development of Golf Course Road, consisting of 10 towers at 138m with 40 floors each and a Sky Hub. This is a completely unique development as it has zero vehicular movement on the ground level, golf carts and elevators that open straight into the residence via card access make this a highly exclusive development.

The construction technology being used by Tulip is the latest international ‘Mivan construction technology’ where the structure is 100% R.C.C. (Reinforced cement concrete) and no brickwork is used which makes the structure more sustainable, long lasting, durable, giving impeccable strength and more earthquake resistant.

Established in 2005, having completed 15 projects and delivered over 5,500 homes so far, Tulip Infratech is well recognized for its timely delivery of projects. The fast pace of progress of Tulip Monsella comes as a major development for the sector as the government and developers are trying to address the issue of stuck projects in the country.

The progress in the project taken over from Vipul Ltd brings in a new era in India’s real estate sector which has been affected by several issues including stuck homes and the pandemic. Tulip Infratech comes up as a torch bearer in terms of timely completions and delivery of dream homes and making rapid strides in terms of acquired stuck projects in the country.

Also Read: Government’s intervention to cut import duties on steel, cement will spur realty demand

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By Varun Singh

A builder was fined Rs 1 lakh by MahaRERA, the fine was imposed for a violation of the RERA act by the builder.

Complainant Shaikh Arbaz Arif, approached MahaRERA against Shree Samarth Construction builders and developers.

It was the complaint of Shaikh that the builder had allotted him 8 flats through a development agreement. These apartments were to be given to the complainant in lieu of the development rights of the land which he was holding.

This building was to be completed in 30 months from the date of commencement certificated dated, April 18, 2015.

The complaint also claimed that the project wasn’t registered with MahaRERA and hence sought compensation, possession and also rectification of various defects in the building.

The builder submitted that they were located in the gram panchayat and it was with the consent of the land owner that they continued with the construction without registering under the RER act. The builder also claimed that due to COVID 19, non-availability of sand and other reasons he was not able to complete the project.

Section 3 o the RERA act clearly states that, no promoter shall advertise, market, book sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it in any planning area, without registering the real estate project with the Real Estate Regulatory Authority established under the Act.

Section 4 and 4 (2) (c) and (d) of the Act, which states, every promoter shall make an application to the authority for registration of the real estate project in such form, manner, within such time and accompanied by such fee as may be specified by the regulations made by the Authority. The section further states that an authenticated copy of the approvals and commencement certificate from the competent authority obtained in accordance with the laws as may be applicable for the real estate project mentioned in the application, and where the project is proposed to be developed in phases, an authenticated copy of the approvals and commencement certificate form the competent authority for each of such phases.

The section 4 (2) (d) states that the sanctioned plan, layout plan and specifications of the proposed project or the phase thereof, and the whole project as sanctioned by the competent authority.

Section 59 of RERA states that, if any promoter contravenes the provisions of section 3, he shall be liable to a penalty which may extend up to ten per cent of the estimated cost of the real estate project as determined by the Authority.

Mehta in his order stated that it is clear from the submissions made by the parties that the project is an on going project as the OC is not yet obtained by the developer for the said project and this falls within the ambit of the section 3 of the act.

He further observed that the project is an on-going project, the same needs to be registered within a period of 30 days of the builder obtaining the requisite approvals of the project. The builder shall not advertise, market, book or create third party rights by offer for sale, enter into agreement for sale any apartment in the project, without obtaining the MahaRERA registration number for the project.

Finally MahaRERA chairman Mehta noted in his order that the builder has accepted monies from the complainant without registering the project with MahaRERA, the builder is directed to pay MahaRERA a penalty of Rs 1 lakh for violation of section 3 of the RERA act.

Also Read: Of the 17k complaints in how many has MahaRERA passed an Order!

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By Varun Singh

The Income Tax Department (IT) initiated search and seizure operations on a real estate group, engaged in the construction of residential and commercial projects, in Mumbai and Navi Mumbai Region on November 25.

The group where the IT Dept carried out the search operations is mainly into development of slum rehabilitation projects. The search action covered around 30 premises.

The search action by the IT Dept unearthed various methods of tax evasion adopted by the group.

Several documentary and digital evidences have been found and seized demonstrating receipt of cash to the tune of Rs.100 crore, as part of consideration on sale of flats, which is not accounted for in the regular books of account.

The fact of receipt of on- money on such transactions is also corroborated in the statements recorded during the search proceedings.

IT Dept says, “The modus operandi adopted by the group includes issuing of promissory notes equivalent to the on- money component to the customers and these promissory notes are destroyed after registration of the flat.”

Incriminating evidence regarding unaccounted cash payments made not only to the original tenants of the slums for vacating the dwelling unit but also to some other persons for facilitating vacation of the properties by slum dwellers has been found and seized.

The dept says, “Further evidences suggesting irregularities and violation of guidelines of Slum Rehabilitation Authority (SRA) have also been detected.”

According to the IT dept, the preliminary analysis of evidences revealed that the group has acquired controlling stake in a company by paying consideration in cash.

“Defaults on compliances to the provisions of tax deduction at source have also been found. The assessee group did not deduct tax at source on certain payments claimed by it which aggregate to more than Rs 300 crore,” said the department.

As a result of the search action, unaccounted cash exceeding Rs 6.00 crore has been seized. Further investigations are under progress.

Also Read: Is A Homebuyer Protected If SRA Terminates Builder?

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By Varun Singh

If someone tells you real estate industry isn’t doing well then you better tell them to read this.

In the month of October itself record realty sales were registered in the city of Mumbai.

Now, a builder in Mumbai in mere four days of launching its project achieved a gross sales of ₹787 crore.

This speaks a story that not many wish to discuss, because it is positive. The realty industry is showing clear indications that it is back on track.

Just last week while having a discussion with Dr Niranjan Hiranandani about the real estate scenario he without mincing any words had said India’s GDP will see a rise.

Now with such examples in front of us, we know why Hiranandani had shown such faith.

Okay coming back to the story so a developer has managed to sell property worth ₹787 crore in just four days is a huge feat that he as achieved.

So who is the developer and which project are we talking about?

Not keeping much for you all to guess, and also not wanting to create any sensationalism here’s the entire story.

Oberoi Realty Ltd, one of India’s largest real estate developer launched a new tower in the Elysian project at Oberoi Garden City, Goregaon on October 28, 2021.

And since then till Monday morning it and has recorded gross booking value of Rs.787 crores for 3.90 Lakh sq. ft.

With this, the cumulative gross booking value from January 1, 2021 till date in Oberoi Garden City stood at Rs 2,705 crores.

The new tower offers a mix of spacious 3 and 4 BHK apartments. The 4 BHK apartments extend to spacious outdoor decks with uninterrupted views of the Aarey Greens. Elysian at Oberoi Garden City offers a state-of-the-art lifestyle and over 35 amenities that include squash courts, golf simulator, futsal court, mini theatre and many more.

Oberoi Garden City is the flagship project of Oberoi Realty that transformed Goregaon into a most sought-after real estate destination. This integrated development is spread across 80 acres and offers a ready social and lifestyle infrastructure with excellent connectivity to the business districts, suburban station and the upcoming metro.

Commenting on the response to the project, Vikas Oberoi, Chairman and Managing Director, Oberoi Realty Limited said, “It is a fantastic moment for us to receive such an overwhelming response from our customers who have time and again reposed their faith in the brand. Elysian is an ideal choice for those looking for a vibrant lifestyle in a ready ecosystem within a well-connected suburb. We are delighted and motivated by the response.”

Also Read: Lodha sells more than 1000 homes during lockdown

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By Varun Singh

It is mandatory on a builder to execute the registered conveyance deed within three months from the date of receipt of the occupancy certificate.

MahaRERA, recently came out with a circular that has notified and made it mandatory for a developer to submit up to date status report regarding execution of registered conveyance deed.

According to section 17 of the Rera act as well as sub-rule two of rule nine of the rules of Rera at a developer has to execute registered convince deed in respect of the real estate project within a period of three months from the date of issue of the occupancy certificate.

Agreement for sale executed between promoters (builders) and allottees (home buyers) post me, 2017, shall be governed by the rules of Rera act.

The MahaRERA, has also notified that the registered conveyance deed in respect of real estate projects that are registered with the authority should be executed within three months from the date of issue of occupancy certificate.

The circular issued by MahaRERA states that a builder will have to submit quarterly up to date status report regarding steps initiated by him for execution of the registered conveyance deed such up-to-date status first shall be submitted along with the quarterly up-to-date status of the project that the promoter shall be submitting immediately after application for obtaining occupancy certificate is submitted to the competent authority.

The builder will also execute the registered conveyance deed as per mandate of section 17 of the Rera act within three months from the date of receipt of the occupancy certificate.

The authority also states that failure on the part of the builder to submit quarterly up-to-date status report as well as non-execution of the registered conveyance deed shall be considered as violation of the provisions of the act and action shall be taken against such developers.

So next time, if the developer is not giving you the conveyance deed then show them this.

This would solve various problems that a society faces, in absence of the conveyance deed.

Also Read: Open Parking Space Cannot be Sold and this is Final

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By Varun Singh

Now every homebuyer can know the status of his home where it has reached and how much it is constructed.

Developers have to upload the information every quarter. The builder will have to update all information including home sales and work done.

A new circular was issued by MahaRERA in regards to this.

MahaRERA made available online facility to Promoters, for providing quarterly updates of their registered projects. However, there is a need for more systematic and methodical process of quarterly updates.

MahaRERA has implemented “Financial Quarter Based Project Progress Reporting System” for all MahaRERA registered real estate projects. Promoters will now file Quarterly Progress Reports (QPR) as per Financial Quarters within 7 days of the Quarter End ( Due Dates will be every 7th day of July, October, January and April respectively).

The first financial quarter based QPR will be due to be filled by 15th August, 2021 for all registered projects (for April May June Quarter) irrespective of the date of their last QPR filled.

Promoter shall provide Quarterly updates on the following:
o Increment Changes in various building plan approvals.
o Status of the Project: Physical and Financial Progress of the Project along with Form l, Form 2, Form 2A and Form 3 for the quarter’
o Form 5 shall be submitted in the concerned quarter i.e Quarter II.
o Form 4 to be uploaded, if applicable.
o Present status of Booking of Plots/Apartments/Units
o Present status of Booking of Garages, Cover Parking.
o Changes in Project Professionals including Architect, Engineer, Chattered Accountant, Real Estate Agents and so on.
o Changes in Encumbrances Report
o Status of Association of Allottees, if applicable
o Status of Conveyance, if applicable
o Changes in any other detail of the project, as provided during Project Registration/Previous update.

Stringent action will be taken against promoters for not filing the Quarterly Progress Reports.
o On missing the Quarterly Progress Report Submission Deadlines, a web generated notice shall be immediately sent to the promoter for compliance within l0 days. Further, on the MahaRERA web portal, it shall be made available for public view, the details of non-compliance by the promoters.
o On failure of compliance by the Promoter within 15 days, Chief Planning Officer, MahaRERA shall call the promoter for hearing, to understand the reason for noncompliance and on basis of merit, put the case to Authority for determining penal action to be undertaken.
o The promoter shall be restricted from availing any other service from MahaRERA including Project Extension, Correction etc. till the quarterly update has been filed.

Adv Sunil Kewalramani said, “This is more systematic and methodical process for the quarterly updates of real estate projects. Prior to this order, there was no systematic process set by MahaRERA for the quarterly updates and therefore some developers were taking advantage of this and were not updating the details. Due to this developers now will do the quarterly updates as they will have apprehension that MahaRERA will take stringent action against them.”

Also Read: Ajoy Mehta’s Son bought Prabhadevi Flat for Rs 2.86 Cr within a month of Nariman Point deal

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By Varun Singh

Under the RERA act, a builder can transfer his rights in the project to a third party. MahaRERA recently came out with a circular setting of several procedures. This is a detailed piece on the circular issued by MahaRERA on Monday.

Experts say that this circular will bring clarity to all stakeholders.

The chairperson, MahaRERA is vested with the powers of general superintendence and direction in the conduct of affairs of the authority under section 25 of the Real Estate (Regulation and Development) Act 2016.

In accordance with section 15 of RERA, the builder is not allowed to transfer or assign his majority rights and liabilities in respect of a real estate project to a third party without obtaining prior written consent from two-third of allottees, and without the prior written approval of the authority.

Procedures were prescribed for the purpose of transfer or signing promoter rights vide a MahaRERA circular in November 2017.
However, considering various types of litigations, MahaRERA thought it is necessary to revise the procedure for the purpose of transfer of promoter rights and liabilities to 3rd party in accordance with the provisions of section 15 of Rera act 2016.

For the purpose of this section changes in internal shareholding or constraints of a promoter’s organisation that doesn’t affect obligations and liabilities with respect to the allottees and the rights and liabilities of the promoter’s organisation, shall not require the approvals.

“Any conversion of the promoter of the entity under any statute of partnership firm into LLP/private limited company or Conversion of a private limited company or unlisted company to LLP or otherwise proprietorship change by succession to legal heirs,” the procedure mentioned in the circular issued by MahaRERA shall not be required for this approvals.

Cases where the transfer is initiated by the promoter: The promoter shall have to apply to MahaRERA with the consent of two-third allottees as on the date of application in the project under consideration, to seek permission to transfer its rights and liabilities to third-party. The third party or the intending purchaser shall also submit the documents to the authority.

The promoter shall have to write to the secretary, MahaRERA, in the prescribed format. On receipt of such application, the secretary shall initiate action through the legal wing who takes necessary steps to obtain approval of MahaRERA, which may include scheduling a hearing.

MahaRERA shall thereafter pass an order within one month of filing of such application of either granting approval to such application of transfer or reject such application of transfer.

After receipt of the approval for the transfer from MahaRERA and thereafter within seven days of completion of the transfer, the new promoter shall then apply for necessary corrections in the existing registration details. The new promoter shall also upload required supporting documents in its name like land title, building plan approval, etc, upon obtaining the same from time to time.

The new promoter shall upload on the website of Rera, registered undertaking that they shall comply with all the obligations under agreement of sale executed by the erstwhile promoter with respect to the allottees of the project and has assumed all the obligations of the erstwhile promoter under the act.

Amalgamation or merger of the companies in which amalgamating company has one or more of the project registered under Rera, and which is voluntarily initiated by the promoter after April 30, 2017, Shall be regarded as transfer initiated by the promoter, and the promoter shall have to follow the procedure prescribed.

However, if the amalgamation or merger or demerger of the companies, which is not regarded as transfer under section 47 of the income tax act, 1961 or where 75% of shareholders remain the same in the resultant company, the procedures shall not apply for them which includes approvals of allottees.

Cases where the transfer is initiated by a third party like financial institution/creditors, by operation of law or by way of enforcing of the security, When secured loan and/or the charge of the project is disclosed in the registration details of the project on the website of MahaRERA, then in such case, the promoter shall write to the secretary, MahaRERA in the prescribed format within seven days of being aware of the impending or potential transfer arising out of enforcement of security or mortgage.

The promoter shall also simultaneously inform each and every allottee of the project of the pending or potential transfer. Within seven days of the transfer being affected by the financial institution of creditors, such financial institution or creditor shall intimate to each of the allottee and secretary MahaRERA of enforcement of the security which has resulted in the transfer of the ownership of the promoter organisation or transfer of the project. The financial institution of creditors or the new promoter shall then apply for necessary correction in the existing registration details.
Procedure for updating details of the new promoter.

After receiving the application, the secretary shall initiate action through the legal wing for order of the authority. Next para MahaRERA order shall we mail to the applicant at the given email address. As per the order, the new promoter applying a correction model for change in promoter details and pass the order of the authority as a supporting document. The new promoter shall in the update module from time to time also upload required supporting documents and its name like amended land title, amended building plan approval, and others upon obtaining the same.

Adv Sunil Kewalramani, said, “The MahaRERA by considering the various type of litigations in the past, has issued this revised procedure for the purpose of transfer of promoters rights and liabilities to the third party in accordance with the provision of section 15 of RERA Act. The MahaRERA has given a comprehensive revised procedure which will give the required clarity to all stakeholders.”

Also Read: Ajoy Mehta’s Son bought Prabhadevi Flat for Rs 2.86 Cr within a month of Nariman Point deal

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