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Property Brokers Gets Alert As Maha-Rera Indicate Towards A Mandatory Registration

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Property Brokers Gets Alert - MahaRERA

Soon a notification would be issued by the Maharashtra Real Estate Regulatory Authority (MahaRERA), for the 1 lakh and odd property brokers across the state to get themselves registered at the earliest. In spite of the eminent deadline, barely 12 per cent property brokers in Maharashtra have registered under the MahaRERA.

Being the back bone of the real estate market, real estate agent channelizes the markets, in which the money is either brought by the promoters or by the buyers. But with the passage of time, there is a loss of trust of real estate agents among the general public. In order to reverse this scenario, government has formed the RERA with, Central Advisory Council and Real Estate Appellate Tribunal, so that people can regain trust in real estate agents and also setting up a strict penalty to the system for the defaulters, due to which this unbalance has emerged.

The new guidelines for the agents are being set by the RERA consultants, that will bring awareness among the agents as well as the buyers, also it will provide the consulting service to the agents to get registered by RERA.

Currently, there are only 12 percent of the brokers, that have registered themselves with the authority. The facts given by the Confederation of Real Estate Brokers Association of India’s (CREBAI) Maharashtra, reveals that near about 7000 brokers have registered with MahaRERA till now. The authority further assures that after the registration, the brokers will get a special status and it will help them to generate more revenue in future. This registration by RERA, will be the license symbol for all brokers, projects and developers.

According to CREBAI members, there still exits a hesitation among the brokers for the registration, as nearly 80% of them usually deals in secondary or re-sale property. And in accordance with the new rule, only a Maha-RERA-registered broker can market newly registered projects. All the property brokers are supposed to be registered with the authority and the developer, in order to render their services. During this registration, the developers are also liable to disclose the name and other details of the authorized agents.

A registration number will be provided to the real estate agents by the regulators, which they have to mention in each sale they make. With this, the agents will be required to maintain books of account, records and documents related to every transaction made by them. They will also be restrained from making any kind of false representation, whether it be orally, written or by visual representation. Brokers will have to share all the documents and the information about the project with the buyers, which they are entitled to at the time of booking a property.

Under this act, the real estate brokers can register as an individual or as a part of an organisation. Under an individual registration, they have to pay Rs 10,000. But when registering as a part of a firm, they are expected to pay Rs 1 lakh, which they have raised as an issue with MahaRERA.

Once the regulation comes in order, and agents get registered, it would be a lot difficult for them to mislead the home buyers. And home buyers will be able to cross-check most of this information on the regulator’s website.

Regulation

Housing Ministry: Sanctions Upto 5 Lakhs Affordable Houses Every Month

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Housing Ministry Sanctions Upto 5 Lakhs for Affordable Houses

Hardeep Singh Puri, Union Minister of State for Housing and Urban Affairs has informed that the government is fully committed to bring a large and thorough transformation in the country’s infrastructure development. He admitted to the fact that the India’s urban infrastructure was under great level of strain earlier and now government is all set to change that by providing relief steps to the real estate sector, one such step is providing 12 million houses in urban areas by 2022.

In his statement, Puri assured that the government is committed and is sanctioning at a rate of 3 lakh to 5 lakh affordable houses per month under the Pradhan Mantri Awas Yojana (PMAY). 12 million houses will be provided in the urban areas by 2022 as part of its home-for-all campaign. According to him the capacity building was necessary as the urban population was expected to rise from the present 30 per cent to an estimated 50 per cent by 2030.

The minister further added in his lecture on ‘2022: The India We Seek’ that he was able to get a provisioning of Rs. 60,000 crore for the four-year period with an approval for a new urban affordable housing fund. The event was organised jointly by the Society for Policy Studies and India Habitat Centre.

There are eight models that ministry has come out with to promote the private sector participation in the affordable housing sector. Six out of eight are based on leveraging government land and rest of the two are based on private land ownership. The cost of the land is estimated as high as 40 per cent to 80 per cent of the house being provided. Both the state and the central governments are also giving outright subsidies, and the cost of a home is about Rs. 6.5 lakh. Pradhan Mantri Awas Yojana  is getting high resistance. Puri claims that this scheme is one of the best generous schemes for the social transformation.

He suggested that the present government has a positive, powerful and growth-oriented agenda. Elaborating further, he said that the Indian state must be strengthened to deliver the goods and services required, in order to achieve the new India. As the goods and services delivery cannot be facilitated, if the state remains incapacitated. There was an emphasis from his side on the cooperative federalism for the efficient execution of various flagship schemes aimed at planned urbanisation.

There are several issues to address today and the government must overcome deep-rooted social prejudices and satisfy the demand for food, shelter, clothing and opportunity for the rapidly growing population, as millions of our people still suffer in poverty.

By the 150th birth anniversary of Mahatma Gandhi on Oct 2, 2019, the government is planning to achieve 100 per cent solid waste management in the country and 100 percent open defecation-free India. Puri recollects the cleanliness campaign by Gandhiji before striving for political freedom, in 1916, a year before his Champaran movement that heralded our freedom struggle. He stressed for the need of a change in the mind-set of the people to achieve a “transformed India”.

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SC: Shapoorji Pallonji Not Eligible to Bid For BDD Redevelopment In Worli

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In its recent ruling, the Supreme Court dismissed the Bombay High Court’s decision of granting the leading developer, Shapoorji Pallonji Group to participate in Worli BDD Chawl redevelopment project costing Rs 10,600-crore.

Since the Shapoorji Pallonji failed to submit its bid for the project before the last date of July 27, 2017. Later it was claimed by the group that due to a technical problem in the National Informatics Centre (NIC) portal and Maharashtra Housing and Area Development Authority(MHADA), it could not submit the bid and requested the tenders to be called once again.

The NIC was handling the e-tendering process for MHADA. And later MHADA rejected the company’s plea. Following it, Shapoorji Pallonji moved to the Bombay High Court and found a ruling in its favour, saying, “When technology fails, humans have to intervene.” In response, MHADA went to the Supreme Court.

The argument by the MAHDA’s lawyers was that the NIC has so far handled nearly 80 lakh e-tenders without facing any problems, so Shapoorji Pallonji’s claim about a technical glitch preventing them from submitting the bid is not acceptable at all. And if the HC order is accepted now, then the sanctity of the tendering process will become questionable.

Also, supporting their argument was the fact about the other successful submission of the e-bids made by Shapoorji Pallonji for the redevelopment projects of BDD chawls at Naigaon and NM Joshi Marg, and their full awareness during the process.

Justice Ranjan Gogoi observed in his ruling in MHADA’s favour, that the absence of any acknowledgement in the technology and the generation of such acknowledgements in respect of other bidders indicates that the bid submitted by the first respondent (Shapoorji Pallonji) was not a valid bid. Also the directions issued by the High Court in favour of Shapoorji Pallonji virtually gives the respondent a second opportunity, which cannot be allowed.

Justice Gogoi further added that the High Court was not correct in issuing directions to MHADA and NIC to reconsider Shapoorji Pallonji’s bid. There were no comments from the senior MHADA officials.

The BDD chawls, Bombay Development Directorate chawls were constructed by the British at Worli, NM Joshi Marg, Naigaon, and Sewri in Central Mumbai in the 1920s as a low-cost housing project, which has now turned into an ambitious redevelopment project, pegged at Rs 16,000 crore.

The nodal agency for the project, MHADA, will get to build around 13,000 affordable houses, after rehabilitation of existing residents in 500 sq ft flats. The tendering process for the project at Worli is underway, as the bidding process is over for NM Joshi Marg and Naigaon. Shapoorji Pallonji has won the project at NM Joshi, whereas L&T has bagged the contract to develop Naigaon project.

Also Read: Nirmal And Shapoorji Pallonji Real Estate Join Hands To Develop Two Projects In Mumbai

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Regulation

MahaRERA Puts A Stalled Project Back On Track

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MahaRERA Puts A Stalled Project Back On Track

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has successfully negotiated a settlement between the developer and home buyers of Tanvi Eminence housing project in Mira Road. This project has been stalled since 2013 because of a squabble between the four promoters, now as the matter has been resolved, it has got a new completion deadline of end-2019.

This remarkable step by RERA regulatory authority by playing an active role in putting a housing project back on track is providing the relief to hapless home buyers. It is one of the first instances in India that a project which was stalled for four years, before the RERA Act came into effect, has now been reinstated.

Gautam Chatterjee, MahaRERA chairperson took the initiative and personally held deliberations over the last three months to make sure that one of the four bickering promoters took up the responsibility of construction, funding and completion of Phases I and II of the project, which has been stalled since 2013 after the initiation in 2009. It was first reported in October 2017 that over 500 home buyers were waiting for their homes in Tanvi Eminence as the four project promoters found differences amongst each other, including two diamond merchants, in Kashimira Ceramic Products LLP (KCPL).

A group of 181 home buyers, last November, formed a welfare association and collectively approached MahaRERA for relief. In the next month, under the MahaRERA chairperson’s supervision, Dahyabhai Sutaria, the diamond merchant agreed to take charge of the project with the other promoters agreeing to transfer 33 per cent of their share to Sutaria and exit KCPL. However further along the path, the promoters again got stuck with the talks. Due to the constant diligence of the chairperson, the promoters were brought back to the negotiating table and a solution was hammered out with the consent of all stakeholders.

In the new settlement, Dahyabhai Sutaria will now be holding 99 per cent ownership of KCPL, with a new partner Dhaval Darji holding 1per cent, so that the project can be executed by the same Limited Liability Partnership firm. Together, under their work the 18-storey buildings in Phase I will see the completion of five wings, and three buildings of 11-storeys in Phase II, and possessions will be deliver to 181 home buyers by December 31, 2019, with a further grace period of three months.

The cost of the flats allotted to home buyers will not be increased, except 4.5 per cent GST on flat cost, a major consent terms signed between the two promoters and the 181-members of the Tanvi Eminence Owners Welfare Association.  An amount of Rs 4 lakhs will be charged by the promoters towards parking for those not allotted parking. Even after a co-operative housing society is formed by the home buyers, the allotment rights for car parking will remain exclusively with KCPL. Those buyers who don’t have an agreements of sale will find one with the promoters within the 90 days.

In return, all complaints and FIRs filed against KCPL with the police and any other authorities will be withdrawn by the home buyers. The promoters as per their requirement to complete the project, will be entitled to purchase the Transfer of Development Rights. They will be free to construct additional floors in Phase II and sell those flats at current market prices, if they get additional Floor Space Index from the Mira-Bhayander Municipal Corporation.

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