RERA Applicable To Long Term ‘Lease Agreements’ In Which Substantial Investment Is Made By Lessee As Consideration: Bombay HC [Read Judgment]

The object of the RERA cannot be to exclude such persons, who have invested huge amount in the Real Estate Project, may be under the 'Agreement of Lease' and taken such apartment on the lease of '999 years', which transaction is, in reality, the transaction of sale.’The Bombay High Court has held that provisions of the Real Estate (Regulation and Development) Act, would apply in case of agreements styled as 'Agreement to Lease' when the lease period is long (say 999 years) and when the ‘lessee’...

Bombay HC Upholds Validity Of Real Estate (Regulation And Development) Act [Read Judgment]

In a huge relief to thousands of home buyers, the Bombay High Court has upheld the constitutional validity of the Real Estate (regulation and Development) Act.A bench of Justice Naresh Patil and Justice RG Ketkar passed the judgment after hearing all parties in the matter and upheld the provisions of the new Act that came into effect on May 1, 2017.The Supreme Court had earlier directed other high courts in the country to wait for the Bombay High Court to decide all pleas and petitions...

Maha-RERA Withdraws Office Order Defining ‘Co-Promoter’ [Read Order]

The Bombay High Court, in the case of Ismail Ibrahim Patel and others vs State of Maharashtra and others, has allowed the petitioner to withdraw the petition after the Secretary, Maharashtra Real Estate Regulatory Authority, withdrew the office order dated 11.05.17, providing a definition for the term ‘co-promoter’, which is absent in the enactment.In this case, Ismail Ibrahim Patel had challenged the validity of an office order dated 11.05.17, passed by the Secretary,...

SC Tells Bombay HC To Decide Pleas On RERA Expeditiously, Other HCs Asked To Wait For The Decision

The Supreme Court on Monday directed the Bombay High Court to expeditiously decide all pleas and petitions challenging the validity of the new Real Estate (Regulation and Development) Act.The bench of Justice Arun Mishra and Justice MM Shantanagoudar directed other high courts where similar pleas against the legislation have been filed to wait for the Bombay High Court’s decision in the matter.The bench was hearing the Centre’s application seeking transfer of all RERA-related matters from...

SC Agrees To Hear Centre's Plea To Transfer All Petitions Challenging RERA To SC

The Supreme Court has decided to hear on Monday the Centre's plea for transfer of  cases , challenging the validity of the RERA, pending in various high courts to the Apex court.The Real Estate (Regulation and Development) Act , 2016 came into force from May 1 this year. However the validity of the Act has been challenged in various high courts by the builders and promoters.Appearing for the central government Additional Solicitor General (ASG) Maninder Singh mentioned before the bench headed by...

Transparency in Realty: A Reality

“Foxes have dens and birds have nests, but the Son of Man has no place even to lay his Head” - Mathew 8: 20, New Testament, BibleOwning a home to live at an affordable cost is a life time dream of every middle-class Indian in a country where the real estate industry was not regulated until the enactment of Real Estate (Regulation and Development) Act, 2016 (“RERA” in short). The industry which is known for its practice of luring the middle class to pour money and inducing them to pay more and...

Transparency in Realty: A Reality

“Foxes have dens and birds have nests, but the Son of Man has no place even to lay his Head” - Mathew 8: 20, New Testament, BibleOwning a home to live at an affordable cost is a life time dream of every middle-class Indian in a country where the real estate industry was not regulated until the enactment of Real Estate (Regulation and Development) Act, 2016 (“RERA” in short). The industry which is known for its practice of luring the middle class to pour money and inducing them to pay more and...

RERA - A Relief For Consumers?

With the coming into force of the Act on Labors day, in Maharashtra, the previous Act styled as MOFA (Maharashtra Ownership of Flats Act, 1963) governing the real estate also continues. How is RERA (Real Estate (Regulation and Development) Act, 2016) going to benefit the purchaser, designated as “Allottee” under the new Act.No promoter is allowed to advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, without registering...

Real Estate (Regulation & Development) Act, 2016 Comes Into ‘Full’ Force

The Real Estate (Regulation & Development) Act, 2016, has come into full force from Monday, with the implementation of Sections 3-19, 40, 59-70, 79 and 80. While the Act had come into force on May 1, 2016, only 69 sections were notified at that time.Ahead of the Act coming into force, the Ministry of Housing & Urban Poverty Alleviation had formulated and circulated Model Real Estate Regulations for adoption by the Regulatory Authorities in the States/UTs.Salient features of the Act:- It...

RERA (Real Estate Regulatory Act) - Will Haryana Implement The Right, Earnest, Rare, Approach?

The much exulted RERA (Real Estate Regulatory Act) will soon be implemented in Haryana from 1st May, 2017. The residents are expecting a lot from RERA and hoping that the attempt to safeguard the legislation by the Centre remains strong. There has been news about reported watering down attempts of the RERA by the States. However, in January 2017, the Centre had vehemently refuted it and warned against any modifications to the basic guidelines governing the Act.In the recent years, we have...