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Saturday, April 30, 2016

Hurdles in appointment of Real Estate Regulatory Authority in Maharashtra Removed

Any time after 1^st May 2016 the government of Maharashtra may establish Real Restate Regulatory Authority ( RERA )or delegate its power to somebody. On account of present controversy over Maple Groups misleading advertisements under Pradhanmantri awas Yojana ( PMAY) , FIR’s and further drama, it was alleged that presence of RERA would have made significant difference and timely intervention of RERA would have saved several peoples’ hard earned money. However, now with notification dated 27^th April 2016 hurdles in appointment of RERA or delegating it’s powers to somebody have been removed .

Photo courtsey www.thehindubusinessline.com

The Ministry of Housing and Urban Poverty Alleviation (MHUPA) of government of India has brought in to force some provisions of Real Estate ( Regulatortion nad Development ) Act 2016,

( REA ) as well it has repealed The Maharashtra Housing (Regulation and Development) Act, 2012. The MHUPA has announced this with a notification dated 27 April 2016.With this notification MHUPA has brought some sections of the Real Estate Regulatory Act 2016 into force.

Section 81 read with Section 82 ( C ) Real Estate Regulatory Act empowers appropriate Government to delegate powers of RERA to any authority if circumstances exist which render it necessary in the public interest so to do. The MHUPA has brought in to force section 81 to 92 including following provisions of REA from 1 may 2016.

Section 2 – Definitions, This section deals with the all the terms used in real estate sector

Section 20 to 39 – These sections deal with the Establishment and incorporation of Real Estate Regulatory Authority, Composition of Authority. Qualifications of Chairperson and Members of Authority. Term of office of Chairperson and Members. Salary and allowances payable to Chairperson and Members. Administrative powers of Chairperson. Removal of Chairperson and Members from office in certain circumstances. Restrictions on Chairperson or Members on employment after cessation of office

Section 41 to 58 – These sections deal with the Establishment of Central Advisory Council. Functions of Central Advisory Council. Establishment of Real Estate Appellate Tribunal.

Section 71 to 78 – These sections deal with Power to adjudicate. Factors to be taken into account by the adjudicating officer.

Related Stories

CREDAI should clarify on 1 BHK flat for rupees 5 lakh

Officials booked , What went wrong with Maple Groups 1 BHK flats for Rsfive lakh, as a part of PMAY ?

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Saturday, April 23, 2016

CREDAI should clarify on 1 BHK flat for rupees 5 lakh

Maple Shelters who recently offered 1 BHK flat only for rupees 5 lakh under Pradhan Mantra Awas Yojana (PMAY). But recently Maple has sold 30 square meter flats at whopping cost of around 19 lakhs . There was a lot of chaos after advertisment regarding this appeared in media. Fact is, it is almost impossible to provide 1 BHK flat in 5 Lakh rupees in or around pune . However Credai pune metro has made rival argument supporting Maple shelters.Hence the responsibility to clarify on , how come these flats worth around 19 lakhs rupees will be made available in just 5 lakh rupees is on credai only

No doubt Credai has full right to support its members. But the way it presented its stand on claims made by Maple shelters that may not be acceptable to all. Because aims of credai are to perpetuate self-imposed and mandatory for all the member an ethical code of conduct. But it seems that credai has devited from it.

Photo courtsey affordablehousinginstitute.org

Credai has claimed that , it is possible for a developer to deliver homes at a cost of Rs. 7.2 lakhs as advertised by the Maple shelters. Credai also confirmed that at the cost of Rs. 2200 psf, in the fringe areas where land costs are low, homes are possible to be constructed and delivered. With the subsidy of Rs. 2.2 lakhs under the PMAY CLSS scheme, it is very possible to deliver homes to the affordable segment at a cost of Rs. 5 lakhs as envisaged by the Government.

Photo courtsey .democraticunderground.com

Now let us have a look at two sale deeds registered in March 2016. Both sale deed are of same maple shelters who is claiming to provide 1 BHK flat in just 5 lakhs. One is of what they call moshi annex of Kharabwadi and other is of Nanekarwadi.

At kharabwadi they have sold a flat of area 29.17 square metres ( exactly the carpet area equivalent to scheme under PMAY) at rupees 18,38,942 /- ( Rupees eighteen lakh thirty eight thousand nine hudred and fourty two ) that comes to around 6,129 rupees per square foot. Even as per ready reckoner rate comes to around 4,350/-

Other is at Nanekarwadi , they have sold 32.24 sq.mt flat at cost of 19,58,165 ( nineteen lakh fifty eight thousand one hundred and sixty five ) , that comes to around Rs 6116/-( six thousand one hundred and nineteen rupees) even as per ready reckoner this rate comes to Rs 4687/- ( four thousand six hundred and eight seven rupees)

Now its up to Credai to clarify that how come these around 30 sq.mt flats can be sold at the cost of 5 lakh rupees. Even after subsidy under PMAY schemes the rates of these flats come to around 16, 18,942 and 17,38,165 respectively. Even as per ready reckoner rates come to 14 lakh and 15 lakh respectively.