RERA: Homebuyers write to Maharastra CM , to revoke diluted RERA rules

May 16, 2017 Share

In latest development on RERA, as soon as it was implemented on 1st may 2017, there have debate on the RERA rules which were notified for union territories which were viewed undiluted and were towards the protection of homebuyers interest. Group of homebuyers known as 'Fight for RERA' has written to Chief Minister Devendra Fadnavis to intervene to revoke the MahaRERA rules and notify fresh rules as to which were notified on October 31 2016, by the Ministry of HUPA for Union Territories without legislatures.

The letter has been marked to Prime Minister Narendra Modi and minister of housing and urban development M Venkaiah Naidu. As the group mentioned that the existing rules seem to be in favour of the promoters interest more than home buyers. The Convenor of Fight For RERA, Mr Abhay Upadhyay said in the letter " the MahaRERA rules allow the project developer to register the project with proposed FSI consumption, layout, number of floors and wings. The developer can revise or amend the plan in case of a difference in future". As per central Act it does not allow any flexibility as the project is expected to be registered only with complete sanctions. 

As per central government rules, any ongoing project 70 % of money collected from allottees after the deduction of land and construction cost needs to be deposited in separate bank accounts. But as with MahaRERA rules developer is expected to deposit 70% of the only future receivables from the projects and does not account for money already received from home buyers.



Share Your Comment 0 Comments

Investment Opportunities

  • Vascon and Clover Builders brings to you Forest County spacious 2 bhk and 3 bhk new launching apartments in Kharadi, An 18 acres l...
  • ₹ 66.72 L - ₹ 73.27 L
    Nyati Elysia II, New launch residential project at Kharadi, Pune. Developed by Nyati Group offering 2 BHK flats in Kharadi Pune. T...
  • Price on Request
    Vascon Forest Edge developed by the Vascon Group, the under construction residential apartments in kharadi with wide range of amen...
  • Duville Riverdale Heights, by Duville Estates, presents an array of 1 bhk & 2 bhk new launch flats at Kharadi, Pune. An ideal...
  • ₹ 65 L - ₹ 85 L
    Godrej Properties Launching Pune’s first community dedicated to Healthy living, Godrej Rejuve at Keshavnagar. A remarkable p...
  • Price on Request
    Purvankara presents Purva Silversands 1, 2, 3 and 4 bhk apartments project in Keshav nagar, Pune which is a project spread across...
  • Price on Request
    Ganga Platino III , by Goel Ganga Developments presenting premium 2 & 3 BHK XL Residences in Kharadi, Pune. Luxurious livin...
  • ₹ 62.6 L - ₹ 98.06 L
  • Price on Request
    Vascon and Clover Builders brings to you Forest County 2 bhk and 3.5 bhk under construction apartments in kharadi, An 18 acres lu...
Disclaimer - The particulars contained on the mentions details of the Projects/developments undertaken by the Company including depicting banners/posters of the Project. The contents are being modified in terms of the stipulations / recommendations under the Real Estate Regulation Act, 2016 and Rules made thereunder ("RERA") and accordingly may not be fully in line thereof as of date. You are therefore required to verify all the details, including area, amenities, services, terms of sales and payments and other relevant terms independently. FourrWalls does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the information contained herein. You are advised to conduct an independent verification before entering into any transaction.