#RealtyNewsRoundUp: Display Building Plans At Project Sites, MahaRERA Tells Builders

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Following an order of the Supreme Court, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a circular for real estate firms to display approved building plans on project sites, and has warned of strict action if developers fail to abide by it. According to the circular, all the promoters should ensure that sanctioned plan, layout plan, along with the specifications approved by the competent authority, be prominently displayed at the site.

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Following the Delhi government’s footsteps, the South Delhi Municipal Corporation (SDMC) is now planning to provide doorstep services for property tax exclusively for senior citizens from December this year. Of the total 4.5 lakh property taxpayers in the SDMC, around 1.25 lakh are senior citizens.

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Organised funding from banks to the real estate sector is gradually improving, especially in markets where developers are becoming more transparent and the Real Estate Regulatory Authority (RERA) has stabilised, show data released by the Reserve Bank of India. Data show bank funding to developers is up 6.3 per cent over the previous year, with outstanding loans to the sector at Rs 187,200 crore as on August 31. 

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In a bid to avert scams and make property registrations more secure, the Tamil Nadu government is considering making pattas mandatory for transactions. At present, properties can be registered in Tamil Nadu by furnishing either the parent document of the land or the patta, the parent document pertaining to land records.

 Source: Media reports