#RealtyNewsRoundUp: UP-RERA Wants SC’s Intervention To Offer Quick Healing To Realty Woes

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has decided to write to the ministry of housing and urban affairs and approach the Supreme Court to help clear legal hurdles that arise while resolving disputes between developers and buyers. The authority has been unable to reach a solution in some cases due to the intervention of other courts such as the National Company Law Tribunal.

Meanwhile, promoters of unregistered ongoing projects have been given the last opportunity by the authority to register by paying a fine till January next year or face action. Those who fail to meet the deadlines may lose licences of their registered projects have to pay 10 per cent of the project cost as penalty.

Also, the Haryana Real Estate Regulatory Authority (H-RERA) is going to issue notices to developers who are trying to lure people to invest in their residential and commercial projects, promising “assured returns”.

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The Pune Municipal Corporation (PMC) has decided to reduce the penalty charged on illegal properties, which are smaller than 1,000 sqft. The owner will have to pay only 1.5 times tax as penalty as compared to three times tax as earlier proposed.

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The Tamil Nadu Real Estate Regulatory Authority (TNRERA) has asked real estate companies to mention the registration number while releasing advertisements, along with the Tamil Nadu RERA website address. It has also directed builders to carry a no-disclaimer clause in their ads, saying 'information is subject to change’.

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The Kolkata Municipal Corporation (KMC) has invited the Comptroller and Auditor General's ire over the collection of property tax dues that run into multiple crores. Earlier this month, the KMC had decided to serve distress warrant to defaulters as it failed to recover Rs 50 crore tax from 7.6 lakh assesses within its jurisdiction.

Source: Media reports