real estate news – Page 13

What is RERA?

RERA (Real Estate Regulation and Development) Act, The act was passed by parliament last year. RERA seeks to bring clarity and fair practices that would protect the interests of home buyers and also boost investments in the real estate sector.
RERA requires builders to submit the original approved plans for their ongoing projects and the alterations that they made later. They also have to furnish details of revenue collected from allottees, how the funds were utilised, and the timeline for construction, completion, and delivery that will need to be certified by an Engineer/Architect/practicing Chartered Accountant.

How will RERA impact Homebuyers?

Some of the important compliances are:

• Informing allottees about any minor addition or alteration.
• Consent of 2/3rd allottees about any other addition or alteration.
• No launch or advertisement before registration with RERA
• Consent of 2/3rd allottees for transferring majority rights to 3rd party.
• Sharing information project plan, layout, government approvals, land title status, sub-contractors.
• Increased assertion on the timely completion of projects and delivery to the consumer.
• An increase in the quality of construction due to a defect liability period of five years.
• Formation of RWA within specified time or 3 months after majority of units has been sold.

The most positive aspect of this Act is that it provides a unified legal regime for the purchase of flats; apartments, etc., and seeks to standardise the practice across the country.

Which projects come under RERA

• Commercial and residential projects including plotted development.
• Projects measuring more than 500 sq mts or 8 units.
• Projects without Completion Certificate, before commencement of the Act.
• The project is only for the purpose of renovation / repair / re-development which does not involve re-allotment and marketing, advertising, selling or new allotment of any apartments, plot or building in the real estate project, will not come under RERA.
• Each phase is to be treated as standalone real estate project requiring fresh registration.

(NHAI) National Highway Authority of India has finally approved national highway status to 28 kilometres long Dwarka Expressway starting from Shiv Murti in Delhi to Kheri Daula in Gurgaon or Gurugram city. This notification has come after over a year. NHAI has also specified the speed limit of 80 kmph on the expressway. Once completed the road will develop as an alternate route between Delhi and Gurgaon, and is expected to reduce the traffic load on the Delhi Gurgaon Expressway. The move is also expected to further the completion of this much delayed project.

Dwarka Expressway was planned as an alternate route between Delhi and Gurgaon, and is expected to reduce the traffic load on the Delhi Gurgaon Expressway. Starting Shiv Murti in Delhi on NH-8, the expressway passes through UER-II (parallel to terminal – 3 of the Indira Gandhi international Airport) up to Barthal Chowk, from where it stretches to kheri daula in Gurgaon, culmination at NH-8, around one km before kheri daula toll plaza. Of the 28 km, around 18 km stretch of the road is in Gurgaon while rest is in Delhi. NHAI official informs that the authority has started land acquisition for a 2.1 km stretch in Delhi. Total of around 24 hectares of land will be acquired to complete the delhi portion of the expressway. Rest of the land is under the Delhi Development Authority (DDA), which will hand over the NHAI soon.

The main road is proposed to be of 8-lane with 3-lane service road on either side. At the intersections flyover has been proposed. In order to avoid traffic jam in future at crossing and junctions NHAI will construct underpass at such spots. “All the major cross road including existing and proposed master road of sectors are supposed to have 4-lane underpasses for smooth movement of traffic.

Developers have expressed their excitement with announcement. National Highway will boost the real estate market in Gurgaon.