The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a landmark order against Shree Tirupati Builders and Developers for failing to meet numerous commitments and statutory obligations under the RERA Act.
MahareraShree Tirupati BuildersRera ActSaffalya ChslReal EstateReal Estate MumbaiMay 27, 2025
The Real Estate (Regulation and Development) Act, 2016 (RERA Act) is a law in India designed to protect home buyers and regulate the real estate sector. It mandates developers to fulfill statutory obligations and ensures transparency and accountability in real estate transactions.
The main grievances of Saffalya CHSL included the developer's failure to execute a deed of conveyance, obtain a building completion certificate, provide necessary documents, and address structural issues. The society also sought reimbursement for maintenance charges and expenses incurred in completing project amenities.
The MahaRERA order is significant as it is the first of its kind, combining sections 11, 14, and 17 of the RERA Act. It holds the developer fully responsible for statutory documentation, financial handover, and defect liability for structural issues in the first five years.
Under the RERA Act, the developer is responsible for providing statutory documents, financial transparency, and maintaining the building free from structural defects for the first five years. They must also complete all project amenities and utilities as promised.
If a developer fails to comply with the RERA Act, they can face legal consequences, including monetary penalties, legal actions, and orders from regulatory authorities like MahaRERA to fulfill their obligations.
Real Estate stocks were trading with losses, with the BSE Realty index decreasing 96.9 points or 1.15% at 13:41 IST.
India's real estate sector is witnessing a new trend as redevelopment gains momentum in major cities like Mumbai, Delhi-NCR, Surat, and Bengaluru.
GIC Housing Finance, a leading housing finance company, has announced a significant 20.97% increase in its net profit for the second quarter of fiscal year 2025. The company's strong performance highlights its robust growth in the housing finance sector.
Aditya Birla Group's real estate wing, Aditya Birla Real Estate, has made a strategic move by launching a luxury residential project in Pune, named Birla Punya. This new venture has already seen positive market reactions, with the company's shares jumping
Hubzu, a leading provider of real estate and mortgage industry solutions, is making a significant move into the commercial real estate auction market. With a market capitalization of $65 million and annual revenue of $150 million, the company aims to capi
The CFO of NexPoint Diversified Real Estate Trust has recently acquired $249,955 worth of company stock, signaling confidence in the company's future. With a market capitalization of $154 million and a revenue growth of 32% in the last twelve months, the company is showing strong potential.