MahaRERA denied delay compensation to a Mumbai family who accepted apartment possession over two years late without protest, ruling that Section 18 grievances must be raised before project completion.
Around 60% of nearly 600 stalled real estate projects in Kolkata are expected to receive clearance within days, offering relief to homebuyers and boosting the sector after construction was suspended for revalidation.
Hyderabad homebuyer Mettu secured a Section 54F tax exemption from the Telangana High Court, overturning the Income Tax Department's denial. The court ruled that Mettu should not be penalized for a four-year delay in villa construction caused by a builder dispute, emphasizing that delays beyond a taxpayer's control do not invalidate the exemption.
Mortgage rates continued their climb last week, with the 30-year fixed rate reaching 6.69%, the highest since last August. Despite this, total mortgage demand increased by 1.9% as homebuyers returned to the market, possibly due to less competition and price cuts, while refinance demand fell.
RERA Section 14 protects homebuyers from unauthorized changes to flat layouts or common areas by builders, requiring allottee consent for significant alterations. Builders remain liable for structural defects for five years post-possession, with a duty to rectify them free of charge within 30 days.
US existing home sales fell in June due to high mortgage rates and record prices, despite job gains. Inventory remains tight, pushing median prices to a new high of $440,600. Sales are strongest at the higher end of the market.
UK house prices saw no growth for the second consecutive month in June, with average prices falling slightly. Rising interest rates, influenced by the war in Iran, have dampened buyer demand, leading estate agents to predict a quiet summer.
Britain's largest housebuilders, including Barratt, Redrow, and Taylor Wimpey, are being sued in a class action lawsuit for alleged price collusion. The claim, seeking up to £4.5bn, is brought on behalf of over 700,000 consumers who bought new-build homes between 2015 and 2026.
The Supreme Court of India has ruled that homebuyers can claim compensation for delayed possession of flats even after taking custody, setting aside a 2016 NCDRC order and reviving a 2005 complaint.
The Bombay High Court ruled that homebuyers can form a single housing society for a multi-tower project, rejecting a builder's plea for separate societies. The court cited the builder's nine-year delay in society formation, empowering residents to manage shared amenities.
The Supreme Court ruled that homebuyers can pursue compensation for delayed property possession even after taking possession of their flat. The court set aside an NCDRC order, stating that accepting possession doesn't extinguish the right to claim damages for prior delays. It also affirmed that arbitration clauses cannot block access to consumer forums.
MahaREAT ruled in favor of homebuyers, stating a builder cannot use MHADA-MCGM planning disputes as an excuse for delaying possession beyond the agreed date, entitling buyers to a full refund with interest.
MahaREAT ruled a builder cannot use inter-authority disputes to justify possession delays exceeding three years. Homebuyers are entitled to a full refund with interest, reinforcing buyer rights under RERA.
The U.S. House overwhelmingly passed the 21st Century ROAD to Housing Act, a bipartisan bill aimed at lowering housing costs by reducing regulations and limiting institutional investors. It now heads to President Trump's desk for signature.
The U.S. House overwhelmingly passed the 21st Century ROAD to Housing Act, a bipartisan bill aimed at lowering housing costs by reducing regulations and limiting institutional investors. It now heads to President Trump's desk.
A KPMG report indicates India's housing sector is set for a significant transformation driven by urbanization and policy reforms. Key focus areas include affordable housing and rental housing development, with recommendations for regulatory improvements and increased investment.
Two homebuyers who booked 3BHK flats in 2010 are finally getting a refund with interest and compensation after a 16-year delay. The Delhi State Consumer Disputes Redressal Commission ruled in their favor, ordering the housing society to return over Rs 79 lakh with 8.25% interest and pay Rs 3 lakh for mental agony and litigation costs.
South Korea's unique jeonse rental system is facing a crisis as deposits and rents surge in Seoul, making homeownership increasingly difficult for ordinary households. This instability is linked to tax policies affecting multi-home owners.
Mortgage application volume fell 3.8% last week due to mixed rate movements. Refinance applications dropped 5%, while purchase applications decreased 3%. Rates are influenced by inflation data and optimism over the Strait of Hormuz opening, with potential impacts from oil price fluctuations.
A Delhi consumer court has ordered a Ghaziabad housing society to refund over Rs 79 lakh to two homebuyers and pay Rs 5 lakh in compensation for delaying flat possession by over 15 years. The society also faced penalties for deficiency in service and was ordered to pay interest on the refunded amount.
Italian Deputy Economy Minister Maurizio Leo stated that the flat tax threshold is unlikely to reach 100,000 euros due to EU VAT regulations, which cap it at 85,000 euros. He also mentioned the possibility of reducing the tax on home purchases for young people from 10% to 4%, contingent on finding the necessary resources.
UP RERA urges homebuyers to purchase properties based on carpet area, not super built-up area, to ensure they pay only for usable living space. The authority emphasizes that legal provisions mandate disclosures and sales based on carpet area, which can be verified on the UPRERA portal.
Over 45% of Seoul apartment deals in Jan-May were by first-time buyers, a record high since 2010. This surge is attributed to eased loan regulations for first-time buyers and government measures allowing them to purchase homes with existing leases in designated areas. 30-somethings dominate this group.
India's RERA, enacted in 2016, aims to bring transparency and accountability to the real estate sector, protecting homebuyers' interests through mandatory project registrations, disclosure requirements, and penalties for non-compliance.
