Real Estate News Updates for May 15
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The Securities and Exchange Board of India (SEBI) has proposed regulating all online platform that offer fractional ownership of real estate assets, in a bid to provide protection to small investors.
Fractional ownership typically refers to small investment holdings of real estate assets. A number of web based platforms have mushroomed in the past three years which allow investors to invest in malls, warehouses, buildings and so forth.
The Directorate of Enforcement (ED) has begun a probe into real estate developer Ansal API and sought information on one of the company's Gurgaon projects on Thursday, said people aware of the development.
The nodal agency tasked with investigating offences under the Prevention of Money Laundering Act (PMLA) initiated an investigation based on complaints that surfaced at Ansal API's township project in Lucknow, they said.
Jayshree Sukhadia, a resident of Chira Bazaar, moved the MahaRERA in October 2020, after the promoter of a project in Neral, allegedly demanded an additional amount and failed to refund Rs 13 lakh paid as a consideration for a flat booked in 2017, after she sought a refund.
The first hearing on Sukhadia’s complaint was held in October 2021, that is a year after filing of the complaint and the matter was referred to the conciliation forum. After conciliation failed in March 2022, no date has been given for a hearing.
Regulator for housing finance firms NHB has asked housing finance companies with asset size of over Rs 1,000 crore to adopt an early warning signals (EWS) framework to check financial frauds and also to prevent accounts from turning into non-performing assets.
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National Housing Bank (NHB), in a recent circular, said analysis of the frauds reported by the housing finance companies (HFCs) has revealed that the reasons behind accounts being identified as fraud accounts are seller impersonation, submission of fake income/ employment documents, submission of fake title deeds, a collusion of the builder and borrower.
Same auditor cannot be continued for more than three consecutive years, members not attending meetings but complaining about the proceedings should approach the cooperatives court and get his/her complaints resolved instead of approaching registrar, all society info must be computerised including that of tenants, security n cleaning staff, minutes of the meeting should be ready in a month or at least before the next meeting, setting up advisory committee is must to take care of grievances, and while appointing administrator a 3- member administrative board be appointed including a member from the society.
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