West Bengal state government has finally decided to declare the state Real Estate Development and Regulatory Act. West Bengal government is going to present the draft before the Bidhan Sabha, on a day after the Independence Day. Reportedly, the drafting portion of the real estate rules has already been done. Where most of the states were after meeting the deadline of submission, West Bengal chose to maintain silence over the entire ‘RERA implementation’ event. There was absolutely no news nor even hurriedness in the ruling camp regarding the notification.
A couple of days ago, while asking on the state RERA notification and missing the extended duration West Bengal Housing Minister, Sovan Chattopadhyay said, -”I am unable to tell, by when we will be able to enforce RERA.” The growing uncertainty of the act implementation finally calmed down with this latest news update. On August 16, the state RERA rules are going to be published. The state rules will also be in sync with the central rule, as per the leading property portal in Kolkata.
According to the central real estate regulatory and development agreement for sale and boost -
In case a developer fails to deliver complete possession within the scheduled time, buyer has the authority to cancel the agreement.
During the cancellation of the agreement a developer has to return all the payment received from the buyer with interest within 45 days time limit.
Developer is liable to pay the amount for repairing, in case any dispute hits the construction after possession. If the builder denies doing so, he has to count interest on the given money. If the buyer fails to pay timely amount to the developer, and then the developer also has the rights to cancel the agreement. Under this circumstance, if a buyer is unwilling for the cancellation, then developer will have to pay the interest on the early deposits.
An agreement of 20 pages will be signed during property buying between builder and the buyer. If one party defaults any rule, then the other owns the authority to cancel the deal.
The agreement should consist of the details of project deliverance and the time slots of partly payments that have to be paid by the consumers- reportedly; these will be basic outlines of the central law, which would be followed by the state government of West Bengal.
“RERA should be followed in true law and spirits. The act is aimed to recover the real estate market. The more states dilute the central law, the more it loses its vitality. ‘Protecting buyers’ rights’ could never be a casual issue to the government. The sole purpose of RERA implementation was to protect buyers from promoter and realtors’ double-dealing. Many dupe realty business are likely to pull down their shutters after RERA implementation. Developers have to comply with RERA, for their businesses upkeep,”-said Mr. Mahesh Somani, RERA and Realty Expert of West Bengal.
- Somani Realtors News Network