Seems like the central government has been watching every footstep of state governments and the government is well-aware of the ambiguity over rules of Real Estate Regulatory Act. States that have notified their RERA drafts have found diluting the core value of RERA and most of them have not framed their respective Regulative Authority (RA) yet, which means there’s no powerhouse to monitor their activities as well as to update the center. Still, the central government is watchful about state rule deception.
Yet, the center is hopeful about states co-operation related to notifying their draft rules and setting up RA within the due timeline July, 31. Simultaneously, center will inspect the fuzzy areas of state RERA implementation and the developed mess due the absence of RA in the states.
“Complete buyers’ protection is impassable without exhaustive RERA implementation. State’s RERA dilution is rather causing stagnation in complete RERA roll out,”-said Mr. Mahesh Somani, honorable expert of RERA (West Bengal chapter).
As of now 11 states and 7 union territories have notified RERA regimes, while remaining are in the process to finalize. Kerala, Madhya Pradesh and Maharashtra are the only three states that are having online portals for registration of stakeholders. Madhya Pradesh RERA authority mandated all the stakeholders to register their respective ongoing projects within July 31 in order to comply with RERA. There is no reason to worry for people who are genuine about themselves and their project details. The Ministry of Housing and Urban Poverty Alleviation (MHUPA) has also warned states, in case of further delay from the state side, center has only limited power to safeguard respective state from legal encounter.
The Ministry of Housing and Urban Poverty Alleviation notified The Real Estate (Regulation & Development) Act, 2016 on May 1 2016 by enforcing 59 sections of the Act. This year in April the outstanding 32 sections of RERA were also notified, bringing RERA into action May 1, 2017 onwards.
However, states couldn’t meet the timeline for they have 3 months’ additional extension for notifying respective state norms and frame local regulators as well. Builders and their ongoing projects should complete their registration within July 31. RERA aims at bringing back transparency in realty sector, which is only possible with the complete and strict execution of Real Estate (Regulation and Development) Act, 2016. National Real Estate Development Council (NAREDCO) will endeavor handholding exercise for all stakeholders.
- Somani Realtors’ News Network