The Real Estate Regulation & Development Act (RERA) rules will be coming into force May 01 onwards. The RERA authority will monitor sanctions on building permission and in case of any delay in the proceeding; they have the right to question the local governing bodies as well.
Now RERA includes the strict norms for the local governing bodies, so that the developers can start and finish projects within mentioned time. In several times, developers have pointed their fingers on local civic bodies for taking longer time just to approve building plans.
This Saturday, April 22nd The RERA rules for regulation and development, registration of real estate projects, realty agents, rates of interest and disclosures on website came in front with explanations. Under Sec 7 of these rules, extension of project registration stresses on explanation of the reasons for project delay. Here a builder can mention the causes behind the delay, even if the ones face approval delay.
This will give the entire process a sharper-cut. As there was no rule for sanction delay in project registration and the accordingly the authorities were never asked for the reason, developers are really happy with this decree. Due to the delay in registration approval, builders had to count interests above the project cost. There are instances, where the authorities kept projects on hold for two-three years just to release the approval order. Confronting RERA fear will push the authorities to operate faster.
RERA rules are not just made for securing buyers’ interest; it will also save builders from paying interest above the project cost and fasten up the project commencement and deliverance. With RERA rules people can actually know the real reason behind project loitering.
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