The latest update comes from the Maharashtra Real Estate Regulatory Authority (RERA) that if builders found defaulting the extended timeline (July 31) to register themselves and their respective projects will likely to be convicted under the central RERA norms and show cause will be issued against them on the basis of online complaints from August 1. As per the former state government bureaucrat Gautam Chatterjee, who is currently the chairman of the Maharashtra Real Estate Regulatory Authority (RERA), despite the central’s repetitive push, only 9 builders have registered with RERA during last 3 months.
Downtime returns slow execution of RERA
Developers and real estate agents should be given scheduled time to crosscheck these ‘to be implemented’ rules, be ready with all the required documents well arranged and likewise conquering fear of upload all details online in the public platform. Certificate releasing period from the professionals — architects, chartered accountants, civil engineers and others has been seen consuming more time than earlier as a major number of builders have been already in the queue. Real estate developers in Maharashtra have shown great enthusiasm towards RERA registration in order to avoid getting penalized. The number of registered builders has already crossed 600-mark.
Snafus they are clashing with
Developers have made complaint against some of the technical issues that they are dealing with. In this transition period some self-proclaimed market experts are lending their hands to the developers in terms of helping them out but this is just adding up troubles to the builders. This, too has been addressed through the helpdesk and helpline facilities through the official site of RERA. Maharashtra will be the first state to have the entire set up online.
Expected registration volume in coming three months
Initially the volume of registration is dissatisfactory but it is going to increase invariably. As the closing time will be getting nearer it will cross the 1000-mark. Every builder is bound to register as the penalty charges are quite high. There’s no way that anybody can escape the registration process.
Subsequent actions will be taken against defaulters
After 90 days period starting from August 1, action will be taken by the government against every lodged complaint of non-registration. Also, a project registered with RERA is subject to builders’ penalization.
Prime roles of developers and consumers in adherence of RERA
Builders have to register within the limited on-hand time period, while they have to act as an administrator in terms of on-hand project registration. On the other hand they will have to be adjudicator if there is any complaint registered against them afterwards. Consumers should check the project registration details before investing in the construction. Real estate agents can’t continue their business without RERA registration.
Speaking on the RERA norms West Bengal RERA expert Mr. Mahesh Somani said, “It’s necessary for the tribunal to hear both the buyers’ and the builders’ clarification before reaching up to any conclusion. Residential property sale in Kolkata can expand only through the legal route. People who want to buy property in Kolkata will have to wait a little long, until the state RERA notification for their investment protection purpose.”
- Somani Realtors News Network