RERA came into force nationwide on May, 1, 2017. Under the central law 14 states and 7 UTs have notified their state real estate rules, amidst which most of them have either curbed the central law to safeguard maximum numbers of under-construction projects or they are yet to set up a local RA (Regulatory Authority) as per the recent update. Homebuyers are anticipating complete justice from the much-awaited real estate regulation. Yet, they are largely unaware of the advantages of the revised regulatory norms.
As per central directions, each state has to notify real estate rules and form RA for realty sector inspection purpose. Without setting up a RA, UP has submitted its notified RERA rules. RERA brings up strict rules against builders and promoters for not making the grade.
Most of the homebuyer thinks that like the other government authorities, RERA will also have their due process, which again involves a lot of time. Still, over a dozen states haven’t notified their RERA, homebuyers see full-fledged version of RERA implementation will over again be time consuming. There’s hardly any movement on the stand-still sites of the projects across the city, which crossed the time limit of their possession by far, as per the consumers.
In UP, a group of homebuyers met CM Yogi Aditya Nath, seeking justice for project delay. They even started a campaign against a leading building company, followed by a candle-light march. As per sources, they booked these apartments long back in 2010, and had been promised delivery on 2015. They are hopeful that RERA might draw on positive changes in realty sector.
As a whole lot of agricultural lands are being converted into constructional ones, a huge number of land s found under registered, yet the promoter had already had the selling amount. Across the country homebuyers have seen demanding a panel comprising buyers, developers and bankers (who provide loans) to monitor the project, in order to have an overall fair play.
Welcoming the RERA move West Bengal RERA expert Mr. Mahesh Somani said in a recent interview, “Homebuyers are eager for the RERA implementation. They are ready to pay higher project costs to exterminate promoters’ heinous motives. Certainly developers won’t be able to take consumer gingerly as they can demand any legitimate document from the builder from registration to environment certificate or so.”
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