On 31st October, 2016 Real estate Regulatory Act was introduced and notified as well in the Union Territories of India according to the requirements. Should it the cause of buyers’ delights? Will the notification be able to bring much needed brusque in the existing brokerage practice? Notifying RERA rules is a somewhat simple process where the administrative body can draft and these inclusions will be signed off by the cabinet ministers.
Real estate market is hopeful with this implementation. A proper storage of these rules can deliver a model to be stalked in the coming days for prospective outcome in real estate services. Using this source Indian states can draft their regulations and norms on the same context. States are offered restricted yet special powers for changing these rules as per their requirement. These model rules are favorable towards state –level policy-making. Within April 2017 states have to incorporate their RERA rules notification.
The regulatory authority will act like back-up for the consumer’s behalf and will clear up the pending cases within 2 months and accordingly they will take legitimate actions against erring construction company or the builder. But before commencing the process one should be well aware of the details of the notification, released by the Ministry of Housing and Urban
Poverty Alleviation i.e.-
• If you buy a project you will be able to review exactly how much habitable area you will get.
• Have apt information about the covered and uncovered parking space in the construction.
• Make sure the amount you invest is being used solely for the project purpose.
• As per the RERA, all enduring projects which are not yet handed over to clients will be under the comprehension of the regulation.
• Previously made promises should not deviate during the time of selling by the builders.
• According to the new amendment developers should update about the project’s development to their consumers on a quarterly basis.
• Do your registration abiding by the RERA norms. Govt. has reduced registration fees in individual states. As per the recent update- the fee has been reduced to Rs.5 per sq.mt for up to 1,000 sq.mt area and Rs.10 per sq.mt beyond this limit subject to a maximum of Rs.5.00 lacs per project. For commercial and mixed development projects, it will be Rs.10 and Rs.15 per sq.mt subject to a maximum of Rs.7.00 lacs. For commercial projects, it will be Rs.20 and Rs.25 subject to a cap of Rs.10 lacs per project. For plotted development, it is Rs.5 per sq.mt with a ceiling of Rs.2.00 lacs.
Once the regulatory authorities are in place, consumers can approach the authority which has to set out of the case in 60 days. Under the policy, Real Estate Authorities and Appellate Tribunals shall marshal of complaints within these period.
Kolkata real estate market is expectant from the realization of these norms and regulations in the current market as they expect this will do an affirmative response in the residential property sale in Kolkata. This will shut every deception in the real estate business of current time.
– By LNN ( Liyans News Network)