Union housing minister M Venkaiah Naidu asked all chief ministers of the states to ensure that the Real Estate Regulatory and Development Act to be successfully implemented in their constituencies in ‘letter and spirit’. Hunching that the states might curb the central RERA rules to withhold the builders the union ministry served written directions to the states.
As per the central housing minister all incomplete projects should be registered with the respective regulator by July 30. Chattisgarh became the 14th state to notify real estate rules on May 1 last.
Central has come up to this conclusion after observing the notified states real estate regulation of Haryana, Maharashtra, Gujarat and Uttar Pradesh. Shockingly each of these states is found diluting RERA to safeguard ongoing projects works from the ambit of RERA Act.
The minister instructed every ongoing project should mandatorily complete their registration (as on May 1), by July 31, 2017.
In the letter it is prescribed, “No new projects can be offered by developers to buyers without their registration with regulatory authorities. This therefore warrants putting in place real estate rules, regulatory authorities and appellate tribunals immediately.”
RERA grants definite time frames to ensure essential rules and regulations, regulatory authorities, appellate tribunals and other infrastructure are installed so that buyers can have way in to the authorities looking for remedy to their complaints.
Section 84 of the Act mandated the states and the elected competent RAs to notify the RERA rules by last October and Sections 20 and 43 had predetermined that regulatory authorities and tribunals were put together by April 30.
The delivery of the real estate projects used to be the biggest bane to the homebuyers. RERA will end up this process with its successful roll-out across the country. It won’t do complete justice to the buyers without states’ proper co-op. This historic regulation is expected to bring back positive market sentiment and transparency in the realty sector.
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