RERA implementation date May 01, 2017 is neighboring. Yet the govt. has already notified the outstanding sections of the Real Estate Regulatory Act (RERA) as gazettes, much before than the due time. These notified measures incorporate retribution for non-registration of projects and resurgence of interest or fine or compensation and enforcement of order, etc.
RERA will be rolling out since May 01. Builders are rushing out on hand project completion before the RERA implementation. RERA will ensure buyers rights, for those who will buy property in Kolkata or anywhere in the country starting with the date of its implementation. Builders are hammering on their project completion before RERA execution, because these projects won’t be invigilated under RERA regime.
These particular notified sections of RERA by the Ministry of Housing and Urban Poverty Alleviation take in chief measures like registration of real estate units and real estate agents. Business purpose and duty of realty promoters bearing recompense, coverage, title of the project, rights and duties of the consumers.
Meanwhile, the notified section of 79-80 attending to jurisdiction of the act has also been notified. According to the notified section 80, “No court inferior to that of a Metropolitan Magistrate or a Judicial Magistrate of the first class shall try any offence punishable under this Act.”
RERA authority is expecting all state governments to fulfill their part of compulsion and requirement and at once notify them under appointed authorities, so that there won’t be any conjecture about further pulling out the deadline May 01. It’s indeed a positive move of the central government for protecting buyers’ interest and maintaining clarity in the business of realty. Many shady realty businesses are going to falling short of goals after the complete application of this regulation. RERA authority also hopes that the central government will henceforth focus n infusion of RERA rules by the state governments supporting the builders too and accordingly come up with positive moves to introduce fresh notified rules.
The Real Estate (Regulation & Development) Act, 2016 (RERA) was enacted on March 10, 2016 and will be notified on May 1, 2016. All the states are required to notify realty rules and set up the realty regulatory authorities and the appellate tribunals maximum by April 30.
_ LNN(Liyans News Network)