The Real Estate (Regulation and Development) Act, 2016 (RERA) had come into action in May 1. As most of the states failed to meet the timeline, center gave a stretch period of another 3 months for the completion purpose of project registrations under the Regulatory Authority (RA). Now, the given buffer time is also about to subside and states are making tracks for finalizing their respective RERA rules. Now, Rajasthan government is made it compulsory for every builder, agent and respective projects to be registered on the official website of RERA within the due time.
The state RERA website was launched by Vasundhara Raje, the CM of the state on yesterday June 1. The website- www.rera-rajasthan.in will secure buyers’ rights and will display all the registered project details and past 5 years’ development records of the builders as well in order to deliver them a secured property investment. Without registering on this portal no new project development work can be commenced, confirmed Raje. Again, for the ready-to-move properties state will give 3 months’ additional time period to complete the legal formalities.
Rajasthan was the first state in the country in providing affordable housing approval for the unfamiliar investors of the society and bracing up the PM’s ambitious project’ Home for All by 2022’. The state government of Rajasthan also advised big market players of real estate to invest in this affordable housing sector in order to provide standard lifestyle to the economically weaker section (ECS) of the society.
“The dilution of RERA and delay in proceedings is not acceptable when it’s subject to the buyers’ right protection and overall development in national real estate market. Real estate market in India have never been extraordinary, just because the malpractice of set of developers and realtors, RERA aims to reform the realty sector by bringing back the much-needed transparency in realty practice,-said West Bengal RERA expert Mr. Mahesh Somani.
Asking about the present status of Kolkata property market trends Mr. Somani also stated, “West Bengal is yet to notify the state RERA regime. Meanwhile, developers are in haste to complete their on-hand projects that are at advanced completion stage. These days, people perform their real estate deals mostly with the leading property portals in Kolkata. They have been delivering free property investment counsel from the very portal. It’s called ‘Post your property requirement in Kolkata which they are using to have a free, interactive session with the property experts related their investment and other RERA related queries. Naturally, people those are seeking for professional real estate help have become limited in number. Hence only fair practice will survive under stringent rules of RERA.”
Already 18 states and UTs notified their respective RERA rules; as many as 19 states are at advanced completion stage, as per the updated report card. States have been found diluted principle RERA rules and most of them even finalized their respective drafts without developing a Regulatory Authority (RA) and an official website. Only 6 states have set up an interim tribunals.
–LNN (Liyans News Network)