The Real Estate regulation and Development Act 2016 (RERA) is set to take on Indian real estate market and it is aiming to care and cure the never-ending chaos between the homebuyers and the developers related to possession hand over and other related issues. RERA is framed to provide permanent and positive judgement to the end users. It will give the indispensible transparency in real estate practice through legal stream. . It will provide the real estate industry a stable and legal platform to have interaction for the stakeholders.
Not only the homebuyers, but also the developers are facing issues which are also likely to be resolved under RERA intervene. All remaining states are summing up their respective RERA norms including West Bengal. The buffer time of RERA submission is to expire on 31st July. Broadly, RERA will be the ultimate connector between the government and the real estate construction organizations. Now, developers need to be ready for welcoming RERA for business continuance.
“Residential property sale in Kolkata is stalled because after GST the market is eagerly waiting for state to submit RERA norms. Where consumers are expecting fair judgement, developers are also on hope that real estate industry will recoup the commanding position in current market,”-said Mr. Mahesh Somani West Bengal RERA and realty expert.
Few things to remember to sustain in real estate market under RERA purview.Such as-
True knowledge of RERA
Developers should have proper awareness of the entire plan of action of RERA. It’s not like standing in the queue for fill up certain forms and submitting them to the legal windows. Developers need to hire law firms for certain industry realizations. Steady guidance is required for business maneuver.
Tutorials from NAREDCO
National Real Estate Development Council (NAREDCO) has announced they are thinking to launch a paid service to educate developers and realtors on RERA policy which will develop their outlook related to RERA rollout.
Essentiality of registration number
Consumers should ask for project and realty developer’s registration numbers before coming to any kind of agreement. Developers can use this registration number as marketing tool for business development on online property portals. Registration numbers are the official tickets to advertise projects. Market experts feel that RERA authority needs to provide tutorial to the builders for their future improvements.
Remodelling business structure
Developers need to sort out all their allotment letters, sales deeds, brochures, advertisements and their cash-flow management (CMS) before RERA towers. Before states have submitted their respective norms developers are being registered after submitting an affidavit across the country.
Steady constructional deliverance
In order to complete project within scheduled time limit, developers shouldn’t be negligible to the construction quality of the construction. It’s an established fact starting from the project deliverance up to 5 years time period if there is any shortcoming in the construction; it’s the developer who needs to take the entire liability and pay for the renovation procedure. They will now have to create a subsequent warranty with suppliers in case any problem arises. From the beginning of construction to deliverance documentation has to be clearly defined. A developer will have to clearly vehicle his account abilities in a transparent method.
–LNN (Liyans News Network)