It seems a greater part of the country’s developers have appeared in the marathon of on hand project completion after RERA takes effect. RERA penalization clauses stirred the deliverance sector of real estate. Yet, in comparison to south a large number of property in north Kolkata is at under-construction stage. As builders are keen on taking advantage of GST roll out, as investment in under-construction properties will cost 15% excess charge to the homebuyers as per the new GST regulation.
But it seems RERA impact appears more powerful.
The current project statistics show that builders are investing in fast completion of their ongoing projects to comply with the ‘timely completion’ clause of RERA, which will be manifested from May 01, 2017 in every state and union territory all across the country. The Real Estate (Regulation and Development) Act was enacted in March 2016.
According to the industry specialist RERA is not only the reason for this rush of project wrap-up. It’s observed that developing a new project abiding by all RERA regulations is much difficult than to finish the ongoing projects, specifically the ones in an advanced stage of completion. If they cap their on hand projects before RERA regime rolls out effectively, then it’ll be easier to get an occupancy certificate and they don’t require to adhere to RERA formalities as well.
Builders are advised to deliver all their projects timely with every promised amenity and all other needed touch-up final works. Once RERA comes into action countrywide buyers rights will be fully protected from the horseplay of shady developers which includes delay in deliverance, embezzlement of funds collected from buyers of one project to grubstake another one.
All the shaky roots will be removed in this course, as scrupulous builders will find it impossible keep up their business, under this strict infrastructure. This will for sure clear up investment related confusion from the buyers’ minds and provide a solid platform for ethical business of realty. However, work on under construction projects appears to be in full swing these days. This will acquire more accountability and transparency in the real estate sector.
– LNN(Liyans News Network)