Currently, the entire realty business is waiting for May 01, for complete RERA execution. It’s in the norms that RERA authority can question local civic bodies for any delay in approval of building permissions.
With the roll out RERA will monitor every bit of project development and ensure timely delivery of the projects. Over the years, developers are having the conflict with the local governing bodies for delay in sanctions and certifications of the projects.
The RERA rules for regulation and development, registration of real estate projects, realty agents, rates of interest and revelations on website were cleared on Saturday 22nd of April. Under section 7 of this regulation, additional room for project registration seeks for explanation on the reasons for delay. Here, the builder can affirm every reason, even the ones concerning sanction of various projects.
This will bring in much-awaited transparency in real estate dealings. As there was never any law supporting the project delay caused by the non-co-operation from the governing body’s side. RERA will now seek clarification for delay in approval from the local authorities too. There will be no roaming around the civic offices just to have your plan sanctioned. Few states and UTs of the country have already introduced self-certified building plans.
Delay in sanction used levy an additional interest rate on the cost of properties for the developers. This is going to stop, finally after RERA implementation. RERA will put a straightway pressure on local governing bodies for timely release of approvals; else they will have to confront the consequences as RERA owns the power to question local authorities. With RERA rules, people will get to know the real reason behind project delays.
–LNN (Liyans News Network) – There are huge numbers of on hand luxury residential units in Rajarhat area at present, listed under our property portal. Call us if you are attracted by the available flats in Rajarhat and need any information related to buying/selling properties across the country.