Centre insists states to follow RERA before time

The Ministry of Housing and Urban Affairs has asked recently asked the states to amend or formulate rules of the Act in cognizance with the spirit of the central Act. The government has been asking for the same since the enactment of RERA. Also, the developers and buyers have been trying harder to understand the structure and benefits that the newly enacted law would bring. As the government is seen persuading all the stats to inculcate the RERA, it has thus become important for the developers to be RERA ready so as to inculcate it as soon as possible.  The real estate sector has seen a lot of fraudulent activities in the past years that resulted in a lack of trust in this sector.  Thus, RERA is a step taken by the government to bring back the lost trust and credibility into the real estate market.

According to a report,  tabled in Parliament earlier this month, the committee on subordinate legislation, headed by BJP MP Dilipkumar Mansukhlal Gandhi,  asked the state governments to make sure that all the ongoing projects  are brought under the ambit of the Act as it would   extend the stipulated benefits of the RERA to home buyers. The authorities have clearly said that state governments should  formulate the rules under RERA in  a way that there is no enigma  regarding the definition of “ongoing projects.”

The rules and regulations should be systematically be implemented for which they need to understand each and every detail of RERA and should also take expert advice which would make the implementation process easier. We have launched two of the RERA certified projects and made it clear that we are ready for this regulatory act. Also, we are expecting that the act would benefit our affordable housing projects in Gurugram.  With the help of RERA buyers would be able to keep a track on the development in the construction of their units and only RERA certified projects would be able to advertise their projects ensuring that the people turn up for only authentic projects. Investors would be kept in a strongbox after the act’s implementation. There would be clarity in the procedures of sales, especially for the ongoing projects. The government has already been persuading the developers and all states to inculcate the act before time. The developers should work in the appropriate direction to implement RERA so that the buyers can have a transformed and improved perception about the real estate segment” says Pradeep Aggarwal, Co-founder & Chairman, Signature Global.

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