States’ Officials conceded that they could penalize only those developers who default on the timelines set by RERA in respect of properties registered with RERA in the first instance.
Apparently, RERA is not given to penalize builders for time lapses in respect of projects ongoing before 1st of May 2017.
Chairman RERA & former Chief Secretary, MP informed a Conference in New Delhi convened by the apex body FICCI that they hold the prerogative to fix schedules for ongoing projects which get registered with RERA and such schedules will be drawn up case by case. For latest Real Estate News, visit villa plots for sale in sarjapur.
Vini Mahajan, Additional Secretary, Housing & Urban Development, affirmed that RERA can operate only within a gamut of rules framed for its purpose and so cannot exceed these. Consumers can reach out to other for or courts or RERA for redressing their grievances. Howsoever, RERA’s provisions do not allow the regulatory authority to penalize builders for the delays they committed prior to May 1, 2017. For more and latest RERA news and updates, follow gated community plots in sarjapur
Indian Realty has witnessed delay in execution of residential and commercial ventures post demonetization due to rigorous cash crunch and Transaction limitations. The Courts have intended for relaxations to the Banking sector on Home Loans. For more updates about RERA, follow sites for sale near sarjapura
Around 826 housing projects across the country are facing delays of up to 4 years, according to a recent report from industry association, namely, ASSOCHAM. For more news updates about Indian Realty, visit villa plots for sale in hosur