The Real Estate (Regulation and Development) Act or RERA is an optimized Act that is geared to usher in the largest single reform in the realty sector. It places a massive responsibility on the regulator to accord approvals in a deadline fashion wherein, if an application is not rejected within 30 days, the same acquires a deemed approval status.
So the regulator would have to implement the Act well to prevent the industry from spiraling off into a bottom less pit of entropy. This challenge could persist for several quarters due to the nature and complexity of the massive change proposed to be brought in. Browse Sites for sale in sarjapur for latest Indian Real Estate information.
RERA, which proposes to make the industry customer centric, does not come to terms with the most common of all prevailing fails to address the most pertinent existing predicament of buyers, namely – delay in completion of ongoing projects. This complication has been cleverly tweaked by the regulators in UP and Maharashtra – by keeping the area of ongoing projects external to the realm of RERA. Whatever that RERA nay propose to bring about in the sector, but that apart, buyers will breathe a sigh of relief with timely deliveries of built up units.
States which have notified rules need to take the following steps to comply with the Act:
1. Appointment of a competent official regulator who is preferably at a more than an arm’s length to any developer. Other person(s) in the regulatory body for judging cases must comply with norms of autonomy and decorum. For latest Real Estate News, visit plots in sarjapura
2. Empower all local bodies involved in according approvals to serve as repository and conduit vis-à-vis all real estate projects figuring in their jurisdiction but have not been accorded completion or occupancy certificates.
3. Build up a SOP for appraising and disposing cases. This could wrap for on-site inspections and first hand inspection of projects. Adherence to standards and rule only can the Act come alive in spirit in each State.
Tweaking RERA regulations will make it powerless. So it is of the highest significance that continuity in supervision and monitoring of implementation now when the actual field level veracity is still undergoing formative changes. For more updates about RERA, follow plots in sarjapur road