Even With Deadline Of RERA Rules Almost Here, Most States Still Need To Notify

With the deadline of approaching for all the states to notify their rules for RERA, till now only 13 union territories and states have been able to notify their rules. Union territories saw the implementation of RERA in the previous year and only the states of Gujarat, Uttar Pradesh, Madhya Pradesh, Delhi and Odisha have been able to follow them in notifying the RERA rules.

The draft of RERA rules that Maharashtra had prepared had covered all the projects (under-construction), even if they had not received the occupation certificates but it had weakened the other sections.

Similar to this, complaints have been coming from the buyers’ associations that the rules have been diluted in the hands of the states and they are demanding that the states should include the sections that they have ignored.

Situation in case of delays
The Indian Parliament had passed an act in the previous year which was supposed to be executed in all the states and was concerning the residential projects that are under-construction. the developers of under-construction projects which have not been able to receive the certificate of completion, before the execution of the Act, will be required to get their project registered by the regulatory authority under three months of the execution of the Act. But the ongoing projects being covered under the Act will have total dependency on their state government.

This act which is completely consumer-oriented will make it compulsory for the all the real estate projects to get registered and will take strict measures against all the defaulters in the real estate projects. All the updates of the project will be looked into by the regulator as the developers will have to disclose them on the website at regular intervals.

If the projects are delayed, the developer will be completely responsible for paying the interest on bank loans, contrary to earlier, when only homebuyers used to get burdened.
The central government has been forcing the states to their notify RERA rules before the deadline of 30th April, 2017 but the response from the states remain very dull.