Homebuyers dayA group of homebuyers, formed by the name “Fight for RERA” (Real Estate Regulatory Act), has demanded the government to declare 10th March as the Homebuyers’ Day. This is considered as a vital step in order to accentuate the powers and empowerment given to the homebuyers who have been suffering lately because of the developers.

A letter was written to the Union Minister for housing, M Venkaiah Naidu, asking him to fix this date to present certain awards to homebuyers or groups of homebuyers who have taken the initiative to look into the homebuyers’ troubles and fulfill their aspirations.

After a long time of 8 years, the much-awaited real estate (Regulation and Development) bill was passed on 10th March 2016. The bill went through various trials and miseries before it was finally approved by both the Houses of Parliament.

Initially this bill was introduced on August 14th, 2013 in Rajya Sabha by the UPA government. Later it was sent to the selected committee of Rajya Sabha, when BJP government came to power, on May 6th 2015.

In Rajya Sabha, the report by the committee was table on 30th July 2015 while receiving the Cabinet approval on December 9th, 2015. Finally, Real Estate (Regulation and Development) Act came into notification on 1st May, 2016.

Fight for RERA played a major in making way for the Real Estate Regulatory Act to become active.

Since the Real Estate Regulatory Act will completely come into power on 1st May 2017, therefore all the states need to notify general rules, agreement for sales rules and have to build the Real Estate Regulatory Authority by April 30th 2017.
Till now, only four states –Uttar Pradesh, Gujarat, Madhya Pradesh, Maharashtra and six union territories have been able to notify the rules.

This group for fight for RERA has also requested Prime Minister Narendra Modi, and Union Minister M Venkaiah Naidu to separate the Parliamentary Committee of the two houses on subordinate legislation. This should be done so that the states internally do not debilitate RERA and to let them know that the final rules, executions and decisions will always be within the reach of RERA.