RERA to Check Project Delays Caused due to Local Authorities
Jun 02, 2017 Real Estate News
The much awaited Real Estate & Development Act (RERA) is to be implemented from May 1. Its implementation is meant to ensure rules and regulations that protect the rights of home buyers. To achieve this, RERA has been authorised to question local authorities about any delay in sanctions for building permissions.
Stringent rules have been included in the Act for developers to complete their projects by the set deadlines. In order to facilitate this, the lobby of builders had raised the issue of delay in various sanctions caused by government authorities. RERA officials have assured that this issue would be resolved. They plan to put in place a website that will ensure seamless implementation of rules.
Ahead of its implementation deadline, RERA officials have cleared the rules for registration of real estate projects, realty agents, rates of interest and disclosures on the website. The Section 7 of these rules demands the builder to explain reasons for the delay in their projects. Here the builders can mention in case the delay is due to the inaction of local authorities related to sanctions.
The community of builders has stated examples of projects getting delayed for 2-3 years due to delay in sanctions from local authorities. They have expressed that they needed to do a lot of running around for these sanctions and the local authorities were not answerable to anyone. This would, in turn, increase the project cost. With the implementation of these rules, these authorities are expected to work in a more transparent and speedy manner.
For the end user, this is a great relief. Currently, many builders are not able to deliver the projects on time and the home buyers are the ultimate victims of this. With these regulations in place, the interest of the home buyers will be made secure. In the case of delay also, the buyers would know the actual reasons behind it.
Stringent rules have been included in the Act for developers to complete their projects by the set deadlines. In order to facilitate this, the lobby of builders had raised the issue of delay in various sanctions caused by government authorities. RERA officials have assured that this issue would be resolved. They plan to put in place a website that will ensure seamless implementation of rules.
Ahead of its implementation deadline, RERA officials have cleared the rules for registration of real estate projects, realty agents, rates of interest and disclosures on the website. The Section 7 of these rules demands the builder to explain reasons for the delay in their projects. Here the builders can mention in case the delay is due to the inaction of local authorities related to sanctions.
The community of builders has stated examples of projects getting delayed for 2-3 years due to delay in sanctions from local authorities. They have expressed that they needed to do a lot of running around for these sanctions and the local authorities were not answerable to anyone. This would, in turn, increase the project cost. With the implementation of these rules, these authorities are expected to work in a more transparent and speedy manner.
For the end user, this is a great relief. Currently, many builders are not able to deliver the projects on time and the home buyers are the ultimate victims of this. With these regulations in place, the interest of the home buyers will be made secure. In the case of delay also, the buyers would know the actual reasons behind it.
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