Posted by The process of implementing RERA 2016 is still far from complete. Till date only 11 States seven Union Territories have notified State Rules. The rest it is hoped would complete the process before 31 July sites in sarjapura Road
Only Kerala, Madhya Pradesh and Maharashtra have hosted the web portal for online registration of stakeholders.
But there is no certainty that notification of rules, appointment of the Regulatory Authority, institution of Appellate Authority and hosting of the online web portal will be completed in all the States and Union Territories by the 31st of July. It is anybody’s guess. But the Centre has been assuring stakeholders that ongoing projects need not be curtailed as they have time enough to register them only before 31st July. Until the project is rejected, there is nothing to worry about plots towards bagalur road
If States do not comply with the schedule of RERA, then the Centre has no powers to push them. In total, there are 91 sections in RERA 2016. 59 of them were notified on May 1, 2016 by the Centre. The rest of the 31 sections were notified in April 2017. Thus the full Act came in full force on May 1, 2017 as planned.
July 31 is the D-Day for implementation of RERA and for registration of stakeholders. It is expected that with the completion of the above in the whole country, transparency will increase undoubtedly. With increased transparency, it will bring in more money in the realty sector.
To be sure, it will be one of the greatest achievement if transparency levels are boosted to bring in more investment in the realty sector, which was a completely unregulated sector, which was employing the second highest number employees after agriculture plots in bagalur
In the above context, keeping the high stakes in view, the National Real Estate Development Council [NAREDCO] will come to the aid of all stakeholders and do the necessary ‘hand-holding’.
Keeping the quasi-federal structure of the Indian Union in view, it is not an achievement coming to think of, is all developers register in good time. For example, till date, only three developers have registered in Maharashtra, although it web portal was up and functioning on May 1. So the complete picture of all Indian States is quite hard to imagine or predict.