Friday, April 29, 2016

RERA to be notified on 1st May 2016

Builders have to deliver what they have promised to the flat buyers. Otherwise they will be taken to task - Venkaiah Naidu, Union Urban Development Minister:

1) Entire Act - Real Estate (Regulation and Development) Act 2016 - will not be notified. Portions of the Act will be notified. Like definitions of Carpet Area, Occupancy Certificate etc. And, of course, Establishment of State Real Estate Regulatory Authority. Establishment of Real Estate Appellate Tribunal etc.

2) 1 full year may be required to implement the complete Act.

3) There should be a time bound programme to implement the entire Act. In the meantime, an interim authority should be appointed right away - equivalent to the housing secretary of the state - which is capable to handle the huge number of complaints against the builders. Mr. Rohit Gera of Gera Development suggests.

4) To avoid coming under the purview of the Act - many builders will try to complete their under construction projects. Pankaj Kapoor, Liases Foras, comments.

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  1. Finally, something good for the buyers. Though it will take about an year to be completely into force as lot of appointments & tribunals needs to be created to handle thousands of complaints in each state, this is indeed a good start.

    RERA will have 3 main impact :

    Crash in prices will be accelerated as many builders & hoarders will try to sell off as much as possible before tribunals are established,

    Guntha-mantris & other sadak chap builders who came in to make quick money will vanish,

    Buyers will be assured of protection of their money as minimum 70% amount will be put in escrow account, thus ending diversion of funds by crook builders which is happening rampantly. And cherry on top would be those buying in end of 2017 or later will get 5 years warranty on their flat & since rates needs to be mentioned on carpet area, buyers will not be tricked by different loading factor by builders.

    After mid-end 2017, I see lot of builders disappearing simply because many became builders not to build houses but to make quick money & this will be the time when customer will be the king even in real estate sector.

  2. There is always a catch.. builders are fueling in at time of elections so definately they will have a way. though it will be difficult for small builders bigger one will raise prices for commitment and at the end we THE END USERS will suffer.

    1. Things have moved to different level now. The politicians dependent on builders for financing are already out of power & shall remain that way for long time.
      As far as prices are concerned, already these are so high that higher prices won't sustain. Infact, as a buyer one should come out of the psyche that anything new happens, prices will go up. This is logic best suited only for CREDAI crooks.
      Nonetheless, just wait for an year & then see the impact of RERA. Buyers have nothing to loose if they can wait for another year.