27 November, 2020

Get Your Act Together

Can RERA 2016 change the way business is done in the real estate sector and benefit consumers as well as builders?

Unfinished Symphony
Under-construction flats in Calcutta
Photograph by Sandipan Chatterjee
Get Your Act Together
outlookindia.com
2017-07-01T10:53:25+05:30

Builders and prospective house buyers across the country are awaiting the Real Estate (Regulation and Development) Act 2016 (RERA), which is expected to change the way business is done in the real estate sector and benefit consumers as well as builders. “Many changes are expected and there will be implementation challenges,” says Gautam Chaterjee, chairman, Maharashtra Real Estate Regulatory Authority (Maha RERA). “Developers have to register within 90 days. The penalties are huge. Everyone has to gear up.”

RERA seeks to protect home-buyers as well as help boost inv­estments in real estate, and addresses the concerns of customers, developers and real estate consultants alike. The regulations will infuse more transparency, quicker sanctions and speedy construct­ion. All commercial and residential projects where the land is over 500 sq m, or more than eight apartments, would have to be registered with the Real Estate Regulatory ­Authority before being launched. Ongoing projects, which have not received completion certificate on the date of...

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