The buyers of the house were eagerly waiting for the implementation of the Real Estate Regulation and Development) Act (RERA), 2016. This year it has been fully implemented from 1st May. Consumers hoped that the delay in handing the flat on behalf of RERA Builders would curb delay. At the same time their losses will be offset but there are 6 reasons why the consumers have been disappointed with it at the moment. The Central Government is serious about RERA but the state has been facing the problem of delay due to the formation of the regulator.
This is the reason: The 59 law related to RERA was notified in April last year and it was partially implemented from April 1, 2016. Under this, all states had to notify it within 6 years, but till April 30, some states notify them only. Under RERA, it was necessary to make the regulators in the states till April 30, 2017, but till now no regulator has been formed in any state. States have the right to give the responsibility of interim intermediary to any official.
Setting up of an Appellate Authority (Tribunal) under RERA Law is also compulsory. 30 April 2017 was the deadline for this. Appellate authority is therefore necessary that if the buyers are not satisfied with the decision of RERA, then they can go to the Authority. Under the law, all the builders are required to register under the project under construction under July 31, but many states have terminated this rule. Some other states have made rules easier.
It is mandatory to register real estate agents under RERA till July 31. It also includes persons who purchase or sell land, houses or other types of immovable property. Within a year of the implementation of the RERA had to be a website. This allows buyers to get all the information sitting at home. The buyer will get the right information about the project approval, the builder and the real estate agent.