RERA is something unexceptional step taken by the current government. It is something which was needed so long in the market. Under RERA, a developer is not allowed to sell residential or commercial units in a project, ongoing or new, unless those are registered with the regulatory authorities. Around 20,000 projects across the country have been registered under the Real Estate (Regulation and Development) Act.
It is seriously needless to say that Demonetization, RERA, and GST all the three steps are the cherries on the top. These simply beautiful steps were much needed to reduce the high strike rates of the properties.
The senior housing and urban affairs ministry officials have said that this act has brought housing opportunities for many. Out of the total registered projects, Maharashtra was one of the first states to implement this add with 12000 projects. Then going to other states, UP is getting registered with 2,000 projects including Gautam Budh Nagar and Noida together accounting for over 1,000. In Haryana, it has reached 400 registered projects, whereas other states such as Karnataka, Gujarat, Rajasthan and Andhra Pradesh have grown well too. They have also adopted this rule and have a fair number of projects under it. H- RERA seems to be a big hope for the buyers who are facing bad times, with the delays and incompletion of the projects.
Looking at the rules and regulations taken out in this act, builders are now active enough to know what they have to do and how. Also, there are some of the top-notch builders who have offered amazing housing segments where they have added numerous features. As the projects are registered with RERA, so the one you can own now can be Emaar Palm Premier, Trump Tower Gurgaon, and Godrej Properties Sohna.
While there are many states that have diluted this act and have kept most of the ongoing projects out of its domain. Telangana has kept projects embarked on before January 2017 out of RERA. Similarly, there are other states too those who have kept their projects out of RERA that is 60% completed or have started. But this is the thing that needs to be worked on.
The government has already warned states those who have diluted the RERA rules and also if they did not hear it from the warnings, and then they may get the legal challenge. It has been firmly said by the minister of housing and urban affairs Hardeep Singh Puri that now there is no scope of change or loosening of regulation. There is no other way rather following the rules of RERA.
This act came into force from May 1 and has come up as a clear ray of hope for the homebuyers. Now the builders will not be wedged to the delayed projects anymore. Though the act has made a slow start this year but is soon hoped for the betterment. Property Forecast 2018 seems that it will go well and will this year bring numerous attractive opportunities for the buyers.