Affordable housing: RERA effect to shield cost-sensitive buyers, but lack of clarity worrying developers
Although RERA will protect the interest of the cost-sensitive buyers and ensure greater transactional and delivery vigilance on the part of the developers, it needs to progress so as to cover all possibilities as well as geographies unvaryingly
RERA rules: Maharashtra govt diluted the Act to favour builders' lobby; it's grossly unfair for the buyer
The builders of ongoing projects by submitting only the last sanctioned plan for registrations as mentioned in the Maharashtra Real Estate rules are in an advantageous position
Once the law comes into effect, developers can no longer solicit investors or purchasers without approval of the authority
So far, only seven states have notified the required rules. The absence of a regulator or appropriate rules can result in a regulatory vacuum and dilution of the Acts provisions
A major outcome of the survey is that industry feels that the rule of depositing 70 per cent of sales proceeds in a separate account will help in getting timely delivery of the project and eliminate fly-by-night operators in the real estate
The law also makes it mandatory for all residential and commercial projects to register with the Regulator and will apply to new and ongoing projects.