Haryana RERA website to take a month
The Haryana government put its final RERA law in the public domain on Saturday, 24 hours after it was officially notified. The key provisions of the draft cleared by the state cabinet earlier this week, including the contentious one on exempting projects that either have occupancy certificates or part-completion papers or have applied for those, remain the same in the final law.
So far, 25 projects across the state have registered under the Real Estate (Regulation and Development) Act, according to Arun Gupta, director general of the town and country planning department. However, unlike Uttar Pradesh which launched its RERA website last week, Haryana’s portal will take some time. “We have started the work on the RERA website and it should be ready within a month’s time,” said Gupta.
The RERA website will contain detailed information about projects registered under the new law for everyone to see. The developers ’profile and background, contact details, track record, any ongoing litigation, a copy of the prospectus and advertisements along with details of the real estate agents associated with the project, have to be detailed on the website by each developer. Additionally, the website will reflect a real estate company’s project work plan and its financial details.
Industry watchers said despite the change in the definition of an ongoing project from how it has been defined in the central RERA law, the Haryana Act will bring increased transparency in the industry and put the onus on developers to deliver what they promise and within the time frame they commit to. “The Act will definitely improve market sentiment irrespective of whether a project comes under the Act or not. Builders will be under pressure to deliver projects on time,” said Ashwinder Raj Singh, CEO, residential services, JLL India.
The state RERA defines an ongoing project as “any project which has received a completion or occupancy certificate before the commencement of the Act (July 28, in this case) or a project that has applied for an OC before that date”. But if an OC application gets rejected, fresh applications under RERA have to be made.
One point not defined in the cabinet note was carpet area. The law clarifies that it will be the same as the central Act.