Builders should change ways or face the consequences
Real Estate Regulatory Authority (RERA) Act has brought relief to thousands of homebuyers. However, there are still challenges faced by the Authority in registering projects, keeping tab on erring builders and making the functioning of RERA paperless.
Around 331 projects have been registered with us in nine months and 496 applications are pending for approval. Wrong information given by builders is primarily responsible for delay in registration of projects. Builders try to avoid paying fine for late registration of their projects.
The builders should comply with RERA norms. When the builders take money from homebuyers, they should follow the standards, timeline and fulfill promises. The builders can’t take the consumers for a ride. They have to open a separate account for the money they take from the consumers and 70% of money should be invested in the project. If a builder is facing difficulties in map approval and other related formalities, RERA is ready to help them by taking up the issue with the state government. Also read http://realtyplusmag.com/at-vibrant-gujarat-summit-dholera-industrial-city-signs-several-landmark-mous-to-deploy-the-best-of-infrastructure-and-facilities-2/
Lack of manpower is another problem for RERA-Bihar. It has only four permanent and 16 contract employees. The state government has been requested to sanction more posts for RERA.