Few takers for RERA in Maharashtra

Few takers for RERA in Maharashtra
02/01/2018 , by , in News/Views

The number of registered construction projects under Real Estate (Regulation & Development) Act (Rera) continues to languish in single digits in several districts of the state, like Hingoli (2), Beed (3) and Latur (9) showing registration figure in single digit.
Things look better in Aurangabad, where the number of registrations has increased from zero to 337 by the end of 2017.
Rera, which was passed by Parliament in 2016 and subsequently ratified by Maharashtra government, aims to safeguard the interests of buyers as one of the objectives and also has a provision to impose penalties on errant promoters. While Rera came into effect from May 1, developers in Maharashtra were provided with a 90-day window for registration from May 1. Many ongoing and fresh projects witnessed necessary registration post stipulated deadline.
As per the rules, real estate developers have been prohibited from advertising and marketing their ongoing projects if no Rera registration is done.
However, in the initial days, Rera had drawn a blank, especially in Aurangabad and other regions. Civic activist Vijay Kumbhar said the implementation of a key legislation like Rera should not limit to metro cities only. “Such a poor response for the legislation from non-metros makes a strong case for organised efforts for awareness and effective implementation of the Act,” he said.

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