An all-India homebuyers group, in a letter to the Prime Minister Narendra Modi, has sought an amendment to the Insolvency & Bankruptcy Code 2016 to ensure that homebuyers’ interests are protected during insolvency proceedings, and has also brought to his notice that Real Estate
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Jaipur: The Real Estate Regulatory Authority (RERA) has announced that the developers who haven’t yet registered their ongoing projects can do so after depositing a penalty of 2% of project cost or 10 times of registration fee, whichever is more.
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Nearly a month after the government had officially notified the much debated Real Estate (Regulation & Development) Act (RERA), the real estate industry is watching with much trepidation when and the how the process is going to kick off.
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A month after the last date for registration of construction projects with Real Estate Regulatory Authority (RERA) in the State, compliance rate is still less than 25%. As of August 24, of the estimated 4,000 projects that have to register, only 977 had applied, of which RERA has approved only 12 to date.
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After months of delay, most Indian states now have a real estate regulator. Since May 1, more than 18,600 projects have been registered in eight big states alone, allowing buyers a peek into what is on market and to seek remedy in case of a delay or cost overruns, data shows.
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For Amol Nizapkar, an executive with a wealth management firm in Mumbai, the wait for the new regulatory regime has been worth it. “Now every detail about a project is well-documented. There is an obligation on part of the developer to complete the project on time or pay the penalty for delays,”
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