The Department of Municipal Administration and Urban Development has intensified its efforts to implement the mandate under the Real Estate Regulation Authority (RERA) for monitoring the real estate deals in the State.
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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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