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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GURUGRAM: The Haryana Real Estate Regulatory Authority has received more than 500 applications from builders for registration of their projects in the last four weeks after the state government implemented the Haryana Real Estate Regulation Act (H-RERA).
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While it’s a tough time for 32,000 home buyers of Jaypee Infratech with the latter entering into insolvency proceedings, it’s not the first time that home buyers have been left in the lurch by the builders. Delay in possession
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The delay in delivery of flats and homes by the builders has plagued Indian real estate market. As per a study by ASSOCHAM India out of more than 2000 projects, which were under implementation by the end of the year 2016, approximately 39% were delayed. 90% of the delayed projects are residential projects.
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SHIMLA: Registration of builders under Real Estate Act is now compulsory and a portal has been developed to facilitate online registration, Chief Minister Virbhadra Singh said on Monday.
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The Real Estate (Regulation) Act, 2016, the flagship legislation to protect home buyers, has come into force, but its implementation on the ground continues to lag, with the central and state governments equally lax on this front. As of July 31, only four states had set up a full-fledged Real Estate Regulatory Authority (RERA).
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