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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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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Faced with complaints of builders not following guidelines laid out by the Maharashtra Real Estate Regulatory Authority (RERA), State Housing Minister Prakash Mehta on Monday said the government will take action against developers who do not follow the norms laid out by the authority.
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With real estate developers across the country given the deadline of July 31 to register projects that are under construction with the Real Estate (Regulation and Development) Act, 2016 (RERA), so far 23 states have notified the rules, out of which only four states have set up a permanent regulatory authority.
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