The state governments are on the radar of doubts by the home buyers who believed that the government and would implement a neutral Real Estate (Regulation and development) Act, RERA that will help the existing home buyers to get out of the trap of delayed delivery of their home and will infuse transparency & efficiency in the Indian real estate sector. Many assurances were given and a lot more was promised, but they all got buried deep in the ocean bed when the state governments failed to implement the RERA rules on 1st May 2017.
Some states tried their best to keep themselves out of the radar of allegations by implementing the RERA rules on time but failed to woo the homebuyers due to their unclear and diluted provisions of the Act. It seems that state like Gujarat considers the RERA as hilarious and has made it a joke. The state government notified the rules for Real Estate Act on 1st May 2017 but their rules are summed up in nine pages where and provisions are not mentioned.
States such as Uttar Pradesh and Maharashtra have partially followed the Centre's guidelines and diluted the major reforms. In Uttar Pradesh, the RERA rules were drafted in the reign of the former CM Akhilesh Yadav, which is alleged by the homebuyers of being diluted. Considering the concern of home buyers, the current CM of Uttar Pradesh has assured to revoke the notified rules and present a pro-consumer RERA rules in the state. Following the allegations by the citizens of UP, home buyers in Maharashtra also reached to the Chief Minister of Maharashtra Devendra Fadnavis and requested him to revoke the diluted RERA rules. In both states, the buyers are not happy with the RERA rules, but unlike Uttar Pradesh, why the current government of Maharashtra, who is in power since October 2014, notified the diluted rules? However, the Maharashtra government is working on the development of the MahaRERA website, followed by the Kerala government whose RERA website is live but under construction. According to the data available, out of 28 states, 9 states have notified the rules , 7 states have drafted the rules and 12 states have not yet drafted the rules for the RERA.
States including Uttar Pradesh, Bihar , Gujarat, Madhya Pradesh, Odisha, Rajasthan and Andhra Pradesh lag far behind Maharashtra and Kerala in providing an online platform for the RERA.
Even after the strict orders from the Central government, the RERA is otiose in major states. Every day somewhere in the country homebuyers protest for undiluted RERA rules.
Many questions arise in our minds after witnessing the failure attempt of the government to implement the Rear Estate (Regulation & development) Act, RERA but one thing is for sure that if the RERA get implemented wisely then the time will be not too far when the Indian realty sector will be at the peak of success and investors from other countries will be queuing up to invest in the Indian Realty market.
The Real Estate (Regulation & Development Act) popularly known as RERA came into effect on 1st May 2016 after the government of India sought to promote discipline and transparency in the real estate sector of the country.
The government of Uttar Pradesh has notified the UP Real Estate (Regulation & Development) Act (RERA) on 29 October 2016. Counting to regulate the real estate sector in the state
We all have heard a proverb “Tit for Tat” but it seems that this is not true when it comes to the RERA.