Real Estate (Regulation & Development) Act also abbreviated as RERA, the latest reform to promote transparency in the Indian real estate sector seems to lose accountability in Punjab. According to Section 3 of the RERA Act, real estate developers cannot sell or market their ongoing projects without registering the same with the Real Estate Regulatory Authority. Further, section 11 of the Act bars developers to advertise their project without mentioning the RERA registration number. Contrary to that, many builders in Punjab are neglecting the provisions of RERA and luring the buyers by violating the rules.
According to the sources, developers in Punjab are marketing their projects without registering or mentioning the RERA registration number through various advertisement mediums such as hoardings, social media, SMS, news advertisement etc. When asked about the violation of the Act, NS Kang, Chairman, Punjab RERA told that the authority is probing into the matter and is taking harsh action against errant developers.
Punjab has notified the RERA rules on 8th June 2017 and has started the RERA registration of both real estate projects and agents. Recently, the state government also launched the official website of RERA Punjab which is currently under maintenance.
Click here to view the list of RERA registered projects in major Indian cities.