RERA – Most of the states failed to notify the rules on time

RERA – Most of the states failed to notify the rules on time

Counting to infuse transparency, accountability and professionalism in the Indian real estate sector, the central government asked states to notify Real Estate (Regulation & Development) Act, RERA rules by 1st May 2017. Only nine states (Andhra Pradesh, Bihar, Gujarat, Kerala, Madhya Pradesh, Maharashtra, Odisha, Rajasthan and Uttar Pradesh) and six Union Territories (Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman and Diu, Lakshadweep, and National Capital Territory of Delhi) have notified the rules of the RERA. Most of the states have failed to notify the rules on given deadline. The Karnataka government has assured the Central government that the RERA rules will be implemented in the state within 15 days.

The Centre earlier urged the states to build a dedicated website and to allot an office for the functioning of the RERA. Among the states that have notified the RERA rules, only RERA Maharashtra and RERA Kerala website are live and others lag far behind.

Talking about the dilution of Centre’s RERA rules, CRISIL (a global analytical company providing Ratings, Research and Risk & Policy Advisory services) found that most of the states have diluted the various sections of the Act and some crucial sections lacks the clarity.

States to notify the real estate regulatory act

After noticing the sincerity of the state government in implementing the RERA, the homebuyers are eager to know when the other states will notify the RERA rules. They also want to witness the action of the Central government over the dilution of the Act.

Want to say something on the implementation of the RERA Act? Give your opinion in the comment box.

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