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The Real Estate (Regulation and Development) Act, 2016 was enacted to regulate and promote real estate sector and in the same lines, it was envisaged that a Real Estate Regulatory Authority (RERA) will be established in every state for the regulation and will also act as an adjudicating body for speedy dispute redressal.
States like Uttar Pradesh, Maharashtra, Gujarat, Madhya Pradesh, and Karnataka showed a proactive attitude towards the implementation and integration of the act when it was introduced in May 2017, with Maharashtra leading the crew with 17,353 RERA-registered projects. However, it is a disappointment to know that a state like Telangana, with neighbours like Maharashtra and Karnataka, where the act has been established, is lagging behind despite the fact that the act was notified a year earlier.
In a country like India, where we have 32306 projects and 23111 real estate agents registered under RERA till date, a developing state like Telangana does not have operational RERA web portal with the fact that the act was introduced in the state in August 2017. According to reports indicating a reluctant behaviour in implementing the act, this resistance dilutes the whole purpose of monitoring the real estate arena and thus favours the developers in some way or other. You can get the best deals via best property buying sites in India.
Areas like penalty provisions for developers, monetary fines or penalties, scheduled payments, liability in case of structural flaws, introduction of exceptions to dilute the definition of ‘ongoing’ projects, imprisonment of developers, penalties as a percentage of project cost, norms for escrow withdrawals, fees on filing complaints against the developer have seen dilution especially in states where the act has been notified or implemented.
In terms of the lag in Telangana in the enactment of the act, according to Municipal Administration and Urban Development (MAUD) department principal secretary Arvind Kumar, it is expected that the web portal will become operational from September 1. Moreover, trial runs of the web portal are being carried out over the past few weeks and also RERA office is being built at AC Guards in the city.
Aimed at providing transparency, efficiency, financial discipline, and monetary gains in right means, RERA should be seen as a strong tool by the state machinery in order to channelize the monetary, ethical and financial terms associated with the real estate markets and the subsequent beneficiaries.
Apart from Telangana, Kerala, West Bengal, Arunachal Pradesh, Mizoram, Meghalaya, Sikkim, Nagaland have not notified the Rule and in the case of five north-eastern states, Act is facing certain constitutional challenges as the land in those states are community owned.
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