After Seven Days, the Central Real Estate Regulatory Act 2016 will complete one year of implementation. Till now, total 27,000 real estate projects have been registered under RERA and till now 27 states have notified rules and regulations. 16 union territories and states have complete operational web portals with the facility of online registration of realty projects and agents.
But, most of the states have diluted their acts little bit to favor developers many states have diverted from the Centre’s definition of ongoing projects and excluded the projects with the lease deeds of either 50 percent or 60 percent of the apartments have been sanctioned for which partial completion of occupation certificated have been obtained by the developers which leave a small hope for the Home Buyers with incomplete projects.
According to the ASSOCHAM Report, there are some of the suggestions by Thought Arbitrage Research Institute
Changing the definition of “Ongoing Projects” to benefit anyone should not be allowed because it conflicts the main objective of RERA which is transparency and better delivery to the home buyers. Central RERA should be made it clear to the state RERA.
Government agencies should be made accountable for any delay in certificates and approvals and authorities should be penalized in case of any impeachment.
Digitalization of documents, Approval process should be done to for integration of clearances of the master plan. Risk-based classification should be done on fast track permission procedures. All the necessary approvals should be approved and uploaded online to make it clear to everyone whether the project or developer is approved or not.
Different states should follow the same procedure of imprisonment penalties for violations. Central RERA suggests the imprisonment for the terms which can be extended up to 3years or the fine can go up to 10% for the developer, Real Estate Agent, and buyer. Apart from Kerala, no state is following the procedure to avoid imprisonment and Goa draft has not mentioned anything.
Central RERA suggests that only 10% of payment should be done by the home buyers while entering into the agreement for sale. Notified rules for Andhra Pradesh and Kerala mentions the same and Gujarat and Maharashtra has made this rule clear. But other states and Union Territories have no clarity in the same.