The much exulted RERA (Real Estate Regulatory Act) will soon be implemented in Haryana from 1st May, 2017. The residents are expecting a lot from RERA and hoping that the attempt to safeguard the legislation by the Centre remains strong. There has been news about reported watering down attempts of the RERA by the States. However, in January 2017, the Centre had vehemently refuted it and warned against any modifications to the basic guidelines governing the Act.
In the recent years, we have witnessed legal battles between consumers and builders over the inconsistencies prevalent in the real estate realm. RERA had instilled the much needed hope amongst the consumers, administrators and real estate players. However, since May 2016 there has been a gradual progress when it comes to its actual applicability. Few States had attempted to dilute it by careful tweaking in favour of the builders, thereby contravening the purpose of ensuring transparency in real estate dealings.
Haryana Government has announced the implementation of RERA from 1st May, 2017 and there are widespread speculations about its viability. Apprehensive about its adherence to the legislation laid down by the Centre, the consumers are hoping that the RERA addresses people’s prolonged woes. Corrective measures have been recommended to States who have attempted to dilute the effect of RERA. Since the Parliament passed the Bill, senior bureaucrats at the State level have been sufficiently warned about any kind of modifications to RERA. However, there is skepticism about following the Act in its original form.
The CM has committed to establishing the real estate regulatory authority, which is slated to provide some relief to home buyers and while we are still awaiting the final timelines for it, we hope that the authority remains unprejudiced.
Some of the highlights of the Act include:
RERA will waive off all the earlier injustice borne by hapless buyers in the hands of developers. Timely completion of projects forms a major component of the Act. Haryana being a choice destination for developing townships faces a lot of brunt till the final stage of possessing the property. RERA will offer much awaited relief to the consumers, subject to its proper adherence and in continuum with the Centre’s provisions laid down in the Act.