NEW DELHI: The urban development ministry is planning to notify the Real Estate Regulatory Act (RERA) rules for the national capital by November 27, and is looking at simplifying procedures for project registration.
"We will notify the RERA rules (for Delhi) by November 27," said Rajiv Gauba, secretary, ministry of urban development. "We are also looking at making the entire process of project registration easy for people to comply with."
Gauba said simpler registration rules will minimise the scope of misuse by officials.
The ministry of housing and urban poverty alleviation (HUPA) had notified the RERA rules for five Union Territories with no legislatures on the last day of the deadline, which was October 31. All states except Gujarat missed the deadline for notifying the rules. Uttar Pradesh became the second state to notify rules.
The deadline for notifying the RERA regulations has now been extended to November 27.
However, home buyers have raised concerns over Gujarat government’s complete exclusion of ongoing projects and four types of exemptions to the ongoing projects in the rules frame by the UP government.
According to Gauba, Delhi, is not looking at exclusion of ongoing projects. "The paramount interest is of consumers. If you exclude ongoing projects, consumers who have currently bought into these projects, will be denied the advantage of the legislation," he said.
Home buyers' body Fight for RERA said this is a positive development.
"However, I hope the UD ministry does not reduces transparency in the sector through ease of doing business, as the HUPA rules were made after extensive consultation," said Abhay Upadhyay, national convenor, Fight For RERA..
The long-pending regulation for the real estate sector is set to bring in accountability and transparency. Developers will now have pay compensation to home buyers for delay in projects at about 11% interest rate. They will also have to make additional public information regarding ongoing projects, besides depositing 70% of the unused fund in a separate bank account within three months of applying for registration of a project for ensuring completion.
SOURCE: ETRealty
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