Haryana RERA to protect home buyers' interest: FM

NEW DELHI: Haryana finance minister Captain Abhimanyu Singh on Saturday assured home buyers that their interest will be protected through the real estateregulatory Act (RERA).

"We need to bring back the confidence of home buyers and investors, without which the business wouldn't move an inch," said Singh, adding, "RERA will ensure that on one hand the builders get a good business environment to work in, while on the other the rights of home buyers are protected."

The minister was speaking at an investment convention organised by NAREDCO, Haryana.

The Haryana government has let off most ongoing housing projects which have been delayed and remain a worry for many home buyers in its draft rules for the Real Estate (Regulation and Development) Act, 2016.

Projects which have applied for occupancy certificate or part completion certificate have been excluded from the ambit of RERA, provided the same is granted by the competent authority within three months of the application.

Those projects which have received completion or part completion certificate in case of plotted colony and occupancy certificate for the building blocks of integrated complexes like group housing, commercial, cyber park or cyber city have also been excluded.

The Haryana government has now invited objections or suggestions towards the same by May 14.

NAREDCO on Saturday demanded an investor friendly and customer oriented real estate regulator that can act as a facilitator to effectively run real estate business transaction with optimum satisfaction to all customers.

"The need for real estate regulator was felt necessary because some developers did not adhere to their promises in deliveries of houses to the intended lot," said Parveen Jain, president, NAREDCO.

The builders' body also urged for a uniform stamp duty on all real estate transactions.

Meanwhile, the Haryana FM also asked real estate developers to pay their dues to the tune of Rs 17,000 crore to the government at the earliest.

Singh also announced that the state is in talks with the Centre for an international airport at Hisar.

Source: ET Realty