Projects that have completed the construction part, yet to set up the promised amenities won’t be eligible to the have Occupation Certificates. There are total 82 of such ongoing projects in Noida and Greater Noida location as per the sources. Both states are trying to safeguard those projects that have been issued or applied for occupancy certificates from RERA realization. These builder projects won’t be under Haryana RERA ambit. Unchanged criteria of ongoing projects would have created a huge problem. Several groups’ of homebuyers were on the verge of filing petitions in court. This indicates a large number of ongoing projects will fail to obtain the benefits of RERA as these projects won’t be required to register.
State RERA rules of Haryana have kept out massive numbers of ongoing projects of revised RERA regime. Out of 90% ongoing projects belong to Gurugram. Noida City holds the top position, in worst deliverance of the projects. Market experts hope a little difference in Gurugram as both UP and Haryana government have used same yardsticks for under construction projects which are supposed to be come under their state Real Estate (Regulation and Development) Act. This appears to be a big-time difference with the central RERA regime. Central RERA rules made it clear that no project can be dispensed without completion certificate. In Gurugram 90% of the estimated projects (flats/houses) approx 1.7 lac units are in several completion stages of development. These projects have either received the completion certificates or have applies for the same. Sources have also revealed that many of these projects have got part-completion (also an occupancy paper). These projects won’t be part of Haryana RERA. Part-completion doesn’t make the project to be counted out from RERA.
In a real estate project if any tower is under construction and other towers are complete, builder has to apply for separate completion certificate for the under-construction tower. This is supposed to be the most discernable dilution of central RERA Act. Buyers are extremely unhappy with the state government’s rule as it favours the builders where the main issue of the state has been delayed project deliverance.
“Shunning or diluting central law dents the fundamental purpose of RERA implementation. RERA aims at how well the buyers’ rights get protected throughout the entire real estate transaction starting from property selection to the deliverance. Real estate sector dwelling with negative market sentiment, majorly for the delayed deliverance and abrupt change is course of actions by the builders. Inferior quality of the construction or dearth of amenities- these are the most prominent accusations among the others. As West Bengal is on the verge of RERA notification, buyers keep on questioning us whether the state RERA will do complete justice in order to protect the buyers’ rights.”
Dilip Bose, a retired defence professional said, “I have purchased a property in north Kolkata in Feb’ 2016, which was supposed to be delivered by this year June. The developer is constantly holding us up saying he has not received the OC from the state RERA authority. Under this circumstance I doubt how far RERA will be effective to safeguard buyers’ rights”.
Alike Mr. Bose the entire real estate market is in vague whether RERA will be that powerful to provide unbiased judgement to the buyers. Let’s just wait till July 31.
-LNN (Liyans News Network)
State RERA rules of Haryana have kept out massive numbers of ongoing projects of revised RERA regime. Out of 90% ongoing projects belong to Gurugram. Noida City holds the top position, in worst deliverance of the projects. Market experts hope a little difference in Gurugram as both UP and Haryana government have used same yardsticks for under construction projects which are supposed to be come under their state Real Estate (Regulation and Development) Act. This appears to be a big-time difference with the central RERA regime. Central RERA rules made it clear that no project can be dispensed without completion certificate. In Gurugram 90% of the estimated projects (flats/houses) approx 1.7 lac units are in several completion stages of development. These projects have either received the completion certificates or have applies for the same. Sources have also revealed that many of these projects have got part-completion (also an occupancy paper). These projects won’t be part of Haryana RERA. Part-completion doesn’t make the project to be counted out from RERA.
In a real estate project if any tower is under construction and other towers are complete, builder has to apply for separate completion certificate for the under-construction tower. This is supposed to be the most discernable dilution of central RERA Act. Buyers are extremely unhappy with the state government’s rule as it favours the builders where the main issue of the state has been delayed project deliverance.
“Shunning or diluting central law dents the fundamental purpose of RERA implementation. RERA aims at how well the buyers’ rights get protected throughout the entire real estate transaction starting from property selection to the deliverance. Real estate sector dwelling with negative market sentiment, majorly for the delayed deliverance and abrupt change is course of actions by the builders. Inferior quality of the construction or dearth of amenities- these are the most prominent accusations among the others. As West Bengal is on the verge of RERA notification, buyers keep on questioning us whether the state RERA will do complete justice in order to protect the buyers’ rights.”
Dilip Bose, a retired defence professional said, “I have purchased a property in north Kolkata in Feb’ 2016, which was supposed to be delivered by this year June. The developer is constantly holding us up saying he has not received the OC from the state RERA authority. Under this circumstance I doubt how far RERA will be effective to safeguard buyers’ rights”.
Alike Mr. Bose the entire real estate market is in vague whether RERA will be that powerful to provide unbiased judgement to the buyers. Let’s just wait till July 31.
-LNN (Liyans News Network)
No comments:
Post a Comment