RERA deadline expired on Monday, July 1. West Bengal is one of those states that haven’t notified RERA even after a 3 months’ time stretch from the day of rollout. Moreover, the state has left no clue to the consumers about the act enforcement.
In a recent interview West Bengal Housing Minister, Sovan Chatterjee, has said that even if the state was in a motion to bring the Real Estate (Regulation and Development) Act (RERA) on board, “I am unable to tell, by when we will be able to enforce RERA.” This revelation had stirred up the end-users, as more or less they have perceived the fact that the way of implementation of RERA is truly unclear. The situation got even sceptical, when the officials of real estate industry body CREDAI Bengal stated that there was no meeting related to RERA enforcement with the state government has been held so far.
Right now the buyers must be thinking come what it may, despite the slow implementation RERA should come in frame with true law and spirit to ensure transparent realty investment. The highest parliamentary body – The Committee on Subordinate Legislation (COSL) of the Lok Sabha, had reportedly undertaken the time-consuming progress in the implementation of the Act along with the states’ attempts of skewing the provisions. State level dilution of RERA has turned into a bad headache for the central housing ministry.
“There is concern, about the treatment of ongoing projects under the new law. Not impossible but hard to implement,” CREDAI Bengal president, Nandu Belani said. Emami Infrastructure director and CFO Girja Choudhary, corroborating the problems faced by builders, said that there was need for relaxation, vis-à-vis ongoing projects. “We will highlight the same before the Bengal government,” added Belani.
“Along with the buyers realty lenders are also seeking accuracy and security from RERA. Realty Investment is known for long-term capital gain, but above all what should matter the most behind the implementation of the act is ‘buyers’ safety’. Ready projects with occupancy certificates might cost a bit high, but consumers’ are ready to bear it for the sake of better safety. Meanwhile, GST has brought all ready-to-move projects 12% tax slab. This is the ideal scope for the builders and a realtors to push the residential property sale in Kolkata as well as reduce the volume of unsold inventories,’’-said Mr. Mahesh Somani, West Bengal RERA and realty expert.
-LNN (Liyans News Network)
In a recent interview West Bengal Housing Minister, Sovan Chatterjee, has said that even if the state was in a motion to bring the Real Estate (Regulation and Development) Act (RERA) on board, “I am unable to tell, by when we will be able to enforce RERA.” This revelation had stirred up the end-users, as more or less they have perceived the fact that the way of implementation of RERA is truly unclear. The situation got even sceptical, when the officials of real estate industry body CREDAI Bengal stated that there was no meeting related to RERA enforcement with the state government has been held so far.
Right now the buyers must be thinking come what it may, despite the slow implementation RERA should come in frame with true law and spirit to ensure transparent realty investment. The highest parliamentary body – The Committee on Subordinate Legislation (COSL) of the Lok Sabha, had reportedly undertaken the time-consuming progress in the implementation of the Act along with the states’ attempts of skewing the provisions. State level dilution of RERA has turned into a bad headache for the central housing ministry.
“There is concern, about the treatment of ongoing projects under the new law. Not impossible but hard to implement,” CREDAI Bengal president, Nandu Belani said. Emami Infrastructure director and CFO Girja Choudhary, corroborating the problems faced by builders, said that there was need for relaxation, vis-à-vis ongoing projects. “We will highlight the same before the Bengal government,” added Belani.
“Along with the buyers realty lenders are also seeking accuracy and security from RERA. Realty Investment is known for long-term capital gain, but above all what should matter the most behind the implementation of the act is ‘buyers’ safety’. Ready projects with occupancy certificates might cost a bit high, but consumers’ are ready to bear it for the sake of better safety. Meanwhile, GST has brought all ready-to-move projects 12% tax slab. This is the ideal scope for the builders and a realtors to push the residential property sale in Kolkata as well as reduce the volume of unsold inventories,’’-said Mr. Mahesh Somani, West Bengal RERA and realty expert.
-LNN (Liyans News Network)
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