Realtors in NCR enter into joint ventures with financially strong developers

It is not just homebuyers who are troubled by builders’ insurgency with the order passed by Real Estate Regulatory Authority (RERA), even regulators are upset at the stubborn nature of builders.

Depressed with builders, the regulators are possible to seek more power under the law to enable them to attach unsold inventories of builders to make them come in line and find directions to finish projects.

RERA Authorities from across states have come together in Lucknow and push for revisions in the Real Estate Regulation and Development Act (RERA) to provide them more power, particularly to carry out instructions passed by them.

They are also expected to indicate rising issues before the government including funding needs for the sector which is loaded with stuck realty projects across the country. “Our ultimate task is to see that stuck projects get completed and as a result, we have to look at liquidity issues,”  said a regulator.

Data Sources: RERA websites

The data also showed that approximately 14,000 cases filed in Uttar Pradesh while 9,271 cases in Maharashtra.

On Sunday, Housing Secretary Durga Shankar Mishra indicated that the government would consider revisions in the law. “He said the government is considering to give more to regulators so that they can take bold steps,” an official statement by UP RERA said.

TOI spokesperson spoke to a couple of RERA chiefs said though the law had made an impact across states, there were challenges to take it ahead. They further said that some legal issues needed to be resolved for the effective functioning of regulators.

“This is the first time there is a concerted effort to identify issues, discuss them and also make recommendations to the government. The main focus is on how to strengthen the system,” said one of the regulators.

Though some regulators had initially recommended the view that homebuyers should not be allowed to approach consumer disputes redressal forums, the housing ministry has set this down. Some regulators had also raised this point in public meetings.

A housing ministry official said, “This debate is over. Consumers will have the option to either take the matter to RERA or consumer forums to seek relief. Several Supreme Court orders have made it clear the Consumer Protection Act is a special law and every homebuyer being a consumer has the option to seek redressal”.

https://www.commonfloor.com/guide/real-estate-regulator-seek-more-power-to-attach-projects-of-unreliable-builders-55502.html