Haryana Government will soon start implementing Real Estate (Regulation and Development) Act, 2016 for resolving issues associated with developers and home buyers
Noida, December 16, 2016: On December 13th Chief Minister Manohar Lal Khattar announced the forthcoming RERA regulation after district grievance committee meeting.
The CM on 13th December announced this new development to be issued from next month. He also said to establish a real estate regulatory authority, but he didn’t fix any timeline for that. Many home buyers and developers are demanding for a regulatory authority to ensure a fair deal for all home buyers.
The move is expected to bring transparency to the real estate sector. The move can be considered to be the final notification regarding rules for implementing RERA.
The Urban development Ministry is working on similar regulation which will be applicable for the NCR Delhi. While other union territories will have both the options open either come out with their rules and to adapt government notified rules.
Real estate regulation and development act 2016 are obligatory to be implemented by April 30, 2017, and the full act will come into effect on May 1, 2017.
The implementation is obviously good news for millions of home buyers. As per this law, the developer is needed to compensate the home buyers in case of delay in completion of project and delivery of the house. Other than this factor, now according to this regulation the developer is needed to make the authentic documents public, like original sectioned plan of the property, blueprint of the property which will incorporate all specification of the on-going project with some specification and changes. Another document that is needed to be disclosed is an original and authentic timeline of completion of the project, the total amount that has been collected from all allottees.
Haryana CM point out 22 issues related to home buying and issues of related to grievances of home buyers against developers. After hearing all the cases related to cooperative societies, Khattar directed the deputy commissioner to prepare a list of all cooperative housing society and put the details on an e-portal for public to go through it.
While the hearing process related to Shanti Niketan Group Housing Society, the chief minister is directed to file FIR against all the bureaucrats who were involved in the development procedure.
Author: Somdeepa Bhattacharjee
Somdeepa Bhattacharjee has a total experience of five years in the Content Editorial, Online Community and Internet Marketing domains. As a part of the content team of a3solutions.in, she develops research-oriented stories and News Articles on recent market trends. She has a proven strong analytical skill in her Articles which help readers to understand real time scenario of Realty Market. In her free time, Somdeepa engages in Blogging, Trekking, Reading Classics and Photography. She really fond of Entrepreneurship, Travelling and Foods.