Published On: Thu, Mar 16th, 2017

Real Estate gearing for regulated market from 1st May 2017

lawBy Accommodation Times Bureau

Real Estate industry had been matured since five decades. Since 1960 onwards, real estate industry was maturing and establishing new standards. The industry have seen four booms and five recessions since then. Many have burnt figures and many have earned fortune. Buyers of few lakhs have become millionaire. Lease rentals running many office expenses of big reputed names as builders.

Unfortunately, leaders of real estate industry and stalwarts have failed to transfer the expertise and legacy they earned during these decades to new generation and to their staff and last man selling their projects at sales counter. Because of this, a need for RERA came. Buyers were crying and complaining. Huge litigation were recorded in Indian courts. Government was under pressure to rescue the buyers for delay possession, over charging and cheating hence RERA was enacted. The Act was called for by the industry it self.

If we read Preamble of the Act , the lawmaker were dead serious to protect the rights of home buyers and enhance transparency. Now the Act called as Real Estate ( Regulation and Development) Act 2016 will regulate the real estate business, transactions and development across the country. From 1st May 2017, all states are duty bound to establish Rules under the Act, Authority and Tribunal to take cases pertaining to real estate.

Getting license and keeping all info in public domain will be mandatory for all players in real estate. Who soever promote, consult and act on behalf of either customer or seller needs to register with the authority and take a license. There are penalties and prosecutions for not adhering to law. After all, ignorance of law is not an excuse.

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