Real Estate Regulatory Authority (RERA) Filing will be putting a closure to its registration in three days i.e. July 31. The Central Government brought the bill into force on May 1, 2017, and enlightened the State Government to notify the RERA Rules across the country. The State Authorities procured liberal time to notify the rules, despite the fact, few States could notify the rules and launched the RERA website for online registration. Few States notified the rules and launched the website just in time and are expecting builders and agents to register themselves for RERA Filing.
The slot of 90 days which was provided to the States Authority will be coming to an end in next 3 days. The developers being the main intent of RERA Act are under great load as the sword of penalty hanging above their head. The State Government is pressuring the builders to get themselves register with RERA Authority which is now a pain in the neck for builders.
Technical issues are being faced by the builders during the registration process. With reference to a recent news, countless registration on RERA website along with 15,000 complaints were lodged simultaneously leading to the crashing of the website. Another one of the major issues was direct upload of the documents was not available, builders had to go through a long process to convert their documents and then upload them as per the law. Such issues are faced by the developers which are expected not to take place during the high time.
As per our sources, no over and above surplus will be provided in case of any failure of RERA Registration across India. The hooligan will face a hefty penalty as the State Authorities have said RERA Act is mandatory and issued by the central government and any recess in the deadline will be disrespectful.
The builders are head over heels in pressure by the state government and no patronage can be expected. The RERA Act is expected to bring up the sales in Real Estate in near future providing its worth to both consumers and builders but for now, it is more of a pest.
Note – Please note that the above article is part of our continuous research on the related matters. It is based on our interpretation of related regulations which may differ person to person. Readers are expected to take expert opinion before relying on above.