The Uttar Pradesh Government launched its Real Estate Regulatory Authority (RERA) website on July 26, 2017, for the online registration process for builders. In the aspect of providing aid to the builders, the State Authority not only extended the RERA deadline but also amended the definition of ongoing projects. As per the new amendment, the ongoing projects UP Authority has exempted the projects who have applied for a license or received a part-completion certificate before the Act was notified.
The alteration in the definition of ongoing projects is likely to praise the corruption in the real estate sector as the builders who do not complete projects and leave home buyers in the hurdle cannot be penalized as per RERA guidelines.
The State Government has finally decided to keep the projects out of the purview of RERA guidelines who has just applied for occupancy certificates, due to this the projects that were launched 7-8 years back and are still not complete will be sanctioned an escape route. The homebuyers are left in the midriff as no quittance will lead their way.
The RERA Act, whose foremost objective was to create affordability and transparency in the real estate sector among homebuyers and builders has fallen between cracks as no aid has been provided to homebuyers by exempting most of the ongoing projects out of the RERA guidelines.
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.