LawRato

Real Estate bodies refuse to move to court against RERA

July 24, 2017


Real estate bodies like National Real Estate Development Corporation (NAREDCO) will not move to court against the implementation of Real Estate Regulation and Development(RERA) even with respect to ongoing projects as it helps buyers instill confidence in real estate projects.

NAREDCO affirmed this after developers from Jabalpur and Nagpur have filed cases in Bhopal and Mumbai high court, respectively, against the retrospective effect of RERA.
Ongoing projects are also liable to register under RERA. According to a developer, as some projects were launched under the old rules making it mandatory to register them also under RERA.
RERA was implemented by Central Government on May 1, 2017, to bring in accountability and transparency. This Act will be implemented through state governments who are required to notify rules and appoint a regulator to monitor the sector. States are also required to develop a website to enable developers to register their projects online.
Confederation of Real Estate Developers Association of India (CERDAI) has also asked its members to go for registration of ongoing projects as per rules notified by the state government. For future actions it has said to wait for observations by courts hearing the matter.
CERDAI said that they though they are not opposed to implementation of RERA on ongoing projects, certain clauses of RERA rules like depositing unused 70% of all the future payments from buyers in ongoing projects must go to escrow account.

Both NAREDCO and CERDAI supports implementation of the rules but it must be practical and aid in faster completion of ongoing projects.

All ongoing projects are required to register by July 31 to continue their marketing and sales activities.

 

Latest Legal News


Supreme Court’s Verdict on the Same-Sex Marriage; No Fundamental Right to Marry
Read More
3 Bills to Renew India's Criminal Justice System presented in Lok Sabha; All you Need to Know
Read More
Data Protection Bill Passed by the Lok Sabha and Rajya Sabha; Decoding the DPDP Bill
Read More
High Court; Denying Physical Intimacy to Wife not Cruelty under IPC
Read More
PoSH Act Implementation
‘Sorry state of affairs' in PoSH Act implementation; SC orders Govts. to ensure ICCs are constituted
Read More
Widow can't inherit Property if Husband did not own it: Punjab & Haryana HC
Widow can't inherit Property if Husband did not own it: Punjab & Haryana HC
Read More
Read More Legal News

Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

LawRato