Real estate project developers in rural areas of the country are trying to continue to remain out of the Real Estate Regulatory Authority (RERA) radar. Though RERA has come into action since 2016, and getting implemented at the state level too, though the rural periphery of the states, most of the developers are not getting their projects registered with State RERA authority.
For example, less than five developers have registered their projects in Jaipur, however, there are more than 50 real estate projects in Jaipur. After implementing the Act in urban areas, RERA decided to take real estate projects in rural areas under its ambit. A penalty would be imposed if developers fail to register their ongoing project within the stipulated deadline.
There are many projects coming along the highway adjoining or away from city periphery.
To safeguard the interest of consumers, a decision was taken to take these project under RERA ambit, after seeking RERA chairman’s permission. Authority is hoping that developers will come forward as deadline is approaching closer.
There is news that RERA will now impose 10% of the project cost on developers who will not register their ongoing projects with the regulatory. Once details of all the ongoing projects are uploaded on the website, the aggrieved consumers can register their complaints at RERA office.