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RERA – A New ERA for Indian Real Estate

Posted by Alok Upadhayay on July 31, 2017
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RERA (Real Estate Regulatory Authority), is expected to bring accountability and transparency to the Indian Real Estate Market. It (RERA) is also expected to infuse confidence among buyers in the quality of construction and timely completion of real estate projects. Under RERA, if a developer deviates from his promises made to buyers while selling, he will be penalized heavily.

RERA Uttar Pradesh Automates Generation of Registration No. : 
With Uttar Pradesh Government automating ‘generation of a registration number for a real estate residential or commercial project’, real estate developers are likely to register most of the projects under construction in the state, helping them boost their credibility among property buyers.

Those, willing to buy property in NCR section of UP (Noida, Greater Noida, Yamuna Expressway, Ghaziabad, and Meerut) can now buy houses in RERA (Real Estate Regulatory Authority) registered projects. Considering real estate project registered under RERA can assure the quality of construction and timely completion and delivery of the promised houses by the real estate developer.

Uttar Pradesh RERA website can automatically allot a registration number to each project, as soon as all the requisite documents of approvals are uploaded and the registration fee paid online. This has prompted a large number of developers to register their projects, much to the relief of home buyers.

All the registrations through online applications will now be done under the existing notified RERA rules, passed in December 2016.

As a registration number is automatically generated for a project, developers are likely to register most of the projects under construction in UP, which will help them market the projects as RERA-registered projects.This is likely to enhance the authenticity of the promises made by the developers while selling their projects.

RERA to bring accountability in Indian Real Estate Market

 

Real Estate Projects registered in RERA so far :

Though the process started slow, with only 4 real estate projects registrations on the first day of the launch of the RERA website of Uttar Pradesh on July 26th, 2017; the second day witnessed a significant increase with registrations of 30 more projects in NOIDA and Greater Noida, and 10 projects in Ghaziabad got registered.

Out of total 30 Projects registered in Noida and Greater Noida, 4 projects are from ATS, 5 Projects from Mahagun, and 3 Projects are from Supertech.
Out of 10 projects registered in Ghaziabad, 3 projects are from SG Estate, 2 projects from Prateek Group and 1 projects is from Mahagun.

Despite the RERA rules yet to be notified in Haryana, 21 projects have already been registered in Gurgaon and Sohna. Though this number comprises real estate projects from a handful of developers only; eight projects from Raheja Developers and nine from Signature Global-M3M and Tulip Infrastructure. , Haryana’s RERA rules are likely to be notified next week by August 4th, 2017.

In order to speed up the application filing process and on the demand of developers, Haryana is expected to keep the authorities’ offices open on Saturday and Sunday. It takes a couple of days to scrutinize the forms and allot each project a registration number, as unlike Uttar Pradesh RERA, in Haryana RERA the allotment process is not automated yet.

Post By- 
www.indianrealestatemarket.com

 

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