The Real Estate (Regulation and Development) Act, 2016 has brought in a transformed and regulated system in the Indian real estate market. Although the thorough implementation of RERA is at a formative stage, the future of the Indian Real Estate market looks promising. The new regime also contributes to a transparent and disciplined formation of the real estate sector. This development by far has proven to be the best since the builders who under the direct scrutiny of the Real Estate Regulatory Authority are working with a fast pace to deliver the projects as soon as possible.
To be more precise, UPRERA has been working for bringing more efficiency in the field of Real Estate by conducting internal inspection of the projects in their vicinity, which is further benefiting the home buyers. As a result of these inspections conducted by the UPRERA it has come to light that at least 40,000 flats will be delivered to the home buyers in 2019. These projects includes Today Homes, Logix, Rudra Buildwell, Mascot Homes, Omaxe, Panchsheel Buildtech, La Residentia Developers and Geotech Homes, which have been registered with the Authority. These projects which have been developing for the past 5-7 years and are in their final stages of completion.
In their review last month, the team has examined nearly 50,000 flats in these projects out of which 40,000 are at various stages of completion and are likely to be delivered this year. Further in order to ensure proper construction and successful delivery of the projects, the UPRERA has given deadlines to the builders for the delivery of the possession apart from which the builders are also directed to give monthly report with regards to the status of the construction.
The all the steps taken by the UPRERA Authority is now finally giving some lucrative results and the long wait of the home-buyers might come to an end.
Disclaimer – The above points are based on the personal interpretation and understanding of the RERA rulings, which may differ person to person. The readers are expected to take expert opinion before placing reliance on it.