As Real Estate Regulation and Development Act 2016 came into force across India, Uttar Pradesh is one of the states which lags behind in setting up a regulatory authority.
With the change of government, new regime of BJP wants to review the decision taken by the Akhilesh Yadav dispensation on real estate law. Additional Chief Secretary Housing and Urban Planning Sada Kant said, the process will now be started afresh.
The Chief Justice of Allahabad High Court, who chaired the three-member selection committee, is learnt to have objected to some names after which the process got slowed down. With state assembly elections, thereafter, the whole process was kept in abeyance. With the change in guard in the state, the process has since been spiked.
Along with tightening of screws on private builders and real estate players, the new law will also put pressure on the Aawas Vikaas and the development authorities in the state which would now be forced to deliver flats on time promised at the time of purchase agreement.
While builders in the state say they welcome the Act as it would weed out the small and the fake builders, they feel that with time the confidence amongst consumers would rise and the recession that had hit the real estate sector over the past two years would recede.