RERA to become operational in 1 month

The much-awaited Real estate regulatory authority (RERA), which is set to change the face of real estate purchase, will become operational within one month, said Maharashtra housing minister Prakash Mehta on Wednesday. This authority, widely known as Housing Regulatory authority, envisages to protect the interest of the buyers from excessive delays in project completion, and is expected to promote affordable housing by making the real estate market more transparent.

For this purpose, a committee was appointed under the chairmanship of former state secretary Gautam Chatterjee, and the committee submitted the report two days ago, according to Mr Mehta.

“Despite clearances from all authorities, many constructions in the city are stalled for several years. As RERA is going to change all of that, there are other provisions which will support this,” said Mr Mehta.

The minister announced that the state will ensure that another developer is appointed for completion of a project, in case the work on any building is pending for over three years despite all requisite clearances. In such cases, the previous developer will not be able to object on the government’s decision to appoint another contractor, and the new contractor will have to accommodate the previous development instead of starting on the construction afresh.

This will mean that all stalled projects in areas like Dadar, Girgaun, and Lower Parel, which have witnessed heavy redevelopment in the past few years will now be fast forwarded, providing relief to buyers who have already invested their money in these houses.