Registration of projects: A double-edged sword under RERA

The Law establishes the basic rule that no one can sell/offer/advertise/invite / market/book unless you have saved the project with the Real Estate Regulatory Authority (RERA). What government infrastructure should be in place for this. By 1 May 2017, only 13 States had notified the rules. With the exception of some states, no state government has set up the infrastructure for recording. The law requires that, within three months, the proposers must submit an application to the RERA register. But states have one year to establish RERA governments. Until the end, Authority / Regulatory Officer would be designated by RERA. There is little or no clarity about the project in the field. Ongoing projects for which a Certificate of Compliance (CC) has not been issued before 1 May 2017 must be registered with RERA. Ongoing projects have 31 July 2017 and registration. What about completed projects, documents submitted to the competent authorities, the certificate of completion has not yet been issued. CC applications were filed nationwide before May 1, although much work is still ongoing on the site. At present, there is a crazy rage in this type of projects. Developers have been trying to be completed before CC inspection. This allows the developer to limit their responsibilities. Most projects are subject to the law’s drain and we can expect a lengthy and tedious registration process, given the amount of data that needs to be reviewed and confirmed before signing up.

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