The most dominant industry in the country–the real estate sector– has finally going to under radar of Regulatory Authority. After years of waiting, finally there is a ray of hope for helpless home-buyers in the country in the form of RERA (Real Estate Regulation and Development Act), which became effective May 1, 2017. The Maharashtra RERA authorities have one trick saved under its sleeve, the regulatory body will now also be watching over the corrupt officials who delays construction work by refusing the builders files quickly.
The housing regulatory body will take action against such corrupt officials, but also the state government will take action on them under the Right to Services Act. This news was also welcomed by the real estate sector which will benefitted by this move, as most of the projects were dragged on for years owing to delays. Gautam Chatterjee, interim chairman, RERA, told Hindustan Times that, “We will examine cases and if we find that officers are responsible for delays, we will pass strictures against them. We will forward cases to the concerned authority, who will take action against the guilty parties. The process will help us pinpoint who is responsible for the delay.”
Earlier before RERA would come into effect the builders had raised concerns about the delay in projects which happen, due to officials delaying permission. And there was no such clause of penalising such officials who delayed permission. These concerns were taken by the RERA authorities and finally action will be taken against such corrupt officials.
According to real estate sector the till now the approval process was one of the biggest hurdle for the delay in projects, but now as the housing regulatory body will tighten the noose of the corrupt officials who delay the permissions, the builders hope to get approvals faster. Till now builders had to go to various agencies for approvals, and the approvals was supposed to be given on time by officials, but the officials wouldn’t approve the projects and took years instead.
Well now RERA has everything for everybody, from buyer to builder the RERA is trying to keep everyone happy, but only time will tell, that will RERA live upto the mark, or will it fall prey to the dominant real estate sector and politicians.