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Construction : Web Exclusive | May 2017 | Source : CW-India

RERA – Most states miss deadline

Of those which meet it, many water down crucial provisions of the Act.
 
Conditional coverage defies the central Act


Despite continuous monitoring and follow up by the Ministry of Urban Development and Housing, Government of India, only nine states – Andhra Pradesh, Bihar, Gujarat, Kerala, Madhya Pradesh, Maharashtra, Odisha, Rajasthan, and Uttar Pradesh – and six union territories – Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman and Diu, Lakshadweep, and National Capital Territory of Delhi – have notified their respective Real Estate (Regulation and Development) Rules, 2017.

The central Real Estate (Regulation and Development) Act (RERA) was notified on May 1, 2016, and has come into effect nationwide from May 1, 2017. States were asked to prepare and notify respective rules in tandem with the Act, so it could be effectively implemented. CRISIL Research compared the notified state specific rules with the central Act, and found that many states have either diluted a few crucial aspects of the Act, or given insufficient emphasis to its provisions in their rules.
 
CRISIL Research analysed state-specific notified rules and RERA implementation. For details on the CRISIL Research Impact Note, Click here.



 
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