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RERA to come into enforcement in Maharashtra by May 1.

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The implementation of the RERA act is most likely to start from May 1, 2017 in Maharashtra. Housing department officials have said that the state will follow the rules once the final rules and regulations are published. The officials also confirmed that the file for publishing the rules is in the final stages of approval. RERA came into force last May, and since October, states began to issue their version of the rules under the central act. The Maharashtra government published the draft rules in December and sought suggestions from consumer bodies.

An officer appointed by the department on special duty later gave a hearing to some bodies from Pune and Mumbai. Over 650 suggestions and objections, many of which were a part of the act but not the draft, were heard. "There will be no dilution of the act from our side. There were concerns from consumer bodies after the draft rules were published and hearings were held by the department. After the hearing, necessary amendments have been incorporated in the rules, which are in consonance with the central act. We are working towards implementing RERA from May 1," a senior official from the housing department said.

The Centre had told states to not dilute the act as was alleged by many consumer bodies. According to an official of the department, the file was submitted last month but could not be cleared because of the municipal corporation elections. The official said that it should be cleared this month itself and the rules have incorporated "all the concerns" of the consumer bodies. But the bodies said the state's draft rules were pro-developer. The body had highlighted 53 objections which were not in consonance with the Central act. "There was definite dilution and we hope the final rules follow the central act," he said. Pune Grahak Panchayat's Vijay Sagar had sought over 1,000 signatures from various societies in Pune objecting to the deviation of the draft from the original act. "We had highlighted our objections and hope the government has taken cognizance," Sagar said. The builders' fraternity is, however, looking at the developments closely.

Rohit Gera, vice-president of Credai in Pune said, "I think the introduction of RERA will be a game-changer in the real estate sector in terms of bringing about transparency and accountability. It will transfer all the risks the consumers are facing to the developer. It is a good thing and I hope it is implemented well," Gera said. This step is taken to move towards more accountability and transparency from developers and risk mitigation on part of the consumer. Chief economist and national director of research in Knight Frank, Mr Samantak Das says that it is a win-win situation for all stakeholders developers as well as consumers. "It is a myth that RERA is against builders as they will also welcome it. They might take a little time to adjust to the rules and recalibrate their business model and make it comply with the legislation. However, what has to be seen is how the rules formulated by different states are being implemented and if there is no dilution of the central act,'' said Das.

Source: Times of India.

 

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