RERA deadline – builders rushing in for registration. Online submission of realty projects under Real Estate Regulatory Authority (RERA) moves towards the end, developers across Maharashtra are rushing to register. RERA officials said more than 7000 projects are expected to be registered. The deadline not been extended despite several requests from developers.

More than 15,000 projects across the state are going on now, official said over 1,000 projects were registered on July 30. Fearing action against non-submissions of projects, developers are seemingly rushing to get their works registered. RERA officials have made it clear that strict action will be taken against those who will miss the deadline.

Developers are complaining about the amount of time it takes to register the project which includes all details. On this, Ranjit Naiknavare, Secretary, CREDAI Pune Metro said, “Today is the last date of registration of ongoing real estate projects under RERA. So far more than 2200 real estate projects in the state have been registered with RERA of which about 862 are from Pune. Log in for more than 8000 projects have been created so we are expecting a big increase in this number of registered projects in the days to come. We believe that RERA is equally beneficial for the consumer and real estate developer. However, there are still some apprehensions about the act among the developers and we feel that Government should work towards removing those.”

Naiknavare added, during this process, a lot of valuable data would go online thus it is imperative to ensure safety of this data and steps are required to be taken in this direction by the concerned authorities. There is a good amount of awareness among the real estate developers from the urban areas. However, when it comes to smaller towns, we have found that the awareness levels and clarity about RERA is relatively low.

Moreover, it is comparatively easier for big and established developers to appoint related professionals to complete RERA registration process for their projects but when it comes to smaller developers it is not so easy for them. Under RERA new bank accounts are required to be opened for projects. However, we need clarity about the bank accounts of ongoing projects that have taken loans from financial institutions.

“Lastly, in foreign countries where RERA like acts have been practiced, both consumer and developers faced problems initially however later when it settled down and became a routine its benefits and importance naturally got highlighted. We hope it happens the same way in Maharashtra and during this period both consumer and developer are required to deal with the situation with patience”, informed Naiknavare.

This reform will be beneficial for buyers as they can check certification of buildings as RERA makes it mandatory for developers to post all information such as project plan, layout, government approvals, land title status, sub-contractors, and schedule for completion on its website. As per RERA, each state will set up a regulatory body in order to solve disputes between buyers and developers.

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