Some ambiguities under RERA should be revisited in order to protect the interest of the real estate industry, believes CREDAI

“There is absolutely no scope for correction once a developer fills his registration and hence, most of the developers waited till the end moment to ensure that all the specifics are met as per RERA. Hence, there has been an overwhelming response for RERA registration in last couple of days, says Jaxay Shah, President, CREDAI National.   He adds, “However, there are some ambiguities under RERA which we feel should be revisited in order to protect the interest of the industry which is the second largest contributor to GDP and supports millions of jobs. RERA’s restriction on sale of any project without registration will adversely affect the business cycle and can cripple the entire industry which is concerning. Furthermore, in our perspective, ongoing projects coming under the ambit of RERA are more likely to get further delayed, which will cause despair among the homebuyers who have already paid for their dream homes. Hence, a constructive and concrete definition of ongoing projects accounting the stakes should be re-evaluated by states. Lastly, the authorities which are responsible for seamlessly conducting the process and giving approval should also be contained within RERA to ensure unbiasedness and transparency which is the prime objective of RERA.”