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Now RERA To Apply On Ongoing Property Projects
Though the move is positive and shall further foresee the end-buyer's interest but problem would remain where the funds are scare to complete the project.
Here's another move in place to cheer for property buyers, as the Bombay High Court has made the rules of RERA applicable to ongoing property projects across states in the country. With this you can expect a timely or more so early delivery of your booked property which is nearing completion, as the developers shall now be in a haste to complete them to avoid going by all the necessary formalities to comply with RERA.
The scope of RERA required developers to register their project with the RERA authorities, disclose the details of the sanctioned plan and report any change to be implemented at a later stage. Also from time to time, reporting has to be done to inform the buyer regarding the stage in which currently the project is.
An expert on the move commented, "the judgement to further include ongoing projects under the purview of RERA is a welcome move, but it also provides flexibility to RERA authorities to grant more time in exceptional cases to a builder to complete a project. Although it is a good news for builders, it may sometimes result in dilution of the law."
Nonetheless, though the move is positive and shall further foresee the end-buyer's interest but problem would remain where the funds are scare to complete the project. Herein bidding for the completion of the remaining project can be made or project can be taken over by the buyer's association for completion.
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