May 31, Wednesday : In a major setback for home buyers, Implementation of the Real Estate (Regulation and Development) Act will now take time due to lucrative attitude of the states.
As per the earlier announcements, RERA has been effective from May 1 but it won’t be beneficial for home buyers in more than half the states as they haven’t received any notification regarding new rules.
Not only this, states have not created authority to regulate the real estate law. Presently, RERA has been implemented in only two states across the country, i.e. Madhya Pradesh and Maharashtra.
In the National Capital Region (NCR) also witnessing confusion over RERA , like in Uttar Pradesh rules have been notified but there has been no authority to regulate it, same is with Haryana.
However , the law irrelevant until and unless it would benefit all states.