Many builders in Ahmedabad are facing a problem with regards to RERA as the Gujarat Government as yet has not formed a state level regulatory authority which is to frame regulation for builders to follow. Real estate developers in much of Gujarat are uncertain and confused with regards to how to register ongoing projects.
What the New Law Requires?
According to the new RERA law, new and ongoing projects shall have to be registered with the regulatory authority. By July 1 of this year, realtors have to register their ongoing and new projects. However because the Gujarat Government is yet to appoint a state level regulator who will frame regulation, builders are left in quandary concerning whom to approach to register their projects.
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Builders in Confusion in Gujarat
Builders in all of Gujarat including those in Ahmedabad are confused regarding how to proceed as there is no regulatory authority in the state with which they can register their projects. According to industry insiders, builders have stated that they hope that a authority would be established soon. For all their wanting of a regulator with whom they may register their projects, builders are also anxious about where and when they will get their registration numbers and which receipts from the bank accounts of new and existing customers will need to be deposited.
The questions mentioned above are of serious concern to builders and developers and are leading to confusion among not only builders and developersin Ahmedabad but also among builders across India in states that have failed to appoint state level regulators. According to a member of the CREDAI, the question of how and when builders will get their registration numbers and the question of customers bank receipts are paramount among those being posed by builders.
RERA: Bringing Transparency
Developers have stated that the RERA will bring transparency in the real estate sector, however developers have stated that the government should also create a dialogue with consumers in addition to a dialogue with builders. In such a dialogue the government could clearly explain its plans to build the required infrastructure.
The Word on the Street
The word on the street is that by the time the government takes the necessary steps to create a state level regulatory authority, there will be a shortage of time for builders to register their projects leading to a mad rush among numerous builders to register projects once the necessary infrastructure is in place.
Time is Of the Essence
It is expected that nearly a month will pass before the authority can be ready to create registration numbers for builders. According to estimates, there are 750 to 800 upcoming new projects in Ahmedabad and these have some 70,000 units all of which will have to be registered costing a lot of time and man hours in the process.
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