Experts suggested points for amending the law in the Conclave's sessions after the meeting of the RERA Chairmen of the states. UP Rera chairman Rajiv Kumar says the government is ready to amend the law. Chief Minister Yogi Adityanath and Union Minister of State for Housing and Urban Development (Independent Charge) Hardeep Singh Puri have also given their consent.
UP Rera chairman said that in different sessions, real estate challenges, financial and legal arrangements were discussed. Suggestions have come that RERA, like the developer, can also seek answers from government entities on delay in NOC or other issues. Apart from this, customers go to different forums, it is better that all the forums work together.
Rajiv Kumar said that based on the report of all the sessions, suggestions and proposals to amend the law will be prepared. There is an attempt to hand over it to the government in fifteen days. The Chief Minister has also assured of early decision on the recommendations of other committees. RERA member Balwinder Kumar said that amendment of the existing law related to buyers has become necessary. The amendment will further improve the real estate sector.
On one question, the UP RERA chairman said that it is not that the real estate situation is bad everywhere. Commercial and office space is much better than residential. He said that after a survey was conducted in Noida and Greater Noida, it was found that there is no problem in the 25 percent project. The money of 14-15 percent of the projects including Amrapali diverted elsewhere, while there are 50 percent projects which can be completed easily with the cooperation of all.
In case of delay in a project, the RERA Act provides that customers can withdraw the entire amount including interest or continue to take interest on a daily basis. RERA has tied up with rating agency CRISIL. Projects registered at RERA will be rated by the agency.
