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With the Real Estate Regulatory Authority (RERA) firmly reigning in and prices stabilising, it is the best time to buy property. The new era of transparency brought in by the regulation has also kept speculative buying on check and developers have become cautious in pricing their products, according to a study.
The authority has also ensured that only serious real estate companies remained, while the fly-by-night developers vanished, according to a survey of 50 realtors and analysts across ten major cities including Mumbai, Delhi, Kolkata and Bangalore by bizbuzzindia.com .
As it stands now, 22 states and 6 Union Territories have already notified their RERA rules, out of which 19 states have active online portals, said Anuj Puri, Chairman, Anarock Property Consultants. West Bengal too has an active portal for its own real estate law.
“While buyers have been continuously fretting about the dilution of the rules notified, they are bestowing their faith in the law and coming forward in bulk to raise their complaints against faulty developers for myriad reasons including project delays. For instance, Maha RERA has received as many as 6,631 complaints as of April 30, 2019, out of which the state authority claims to have disposed more than 64 per cent of the complaints,” Puri added.
The Real Estate (Regulation and Development) Act, 2016 was passed by Parliament in March 2016, but its execution started effective in May 2017. It’s been two years since the deployment of the RERA across the country and the Centre’s aim enforce it in each state is gathering visible momentum. Even the north-eastern states including Manipur, Meghalaya, Mizoram, Nagaland, and Sikkim – which earlier shied away from it - have agreed to officially notify RERA rules soon.
West Bengal is the only state which notified its own real estate law under West Bengal Housing Industry Regulatory Authority (WBHIRA). RERA has ushered in a regime of transparency and accountability and weaned away fly-by the night developers to a great extent, said Abhinav Joshi, Head of Research for CBRE India.
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