The Real Estate Act (RERA) comes into force from today with an objective of safeguarding the interests of buyers across the country. However, West Bengal is one of the states that failed to officially implement RERA.
The Housing Minister of West Bengal and Mayor of Kolkata Municipal, Sovan Chaterjee spoke exclusively to India Today and talked about RERA.
Chaterjee said, "It is not an easy job to implement the RERA in the state of West Bengal because of the environment and other factors that are changing rapidly. It involves a lot of complexity. We are not overruling the RERA system but taking their advice and regulations into consideration. We are also examining the details of the issue and diversely discussing the matter with the concerned agents."
The minister added, "Many criterion are given in the draft's agenda but it is not possible to apply all on the ground work. That is why different processes need to be adapted and revised. We are working on it and then finally we can go through the actual process of RERA."
HERE IS WHAT YOU NEED TO KNOW ABOUT RERA
The Real Estate Regulation and Development Act is expected to bring transparency and accountability in the realty sector and ensure consumers will not be cheated or taken for a ride by the developers. The act will also ensure that consumers won't have to endure late deliveries
Objective of RERA is not to pressurise developers, but to safeguard interests of buyers by ensuring they don't get cheated.
The Ministry of Housing and Urban Poverty Alleviation has notified 69 out of 92 sections of the Act last week and ensured the Act is enforced from May 1. Both the Central and State governments are to formulate rules under RERA within six months. A report in the Hindustan Times said that the HUPA Ministry will be in charge of formulating rules for Union Territories but for Delhi, the rules will be set by the Ministry of Urban Development.