Hyderabad: Telangana State has joined the list of those states failed to set up Real Estate Regulatory Authority (RERA) to protect home buyers by giving them a platform to resolve disputes quickly before April 30.
With this, the effort of the Central government to create these authorities in every state before the end of this month has come in for question as RERA Bill passed in Parliament last year has made it mandatory to establish these units in every state within one year of its commencement. Unfortunately, the failure of the state governments have put a question mark on the Centre's effort to regulate residential and commercial projects and protect the interests of buyers who often complain of delays and cost overruns.
Madhya Pradesh is the only state so far that has set up the Real Estate Regulatory Authority (RERA) till now. "We have written to states, held multiple national and regional consultations to ensure they expedite the process. But we have not got response from some states, including Telangana and West Bengal," said a housing and poverty alleviation ministry official in New Delhi.
The Real Estate Regulatory Authority (RERA) Act came into force on May 1, 2016 to facilitate states to have regulatory mechanism to oversee transactions and settle disputes pertaining to growing real estate business. All the states were given a year to get the regulatory authority in place. Without these regulators, the realty law will become ineffective. According to law, builders have to register every project coming up on 500sq m or more with the regulator before they launch or even advertise their plan.