As the deadline looms, for states to set up their respective Real Estate Regulatory Authorities and the machinery, and for developers to register their newly-launched or ongoing projects, both sections of stakeholders are making quick arrangements. In one of the latest developments in the National Capital Region (NCR), the Haryana cabinet, on July 25, 2017, approved the final rules under the Real Estate (Regulation and Development) Act (RERA) for the state. Neighbouring Uttar Pradesh also launched its own RERA website on July 26, 2017.
“Although the implementation of Haryana’s RERA has been long overdue, we welcome the move,” said Jaxay Shah, president of CREDAI, noting that Haryana had now become the 23rd state in the country to notify the rules. Faster implementation of the RERA, can act as a catalyst for the growth of the real estate market, he added.