While the RERA came into effect on May 1, 2017, development firms have been given time till July 31, 2017, to register their ongoing projects with the real estate regulatory authority in their respective states. State governments were asked to establish their regulatory authorities by April 30, 2017.
Till date, 23 states including the NCR states have notified the RERA rules. However, a number of states have not been able to install the required machinery or a permanent regulator. All these developments have begun to impact market sentiments. Says Anupam Varshney, head – sales and marketing, Vatika Limited: “Since last year, market sentiments were down, due to a number of factors including the slump. RERA offers more transparency to buyers. Buyers would now want to transact with firms that are RERA-compliant and make full disclosures. Hence, any further delay in installing the RERA machinery, will aggravate the problems of the industry and trouble the buyers.”
Most development firms in the states that have notified the rues, are currently submitting their documents manually, to the respective regulators or the interim authorities that have been put in place. For instance, more than 20 developers have manually registered with the regulator in Haryana alone.