Last Wednesday, the government of Uttar Pradesh revealed that it would soon form the real estate regulatory authority, probable by the end of November.
Post formation, the regulatory authority will develop clear guidelines to monitor the realty sector, which is currently now have been mostly chaotic and leading to accusations of harassment by homebuyers against developers.
The work on setting up the real estate regulatory authority in the state by UP government is growing tremendously so as to safeguard property buyers’ interests. Be the end of this going month, the rules will be formulated and approved by the state, and thus the authority will be formed later before the 2017 assembly elections.
The Real Estate (Regulation and Development) Act of the year 2016 came into the drive on 1st May, commencing the method of making operational edicts and setting in place the institutional infrastructure to preserve customers concerns and encouraging the germination of the realty sector in India.
By the notification, the laws under the Act are needed to be synchronized by both, the central and stat government within a maximum of six months from the date of enactment. Also, states are obliged to make real estate regulatory authorities within a year starting from May 1, 2016.
The state government has also endeavored recommendations in this respect from all city authorities, comprising Greater Noida, Noida, and Yamuna expressway authorities.
SC Gaur, the chief architect and town planner of the Noida authority, said that the regulatory rules are a representation of prerequisites introduced in the 2016 Act and the same have been replied with the suggestions.
People buying the home are expecting that the regulatory influence will support them by managing developers and placing a halt to held unwarranted penalties, housing or commercial projects and poor quality of matter being used for construction.