In the past few months, the contours of residential market have been shaped by Demonetization and Real Estate (Regulation and Development) Act, 2016. In the stance where the sale volumes have gone low and secondary market price have shed, builders are hurrying to complete projects so that the penalties specified under RERA are avoided.
The time to implement realty regulation Act has started and in the race to get completion certificates, developers have increased the work’s pace. Out of the total delayed projects, almost 25 percent are accompanied in the micro markets like Gurugram, Faridabad, Noida, Yamuna Expressway and Greater Noida. Many of these were announced during the year 2010 – 2013, in sector 74-78, 100 to 143 of Noida city, Expressway and Greater Noida West (Noida Extn.). That was the time when the real estate sector was on peak and the developers were launching new projects on weekly basis. But not all of them have been delivered on time.
It has been made clear by the government that no laxity will be accepted regarding the framing of rules for state regulatory authorities. Moreover, the ministry has made it clear to the CM that the Act must be implemented in letter and spirit. Further, the central government demands notification from all state governments by May 1, 2017.
The warning has also come from the central government to the Chief Ministers of every state that any dilution in the sections of Real Estate (Regulation and Development) Act, 2016, will claim no purpose for the act.