RERA i.e the Real Estate Regulatory Authority is not just dealing with the queries filed by the homebuyers but the developers are also giving them a tough time. Thus, the authority seeks more power to attach unsold inventories while figuring out the options to complete projects. The regulators from the entire state met in Lucknow and unanimously asked for amendments to the Real Estate Regulation and Development Act (Rera) as it will empower them to take stringent actions against defaulters.
The regulators plan to table all these concerning issues before the Union Government and this includes financing aid. One of the regulators was quoted saying that they aim to complete the stalled project and thus have to keep an eye on the liquidity issues.
Thus, in a recent development, Durga Shankar Mishra, housing secretary hinted that the Union Government is likely to introduce some amendments to the RERA Act so that the regulators can take necessary actions as and when required, UP informed in an official statement.
Some top officials at RERA said that the law is performing magnificently in some states but we still need to work on some issues especially the legal ones that must be resolved for the effective functioning of regulators. They also said that the regulators have taken a unanimous call for the first time to discuss and recommend certain points to the Union Government to strengthen the system.
Earlier in August, Balwinder Kumar, UP-Rera member had said that there is a need to review the limited powers authorized to the RERA authority and few amendments to the same will make working easy and effective. He gave this statement in the backdrop of a case where UPRERA i.e. a state authority to regulate the property market in Uttar Pradesh had walked out from two stalled residential projects in Noida.