The realtors have again asked the RERA authority to bring all project-approving civic authorities under the Real Estate (Regulation & Development) Act, 2016. The developers have been demanding this action from a long-time but a decision in the same matter is yet to be taken.
Recently, a mishap jolted the real estate sector of the Mumbai city and as a result, of the same, the realtors under the banner of Developer’s body strongly reiterated their long-pending demand. This unlucky incident revised of the same incident that took place in the year 2015.
The developers in the city said that a lot of regulation make working bit complex in the real estate sector.
Nayan Shah, president of developers’ body CREDAI MCHI expressed his grief on the mishap and said that today a lot of developers are under extreme stress and this led to such unlucky incidents. The developer recently met with a mishap because of the continuous delay of his project planned in the Chembur locality. A lot of realtors in MMR [Mumbai Metropolitan Region] are under huge stress as they have to deal with multiple authorities, Government agencies and local bodies to get sanction and approvals while completing the project in time to offer timely possession to the homebuyers.
The developers are requesting the RERA authority to implement section 32 (b) and (c) of RERA Act that brings the approving authorities actions under a check.
Shah also said that the developers don’t have a platform to register complaints.
Another developer of Navi Mumbai said that it is important to make other stakeholders accountable apart from formulating stringent laws for the developers only.