‘Biggest challenge is to keep builders compliant of law’

Source: The Hitavada      Date: 30 Apr 2018 11:56:59



AS THE Real Estate (Regulation and Development) Authority Act completes one year of implementation, the biggest challenge is to keep the builders compliant of the law, said Maharashtra RERA Chairman Gautam Chatterjee.Maharashtra was the first state to implement the Act in the country from May 1, 2017.“Being the first State to implement the RERA Act, there is certainly a feeling of satisfaction as we complete a successful maiden year. But at the same time, there are many areas of concern which we will have to address such as ensuring that builders who have become compliant of the laws remain compliant,” Chatterjee told PTI in an interview over the weekend.

He said challenges the Act poses are quite serious, which all the stakeholders will have to deal with.“The initial task before me was to get the projects languishing for years for whatever reasons, registered. Since the Act is confined to only those projects which are registered with the authority, it was necessary to communicate with all the stakeholders,” recalls Chatterjee.Nearly 13,000 projects were registered since May 1 last and almost 11,000 of them came online in the first 90 days itself.

“Today there’s satisfaction that builders are compliant with the provisions of the law, which is one of the fundamental principles of this Act and also a major challenge for us. “But this satisfaction leads to further challenges. As you get more projects into your fold, your workload goes up. We will now have to see that these projects get completed in the timelines mentioned, failing which there will be serious consequences, Chatterjee said. Of the 13,000 projects registered with the authority, nearly 8,000 were those which should have got completed before the Act came into force.