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It’s been almost a year since the Real Estate Regulatory Act (RERA) was passed by Parliament. Since then the rules being notified by the central government and a few of the states, with a nationwide rollout deadline of 1 May 2017, which is not too far away.
From a prospective buyer’s point of view, the availability of developer and project information on a RERA website will be useful in many ways.

So far, a buyer’s primary source of information about a project was whatever that was revealed by the developer’s marketing campaign or other promotional material that might have been handed over to prospective buyers.
RERA makes it obligatory for a developer to reveal a great deal of information about a project that ranges from land ownership details to sizes based on carpet area to delivery deadlines. This being besides clauses that broadly cover penalties for delays as well as a clear definition of how on-going projects will be listed.

Over the past year lot of end users actively considering buying into these ready to move unsold inventories. On 1 May when RERA gets functional, a question that will be on every buyer’s mind is whether the property they’re planning to buy is covered by RERA or not. The criteria of being listed under RERA might differ from state to state but a RERA listed under-construction project will sell out faster than a one that isn’t.
In fact, in a year’s time or so, projects will be compared for RERA compatibility. RERA roll out to impact new project launches positively. Buyers will have complete clarity about a new project, something that was always ambiguous earlier. With funds marked in an escrow account and project sanction plans and clearances displayed and most importantly delivery schedules mentioned, buyers will feel more confident about investing.

For these first-time buyers, the presence of RERA mandated details in a developer’s brochure or website will work like a stamp of approval from the government.
It’s interesting to note here that states such as Maharashtra, Uttar Pradesh, Gujarat, Karnataka and Delhi, which see regular launches of real estate projects and attract investor interest have been quick to frame RERA rules. It shows their eagerness in regulating the real estate sector which in these states provide jobs as well as generate revenues for the government.

I observed that in countries where real estate is regulated well, buyers take investing decisions much faster and with better clarity. Their decision depends solely on their willingness to invest, and is not based on a determination of a project’s or developer’s credibility, something that is taken care of by a law such as RERA.

YEIDA Authority is getting ready to hand over possession of more than 6000 residential plots and flats in the next three months. Some 3055 allottees have already been issued possession letters by authority in January and February this year. 6,029 plots and flats will located in sectors 18, 20, 22A and 22D. While 435 plots will be handed over in pockets 2A and 2C in Sector 18, 666 plots will be handed over in pockets O and Q in Sector 20. 900 plots will also be given in Sector 22D, while 4,028 flats will be handed over in Sector 22A. They had given possession to 55 allottees holding plots measuring 400 metres in pockets A and B of Sector 20. Elaborating on the plots already allotted. “3,000 plots of 300 metres and 500 metres have also been given to allottees in pockets I and J of Sector 18 and in pockets U and T in Sector 20.”

In principle, approved the distribution of Rs 65 crore as enhanced compensation to farmers whose land had been acquired within another month.

According to YEIDA officials, allottees are facing a delay in securing possession of their plots due to farmer agitations.

Farmers from over 77 villages in the area have been agitating for a hiked compensation of 64.7% for their acquired land. In August 2014, the Uttar Pradesh government had directed YEIDA to pay enhanced compensation to farmers.