Home News Top News Over 2,500 realty projects registered with Gujarat RERA in one year

    Over 2,500 realty projects registered with Gujarat RERA in one year

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    realty projects

    With registration of 1,215 realty projects, Ahmedabad alone accounts for almost half of the total projects registered so far, followed by Surat, Vadodara and Rajkot.

    The Gujarat Real Estate Regulatory Authority (Gujarat RERA) received 4,000 applications from developers for registering their projects, including new and ongoing ones. Out of this, 2,530 projects have been approved and the remaining are under process.

    The state authority also issued 115 notices to realtors for advertising their projects without RERA registration and 40 developers have been fined till date for violating this provision of RERA Act, which came into effect from May 1, 2017.

    “Awareness about RERA compliance and registrations in Ahmedabad and Surat is much higher than Vadodara, Rajkot and other parts of the state,” said Manjula Subramaniam, chairperson, Gujarat RERA.

    While the state authority launched its website on July 10 last year, the rules and regulations were finalised as well as published in Gujarat by Sept-Oct in 2017.

    “Gujarat is among the frontrunner states when it comes to effective implementation of the new realty law. It has been a roller coaster ride over the past one year though,” Subramaniam added.

    “In a short span of time, the state regulatory authority has travelled a long distance towards laying down a robust regulatory regime equipped with ease of compliance. This was achieved with the support from the state government as well as professional fraternities and realty associations such as CREDAI and GIHED,” she added.

    The Gujarat government, however, is yet to appoint any permanent regulatory authority and appellate tribunal for the state.

    Ashish Patel, president of GIHED-CREDAI said, “The state has seen effective implementation of RERA. The fact that Ahmedabad accounts for a majority of projects registered shows that awareness about the compliance of the law is much higher as city-based developers believe in transparency and faster adoption of the regulatory changes.”\

    According to officials in the state regulatory authority, the imminent challenge before the authority now lies in establishing the standardisation of legal documentation and practices across various regions of the state.

    “The bulk of the regulator’s efforts have been devoted towards putting in place the regulatory regime for promoters. But, the authority is aware of the need for further consumer awareness. Complaint filing is made online infrastructure for speedy and swift disposal is put in place. The next action is in the pipeline is of consumer awareness and education campaign,” the officials added. The state authority has passed 70 judgements with regards to complaints received by it.

    Info- https://realty.economictimes

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