Uttar Pradesh (UP) accounted for the largest share of dispute resolutions in the country with a 41 per cent of share of total cases closed by real estate regulatory authority (RERA), said Rajive Kumar, chairman, UP-RERA.
He was speaking at the ASSOCHAM National Conference on real estate India held in New Delhi on Wednesday.
Ever since the RERA has been implemented in various states, close to one lakh projects and 71,514 agents have been registered to date while over 1 lakh cases of consumer disputes have been resolved, according to a report by ASSOCHAM-JLL. Maharashtra accounts for the largest share of projects registration at 39 per cent, followed by Tamil Nadu with 13 per cent share and Gujarat with 11 per cent share. Agent registration grew from 33,270 as of January 2019 to 71,514 as of January 2023 translating to a CAGR growth of 21 per cent, according to the report.
UP-RERA will soon start grading projects and developers based on various parameters like financial quality, organizational structure, certifications, track records, compliance adherence and customer feedback, said Kumar.
Anand Kumar, chairman, real estate regulatory authority, NCT of Delhi estimated that the real estate market would expand at a rate of 9.2% till 2030. The RERA Act’s adoption paved the ground for important changes that will benefit stakeholders and homebuyers going forward.
During the conference builders pointed out issues being faced by them and requested government officials if some solutions can be offered for ease-of-doing business. Stakeholders pointed out that in order for land pooling policy in Delhi to work, DDA should consider compartmentalising sectors for better and quicker development.
We are looking at various land pooling models being implemented in different states and cities and will be looking into the concerns of builder fraternity, said Vijay Kumar Singh, ICAS, finance member, DDA.
Responding to builders’ query related to registry ban in Noida, Kumar said that the authority has been giving deemed occupation certificates (OCs) in specific cases where all criterias are met.
Vijay Kumar Goyal, member, Haryana RERA echoed similar views. He said that according to the RERA act, completion certificate is a must however they are considering part OC in case-to-case basis. In case of building map changes, he said that buyers/allottees’ consent is a must and can’t be compromised or altered. He also said that buyers can seek refund “only” if the project is delayed but not in the case where project is on time. “We have dismissed some cases where the project was on time and still refund was being sought by the buyer.”
Ravi Aggarwal, managing director, Signature Global (India) said that the construction ban during the November-December period every year creates a lot of problem for builders. In such conditions, authorities should allow force-majeure clause or any other solution to provide relief to builder fraternity.
Responding to construction ban, Sudhir Chauhan, chief town planner, Faridabad Metropolitan Development Authority said that builders should rather utilise the time for other activities related to the project development. He also talked about development of illegal colonies in Aravalis, saying that Aravalis are one of the oldest settlement and it is our responsibility to protect it, hence construction can’t be allowed in such areas.
Goyal added that the builders should factor in this duration while planning for the project timeline and in the builder-buyer agreement.
