Realty Projects In Areas Now Under Rera Watch, Real Estate News, ET RealEstate
KOLKATA: From now, any new development on a 3-cottah plot having six flats or more will come under the purview of Real Estate (Regulation and Development) Act, 2016.
The inclusion of these projects under the ambit of the real estate regulator is meant to ensure compliance in nearly 90% of small developments in which customers did not have recourse to redress issues other than move court if promoters failed to deliver.
Prior to the notification issued on Tuesday, which reduced the threshold of inclusion of projects under the real estate regulator, only projects constructed in plots of 7.5 cottah or more and having at least eight flats were under its purview.
Welcoming the notification, Confederation of Real Estate Developers Association of India-West Bengal president Sushil Mohta said the move will immensely benefit small home buyers.
“It is often seen that a lot of customers get cheated by small-time developers who take up projects to make a quick buck unethically. They are unable to complete the project on schedule. Many times, projects don’t get completed at all. There are also instances when the same unit is sold to multiple customers. There are complaints of poor construction as well. With these projects now coming under the purview of the watchdog, these developments will also get regulated and streamlined,” said Mohta.
