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Residential property in India is like a mazed puzzle; one needs to be deliberate; take logical analytic decisions; be able to join all the pieces; and probably the most important of all – have faith on God.

Cheers Ahead For Builders in Ahmedabad as Gujarat Authorize Notarize Sections of RERA

In a much needed dose of clarity and cheer to builder in Ahmedabad and to buyers, the rules and regulations of the RERA are all set to be issued by the state government this week. There is also a process on to appoint a interim state-level regulatory authority in Gujarat which would make it clear to builders whom to approach concerning projects builders wish to register.

Gujarat's RERA Journey Thus Far

The Government of Gujarat has yet to notify rules and regulations for certain sections of the Real Estate Act that had been released on April 17 of last month by The Union Ministry of Housing and Urban Poverty Alleviation. A source in the State Government stated that all the rules and regulations of the sections that remain and which the Union Ministry notified last month are ready to be notified within the next few days. The State Government source estimated that the rules and regulations of the mentioned sections may be notified within a matter of days, not weeks.

Currently the rules and regulations of the sections that are remaining are with the legal department, once the legal department is ready with the rules and regulations of these section the same will be notified, revealed the State Government official.

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The state had notified rules pertaining to the state regulatory authority, the functions and powers of the state regulatory authority, and rules pertaining to an appellate tribunal as early as October 29 of last year, however the state is yet to notify rules which pertain to real estate developers, rules which deal with registration of realty, and rules that take into account the registration of real estate agents among others from sections 3-19 of the Act.

According to sources, Gujarat's State Urban Development and Housing Department had chosen to only notify rules of sections that had already been announced by the Centre, since the last of the remaining sections have already been notified by the Centre in April of this year, the state government is willing to do its part and notify the remaining rules under the Act.

It is expected that in the future the details of ongoing and new projects in Ahmedabad would be fully transparent under a fully functioning regulatory framwork.

A Regulatory Authority For Gujarat

The process to appoint an interim state regulator has commenced as stated earlier. Major stakeholders in real estate as well experts together have concluded that the appointment of the regulatory authority is crucial to effectively implement the new real estate law in Gujarat. The government of Gujarat needs to quickly create a fully functional website on which all the information regarding different projects and promoters may be uploaded before it can create a State Regulator under the Act. If events go according to plan the real estate trends in Ahmedabad may slowly but surely point upwards over the next few years thanks to the RERA. Regulations for the real estate appellate tribunals have also been formed by the Gujarat Authorities and the tribunal will be ready after the regulatory authority is in place.

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