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Realtors devise own ‘Rera rules’

Realtors devise own 'Rera rules'

The Haryana government is yet to finalise rules to enforce the Real Estate Regulatory Authority (Rera) Act in the state but projects have already started enrolling under the new legislation.

Among the major ones to be registered are a project of M3M Gurgaon and two projects of Signature Global, executive director of Haryana Rera Dilbag Singh said on Friday. Both these projects are new launches. Singh said applications had also been received for 12 more projects for registration under Rera.

However, with the rules yet to be notified to enforce Rera in the state, the present authority is interim in nature and it’s still some time before a full-fledged authority is appointed. Haryana’s Rera enforcement framework is now operating only under draft rules. Singh said projects are being registered under the draft rules with a condition that they would take necessary measures to comply with the final rules, if any changes are made.

Singh also said the final rules are likely by June 31. But this does not mean developers cannot register their projects with the regulator. Till an electronic filing system through a website is ready (which will be activated once the rules are notified), developers can apply with physical papers of a project.

Signature Global  Millennia and Signature Global  Solera-2 are the housing projects that have been registered. Millennia is a project in the affordable segment. It will have 1,448 units, priced at Rs 4,000 per sq ft on carpet area basis. Solera-2 is also in the affordable segment with a total of 448 units. Both projects will be launched in this month and are to be completed in 2021.

Pradeep Aggarwal, chairman and co-founder of Signature Global, said registration with Rera should give additional confidence to buyers in purchasing flats in the project.

source: Timesofindia