RERA or the Real Estate Regulation Act is slated to be implemented from the 1st of August, 2018, onwards in Hyderabad according to reports. There will soon be meetings set up with prospective homebuyers and real estate developers for explaining the nuances of RERA. The portal has already been reviewed by the authorities and it could have a link with the municipal or sanctioning authority for ensuring uploading automatically. Under RERA, all agents and real estate developers will have to register themselves since the rules will apply for all realty projects where urban development authorities, municipalities, municipal corporations and local bodies approve the building permissions. The key aim of RERA will be to make sure that there is higher accountability towards all home allottees and also the safeguarding of their interests. RERA will also work to inject greater fair play, transparency and also lower delays and frauds. There is the aim of ensuring suitable information dissemination for the allottee and promoter with specific responsibilities for both these parties. There will be regulatory processes pertaining to the enforcement of contracts and for fast-tracking a mechanism for resolution of disputes in order to successfully promote suitable governance in this sector. The 54th board meeting of the Hyderabad Growth Corridor Limited was also conducted recently where the status of various projects like radial road works, signages, Outer Ring Road and its illumination and others.
RERA to be implemented from 1st August 2018 in Hyderabad
