According to RERA all existing ongoing projects need to register with their regulatory authority by 31st July 2017. They have been given time of 90 days to file for registration, however no new project can be launched unless registered under the RERA act. Although promoters and builder can continue to market their ongoing project and gather approvals from existing authorities. As per the RERA act all the project that are going on for which the completion certificate is not issued, the developers / builders shall make an application to the authority for registration of the project with 90 days of the commencement of the act.
As per former president of CREDAI Getamber Anand the act of RERA is to protect the interest of homebuyer and also to bring transparency in realty market. Knowing this many promoters have started filling extensions for ongoing projects which will again be an issue. Be that as it may, he said the government must assist the procedures of making the legitimate infrastructure.
As a result of RERA many realtors and agents have started the process of registration across the State. States which are under RERA were asked to notify their rules in respect to the act so that it could be implemented.
As per economic times latest news more than 400 projects and 800 real estate brokers from Maharashtra are under the process of registration and have created their ID's to initiate the process under MahaRERA authority.
Maharashtra has been the first to notify under the act and implement RERA rules in real estate sector. State Government has appointed 1982 cadre IAS officer Gautam Chatterjee is the interim regulator. He said "the number of registration application has been high in the initial stage". While talking to DNA he also said that "the RERA implemented for transparency and homebuyers should not be duped, and will follow RERA guidelines strictly".
Real estate agents also need to register with the regulatory authority. Developer cannot sell apartments without intimation of disapproval (IOD). Developers can register with RERA once they get IOD from respective authority. Registration number will issued to the developer after the above process which he can display in marketing the project.