With RERA stating a number of constraints for the builders across the country, a huge transparency has paved in the scenario and the home buyers have also heaved a big sigh of relief. However, developers who have not adhered to the guidelines yet have been penalized by the authority and the extent of punishment is dodged based on the severity of action.
As of now, RERA is again all set to team up a panel where all the builders as well as home buyers are asked to mediate their complaints and Maharashtra is the first state in India to form this committee under the authority.
When it will work as a arbitrator or referee between both the parties, it will also take the best endeavour to rack up the issues to make sure that the dispute doesn’t cross the line and emerge as a brawl before the housing regulator. Only if the rows of arguments are not settled within the expected time frame, the parties are allowed to file their whinges before the state regulator.
According to RERA chairman, Gautam Chatterjee, the board will be active in next three months and provided, it starts functioning as per the stated dictum, it will not only put up a trust factor between the builder and the buyer, but will also bridge up a gap between both the parties, so that the much needed transparency is maintained. The top builders in the state were called in a meeting with the RERA officials last week to sort out the entire thing as to how the new agency would function.
Also, the leading organizations in the state are involved in the process to work out the entire scheme and to make sure that no loophole is there in the system. The ministry level has confirmed that it will be a sound committee with a complete transparent process which will ascertain authenticity, accuracy and definiteness. It’s also expected to trim down pressure on the authority which will bring in a balance in the entire system.
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