Following the Real Estate (Regulation and Development) Act, 2016 enforcement, registration of sale deed of a planned unit cannot be done in the sub-registrar’s facility without obtaining Occupancy Certifications or Completion Certificates. At present, unit registrations are taking place without examination. Moreover, it is occurring without receiving Occupancy Certificates or Completion Certificates. No one is fretted about the legal consequences.
The Department of Stamps and Registrations know about the RERA Act entanglements, but they have not taken the necessary steps to stop the outlawed sale deed registrations of such properties.
Below are the few impacts that you must know about when it comes to RERA:
- The fewer project will be launched as the promoters and developers will understand the consequence of the Real Estate (Regulation and Development) Act, 2016. However, the honest promoters/builders or home developers will profit from this situation as they face lesser engagement.
- Unscrupulous builders will abscond as they fail to sustain in the market after satisfying the terms and circumstances of the RERA Act.
- The 32 sections added to the Real Estate (Regulation and Development) Act, 2016, will support a financial discipline in this sector.
- After the Act implementation, the home builders will have to obey several conventionalities if they wish to make certain changes to the project after its grounding. Short-term chaos might break out in the real estate industry, but it will boost the customers’ confidence in the long run, and they will invest more.
To know more about the same you can contact our best team of lawyers and get a free consolation to understand better about your legal issues. Contact us now to get full support from our experienced team