SOURCE :Economic Times

The Real Estate and Regulation Act (RERA), which was passed by the central government in March 2016, will be notified within six months after the election code of conduct gets lifted on March 11, chief town planner and joint secretary, TS Pattaraju said on Monday while speaking at the first foundation anniversary of the Goa Association of Realtors.

“The draft is ready and submitted to the government. Once the election code is lifted, the notification for RERA will be issued. The chief secretary is looking at the matter closely,” Pattaraju said, adding that personally he is not in favor of putting all the responsibilities on the builder, and that they should be shared by other stakeholders, including the buyer.

“The developer should not be held responsible for everything. There are four to five stakeholders, including the customers. All should share the responsibilites. A clarity on the defination of carpet area is also needed,” Pattaraju said.

GCCI president Narayan S Bandekar said that the real estate industry faced two major challenges in the form of RERA and demonetization which adversely affected the industry. He expressed hope that the industry recovers soon. “There was an abrupt fall in the housing sector following demonetization, but I feel these affects will go away in the long run.”