Telangana RERA-Include all ongoing projects in RERA NOT Just projects start after Jan 2017
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As per recent RERA (Real Estate Regulation Act) notification of Telangana State, all ongoing projects which started before 1st Jan 2017 are excluded from RERA. There are many projects in Telangana State which have been delayed for many years and getting further delayed. All these projects are excluded from RERA due to project start date clause of 1st Jan 2017 & home buyers in these projects will continue to suffer and are adversely affected.
A new hope has come to all home buyers after Government of India (GOI) enacted the RERA act in parliament and the expectation was for Telangana State Government to implement RERA ACT without diluting any of the provisions to implement same in letter and spirit of the Law. However to our utter disappointment Telangana State Government has issued GO enforcing RERA Rules to the projects started after 1st Jan 2017 only. It is complete injustice and dilution of the original law made by GOI .There are many projects which are delayed for many years, if all ongoing projects are included in Telangana RERA rule, it will help the home buyers to get justice by means of incomplete projects completion / get the compensation for delays as per RERA Provisions and for resolution of project related complaints in timely bound manner(RERA and the Appellate Tribunal are expected to decide complaints within an ambitious period of 60 days)
There are many implications of not covering on-going Projects and dilution of the law with 1st Jan 2017 start date rider.
Listing few of them here:
(1) Most of the ongoing projects are delayed beyond 1 to 2 years, some even more and all these projects started well before 1st Jan 2017 i.e few years ago. Clause of applying RERA for Projects started after 1st Jan 2017 will not cover such projects and leaves the respective home buyer to the mercy of Builders and with continued agony. This clause will make the respective builders to go further slow in delivering such projects as they do not have to worry about RERA and the time lines / compensation clauses enforced by same.
(2) All buyers who have bought house long back (i.e In Projects which started well before 1st Jan 2017) and their house is yet to be delivered would be under tremendous financial loss and mental pressure. Since Builders will be further relaxed & likely to focus more on newer projects (which started after 1st Jan 2017) due to RERA Provisions, home buyers awaiting for homes and not covered by RERA are highly disillusioned and extremely concerned about their dreams / investment. All these buyers will have to pay interest on loan with no income tax benefit as the project is delayed, pay the rent for all those delayed years & handle the mental agony. All together this is leading to home buyers to continue to suffer financially and mentally.
We earnestly appeal to our beloved CM of Telangana State (Sri K. Chandra Sekhar Rao Garu) to step-in to ensure needful amendments to include all ongoing projects under RERA Act irrespective of the Project Start Date. This will ensure justice to common buyers who are suffering with delays, financial losses and mental agony.
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