RERA Implementation and Transparency Measures
With the aim of fostering transparency and accountability, the Real Estate Regulatory Act (RERA) is scheduled to be fully enforced across the country starting May 1. Concerning Noida and Greater Noida, the authority has set in motion plans to upload comprehensive details of all residential plots on its official website.
Meeting Highlights: Addressing Homebuyer Concerns
During a meeting between the Noida Authority and home buyers from Greater Noida and Noida, concerns were raised about the lack of transparency in investments. Builders were allegedly keeping buyers in the dark. In response, Mohan Prasad, CEO of Noida Authority, informed representatives of the NCR Home Buyer Association that detailed information pertaining to every project must be provided and uploaded in accordance with the RERA Act. This includes plots in Greater Noida, flats, apartments, and commercial spaces.
Industry Perspective on the New Regulations
Rashesh Purohit, co-founder of NCR Home Buyer Association, commented on the new rule and the detailed specifications provided to them. She stated that the Noida Authority will launch an active website within 30 days, offering detailed specifications for completed projects, ongoing projects, and updates on new launches. These specifications will include vital construction details such as the number of towers and apartment sizes which are essential for buyers in order to make informed investment decisions.
Homebuyers Demand Enhanced Oversight
Furthermore, the homebuyers have presented a memorandum to the Noida Authority, advocating for consistent meetings with a representative of the Noida Real Estate Authority. They also requested a tracking system to monitor a builder’s construction progress, encompassing minute details like fittings, safety measures, woodwork, and marble fitting. Finally, they pushed for a separate grievance cell for homebuyers to be established as a component of the Noida Authority.