Asserting that the Government is committed to resolving the problem of homebuyers, Union Minister Hardeep Singh Puri said on Wednesday that all real estate projects will eventually come under the purview of real estate law RERA once the regulator is established in all States to protect consumers interest.
Hard-earned money of over lakhs of home buyers in Delhi-NCR are stuck because of defaults by developers including Jaypee group, Amrapali, Unitech and The 3C Company in deliveries of their projects on time.
Speaking at the CII-CBRE real estate conference, Puri said a high-powered committee, headed by Union Housing Secretary, has submitted its report to the Uttar Pradesh Government. The State Government had constituted this panel to examine the issues and propose some viable solutions to the problem faced by the homebuyers.
The Housing and Urban Affairs Minister however did not disclose the recommendations contained in the reports.
He also said that state-owned construction firm NBCC will soon submit its report to the Supreme Court regarding the feasibility of completing the incomplete projects of Amrapali where thousands of homebuyers are stuck.
"This is a responsive Government. We do not shy away from the problems...We are totally committed to resolve the problems of home buyers and the sector," Puri said, adding that the apex court as well as the Government was seized of the matter.
He highlighted that the NDA Government has passed the RERA legislation to regulate the real estate sector and protect consumers interest.
"RERA will ensure that in future buyers will not sign one sided contracts. RERA authority can deal with that. There has been some attempts at tweaking RERA so far as ongoing projects are concerned. But I think that's coming to the naught because as RERA mechanism are being established in States, all projects will get covered by the RERA. So I think, its going in that direction," Puri said.
Speaking on the sidelines, he said there are complaints currently that many States have not set up authority and West Bengal has come up with its own law.
"In my view, once RERA is established and takes off, there will be a demand that all real estate projects should come under the purview of this law," Puri said, adding that there would come a stage when this would happen.