New Delhi: Centre is pushing hard for states to notify the real estate regulatory act (RERA) which would bring in transparency in the real estate market. Central government has made it clear that builders should not promote their under construction projects and as a result there is a need for states to implement RERA quickly. A senior housing ministry official has said that following the clarification by the centre, many developers will not be able to do business properly. He also stated that RERA came from May 1 but many states were lazy enough not to implement it.
Official data says that 16 states and union territories have not notified rules and apart from Maharashtra, Madhya Pradesh and Rajasthan, no other state has made its website. State government has clarified it that according to the act, current projects are given time till July 31 to get themselves registered failing to which the developers has to pay hefty fine.