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Examining RERA’s rocky start in NCR

DNDEL8093 | 8/12/2017 | Author : Rohan Sharma | WC :699 | Business & Economy

EXPERT SPEAK: Different states have interpreted and enacted their own versions of the central act and this problem is manifest in the NCR residential markets
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One of the main problems is that different states have interpreted and enacted their own versions of the central RERA. Nowhere is this problem more manifest than the NCR residential markets. RERA came about primarily due to the problems being faced by existing buyers. Therefore, it stands to reason that the Act should first seek to address existing buyers’ concerns and also create a template for a protection mechanism for new buyers. It is here that the states, particularly Uttar Pradesh and Haryana, have let down buyers.
Some discussion on why these states have diluted RERA’s main provision - the definition of ‘ongoing projects’; or, in other words, the section that pertains to the coverage of the Act.
The central act de
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