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HC verdict on RERA invites mixed reactions

DNMUM402545 | 12/7/2017 | Author : Varun Singh | WC :194 | Business & Economy



Bombay High Court verdict confirming the constitutional validity of RERA has invited mixed reaction from the developer community. However, housing experts have welcomed the court’s verdict in the interest of house buyers. On Wednesday, Bombay HC rejected the pleas of certain developers challenging the validity of the RERA act. However, it allowed extension of time for handing possession if the delay is because of valid reasons.
Niranjan Hiranandani, Head of NAREDCO, a national body of real estate developers said, “They have upheld the law, extension of time for valid reason beyond a year also has been allowed. The result is as expected.”
Meanwhile, some developers said that they pursued the matter half-heartedly, as they
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