Rera authorities may seek powers to attach wandering constructor projects
NEW DELHI: Not only homebuyers are concerned about builders' failure to comply with orders approved by Real estate Regulatory authorities (Reras), even regulators are concerned about the stubborn attitude of.
Fed up, regulators are likely to seek more authority under the law to empower them to attach unsold inventories of builders to align and find ways to complete projects.
Real estate regulators from all states have met in Lucknow and sources said they would press for amendments in the (Rera) to give them more teeth, particularly to execute orders approved by them.
They are also likely to point to emerging problems before the government, including financing requirements for the sector, which is loaded with projects stuck throughout the country. Our final task is to see that the stuck projects are completed and, therefore, we have to analyze the liquidity problems, said a regulator.
On Sunday, housing secretary Durga Shankar Mishra hinted that the government would consider amendments to the law. He said the government is considering giving regulators more power so they can take bold steps, an official statement said.
A couple of Rera bosses that TOI spoke with said that although the law had had an impact on all states, there were some challenges to carry it forward. They said some legal problems had to be resolved for the effective functioning of regulators.
“This is the first time there is a concerted effort to identify problems, discuss them and make recommendations to the government. The main focus is how to strengthen the system, ”said one of them.