The most dominant industry in the country–the real estate sector– has finally going to under radar of Regulatory Authority. After years of waiting, finally there is a ray of hope for helpless home-buyers in the country in the form of RERA (Real Estate Regulation and Development Act), which became effective May 1, 2017. The Maharashtra RERA authorities have one trick saved under its sleeve, the regulatory body will now also be watching over the corrupt officials who delays construction work by refusing the builders files quickly.
The housing regulatory body will take action against such corrupt officials, but also the state government will take action on them under the Right to Services Act. This news was also welcomed by the real estate sector which will benefitted by this move, as most of the projects were dragged on for years owing to delays. Gautam Chatterjee, interim chairman, RERA, told Hindustan Times that, “We will examine cases and if we find that officers are responsible for delays, we will pass strictures against them. We will forward cases to the concerned authority, who will take action against the guilty parties. The process will help us pinpoint who is responsible for the delay.”