After the passage of 7 weeks, only 72 projects approved under RERA with around 88 applications received so far.
Rajesh Prajapati, Chairman, PR, and Media Committee of the Confederation of Real Estate Developers’ Association of India (CREDAI), said, “It takes time for the market to digest any new rules. In this case, not only do we have to upload our financial documents but also the carpet area as per RERA norms. There is no scope to make mistakes and hence the developers are being cautious. All the developers are currently busy getting all the systems in place. We still need clarity from the regulator on a number of aspects.”
When Chairman was asked about his verdict over the pace of registration, “It is essential to register before July 31 and we expect a spike in registrations next month, with at least 35,000-40,000 projects applying for registration by the end of July.”
Pankaj Kapoor of Real Estate Research firm says about the pace of the registration “The regulator has made more details public than what the developer would be comfortable with. Developers may have been deliberating with the government in order to have some rules relaxed but so far the government has been taking the side of the consumer.” Calling it to be a sluggish one.
Kapoor points out the last minute rush that may result due to delayed registration. About 5,000 under construction projects under Mumbai Metropolitan Region alone stand unregistered triggering the chances of system failures due to last minute registration.
He states about extensions of the date 31st July which was earlier decided to be the deadline for registration.
Agents seem more alert about RERA with about 2,185 applications with about 1,950 had received approval.