Government considering increasing RERA authorities power
It’s not just homebuyers who are troubled by builders’ non-compliance with orders passed by Real Estate Regulatory Authorities (Reras), even regulators are concerned at the stubborn attitude of builders. Fed up, the regulators are likely to seek more authority under the law to empower them to attach unsold inventories of builders to make them fall in line and find ways to complete projects. Real estate regulators from across states have gathered in Lucknow and sources said they would push for amendments in the Real Estate Regulation and Development Act (Rera) to give them more teeth, particularly to execute orders passed by them. They are also likely to flag emerging issues before the government including financing requirement for the sector, which is saddled with stuck projects across the country. “Our ultimate task is to see that stuck projects get completed and hence we have to look at liquidity issues,” said a regulator.
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