(RERA _ No Advertisement on Sale of Ongoing/Future Real Estate Projects without Registration with RERA Authority -Some Quick Thoughts !)
A big challenge for Real Estate, one can debate on the legality of the clarification. The obligation for 'ongoing projects' (as carved out as an exception) in Section 3(1) of RERA is to 'apply within 3 months of the commencement of the Act' i.e July 31st.
Buyers have suffered enough and a strong & skewed law is very much a welcome move, but implementation has to be done pragmatically. One can not afford defaults enmass by developers in compliance of RERA, which may lead to litigation and further pain.
Mr.Venket Rao, Founder & Chief Executive of Intygrat Business Advisory (P) Ltd has over two decades of rich experience in the areas of management, finance, regulatory compliances, secretarial & legal. Over the years, Mr.Rao occupied senior management positions in industry and spent over a decade in Real Estate Industry and is widely popular in real estate circles. He is a Graduate in Arts (English Hons ) from Madras University, Chennai, Associate Company Secretary from ICSI,New Delhi, holds Post Graduate Diploma in International Business from Indian Institute of Foreign Trade (IIFT) and Licentiate of Insurance from Insurance Institute of India, Pune. He has served as Member of the Managing Committee of PHD Chamber of Commerce & Industry and as Director with Delhi Stock Exchange. He was on various committees of PHD Chambers & Delhi Stock Exchange .He has been on various panel discussions on Real Estate & Capital Markets.He is currently member of Capital Markets Committee of PHD Chambers.
The views and opinions expressed in this article are of the author and do not necessarily reflect the official policy or position of any other agency, organization, employer or company. Assumptions made in the analysis are not reflective of the position of any entity other than the author– and, since we are critically-thinking human beings, these views are al-ways subject to change, revision, and rethinking at any time.
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