In what can be termed as a blow to home buyers, the UP government have decided to dilute the Centre’s Real Estate (Regulation and Development) Rules.
It is worthwhile pointing that this is not in line with the spirit of the law that has been brought in to safeguard the homebuyers interests.
UP, ruled by the BJP, have given builders who are yet to finish projects a reprieve. According to the central law, “ongoing projects” as those that had not got a completion certificate on the date of law notification.
The whole concept of bringing under-completion projects according to RERA was to protect home buyers who have not get their flats possession as of now.
Uttar Pradesh have let such builders off the hook by coming up with exemption provisions. More specifically, there are four escape routes, including for projects where the sale deeds of 60% of the flats have executed.
What’s more, UP have also carved other provisions that favour developers. The penalty clauses has been diluted as well.