RERA Haryana’s Rules Awaited, Projects Enrolled under RERA
RERA Haryana rules is yet to be finalised by the Haryana Government in the State but projects have already started enrolling under RERA.
Among the major ones to be registered are a project of M3M and two projects of Signature Global, both these projects are new launches. Haryana’s RERA enforcement framework is now operating only under draft rules. Final rules are likely by June 31. Yet the developers can register their projects with the regulator. Till an electronic filing system through a website is ready, developers can apply with physical papers of a project.
Millennia and Solera-2 are the Signature Global Housing projects that have been registered. Millennia is a project in the Affordable segment. It will have 1,448 units, priced at Rs 4000/- sq ft on the carpet area basis. Solera-2 is also in the Affordable segment with a total of 448 units. Both projects will be launched in this month and are to be completed by 2021.
The final draft rules of the Haryana RERA are set to come into effect from July 1. Once the RERA rules comes into effect, the developers, especially those who have not obtained completion certificate (CC) for their projects will be penalised.
As per the draft rules framed by the central government, all projects built years ago should come under RERA ambit. However the state Government wants to exempt all finished projects where the buyers have already moved in.
Developers are taking RERA as an additional confidence to buyers in purchasing flats in the project. In fact it is like branding.
As homebuyers have hope that the Government will incorporate their suggestions in the RERA draft before notifying the same, there are people who doubt if the TCP (Town and Country Planning) Haryana officials would address buyers’ grievances on dilution of the Centre’s RERA rules. The State Government has watered down the original RERA rules to give developers an escape route.
Hence, nothing can be said until the final rules which are awaited comes to force on July 1.