Hyderabad: As Telangana government prepares to notify rules under the Real Estate (Regulation and Development) Act, 2016, (RERA) by May 1, to protect the interests of property buyers, the real estate lobby is making all efforts to ensure that the ongoing projects get exemption from the Act.
Some of the ongoing projects have got delayed and builders have failed to handover houses or flats to buyers as per agreement.
Under the RERA Act, such builders are liable for penalty and to escape penal provisions, the builders want the state government to exempt ongoing projects and make the law applicable for new projects, which begin after the law comes into force from May 1. The MAUD officials initiated the process to draft the rules for the approval of the Cabinet.
The RERA rules in the state were supposed to be notified by November 2016 after the Centre passed the Act in May 2016. However, there was no response from the state government despite repeated several reminders from the Centre.
Union urban development minister M. Venkaiah Naidu wrote to Chief Minister K. Chandrasekhar Rao in February asking him to notify RERA rules and bring the law into force from May 1.
The process was set into motion only on Wednesday, when state minister for municipal administration and urban development K.T. Rama Rao convened a meeting with officials and directed them to draft RERA rules and submit them to the government for approval immediately, so that they can be enforced from May 1.
Builders are now lobbying hard with government to give exemptions for ongoing projects.They brought to the notice of CM, MAUD minister and officials over the problems that they would face if ongoing projects are brought under the purview of the Act and arguing that neighbouring Andhra Pradesh, UP and Gujarat brought in similar exemptions.
