Hyderabad: The Real Estate Regulatory Authority (RERA) rules framed by the Central Government to protect the interests of home buyers are causing concern to realtors. The National Real Estate Development Council (NAREDCO) is demanding that some rules that can harm their interests be changed. These include rules relating to defect liability and cancellation or withdrawal from the project by the allottee.
The council also wants a definition for ongoing projects. The Centre brought the rules last year. The Real Estate Regulatory Authority (RERA) was established and rules were issued. Several states, including Andhra Pradesh, issued notifications on implementing RERA rules.However, some states, including AP, have changed some rules on the request of realtors.
