|Ranchi, Aug. 7: Mandated by the Centre for all states last year, realty watchdog Real Estate Regulatory Authority (RERA) is a bumbling work-in-progress in Jharkhand, a state where the mushrooming realty sector is largely unregulated as the giant Sanjeevani scam in capital Ranchi showed.
Not only did the state urban development department wake up late to RERA, it gave builders only five days to register in the first phase and has so far not appointed a chairman, making it tough for the realty watchdog to redress complaints of homebuyers.
Constituting the Real Estate (Regulation and Development) Act in May 2016, the Centre asked all states to form their respective realty watchdogs by April 30, 2017. Jharkhand woke up late on July 26, when the state urban development department started the registration process after notifying the Real Estate Regulatory Authority (RERA) and Jharkhand Real Estate (regulation and development) Rules, 2017, earlier that week.
All builders, real estate firms and promoters were asked to register by July 31. But, the hurry elicited a lukewarm response.
Source: The telegraph