Rajasthan’s Real Estate Regulatory Authority (RERA) has taken a decisive step towards addressing the long-standing issue of abandoned real estate projects in the state. The newly notified regulations by Rajasthan RERA aim to provide relief to allottees who have invested their hard-earned money into these stalled projects. Through a well-thought-out process, RERA is determined to bring back life to these abandoned projects, ensuring that the investments of the buyers are safeguarded.
Tenders to be Invited to Assess Remaining Work
The first step in this comprehensive effort involves the invitation of tenders from various firms. These tenders will play a pivotal role in preparing a comprehensive report on the current status of these projects. It will enable RERA to assess the remaining work required to complete these stalled projects and determine the magnitude of effort necessary for their fruition.
RERA Collaborates with Allottee Associations
To ensure that the interests of the allottees are best addressed, RERA has decided to engage associations of allottees in quelling the challenges faced by these projects. RERA will reach out to these associations and seek proposals from them regarding the best course of action to move forward. The intention is clear – RERA aims to give the allottees the first opportunity to see their investments materialize.
Options on the Table
Should the associations of allottees fail to come up with a realistic and feasible plan, RERA will have two definitive options to consider. The first option involves entrusting the completion of the projects to either a government agency or a private firm. In the case of opting for a private firm, RERA will issue tenders to select the most suitable candidate. This private agency will then take on the responsibility of completing the remaining work required for the projects.
Following Completing – Legal Check and Fresh Registration
Once the pending work is finalized, and the project nears its completion, RERA will ensure that the legalities are rightly addressed. Each project will undergo a fresh registration process with RERA as an added step, which will ensure its adherence to regulatory standards. This step will provide allottees with a sense of reassurance about the legitimacy of their investment and the adherence to established rules and regulations.
A Ray of Hope for Allottees
The initiation of this process by Rajasthan RERA signifies a ray of hope for allottees who have long been anxiously awaiting the completion of their dream homes. These abandoned projects have not only held back the growth of the real estate sector but have also dented the confidence of potential investors. With RERA stepping in and taking charge, a renewed sense of optimism is palpable. The efforts to complete these abandoned projects will instill confidence among aspiring buyers and provide a significant boost to the real estate market in Rajasthan.
Looking Ahead
As this process sets into motion, it is clear that Rajasthan RERA is committed to resolving the issues faced by the allottees and reviving these projects. The invitation of tenders, collaboration with allottee associations, and the evaluation of options highlight the systematic approach adopted to find a possible resolution. This proactive step by RERA presents an excellent example for other regulatory authorities to follow in their endeavor to protect buyers’ interests and foster growth in the real estate sector.
