Amaravati

Real Estate May Be Expensive In Coming Days: Claim AP Builders

By alinco_fan (17.06.2010) [CC BY 3.0], via Wikimedia Commons

The Real Estate (Regulation and Development) Act (RERA), 2016 came into force from May 1, 2017 and it laid down stringent norms and also put a specific provision which fixes responsibility on Realtors for 5-year defect liability on structure and workmanship.
In order to maintain the standard of workmanship as per the new act, high skilled and trained workers are required besides that good quality or branded products shall have to be used in construction.
The trouble started to builders as the act is being implemented with retrospective effect and the 2 or 3-year-old housing projects also shall come under its purview. So, the new norms shall apply to old projects and there are practical difficulties in following the new norms and if there are any violations the builder has to pay heavy penalties.
Even though the Government gave some relaxations, it does not solve the problem of Realtors. As per information available, the Builders of Rajamahendravaram registered with CREDAI are likely to move the Supreme Court for justice.

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