By Staff Reporter
The government of Bengal has implemented a crucial change by reducing the size criteria for residential projects to come under the purview of the Real Estate Regulatory Authority (RERA). According to a notification issued by the state housing department, projects built on plots not exceeding 200 square metres and containing up to six apartments will now be exempt from obtaining RERA registration. This move aims to extend the buyer-friendly provisions of RERA to a larger pool of small-sized projects.
Previously, projects up to 500 square meters and consisting of up to eight apartments were exempted from RERA registration. However, the recent change will now bring a significant number of small-scale projects within the ambit of the RERA, which is designed to safeguard buyers against malpractices in the real estate sector.
The revised rules, effective immediately, are expected to impact a vast majority of projects undertaken in the unorganised sector. This sector is often associated with issues such as substandard construction quality and opaque dealings with buyers. By bringing these projects under the RERA, the government aims to enhance construction standards and promote transparency in the industry.
The decision has been widely welcomed by reputable builders, who generally focus on larger projects falling under RERA regulations. They view this move as a positive step towards protecting customers from unscrupulous practices commonly associated with small-time developers who prioritize quick profits over ethical construction practices.
Under the new rules, projects that fall within the ambit of RERA must obtain certification from the authority before their launch. These projects need to comply with various provisions of the Act, ensuring the protection of buyers’ interests and adherence to regulatory standards.
The reduction in the size criteria for RERA coverage by the Bengal government marks a significant development in the real estate sector. It aims to curb fraudulent activities and bring about a positive change in the way residential projects are developed and delivered to buyers.