Summary:
The apex body of real estate in the country, CREDAI has written to the Finance Ministry with several recommendations. One of it includes, that the approving authorities (BMC) and other may be brought under the ambit of RERA to minimise delays. Apart from this, they have several demands which even includes amendments in RERA that are developer friendly. One of them includes, “since purpose of RERA is completion of the project, refund to allottees for ongoing projects under Section 18(1) may not be permissible in case of ongoing projects as it jeopardises the project. Moreover, they want that under Section 4(2)(l) (D) of RERA 70% of the receipts from the project should be allowed to be used for construction, land, interest and project related expenses as against only cost of construction and land cost being permissible at present..