The new realty law will force builders and developers to deliver on promises they make to flat buyers, Madhya Pradesh Chief Minister Shivraj Singh Chouhan on Wednesday said. He said Madhya Pradesh was among the first states to constitute the Real Estate Regulatory Authority (RERA) under the law and notify its rules. Chouhan was speaking after dedicating a building that houses the office of state RERA at Bhopal on Wednesday.
After the new law, which mandates constitution of RERA at the state-level, realtors will have to deliver whatever they promise to consumers, he said.
“Builders or developers make several promises during the booking of flat, house or plot but they often don’t keep these promises. They don’t follow rules, which creates problems for consumers. Such practices will stop after the constitution of RERA. Entire transaction would be transparent now,” the chief minister added.
Chouhan said RERA would protect consumer rights and ensure a planned development of cities. “RERA would bring clarity and fair practices that would protect the interests of buyers.”
In Madhya Pradesh, the RERA Act came into effect from May 1.