Bengal is offering leeway to developers in meeting project deadlines
Registrations of real estate projects and agents are on the rise across the country, albeit slowly, two years since a regulatory authority was set up to safeguard the interests of homebuyers.
Maharashtra is leading the pack among the Indian states in complying with the Real Estate Regulatory Authority (RERA), which was aimed at bringing transparency in real estate deals. A study conducted by consultancy firm Anarock suggests Gujarat, Madhya Pradesh and Uttar Pradesh have also done well in nudging developers to get the eligible projects registered and the agents, too.
Bengal, which joined the party much later partly because the government here was framing its own version of the regulation, has so far witnessed tepid response to the process.
At present, 22 states and six Union Territories have notified their RERA rules, of which 19 states have active online portals, the report said.