The chairman of Delhi Real Estate Regulatory Authority (Delhi-RERA), Anand Kumar, emphasized the necessity for the Delhi Development Authority (DDA) to register its real estate projects with the regulatory body in order to safeguard the interests of property buyers. He stated that all entities involved in real estate development, including DDA and similar organizations, must comply with this requirement, emphasizing that the regulatory authority possesses the authority to take corrective measures if registration is neglected.
Speaking at an interactive session organized by CII-Delhi State Sub-Committee on Real Estate in collaboration with India Sotheby’s International Realty, Kumar underscored the significance of adherence to the Real Estate (Regulation and Development) Act, commonly known as RERA. Enacted in March 2016, the legislation came into effect on May 1, 2016, with the establishment of Delhi-RERA in November 2018 for the National Capital Territory of Delhi.
Kumar asserted that any entity engaged in real estate development, be it a development authority like DDA or Delhi State Industrial and Infrastructure Development Corporation (DSIIDC), is obligated to register their projects with Delhi-RERA as per section 3 of the Act. Failure to comply may result in legal action under sections 59 and 61 of the Act, and Kumar disclosed instances where orders were issued to DDA for registration.
Highlighting the potential repercussions of non-registration, Kumar emphasized that DDA, even when utilizing its own funds for project development, is bound to sell flats to end consumers. Any delays or cost escalations, according to Kumar, would adversely impact buyers. Considering these factors and the responsibility of maintaining quality for five years after project completion, Kumar stressed the imperative for DDA to register all its projects with Delhi-RERA.
The discussion also addressed the significance of a completion certificate at the time of property registration, with Kumar urging the government to make it a mandatory requirement. Additionally, Kumar noted recent amendments that mandate the registration of projects exceeding 500 square meters in plot area or involving eight or more units, irrespective of plot size. India Sotheby’s International Realty CEO Amit Goyal welcomed this amendment, emphasizing its importance in protecting consumers and end-home buyers.
