The 'Real Estate Regulatory Act' or ‘RERA’ Act had come into effect since 1 May 2017. According to the provisions of this law, the builders who are currently running certain projects under construction or wish to start a new project soon will have to create a web page within the period of 120 days or three months for registration. Moreover, within this period itself, the project owner has to submit all the project documents to the Authority. As a matter of fact a separate 'webpage' of each house project will have to be created by the project owner.
Given the city has an army of biggies in the sphere of real estate, all of them have experts from every division be it legal, finances or accounts or information technology. Hence, it is clear that creation of web page will not be that much of a big deal for them. The challenge lies with the set of builders who operate on a comparatively smaller scale considering they are not all that tech-savvy and mostly lack experience and exposure to the sphere of information technology. In fact, they will have to invest all of their time, money and energy looking for an IT expert to help them with the process.
Here’s the procedure that a builder has to follow to create a web page:
- According to the 'RERA', every builder has to authorise the authority to register his project first.
- The builder will be then assigned a unique registration number.
- Based on this registration number, the builder has to create a separate web page for the project concerned.
- Detailed details of the entire project on this webpage have to be furnished such as approvals received, licenses, the area of tenements, their prices etc., everything is to be mentioned.
Moreover, the big shot builders, so as to attract customers have launched their individual websites in their names, but creating a separate web page for each project will now pose to be more of an ordeal for them.
Mr Shankarrao Borkar, Managing Director, Dhan Dhri Developers stated that small builders are facing numerous problems as far as following the rules of RERA is concerned. The first difficulty is to create the project's web page itself because the small builders will have to go on a hunt to get an IT expert. On the other hand, the IT experts too have been in a lot of demand for these reasons. But the problem for them arises at the same level, i.e. creation of the web page. Hence, whenever they are entrusted with the task of creating a web page, they face the problem of creating a domain name. This happens because a certain construction project may have already been started in a specific area with the same name. Therefore, if the project is started by a particular name in the document, the question of creating a domain with the similar name gets automatically ruled out.
And in a city like Mumbai that is rich with huge expanses of land, one will come across projects with the same name that is as good as 5 to 10 thousand in number. Hence, this is the core problem that the builders may encounter when registering their projects.
Similarly, the big names in the real estate sphere have started to create their own web pages for their respective projects which could span to a good thousand. However, for overcoming this problem, the builders are now demanding ‘RERA’ to go a little lenient on their rule creation of web page for each project or limit it to the wardless zones.
Aside of this, to get a domain name, the builders are required to get an 'NOC' from the concerned person and some builders are likely to register their registration with the same domain name, hence increasing the number of recoveries by the same names.
Anand Gupta, a member of Builders Association of India, told about the difficulties faced by the developers. From the perspective of transparency, it is stated in RERA that the restriction of creating a separate web page for each project and putting the relevant information of the project is justified. This will not mislead any customers. It takes one to five days to create a 'web page'. Although getting 'domain names' is difficult for some, this is not a big problem. A three-month period is enough for a builder to create a 'web page' and complete the remaining documents.