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Rajasthan Housing Board to collaborate with RERA to complete unfinished real estate projects

#Law & Policy#India#Rajasthan
PNT Reporter | Last Updated : 1st May, 2023
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Synopsis

The Rajasthan Real Estate Regulatory Authority (RERA) is considering partnering with the Rajasthan Housing Board (RHB) to conclude several incomplete real estate projects. This move follows growing concerns about the significant number of unfinished real estate projects in the state, leaving homebuyers in limbo. RERA officials have identified five major projects, including Atmosphere Grand-1 and Grand-2 by Samanvay Infra in Jaipur, which RHB is interested in completing. However, the decision has not been officially approved yet, and RERA is expected to finalize it after the appointment of a new chairman.

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The Rajasthan Real Estate Regulatory Authority (RERA) is contemplating seeking the assistance of the Rajasthan Housing Board (RHB) to conclude a number of incomplete real estate projects, as per discussions held in a recent meeting.




Ramesh Chandra Sharma, the registrar of RERA Rajasthan, revealed that the idea is under consideration. In an article published by ET Realty, he was quoted confirming that authorities recently deliberated on potential strategies for handling incomplete projects during proposal was made to delegate these projects to a third party, and RHB emerged as a viable option.



At present, five major projects are in the pipeline that RHB is eager to finalize. These include Atmosphere Grand-1 and Grand-2 by Samanvay Infra in Jaipur, Guru Pragya Sumeru by Gurukripa Build Home in Jaipur, Avalon Royal Park by GRJ Distributors and Developers in Alwar, and Jaipur Sunrise project by SNG Real Estate.



Pawn Arora, the Housing Commissioner, stated that he hadn't received any official communication regarding this matter. However, he affirmed the board's readiness to take up the task of completing these projects. He said they were prepared to accept the proposal and finish these incomplete projects. However, they would require service charges of 12-15% if RERA decides to hand over these projects to them.



RERA officials have clarified that the decision hasn't been officially sanctioned yet and that some time would be needed to finalize it.



In conclusion, the potential collaboration between RERA and RHB in Rajasthan signals a proactive approach to tackling the issue of unfinished real estate projects. By leveraging RHB's proven track record, these projects could soon see the light of completion, fostering a healthier real estate market in the region.
Next (RBI reports 3.1% rise in India�s housing prices with Kolkata in the lead)

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