Bombay High Court verdict confirming the constitutional validity of RERA has invited mixed reaction from the developer community. However, housing experts have welcomed the court’s verdict in the interest of house buyers. On Wednesday, Bombay HC rejected the pleas of certain developers challenging the validity of the RERA act. However, it allowed extension of time for handing possession if the delay is because of valid reasons.
Niranjan Hiranandani, Head of NAREDCO, a national body of real estate developers said, “They have upheld the law, extension of time for valid reason beyond a year also has been allowed. The result is as expected.”
Meanwhile, some developers said that they pursued the matter half-heartedly, as they had already predicted the outcome. “The result that came out is as expected. While RERA is good as an act, but then it is for rich developers.
Take the case of Navi Mumbai. Most of the city was built by small and unorganized developers,” said Arvind Goel, of CREDAI-MCHI, Navi Mumbai.
On the other hand housing experts have come in support of the order and have affirmed that the developers need not worry.