The CEO of Bengal Peerless Housing Private Limited Ketan Sengupta has informed that the biggest benefit of home buyers of West Bengal due to the imposition of RERA will be access to the Central Government’s funding scheme of delayed real estate projects under the SWAMIH scheme. Till now home buyers of West Bengal were not privy to such benefits as RERA was not implemented.
Reportedly, the majority of provisions of RERA and WB-HIRA are similar and striking down of the WB-HIRA by Supreme Court. However, For the apex court, it will not have any major implications for developers as far as compliance is concerned as there is a significant concern between RERA and HIRA is car parking space. While under WBHIRA a developer can take sanction of an open car parking space and offer the right to use such space, there is no such provision of open car parking space under RERA.
“Homebuyers who have invested their life savings in buying a home in projects which are stalled for various reasons and given up hope can now see the light at the end of the tunnel. With the help of the fund of the SWAMIH scheme, these projects can now be completed and buyers can hope to move into their dream homes. Projects across the country have already received approval which will complete additional 72500 units. We expect stalled projects in West Bengal also to commence construction soon,” added Sengupta.