The Government of Karnataka was deliberating and discussing the important issues and points of RERA, which had been notified by the Center and other states, but, will be notifying it soon without much MODIFICATION/CHANGE/ALTERATION.
This notification has very significant effect on the REAL ESTATE market and will bring about transparency and stability in the business.
The most important aspect of this Bill, that the ILLEGAL AND UNAUTHORISED CONSTRUCTIONS will be STOPPED. Already, the fly by night builders and some VIOLATORS are out of business. The deviation and violation might be controlled.
The under construction or incomplete projects might also come under this Bill. The common man will definitely be benefitted by this bill to a great extent.
BUT, AS INDIANS, WE HAVE TO WAIT AND WATCH TO PLUG ANY LOOPHOLES IN THE BILL.
On the otherhand, the half baked and untested GST bill is also implemented from 01-07-2017 and there are various versions of its advantages and disadvantages of this BILL being deliberated and discussed across the country.
But, over all, the GST includes both service tax and the (earlier) VAT. There is confusion over the benefits and its procedures in the minds of the builders, similarly, AS INDIANS, WE HAVE WAIT AND WATCH.
DO NOT JUMP INTO CONCLUSIONS AND TAKE ANY DECISION NOW.
WAIT FOR SOMETIME, FEW MONTHS TO KNOW THE AFTER EFFECTS OF THESE BILLS.