India's youngest state is still to implement RERA (Real Estate Regulation & Development Act), with Telangana state officials indicating it could be at least a fortnight before rolling out the same.
The state had initially set itself a mid-July deadline to formally launch the web portal and began registrations under RERA. But that was then postponed to August 1 and now seems to have been delayed further.
The state will take at least a fortnight to implement RERA, but everything is in place including the portal, Arvind Kumar, secretary, Ministry of Urban Development, told CNBC-TV18.
"The delay is mainly on account of the actual setting up of the office infrastructure for the team. We want registrations and grievance redressal procedures under RERA to be foolproof," Kumar said.
However, developers across the state are not too concerned about the delay in the implementation of RERA.
Telangana government is proactive on ensuring ease of doing business and official registration of realty projects under RERA will happen when the portal is up and running, but developers have begun construction on many new projects based on good faith, said the head of a real estate developers union in the state.
"The government has made it clear it wants to study the best model of RERA across states before adopting one, and we believe it's the right approach," he said.
Meanwhile, testing has begun on the beta version of the Telangana State RERA (TSRERA) portal, which is still to become fully operational. The regulatory team has also begun conducting RERA awareness sessions across Hyderabad with home-buyers, allottees, developers and resident welfare associations.
TSRERA secretary Vidhyadhar in his presentation highlighted that once launched, the portal "will give access to buyers on a stage-wise schedule of completion of the project including the provisions for water, electricity and other amenities and services as well."
Meanwhile, Hyderabad continues to be one of the most promising residential real estate markets in the country, according to reports by consultants studying the sector. The reports said the sooner RERA is implemented in Telangana, the more competitive and organised this space becomes.