Online Living India News: In the period of three months, the Haryana Real Estate Regulatory Authority (H-Rera) has recovered the external development charges (EDC) of the rupees 1,170 cores from the real estate developers across the state of Haryana. The amount is recovered from the builders and developers who have defaulted or has not paid the EDC on their existing or new real estate project in the Haryana.
The temporary unit Haryana Real Estate Regulatory Authority (H-Rera) was set up this year in the month of July but Haryana government is still in process of establishing permanent body. H-Rera is issuing the letter to the real estate developer as informing that the registration won’t occur unless EDC dues are paid as H-Rera can’t straightforwardly assert EDC from the developer.
Dilbagh Singh Sihag, executive director of the interim H-Rera, marked the recovery of the EDC as an achievement. More than 18536 cores are outstanding in EDC and an amount of 4,332 cores are still due under litigations. The Officials are expecting collect 2,000 cores at the end of the financial year.
What is EDC?
External development charges or EDC is collected by the state government for the purpose of infrastructure development. Though RERA can’t claim EDC directly but they can issues notification to the real estate developers.
About RERA?
The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to safeguard the home-buyers as well as help improve investments in the real estate industry in India. The Act establishes the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment of building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector.
BY
Ramish Naqvi