“After RERA, many other states enacted their own similar laws, but some like Karnataka, Gujarat, West Bengal or Tamil Nadu tinkered with certain rules, ostensibly due to local pressures. However, they failed to live up to the legal scrutiny of the courts and finally fell in line,” Gupta said. Maharashtra and all Union Territories stuck to the central RERA guidelines and “formulated very fair laws which have boosted the industry”, and the results are now visible with 45 percent of all new projects being launched in this state, he pointed out. On the need to further ‘arm’ RERA, Gupta said that “while cracking the whip has infused good discipline in all sectors of realty, there are still some gaps” which need to be sealed. “Say... RERA has no control over the local bodies which approve the building plans and give other clearances, they often take a long time, and the builders are punished for the delays caused by the civic bodies. Even banks/financial institutions remain wary of extending project finances, certain RBI rules like the NPA declaration norms which are not practical for the realty sector, hinder our progress,” rued Gupta.