RERA Chairman Shri Antony De Sa has said that the builders fulfill their social obligations by providing houses to needy citizens in their business activities. The RERA Act intends that the allottee should get houses on time and if they are fully satisfied, the business and reputation of the developer will increase. In view of this, it is necessary to make the RERA Act strong and effective. Shri De Sa was addressing the national conference of CREDAI Youthcon-19 in New Delhi. The conference was addressed by Prime Minister Shri Narendra Modi, Vice President Shri Venkaiah Naidu and Urban Development and Housing Minister Shri Hardeep Puri also.
Shri De Sa said that the RERA Act has been brought to revive the real estate sector and to bring the confidence of the general public in the sector. He said that the RERA Act is not against the builders. With this change, the builders will get more buyers and market demand will also increase. Shri deSa said that real estate is the second most important component contributing to the Indian economy. For the success of this sector, all components connected with the sector have to adhere to RERA rules. All projects have to be registered under RERA so that the sector can avail benefits of RERA Act. He said that after being registered it becomes easier to redress the issues of allottees. RERA has launched an award scheme for informers of unregistered projects and colonies.
Sharing his experiences of implementation of RERA Act in Madhya Pradesh Shri De Sa said that the biggest challenge now is the prompt implementation of the orders of RERA for which there is need to make provisions in the rules.
It was suggested by CREDAI that the system of giving all approvals at one place will help in the completion of projects fast. Rules have to be made to make RERA registration binding, so that those who have registered under RERA can get more incentive in comparison to those who do not register. Such provisions should be made in the rules that the units built in the project cannot be transferred without registration under RERA.
Deliberations were held to overcome the challenges before the real estate and the difficulties being faced by the real estate sector due to provision of convenient accommodation to everyone in the conference.