RERA: Best thing to hap­pen to buy­ers

HT Estates - - FRONT PAGE -

The much-de­bated Real Es­tate ( Regulation and De­vel­op­ment) Bill, 2015 that aims to pro­tect the in­ter­ests of buy­ers and bring trans­parency in the realty sec­tor has fi­nally been passed by Ra­jya Sabha. If im­ple­mented in the right spirit, it will im­prove the con­fi­dence of home­buy­ers who have faced prob­lems re­lated to pro­ject de­lays for long. It will also fa­cil­i­tate greater vol­umes of do­mes­tic as well as over­seas in­vest­ments in the sec­tor and in­tro­duce stan­dard busi­ness prac­tices.

Home­buy­ers are over­joyed and hope that reg­u­la­tors are set up in ev­ery state. “We have buy­ers from across the coun­try as­so­ci­ated with our move­ment. Our ef­forts will now be di­rected at en­sur­ing that it is im­ple­mented in ev­ery state,” says Ab­hishek Ku­mar, pres­i­dent of Noida Ex­ten­sion Flat Own­ers Wel­fare As­so­ci­a­tion (NEFOWA) and core mem­ber for RERA move­ment.

It is the home­buy­ers who com­pelled the govern­ment to pass the bill, says S K Pal, Supreme Court lawyer, adding that un­less each state sets up a reg­u­la­tor, this will not have much teeth. New home­buy­ers will now get what they have been promised and what they have paid for as ev­ery pro­ject will now be reg­is­tered by the builder with the reg­u­la­tor with all the de­tails. Builders, too, will be re­quired to bring in fis­cal dis­ci­pline and prop­a­gate a cul­ture of look­ing at each pro­ject in­de­pen­dently and not float too many projects.

To make it suc­cess­ful, the govern­ment needs to en­sure that the pro­posed reg­u­la­tor does not be­come an­other ap­proval hur­dle for de­vel­op­ers. The govern­ment must ex­pand the scope of the reg­u­la­tor to in­clude other realty stake­hold­ers, es­pe­cially the reg­u­la­tory bod­ies, says Neeraj Bansal, head, real es­tate and con­struc­tion sec­tor, KPMG in In­dia.

It is by far the most de­ci­sive step the sec­tor has taken to­wards trans­parency and reach­ing to­wards the kind of stan­dard­ised pro­cesses and ac­count­abil­ity guide­lines that the in­dus­try re­quires to progress, says Anuj Puri, chair­man and coun­try head, JLL In­dia.

FILE PHOTO

Home­buy­ers cam­paigned hard to en­sure that the Real Es­tate (Regulation and De­vel­op­ment) Bill, 2015 was passed.

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