Post­RERAchanges­made in agree­ments: sur­vey

FIND­INGS While 45% of the de­vel­op­ers don’t have a proper mech­a­nism for RERA com­pli­ance yet, there have been sig­nif­i­cant changes made to cus­tomer and ven­dor agree­ments

HT Estates - - FRONT PAGE - Nam­rata Kohli ht­es­tates@hin­dus­tan­times.com

RERA Act is chang­ing the en­tire land­scape of the real es­tate sec­tor and re­defin­ing the process of how real es­tate sales hap­pen in In­dia. Ev­ery stake­holder, right from the gov­ern­ment, bankers, pri­vate eq­uity to con­sumers, are un­learn­ing the old ways of op­er­at­ing an­dalign­ing to the newsys­tems/ pro­cesses which are RERA-spe­cific.

Ac­cord­ing to Navin Ra­heja Chair­man, FICCI Real Es­tate Com­mit­tee, “RERA, which­came into force from1May2016, is now seen as one of the most sig­nif­i­cant re­forms in the real es­tate sec­tor.

Ac­cord­ing to RERA, all the state gov­ern­ments were to put in place the Act’s rules and reg­u­la­tions for their re­spec­tive states by May 1, 2017. The Gov­ern­ment of Kar­nataka has no­ti­fied their rules in July 2017.”

As per the lat­est sur­vey on RERA, 45 per cent of the real es­tate de­vel­op­ers haveno­for­mal process in place to man­age com­pli­ance mech­a­nism of RERA. The sur­vey re­port by Grant Thorn­ton in In­dia and in­dus­try body FICCI, re­veals that ma­jor­ity of the board and se­nior man­age­ment (78 per cent) of real es­tate com­pa­nies are us­ing com­mon meth­ods like excel based MIS (Man­age­ment In­for­ma­tion Sys­tem) re­port­ing to re­view RERA com­pli­ance.

Ac­cord­ing to Neeraj Sharma, Di­rec­tor, Grant Thorn­ton Ad­vi­sory Pri­vate Lim­ited, “Like any other ma­jor re­form, RERA has its own sets of ini­tial chal­lenges, which are caus­ing dis­rup­tion in the sec­tor. How­ever, every­one in­clud­ing the de­vel­oper fra­ter­nity is pos­i­tive about the longterm im­pact of RERA. The sur-

SE­NIOR MAN­AGE­MENT ACROSS REALTY COM­PA­NIES ARE US­ING METH­ODS LIKE EXCEL BASED MIS TO RE­VIEW RERA COM­PLI­ANCE

vey has pointed out some very in­ter­est­ing per­spec­tive on how de­vel­op­ers are gear­ing up for this big change and mak­ing ap­pro­pri­ate changes to their sys-

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