Act to bring transparency in the real estate sector.

States are appointing full-time regulators for Real Estate Regulation Act (RERA) which aims to protect the rights of consumers and usher in transparency and accountability. RERA came into force on 1 May 2017.

RERA will increase transparency in real estate dealings, provide governance and lead to increased investments in the sector.

Rajiv Ranjan Mishra, Joint Secretary, Ministry of Housing and Urban Poverty Alleviation, said 14 States and Union Territories have notified RERA and another 14 States and Union Territories were at an advanced stage of notifying the Act.

With RERA in place, the sector is expected to receive the required fillip contributing to the overall growth of the economy, said Mishra at a seminar on “Real Estate Regulation Rules, GST & Affordable Housing (CLSS Scheme)” organized by the Federation of Indian Chambers of Commerce and Industry (FICCI).

There would be state-specific issues, which will require diverse solutions and states should consider them, he said.

Developers should also work proactively on affordable housing for all, he said.

Mishra said that the industry will have to learn and adapt the new modes of businesses.

With the enactment of the Act, issues will arise and they would have to be dealt with proactively. fii-news.com