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Business Economy


Realty majors hail RERA

New Delhi, May 1 (UNI) The Real Estate Regulatory Act (RERA) that came into force today was largely hailed by real estate firms, the move is being seen as a game changer for the cash-starved realty segment as it would make the sector more apparent, systematic and accountable within the proceedings.
Commenting on the development, Supertech, CMD, R K Arora said, “Implementation of RERA Act will be playing a major role in strengthening the alliance between the buyers and developers, piling a trust factor and transparency among the sector. RERA will certainly make the environment positive. The provisions, under which it will function, have been framed in a manner to regulate non serious players and create a level playing field for everyone.”
Commenting on the development, Alpha Corp, CEO Ashish Sarin said, “The Real Estate Act will usher in accountability and transparency in the sector and will revive confidence of key stakeholders in the real estate sector. At the same time, we are optimistic that the government will also streamline and ensure expeditious approval processes at various levels in order to establish a successful implementation of the landmark RERA Act.”
Delhi Infratech Limited, Director, Ashok Atri said, "Implementation of RERA Act is definitely a good step from the government. Builders will have to register their projects under this which will bring transparency into the system and will be beneficial for the home buyers. However there are chances of price rise after the implementation of act which will be passed on to the buyers."
A proposal for a law for Real Estate was first mooted at the National Conference of Housing Ministers of States and Union Territories in May, 2008.
In a series of tweets, Minister of Housing and Urban Poverty Alleviation, Venkaiah Naidu said, “Real Estate Act coming into force after a nine-year wait marks the beginning of a new era making buyer the King while developers benefit from the confidence of the King in the regulated environment. Prime Minister Shri Narendra Modi’s personal interest in the matter made the Act a reality now.”
UNI SDR ASH SHK 2005
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