Friday, Apr 26 2024 | Time 13:18 Hrs(IST)
image
Business EconomyPosted at: May 1 2017 8:06PM


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
Please log in to get detailed story.
Tags: #Realty majors hail RERA
More News
Sensex up over 100 points

Sensex up over 100 points

26 Apr 2024 | 11:03 AM

Mumbai, April 26 (UNI) The BSE Sensex was seen firm on Friday too, advancing 170 points to open at 74,509.31 following gains in IT, Consumer Durable and Energy stocks.

see more..

USD, Yen down ;Pound, Euro up

26 Apr 2024 | 10:02 AM

Mumbai, Apr 26 (UNI) Following were the indicative currency rates and travellers' cheques
buying and selling rates.

see more..

After RBI’s action, Kotak Mahindra Bank assures customers of uninterrupted services

25 Apr 2024 | 9:46 PM

New Delhi, April 25 (UNI) A day after the Reserve Bank of India (RBI) barred Kotak Mahindra Bank to cease and desist from onboarding of new customers due to IT related deficiencies in its network, the MD and CEO of the Bank on Thursday said they are actively working to address concerns raised and are in constant communication with the regulator to resolve issues promptly.

see more..

Arun Alagappan appointed as Executive Chairman of Coromandel International

25 Apr 2024 | 7:41 PM

Hyderabad, April 25 (UNI) Arun Alagappan has been appointed as Executive Chairman of Coromandel International Limited (CIL).

see more..

Tech Mahindra net at Rs 661 crore in Q4; Company gives dividend of Rs 28 per share

25 Apr 2024 | 7:28 PM

New Delhi, April 25 (UNI) Mahindra Group company Tech Mahindra, a technology consulting and digital solutions provider, on Thursday reported about 41 per cent decline in net profit at Rs 661 crore year-on-year basis for the fourth quarter ended March 31, 2024.

see more..
image