The Real Estate (Regulation and Development) Act, if implemented with a positive approach, can boost the GDP of the country, industry body PHD Chamber said today.
The Real Estate Regulation Act (RERA) came into force from April 1 with a promise of protecting the right of consumers and ushering in transparency.
Today like GST, the RERA is another burning topic and these changes will have a positive impact for decades to come, PHD Chamber Vice-President Rajeev Talwar said at a conference.
"RERA is yet another big step forward ... Its implementation in positive manner can boost the GDP of the country which dipped marginally in the previous fiscal," he said.
He appealed the government to come out with a concept of 'kick start loans' for real estate developers, especially for those whose projects are stuck as also make a provisioning of a loan at the rate of 6 per cent for buyers that have invested their hard earned money in such projects so that their re- launch becomes conclusive.