Gujarat will consult realty developers while framing RERA

The Gujarat government will consult all stake holders, including developers, while constituting the state real estate regulatory authority (RERA), Chief Minister Anandiben Patel said today.
According to the Real Estate (Regulation and Development) Bill, 2015, approved by the Cabinet last week, the states and UTs need to establish the 'Real Estate Regulatory Authority' to regulate real estate transactions.
The bill is still to be taken up for discussion and approval by Parliament.
"..I know our real estate developers have some issues related to Real Estate Regulatory Authority. So our state government will consult all stake holders including developers while constituting the regulatory authority for the Gujarat," Patel said while speaking at the Credai Annual Conclave 2015.

Patel added that the state government has addressed almost all the issues of the developers related to real estate sector and at the same time the state government has taken various initiatives to ease down the registration process.
The Real Estate (Regulation and Development) Bill is framed with aim to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects.

The Bill provides a uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector.
It will boost domestic and foreign investment in the real estate sector and help achieve the objective of the government to provide housing for all by enhanced private participation, according to a release.

The Bill ensures mandatory disclosure by promoters to the customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority.