Delays by approval authorities should be addressed by RERA: Naredco

On six years of the Real Estate Regulatory Authority (RERA), real estate industry body National Real Estate Development Council (NAREDCO) voiced that timely approval for projects by authorities has been a big challenge for the industry and said authorities are more buyer-friendly than developers. It also urged that any discrepancies or grievances should be addressed by the RERA.

At a conclave organised by NAREDCO Nextgen, Rajan Bandelkar,  president, NAREDCO said that customers got the due respect, and in these six years, RERA has been able to get transparency and has addressed the trust deficit in the sector.

Anand Kumar, chairman, Delhi RERA, said that the authorities take the view of all the stakeholders and make decisions based on it.

"Authorities have far more responsibilities than before, and authorities like us cannot break them. We must ensure that every three months, we review the project; in case of difficulties faced by developers in delivering, we have to give an extension and explain it to the customers. We take the view of all the stakeholders and take decisions based on it," Kumar said.

Adding to the impact of RERA, Kumar said that comparing the scenario to 2017, there was a lot of distrust between various stakeholders, and there was no quick fix solution. In 2017 when RERA came into being, there was a codification of how the industry should run and the responsibilities of various stakeholders. 

“We all have to put heads together and develop industry in the best way possible, and make the sector transparent," Kumar said.

To protect the interest of homebuyers and to ensure transparency and accountability in the realty sector, parliament enacted the real estate (regulation and development) Act, 2016 (RERA).

According to the ministry of housing and urban affairs (MoUHA) data, as many as 101,304 real estate projects and 72,012 real estate agents have been registered under the provisions of RERA and 106,657 complaints have been successfully disposed of by the authorities across the country. 

The states with the maximum project registrations are Maharashtra, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, Telangana, and Tamil Nadu. Maharashtra still tops the list with approximately 38,643 project registrations. 

Delving on pre and post-era of RERA, Pawan Arora, housing commissioner, Rajasthan housing board, said, “RERA helps create faith in buyers when they see RERA number. Four years back, there was 20,000 unsold inventory of the Rajasthan housing board that was around for 15-16 years. We realised that it is important to clear the inventory to gain the trust of people. RERA registration has helped us sell projects faster as RERA has instilled confidence in buyers.”

Jay Morzaria, president, NAREDCO Nextgen also said that the role of real estate conclave cannot be denied in creating a platform for the real estate community to voice their concerns, and share common knowledge. 

Vishal Thakker, chairman, NAREDCO Nextgen, Maharashtra said, “We need to focus on sustainable buildings and inclusively adopt technology, bringing in green technology to reduce carbon footprints.

There is a need to embrace the innovations and technology in the real estate sector and ensure that realty projects are inclusive and accessible to all sections of society and focused towards affordable housing, Thakker said.

Meanwhile, during the event, Delhi Real Estate Regulatory Authority (RERA) and the National Real Estate Development Council (NAREDCO) launched the National Institute of Real Estate Development (NIRED), a forum aimed at capacity building of stakeholders in the real estate, construction, and infrastructure sectors. The main goal of this forum is to improve the quality and productivity of work in various industries by growing human resource capabilities.

"The institute will offer a platform for everyone to enhance their knowledge and skills, making them industry-ready and contributing to the growth of the sector," Bandelkar said.