News

Delhi RERA Chairman urges builders, developers, collaborators to work in transparent manner to foster public trust and confidence

New Delhi, July 26, 2023: “Builders, developers, and collaborators must work in a transparent manner according to the rules and prepare projects as promised to the customers. The focus should be on building trust among the public,” stated Anand Kumar, Chairman, Real Estate Regulatory Authority (RERA), NCT of Delhi at the National Conference on “Real Estate Development and Action Plan for New India” organised by the Associated Chambers of Commerce and Industry of India (ASSOCHAM).

While addressing the conference Kumar gave a message to all the stakeholders related to the real estate sector to be alert and aware, he said, “while buying any land, plot, flat, commercial property sold as ‘RERA registered,’ check it on RERA’s website.”

Kumar urged the builders, developers, and entrepreneurs working in the real estate sector under the alliance to work with transparency to increase trust in the eyes of their agents, customers, and buyers. Before starting work on any project, it should be registered with RERA.

Urging everyone to work together for the progress of the real estate sector, Anand Kumar said that even today there are a large number of builders and developers who do not want to register with RERA. He also enumerated the reason for this. “The first reason is that if he (developer) joins us, we will continue to investigate him, and secondly if he comes to us, he will have to deliver what he has promised,” he said.

Kumar warned builders and developers who are spreading propaganda to sell flats or shops in projects without RERA registration, saying that strict action will be taken against them. RERA will not give any relaxation in this matter. He said that the atmosphere of mistrust that had developed in the real estate sector during the past years, the way home buyers had to suffer, resulted in the enactment of the RERA Act and a regulator for the sector.

In his long address, he gave information about all the things in which the developer is required to register the project. He said that plots of more than 500 square meters are being developed, projects in which more than eight units, be it shops, flats, apartments, or commercial spaces, are being constructed and plotting of more than 500 square meters of land is being done. Yes, all such projects are required to be registered with RERA. He also made it clear that whether this project or land is in the planned area of Delhi or non-planned area, in both circumstances, they will have to come to the authority.

He urged all the developers and builders to go through and understand the guidelines completely and follow them.

In his special address, Prof Dr. P.S.N Rao, Member, High-level Committee on Urban Planning, MoHUA Govt of India focused on the real estate sector being an integral part of the urban development action plan and how private players have a major role. He said, “The Government of India, along with the governments of respective States, has taken several initiatives to encourage development in the sector like the smart city project.”

According to Sudhir Singh Chauhan, Chief Town Planner, Faridabad Metropolitan Development Authority, Haryana, public-private partnerships in the Haryana state and different housing models are implemented. He stressed the need for contemporary planning in times of natural disasters.

In his welcome speech, Lalit Aggarwal, Vice Chairman & Whole-Time Director Signature Global (India) Ltd and Senior Member, ASSOCHAM, stated that “the real estate business is one of the most well-known industries in the world. The expansion of the business environment and the demand for office space, as well as for housing in urban and semi-urban areas, are excellent complements to the growth of this sector.”

Vineet Relia, Director, Urbanbriq Development Management Services Pvt Ltd, said “The execution of master plans is the key to increase the potential of the infrastructure sector. Government initiatives like Make in India and Startup India encourage real estate entrepreneurs to develop a new landscape in the sector.”

The Managing Director of Resurgent India Limited, Jyoti Prakash Gadia, offered his perspectives on the consumer, investor, and banker perspectives in the real estate market. He named Bengaluru and Pune as the user end markets in India. It is a need for obtaining bank financing, he continued. In India, the ratio of real estate mortgages to GDP is 11%. In this industry, issues with land acquisition, financing, and regulatory risk need to be addressed. He also added that Bankers need to realign there policies for lending to builders post RERA / GST .

Sanjeev Ailawadi, Head-Legal, MAX Estates highlighted that real estate proved to be resilient in difficult times. He informed, “It is also one of the larger employers in the country and the largest provider of taxation.” He further said real estate offers a dignified way of living to the people.