Three Years Of RERA and Way Ahead

Jaxay Shah, Chairman, CREDAI National advocated for the following reforms to ease the hurdles faced by developers and buyers

  Considering Real Estate sector is the second largest employer in the country, there is a dearth of Pan -India data in regards to the industry. CREDAI being an apex body of private real estate developers is equipped to do data - mining for the sector relating to sales and demand, revenue generation, authentic inventory, employment, demographics, construction workers, material consumption, supply chain management amongst others. This will be crucial for the development of the realty sector as it will help strategizing the region specific and nation - wide input and output. CREDAI is keen and is well placed to help the government with the relevant data to accordingly frame the policies for the sector as they can use the relevant insights to analyse the Strength, Weakness, Opportunities and Threat relating to the sector. In the current COVID Force Majeure situation, movement of people is restricted across cities and states, making it difficult for developers to get agreement of sales registered. Therefore, agreement of sale should be allowed on stamp paper so that banks/NBFCs can provide home loans to homebuyers. This has already being implemented by Rajasthan govt. All the RERA authorities should follow this during the lockdown period. RERA Authorities should not ask developers to specify their source of income while registering a project, this doesn’t fall under the ambit of RERA and dampens the confidence of builders.