Presented by Realty+ Masterclass, the first Real Estate Legal Conclave – 2023 was organized virtually on April, 27, 2023 and had some fruitful discussions on the much talked about topics of Real Estate Regulation Act (RERA), Insolvency & Bankruptcy Code (IBC), Goods and Services Tax (GST) and Environment, Social & Governance (ESG) matters.
The inaugural address by Dr. Annurag Batra, Editor-in-Chief & Chairman, exchange4media Group & BusinessWorld Group set the tone of the day. He shared, “The new regulatory mechanisms are bringing in transparency in real estate enabling buyers and developers alike, and are ensuring the growth of Indian real estate. Steps taken by the government in policy matters are much appreciated as they are bringing tangible benefits to the real estate buyers.”
ESG: PROGRESSIVE OPPORTUNITIES & LIMITATIONS FOR REAL ESTATE
The first panel discussion led by Sudhir Mishra, Advocate Supreme Court of India and Founder & Managing Partner Trust Legal included Amaresh Kumar Singh, Partner - Real Estate & Dispute Resolution, HSA Advocates. Aun Abdullah, Head of ESG, Lodha. Bose Varghese - Sr. Director - ESG Practice, Cyril Amarchand Mangaldas and Shabbir Kanchwala - Chief Sustainability Officer & Senior VP- Project Coordination, K Raheja Corp.
The speakers were of the view that ESG is becoming important for managing risks and future proofing the business. It can enhance the marketability of a real estate project.
IBC: STATUS, RIGHTS & RESOLUTION FOR HOMEBUYERS UNDER IBC
The second session was moderated by Aashiesh Agarwaal, Senior Vice President - Research and Investment Advisory, Capital Markets, ANAROCK Capital Advisors Pvt Ltd. The experts joining him were Dhaval Vussonji, Managing Partner, Dhaval Vussonji & Associates, Sonam Chandwani, Founder & Managing Partner, KS Legal and Associates. Orijit Chatterjee, Partner, Fox Mandal & Associates. Saurav Panda, Partner, Shardul Amarchand Mangaldas & Co and Siddharth Batra, Advocate- On-Record, Supreme Court of India, Former Additional Advocate General, Haryana.
The experts were of the view that the Insolvency & Bankruptcy process can help in streamlining and fast-tracking the resolution process in the real estate
GST: ASSESSING IMPACT OF GST LAWS ON REAL ESTATE
The next panel discussion chaired by Venkateswaran TR - Partner - Price Waterhouse & Co LLP included Achal Chawla, Partner, Indirect Taxes, Ernst & Young LLP. Ajinkya Gunjan Mishra, Partner, S&R Associates. Gaurav Dasgupta, Partner, Real Estate, Corporate & Commercial, Khaitan & Co. Koshal Agarwal, Partner- Tax and Regulatory Services, BSR & Company, Parveen Mahtani, Chief Legal Officer, Mahindra Lifespace Developers Ltd and Rocky Israni, Managing Director, Pacifica Companies (India)
The speakers concurred that the Goods & Services Tax was a good concept but rationalization of taxes on construction materials especially cement was necessary.
RERA- INTERPLAY OF LEGAL FRAMEWORK & RERA REGULATIONS
The final discussion was led by Ajay Sharma, Managing Director, Valuation Services, Colliers India and the distinguished speakers were Aruna Kumari, Senior Partner, Kochar & Co. Farid Karachiwala, Partner, JSA Advocates & Solicitors. G Vivekanand, Partner, Indus Law. Santosh Pandey, CEO, Sarthak Advocates & Solicitors and Dr Vijay Satbir Singh, Former MahaRERA Member.
The panellists considered RERA as a path breaking initiative which has brought transparency in the sector, it is still evolving and much of its success lies in implementation.
THE ONE OF ITS KIND’S CONCLAVE FOR THE REAL ESTATE SECTOR HIGHLIGHTED THE CRITICAL ASPECTS OF REAL ESTATE LAWS, POLICIES AND REGULATIONS, THEIR PROS AND CONS AND THE WAY FORWARD.
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