Implementation of the Real Estate Regulation and Development Act was a revolutionary mark in the country’s realty segment. Pegged as a prominent sector, the real estate has undergone a sea change with RERA coming into action.
Talking about the aftermath of RERA, Anthony de Sa, the recently appointed Chairman of Madhya Pradesh Real Estate Regulatory Authority stated that the authority is pubic-centric and not anti-builders. It will function on three principles -transparency, equality and guarantee, he explained. It is mandatory for the builders to update the customers about the project progress in every quarter. Also, they will be liable for the project brochure.
Nitin Agarwal of Swadesh Builders believes that the norms of RERA will lead to an upward trajectory in the real estate sector in the long run.
In the wake of these reforms, a session based on ‘Reality of Realty after RERA’ was organized by Confederation of Real Estate Developers Association of India (CREDAI). Anthony de Sa addressed the huge gathering which included Various prominent members of the authority along with realty developers like Swadesh Builders, among others.
Mr. Anthony covered all the important aspects and provision of RERA through a power point presentation.
“RERA has enough provisions for transparency,” he said.
“A builder has to upload land agreement on the website of RERA. This is an area, where builders very often conceal the facts. They will also have to submit income tax returns for the last three years to RERA, which will not be made public. Builders will have to provide all the facilities and amenities they have promised in the brochure, as it is a part of their liability. They will have to display the exact model of the flat that they are going to build and will have to provide updates of the project in every quarter to people who have booked flats. Besides, they have to upload actual photographs on the RERA website. Amount collect in the name of a particular project and invest in another project will be considered as an unfair practice and will attract penal provisions,” he further explained.
The provisions of RERA hold that every builder is required to mention the RERA registration number in the advertisement of his projects. Also, they will have to get a separate RERA registration number for sap rate projects.
Explaining about the registration of property brokers, Anthony de Sa said, “The registration would be done for five years and the property brokers need to file a return every year pm how many people have been facilitated.”