All Realty Projects Will Eventually Be Covered By RERA: Hardeep Singh Puri

All Realty Projects Will Eventually Be Covered By RERA: Hardeep Singh Puri

Housing and Urban Affairs Minister Hardeep Singh Puri has said that the  Real Estate (Regulation and Development) Act, 2016 (RERA) has been brought in to resolve issues faced by homebuyers.

Speaking at the real estate conference organised by CII and CBRE in the capital on August 29, Puri said that the Centre was committed towards regulating the real estate sector and protecting the interests of homebuyers.

“My view is that once RERA is established and takes off, it is logical that at some stage all projects will come under the purview RERA,” he said

 “We have to resolve the problems of the homebuyers…it is legitimate for people to say that we have been waiting for 10 years. RERA will ensure that in future buyers will not sign one sided contracts. RERA authority can deal with that. There has been some attempts at tweaking RERA so far as ongoing projects are concerned. But I think that’s coming to the naught because as RERA mechanism are being established in states, all projects will get covered by the RERA. So I think, its going in that direction,” he pointed out.

“This is a responsive government. We do not shy away from the problems…we are totally committed to resolve the problems of home buyers and the sector,” Puri said.

He stated that the high-powered committee constituted under secretaryof the Ministry of Housing and Urban Affairs, to examine issues and propose some viable solutions to the problem being faced by homebuyers in Uttar Pradesh, had sent its report to the state government.

Similar problems are being faced by homebuyers in Gurugram. “The Government of Haryana has also approached my ministry to suggest a solution by constituting a high-powered committee under the chairmanship of the secretary, housing and urban affairs,” he said.

State-owned construction firm NBCC will soon submit its report to the Supreme Court regarding the feasibility of completing the incomplete projects of Amrapali where thousands of homebuyers are stuck, the minister added.

The matter of the affected homebuyers is being heard by the Supreme Court and it had asked the government’s construction arm NBCC, to look into the feasibility of completing all pending projects by embattled real estate developer Amrapali.

“Though NBCC prayed for 45 days’ time, the Hon’ble Supreme Court granted 30 days’ time to NBCC to undertake a study and work-out the detailed plan for early implementation of incomplete housing projects of Amrapali.  NBCC is in the process of finalising the detailed report as directed by the apex court before the next date of hearing, which has been fixed for September 4, 2018,” Puri said.

Meanwhile, CBRE Chairman (India and South East Asia) Anshuman Magazine said the RERA will drive demand for housing as the new legislation would boost consumer confidence. He said the technology would be a big disruptor and game changer going forward in the real estate.

DLF’s CEO Rajeev Talwar said that the Centre has already reduced GST on affordable housing to 8 per cent and is also providing interest subsidy to home buyers. “There should be no stamp duty on apartments up to 60 square meters.”

Confederation of Real Estate Developers’ Associations of India (CREDAI) Chairman Getamber Anand said that there is lot of action on the ground in affordable housing segment where margins are low but huge scope for volumes.

Tata Housing MD & CEO Sanjay Dutt said for the company “living up to brand was important, sustaining it is also important”. He said that reforms like RERA (Real Estate (Regulation and Development) Act) would bring lot of discipline among developed but it will take 10-15 years for sector to become organised.


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