Realtors Seek Revision In Rera Act & State Portal, Real Estate News, ET RealEstate

November 2, 2023

HYDERABAD: The realtors urged the governments at the centre and state to revise the Real Estate Regulation and Development (RERA) Act, 2016 and TS RERA portal to bring more transparency into the realty sector and help with speedy approvals.

Speaking at a RERA conclave organised by the National Association of Realtors (NAR) in Hyderabad, Sunil Chandra Reddy, president of Naredco Telangana, on Wednesday requested the central government to consider reduction of the penalty to 5% from 10% if the project is not registered under RERA.

“Government agencies should also be a part of the stakeholders of RERA which will ensure speedy approvals. Apart from this, the government should introduce a title guarantee scheme along with robust title insurance. If there are any claims midway in a project, title guarantee will protect the project. This will give a lot of confidence to both buyers and developers,” Reddy added.

Nanda Kishore, managing director, Ramky Estates & Farms Limited urged the state government to develop a dashboard in the RERA Telangana portal. “Under the dashboard, the state should provide information about developers and projects which will help buyers know details about a project. This will also help in monitoring projects,” he said.

On this occasion, TS RERA chairman N Satyanarayana said that the law has been formulated with strict rules. According to it, only those real estate dealers and agents who are duly registered with RERA can do business. He also directed industry players to keep the RERA authority informed about the account details and progress of construction, as per law.

“It is not possible to register the project and carry out construction as per an individual’s wish, and if there are construction defects, the builder will have to bear full responsibility. Problems and complaints arising between customers and real estate traders can be resolved through the appellate tribunal. All real estate agents should be registered with RERA to ensure that buyers are not exposed to fraud,” he said.

  • Published On Nov 2, 2023 at 08:44 AM IST

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