In the tug of war between real estate developers and the buyers, RERA came as a boon in the time of crises. However, the same was unwelcomed by various developers which even went to challenge the validity of the same. Despite all, RERA stands tall regulating and promoting the real estate sector and protecting the consumer’s interest.
In the recent, Fourth edition of Indian Economic Conclave, 2018 Urban Development Minister, Mr. Hardeep Singh Puri pounced over the developers , those opposing the enactment and alleging RERA for elevation of difficulties in the real estate sector.
Mr. Puri stated that 70% of New India as per 2030 agenda has to be built in the next 12 years. Further, he stated that 11-12 million houses needs to be built by 2022 and only 4.5 million have been sanctioned by now.
Mr. Puri referred to various instances where large sale, wide ranging real estate developers despite various defaults on their part, successfully managed to escape the hands of Law, due to absence of any specific legislation primarily dealing or regulating the real estate sector and the real estate developers.
The Union Urban Minister enunciated how RERA has reorganizing the Real Estate Sector and also stated that RERA is a simple attempt to bring order in India’s largest construction industry.
The Minister for Urban Development also discussed various issues relating to poverty, urbanization challenges and construction industry. He later on winded up his talks by stressing on the role of interplay of the government authorities along with institutions and entrepreneurs in the advancement of Indian cities.
With the emergence of such a regulatory and supervisory body in the field of Real Estate, all eyes are fixed over the effectiveness and aptness of RERA. The perspective of Mr. Puri and other legal Experts opine a revolutionary role of RERA in the Real Estate sector if the same is followed in both letter and spirit. However, the true picture shedding light on all nooks and corners shall be visible only with the passage of time.
Disclaimer – The above points are based on the personal interpretation and understanding of the RERA rulings, which may differ person to person. The readers are expected to take expert opinion before placing reliance on it.