As the Centre and the state governments have been making recurring efforts to uplift the affordable housing sector, especially after the COVID crisis, transparency and efficiency are the two factors that play a crucial role. Throwing light on these, the Elets Technomedia Pvt. Ltd. organised National Housing Summit on August 26, 2020.
Anthony De Sa, Chairman, Madhya Pradesh Real Estate Regulatory Authority(MP-RERA), commenced his address highlighting the points of discussion that include – transparency and efficiency in the real estate sector and the way forward housing in the post-COVID era.
“If you ask me in three years what has RERA done and how has it impacted the real estate sector? I would say that there are four great achievements of the RERA Act”, said De Sa.
Naming the achievements and how RERA has made the real estate sector more transparent and efficient, he said, “First, Transparency, as the act provides a proper framework and allows the regional RERA bodies to have a website wherein all the essential information and documents verified by RERA have been shared. Secondly, the RERA Act has brought in focus on the project. The Act is neither pro-builder nor pro-consumer but pro-project. It is completely project-centric and hence helps to keep the project in focus satisfying both the consumer and the builder. Thirdly, the sector has gradually become professionalised. Earlier, many of the processes were not organised in a particular manner, for example, consumer relations. However, since the RERA Act came into effect the scenario has gradually changed. This has also made customer relations organised. And, the fourth is tackling a problem before it grows. Another essential aspect that enhances the efficiency of the real estate sector. This was made possible due to the quarterly reports being filed. Also, regular monitoring of the projects after the RERA came into effect has resulted in enhancing the efficiency of the sector.”
All of these factors have collectively contributed to making real estate more transparent and efficient, he added.
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Speaking on the COVID crisis and its impact on the housing sector, he said, “The COVID pandemic has been an unfortunate occurrence and this has set back the real estate sector both for the customers and for builders. But, fortunately, I think, we have got over the worse. Building activities are resuming in various places across the country and the labourers who had migrated back to their home towns due to the nationwide lockdown have also returned.”
Concluding his address, he said, “Maybe the six-month deficit has been there but with this sturdy framework we will have to forget these six months and move on from here. Even if these six-month extension has been granted, all other rights and privileges of consumers remain intact.” So let us not lose focus.