RERA Act of 2016 has been playing a noteworthy role in building capacity in the real estate sector by increasing transparency and improving efficiency. However, since the onset of the COVID pandemic, real estate sector has been facing troubled waters. Addressing such topics, Elets Technomedia Pvt. Ltd. organised the National Housing Summit on August 26, 2020.
Nayan A Shah, President, Confederation of Real Estate Developers Association of India – Maharashtra Chambers of Housing Industries (CREDAI – MCHI) commenced his address backing the words of Rajesh Mehtani. He said, “The golden point of Mehtani’s address was ‘Overpromised and Underdelivered’ by the developers.” Further, he mentioned that other eminent speakers from RERA including Dr Vijay Satbir Singh and Anthony De Sa have given a significant contribution to the subject.
RERA has not only made real estate sector transparent, efficient but effective as well. “Due to RERA developers have attained respect in the entire fraternity. This is because the work we do is available on a public domain”, he added.
He expressed his gratitude to other eminent speakers from RERA including Anthony De Sa and Dr Vijay Satbir Singh for launching a complete package wherein number of apartments being developed by developers across the country are listed. “It has enabled to track and analyse correctly the size and growth of the real estate industry in India.”
Adding on to the contribution of RERA to the real estate industry, he pointed out, “Along with transparency, RERA has also played a crucial role in establishing ease of doing business in the industry. The MahaRERA’s efforts of putting every project and information on a digital platform have brought in transformative changes in the entire approval process. Also, our World Bank ranking has jumped up from 157 to 27 today.”
Addressing the delay in approvals he said that most projects are with Madhya Pradesh, Maharashtra, Kerala, and Uttar Pradesh and urged the respective RERA departments saying, “Sir, you need to put your foot down on section 32 now. You need to make the planning authorities equally responsible for the delay in approvals.” Developers face a lot of issues in getting various approvals. The planning authority people feel that delaying the project approvals might get them a piece of fortune from the developers and so they delay the approvals, he added.
Shah, while concluding his address, said that the role of planning authority can be pivotal in changing the scenario in the real estate industry. He requested the speakers from RERA to strengthen the policy framework by making the planning authority equally responsible for pending approvals. This will not only help in gaining faster approvals but will also save on miscellaneous cost and add to affordability of projects.