In order to inject greater transparency in the real estate sector and to accord approvals to projects at an accelerated pace, the realtors urge the centre and state governments to amend the Real Estate Regulation and Development Act of 2016 and also the TS RERA portal.
The RERA conclave was held under the aegis of the National Association of Realtors in Hyderabad. Addressing the participants, NAREDCO chairman Sunil Chandra Reddy has urged the Centre to reduce the fine imposed on projects for not registering with the RERA from 10 percent to that of 5%. Moreover, steps should be taken to ensure that the government agencies give approval to the projects at a faster rate. Besides, he wanted the government to implement the title guarantee insurance scheme. If any real estate project encounters a claim in the midst of its execution, the title guarantee would provide the necessary security. The insurance would boost the confidence of buyers as well as developers. The Ramky Estates and Farms MD Nandkishore sought a change to the RERA Telangana portal’s dash board, incorporating information about developers and projects so that buyers would be able to get access to the information about the project.
Moreover, it would be useful for the supervision of the projects, he said.
RERA chairman N Satyanarayana, in his address, asked the realtors to undertake construction activity within the guidelines of the RERA Act and conduct themselves in a transparent way with the consumers.
He suggested real estate traders and agents should register themselves with the RERA without fail. The realtors should commence their activities only after registering themselves with the RERA. The registered realtors cannot function according to their whims and fancies and wash off their hands, he cautioned the realtors. Builders alone would have to be held responsible for defects in construction, if any.
The realtors should communicate their activities and progress of construction work to the RERA Authority as per the law, he said.
Without the approval of the consumers, the developers cannot change the project plan as they like; he made it clear. If real estate developers and agents transact business by inserting advertisements without registering with the RERA, they are liable for punishment, Satyanarayana cautions.
