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Real Estate Act brought discipline, transparency: Minister

High Rise Buildings (Image Courtesy: Wikimedia)

New Delhi: Union Minister of Housing and Urban Affairs Hardeep Singh Puri on Monday said the Real Estate (Regulation and Development) Act 2016 (Rera) has brought discipline, transparency and accountability in the real estate sector.

The Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) government had got the legislation passed in Parliament to ensure fair practices for protecting the interests of buyers and imposing penalties on errant builders.

Speaking at the “First Regional Workshop on RERA – a New Era of Transparency and Accountability in Real Estate” in Pune, the Minister noted that the act fills the existing gaps and attempts to balance the interests of consumers and developers by imposing clear responsibilities on both.

“The NDA government is committed to providing a positive solution to the problems of home buyers, so that they get their home as soon as possible,” an official release quoted him as saying.

The Minister pointed out that Maharashtra is one of the first states to implement the act, and established the Real Estate Regulatory Authority of Maharashtra.

[“Source-sify”]