Hardeep Singh Puri, Union Minister of Housing and Urban Affairs said the Real Estate (Regulation and Development) Act 2016 (Rera) has brought transparency, discipline and accountability in the real estate sector.
The Bharatiya Janata Party – led National Democratic Alliance govt 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.
An official release quoted him as saying, “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.”
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.