The violation of rules by some real estate promotershas led to the Centre bringing out the Real Estate Regulation and Development, 2016, (RERA) to safeguard interests of consumers and all other stakeholders, opined speakers at the inaugural of a workshop organised by the Visakha Apartment Builders Association (VABA), at VUDA Children’s Arena here on Saturday.
Collector Pravin Kumar, who inaugurated the workshop, said violation of rules by a few builders has led to the government bringing out new legislation to protect the interests of buyers. He recalled that the demonetisation drive had brought to the fore the rampant circulation of black money and helped in checking it.
The ramifications of black money were far-reaching as it would result in inflation and stunt development and growth of the marginalised sections. The real estate sector should play a role in educating consumers on the importance of proper registration of their properties. He said the Centre was thinking of putting an end to ‘benami properties’ and these would be unearthed in due course.
Mr. Pravin Kumar said post-bifurcation, Visakhapatnam was playing a catalytic role in the growth of the State. The State government was also making its own laws, based on the Central Act.
