Property developers should register building projects with Real Estate Regulation and Development Act (RERA), said B. Rajendran, chairman of the Tamil Nadu Real Estate Appellate Tribunal.
Speaking at the annual meeting of CREDAI Coimbatore on Thursday, he said the objective of the RERA Act is to ensure greater accountability to consumers and reduce delays and frauds. At a meeting in New Delhi on RERA, the apprehension of certain section of promoters was that RERA will affect the rights of promoters. “We explained that RERA is not against promoters. It has got the balance act of doing the best for promoters and making it easy for consumers.”
Mr. Rajendran said that a large number of projects are coming up in Coimbatore. But, not all are registered with RERA. Developers will be safeguarded when they are registered. It will be easy for consumers to get bank loans.
Penalty
The tribunal has immense power to impose penalty but there are provisions for it to use its discretion and settle the issues amicably. The promoter and the buyer have the responsibility to work within regulations. He urged the promoters to follow the rules and register with RERA as it will benefit them.
S. Sridharan, chairman of CREDAI - Tamil Nadu, said that the top rating agencies expect Coimbatore to emerge as a major retail market. CREDAI Tamil Nadu has been representing various problems faced by the developers. The State government should implement single window clearance for building plan approvals. The CREDAI had asked for modifications in the Combined Building Rules and the Government has assured that it will consider most of the requirements.
According to K. Rajamani, District Collector, land acquisition for expanding Coimbatore International Airport will take off soon. Coimbatore is next only to Chennai in construction activity and development. He appealed to the members of CREDAI to join hands with the Government for the development of the city.
Surender Vittel, president of CREDAI Coimbatore, said the association is looking at a five-pronged strategy for growth of the industry.
It will organise knowledge sessions for its members to achieve higher efficiency in delivery of projects, get clarity on government regulations, and to widen the scope of operation.
