With the Real Estate Regulation Act (RERA) scheduled to come into force from August 1 onwards, the Special Chief Secretary (Revenue) and chairman of the TSRERA Rajeshwar Tiwari said that a meeting with real estate developers and the prospective buyers would be organised soon to create awareness about the Act.
Mr. Tiwari reviewed the launch of the RERA portal on Wednesday in the presence of Municipal Administration Secretary Arvind Kumar and others. The prospect of the portal having a link with the sanctioning authority or the municipal authority for automatic uploading was discussed at the meeting.
Under the Act, all the developers and agents would have to get themselves registered as the rules would be applicable to all real estate projects whose building permissions are approved by urban development authorities, municipal corporations, municipalities and other local bodies.
RERA’s main is to ensure accountability towards allottees and protect their interest, to infuse transparency, ensure fair play and reduce frauds and delays. It also aims to provide information to the promoter and the allottee and impose certain responsibilities on both.
A regulatory mechanism to enforce contracts and to establish fast-track dispute resolution mechanism is also required to promote good governance in the sector, said Mr. Kumar. HMDA Commissioner Chiranjeevulu and other attended the meeting.
Board meeting
The 54th board meeting of the Hyderabad Growth Corridor Limited was also held under the chairmanship of Mr. Kumar where the status of ORR, signages and radial road works, illumination of outer ring road and other issues were discussed.
