Andhra Pradesh

‘Builders should follow RERA norms’

CREDAI holding awareness sessions, says Srikakulam chapter president

With the apartment culture spreading in semi urban and rural areas, the Confederation of Real Estate Developers’ Association of India (CREDAI) has been conducting awareness programmes over Real Estate (Regulation and Development) Act-2016 (RERA) for small and medium builders also, according to CREDAI Srikakulam district president Gurugubelli Raju.

Speaking to The Hindu, he said that awareness on RERA norms was mandatory for all builders since they were constructing big projects in places like Pydibhimavaram, Tekkali, Palasa and Itchapuram. The awareness programmes in those places would be completed by end of February. A help desk in Srikakulam CREDAI office has been set up for the benefit of new builders. “The projects taken up in more than 500 square metres of land and structures with more than eight flats come under RERA. Taking prior permission from municipal authorities in accordance with the rules of the Act will ensure transparency in construction industry,” he said. “CREDAI AP Chapter president K. Subba Rao has given a clear direction to all chapters with regard to RERA norms,” he added.

Mr. Raju said that the demand for apartments would improve in semi urban areas on a par with cities as many families wanted to live in secured gated communities. Slashing of home loan interest rates had become a boon for the industry in Srikakulam and surrounding areas. “The bank interest rates were around 9% till a couple of years ago but have now been slashed to around 8%. Subsidy under Pradhan Mantri Awas Yojana has become an added advantage for the first-time buyers of properties,” he added.

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Printable version | Jul 5, 2020 8:17:00 PM | https://www.thehindu.com/news/national/andhra-pradesh/builders-should-follow-rera-norms/article30637061.ece

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