Builders cautious on RERA


Welcoming Real Estate Regulatory Authority, builders say it should not end up as a stick to beat them with

Builders’ forums, while welcoming the concept of a Real Estate Regulatory Authority (RERA), have warned that it should not end up as a stick to beat the builders with.

“We welcome the RERA. But it should be kept in mind that the RERA is there not merely to find fault with the builder. The builder and the buyer should have a level-playing field. Then it will be good for everyone,” S. Krishnakumar, chairman, Kerala chapter of Confederation of Real Estate Developers Association of India (CREDAI), said.

On the other hand, builders were uncertain which way the RERA would swing, he said, adding that the real estate sector in the State was neck-deep in a crisis.

“We should also keep in mind that States such as Maharashtra have a much friendlier RERA,” he said.

States have to form the RERA under the Real Estate (Regulation and Development) Act, 2016, which seeks to protect consumer interests and establish an adjudicating mechanism for speedy dispute redressal. CREDAI is of the stand that dubious real estate developers should be weeded out of the market, Mr. Krishnakumar said.

“At the same time, the sector needs government support. Kerala is no longer a preferred destination for anybody. It is extremely difficult to do business,” he said.

He said the real estate sector provided employment to 40-50 lakh people.

“There is also a large group of industries that depend on this sector. A drop in this sector affects other areas too,” he added.

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Printable version | Dec 12, 2019 12:55:34 PM |

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