Delays in project approval by authorities should be addressed by regulator RERA: NAREDCO

New Delhi: Real estate industry body National Real Estate Development Council (NAREDCO) voiced that timely approval for projects by authorities has been a big challenge and noted that any delays should be addressed by the regulator Real Estate Regulatory Authority.
The industry body also noted that the grievances of developers should also be paid attention to, terming RERA to be more buyer-friendly than for developers.
At a conclave organized by NAREDCO Nextgen, its president Rajan Bandelkar said, "Customer got the due respect, and in these six years, RERA has been able to get the transparency and addressed the trust deficit in the sector."
Anand Kumar, Chairman, Delhi RERA, said at the event that the regulators take the view of all the stakeholders and take decisions based on it.
"Authorities have far more responsibilities than before, and authorities like us cannot break them. We must ensure that every three months, we review the project; in case of difficulties faced by developers in delivering, we have to give an extension and explain it to the customers. We take the view of all the stakeholders and take decisions based on it," said Anand Kumar.
On the impact of the introduction of RERA, Kumar said, "Comparing the scenario to 2017, there was a lot of distrust between various stakeholders, and there was no quick fix solution. In 2017 when RERA came into being, there was a codification of how the industry should run and the responsibilities of various stakeholders. We all have to put heads together and develop industry in the best way possible, and make the sector transparent."
In order to protect the interest of homebuyers and to ensure transparency and accountability in the real estate sector, Parliament had enacted The Real Estate (Regulation and Development) Act, 2016 (RERA).
The regulatory authorities established under the Act must publish and maintain a web portal, containing relevant details of all real estate projects for which registration has been given, for public viewing.
As per information available with the Ministry of Housing and Urban Affairs (as on March 13, 2023), all States/ UTs have notified rules under RERA except Nagaland. 32 States/UTs have set up Real Estate Regulatory Authority and 28 States/UTs have set up Real Estate Appellate Tribunal.
As many as 101,304 real estate projects and 72,012 real estate agents have been registered under the provisions of RERA and 106,657 complaints have been successfully disposed of by the regulators across the country.
Meanwhile, during the event, Delhi Real Estate Regulatory Authority (RERA) and the National Real Estate Development Council (NAREDCO) launched the National Institute of Real Estate Development (NIRED), a forum aimed at capacity building of stakeholders in the real estate industry.
"The institute will offer a platform for everyone to enhance their knowledge and skills, making them industry-ready and contributing to the growth of the sector," Bandelkar said. (ANI)