In a letter addressed to Puri, Credai recognised RERA as a game changer for the sector which will facilitate the long-term growth of the Indian real estate industry
Confederation of Real Estate Developers' Associations of India (Credai) has written to Hardeep Singh Puri, minister for housing and urban affairs to intervene in a bid to facilitate the successful implementation of the Real Estate Appellate Tribunal under Section 43 of the Real Estate Regulatory Authority (RERA) Act across the country.
The builders’ body seeks to fully achieve the objective of the act by setting up the tribunal to proficiently address home buyer grievances, a release issued by Credai said.
It said it was necessary to set up the tribunal to decrease the need and participation of the higher courts to facilitate matters between different parties.
In a letter addressed to Puri, Credai recognised RERA as a game changer for the sector which will facilitate the long-term growth of the Indian real estate industry.
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It also underlined the disparity between states in regards to the implementation of the act with regions such as Maharashtra, albeit still lacking a tribunal, setting the benchmark while many states namely West Bengal still struggling with the process.
Overall, this discrepancy has led to certain negative implications with the lack of infrastructure and notification of RERA rules further leading to various delays and loss of revenue for the state and central governments, it said.
It also emphasised on the need for consumer protection and guarding the interests and growth of all concerned stakeholders. Over 235 judgements have been delivered by the MahaRERA authority till date.
Many of these cases are expected to reach the high court for a resolution which only goes to show the dire need of the mechanism of a RERA tribunal.“We at Credai have extended our complete support in the implementation of the Real Estate Regulation and Development Act (RERA). However, to be able to further fulfil the purpose of the act, it is imperative that appropriate guidelines be established for the concerned authorities to set up the Real Estate Appellate Tribunal at the earliest. The homebuyers, one of the most important stakeholders in the real estate industry must have their interests protected. We wish to engage with the Government to work out ways and means to spearhead this industry under the RERA guidelines further allowing all the stakeholders involved to flourish,” said Jaxay Shah, president, Credai National.