KOCHI:
Real Estate Regulatory Authority Act (RERA) needs more transparency to ensure the credibility and better market possibility in the real estate industry, assessed by CREDAI in a panel discussion as part of the two day STATECON at Kochi.
Various opinions and evaluations were raised by the panel members regarding RERA Act. “RERA helps in eradicating illegal activities and recapture the integrity of the real estate market”, said by Gautam Chatterji, RERA – Chairman, Maharashtra. In addition to that, he said the regulations in RERA Act are necessary and it also aids in improving the business as it works like a traffic signal. Business will boost up when the integrity can be maintained to the customers. RERA Act will not aid shortcuts for getting rich. It maintains integrity towards the customers and hence improves the business.
Irfan Razak, Chairman & MD, Prestige group had a different view on this matter. RERA Act has to be more transparent and lenient for the benefit of the market. Outlook towards the real estate industry has to be changed and necessary measures should be taken to rectify the flaws, he added. Dr. Samantak Das, Head Research & REIS JLL was the moderator for the panel discussion.
