RERA – A Boon to Public and Builders
International Centre for Intellectual Training & Empowerment (INCITE) conducted a knowledge Colloquium on real estate regulatory act (RERA) at Trivandrum Tennis Club. The colloquium was jointlyinaugurated by Sri.S.Ajayakumar, Chairman, Kerala Real Estate Regulatory Act and Sri.S.N.Raghuchandran Nair, VicePresident, CREDAI. The RERA Act was passed in the parliament during March 2016 and by November, 2016 all the states were expected to implement the RERA act in their respective states. Even though KeralaRERA, a government body under the able leadership of Sri.S.Ajayakumar was constituted, the rules and laws specifically addressing the issues, regulations and legislations are yet to be framed and finalised.
The colloquium was attended by public, representatives from various builders,professional organisations,architects, facultiesand students from various engineering colleges.“Proper legislations, work completions at proper time, financial planning and restrictions for projects on mortgage and regularisation will be the keen objective and functions of KRERA” said Sri.S.Ajayakumar.
For completion of work from the builder’s perspective, sanctioning government authorities/ bodies including KSEB, Fire and safety department,Corporation, Pollution Board and water Authority should also be included in the RERA governing body, added Sri.S.N.Raghuchandran Nair, KRERA to be effective in its operations in India, who is also keen in its quality and delivery through CREDAI.
An effective panel discussion was held where sensitive and serious issues were discussed by Sri Suresh Ramaswamy, Counsellor, East fort, Smt.Rekha KS, Consultant Engineer,Densil Fernandez, Additional Director,KRERA and the diverse participant who had real sad stories to share.
Over exploitation of natural resources, dependence of other state man powers, limiting factor of land availability in Kerala, pseudo builders with insufficient experience and planning, ignorance to regulations and laws were real concerns highlighted in the event. The legal procedures to be ensured right from identifying a project/property till acquiring the product without delay and managing the property by any buyer was clearly explained by the experts.
The brokers or agents eligible for liasoning the buying and selling of lands or properties will be issued identification number by KRERA. Each project planned by the developer need to be initiated by separate RERA registration number, separate bank account, sanction from corporation and thereafter to be advertised followed by their performance status displayed in KRERA website with conduct.
The online facilities and black listing of the projects and builders will ensure the safety of the hard earned dream investments of every buyer across India through this act. The Initiative of INCITE was well appreciated and Dr.Vidhya Ramaswamy, Founder & Chairperson of INCITE and Dr.Neethu, CEO also spoke during the event.