With the appointment of regulators summoned for implementing the Real Estate Regulation Act (RERA) in all states, Navin Raheja, Chairman and MD, Raheja Group asserted that regulators needed to function as facilitators and not 'strangulators'.
"Regulators should function as a via-media to ensure that customers get the houses that they booked on time. Any delay with ongoing projects should be looked into and solved rather than sending the developers to jail. Customers want timely completion of projects, not fights," Raheja told ANI, after attending a FICCI seminar on 'Real Estate Regulation Rules', GST and Affordable Housing (CLSS Scheme).
With regard to the provisions of the RERA, Raheja said the implementations would bring in more transparency and accountability, thus, improving the relationship between a buyer and a developer.
Also, Raheja suggested that outstanding projects should be completed at the earliest by taking funds from an escrow account until completion.
Additionally, he also suggested that a modification be made, so as to ensure that brokers were registered, keeping professionalism intact.
"At the end of the day, it is the brokers who sell the property. Therefore, they must also register themselves and make professional dealings rather than resorting to fraudulent activities," added Raheja.
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Joint Secretary Ministry of Housing and Urban Poverty Alleviation Rajiv Ranjan Mishra on Thursday urged the states to complete the process of notification and appointment of full-time regulators at the earliest for the RERA to positively impact the sales and industry's profit.
"So far, 14 States and Union Territories have notified the RERA, which came into force on May 1, 2017 and another 14 States and Union Territories were at an advanced stage of notifying the Act," said Mishra.
In this regard, Raheja said both complete and partly-completed projects would be mailed to interim regulators in a few days, which would then be uploaded on the website.
An online listing will then be created on the same.
Commenting on the implementation of the RERA in Haryana, Dilbag Singh Sihag, from the RERA Haryana Committee said the state government's primary agenda was to ensure timely completion of projects, so that buyers can get their homes as promised.
"All allottees should get their houses on time. We had asked for suggestions from the public so that they can be taken into due consideration before framing the rules. In another three months, the RERA will be fully functional in Haryana," he said.
Dilbag also revealed that until the establishment of a regulatory authority in the state, the principal secretary of Haryana's town planning Arun Gupta would be performing the functions of a regulator.
The RERA aims to protect the rights of consumers and usher in transparency and accountability. The sector, which had immense potential to generate employment and scope for investment, had remained largely unregulated over the years and with the RERA in place, the sector is expected to receive the required fillip contributing to the overall growth of the economy.