RERA protects interest of buyers: Nair

Source: The Hitavada      Date: 02 Oct 2017 09:46:06


Business Bureau,

With the continuos parleys with the concerned authorities by the representatives of CREDAI, Government has introduced the Real Estate Regulation and Development Act, 2016 (RERA). For long, home buyers used to complain that real estate transactions were lopsided and heavily in favour of the developers. RERA and the Government’s model code, aims to create a more equitable and fair transaction between the seller and the buyer of properties, especially in the primary market.

This was observed by Anil Nair, President of CREDAI, Nagpur Metro while addressing a press conference recently.
He said, “RERA has made property buying more simpler by maintaining accountability and transparency. RERA protects the interest of the buyers. Under RERA, real estate players have to provide detail information on the project e.g. land status, details of the promoter, approvals, schedule of completion, etc.”

In real sense, Nair said, after RERA, it has become easier for the buyer to tap the progress of the project launched by the builders. “If the information given by the builders is wrong, they have to face penal action,” he said. “It is right time for buyers to purchase their dream homes,” he claimed. He said, CREDAI was taking relentless efforts to create awareness about the RERA through various platforms.

After the introduction of RERA, the fly-by-night operators who had cornered sizable market in the real estate sector have disappeared. Only genuine builders who were rendering their services to customers have remained in the market, he pointed out.

Prime Minister Awas Yojana (PMAY) is again a good opportunity for the home buyers. For example, one can avail the subsidy of Rs 2.67 lakh on dwelling unit of Rs 16 lakh. The subsidy has been extended upto March 2019. “It is good opportunity offered by Government to purchase dwelling units under PMAY,” he added.
He said, 350 builders have taken registration of RERA covering 1,270 units in Nagpur.

Gaurav Agarwala, Secretary of CREDAI Nagpur Metro said, under PMAY, a family has been defined as husband plus wife and minor children. It has to be given as a self-declaration. In Nagpur, majority of the population has income below Rs 18 lakh and they are eligible for the PMAY.
“People should not buy non-RERA compliant property. Even banks are not entertaining builders who are not registered under RERA,” he suggested. The total burden of tax on builders under GST is 18 per cent. However, they have to give 6 per cent set-off to buyers. Shashikant Gosawi was also present on the occasion.