RERA will be game changer in real estate industry: Anil Nair

Source: The Hitavada      Date: 01 May 2017 10:02:27

Business Bureau,

In the wake of major changes due to the enforcement of the Real Estate Regulatory Act, 2016 (RERA) from May 1, 2017, Nagpur Branch of ICAI in association with CREDAI, Nagpur Metro organised a seminar for understanding the Act and the consequences it would have in a long run.

CA Vinit Deo highlighted that the Act would help in resolving consumer grievances in a more conducive manner through the strong dispute resolution by means of RERA authority and tribunal being set up under the Act.

Deo enumerated the prevalent conditions in the real estate sector in the economy and the factors which the builders should take care once the Act is implemented. He also added that in addition to these, help of chartered accountants for various legal, tax and other technicalities for selling or buying a property is also important to avoid hassles later.

Mahesh Sadhwani, Vice-President, CREDAI, Maharashtra said that the Act was welcomed by the builders and developers since it is a win-win situation for both the consumers and sellers. He also opined that all the players in real estate sector would be benefited through the Act. However, he cautioned that certain chaos may prevail in the early phases of implementation of the Act which needs to be tackled with professional guidance.

Anil Nair, President of CREDAI, Nagpur Metro said, the intention of the RERA Act is to bring transparency and discipline in the real estate sector and Maharashtra being the first state to start implementation from May 1, with on-line portal ready for registration. “All ongoing projects is given window of 90 days to get themselves for registration with the RERA authority, full disclosure of the projects including specification, possession dates needs to be mentioned on-line which is available in public domain,” he said.

“RERA Act will be a game changer in the real estate industry,” Nair said by giving example of Dubai and England where after the regulation was introduced, the real estate industry flourished phenomenally. He also mentioned various provisions of the Act. Architecture and chartered accountants would have to follow certain provisions and real estate brokers would have to get themselves registered before they start selling any projects, he suggested.

Earlier, Vice-Chairman of ICAI, Nagpur Branch CA Umang Agrawal in his welcome address said that the Act aims for bringing transparency and fixing accountability on the sellers and would definitely create a healthy environment for the real estate sector to prosper rapidly.

In technical session CA Vinit Deo from Pune guided the member on RERA practical aspects and overview whereas CA Prajkata Shetye, Pune deliberated on planning and compliance under RERA along with role of CAs. Both speakers successfully resolved the issues of members.

CA Suren Duragkar, Secretary co-ordinated the programme. Gaurav Agarwala, Secretary of CREDAI, Nagpur Metro proposed vote of thanks. CA Kirit Kalyani, Treasurer and CA Jiten Saglani, co-ordinated technical sessions.

Present were CA Julfesh Shah, Member of PR and CSR Committee of ICAI, New Delhi, CA Swapnil Ghate, CA Sanjay Agrawal, CA Saket Bagadia, CA Ravindra Lashkare, Shishir Diwate, T S Renu, Sunil Duddalwar, Ravindra Kapase, Vishwash Gupta, Rahul Agrawal, Pranav Mor and over 300