Pune: Contrary to the perception that the Real Estate Regulatory Act ( RERA) will come hard on the stakeholders , experts opined that the act will bring proper organized structure to the industry , enhance the image of developers and benefit all the stakeholders including consumers , developers as well as real estate agents or brokers . Pune based Excellence Shelters Pvt ltd had organized probably one of the first awareness sessions on RERA for Channel partners and Real EstateAgents at Sumant Mulgaonkar Auditorium MCCIA Trade Towers . President of Credai , Pune Metro Shantilal Kataria , Deputy District Registrar Dharnidhar Patil , Advocate Pramod Bendre, Industry Expert Vinit Deo , Developer Milind Deshpande , Dr Naresh Bharde CMD Excellence Shelters , Reshma Hajite VP Excellence Shelters were present on the occasion.
Chief Guest Shantilal Kataria said that , the fact that Real Estate Agents have to apply for license under this act should be in fact seen in positivity . This will bring professionalism, trust and much needed prestige to the profession and the role of agents will mature from being just a broker to a consultant. With this act every developer and his project along with the project status will have to be on the website and every project has to be registered with the Real Estate Regulatory Development Authority.
Vinit Deo said that this Central Act , with date of commencement yet to be decided. Once the Act comes to the fore , unregistered projects will not be sold. Developer will have to keep 70% of the incoming amount from the project in the banks to be used for the purpose of the particular project only . The money can be withdrawn with consent of three people including Engineer, Architect and CA and has to be done proportionate to the stage of completion. There are heavy penalties for not completing the projects on time. This will ultimately benefit project completion.
Explaining the Act in detail , Dharnidhar Patil said that the act will bring transparency , level playing field and people doing good work will be able to establish credibility . The sections mentioned in the act will bring professionalism and will be beneficial to both builders and consumers at large.
Advocate Bendre said that Real Estate Agents will also have to be equipped with a checklist so as to give proper information to the customers. Misrepresentation including false claims can land them in trouble . Likewise the builders also can be penalized for false claims in advertisements , circulars and messages . This is a balanced act as builders can also approach the registered authority tribunal in case customers fail to pay on time. He said that the act is not applicable to project with less than eight flats or for an area developed less than 500 sq metre.
Milind Deshpande said that this law is also applicable to plotting schemes . This act will curb the sale of illegal land parcels. He added that with this act agents wont be able to take commission in the name of relatives as the person accepting the commission is responsible .
Vinit Deo added that the entire information on the project wont affect the business of the brokers. Mutual Funds, Insurance policies are now available online but still people have stuck to brokers and consultants. Likewise good real estate agents will also benefit . In fact the sell time will be reduced as all the information will be available to the consumers.
Moderating the panel discussion of experts Dr Naresh Bharde said that everybody has a dream to own a house but they need transparency in information and dealing from the promoter’s side. Many a times their dreams remain incomplete. Our Hon. Prime Minister’s dream of Housing for all till 2022 can be a reality if this act gets implemented.
Reshma Hajite gave the welcome address and vote of thanks .
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