Mumbai: Leading international real estate consultancy JLL India, in partnership with eminent law firm Khaitan & Co. released ‘Deciphering The Legal And Commercial Aspects of RERA’ – a definitive report on the game-changing Real Estate (Regulation and Development) Act 2016 (RERA) at a press conference in Mumbai today.
RERA was recently passed in the Parliament and it received the assent of the President of India on 25 March 2016. It has paved the way to setting up of a real estate regulator, which is proposed to be set up within one year from the date of coming into force of the Act, to deal with commercial and residential realty.
Anuj Puri, Chairman & Country Head, JLL India said, “This Bill, which was waiting in the wings for far too long, will significantly reduce the various irregularities and contrasts currently plaguing the Indian real estate sector once it is implemented. Among many other things, RERA will provide a positive impetus towards achieving the Government’s ‘Housing For All’ vision, while ensuring a level-playing field for developers and buyers. This report examines the various nuances and implications that this very important Bill holds for all real estate industry stakeholders.”
RERA will help make the Indian real estate sector more mature, and more attractive for foreign investments as well as for Indian consumers. It will, for instance, disallow the common practice among many developers of pre-launching projects without getting requisite approvals from the local authorities, and it will make mandatory project registration with the regulator. Developers will also have to disclose approval status, project layout and timeframe for completion to the regulator as well as customers. However, there are a number of other ways in which this BILL will influence the real estate sector.
Haigreve Khaitan, Partner – Khaitan & Co said, “RERA is poised to revolutionize the way in which real estate is built, sold and consumed in India. It is an important milestone in the country’s quest towards increasing transparency and ease of doing business. It is important to understand the legal implications that it holds for all related industries and stakeholders. This report is therefore very pertinent and timely.”
All in all, the incumbent government has succeeded against various odds and given Indian real estate its most valuable card. RERA is a verdict to end the age of information asymmetry, lack of accountability and unwarranted project delays, and marks the beginning of rising transparency, liquidation of assets – and, importantly, positive sentiment.
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