Ram Walase, MD & CEO, VBHC:
Despite the initial turbulence, the RERA could transform the real estate industry for better. It could become more organised like the Auto Industry - driven by clearer product definitions, standardised technologies, well-defined branding & positioning and intensive customer service orientation. Other value chain elements such as land acquisition and project approvals, which were the mainstay in the past, could become ancillary inputs.Yet, this is a work in progress and needs sustained efforts. As in the case of the regulators for the financial industry, the RERA could also evolve into a dynamic institution for creating appropriate growth conditions for the real estate industry and maintain a healthy balance of power between various stakeholders. Some of the immediate challenges that need to be addressed are: (a) Just as the developers are penalised under the RERA for not delivering their promises, the approving authorities which are an important link to that delivery promise have no direct accountability. Integrating this aspect with the RERA could be an important addition to this important reform; (b) the institution should discourage / penalise frivolous complaints against developers so that the RERA is not misused or doesn’t get overburdened to pay adequate attention genuine cases."