RERA Tribunals have also not been implemented by most states in the country, says Jaxay Shah, President, CREDAI National

Jaxay Shah, President, CREDAI National: The implementation of RERA has been nothing short of a game changer for the Indian real estate sector. The act has not only streamlined all processes and facilitated a transparent eco- system, but it has also enhanced homebuyers’ sentiment to a great extent which is also evident from an increase in sales in the sector.   There has, however, been a clear disparity between different states with regards to the implementation of the act with regions such as Maharashtra setting the benchmark in the industry. The lack of infrastructure and non-notification of RERA rules by some states have led to various delays leading to a loss of revenue for different stakeholders.   The RERA Tribunals have also not been implemented by most states in the country. We, at CREDAI, have consistently urged the Government to set up the same across each state in order to address home buyer grievances in an appropriate and fair manner. This will further decrease the need and participation of the higher courts to facilitate matters between different parties and also provide a quick and low cost solution to most cases. CREDAI believes that other states should follow the lead of Maharashtra by forming a RERA Conciliation panel for which it is more than happy to partner with the concerned authorities and offer its support and expertise to facilitate the same.