Realtors Seek RERA Act Revisions

03 Nov 2023 CW Team

Realtors are urging government revisions to the Real Estate Regulation and Development (RERA) Act of 2016 and the TS RERA portal to enhance transparency and expedite approvals. At a RERA conclave organised by the National Association of Realtors in Hyderabad, Sunil Chandra Reddy, Naredco Telangana's president, requested the central government to consider reducing penalties from 10% to 5% for unregistered RERA projects. He also suggested that government agencies become RERA stakeholders to facilitate quicker approvals and proposed the introduction of a title guarantee scheme and robust title insurance for buyer and developer confidence.

Nanda Kishore, Managing Director of Ramky Estates & Farms Limited, urged the state government to establish a dashboard on the RERA Telangana portal, offering information about developers and projects for transparency and monitoring.

TS RERA Chairman N. Satyanarayana emphasised the importance of strict compliance with RERA registration for real estate dealers and agents. He also underscored the need for transparency in construction progress and accountability, with construction defects being the builder's responsibility and disputes resolved through the appellate tribunal. Registration with RERA for all real estate agents is essential to protect buyers from fraud.

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