Rera (RERA) law has helped in re-establishing the lost trust between real estate traders and buyers. Soon we will get to see that only the better performing builders will survive in the market. Rajeev Kumar, Chairman of UP RERA said this in a virtual program of PHD Chamber on Tuesday. Rajiv Kumar said that the real estate sector has the potential to double the country’s growth rate (GDP). Due to RERA law, buyers are now returning back to the market. Which will ultimately benefit the real estate sector.
The UP RERA chairman says that low performers will have to improve their performance and infamous builders will have to shut down their businesses. Only about 20 per cent of the builders fall in this third category. Whose business methods are objectionable and against the law. It is because of these that the need for a law like Real Estate Regulatory Authority has arisen today. The success of RERA law will be considered right then. When the complaints come to RERA court, it will be reduced or reduced.
UP first implemented RERA
In the program, industrialist and PHD Chamber UP chairman Lalit Khaitan said that Uttar Pradesh is the first state in the country to implement the Central RERA Act. The first conclave of Rera in the whole country was also organized in Uttar Pradesh itself. The UP Rera Authority is playing an effective role in solving the problems of home buyers. Even during COVID, through virtual courts, Rera has done a better job of seeing the victims justice.
60,000 cases dealt by January 2021
Manish Khemka, co-chairman of the PHD Chamber UP Chapter, said that after the implementation of RERA law in India, more than sixty thousand cases have been settled by January 2021. More than 40 percent of these cases have been settled in Uttar Pradesh alone. By the beginning of January 2021, about 60 thousand real state projects and about 46 thousand real estate agents have been registered under RERA across India.
In his suggestion to the RERA chairman, Khemka said that the possibility of dialogue between builders and home buyers should be explored before any lawsuit under the guidance of RERA for quick diagnosis of real state-related problems. The RERA law provides for a Conciliation Forum for this. RERA law is still relatively new and as the experts of law believe that any new law takes its time to take effect in its entirety.