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Quick Response: KTR orders to prepare draft rules for setting up Real Estate Regulatory Authority

Real Estate

Hyderabad: In a sharp reaction to a special story published in this portal few days ago, the TS government has finally set to notify the Real Estate Regulation and Development rules for setting up an exclusive Authority soon. It may be recalled that the story published on April 10 highlighted the failure of the government in setting up the Real Estate Regulatory Authority. (http://www.maahyderabad.in/ts-fails-to-set-up-real-estate-regulatory-authority-before-end-of-this-april/).

The Minister for Municipal Administration and Urban Development K T Rama Rao today held detailed discussions with Secretary Municipal Administration Navin Mittal and directed to prepare draft rules and submit to the government for approval. As per the Central government instructions, all the states need to complete the process of setting up state level Real Estate Regulatory Authority (RERA) before April 30 as the RERA Act mandates setting up of the authority and the appellate tribunal. Except for Telangana and West Bengal, all other states have already completed the process.

The Act also mandates all builders to register their projects with a state level regulatory authority. The objective of the Authority is to provide a platform for the home buyers to resolve disputes with the builders and developers. To do this the state government has to prepare its own version of the rules and place it in the legislature in the next session. The drafting of the bill has already been initiated.

The government is closely studying all the rules notified by various state governments and also the rules notified by the centre for the union territories. The Minister said that  protecting the interest of the buyer is of paramount importance for the government. However, he felt that the genuine concerns of the  real estate sector which is a huge provider of employment should also be addressed duly protecting buyers while framing the rules.

Hyderabad is one of the fastest growing and happening cities in the country and the government is committed to ensure the growth of the city.  During 2016-17 permissions were issued to 8704 buildings and Rs 526.64 Crores has been collected.  These include 26 residential, 21 commercial, 5 IT office space and 3 Multiplex cum Malls projects  have been permitted. A total of 23 million square feet of built up area has been developed in the city.

One of the most far reaching pro consumer and pro industry initiative, the RERA will bring unregulated real estate sector under its domain.  It will also curb unscrupulous elements in the real estate business.

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