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RERA Notified: Real Estate Industry Welcomes Transparency

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RERA or Real Estate Regulatory Act was the need of the hour for the Indian real estate market. Inspite of being one of the largest industries, it had no set rules or guidelines. All this changed when the RERA bill was passed in the Rajya Sabha on 10 March 2016 and the Lok Sabha on 15 March 2016.

RERA Notified: Real Estate Industry Welcomes Transparency

RERA Notified: Real Estate Industry Welcomes Transparency

In layman’s terms the bill largely seeks to protect the interest of the allotees/buyers by promoting transparency, accountability and efficiency in the real estate sector. The state governments were given a time frame of 6 months to notify the act at their level. With the State Govt. of Gujarat , Uttar Pradesh and five Union territories of Andaman & Nicobar Islands, Dadra & Nagar Haveli, Daman & Diu, Lakshadweep and Chandigarh notifying RERA and the others following suit, this brings much cheer and a sense of relief to the real estate community, be it builders or buyers. [Read more…]

CREDAI Opposes Corruption and Demands More Transparency

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Confederation of Real Estate Developers Association of India (CREDAI) has launched an all-out war on corruption and developers and has called upon its strong members not to pay bribes to get clearances. Mission transparency launched by CREDAI has been accepted well and a lot of developers across the country have accepted CREDAI’s code of conduct for themselves.

Various state and city units of the industry body are setting up consumer grievance cells to proactively settle disputes outside court. Governments in Karnataka, Andhra Pradesh and Chhattisgarh have started moving to set up single window system building clearances. Hailing amendments made in the real estate regulatory bill, CREDAI said that the proposed law would help in the growth of the realty sector but demanded a relook at the clause that includes the ongoing projects.

CREDAI, Chennai has decided to oppose corruption with the aim to reduce cost and increase the ease of doing business in the city. The move was taken after witnessing the seeking of approvals for building plans. Suresh Krishen , who was recently appointed as the new president of the developer body, shared that the benchmarks have been set and initiatives such as transparency and ethical code of conduct have been taken while unveiling next 10 years CREDAI’s documents. [Read more…]

How the New Real Estate Bill Will Be Helpful For NRIs

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The Modi government has pledged to organize the face of realty sector and give it an industry status. In that move, the real estate bill has already been drafted and passed in the cabinet. The bill will soon be discussed in the parliament’s next session and will become a law after being signed by the President of India. The Union Cabinet has already approved of the amendments made in the Real Estate Bill, 2013 making way for greater activity in the real estate sector and hassle free work.

How the New Real Estate Bill Will Be Helpful For NRIs

How the New Real Estate Bill Will Be Helpful For NRIs

But what is the crux of the bill? How will it benefit both developer and buyer? How will it help NRIs?

A Review of the Bill

The Real Estate Bill is significant as it aims to act as a protective cover for the consumers and establish regulatory bodies at the center and states for ethical and transparent business practices in the real estate sector. The move is seen as a fundamental plan to seek and ensure greater accountability towards consumers in this notorious real estate sector. [Read more…]