The real estate sector plays a crucial role in the economic growth of a country, and it is important for all stakeholders to work together to ensure its sustained development. One of the key factors that can contribute to the growth of the real estate sector is increasing awareness about the Real Estate (Regulation and Development) Act, commonly known as RERA. In this article, we will delve into the significance of RERA in the real estate industry, the challenges it faces, and the measures that can be taken to overcome them.
Understanding RERA: Enhancing Transparency and Facilitating Development
RERA is not just a regulation, but a comprehensive framework aimed at enhancing transparency and promoting active development in the real estate sector. The Act acts as a facilitator by providing a platform for builders, property agents, and consumers to work together in a transparent and accountable manner. It sets guidelines for builders to ensure timely delivery of projects, protects the interests of consumers, and provides a dispute resolution mechanism.
However, despite the benefits of RERA, many builders and property brokers are still hesitant to comply with its provisions due to lack of awareness and misconceptions. This underscores the need to create awareness among all stakeholders about the importance of RERA in promoting a healthy and transparent real estate ecosystem.
Overcoming Challenges: Adoption of Technology and Affordable Housing
One of the key challenges faced by the real estate sector is the high cost of construction, which affects the affordability of housing for the masses. In this context, the Chairman of Delhi-RERA, Anand Kumar, highlighted the need for builders to adopt new technologies to reduce construction costs and make housing more affordable. This can be achieved through the use of innovative construction techniques, green building practices, and efficient project management.
To further support the affordable housing agenda, Kumar emphasized the importance of utilizing the available land parcels in the national capital for the development of projects. By facilitating the development of land in a planned and organized manner, the issue of unauthorized development can be addressed effectively.
Role of Government and Industry Collaboration
Realizing the potential of the real estate sector as a significant employer of both skilled and unskilled workers, D Thara, Additional Secretary in the Ministry of Housing and Urban Affairs, highlighted the need for collaboration between big builders and small real estate developers. Mentoring and guidance from established builders can help small developers in navigating the complex regulatory landscape and ensure compliance with RERA provisions.
Thara also stressed the need for a dedicated research center where builders can access information about suitable construction materials. This can promote the use of sustainable and eco-friendly materials, aligning with the growing global focus on environmental conservation and sustainability.
Increasing awareness about RERA and its provisions is crucial for the growth of the real estate sector. The Act serves as a facilitator by promoting transparency, accountability, and affordable housing. Adoption of technology, utilization of available land parcels, collaboration between stakeholders, and focus on sustainability are key measures that can contribute to the growth of the real estate sector. By working together and complying with the provisions of RERA, the real estate industry can thrive and contribute significantly to the economic development of the country.
Note: The information provided in this article about Maharashtra Real Estate Regulatory Authority (MahaRERA) is for informational purposes only. It is not intended as legal or professional advice and readers should consult qualified professionals for advice specific to their circumstances.
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