Real estate firms reach out to PM on RERA
Real estate project developers have sought the intervention of Prime Minister Narendra Modi to successfully implement the Real Estate Regulation & Development Act (RERA).
In a letter to the PM, the Confederation of Real Estate Developers’ Associations of India (CREDAI) also sought more clarity on the definition of an ‘ongoing project’ and requested for expedition of processes from the state and central authorities.
CREDAI said that the lack of appropriate infrastructure and non-notification of RERA rules have led to majority of developers not being able to register their projects on time. This is leading to delays and a loss of revenue for the State and Central governments as well. CREDAI also said that a large number of States have not yet appointed a regulator, while some appointed them recently.