July 26, 2023: Builders, developers and collaborators must work in a transparent manner with a focus on building public trust among the public, Real Estate Regulatory Authority (RERA)-Delhi chairman Anand Kumar said at the national conference on real estate development and action plan for New India. The conference was organised by the Associated Chambers of Commerce and Industry of India (Assocham).
Kumar also said buyers must verify the information provided by the developer on the RERA’s website while buying any land, plot, flat, commercial property.
He urged the builders, developers and entrepreneurs working in the sector to work with transparency to increase trust in the eyes of their agents, customers and buyers.
Kumar said that even today there were many builders and developers who do not want to register with the RERA. “The first reason is that if he (developer) joins us, we will continue to investigate him, and secondly if he comes to us, he will have to deliver what he has promised,” he said.
Kumar warned developers who are spreading propaganda to sell flats or shops in projects without the RERA registration, saying that strict action will be taken against them. He said that the atmosphere of mistrust that had developed in the during the past years, resulted in the enactment of the RERA Act and a regulator for the sector.
Kumar said that until all of us do our work with full seriousness and honesty, the dream of house for everyone cannot be fulfilled. The sector is the second-largest employment-generating sector in the country. The current size of this sector is $260 billion, which is estimated to reach $1,000 billion by 2030. “We have to grow this sector faster than expected. And it is possible only when everyone will do their work with full honesty,” he said.
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