Speaking at CII-CBRE Real estate conference minister for housing and urban affairs Mr. Hardeep Singh Puri stated that the legislature implemented RERA in order to secure justice for the homebuyers; that now all authorities are coming to full functionality in states all projects should be covered under the Act. He further stated that a high powered committee headed by union housing secretary has submitted a detailed report to the state of Uttar Pradesh.
The state government had the committee in order to examine the issues and ground realities associated with the homebuyers. He further said that many provisions have been brought by the legislature in order to regulate the real estate such as standard form of sale agreements, submission of 70% of cost collected by the buyers to be kept in separate bank accounts which will protect the interest of homebuyers in the long run. “The Act attempts to balance the interests of the consumers and the developers by imposing clear responsibilities on both.
The Act seeks to establish symmetry of information between the promoter and the purchaser; transparency of contractual conditions; set minimum standards of accountability; and a fast-track dispute resolution mechanism,” he further added in his statement.