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Realtors in Hyderabad are calling for a revision of the Real Estate Regulation and Development (RERA) Act of 2016 and the TS RERA portal, with a focus on enhancing transparency and expediting project approvals. The demand for these changes was voiced at a RERA conclave organized by the National Association of Realtors (NAR) in Hyderabad.
Sunil Chandra Reddy, President of Naredco Telangana, appealed to the central government to consider reducing the penalty for non-registration under RERA from 10% to 5%. He stressed the need for government agencies to become stakeholders in RERA, a move that would streamline approval processes. Reddy also proposed the implementation of a title guarantee scheme and robust title insurance. The title guarantee scheme would safeguard projects in case of claims arising during construction, instilling confidence in both buyers and developers.
Nanda Kishore, Managing Director of Ramky Estates & Farms Limited, directed his attention to the state government, urging the development of a dashboard within the RERA Telangana portal. This dashboard would provide vital information about developers and their projects, helping potential buyers access project details and facilitating project monitoring.
During the conclave, TS RERA Chairman N Satyanarayana emphasized the strict rules governing the real estate sector. He clarified that only registered real estate dealers and agents are permitted to conduct business under RERA. He urged industry players to keep the RERA authority informed about their financial accounts and construction progress, as required by the law.
Satyanarayana highlighted that project registration and construction must align with the law's stipulations, emphasizing the responsibility of builders in addressing construction defects. He further emphasized the importance of resolving issues and complaints between customers and real estate traders through the appellate tribunal. He stressed the necessity for all real estate agents to register with RERA to protect buyers from potential fraud.
The real estate sector in Hyderabad is seeking these revisions to the RERA Act and the TS RERA portal to foster a more transparent and accountable realty environment, ensuring the interests of both buyers and developers are safeguarded. These proposed changes could potentially bring significant improvements to the sector, enhancing its efficiency and trustworthiness.
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