‘RERA will bring down real estate prices’

ST Correspondent
Sunday, 11 June 2017

He said this will not affect prices in the real estate sector. On the contrary, as the RERA emphasises on transparency and accountability, the prices of real estate are bound to fall.

PUNE: Allaying fears that the registration fees charged by the Maharashtra Real Estate Regulatory Authority ((Maha RERA), in addition to the certification charges by the engineer, architect and charted accountant, will escalate prices of projects, Maha RERA Chairman Gautam Chatterjee said the charges for such certification are peanuts as compared to per square foot price charged from consumers. 

He said this will not affect prices in the real estate sector. On the contrary, as the RERA emphasises on transparency and accountability, the prices of real estate are bound to fall. 

Chatterjee said as the RERA will bring regulation and discipline in the real estate sector. As a result of this, prices will fall over a period of time. Chatterjee was in the city to preside over a workshop conducted by the Pune Metropolitan Regional Development Authority (PMRDA) to provide orientation to developers about the registration process on new as well as ongoing projects.

PMRDA Chief Kiran Gitte said the PMRDA will soon start a facilitation centre for developers to register with the Maha RERA.

Real Estate (Regulation & Development) Act 2016 (RERA) will create an atmosphere of trust building between developers and consumers, said Gautam Chatterjee. He said it will be possible as the Act makes it mandatory for developers and promoters to disclose all information regarding projects like specification, possession and dates.

Around 46 projects from Mumbai, Thane, Raigad, Pune, Nagapur have already registered with the Maha RERA. of them two are new projects, said Chatterjee. He added that all ongoing projects are given a window of 90 days till August 1 to get themselves registered with the RERA authority. No extension will be given to developers to register afterwards. 

No extension to ongoing projects: Bapat
There is no question of providing extension to all ongoing projects under The Real Estate (Regulation & Development) Act 2016 (RERA), announced District Guardian Minister Girish Bapat, who was speaking at the inauguration function of a day-long seminar for developers and consumers organised by PMRDA at Pandit Bhimsen Joshi Kalamandir in Aundh. 

Orientation for developers, promoters
The PMRDA will start a facility centre at its Pashan office to provide orientation to developers and promoters to register their projects with the Maha RERA.

 Similarly, Credai has announced starting such facilities in each district to provide hand-holding to developers and promoters, announced PMRDA Chief Kiran Gitte. Gitte added that he hoped that at least 3,000 projects within the PMRDA jurisdiction will be registered with the Maha RERA by July 31.

Real estate agents have to register
Promoters need to include names of real estate agents, who are facilitating the sale of flats while registering the projects with the Maha RERA. 

However, real estate agents involved in the sale of second-hand properties need not register.

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