Puri sees 700-900M sq m of new urban space yearly

People have begun to not only appreciate the virtue and importance of Real Estate (Development Regulation) Act (RERA) but also realize that you cannot have a situation without it.

Stressing the importance of RERA, Hardeep Singh Puri, Minister of State for Housing and Urban Affairs enlisted important things which ‘MahaRERA’ (Greater RERA) stands for and has initiated to implement them for the betterment of the industry:

RERA aims to ensure that there is accountability towards allottees and their interest will be protected;
It ensures fair-play and infuses transparency and reduces frauds;
It aims to increase professionalism and pan-India standardization, along with establishing symmetry of information between the promoter and the allottees;
MahaRERA stands to imposing certain responsibilities for both promoter and allottees along with establishing regulations to enforce contract;
It also aims to enforce a fast-track dispute resolution mechanism.

“These points will help us take our Real Estate Industry to newer Heights,” Puri said at the ‘MAHARERA Conciliation Forum’ in Mumbai on 1 May 2018.

The Minister also released a Booklet “Conciliation – A Unique Experiment by MahaRERA” which, among others, highlights the Procedure and Rules of the Conciliation, how to invoke Conciliation process and also some success stories.

Puri said that ‘Smart City Mission’ is one of the most crucial steps in the direction of planned urbanisation.

Approximately 700-900 million sq meters of urban space will be built every year between 2018 and 2030 while urban rejuvenation will also come through in-situ slum development and redevelopment, he said. fii-news.com