Noida ExtensionThe real estate sector in India and various builders have been facing blemishes and a character crisis, especially since demonetization. Both RERA and the Benami Transactions Act are working in the favour of real estate sector to gain back the trust and confidence of homebuyers. But as announced by M.Venkaiah Naidu at the CREDAI (Confederation of Real Estate Developers’ Association of India) Conclave, developers must also understand their responsibility and should keep their promises by delivering the projects on time.

The developers have demanded that the ongoing projects should not be included in RERA and it should only be applicable to the new launches.

CREDAI is the highest body of builders and developers in India, with over 1100 members.

The developers are advised by the government to complete what they have promised on paper. They do not need to fulfill anything more than their advertisement, and that they simply have to stick to everything mentioned in their advertisements.

Aim of RERA is to bring back the character of the real estate sector and will prove to be a significant step. It will help in removing the unreliable and undependable developers from the market at one go. Apart from this, government has already granted infrastructure status to affordable housing as an initiative. All the chief ministers have also been asked in written to waive off the stamp duties for affordable housing.

Developers, on their end, should also opt for new business models and a change in perspective, to give a make-over to the real estate sector. Digital transactions should be followed to get a transparency leading to rectification in the realty.

Union minister, M. Venkaiah Naidu also showed concern on the high land prices saying they should be brought down to make it affordable for the people. The developers were assured that they will receive approvals faster than before on real estate projects in India as a presentation on this would be made in front of the Prime Minister.

Corelogic, which is a leading provider of information relating to consumers, property and finance, has entered an agreement with CREDAI to make online transactions easier through a software.