Latest News | Need to Increase Awareness About RERA Law, Adopt New Tech in Realty Sector: Delhi-RERA Chairman

New Delhi, Apr 20 (PTI) Delhi-RERA Chairman Anand Kumar on Thursday asserted the need to increase awareness about the realty law RERA for the growth of the real estate sector and also asked builders to adopt technologies to cut construction costs.

Addressing a conference organised by industry body PHDCCI, Kumar emphasised that all stakeholders -- government authorities, builders, property agents and consumers -- need to work together for faster growth of the real estate sector.

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The Delhi-RERA Chairman pointed out that most of the builders and property brokers are scared of Real Estate (Regulation and Development) Act, popularly known as RERA, and try to avoid complying with the provisions of this legislation.

"RERA Act is not only regulation but it is for enhancing transparency and it is for active development of real estate sector," Kumar said, adding that the regulators under the Act are facilitators.

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He rued a lack of awareness about this Act among all stakeholders and there is a need to create awareness.

Kumar exhorted builders to adopt new technologies.

"Adoption of technology is important. We have to reduce the cost. Unless we make flats at an affordable price, we cannot achieve Housing For All," he noted.

Talking about the Delhi property market, Kumar said there are huge land parcels available in the national capital and those should be used for the development of projects.

"Unless we facilitate the development of the land we have, there will be unauthorised development," he said.

D Thara, additional secretary in the Ministry of Housing and Urban Affairs, noted that the real estate sector is the biggest employer for both skilled and unskilled workers.

She, however, said a large part of the industry is still unorganised, especially at the sub-contractors level.

The additional secretary asked big builders to mentor small real estate developers.

She also spoke about the need to have a research centre where builders can go and learn about what materials to use.

The additional secretary stressed the need for water conservation in the real estate sector.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)