The Real Estate Regulatory Act (RERA) will ensure an ecosystem that properly governs the sector and empowers the buyers, Union Minister of State for Housing and Urban Affairs (Independent), Hardeep Singh Puri, said.

Addressing the RICS Real Estate Conference on ‘Policy, Reform and Regulation: The Backbone of Indian Real Estate’ here on Wednesday, Puri said RERA seeks to fill the gap between development, municipal laws and the Apartment Ownership Act and is intended to regulate transactions — buying, selling and enforcement of contracts.

The Minister said the history of real estate in India would soon be divided into two segments — pre-RERA and post-RERA.

On issues faced by apartment buyers, the Minister said: “Lack of finances was only a part of a problem for owning a house. There was very little transparency in the housing sector. Broken promises, incomplete housing projects tell a tragic tale of untold misery inflicted on hapless citizens”.

Talking on the Pradhan Mantri Awas Yojana (PMAY), Puri said the government plans to address the shortfall of 10 million households in the country through the scheme.

“Among the distinctive features of this scheme, the government will make available land. In addition, it will provide subsidies to the allottees, and will also assist the allottees get concessional or favourable funding from banks. The house will be registered on the name of the lady of the house, singly or jointly along with that of a male member. This should help our overall objective of gender empowerment,” he added.

key words: Real Estate Regulatory Act, Hardeep Singh Puri, housing shortfall, Pradhan Mantri Awas Yojana

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