Real Estate Act will bring in transparency: Venkaiah Naidu

HUBBALLI: The Real Estate (Regulation and Development) Act, 2016 will not only make consumer the king, but bring a much needed regulation and transparency into the burgeoning sector, said M Venkaiah Naidu, Union urban development minister, on Saturday.

Inaugurating the two-day Statecone, the fifth annual conference of Confederation of Real Estate Developers Associations of India (Credai) here on Saturday, Naidu said the Act will create a set of rights and obligations for both the consumers and developers. “It will encourage both of them to live up to the expectations of each other as per the agreement by both of them. Genuine developers needn’t worry about the new policy as it will only affect fake developers.” he said.

The minister pointed out that unauthorized constructions have been rampant in most of the cities. “… but the local authority should take responsibility and take necessary actions to prevent illegal and unauthorized constructions.” he said.

Naidu called upon developers to serve the nation with their corporate social responsibility and asked them to introduce various government housing schemes.

R Roshan Baig, the state urban development minister, said that Karnataka will implement the Real Estate Act, 2016 after discussion with developers. “The union government has amended the Act for the welfare of the consumer because they have been suffering because of fake developers.” he said.

Credai national chairman Irfan Razack, MLA Arvind Bellad, MLCs Basavaraj Horatti and Pradeep Shettar, Balakrishna Hegde, mentor national, Nagaraj Reddy, Chairman Karnataka and V K Jagadish Babu were present at the event.

Courtsey: TNN | 25-Sep-2016

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