JLL India And Khaitan & Co Release Definitive
Report On Real Estate Regulatory Bill
Whitepaper Examines Implications Of RERA On
Different Industry Stakeholders
Leading
international real estate consultancy JLL India, in partnership with eminent
law firm Khaitan & Co. released ‘Deciphering The Legal And Commercial
Aspects of RERA’ –
a definitive report on the game-changing Real Estate (Regulation and
Development) Act 2016 (RERA) at a press conference in Mumbai recently.
RERA was recently
passed in the Parliament and it received the assent of the President of India on
25 March 2016. It has paved the way to setting up of a real estate regulator,
which is proposed to be set up within one year from the date of coming into
force of the Act, to deal with commercial and residential realty.
Anuj Puri, Chairman
& Country Head, JLL India said, “This Bill, which was waiting in the wings
for far too long, will significantly reduce the various irregularities and
contrasts currently plaguing the Indian real estate sector once it is
implemented. Among many other things, RERA will provide a positive impetus
towards achieving the Government’s ‘Housing For All’ vision, while ensuring a
level-playing field for developers and buyers. This report examines the various
nuances and implications that this very important Bill holds for all real
estate industry stakeholders.”
RERA will help make
the Indian real estate sector more mature, and more attractive for foreign
investments as well as for Indian consumers. It will, for instance, disallow
the common practice among many developers of pre-launching projects without
getting requisite approvals from the local authorities, and it will make
mandatory project registration with the regulator. Developers will also have to
disclose approval status, project layout and time frame for completion to the
regulator as well as customers. However, there are a number of other ways in
which this BILL will influence the real estate sector.
Haigreve Khaitan,
Partner – Khaitan & Co said, “RERA is poised to revolutionize the way in
which real estate is built, sold and consumed in India. It is an important
milestone in the country’s quest towards increasing transparency and ease of
doing business. It is important to understand the legal implications that it
holds for all related industries and stakeholders. This report is therefore
very pertinent and timely.”
All in all, the
incumbent government has succeeded against various odds and given Indian real
estate its most valuable card. RERA is a verdict to end the age of information
asymmetry, lack of accountability and unwarranted project delays, and marks the
beginning of rising transparency, liquidation of assets – and, importantly,
positive sentiment.
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