Mr. K T Rama Rao, the minister of Municipal Administration and Urban Development had a meeting with the Secretary, Municipal Administration Navin Mittal and other senior officials to discuss the implementation of the Real Estate (Regulation & development) Act, RERA in Telangana.
K T Rama Rao asked the officials to escalate the process of drafting rules for RERA and present it before the legislative cabinet so that it can be implemented in the state as soon as possible. He also said that the RERA rules for Telangana are being drafted on the lines of the Central government gazette. Government’s main aim through RERA is to protect the buyers’ interest and develop the real estate sector of the state by promoting good governance and create investors’ confidence.
Hyderabad is one of the fastest growing cities in the country and the number of real estate projects is increasing day-by-day. As per the government records, 26 residential properties, 21 commercial properties, 5 IT office space and 3 multiplex cum malls were given permit during 2016-2017. Almost 23 million square feet of built-up area is being developed in the city and will increase in the upcoming days.
The Real Estate (Regulation & development) Act came into force on 1st May 2016. It mandates every developer to register their project and agents to register themselves with the state-level real estate regulatory authority. The Centre has directed all the states to come up with its own version of the RERA rules by keeping the rules notified by the Central government as a base. The Central government has asked all the states to notify the rules for the real estate act by 30th April 2017.
RERA rules,Telangana state should be transparent to protect the interest of buyers i.e Aam Admee ie common man and not the lobby of builder community.