UPDATE ON RERA 2016

The draft of the Maharashtra Rules – RERA was circulated to the members for their suggestions and objections and the same were discussed with Advocate Shri Girish Godbole who also gave his points on suggestions and objections.  With the help of Adv Girish Godbole, MCHI drafted the final suggestions of the RERA rules which were filed on December 27, 2016.  The Authority will be constituted under Chairmanship of Shri Gautam Chatterjee, Ex- Addl. Chief Secretary in the month of March/April 2017.

RERA CONFERENCE
A Consultative Conference was organised on 26th December at IMC focussing on recently published draft rules under the Real Estate (Regulation & Development) Act, 2016. The initiative was aimed at consolidating the view points of the stakeholders – developers, agents, financiers and consumers – in relation to the proposed framework for the effective implementation of this land mark Act.  The Conference was organised by The Law Point Advocates & Solicitors and was attended by Shri Hussain, CEO, Adv. Manisha Chandwani– Head, Legal and Ms. Bienu Vaghela, Head – PR from CREDAI – MCHI.

The Welcome Address was delivered by Dr. Poornima Advani, Partner, TLP and introduction was given by Shri B.N.Makhija. Shri Gautam Chatterjee, Ex- Addl. Chief Secretary, Housing, GoM made special remarks on RERA giving background of RERA.

Shri Sanjay Kumar, Addl. Chief Secretary Housing, GoM deliberated on what can we  forward about RERA which will be a game changer for all stake holders of RERA.

Chief Guest Justice Mohit Shah, Former Chief Justice, Bombay High Court delivered the Key-Note address in the inaugural session I.

Session II deliberated on Legal Perspective of RERA which was very effectively provided by  Adv. Shekhar Naphade and  Adv. Pradeep Sancheti, Senior Advocates.

Developers’ Perspective was provided by Shri Niranjan Hirandani who shared that how effective implementation of RERA would lead to organisation of real estate industry. Developers’ have already started moving in the direction so that they are in sync with RERA. He added we need to look at how we can address issue of liquidity, it is very important because till we don’t understand the economics of this business, it will be very difficult to regulate the industry. The objective of the RERA is to ensure timely and efficient delivery to the consumer of the goods to meet the ends of the purchaser. The Act focuses on transparency like be a Know It All for All be it consumer or developer but at the same time large amount of information needs to be given to the Regulator which should not be in public domain as it may lead to all sorts of problems.

There is a need to change the mindset but approval process should also be efficient which at present is very lengthy. If that takes time then developers won’t be able to deliver on time. Out of 72 permissions which developers require if one officer holds one permission then he is holding the whole project to ransom. I look upto regulator to give direction to authorities granting permissions. A balance has to be maintained amongst various responsibilities.

The Conference concluded with Summation and Valediction.