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CREDAI – MCHI organized a highly successful workshop on May 16, 2017, for Media, represented by well-known journalists from Print, Online, Electronic and B2B publications with the objective of bridging the gap between myth & reality surrounding RERA. Media has been interpreting RERA in their own way, referring various available sources. Thus it was very important to have one-on-one interaction with them to apprise them about the truths & facts about RERA and how it is different from MOFA. Media has been speaking to the entire spectrum of stake-holders like consumers, developers, lawyers, architects etc. hence it was very important to present the firsthand account of RERA, as one of the most important stakeholders of RERA.
Presenting the real-estate industry perspective, the interaction was led by Mr. Boman Irani, VP, CREDAI – MCHI and VP – CREDAI National (WR), Mr. Mayur Shah, President – Elect, CREDAI-MCHI, Mr. Deepak Goradia, VP, CREDAI – MCHI and Mr. Rajesh Prajapati, Press Convener, CREDAI – NATIONAL. Mr. Vinit Deo, CMD, Posiview Consulting Partners Co. addressed the media and made a very informative presentation titled: RERA – Key Challenges & Unanswered Questions.
Mr. Boman Irani started with providing scenario around which RERA has been built around. He said, " It is very important for you to have an understanding of where we are coming from as far as RERA is concerned. We want you to be absolutely clear where CREDAI stands and where CREDAI developer stands with regard to RERA? What does it do? What does RERA mean? How does it stand to benefit everybody? Is that going to benefit the industry most? Like other regulators, RERA would lead to a long-term advantage and the hiccups we face are short-term."
Mr. Vinit Deo, CMD, Posiview Consulting Partners Co. addressed the media and made a very informative presentation titled: RERA – Key Challenges & Unanswered Questions. He said, "Smooth transition is the key in the interest of all stakeholders. The real – estate industry has welcomed the entire ACT and why it makes a lot of sense business-wise. For the first time industry gets industry status, now it becomes very easy for consumers to compare across projects and the cost of funding to rationalize. Under RERA, all agents would be registered and there will be compulsory audit for all projects. There is a need address practical issues and key challenges of RERA."
Addressing the media, Mr. Mayur Shah said, "As the drafting and suggestions were happening, we at CREDAI brought it to the fore that it needs to bring all approving authorities under RERA ambit. We had very strongly pitched it but somehow that has not come in the act but at the same time MAHA RERA has kept it open. MAHA RERA has consumer as the complainer and there is window available to the developer where he can say that he had applied on so and so date for which approval needed within 60 days and under RTI, he is not getting the approval. If there is a genuine complaint from the developer, RERA will definitely look into it. We want to strongly take up across Ease of Doing Business across MMR and as a part of CREDAI-MCHI initiative, we have been pushing that. We see that step- by- step, too many things are happening."
Media fielded many important questions which were both consumer facing and industry facing.
Our panel effectively cleared their doubts, misconceptions, and misgivings surrounding RERA, which was the real objective of the Media Interaction.
All in all, it turned out to be a very successful interaction between leading media and industry stalwarts.
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