Dimapur, June 13: A review meeting on implementation of Real Estate (Regulation and Development) Act, 2016 (RERA) and Urban Mission in the states of Nagaland, Arunachal Pradesh, Meghalaya and Sikkim was held at Hotel Japfu on June 11.
Economic Adviser, Ministry of Housing & Urban Affairs, GoI, Anupam Mishra elaborated on the implementation of RERA and mentioned that construction industry is the largest employer after agriculture and housing is the fundamental requirement. He said till 70 years of independence, there was no regulator in the real estate sector, however a landmark Central Act – Real Estate (Regulation and Development) Act, 2016 (RERA) was passed in March, 2016 to encourage greater transparency, accountability and financial discipline in real estate sector. RERA is applicable to all the states and Union Territories (UTs) except Jammu & Kashmir, and RERA protects the interest of home buyers by promoting greater transparency, citizen centricity, accountability and financial discipline, he added.
Later, he also presented the status implementation of RERA
Secretary, Ministry of Housing & Urban Affairs, GoI, Durga Shanker Mishra gave a review on the presentation of RERA, Smart City Mission, PMAY, Swachh Bharat Mission, Deendayal Antyodaya Yojana – National Urban Livelihood Mission (DAY-NULM), Atal Mission for Rejuvenation and Urban Transformation (AMRUT), MoHUA. He deliberated on the status of the NE states and urged them to speed up the progress of the different projects and schemes for completing the urban flagship mission. He also advised them to take examples from other states by visiting and learning their technologies they are implementing.
In his review of Real Estate Act, 2016 (RERA), he mentioned the importance of RERA, the relationship between the builder and the buyer, whether they are commercial or home buyers. RERA makes it mandatory for all commercial and residential real estate projects where the land is over 500 square meters, or eight apartments, to register with the Real Estate Regulatory Authority in order to provide greater transparency in project marketing and execution.
He also mentioned that the Centre has been proactively following the ‘Look and Act East Policy’ for transformation of North East India and that the Prime Minister has given high priority for development of NE region in the country.
(Page News Service)