Real estate regulatory act: Developers should take it seriously as RERA is tough, says Irfan Razack

Venkaiah Naidu will be attending the new investiture cermony of a new CREDAI team.

By: Express News Service | Ahmedabad | Published:April 9, 2017 1:18 am
RERA, Real estate regulatory act, Real estate, Irfan Razack, CREDAI, Venkaiah Naidu, development, business news, indian express news Members of the CREDAI are once again going to represent their case of excluding all ongoing real-estate projects from the ambit of RERA before Venkaiah Naidu. (Representational photo)

Warning real-estate developers of customer activism that will accompany RERA (The Real Estate Regulatory Act), the chairman of CREDAI, Irfan Razack asked developers from across the country to start looking at the Act seriously, and “discipline” themselves.

“Definitely, there are tough times ahead. Because by itself RERA is fine, but coupled with customer activism it will be tough… We need to weather the storm. The storm is going to come for sure. We need to see how we are going to sail through this storm,” said Razack while addressing a meeting of the executive committee and governing council members held at the GIHED-CREDAI house here, Saturday.

“We still have not realised that RERA will be the single biggest game changer as far as the kind of work were are doing… The sooner we realise that our lives are going to change drastically with RERA, I think we will be better off,” he added during the event where all office bearers of the developer’s body were present.

“We need to start looking at it seriously… Because there is the civil society. There is customer activism and there is customer resentment. Now, for that we also need to change. The good guys are fine. They will become better. But the people who are not so good; people who are not yet compliant (with RERA), need to change their way of thinking. They need to become more customer focussed… We need to discipline ourselves,” he told the gathering.

Members of the CREDAI are once again going to represent their case of excluding all ongoing real-estate projects from the ambit of RERA before Union Urban Development Minister Venkaiah Naidu when the minister visits the state capital Gandhinagar on Sunday to attend an event hosted by the real-estate body. Naidu will be attending the new investiture cermony of a new CREDAI team.

“Bringing in ongoing projects under the purview RERA will be counter-productive. It will create a lot of chaos in the system. People fraternity is not compliant,” Razack later told mediaperons. “We want to start with a clean state,” he said adding that the government is expected to enforce RERA by May this year. He said that the implementation of RERA, will push the prices of real-estate up 10 per cent across the country. “This is because, the cost of developers will increase,” he added.

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