RERA: Centre to protect interest of home buyers and real estate industry stakeholders

The Centre on Wednesday decided to issue advisory on special measures to protect the interest of home buyers and real estate industry stakeholders.

Union Minister of Housing and Urban Affairs Hardeep Singh Puri chaired a meeting of the Central Advisory Council (CAC) via webinar to discuss the impact of COVID-19 on real estate sector and to treat it as an event of ‘Force Majeure’ under the provisions of Real Estate (Regulation and Development) Act, 2016 RERA.

He said that the ministry will soon issue an advisory to all states about the special measures that need to be taken to safeguard the interest of homebuyers and all other real estate industry stakeholders.

Participating in the discussion, real estate sector representatives demanded the Centre to provide special relief for the real estate sector so that the sector is able to cope up with the adverse impact of the current crisis.

In the meeting, the Minister announced that Ministry of Housing and Urban Affairs will soon issue an advisory to all RERA/States about the special measures that need to be taken to safeguard the interest of homebuyers and all other real estate industry stakeholders.

Amitabh Kant, CEO, NITI Aayog; Durga Shanker Mishra, Secretary, MOHUA; A K Mendiratta, Secretary, Department of Legal Affairs; Principal Secretaries and Chairpersons of Real Estate Regulatory Authorities of several States, representatives of Homebuyers, Real Estate Developers, Real Estate Agents, Apartment Owners’ Associations, CREDAI, NAREDCO, Financial Institutions and other stakeholders participated in the meeting.