Wants to regulate realty sector without hampering development: RERA-Gurugram Chairman

Haryana Real Estate Regulatory Authority (RERA), Gurugram Chairman K K Khandelwal on Tuesday said its prime objective is to regulate the realty sector without hampering development and asked builders to comply with orders passed by the regulator.

Khandelwal noted that the authority has given ample amount of time to builders to comply with orders and has so far not taken any harsh decisions.

He was addressing the National Real Estate Development Council (NAREDCO) Haryana Real Estate Summit 2022 & Buyer-seller Interface at Gurugram.

''Our intention has always been to make developers in Gurugram region to make them compliant with RERA law and not penalise them,'' he said, adding that very small amount of penalities have been imposed by the authority in some cases.

He rued that a large number of orders passed by the authority in the last order has not been implemented.

Meanwhile, as per a NAREDCO's statement, Khandelwal also called upon real estate developers to seek modifications and upgradation in the real estate act so that its loopholes get corrected, if there is any.

Haryana Power Minister Ranjit Singh said the state government will try its best to resolve the problems of power sector for industry and other developers so that the economic development of the state does not suffer.

He assured the industry leaders that a cabinet meeting would be held in the first week of December in which permission will be taken to address the issue of power problem in the state.

NAREDCO Chairman Parveen Jain praised the state government for supporting the real estate sector but said that some new initiatives are needed for further growth.

According to council's Vice Chairman Niranjan Hiranandani, if the contribution of real estate sector to national GDP has to reach 15 per cent by 2030, the real estate sector would have to grow at the rate of 25 per cent each year in order for India to be able to create 5 trillion dollar economy by 2030.

NAREDCO President Rajan Bandelkar said some more reforms are critical for real estate sector.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)