Shoma Patnaik | NT
PANAJI
Goa’s real estate players have welcomed the Real Estate Regulatory Act, which came into force on Monday in the country, although the act is still to come into effect in the state.
The real estate stakeholders are awaiting news on the regulations applicable to them.
Jagannath Desh Prabhudesai, president, Confederation of Real Estate Developers’ Associations of India (CREDAI- Goa), the apex body representing private realty developers, said notification of RERA rules has been delayed by the election code of conduct and formation of a new government.
But once applied the rules would be “good thing for the industry”, he said.
Notification of new rules would boost buyer’s trust in new projects and make the industry more organised and systematic, Prabhudesai observed.
Most builders contacted by ‘The Navhind Times’ said that they approve of RERA as these rules would bring about transparency and efficiency and would revive demand by enhancing customer confidence in new projects.
However, smalltime builders said that they needed details of the regulatory act before supporting the act easily.
Roosevelt Valadares, proprietor, R&A Builders, said the act’s effectiveness will “depend on its implementation”.
He added that there has to be transparency in the application of the act by the regulatory authority; “otherwise it will never be a success”.
The smalltime builders said that they were not sure whether the RERA would help them get bank finance or in getting swifter clearances. Builder Rajesh Salgaoncar, partner, Gold Beam Developers, said the act was safeguarding the buyers’ interests, adding that “proper comment on it can be made only after studying the new rules thoroughly”.
Goa’s real estate panorama is set to change after RERA rules are put into practice. The government has said that it will notify the rules soon. The act also has implications for the specialised individuals involved in the building industry. Architect Manguesh R Prabhugaonker of Prabhugaonkar & Associates and also chairman of the Indian Institutes of Architects, Goa chapter, said the RERA would streamline and get lot of professionals such as engineers, architects, draftsmen, etc. in the building industry.
“The act will put an end to rampant changes in the building designs that are made after architects give approval to the project,” he said adding that the RERA would help in maintaining the quality of deliverables promised by the builder and would lead to greater compliance, he said.
Prabhugaonkar however pointed out that the act does not shed much light on what the government would do to encourage builders to fall in line.
“The focus also has to be on deliverables from the government in terms of water, roads, power, etc., for builders to be compliant,” he said.