Government considering giving more power to RERA authorities

By Bajaj Investors 

Real estate regulators from across states have gathered in Lucknow and sources said they would push for amendments in the Real Estate Regulation and Development Act (Rera) to give them more teeth, particularly to execute orders passed by them. They are also likely to flag emerging issues before the government including financing requirement for the sector, which is saddled with stuck projects across the country. “Our ultimate task is to see that stuck projects get completed and hence we have to look at liquidity issues,” said a regulator.On Sunday, housing secretary Durga Shankar Mishra hinted that the government would consider amendments in the law. “He said government is considering to give more power to regulators so that they can take bold steps,” an official statement by UP Rera said. A couple of Rera chiefs TOI spoke to said though the law had made an impact across states, there were some challenges to take it ahead. They said some legal issues needed to be resolved for effective functioning of regulators. “This is the first time that there is a concerted effort to identify issues, discuss them and make recommendations to the government. The main focus is how to strengthen the system,” one of them said.