Experts brainstorm future of RERA in the Uttar Pradesh realm

Lucknow: The Uttar Pradesh Chapter of PHD Chamber of Commerce and Industry (PHDCCI) organized a Virtual Conference on “Impact of RERA on Real Estate Market in Uttar Pradesh” on 19th January 2021 in collaboration with UP Real Estate Regulatory Authority (UP RERA) which was also supported by Nilansh Group and Halwasiya & Sons Pvt. Ltd.

The key objective of the Session was to discuss the challenges / hurdles faced by the stakeholders working in this sector and their expectations/suggestions to UP RERA, the session  deliberated upon the vast opportunities lying unexplored in this rapidly expanding sector.

The chief dignitaries of the session included  Rajive Kumar, IAS (Retd.) Chairman, UP Real Estate Regulatory Authority (UP RERA);  Mukund Halwasiya, Managing Director, Halwasiya & Sons Pvt. Ltd.; Dr. Lalit Khaitan, Chairman, UP Chapter, PHDCCI;  Manish Khemka, Co-Chairman, UP Chapter, PHDCCI;  Satish Srivastava, Co-Chairman, UP Chapter, PHDCCI; Dr. Ranjeet Mehta, Deputy Secretary General, PHDCCI and  Atul Srivastava, Resident Director, UP Chapter, PHDCCI.

Rajive Kumar, IAS (retd.) Chairman, UP Real Estate Regulatory Authority (UP RERA) in his keynote address said that the State with excellent connectivity via Yamuna Expressway, Agra-Lucknow Expressway and now the proposed Bundelkhand and Ganga Expressways, proposed Noida International Airport, Metro Rails and Rapid Rail transport between Delhi and Meerut, already enjoys a very great infrastructure, and with the special focus of the Hon’ble Chief Minister  Yogi Adityanath towards strengthening it even more, this sector is bound to witness exponential growth in the coming couple of years.

He expressed that during his Government serving tenure, he has worked very actively in the Industries and Infrastructure Sector of the State and said that Uttar Pradesh has huge demand and tremendous scope left to be exploited from this area in terms of enhancing employment and generating State’s revenue from it.

Kumar said that the major strength of Uttar Pradesh in terms of Infrastructure development and other developmental activities is aspirational development of the State and thereby the Real Estate sector of the State plays a very significant role.

He informed that the State’s Real Estate Sector contributes 7% in the Country’s total GDP, but given the demand & strength in this Sector, there lies a huge scope of doubling this contribution to nearly 14% in the coming time. He also informed that with more than 250 industries directly related with it, this sector has seen multiplier effect in growth during the recent time.

He also discussed many benefits given to the buyers and builders after the introduction of RERA act in the State and after the formal formation and implementation of UP RERA as a governing body.  Kumar said that while the RERA Act has proved favorable to both the builders and buyers, the major impact of UP RERA is that, the broken trust between the Buyers and Builders is coming back in the State.

He also informed that with UP RERA’s quick redressal of the several disputes/complaints from the buyers, more than 50% sale of Real Estate in Uttar Pradesh (in the last quarter of 2019) was from Noida & Greater Noida region, and with these results, the State is going to witness even more rapid growth in the coming couple of years.
He also made a special mention/suggestion to those promoters/builders whose projects are nearing completion and are facing some liquidity issues.

He said that all these promoters/builders can have a Joint Cooperative-Agreement done between buyer Associations and Promoter Associations in order to have an easy redresssal of the liquidity issues. He concluded by thanking PHDCCI, UP Chapter for having organized this virtual conference on such an important subject and sector to which more than 250 industries of the State are directly related and dependent upon, and also ideated to have many more similar collaborations between UP RERA and PHDCCI in the coming time for the growth in this sector.

The Welcome Remarks were delivered by Dr. Lalit Khaitan, Chairman, UP Chapter, PHDCCI where he gave warm welcome to all the participants and dignitaries for sparing their valuable time for being the part of such interactive meaningful Virtual Conference. In his address Dr. Khaitan said that Housing is a basic human requirement of any civilized society. With the growth of urbanization, cities have been expanding alarmingly in the last few decades, which have resulted in haphazard growth of urban areas as well as acute housing shortage. “Owning a home is a keystone of wealth both financial affluence and emotionally security” is currently quite a top of the mind notion. While it has been a common desire amongst many to be a home-owner, but somewhere has taken a back seat in the world of choices of being adventurous and spending extravagance.

While highlighting the significance of RERA, he said that this Act aims to safeguard the home buyers from the illegal activities of the buyers in India. Under the implementation of the RERA Act, there are different forums like RERA Authority, Adjudicating Officers, and Appellate Tribunal. These forums look after the complaints concerning refunds from builders, delayed possession, etc. The authority mandates builders and promoters to disclose all the material information about the project. The main function of the RERA Authority is to provide relief to the buyers by quick dispute redressal. They are also responsible for enforcing accountability and transparency in the industry.

He also mentioned that with ongoing developments in major location in U.P, including Noida, Lucknow, Ghaziabad, Kanpur, Prayagraj and Agra, the State feels the importance of improving the infrastructure facilities better than ever before. Going by the major swing in the real estate market in U.P, the continuing development has offered the State and its surrounding areas a major facelift. Meerut, Mathura, Agra, Vrindavan are some of the major places in U.P, which have seen a flurry action in the Real State Sector. Connectivity, transportation by road, rail and air has given U.P, a real boost in the real estate sector both residential and commercial, Dr. Khaitan said.

In his address Mukund Halwasiya, Managing Director, Halwasiya & Sons Pvt. Ltd. briefed about the role of UP RERA where he said that the UP RERA seeks to protect the interests of home buyers and also boost investments in the Real Estate Sector. It aims to create a more equitable and fair transaction between the seller and the buyer of properties, especially in the primary market. He also discussed about the impact of RERA on home buyers as it provides a unified legal regime for the purchase of flats; apartments, etc., and seeks to standardize the practice across the country. He concluded by saying that with RERA, it is hoped that we will make real estate purchase simpler, by bringing in better accountability and transparency

Manish Khemka, Co-Chairman, UP Chapter, PHDCCI in his address appreciated  Rajive Kumar, IAS (Retd.), Chairman, UP Real Estate Regulatory Authority (UP RERA) for excellently leading the Real Estate Regulatory Authority (UP RERA) for regulation and promotion of the Real Estate Sector to protect the interest of the promoter, developers, allottees and real estate agents.

Dr. Ranjeet Mehta, Deputy Secretary General, PHDCCI moderated the entire web-session and took questionnaire from the audiences to the panellists. He also suggested for conducting a more maningful physical Conclave on a bigger level with UP RERA for expediting growth in this sector in the coming time.  Rajive Kumar, IAS (Retd.) Chairman, UP Real Estate Regulatory Authority (UP RERA) welcomed the idea.

Satish Srivastava, Co-Chairman, UP Chapter, PHDCCI presented the formal vote of thanks where he said that the Real estate sector is one of the most globally recognized sectors. He said that the growth of this sector is well complemented by the growth in the corporate environment and the demand for office space as well as urban and semi-urban accommodations. He further said that the RERA establishes a state authority which is governing both residential and commercial real estate transactions and is ensuring timely delivery of the projects which comes as a big relief to homebuyers. He appreciated that UP RERA is acting as an effective transparent government authority to keep a check on developers.

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