RERA, TS-bPASS bringing in transparency and uniformity in real estate: Experts
Telangana has enabled a single-window clearance for building permissions in urban areas, introduced TS-bPASS system, rolled out land regularisation scheme.
Hyderabad: Telangana has introduced several regulations and systems in the real estate sector to bring in uniformity, transparency and standards. The State has enabled a single-window clearance for building permissions in urban areas, introduced TS-bPASS system, rolled out land regularisation scheme and is bringing in an integrated land records management system through Dharani, enabling growth in the sector, say experts.
Addressing a webinar organised by The Federation of Telangana Chambers of Commerce and Industry (FTCCI) on Real Estate Regulation Act (RERA), Ramakanth Inani, president, FTCCI said that the Telangana State Real Estate (Regulation & Development) Rules were introduced in 2017 for regulation and promotion of the real estate sector in the State and consequently the government has brought in several reforms.
While RERA is necessary to bring in uniform standards throughout the country, there is a need to streamline aspects related to finance and land besides modernising land record systems.
P Prem Kumar, chair, Infrastructure, Real Estate & Smart Cities Committee, FTCCI, said, real estate sector today accounts for nearly six per cent to the gross domestic product (GDP) of the economy, and RERA was introduced with an intent to look after and protect the interests of both the buyers and the project promoters.
In addition to that, 100 per cent FDI has been allowed in the real estate sector, ensuring transparency and investor confidence brought by the respective Real Estate Regulatory Authorities established in all the States, noted Kumar.
FTCCI advisor C Shekar Reddy said, to make RERA more beneficial to the developer community, GST should be exempted to them as soon as they get registered under RERA. He also said that Banks may also be persuaded to lend at a lesser interest rate to developers.
According to the industry, about 51,156 projects have been registered under RERA nationally, 43,303 agents have been registered and 54, 903 complaints have been disposed.
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