K-RERA could boost realty sector, says Minister

Govindan says regulatory authority has brought in trust and transparency

Minister for Local Self-Governments M.V. Govindan has said that the State’s real estate sector may see a growth momentum thanks to the trust and transparency instilled by the Kerala Real Estate Regulatory Authority (K-RERA).

He was addressing a function here on Thursday to release ‘Building Trust’, a booklet on real estate projects and The Real Estate (Regulation and Development) Act, 2016, published by The Hindu and K-RERA.

“The government has received positive feedback from the public on the functioning of K-RERA. Till the Act came into force, there were complaints about malpractices and lack of professionalism,” he said.

He stated that RERA benefitted the stakeholders involved by ensuring financial discipline, and reducing project delays and property fraud.

“The RERA greatly helps home buyers. The builder is asked to disclose every detail of the project on the RERA’s website and this helps the home buyer make an informed choice,” he added.

P. H. Kurian, chairman, K-RERA said there had been a positive response from builders, buyers, and agents to RERA. “K-RERA has an effective complaint redressal system. We have generally disposed of cases within six months. We have received complaints about 30 to 40 projects that have been delayed. After hearing both parties, we have arrived at a mutually acceptable revised schedule for the completion of work. The projects are being closely monitored,” he added.

M.P. Mathews and Preetha Menon, members, K-RERA, and K.K. Joshy, Senior General Manager (Advt. Kerala), The Hindu, were present on the occasion.