Presidents of Fed AOAs, Col TP Tyagi and Raj Kumar Tyagi, invited representatives from Apartment Owners Associations (AOA) of Ghaziabad for a meeting. The intent is to chalk out a strategy to expedite the proposed Real Estate Regulatory Authority (RERA) Bill. The meeting will be held at the Conference Hall of KDP Grand Sawana, Raj Nagar Extension, on February 6.
RERA is a pro-consumer initiative to promote fair play in real estate transactions and ensure timely delivery of projects. Under this Bill, real estate promoters are bound to register with RERA.
AOAs from all over the country have combined forces to try and hasten the Bill. The initiative is called "Fight for RERA".
According to annual industry estimates, there are about 10 lakh home buyers, who invest about Rs 3.50 lakh crore. About 3,500 new projects are launched and 17,000 real estate projects are in progress across the country. Once the Bill is passed, all projects will be under RERA's ambit.