The Secretory of Union Housing and Urban Affairs said the proposed amendments in RERA Act will ensure the benefit of both homebuyers and the real estate developers.
After the government amended Insolvency and Bankruptcy Code (IBC) 2016 and now working to bring amendment on several provision of the Real Estate Regulatory Act (RERA), a senior official in Union Housing and Urban Affairs said.
The revelation in this regard has come during a national convention of the National Real Estate Development Council (NAREDCO) where Durga Shankar Mishra, secretory of Union Housing and Urban Affairs said the proposed amendments in RERA Act will ensure the benefit of both, homebuyers and the real estate developers.
The official told during the 15th convention of NAREDCO that the ministry has received several inputs based on which the government would make necessary amendments to the Act.
Addressing the convention, Mishra said, “We have received very valuable inputs at these workshops and based on these inputs, it has felt that there is a need to bring changes in RERA Act. We will soon make relevant amendments in the law.”
“We will initiate discussion again and make changes in the law wherever required to make it more effective,” he added.