Real Estate Act brought discipline, transparency

Union Minister of Housing and Urban Affairs Hardeep Singh Puri on Monday said the Real Estate (Regulation and Development) Act 2016 (Rera) has brought discipline, transparency and accountability in the real estate sector. The Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) government had got the legislation passed in Parliament to ensure fair practices for protecting the interests of buyers and imposing penalties on errant builders. Speaking at the "First Regional Workshop on RERA - a New Era of Transparency and Accountability in Real Estate" in Pune, the Minister noted that the act fills the existing gaps and attempts to balance the interests of consumers and developers by imposing clear responsibilities on both.