central database on real estate activity across the country to improve transparency in the sector for the benefit of homebuyers and other stakeholders, said Hardeep Singh Puri, Union Minister of Housing and Urban Affairs.The central government is ready to work with state governments and the Real Estate Regulatory Authorities across various states that already are capturing this data.“Let’s have a central database, (for) which we have all the constituent segments, the states will let have all the stakeholders also have access to the database, because the maximum transparency that you can introduce, you will find that the sector will begin to benefit from that free flow of information,” Puri said at a virtual event.While the industry experts complemented the government on successful implementation of RERA across several states, they also highlighted the need for more mechanisms to ensure sustained success hereon.“India needs to have more mechanisms to enable it to be less litigious, especially for homebuyers, many of whom are first time homebuyers. It is devastating to have funds locked up in long-drawn out litigations. The efficacy of the redressal mechanism, essentially, tests the strength of each state’s RERA,” said Deepak Parekh, Chairman of HDFC.According to industry observers, the central… Read full this story
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