The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) will organise the first national RERA conclave on November 1 at Lucknow to help regulators from different states prepare a management plan for future growth.
The conclave, ‘Transforming Realty with RERA’, will be inaugurated by chief minister Yogi Adityanath and Union minister Hardeep Singh Puri and is likely to be attended by RERA chairmen of all states.
Speaking to FE, UP-RERA chairman Rajive Kumar said the objective of the one-day event is to find ways to strengthen the RERA Act.
“The real estate sector is going through transformation. We are witnessing a major shift over the last few years and it is expected to grow at a rapid pace, contributing $1 trillion to the GDP (gross domestic product) by 2030,” he said.
“As the pace of urbanisation grows, the real estate sector has a very important role to play in addressing the housing needs of millions in urban and semi-urban India,” he said, adding that the conclave will help regulators plan for future growth.
“Also, while we all talk of regulation in RERA we do not pay as much attention on the development part. This conclave will try to take both the regulatory and development roles along,” he added.
Key aspects of the real estate sector would be discussed at the event, including the present-day challenges, the growth strategy needed for its revival, bolstering of real estate finance and looking for alternative financing options, possibilities of forming synergies between industry and regulatory authorities and strengthening the legal framework of RERA.
“We will also be addressing land-related issues and taking stock of the efficacy of RERA in meeting the demands and challenges of the sector. We will also try to understand and assess the consumers’ perspective and check whether RERA, which was set up with the intention of becoming a vehicle of consumer protection, is able to live up to its role,” Kumar said.
