New Delhi, Aug 19 (IANS) Union Housing and Urban Affairs Secretary Durga Shanker Mishra on Monday said the government is working towards amending several provisions of the Real Estate Regulations Act (RERA), which will benefit both developers and homebuyers.
Speaking at the 15th national convention of the National Real Estate Development Council (NAREDCO), the official said the Housing Ministry has received several inputs based on which the government would make necessary amendments to the Act.
"We have received very valuable inputs at these workshops. Based on these inputs, we have felt that there is a need to bring about many changes in the RERA Act. We will soon make relevant amendments in the law," Mishra said.
"We will initiate discussions again and make changes in the law wherever required to make it more effective," he added.
On the draft Tenancy Law released last month, the Secretary said that many people have built houses which they do not rent out, but once they get a legal framework by way of a new tenancy law, many new business opportunities would unfold.
NAREDCO President Niranjan Hiranandani assured the association's complete support to the government in its policy initiatives designed to further streamline the real estate sector.
Source : ians